Top 10 News Items 2/27-3/2: Apple Now Valued at More Than $500B; Yelp IPO Hits the Street; Q4 GDP Revised Higher to 3%
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Here is a recap of the top news items from this week on Wall Street:
1. Apple (Nasdaq: AAPL) crossed the massive $500 billion market cap mark on Tuesday of this week after the price ticked over $536.27. Shares hit an all-time high just shy of $550 at $546.80. News of a likely iPad 3 announcement at its next presentation on March 7th pushed shares to never-before-seen levels. The invite Apple sent reads: "We have something you really have to see. And touch." The event wil start at 10am PST sharp.
2. The public offering for Yelp (NYSE: YELP) hit the market this week. After pricing 7.15 million shares at $15 per share, the stock opened at $22 on Friday. Shares closed the session just over $24.50. Yelp users contribute reviews of every type of local business, from restaurants, boutiques and salons to dentists, mechanics and plumbers.
3. Data out Wednesday showed the US economy expanded at a 3 percent rate during the fourth quarter of 2011, up modestly from the initial fourth-quarter reading of 2.8 percent growth. Economists had been expecting growth to remain unchanged at 2.8 percent. The final Q4 reading will be due out March 29th.
4. Following the all-important 13,000 level on the Dow last week, the Nasdaq broke the 3,000 level for the first time since late 2000. The index closed just shy of this psychological and technical level at 2,976.
5. Shares of priceline.com (Nasdaq: PCLN) rallied 7 percent on Tuesday following quarterly results and guidance. The company reported Q4 EPS of $5.37, $0.32 better than the analyst estimate of $5.05. Revenue for the quarter came in at $991 million versus the consensus estimate of $967.91 million. Sees Q1 EPS of $3.80-$3.90, versus the consensus of $3.72.
6. Personal income for the month of January rose 0.3%, vs. the consensus estimate of 0.5%. The reading for December was up 0.5%. Personal spending for the month was up 0.2%, vs. the economist estimate of 0.4%. The prior-month reading was flat.
7. A release from the Labor Department Thursday showed US citizens applying for jobless benefits declined 2,000 to 351,000 last week. Economists on the Street were expecting a reading of 355,000. The prior week reading was revised higher from 351,000 to 353,000.
8. Following the release of retailer's sales figures for the month of February on Thursday, Redbook said retail sales rose a sharp 6.6 percent. A few highlights: Buckle (NYSE: BKE) up 14.5 percent, Target (NYSE: TGT) up 7 percent, Macy's (NYSE: M) up 5.5 percent, Gap (NYSE: GPS) up 4 percent, TJX (NYSE: TJX) up 9 percent, Nordstrom (NYSE: JWN) up 10.2 percent.
9. Shares of First Solar (Nasdaq: FSLR) got walloped this week following a Q4 miss and lowered guidance. The stock plunged more than 11 percent on Wednesday, another nearly 6 percent on Thursday, and 1 percent on Friday.
10. Auto sales for the month of February were released on Thursday of this week. Chrysler led the way with a 40 percent move higher, Ford (NYSE: F) reported a 14 percent rise, GM (NYSE: GM) saw auto sales up just 1 percent, and Toyota (NYSE: TM) had monthly sales rise more than 12 percent.
1. Apple (Nasdaq: AAPL) crossed the massive $500 billion market cap mark on Tuesday of this week after the price ticked over $536.27. Shares hit an all-time high just shy of $550 at $546.80. News of a likely iPad 3 announcement at its next presentation on March 7th pushed shares to never-before-seen levels. The invite Apple sent reads: "We have something you really have to see. And touch." The event wil start at 10am PST sharp.
2. The public offering for Yelp (NYSE: YELP) hit the market this week. After pricing 7.15 million shares at $15 per share, the stock opened at $22 on Friday. Shares closed the session just over $24.50. Yelp users contribute reviews of every type of local business, from restaurants, boutiques and salons to dentists, mechanics and plumbers.
3. Data out Wednesday showed the US economy expanded at a 3 percent rate during the fourth quarter of 2011, up modestly from the initial fourth-quarter reading of 2.8 percent growth. Economists had been expecting growth to remain unchanged at 2.8 percent. The final Q4 reading will be due out March 29th.
4. Following the all-important 13,000 level on the Dow last week, the Nasdaq broke the 3,000 level for the first time since late 2000. The index closed just shy of this psychological and technical level at 2,976.
5. Shares of priceline.com (Nasdaq: PCLN) rallied 7 percent on Tuesday following quarterly results and guidance. The company reported Q4 EPS of $5.37, $0.32 better than the analyst estimate of $5.05. Revenue for the quarter came in at $991 million versus the consensus estimate of $967.91 million. Sees Q1 EPS of $3.80-$3.90, versus the consensus of $3.72.
6. Personal income for the month of January rose 0.3%, vs. the consensus estimate of 0.5%. The reading for December was up 0.5%. Personal spending for the month was up 0.2%, vs. the economist estimate of 0.4%. The prior-month reading was flat.
7. A release from the Labor Department Thursday showed US citizens applying for jobless benefits declined 2,000 to 351,000 last week. Economists on the Street were expecting a reading of 355,000. The prior week reading was revised higher from 351,000 to 353,000.
8. Following the release of retailer's sales figures for the month of February on Thursday, Redbook said retail sales rose a sharp 6.6 percent. A few highlights: Buckle (NYSE: BKE) up 14.5 percent, Target (NYSE: TGT) up 7 percent, Macy's (NYSE: M) up 5.5 percent, Gap (NYSE: GPS) up 4 percent, TJX (NYSE: TJX) up 9 percent, Nordstrom (NYSE: JWN) up 10.2 percent.
9. Shares of First Solar (Nasdaq: FSLR) got walloped this week following a Q4 miss and lowered guidance. The stock plunged more than 11 percent on Wednesday, another nearly 6 percent on Thursday, and 1 percent on Friday.
10. Auto sales for the month of February were released on Thursday of this week. Chrysler led the way with a 40 percent move higher, Ford (NYSE: F) reported a 14 percent rise, GM (NYSE: GM) saw auto sales up just 1 percent, and Toyota (NYSE: TM) had monthly sales rise more than 12 percent.
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