The world's largest electronics retailer by sales Best Buy Co. (BBY) plan to grow its online and mobile businesses while scaling back its “big box” retail space as part of a broader strategy to combat declining sales and rising competition.
China's economy grew at a slightly slower rate in the first quarter, as food prices continued to surge and limit the purchasing power of consumers. Chinese economy grew at a pace of 9.7% in the first three months of the year, the National Bureau of Statistics said Friday.
Research In Motion's (RIMM) Playbook tablet received poor reviews. It cannot send email unless tethered to a BlackBerry. A Groupon IPO could set the firm's value at $20 billion. (Reuters)
Google Inc. (GOOG) increased gross revenue 27% year over year. Net income rose to $2.3 billion, ($7.04 a share) from $1.96 billion ($6.06 a share) year-over-year. Net revenues came in at $6.5 billion, beating analyst expectations for $6.3 billion.
Here were some of last quarter's key metrics reported outside of earnings:
- Net cash provided by operating activities in the fourth quarter of 2010 totaled $3.53 billion.
- It ended the quarter with $35.0 billion in cash and equivalents.
- Google listed its total headcount was 24,400 full-time employees as of December 31, 2010, up from 23,331 full-time employees as of September 30, 2010.
- Google Sites revenues from its own websites generated 67% of revenues at $5.67 billion, a 28% increase over fourth quarter 2009 revenues of $4.42 billion.
- Google Network revenues from partner sites and AdSense programs rose 22% to $2.50 billion, which is 30% of total revenues.
- International revenues were 52% of total revenues at $4.38 billion, compared to 52% in the third quarter of 2010 and 53% in the fourth quarter of 2009.
Ratings agency Moody's cut Ireland's credit score Friday to Baa3 — one level above junk-bond status — and warned the nation could struggle to cut its deficit because of weaker-than-expected economic growth. The outlook on these ratings remains negative, as Moody's believes the Government's financial strength could decline further if economic growth were to be weaker than expected.
Telefonos de Mexico SA de CV (TMX) at $18.38 pays close to a 6% yield and ADRs have traded in a range of $13.00 to $18.94 in the last 52-weeks. The Mexican telecom operator is one of the highest yields in Latin America. Goldman Sachs Group GS of selling weak financial securities and betting against the interests of its clients.
Genuine Parts Co. (GPC) is forecast to post earnings of 75 cents a share in the first quarter. Knoll Inc. (KNL) is likely to report a first-quarter profit of 20 cents a share.
Astrazeneca PLC (AZN) pays twice a year and we had to split the past two dividends as a result. At $49.02, the drug giant's implied yield is close to 5.2% and these ADRs have traded in a range of $40.30 to $53.53 in the last 52-weeks.
Shares of Zipcar Inc. (ZIP) soared 56 percent on its first day of trading yesterday one of the best IPO showings this year. The company's stock opened at $30 a share on the Nasdaq, up 66.7% from its initial public offering price of $18. It sold 9.7 million shares, 1.4 million more than expected, at a price above its anticipated $14 to $16 range. It was changing hands recently at $29.72, up 65%.
Bank of America Corporation (BAC) is due to report earnings on Friday morning, is expected to report first-quarter earnings of 28 cents a share, according to analysts surveyed by FactSet Research. Late Thursday, the company said it's cutting 1,500 jobs in its mortgage-origination business.
Mattel (MAT) reported a first-quarter net profit of 5 cents a share, ahead of the consensus forecast of 4 cents, as sales rose 8% to $951.9 million. The NYSE (NYX) may offer a dividend to close and M&A deal with Deutsche Boerse.
Nokia Corporation (NOK) pays only an annual yield and it has proposed a 0.40 euro per share dividend for its annual meeting next month in May. This gives the currency risk even more room for error, but if we just keep it static then the payout would come to close to 6.4% since its $8.66 ADR price is so low against a 52-week range of $7.73 to $15.47. Maybe this is the only good thing happening at Nokia.
Hasbro Inc. (HAS) reported adjusted earnings of 12 cents a share for the quarter, short of Wall Street's consensus estimate of 17 cents, and it shares lost 3% on the session. Warner Music (WMG) plans to sell itself intact. American Air AMR sued Orbitz over anti-competitive practices.
Charles Schwab Corp. (SCHW) is estimated to report a profit of 19 cents a share for the first quarter. Wells Fargo (WFC) has generated lots of income from its mortgage-service rights, or MSR, in recent years. But in the fourth quarter of 2010, Wells reduced the value of its MSR by $143 million because of higher estimated future servicing and foreclosure costs.
JPMorgan Chase (JPM) earnings soared 67 percent in the first quarter on higher fees from investment banking and as fewer customers fell behind on their credit card bills. The bank recorded more losses from its mortgage business, and CEO Jamie Dimon said he didn't expect those problems to go away soon.
Comcast (CMCSA) customers in about 200 Bay State cities and towns now have access to super-fast Internet connections designed for high-definition and 3-D aficionados. Comcast has finally announced the initial availability of its Extreme 105 Xfinity Internet service, which is currently available to 40 million homes in major markets such as Baltimore, Boston, Chicago, Denver, Indianapolis, Miami, Philadelphia, Portland, Salt Lake City, San Francisco, and Washington DC.
GlaxoSmithKline (GSK) plans to sell 19 of its consumer-health brands, including the controversial Alli weight-loss drug and Goody's and BC, two headache powders invented in North Carolina. The U.K.'s largest drugmaker said it wants its consumer health unit to focus on “fast-growing” brands such as Sensodyne toothpaste and the pain reliever Panadol. Glaxo hired Goldman Sachs Group Inc. (GS) to manage the sale, which was announced Feb. 3, a person with direct knowledge of the process said March 24. It could reap as much as 2 billion pounds ($3.3 billion), a second person said at the time.
Market Vectors Gold Miners ETF( GDX) up about 1.2% to $61.57, in a 52-week range of $45.70-$64.62, and the Market Vectors Junior Gold Miners ETF (GDXJ) up nearly 2.5%, to $40.83, in a 52-week range of $24.25-$44.86. The Global X Silver Miners ETF (SIL) is up about 0.4%, to $29.01, in a 52-week range of $12.90-$31.34.
CVS Caremark Corporation (CVS) said an increasing use of generic drugs by its customers helped keep costs in check last year as the industry copes with pricing pressures and sweeping changes in U.S. health-care policy. CVS Caremark Corp. (CVS), is being investigated for antitrust behavior by attorneys from 24 states and the Federal Trade Commission, is coming under increasing pressure to split up four years after CVS and Caremark merged, the New York Times reported.
BP plc (BP) Extends Arctic Deal said in an official statement that it has agreed to extend the deadline for the $16 billion deal for the exploration in Russia. “BP has agreed with Rosneft to extend the deadline for completing the share-swap agreement—previously announced on 14 January—to 16 May” the statement said.
MGM Resorts International (MGM) announced yesterday that long-time director Kirk Kerkorian would leave the company's board and transit into an advisory role. The board of directors of MGM Resorts International voted unanimously to recognize Mr Kerkorian with the distinction of director emeritus.
The SPDR Gold Trust ETF (GLD) was up about 1.2%, at $143.59, at the top of its 52-week range of $110.54-$143.84. The iShares Silver Trust (SLV) was up nearly 3%, at $40.72, after setting a new 52-week high of $40.74 earlier in the day.
First Solar, Inc. (FSLR), a market cap north of $12 billion, president of operations, Bruce Sohn, will leave. First Solar shares are down more than $4, or more than 2.8%, to $140.60 today. That means Mr. Sohn's exit has chipped a mere $360.1 million off of First Solar's market value.
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