By Reuters
(Reuters/Robert Galbraith)
Apple Inc. easily surpassed profit and revenue forecasts again but supply bottlenecks curbed iPad sales to below Wall Street’s bullish targets, sending its shares more than 6 percent lower.
Weaker-than-projected gross margins and iPad shipments disappointed investors who had expected more from a company that had smashed Wall Street’s targets in each of the past eight quarters.
Some analysts said sales of the iPad, which began only in April, should ramp up in the current quarter as the company resolves hitches in the supply chain. Get the full story »
Oct. 18, 2010 at 10:56 a.m.
Filed under:
Chicago executives,
Investing,
Retail,
Stock activity
By Reuters
J.C. Penney’s board approved a “poison pill” designed to fend off potential takeover threats after hedge fund manager William Ackman acquired one-sixth of the retailer. The company’s shares fell 3 percent on the news. Get the full story »
By Associated Press
Credit card default rates mostly fell in September, but improvements in late payments slowed for most of the major card issuers. American Express, Discover, Chase, Bank of America and Citibank all submitted regulatory filings Friday that said September charge-offs fell to the lowest level this year.
Oct. 14, 2010 at 2:50 p.m.
Filed under:
Banking,
Mortgages,
Real estate,
Stock activity
By Associated Press
Stocks dipped Thursday after another disappointing jobs report and growing concern over how potentially damaging foreclosure documents will weigh on the health of major banks. But losses were mitigated by expectations that the Federal Reserve will have to act soon to strengthen the economy.
Oct. 13, 2010 at 2:26 p.m.
Filed under:
Computers,
Investing,
Stock activity,
Updated
By Reuters
Apple Inc.’s shares cruised past $300 for the first time as investors anticipated another strong earnings report from the iPhone maker next week. Get the full story »
Oct. 13, 2010 at 11:43 a.m.
Filed under:
Retail,
Stock activity
By Reuters
U.S. drugstore chain Walgreen Co. said its board has approved a buyback of $1 billion shares and set a regular quarterly dividend. Get the full story »
Oct. 13, 2010 at 10:39 a.m.
Filed under:
Exchanges,
Stock activity
By Reuters
CBOE Holdings Inc. on Wednesday said it was launching two concurrent tender offers for its class A-1 and class A-2 common stock each at a price of $22.50 per share. Get the full story »
Oct. 12, 2010 at 7:48 p.m.
Filed under:
M&A,
Retail,
Stock activity
By Sandra M. Jones
OfficeMax Inc. shares rose 9.3 percent to $15.69 in heavy trading Tuesday after a J.P. Morgan analyst said that the office supply company was ripe for a leveraged buyout.
The Naperville-based retailer is undervalued compared to its larger rivals Staples Inc. and Office Depot Inc., analyst Christopher Horvers said in the report. Even though OfficeMax is five years into a turnaround effort, there is still plenty of room left to restructure the business, he said. The report valued OfficeMax at $28 a share, citing the company’s cash pile along with a slew of expiring leases that would allow OfficeMax to move to higher traffic locations and open smaller, more productive stores. Get the full story »
Oct. 12, 2010 at 3:50 p.m.
Filed under:
Investing,
Manufacturing,
Stock activity
By Reuters
Manufacturers enjoyed big gains on Wall Street in the third quarter, outperforming the S&P 500, as signs of a faltering U.S. recovery sent investors piling into companies like Caterpillar Inc. and Cummins Inc. that generate most of their sales overseas.
But the sustainability of those gains will be tested this month as the big industrials report their quarterly results and update investors on the outlook for the rest of the year. Get the full story »
Oct. 11, 2010 at 4:59 p.m.
Filed under:
Computers,
Stock activity,
Technology
By Associated Press
IBM shares hit an all-time high Monday, with the stock riding a slight market upswing. It rose as high as $139.88 before closing at $139.66, up 81 cents for the day. The previous high was $139.19, reached during the dot-com boom on July 13, 1999. Get the full story »
Oct. 11, 2010 at 11:35 a.m.
Filed under:
Energy,
Stock activity
By Associated Press
Oil prices slipped Monday as the dollar strengthened and traders hunkered down ahead of some important economic news later this week. Get the full story »
Oct. 11, 2010 at 11:08 a.m.
Filed under:
Beverages,
Investing,
Stock activity
By Emily Bryson York
Fortune Brands’ shares surged 13 percent on Friday on the news that William Ackman’s firm Pershing Square Capital Management had purchased an 11 percent stake in the company. But the stock’s ebullience has given some analysts pause.
Peter Lisnic of Robert W. Baird downgraded Fortune’s stock on Monday morning from “outperform” to “neutral,” saying that the stock is now priced higher than its peers.
“Our rating adjustment reflects current valuation metrics that are now at a material premium relative to blended peer group multiples,” he wrote. “While [Fortune] remains well positioned in its end markets, and execution during the recession and housing downturn has been superb, current valuation metrics would appear to discount a stronger macroeconomic recovery than we believe is likely, particularly in U.S. housing construction markets.” Get the full story »
Oct. 8, 2010 at 7:01 p.m.
Filed under:
Investing,
Stock activity
By Dow Jones Newswires
Investor William Ackman (Reuters)
Activist investor William Ackman’s Pershing Square Capital Management confirmed it has built an 11 percent stake in Fortune Brands Inc. and said it plans to discuss the future of the business with the consumer conglomerate’s board and management.
Pershing, in a 13-D filing with the Securities and Exchange Commission, said that it believes Fortune shares are undervalued and that it plans to also have discussions with other shareholders.
Fortune shares on Friday closed 7.4 percent higher, at $55.85.
Get the full story »
Oct. 8, 2010 at 3:14 p.m.
Filed under:
Consumer news,
Economy,
Stock activity
By Reuters
U.S. stocks finished higher Friday, with the Dow closing above the 11,000 mark for the first time in five months, as a surprisingly weak jobs report strengthened the case for more stimulus from the Federal Reserve. Get the full story »
Oct. 8, 2010 at 1:05 p.m.
Filed under:
Exchanges,
Investing,
Stock activity,
Technology
By Dow Jones Newswires
Nasdaq OMX Group Inc., operator of the Nasdaq stock exchange, will strip information from stock orders that some traders say is too revealing.
Starting Dec. 6, Nasdaq will hide reference numbers assigned to orders meant to be invisible to the market, the exchange said Thursday in an alert to traders. Some traders were concerned that sophisticated computer programs could use those reference numbers to identify a larger pattern in orders and use that to manipulate prices. Get the full story »
