Top 10 News Items 4/9-4/13: Traders Sell Google Amid Q1 Beat, 2-for-1 Split News; Stocks Continue Lower; Chinese Growth Worse Than Expected in Q1
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Here is a recap of the top news items from this week on Wall Street:
1. Following a move higher during Thursday's after-hours session, shares of Google (Nasdaq: GOOG) closed down about 4 percent amid Q1 earnings which crushed analyst views but sales which missed. Google posted EPS of $10.08, vs. the consensus of $9.65, on sales of $8.14 billion. The company's Board also announced it unanimously approved a 2-for-1 stock split in the form of Class C non-voting shares.
2. Stocks continued lower on Monday and Tuesday of this week as the Fed's indication for a decreasing likelihood of further easing last week remained on trader's minds. Investors bought the dip on Wednesday and Thursday following a 4 percent decline in the DJIA over just five trading sessions. On Friday, stocks closed about 1.2 percent lower as Chinese GDP came in worse than expected.
3. Economic growth within China during Q1 was 8.1 percent, the country's slowest growth rate since 2009. Economists had been expecting the Chinese economy to grow 8.3 percent during Q1. The slowdown was widely expected as the government has been working to cool inflation and global demand has been weak.
4. Facebook (Nasdaq: FB) made a big acquisition ahead of its expected May IPO this week: photo-sharing app maker Instagram. Total consideration for San Francisco-based Instagram is approximately $1 billion in a combination of cash and shares of Facebook. Mark Zuckerberg said Instagram provides "the best photo sharing experience" on the net.
5. JPMorgan (NYSE: JPM) and Wells Fargo (NYSE: WFC) kicked off the Financial sector's Q1 earnings season on Friday, both beating on the top and bottom lines. Shares of JPMorgan closed 3.9 percent lower while Wells Fargo shares closed 3.5 percent lower. Citi will report its Q1 results on Monday before the market opens.
6. Nokia (NYSE: NOK) shares plunged nearly 16 percent on Wednesday and another 5 percent on Friday this week after the company warned on April 11th. The company lowered first quarter 2012 outlook for Devices & Services, saying sales for the quarter were €4.2 billion, comprised of Mobile Phones net sales of €2.3 billion (71 million units), Smart Devices net sales of €1.7 billion (12 million units), and Devices & Services Other net sales of €0.2 billion. Click here to see the full report.
7. Best Buy (NYSE: BBY) shares plunged 6 percent on Tuesday following news the company's CEO Brian Dunn resigned. Mike Mikan has been named interim CEO. Later in the week, the company announced it has begun the search for a permanent CEO.
8. Alcoa (NYSE: AA) kicked off the Q1 earnings season with a sharp beat on earnings and sales. The company posted a surprise gain of 10 cents per share on sales of $6.01 billion.
9. Two measures of inflation came in about inline this week. Core PPI for the month of March rose 0.2 percent while core CPI also rose 0.2 percent. Producer prices including food & energy costs were flat while unadjusted consumer prices were up 0.3 percent. PPI rose 2.8%, vs. the consensus of 3.1%, and CPI rose 2.7%.
10. Shares of AOL (NYSE: AOL) surged a whopping 43 percent on Monday as the company announced a $1.056 billion patent deal with Microsoft (Nasdaq: MSFT). AOL will sell over 800 patents and the related applications to Microsoft and also grant Microsoft a non-exclusive license to its retained patent portfolio. AOL also received a license to the patents being sold to Microsoft.
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1. Following a move higher during Thursday's after-hours session, shares of Google (Nasdaq: GOOG) closed down about 4 percent amid Q1 earnings which crushed analyst views but sales which missed. Google posted EPS of $10.08, vs. the consensus of $9.65, on sales of $8.14 billion. The company's Board also announced it unanimously approved a 2-for-1 stock split in the form of Class C non-voting shares.
2. Stocks continued lower on Monday and Tuesday of this week as the Fed's indication for a decreasing likelihood of further easing last week remained on trader's minds. Investors bought the dip on Wednesday and Thursday following a 4 percent decline in the DJIA over just five trading sessions. On Friday, stocks closed about 1.2 percent lower as Chinese GDP came in worse than expected.
3. Economic growth within China during Q1 was 8.1 percent, the country's slowest growth rate since 2009. Economists had been expecting the Chinese economy to grow 8.3 percent during Q1. The slowdown was widely expected as the government has been working to cool inflation and global demand has been weak.
4. Facebook (Nasdaq: FB) made a big acquisition ahead of its expected May IPO this week: photo-sharing app maker Instagram. Total consideration for San Francisco-based Instagram is approximately $1 billion in a combination of cash and shares of Facebook. Mark Zuckerberg said Instagram provides "the best photo sharing experience" on the net.
5. JPMorgan (NYSE: JPM) and Wells Fargo (NYSE: WFC) kicked off the Financial sector's Q1 earnings season on Friday, both beating on the top and bottom lines. Shares of JPMorgan closed 3.9 percent lower while Wells Fargo shares closed 3.5 percent lower. Citi will report its Q1 results on Monday before the market opens.
6. Nokia (NYSE: NOK) shares plunged nearly 16 percent on Wednesday and another 5 percent on Friday this week after the company warned on April 11th. The company lowered first quarter 2012 outlook for Devices & Services, saying sales for the quarter were €4.2 billion, comprised of Mobile Phones net sales of €2.3 billion (71 million units), Smart Devices net sales of €1.7 billion (12 million units), and Devices & Services Other net sales of €0.2 billion. Click here to see the full report.
7. Best Buy (NYSE: BBY) shares plunged 6 percent on Tuesday following news the company's CEO Brian Dunn resigned. Mike Mikan has been named interim CEO. Later in the week, the company announced it has begun the search for a permanent CEO.
8. Alcoa (NYSE: AA) kicked off the Q1 earnings season with a sharp beat on earnings and sales. The company posted a surprise gain of 10 cents per share on sales of $6.01 billion.
9. Two measures of inflation came in about inline this week. Core PPI for the month of March rose 0.2 percent while core CPI also rose 0.2 percent. Producer prices including food & energy costs were flat while unadjusted consumer prices were up 0.3 percent. PPI rose 2.8%, vs. the consensus of 3.1%, and CPI rose 2.7%.
10. Shares of AOL (NYSE: AOL) surged a whopping 43 percent on Monday as the company announced a $1.056 billion patent deal with Microsoft (Nasdaq: MSFT). AOL will sell over 800 patents and the related applications to Microsoft and also grant Microsoft a non-exclusive license to its retained patent portfolio. AOL also received a license to the patents being sold to Microsoft.
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