Top 10 News Items 11/7-11/11: Italy at the Heart of Euro Concerns This Week; Papandreou Resigns, Papademos Succeeds; Green Mountain Plunges 40% on Earnings Miss
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Here is a recap of the top news items from this week on Wall Street:
1. The Dow Jones opened down more than 230 points on Wednesday and continued lower to close down 390 following Italian 10-year bond yields which breached the 7% level, a key crisis level. Adding to the contagion, rumors suggested Angela Merkel's party wants to make it possible for European Union members to exit the euro.
2. George Papandreou resigned as Greece's Prime Minister this week, making true what many had considered a certainty for some time. Lucas Papademos was named as Papandreou's successor, at least on an interim basis.
3. Shares of Green Mountain (Nasdaq: GMCR) plunged 39 percent on Thursday following the company's Q4 earnings report and guidance. The company posted quarterly earnings of 47 cents per share, missing the Street by 1 cent, on sales of $711.9 million, sharply below the analyst estimate of $760.5 million. Green Mountain sees Q1 adj-EPS of 35-40c, vs. cons. 35c, sees FY12 adj-EPS of $2.55-$2.65, vs. cons. $2.62.
4. priceline.com (Nasdaq: PCLN) posted strong Q3 results earlier this week, sending shares nearly 9 percent higher on Tuesday. The company posted earnings of $9.95 per share, 65 cents better than the Street, on sales of $1.45 billion. priceline.com is looking for Q4 EPS of $4.90-$5.
5. Shares of Apple (Nasdaq: AAPL) had a tumultuous week as a litany of slowdown rumors seem to hit the stock. Shares fell about 4 percent. Earlier in the week were reports Apple requested that upstream suppliers delay a portion of their iPhone 4S shipments from the fourth-quarter of 2011 until the first-quarter of 2012, saying orders have not come in as strong as originally anticipated and there are shortages of other components along the supply chain. Elsewhere, a Midwest-based boutique research firm came out today and lowered iPad estimates citing competition, specifically from Amazon's Kindle Fire.
6. GM (NYSE: GM) shares sunk nearly 11 percent on Wednesday on the heels of quarterly results. The automaker reported Q3 EPS of $1.03, $0.07 better than the analyst estimate of $0.96. Revenue for the quarter came in at $36.72 billion versus the consensus estimate of $36.66 billion.
7. E*TRADE (Nasdaq: ETFC) announced late this week a strategic review concluded the continued execution of the company's business plan is currently the best alternative for increasing stockholder value. Investors had been hoping the review would find a bidder for the company.
8. Starbucks (Nasdaq: SBUX) announced the purchase of the Evolution Fresh Juice brand for $30 million in cash this week. CEO Howard Schultz said the company is looking to do with juice what it did for coffee. Although the execs comments sounded like an attacking on Jamba Juice (Nasdaq: JMBA), Jamba shares held up strongly on Friday.
9. Initial jobless claims for the week ended November 5th were 390,000, better than the economist estimate of 400,000. The prior week reading was revised higher from 397,000 to 400,000. Continuing claims for the week ended Oct 29th were 3.615 million, vs. the consensus of 3.68 million.
10. Shares of Disney (NYSE: DIS) rallied a sharp 6 percent on Friday following quarterly results Thursday night. The company reported Q4 EPS of $0.58, $0.04 better than the analyst estimate of $0.54. Revenue for the quarter came in at $10.43 billion versus the consensus estimate of $10.36 billion.
1. The Dow Jones opened down more than 230 points on Wednesday and continued lower to close down 390 following Italian 10-year bond yields which breached the 7% level, a key crisis level. Adding to the contagion, rumors suggested Angela Merkel's party wants to make it possible for European Union members to exit the euro.
2. George Papandreou resigned as Greece's Prime Minister this week, making true what many had considered a certainty for some time. Lucas Papademos was named as Papandreou's successor, at least on an interim basis.
3. Shares of Green Mountain (Nasdaq: GMCR) plunged 39 percent on Thursday following the company's Q4 earnings report and guidance. The company posted quarterly earnings of 47 cents per share, missing the Street by 1 cent, on sales of $711.9 million, sharply below the analyst estimate of $760.5 million. Green Mountain sees Q1 adj-EPS of 35-40c, vs. cons. 35c, sees FY12 adj-EPS of $2.55-$2.65, vs. cons. $2.62.
4. priceline.com (Nasdaq: PCLN) posted strong Q3 results earlier this week, sending shares nearly 9 percent higher on Tuesday. The company posted earnings of $9.95 per share, 65 cents better than the Street, on sales of $1.45 billion. priceline.com is looking for Q4 EPS of $4.90-$5.
5. Shares of Apple (Nasdaq: AAPL) had a tumultuous week as a litany of slowdown rumors seem to hit the stock. Shares fell about 4 percent. Earlier in the week were reports Apple requested that upstream suppliers delay a portion of their iPhone 4S shipments from the fourth-quarter of 2011 until the first-quarter of 2012, saying orders have not come in as strong as originally anticipated and there are shortages of other components along the supply chain. Elsewhere, a Midwest-based boutique research firm came out today and lowered iPad estimates citing competition, specifically from Amazon's Kindle Fire.
6. GM (NYSE: GM) shares sunk nearly 11 percent on Wednesday on the heels of quarterly results. The automaker reported Q3 EPS of $1.03, $0.07 better than the analyst estimate of $0.96. Revenue for the quarter came in at $36.72 billion versus the consensus estimate of $36.66 billion.
7. E*TRADE (Nasdaq: ETFC) announced late this week a strategic review concluded the continued execution of the company's business plan is currently the best alternative for increasing stockholder value. Investors had been hoping the review would find a bidder for the company.
8. Starbucks (Nasdaq: SBUX) announced the purchase of the Evolution Fresh Juice brand for $30 million in cash this week. CEO Howard Schultz said the company is looking to do with juice what it did for coffee. Although the execs comments sounded like an attacking on Jamba Juice (Nasdaq: JMBA), Jamba shares held up strongly on Friday.
9. Initial jobless claims for the week ended November 5th were 390,000, better than the economist estimate of 400,000. The prior week reading was revised higher from 397,000 to 400,000. Continuing claims for the week ended Oct 29th were 3.615 million, vs. the consensus of 3.68 million.
10. Shares of Disney (NYSE: DIS) rallied a sharp 6 percent on Friday following quarterly results Thursday night. The company reported Q4 EPS of $0.58, $0.04 better than the analyst estimate of $0.54. Revenue for the quarter came in at $10.43 billion versus the consensus estimate of $10.36 billion.
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