Peter Schacknow, Senior Producer, CNBC Breaking News Desk
Wall Street comes off two days of very little movement in either direction. However, with fractional gains the past two sessions, the S&P 500 has a 5-day winning streak, its first in nearly five months. It’s also striving for its first week of five positive sessions since last September.
Just two economic reports are on the schedule for the Friday session, neither likely to move the markets. At 8:30am ET, the government releases import and export prices for July, while at 2pm ET, the Treasury is out with the July federal budget statement. Economists predict a deficit of $99 billion for July, compared to a $59.7 billion shortfall in July of 2011.
Retailer J.C. Penney (JCP) leads this morning’s short list of earnings reports scheduled for release, while there are no earnings of note scheduled to be released after today’s closing bell.
Ralph Lauren (RL) makes our stocks to watch list, a day after the company’s outlook sent its shares tumbling. The apparel maker has added an additional $500 million to its stock buyback program, on top of the $277 million in authorizations still available under a prior plan.
Nordstrom (JWN) earned $0.75 per share for the second quarter, a penny above estimates, with revenues essentially in line. The retailer did raise its profit and sales forecast for 2012, as results at its lower-priced Rack chain improve.
Nvidia (NVDA) earned $0.27 per share for the second quarter, well above Street estimates of $0.14. The graphics chipmaker also gave current quarter revenue guidance that exceeds analyst forecast, on upbeat sales of its new graphics processor as well as its increasing share of the mobile chip market.
Yahoo (YHOO) could be under pressure today, as new CEO Marissa Mayer reconsiders the company’s current business strategy. According to an SEC filing, the company may reconsider a plan to return to shareholders the cash generated from a deal to sell its stake in Chinese internet company Alibaba.
Dunkin’ Brands (DNKN) will sell 21 million shares in a secondary stock offering, while at the same time, announcing a 15 million share buyback program.
Ubiquity Networks (UBNT) is forecasting fiscal fourth quarter profit of $0.14 - $0.17 per share, well below Street estimates of $0.29. The wireless equipment maker says sales in Latin American markets are being hurt by counterfeit products.
Monster Beverage (MNST) says it’s received a subpoena from a state attorney general regarding a probe into the advertising, marketing, and ingredients of its Monster Energy drinks. Monster says it does not know whether the probe will lead to any action, nor whether it will have a material effect on financial results or operations.
Chesapeake Energy (CHK) says it’s the subject of U.S. antitrust investigation. The company says the probe involves possible criminal charges related to the purchase and lease of Michigan oil and gas properties.
Apple (AAPL) has reportedly been quietly matching discounted prices from mobile carriers and retailers for its iPhone 4 and iPhone 4s models. Officially, Apple is still maintaining its standard contract pricing for the devices.
Manchester United (MANU) makes its debut today on the New York Stock Exchange, after pricing its IPO at $14 per share. That was below the expected range of $16 - $20 per share. The soccer team becomes the first sports team to list in the U.S. since baseball’s Cleveland Indians in 1998. The Indians returned to private ownership a year later.
Electronic Arts (ERTS) and Activision Blizzard (ATVI) are on today’s watch list, as NPD reports videogame industry sales fell 20% in July compared to a year earlier.
Goldman Sachs (GS) won’t face criminal charges for statements it made to clients during the financial crisis about bets related to the subprime housing market. The Justice Department says there’s no viable basis to bring a criminal prosecution. The news follows a similar decision from the SEC.
Research In Motion (RIMM) could get a boost from reports that IBM is interested in the BlackBerry maker’s enterprise services unit. IBM has made an informal approach about a possible sale, according to Bloomberg News.
Nike’s (NKE) bid to sell its Cole Haan unit has reportedly attracted interest from private equity firms TPG and Apax Partners, among others. Reuters reports the unit could sell for around $500 million.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.