Top 10 News Items 3/5-3/9: Strong Jobs Report Keeps Momentum Going in Labor Market; China Cut GDP Outlook to 7.5%; ISDA Considers Credit Event Following Approval of Greek Swap Deal
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Here is a recap of the top news items from this week on Wall Street:
1. The Labor Department showed 227,000 jobs were added in the nonfarm sector during February, better than the economist of 210,000. The private sector saw an increase of 233,000 jobs, while the manufacturing sector added 31,000 jobs. Following a 0.2 percent decline in January, the unemployment rate during February was unchanged at 8.3 percent.
2. US stocks started off this week on a negative note after Chinese regulators revised the country's economic growth target from 8 percent to 7.5 percent. This was the first target change since as far back as 2005.
3. Greece received agreements from 95.7 percent of its bondholders in the largest sovereign debt swap in history. While the move toward approval started off slowly, the nation had enough votes tendered by Friday morning. Later in the session, the International Swaps and Derivatives Association said its EMEA Credit Derivatives Determinations Committee has unanimously decided that a restructuring credit event has now occurred with respect to Greece. Indications from the ISDA suggest payouts on the swaps will be "much smaller" than the $3.2 billion originally expected.
4. Apple (Nasdaq: AAPL) shares were relatively unchanged this week despite the unveiling of its newest iPad... "the new iPad." The new device will have a 9.7 inch screen and the same retina display that currently works on the iPhone 4. The iPad will run on an A5X processor and also has 4G LTE capabilities. The 16GB version will cost $499, with a $100 increase for each successive version. The 4G 16GB version will cost $629. The new iPad will be available on March 16th. Apple also unveiled the newest version of its Apple TV.
5. Shares of Green Mountain (Nasdaq: GMCR) tumbled nearly 25 percent this week with most of the downside on Friday following news Thursday evening Starbucks (Nasdaq: SBUX) will begin selling a single-serve espresso maker. Starbucks shares rose about 3 percent on Friday.
6. Pandora (NYSE: P) shares crumbled nearly 24 percent on Wednesday following a Q4 loss of 3 cents per share on sales of $81.3 million. Analysts were expecting a loss of 2 cents per share on sales of $83.03 million. Pandora said it is looking for Q1 sales of $72-$75 million and FY13 sales of $410-$420 million.
7. Late last Friday, BP announced the company reached a settlement with businesses and individuals related to the 2010 Deepwater Horizon rig incident. The settlement totaled $7.8 billion, significantly lower than the $14 billion estimated by analysts leading up to the event. Despite the win, BP
still faces potentially $17.6 billion or more in fines for pollution law violations related to the incident imposed by the federal government.
8. Shares of Texas Instruments (NYSE: TXN) fell modestly on Friday following a warning Thursday afternoon. The company is now looking for Q1 EPS of 15-19 cents, down from a prior outlook of 16-24 cents, on sales of $2.99-$3.11 billion, down from $3.02-$3.28 billion. The Street was expecting EPS of 31 cents on sales of $3.16 billion.
9. Quest Software (Nasdaq: QSFT) shares surged 24 percent on Friday following news of a $23 per share "go-private" offer from Insight Venture Partners.
10. Traders cheered a deal by Molycorp (NYSE: MCP) to acquire Neo Materials for C$1.3 billion. Molycorp shares jumped nearly 19 percent on Friday following news of the deal. One analyst said Molycorp now controls each part of its business, from the mining of the material to the selling to customers.
1. The Labor Department showed 227,000 jobs were added in the nonfarm sector during February, better than the economist of 210,000. The private sector saw an increase of 233,000 jobs, while the manufacturing sector added 31,000 jobs. Following a 0.2 percent decline in January, the unemployment rate during February was unchanged at 8.3 percent.
2. US stocks started off this week on a negative note after Chinese regulators revised the country's economic growth target from 8 percent to 7.5 percent. This was the first target change since as far back as 2005.
3. Greece received agreements from 95.7 percent of its bondholders in the largest sovereign debt swap in history. While the move toward approval started off slowly, the nation had enough votes tendered by Friday morning. Later in the session, the International Swaps and Derivatives Association said its EMEA Credit Derivatives Determinations Committee has unanimously decided that a restructuring credit event has now occurred with respect to Greece. Indications from the ISDA suggest payouts on the swaps will be "much smaller" than the $3.2 billion originally expected.
4. Apple (Nasdaq: AAPL) shares were relatively unchanged this week despite the unveiling of its newest iPad... "the new iPad." The new device will have a 9.7 inch screen and the same retina display that currently works on the iPhone 4. The iPad will run on an A5X processor and also has 4G LTE capabilities. The 16GB version will cost $499, with a $100 increase for each successive version. The 4G 16GB version will cost $629. The new iPad will be available on March 16th. Apple also unveiled the newest version of its Apple TV.
5. Shares of Green Mountain (Nasdaq: GMCR) tumbled nearly 25 percent this week with most of the downside on Friday following news Thursday evening Starbucks (Nasdaq: SBUX) will begin selling a single-serve espresso maker. Starbucks shares rose about 3 percent on Friday.
6. Pandora (NYSE: P) shares crumbled nearly 24 percent on Wednesday following a Q4 loss of 3 cents per share on sales of $81.3 million. Analysts were expecting a loss of 2 cents per share on sales of $83.03 million. Pandora said it is looking for Q1 sales of $72-$75 million and FY13 sales of $410-$420 million.
7. Late last Friday, BP announced the company reached a settlement with businesses and individuals related to the 2010 Deepwater Horizon rig incident. The settlement totaled $7.8 billion, significantly lower than the $14 billion estimated by analysts leading up to the event. Despite the win, BP
still faces potentially $17.6 billion or more in fines for pollution law violations related to the incident imposed by the federal government.
8. Shares of Texas Instruments (NYSE: TXN) fell modestly on Friday following a warning Thursday afternoon. The company is now looking for Q1 EPS of 15-19 cents, down from a prior outlook of 16-24 cents, on sales of $2.99-$3.11 billion, down from $3.02-$3.28 billion. The Street was expecting EPS of 31 cents on sales of $3.16 billion.
9. Quest Software (Nasdaq: QSFT) shares surged 24 percent on Friday following news of a $23 per share "go-private" offer from Insight Venture Partners.
10. Traders cheered a deal by Molycorp (NYSE: MCP) to acquire Neo Materials for C$1.3 billion. Molycorp shares jumped nearly 19 percent on Friday following news of the deal. One analyst said Molycorp now controls each part of its business, from the mining of the material to the selling to customers.
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