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Here is a recap of the top news items from this week on Wall Street:
1. As Greek officials stamped out the final details of the nation's latest austerity package, the nation dominating headlines returned to the stock market once again this week. The EU has required Greece to cut its debt to below 120 percent of GDP by 2020, however, the latest austerity measures would put the country's debt level at 136 percent of GDP. A number of EU officials have already suggested political leaders head back to the drawing board so as to make further budget cuts. Greece's parliament will vote on the austerity package this weekend. Social unrest in Athens has been widespread following the outline of the measures.
2. The Department of Justice Thursday released details of a deal between the federal government and the five largest US mortgage lenders following a probe into possible abusive foreclosure practices which began in October of last year. BofA's (NYSE: BAC) commitment in the deal sits at $11.8 billion, exposure at JPMorgan (NYSE: JPM) and Wells Fargo (NYSE: WFC) each is $5.3 billion, Citi's (NYSE: C) commitment is $2.2 billion, and Ally Financial is said to have $310 million of the total.
3. Diamond Foods (Nasdaq: DMND) investors got details of a probe into questionable payments to walnut growers this week. The Audit Committee said internal controls were inadequate and the 2010 and 2011 financial statements would need to be restated. The company's Chairman and CEO Mendes and CFO Neil were also put on administrative leave. Following the news P&G (NYSE: PG) reportedly said it would now need to consider the next step in its sale of Pringles. Shares of Diamond Foods plunged 37 percent 37 percent.
4. Shares of Taleo (Nasdaq: TLEO) rose 17 percent on Thursday after Oracle (Nasdaq: ORCL) announced a $46 per share bid for the company. The deal was valued at $1.9 billion.
5. Earnings season is slowly winding down. Around the Street: Coca-Cola (NYSE: KO), Disney (NYSE: DIS), Visa (NYSE: V), Cisco (Nasdaq: CSCO), Yum! (NYSE: YUM), Sprint (NYSE: S), Pepsi (NYSE: PEP), Buffalo Wild Wings (Nasdaq: BWLD), Sirius (Nasdaq: SIRI), Expedia (Nasdaq: EXPE), and Activision Blizzard (Nasdaq: ATVI).
6. Apple (Nasdaq: AAPL) shares closed around $493.80 this week, now flirting with the magical $500 level. Shares rose about 7 percent this week. The stock rose more than 3 percent on Thursday amid reports the company will unveil the iPad 3 at its next event in March.
7. The IPO for Caesars Entertainment (Nasdaq: CZR) went off without a hitch this week, surging to as high as $17.90 after pricing at $9 and opening at $9.06. The stock closed Friday's session at $14.34.
8. Initial jobless claims for the week ended February 4 fell to 358,000, which compares to the economist estimate of 370,000. The prior week reading was revised higher from 367,000 to 373,000.
9. A number of further developments into the Yahoo! (Nasdaq: YHOO)/Alibaba sage came this week. The WSJ reported Alibaba is looking for about $3 billion in financing in order to buyback the 40 percent stake Yahoo! owns. Then on Friday, a report suggested Alibaba would take its Hong Kong unit private in order to smooth the deal with Yahoo!.
10. The dry bulk shipping sector had a strong move higher this week as the dry bulk index moved off 25-year lows. The index had declined for more than two months straight. The index is now nearing the 700 level. Shares of DryShips (Nasdaq: DRYS), as just one example, surged by more than 16 percent on Monday and another 8 percent on Wednesday.
