Top 10 News Items 6/13-6/17: Greece Dominates Headlines; RIM Slammed 20% Amid Earnings Blow-Up; Pandora IPO Goes Off with a Bang, Then Sinks
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Here is a recap of the top ten news items from this week on Wall Street:
1. Concerns related to Greece dominated headlines this week. Worries were spurred on Monday when Standard & Poor's cut the country's long-term rating from B to CCC. Greek Prime Minister George Papandreou announced he would reshuffle his cabinet as the country and other European regulators scrambled to create an appropriate aid package for the ailing country.
2. Shares of Research In Motion (Nasdaq: RIMM) plummeted a jaw-dropped 21 percent on Friday following an absolute blow-up of an earnings report on Thursday. While earnings were inline, sales missed sharply and the company reduced FY12 guidance after just affirming the guidance on at the end of April. RIM sees reporting annual EPS of $5.25-$6.00 and the Street has already gone down $5.50.
3. After pricing at $16, well above the expected range of $10-$12, and opening at $20, shares of Pandora (NYSE: P) traded to as high as $25 on its first day of trading, only to sell off the rest of the week. The stock closed this week just barely over $13.
4. Shares of Timberland (NYSE: TBL) surged more than 44 percent on Monday after VF Corp. (NYSE: VFC) announced it will buy the company for $43 per share, or about $2 billion in cash. Shares of VF rose 10 percent on Monday.
5. Finisar (Nasdaq: FNSR) shares slide 16 percent on Thursday after Q4 results and a Q1 warning on Wednesday night. The news also brought down other stocks in the Optical market. The company expects to report Q1 EPS of $0.17-$0.21, versus the consensus of $0.37.
6. Concerns surrounding accounting fraud and US-listed Chinese tech stocks continued this week. The current uncertainty related to these plays can be summed up nicely by the action Harbin Electric (Nasdaq: HRBN). After a bearish report by Citron Research, the stock was cut in half. Elsewhere, shares of Yuhe (Nasdaq: YUII) were halted Friday after plunging 50 percent on Thursday and another 38 percent the next day. Renren (Nasdaq: RENN) shares were down 27 percent this week, while shares of Dangdang (Nasdaq: DANG) were down about 10 percent.
7. The Street got May readings on inflation this week with the PPI and CPI coming in on Tuesday and Wednesday, respectively. PPI rose 0.2%, vs. the consensus of 0.1%, and was up 7.3% from the same month last year, while CPI was up 0.2% and up 3.6% from last year.
8. Stocks fell on Thursday just after the open following a far worse-than-expected reading of New York area manufacturing. June Empire Manufacturing came in at -7.79, vs. the consensus of +12.
9. Initial jobless claims for the week ended June 11 come in at 414,000, vs. the economist estimate of 420,000 and down from an upwardly revised reading of 430,000 in the prior week. Continuing claims for the week ended June 4 were 3.675 million, vs. the consensus of 3.67 million. In the previous week, continuing claims were revised from 3.676 million to 3.696 million.
10. JCPenney (NYSE: JCP) surprised the Street on Tuesday after announcing former Apple (Nasdaq: AAPL) retail head Ron Johnson will take the role of CEO. Shares of JCPenney rallied more than 17 percent on the news.
1. Concerns related to Greece dominated headlines this week. Worries were spurred on Monday when Standard & Poor's cut the country's long-term rating from B to CCC. Greek Prime Minister George Papandreou announced he would reshuffle his cabinet as the country and other European regulators scrambled to create an appropriate aid package for the ailing country.
2. Shares of Research In Motion (Nasdaq: RIMM) plummeted a jaw-dropped 21 percent on Friday following an absolute blow-up of an earnings report on Thursday. While earnings were inline, sales missed sharply and the company reduced FY12 guidance after just affirming the guidance on at the end of April. RIM sees reporting annual EPS of $5.25-$6.00 and the Street has already gone down $5.50.
3. After pricing at $16, well above the expected range of $10-$12, and opening at $20, shares of Pandora (NYSE: P) traded to as high as $25 on its first day of trading, only to sell off the rest of the week. The stock closed this week just barely over $13.
4. Shares of Timberland (NYSE: TBL) surged more than 44 percent on Monday after VF Corp. (NYSE: VFC) announced it will buy the company for $43 per share, or about $2 billion in cash. Shares of VF rose 10 percent on Monday.
5. Finisar (Nasdaq: FNSR) shares slide 16 percent on Thursday after Q4 results and a Q1 warning on Wednesday night. The news also brought down other stocks in the Optical market. The company expects to report Q1 EPS of $0.17-$0.21, versus the consensus of $0.37.
6. Concerns surrounding accounting fraud and US-listed Chinese tech stocks continued this week. The current uncertainty related to these plays can be summed up nicely by the action Harbin Electric (Nasdaq: HRBN). After a bearish report by Citron Research, the stock was cut in half. Elsewhere, shares of Yuhe (Nasdaq: YUII) were halted Friday after plunging 50 percent on Thursday and another 38 percent the next day. Renren (Nasdaq: RENN) shares were down 27 percent this week, while shares of Dangdang (Nasdaq: DANG) were down about 10 percent.
7. The Street got May readings on inflation this week with the PPI and CPI coming in on Tuesday and Wednesday, respectively. PPI rose 0.2%, vs. the consensus of 0.1%, and was up 7.3% from the same month last year, while CPI was up 0.2% and up 3.6% from last year.
8. Stocks fell on Thursday just after the open following a far worse-than-expected reading of New York area manufacturing. June Empire Manufacturing came in at -7.79, vs. the consensus of +12.
9. Initial jobless claims for the week ended June 11 come in at 414,000, vs. the economist estimate of 420,000 and down from an upwardly revised reading of 430,000 in the prior week. Continuing claims for the week ended June 4 were 3.675 million, vs. the consensus of 3.67 million. In the previous week, continuing claims were revised from 3.676 million to 3.696 million.
10. JCPenney (NYSE: JCP) surprised the Street on Tuesday after announcing former Apple (Nasdaq: AAPL) retail head Ron Johnson will take the role of CEO. Shares of JCPenney rallied more than 17 percent on the news.
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