Market Wrap: Apple's Cook to China: 'Dui Bu Qi'; Tesla Revs Up; Nasdaq Gets Speedier
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Market wrap-up for April 1st
End of the Day: S&P 500 down 7.0 to 1,562.17; Dow Jones down 5.7 to 14,572.85; Nasdaq down 28.4 to 3,239.17
The following is a brief summary of events moving markets today:
* Apple (Nasdaq: AAPL) CEO Tim Cook sent a letter to the company's customers in China following several letters complaining about the customer service Apple was providing in the market. To read the full letter from Cook, click here.
* Tesla Motors (Nasdaq: TSLA) announced today that sales of its Model S vehicle exceeded the target provided in the mid February shareholder letter. As customers who note their Model S serial number this weekend will realize, vehicle deliveries (sales) exceeded 4,750 units vs. the 4,500 unit prior outlook. As a result, Tesla is amending its Q1 guidance to full profitability, both GAAP and non-GAAP. Click here for more color.
* Hess Corp. (NYSE: HES) has entered into an agreement with OAO LUKOIL to sell 100 percent of its Russian subsidiary Samara-Nafta for a total consideration of $2.05 billion. Based on its 90 percent interest in Samara-Nafta, total after tax proceeds to Hess are expected to amount to approximately $1.8 billion. Samara-Nafta is currently producing 50,000 barrels of oil equivalent per day in the Volga-Urals region of Russia.
* Lear Corp. (NYSE: LEA) authorized management to further accelerate repurchases under the Company's existing $1 billion share repurchase program. Lear repurchased $200 million of its outstanding common stock during the first quarter of 2013 and now expects to complete the remaining $800 million of its existing $1 billion share repurchase authorization under an Accelerated Share Repurchase Program within approximately the next 12 months. Marcato Capital Management LLC and Oskie Capital Management LLC also withdrew director nominees.
* BGC Partners, Inc. (Nasdaq: BGCP) has entered into an agreement pursuant to which it will sell its benchmark, on-the-run, U.S. Treasury fully electronic trading platform to NASDAQ OMX Group, Inc. (NASDAQ: NDAQ). Total consideration for this transaction is up to $1.234 billion, consisting of $750 million in cash plus an earn-out of up to $484 million of NASDAQ OMX common stock[1] to be paid ratably over 15 years. For more color, click here.
* The U.S. announced a 3.3 percent increase in reimbursements for the Medicare Advantage program, versus an earlier proposal which called for a cut. Health insurers are higher in late trading Monday.
* In a 13G filing on Nuance Communications, Inc. (Nasdaq: NUAN), hedge fund Carl Icahn disclosed a 9.27%, or 29,329,291 share, stake in the company. Icahn did not hold shares at the end of the latest quarter ending December 31, 2012. For more color, click here.
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End of the Day: S&P 500 down 7.0 to 1,562.17; Dow Jones down 5.7 to 14,572.85; Nasdaq down 28.4 to 3,239.17
The following is a brief summary of events moving markets today:
* Apple (Nasdaq: AAPL) CEO Tim Cook sent a letter to the company's customers in China following several letters complaining about the customer service Apple was providing in the market. To read the full letter from Cook, click here.
* Tesla Motors (Nasdaq: TSLA) announced today that sales of its Model S vehicle exceeded the target provided in the mid February shareholder letter. As customers who note their Model S serial number this weekend will realize, vehicle deliveries (sales) exceeded 4,750 units vs. the 4,500 unit prior outlook. As a result, Tesla is amending its Q1 guidance to full profitability, both GAAP and non-GAAP. Click here for more color.
* Hess Corp. (NYSE: HES) has entered into an agreement with OAO LUKOIL to sell 100 percent of its Russian subsidiary Samara-Nafta for a total consideration of $2.05 billion. Based on its 90 percent interest in Samara-Nafta, total after tax proceeds to Hess are expected to amount to approximately $1.8 billion. Samara-Nafta is currently producing 50,000 barrels of oil equivalent per day in the Volga-Urals region of Russia.
* Lear Corp. (NYSE: LEA) authorized management to further accelerate repurchases under the Company's existing $1 billion share repurchase program. Lear repurchased $200 million of its outstanding common stock during the first quarter of 2013 and now expects to complete the remaining $800 million of its existing $1 billion share repurchase authorization under an Accelerated Share Repurchase Program within approximately the next 12 months. Marcato Capital Management LLC and Oskie Capital Management LLC also withdrew director nominees.
* BGC Partners, Inc. (Nasdaq: BGCP) has entered into an agreement pursuant to which it will sell its benchmark, on-the-run, U.S. Treasury fully electronic trading platform to NASDAQ OMX Group, Inc. (NASDAQ: NDAQ). Total consideration for this transaction is up to $1.234 billion, consisting of $750 million in cash plus an earn-out of up to $484 million of NASDAQ OMX common stock[1] to be paid ratably over 15 years. For more color, click here.
* The U.S. announced a 3.3 percent increase in reimbursements for the Medicare Advantage program, versus an earlier proposal which called for a cut. Health insurers are higher in late trading Monday.
* In a 13G filing on Nuance Communications, Inc. (Nasdaq: NUAN), hedge fund Carl Icahn disclosed a 9.27%, or 29,329,291 share, stake in the company. Icahn did not hold shares at the end of the latest quarter ending December 31, 2012. For more color, click here.
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