The Trading Radar highlights key earnings and economic announcements for tomorrow's trading session:
Before The Market Opens
Earnings:
China Nutrifruit Group (Nasdaq: CNGL) - no Street consensus
Diebold, Inc. (NYSE: DBD) - consensus EPS $0.84
Drew Industries, Inc. (NYSE: DW) - consensus EPS $0.20
KVH Industries, Inc. (Nasdaq: KVHI) - consensus EPS $0.11
Lender Processing Services (NYSE: LPS) - consensus EPS $0.58
Napco Security Technologies, Inc. (Nasdaq: NSSC) - no Street consensus
New Frontier Media, Inc. (Nasdaq: NOOF) - no Street consensus
Stoneridge, Inc. (NYSE: SRI) - consensus EPS $0.22
After the Market Closes
Earnings:
Advanced Photonix, Inc. (NYSE: API) - consensus loss $0.03
Amicus Therapeutics, Inc. (Nasdaq: FOLD) - consensus loss $0.37
Asiainfo-Linkage, Inc. (Nasdaq: ASIA) - consensus EPS $0.32
Barrett Business Services (Nasdaq: BBSI) - consensus EPS $0.40
Charles River Laboratories International, Inc. (NYSE: CRL) - consensus EPS $0.56
Electromed (Nasdaq: ELMD) - no Street consensus
Fidelity National Information Services (NYSE: FIS) - consensus EPS $0.65
Gen-Probe, Inc. (Nasdaq: GPRO) - consensus EPS $0.69
Health Management Associates Inc. (NYSE: HMA) - consensus EPS $0.20
Himax Technologies, Inc. (Nasdaq: HIMX) - consensus EPS $0.03
Insight Enterprises, Inc. (Nasdaq: NSIT) - consensus EPS $0.49
Limelight Networks, Inc. (Nasdaq: LLNW) - consensus loss $0.02
LivePerson, Inc. (Nasdaq: LPSN) - consensus EPS $0.10
Regal Entertainment Group (NYSE: RGC) - consensus EPS $0.02
RPX (Nasdaq: RPXC) - consensus EPS $0.14
Seattle Genetics Inc. (Nasdaq: SGEN) - consensus loss $0.31
Solta Medical, Inc. (Nasdaq: SLTM) - consensus loss $0.01
TAL International Group (NYSE: TAL) - consensus EPS $0.99
TigerLogic Corp. (Nasdaq: TIGR) - no Street consensus
Tortoise Capital Resources Corp. (NYSE: TTO) - no Street consensus
United Stationers, Inc. (Nasdaq: USTR) - consensus EPS $0.63
Check out our Earnings Insider for news and updates on earnings as they happen!
This report is an intraday check of some of the more notable stocks that have hit a 52-week high or low so far today.
52-Week High:
- Cobalt International Energy, Inc. (NYSE: CIE) high of $36.51. Colbalt is moving higher Friday after providing additional data confirming the significance of its Cameia Pre-salt oil discovery in Block 21 offshore Angola.
For more color on the drill, click here.
Cobalt moved 52.8 percent higher to the new mark.
- Pharmacyclics, Inc. (Nasdaq: PCYC) high of $23.57. Pharmacyclics continued 19 percent higher Friday following a 10 percent rise yesterday. The company reported quarterly earnings ahead of the bell Thursday, though this new move might be more closely related to investors getting at look at the 10-Q filing, made after the market closed.
- Lions Gate (NYSE: LGF) high of $12.24. Amid expectations for EPS of 9 cents, Lions Gate produced a loss of 1 cent per share. Howver, Lions Gate managed to narrow that loss from 4 cents reported in the same period last year amid lower revs in the quarter, as distribution and marketing costs fell 54 percent to $72.81 million...a drop of $86 million. Lions Gate also reported a significant increase in equity interest income from its stake in Epix.
- Apple Inc. (Nasdaq: AAPL) high of $497.60. Well, Apple won a patent case against Motorola Mobility (NYSE: MMI) in Germany Friday, though shares are simply continuing to carry momentum from a nice 3 percent run Thursday. Apple moved just about 1 percent to the new mark today.
- Electronic Arts Inc. (Nasdaq: EA) low of $16.73. Following the resignation of its CFO yesterday, Electronic Arts closed 2 percent lower. Today, shares moved an additional 6.4 percent to the new mark, which may be due in part to the overall economic data, lower Chinese trade numbers, and Greece not meeting troika expectations for another round of funding due to expected austerity measures.
