Top 10 for 09/24 - 09/28: Apple and RIM Have Unusual Week; Tesla Hits the Skids; Spain's Crisis Budget; Caterpillar's Macro Warning


FREE Breaking News Alerts from StreetInsider.com!

E-mail Address
September 28, 2012 4:30 PM EDT Send to a Friend
  1. Apple (Nasdaq: AAPL) had somewhat of a bizarro week, which is a normal week by most standards. First, Apple reported selling five million iPhone 5s during its opening weekend, a number many tech companies would like to see. However, due to supply issues, possibly from new panel technology, Apple wasn't able to meet estimates of 8 million to 10 million units.

    Then, later in the week, CEO Tim Cook issued an apology for its map application.

    Despite the news, Apple fell less than 5 percent on the week.

  2. Also having somewhat of a weird week was Research In Motion (Nasdaq: RIMM). The beleaguered tech company got some momentum this week when it held a BlackBerry Jam 10 conference in California, highlighting the amount of developer support behind its upcoming BlackBerry 10 platform.

    Then, RIM reported a narrower than expected loss for its second quarter, sending shares ripping higher on Friday. Net loss was 27 cents per share, beating estimates calling for a loss of 46 cents per share. BlackBerry shipments came in at 7.5 million units, rather robust given the heightened competition recently.

    For more color on RIMs results, click here.

  3. Tesla Motors (Nasdaq: TSLA) issued a third-quarter warning on Tuesday, cutting sales expectations to a range of $400 million to $440 million, versus the Street consensus of $542.6 million. Tesla cited lower Model S vehicle deliveries.

  4. Industrial machinery giant Caterpillar (NYSE: CAT) updated its long-term outlook for 2015. The Company now sees fiscal 2015 EPS of $12 to $18 on sales of $80 billion to $100 billion. Previously, Caterpillar was modeling EPS of $15 to $20 for FY15.

    Click here for more color.

  5. RadioShack (NYSE: RSH) and former CEO James Gooch parted ways this week, with Gooch leading the company for about 1.5 years. On the news, RadioShack commented, "In its discretion, the board the decided the timing was right. Moving forward with the decision sooner rather than later will help establish the right leadership to address the company's challenges and capitalize on its opportunities."

  6. Spanish leaders unveiled a new budget for 2013 which Deputy Prime Minister Soraya Saenz said, "was a crisis budget aimed at exiting a crisis. Some of the key points of the budget are:
    • A freeze in public sector pay for the third consecutive year;

    • Ministerial spending cuts of 12 percent on average;

    • A new 20 percent tax on lotter wins above €2,500; and

    • Independent oversight on government finances.
    Areas that would see increased spending next year are student scholarships, pensions, and interest payments.

  7. On Thursday, second-quarter 2012 U.S. gross domestic product (GDP) was revised 0.4 points lower for the second-quarter, as the Commerce Department took a harder look at the effects of drought on domestic production.

    The third estimate for second-quarter GDP put it at 1.3 percent, revised from 1.7 percent prior. Consensus estimates were looking for a flat revision to 1.7 percent.

    For more on the numbers, click here.

  8. Tempur-Pedic Int'l (NYSE: TPX) and Sealy (NYSE: ZZ) entered an agreement this week whereby Tempur-Pedic would acquire Sealy for about $2.20 per share, or total transaction value of $2.7 billon.

    According to the release: "The combination brings together two highly complementary companies with iconic brands and significant opportunities for global innovation and growth. Founded in 1992, Tempur-Pedic is the leading manufacturer, marketer and distributor of premium mattresses and pillows made from its proprietary TEMPUR pressure-relieving material in over 80 countries under the Tempur and Tempur-Pedic brand names. Sealy, with roots dating back to 1881 is a leader in the manufacturing and marketing of a broad range of high quality mattresses and foundations with a portfolio of well-known bedding brands, including Sealy, Sealy Posturepedic, and Stearns & Foster."

  9. Speaking of economic data, August durable goods orders fell by much more than expected. According to the U.S. Census Bureau, orders dropped 13.2 percent last month, much wider than the 5 percent decline expected.

    The contraction was triggered by a large decline in transportation equipment, which fell 34.9 percent. Excluding transportation, new orders decreased 1.6 percent.

  10. Will the real ref please stand up? Following arguably one of the most exciting weekends in American football last week, the NFL and referees sat back down at the table to work out a deal. The two sides came to an agreement, putting the official officials back in the action for this weekends games.

    The move was political in the first place, so we're not going to go too deep. However, it would be interesting to see ratings from the likes of Disney's (NYSE: DIS) ESPN, CBS, and News Corp's (Nasdaq: NWSA) Fox to see if ratings actually increased.


Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here


You May Also Be Interested In


Related Categories

Special Reports

Related Entities

Tesla, Durable Goods Orders

Add Your Comment