Market Wrap: Housing Starts Lag Permits; Icahn Modifies Dell Bid; Takeover Chatter Hits Nokia
Tweet
Share
E-mail
Get Alerts DELL Hot Sheet
Price: $442.08 +1.68%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.7%
Revenue Growth %: +50.5%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.7%
Revenue Growth %: +50.5%
Join SI Premium – FREE
Market wrap for June 18th
End of the Day: S&P 500 up 12.8 to 1,651.81; Dow Jones up 138.4 to 15,318.23; Nasdaq up 30.1 to 3,482.18
* The U.S. Commerce Department said that housing starts rose 6.8 percent to a 914,000 annualized rate. April's rate was revised to 856,000 units and the Street was looking for starts of 950,000 units in May. Building permits of 974,000 in May fell short of the 983,000 expected and compares to 1.005 million reported in April.
* Dell, Inc. (Nasdaq: DELL) saw midday activity Tuesday following news from the Carl Icahn camp that he has lined up financing for a bid. He also suggested that Dell start a tender for 1.1 billion of its own shares and, if completed, Icahn and Southeastern Asset Management, which own 13 percent of Dell, will not tender in the offer. For more color, click here.
* Dan Loeb's Third Point boosted its stake in Sony (NYSE: SNE) by six million shares to 70 million total, or 7 percent of all outstanding shares. Loeb sent a letter to Sony CEO Kazuo Hirai stating that the electronics giant should move to partially spin-off its entertainment arm. He also offered to put a rep on Sony's board.
* Adobe Systems, Inc. (Nasdaq: ADBE) reported Q2 EPS of $0.36, $0.02 better than the analyst estimate of $0.34. Revenue for the quarter came in at $1.01 billion versus the consensus estimate of $1.01 billion. Looking ahead, Adobe sees Q3 revenue of $975 million to $1.025 billion and EPS of $0.29 to $0.35, versus consensus views looking for revs of $1.01 billion and EPS of $0.35.
* Nokia (NYSE: NOK) popped higher Tuesday following reports that it might be a takeover target for Huawei. However, Huawei has since refuted the report, which was a Financial Times piece.
* Hormel Foods Corp. (NYSE: HRL) lowered its full year 2013 profit expectations range from $1.93 to $2.03 per share down to $1.88 to $1.96 per share. The Street consensus calls for EPS of $1.99.
* Bill Ackman's Pershing Square commented today that Herbalife (NYSE: HLF) "refuses" to release actual sales data. The firm is requesting that regulators "promptly" probe Herbalife and says it violates California injunction by not releasing the sales data. For the statement issued by Pershing Square, click here.
* With today's close down 138.38 points, the Dow Jones Industrial Average has seen 100-plus point swings over the last six sessions. This is the first time such a streak has happened in 2013 and only had a chance of happening in November and July of last year.
End of the Day: S&P 500 up 12.8 to 1,651.81; Dow Jones up 138.4 to 15,318.23; Nasdaq up 30.1 to 3,482.18
* The U.S. Commerce Department said that housing starts rose 6.8 percent to a 914,000 annualized rate. April's rate was revised to 856,000 units and the Street was looking for starts of 950,000 units in May. Building permits of 974,000 in May fell short of the 983,000 expected and compares to 1.005 million reported in April.
* Dell, Inc. (Nasdaq: DELL) saw midday activity Tuesday following news from the Carl Icahn camp that he has lined up financing for a bid. He also suggested that Dell start a tender for 1.1 billion of its own shares and, if completed, Icahn and Southeastern Asset Management, which own 13 percent of Dell, will not tender in the offer. For more color, click here.
* Dan Loeb's Third Point boosted its stake in Sony (NYSE: SNE) by six million shares to 70 million total, or 7 percent of all outstanding shares. Loeb sent a letter to Sony CEO Kazuo Hirai stating that the electronics giant should move to partially spin-off its entertainment arm. He also offered to put a rep on Sony's board.
* Adobe Systems, Inc. (Nasdaq: ADBE) reported Q2 EPS of $0.36, $0.02 better than the analyst estimate of $0.34. Revenue for the quarter came in at $1.01 billion versus the consensus estimate of $1.01 billion. Looking ahead, Adobe sees Q3 revenue of $975 million to $1.025 billion and EPS of $0.29 to $0.35, versus consensus views looking for revs of $1.01 billion and EPS of $0.35.
* Nokia (NYSE: NOK) popped higher Tuesday following reports that it might be a takeover target for Huawei. However, Huawei has since refuted the report, which was a Financial Times piece.
* Hormel Foods Corp. (NYSE: HRL) lowered its full year 2013 profit expectations range from $1.93 to $2.03 per share down to $1.88 to $1.96 per share. The Street consensus calls for EPS of $1.99.
* Bill Ackman's Pershing Square commented today that Herbalife (NYSE: HLF) "refuses" to release actual sales data. The firm is requesting that regulators "promptly" probe Herbalife and says it violates California injunction by not releasing the sales data. For the statement issued by Pershing Square, click here.
* With today's close down 138.38 points, the Dow Jones Industrial Average has seen 100-plus point swings over the last six sessions. This is the first time such a streak has happened in 2013 and only had a chance of happening in November and July of last year.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Mavis acquires Pep Boys from Icahn Enterprises for $700M
- Ackman adds Netflix, Visa and Mastercard in portfolio revamp
- VivoPower plans separate listing for 2.2GW non-Nordic AI platform
Create E-mail Alert Related Categories
Special ReportsRelated Entities
Daniel Loeb, Carl Icahn, Southeastern Asset Management, William Ackman, Pershing Square Capital, Third Point LLC, Standard & Poor's, Housing StartsSign 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!