- Silicon Graphics International (NYSE: SGI) low of $9.95. Silicon Graphics moving an additional 3 percent lower today, leading to a fourth-straight session of closing lower. Shares began their descent on Tuesday after reporting second-quarter earnings and lower 2012 guidance.
Cobalt International Energy, Inc. (NYSE: CIE) 37.4% HIGHER; provided additional data confirming the significance of its Cameia Pre-salt oil discovery in Block 21 offshore Angola. Click here for the full report. The stock was upgraded at Howard Weil earlier.
Amyris (Nasdaq: AMRS) 28.7% LOWER; management held a business update call where management removed 2012 guidance, pushed out construction plans and announced a capital raise. The stock was downgraded by Morgan Stanley and Deutsche Bank this morning.
True Religion Apparel, Inc. (NASDAQ: TRLG) 25.6% LOWER; reported Q4 EPS of $0.57, $0.14 worse than the analyst estimate of $0.71. Revenue for the quarter came in at $119.4 million versus the consensus estimate of $128.9 million. Sees FY2012 EPS of $1.88-$1.95, versus the consensus of $2.37. Sees FY2012 revenue of $450-$460 million, versus the consensus of $494 million. The stock was downgraded by Brean Murray, Caris and Benchmark.
KV Pharma (NYSE: KV-A) 24% LOWER; reported Q3 loss of 63 cents per share on sales of $5.1 million.
Exide Technologies (NASDAQ: XIDE) 23.9% LOWER; reported Q3 EPS of $0.84, compared to $0.34 reported last year. Revenue for the quarter came in at $784.1 million versus the consensus estimate of $846.97 million.
Amtech Systems (NASDAQ: ASYS) 20% LOWER; reported Q1 EPS of ($0.09), $0.15 better than the analyst estimate of ($0.24). Revenue for the quarter came in at $24.7 million versus the consensus estimate of $22.12 million.
Linkedin (NYSE: LNKD) 16.7% HIGHER; reported Q4 EPS of $0.12, $0.05 better than the analyst estimate of $0.07. Revenue for the quarter came in at $167.7 million versus the consensus estimate of $159.72 million. Sees Q1 2012 revenue of $170-$175 million, versus the consensus of $170.8 million. Sees FY2012 revenue of $840-$860 million, versus the consensus of $828 million.
Move (NASDAQ: MOVE) 16.5% HIGHER; reported Q4 EPS of $0.09, in-line with the analyst estimate of $0.09. Revenue for the quarter came in at $47.27 million versus the consensus estimate of $47.27 million. Move sees Q4 2012 revenue of $47.5 million. Sees FY2012 revenue of $195-$200 million, versus the consensus of $197.99 million.
Imperial Sugar (Nasdaq: IPSU) 16.3% HIGHER; continuing higher following an 80 percent surge yesterday on the heels of strong Q1 results.
Pharmacyclics (Nasdaq: PCYC) 14.3% HIGHER; following strong Q2 results and the resulting 10 percent rise in the stock yesterday, shares have pushed over resistance at $20 today. The stock is now over $22.50.
RPX Corp. (Nasdaq: RPXC) 13.7% HIGHER; Alcatel-Lucent announced a licensing syndicate for its patents.
The following is a list of notable articles to help get you through the lunch hour:
- Netflix (NFLX) Wants to Enter This 'Media Hungry' Market Next... -> Read this!
- Nokia (NOK), Motorola (MMI) to Turn More to Taiwan for Manufacturing -> Read this!
- IEA Cuts Global Oil Demand Outlook for Sixth Consecutive Month -> Read this!
- Auriga Maintains a 'Buy' on First Solar (FSLR); The Antelope Raises its Head Again -> Read this!
- Nomura Securities Maintains a 'Buy' on Microsoft (MSFT); Released Lengthy Blog Post on Windows on ARM (WOA) Platform -> Read this!
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