Market Wrap: SodaStream Pops, Fizzles; Initial Claims Fall; Trade-In Your iPhone
Tweet
Share
E-mail
Get Alerts SODA Hot Sheet
Join SI Premium – FREE
Market wrap for June 6th
End of the Day: S&P 500 up 1,622.56 to 13.7; Dow Jones up 80.0 to 15,040.62; Nasdaq up 22.6 to 3,242.05
* Americans filing for initial jobless claims fell by 11,000 to a seasonally-adjusted 346,000 applications, just ahead of consensus views looking for claims of 345,000. The four-week moving average rose by 4,500 to 352,500 claims.
* SodaStream (Nasdaq: SODA) was active in early trading following reports that PepsiCo (NYSE: PEP) might make a bid of over $2 billion for the company. After that was put to rest, it was said that Coca-Cola (NYSE: KO) might be making a run. Both reports were made by competing Israeli newspapers. The fizz went flat throughout the day, with SodaStream finishing up 2.5 percent on the session.
* Apple (Nasdaq: AAPL) caught a little attention as it was reported the company might start accepting trade-ins on older iPhones in order to bolster sales of new devices. The company will be teaming with Brightstar Corp on the effort. For more color, click here.
* Following the passing of U.S. Senator Frank Lautenberg, New Jersey governor Chris Christie appointed the state Attorney General Jeff Chiesa to fill the seat. Christie announced earlier in the week that a special election will be held in October to fill the seat.
* The Obama administration defended its stance in gathering Americans' cell phone records today following news telecom giant Verizon (NYSE: VZ) was handing over records per request. Fla. Senator Marco Rubio commented, "Programs like this have great utility and on the other hand, the American people want to feel confident that their government isn't watching them." Verizon general counsel Randy Milch said the company makes efforts to defend customers' privacy, but had to turn over information when asked to do so by a federal court. U.K.'s Guardian originally broke the story on Wednesday.
* Former Hewlett-Packard (NYSE: HPQ) chairman Ray Lane is said to have been saddled with a $100 million tax bill after the IRS said Lane was participating in a "sham" tax shelter which generated improperly claimed losses of $251 million aimed at offsetting income. Lane claimed in appeal papers filed May 6th, that his partnership, Vanadium Partners Fund LLC, had a "legitimate business purpose." H-P issued a statement saying that Lane was no longer associated with the company following his departure last April.
* Ciena Corp. (Nasdaq: CIEN) reported Q2 EPS of $0.02, versus the analyst estimate of ($0.01). Revenue for the quarter came in at $507.7 million versus the consensus estimate of $483.34 million. Looking ahead, Ciena said it sees Q3 2013 revenue of $515 million to $545 million, versus the consensus of $509.46 million. Adjusted gross margin expected to be in low-40 percent range and adjusted operating expense in the mid-$190 million range. Shares ended up 17.4 percent better today.
End of the Day: S&P 500 up 1,622.56 to 13.7; Dow Jones up 80.0 to 15,040.62; Nasdaq up 22.6 to 3,242.05
* Americans filing for initial jobless claims fell by 11,000 to a seasonally-adjusted 346,000 applications, just ahead of consensus views looking for claims of 345,000. The four-week moving average rose by 4,500 to 352,500 claims.
* SodaStream (Nasdaq: SODA) was active in early trading following reports that PepsiCo (NYSE: PEP) might make a bid of over $2 billion for the company. After that was put to rest, it was said that Coca-Cola (NYSE: KO) might be making a run. Both reports were made by competing Israeli newspapers. The fizz went flat throughout the day, with SodaStream finishing up 2.5 percent on the session.
* Apple (Nasdaq: AAPL) caught a little attention as it was reported the company might start accepting trade-ins on older iPhones in order to bolster sales of new devices. The company will be teaming with Brightstar Corp on the effort. For more color, click here.
* Following the passing of U.S. Senator Frank Lautenberg, New Jersey governor Chris Christie appointed the state Attorney General Jeff Chiesa to fill the seat. Christie announced earlier in the week that a special election will be held in October to fill the seat.
* The Obama administration defended its stance in gathering Americans' cell phone records today following news telecom giant Verizon (NYSE: VZ) was handing over records per request. Fla. Senator Marco Rubio commented, "Programs like this have great utility and on the other hand, the American people want to feel confident that their government isn't watching them." Verizon general counsel Randy Milch said the company makes efforts to defend customers' privacy, but had to turn over information when asked to do so by a federal court. U.K.'s Guardian originally broke the story on Wednesday.
* Former Hewlett-Packard (NYSE: HPQ) chairman Ray Lane is said to have been saddled with a $100 million tax bill after the IRS said Lane was participating in a "sham" tax shelter which generated improperly claimed losses of $251 million aimed at offsetting income. Lane claimed in appeal papers filed May 6th, that his partnership, Vanadium Partners Fund LLC, had a "legitimate business purpose." H-P issued a statement saying that Lane was no longer associated with the company following his departure last April.
* Ciena Corp. (Nasdaq: CIEN) reported Q2 EPS of $0.02, versus the analyst estimate of ($0.01). Revenue for the quarter came in at $507.7 million versus the consensus estimate of $483.34 million. Looking ahead, Ciena said it sees Q3 2013 revenue of $515 million to $545 million, versus the consensus of $509.46 million. Adjusted gross margin expected to be in low-40 percent range and adjusted operating expense in the mid-$190 million range. Shares ended up 17.4 percent better today.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Lowe's (LOW) PT Lowered to $275 at Guggenheim
- S&P 500 may pull back before midterms, but Citi says buy the dip
- BofA's Hartnett sees dollar slump, risk selloff if bond intervention fails
Create E-mail Alert Related Categories
Special ReportsRelated Entities
Initial Jobless Claims, Standard & Poor's, Barack ObamaSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
