Home » Archive for June, 2013

Stocks Get Mixed Results as Quarter Ends

Stocks got volatile results Friday and got mixed results as investors got a breather after the Dow Jones industrial average got its first three day winning streak since late April. It closed down 114.89 points to 14,909.60 after getting 385 points the past three days. The Standard & Poor’s 500 Index closed down 6.92 points to 1,606.28. It got its first monthly loss since October. The index finished June with its best first half of a year since 1998, when it increased 17.7 percent with dividends. The index got 13.8 percent increase so far in... 
 

Wall Street Stocks End Strong First Six Months of 2013

The S&P 500 Index recorded its best first six months of a year in the past 15 years, as stocks in the U.S. closed a strong first half of 2013, despite suffering losses in June driven by investor worry of monetary tightening by the Federal Reserve Bank. The slow but sure economic recovery accounted for average gains by investors for the first six months of 12%. Those gains were helped by the central bank’s money policy, but also were underpinned by strong profits from business. New records for the Dow Jones and S&P have confirmed the recovery,... 
 

Results by BlackBerry not enough, Stock Drops

BlackBerry no longer can use the excuse of being in a “transitional quarter,” but that does not mean their fiscal year has started on the right foot. The struggling maker of smartphones saw its stock shares slump over 17% during Friday’s premarket trading after the Toronto based company had announced fiscal first quarter numbers that were much lower than estimates on Wall Street. For many BlackBerry watchers it has been nothing but hurry up and wait, the BlackBerry 10 operating system was long delayed and did not launch until January, during... 
 

Strike by Portuguese Workers over Austerity Measures

Public transportation services were frozen and hospital staffs shrunk across Portugal Thursday amidst a nationwide strike due to the growing consensus amongst business and workers that austerity measures had reached their limit. Strikes and protests are commonplace in Portugal since the government of Prime Minister Pedro Coelho took over during mid 2011 implementing austerity measures with the hope of controlling the spiraling deficit of the country under a $101.5 European Union, European Central Bank and International Monetary Fund bailout. Since... 
 

Nook Not Doing Well for Barnes & Noble

Barnes & Noble products that have virtual pages and power buttons for reading have become horror stories for the company. The demand for the company’s Nook is quickly disappearing and the company, based in New York just posted a loss of $118.6 million for the quarter ended April 27. The loss was more than twice its loss a year earlier and much worse than analysts on Wall Street had expected. The company now has made plans to exit the tablet manufacturing business completely, though it will continue to sell the products. The revenue from the... 
 

Hospital Chain Tenet Acquires Vanguard Health

Tenet Healthcare, a US hospital operator, announced that it will acquire its rival Vanguard Health Systems for $1.73 billion. It would give it a better position to benefit from President Barack Obama’s healthcare reform. Investors expect revenue from hospitals to grow from treating more Americans insured under Obama’s healthcare reform law. There are speculations that major hospital chains’ acquisitions would improve the value of their stocks. Providers not only prepare for the healthcare overhaul, they are also coping with the slowdown in... 
 

Tenet Acquiring Vanguard Health in Deal for $1.8 Billion

Vanguard Health Systems, a hospital operator, will be acquired by Tenet Healthcare Corp, for an estimated $1.8 billion so Tenet can expand into more hospitals in Texas. The deal will have Tenet paying $21 per share, said the companies in a joint statement. The $21 price is 70% above the closing price as of June 21 of $12.37 on NYSE for Vanguard, based in Nashville, Tennessee. Tenet will also assume debt for Vanguard of over $2.5 billion. The acquisition by Tenet, based in Dallas, Texas, will give it 28 hospitals in different regions of the country... 
 

Apple CEO Stock Award Tied to Performance of the Shares

Apple Chief Executive Tim Cook will have to work hard to keep the value of the company from declining. His stock award worth more than $413 million is now subject to the performance of the shares. This was the result of the discussions the company held with its biggest shareholders. Cook has seen Apple’s share price drop 42 percent since the high of $705 in September. He approached the board to implement a performance criteria on his stocks, according to a filing Friday. Under the new system, a portion of Cook’s stock grant is subject to Total... 
 

Darden’s Boost Revenue and Dividend, but Profit Misses

Darden’s Restaurants Inc on Friday reported its profits for the fiscal fourth quarter. The profits were lower than last year, despite revenue improving in its entire range of restaurants. The lower profits reflect higher costs as well as expenses. The earnings for the company per share did not reach the expectations of analysts, but revenue for the quarter did exceed estimates by Wall Street. Growth guidance was also given by Darden for its earnings and revenue for all of 2014. The restaurant company increased its cash dividend in the amount of... 
 

UK Commission Orders Google to Delete Street View Data

Google, the Internet search and map giant, is facing criminal charge if it fails to destroy all the payload data it gathered through Wi-Fi on its Street View vehicles. The search giant has 35 days to delete the information. The Information Commissioners Office is currently reviewing the new unified privacy policy of Google and today announced it served Google with a notice of enforcement that requires it to delete the entire Wi-Fi payload it collected on its Street View vehicles in 2009. If Google fails to do so, it would be held in contempt. The... 
 

Oracle Sees Shares Plummet on Disappointing Results

Oracle shares retreated on Thursday afternoon in trading after-hours even though the software giant has reported earnings for its fiscal fourth quarter that met expectations, plus announced a dividend increase and extended its program for share buyback. Shares plummeted over 8% in extended trading hours to $30.50, as investors were fixated on the disappointing, flat growth in revenue, as the company’s ambitions for their cloud were met with results that looked sluggish. Cloud has been said to be one of Oracle’s key areas for future growth, as... 
 

Google Wants Gag Order Lifted Regarding Internet Surveillance Program

Google asked the federal government to lift the gag order regarding its Internet surveillance program. The online search giant cited the First Amendment right to inform the public about the number of requests it gets from the government for information about its customers for the sake of national security. Google filed the motion in the Foreign Intelligence Surveillance Court. The move was aimed at repairing the company’s reputation after it was named as one of the nine US online companies that gave the National Security Agency access to data... 
 

Economy Firming Indicates Inflation Data

In May, consumer prices increased and a gauge for underlying pressures on prices showed it was stabilizing after a long period of decline, which is a potential comfort to policymakers in the Federal Reserve who want to see a stronger sign of inflation. On Tuesday, other data showed that groundbreaking at new home construction sites had increased, the latest indication that the housing market recovery in the U.S. will help to counter this year’s drag on the overall economy from the austerity programs the government imposed on March 1. The Department... 
 

Wholesale Prices Up in May

An increase in gas and food costs led to the rise in the measure of wholesale prices in May. Inflation was mild outside the volatile categories. The Labor Department said that the producer price index went up0.5 percent in May from the previous month. Gas prices increased 1.5 percent in May while food costs gained 0.6 percent. The increase in May came after a 0.7 percent drop in April and a 0.6 percent decline in March. Both were driven by the drops in gas prices. Core prices, excluding food and energy, increased 0.1 percent in May. It matched the... 
 

Export Permit Delays, Cost Gas Companies Millions

Rex Tillerson, the chief at Exxon Mobil said that delays in getting permits for natural gas exports approved has cost and is costing companies in the U.S. millions of dollars each day. He also said that rival foreign companies are reaping the benefits by increasing their exports. Tillerson spoke about this only hours after the new Secretary of Energy Ernest Moniz told lawmakers in Washington that he would expeditiously start to evaluate the more than dozen applications awaiting approval for the exportation of LNG or liquefied natural gas. The Exxon... 
 
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