The battle to bring new high tech gadgets first is intensifying between two major players, Apple Inc. (NASDAQ: AAPL) and Samsung. However, it seems that the South Korean Company is outpacing its American rival. According to Financial Times, quoting sources familiar with the matter, Samsung is set to launch its new wearable device, “Galaxy Gear” smart-watch, as early as September—just before the IFA trade show in Berlin. Apple is also working hard for its “iWatch” but sources say that the device will not be launched this year.
Month: August 2013
Yahoo Appoints Webb as a Permanent Chairman (YHOO)
Yahoo! Inc. (NASDAQ: YHOO) announced on Friday that it has appointed Maynard Webb as a permanent chairman of the Company. Webb will be replacing Fred Amoroso. The appointment comes at a time when the internet company is finding a bit difficult to boost its advertising business, a domain dominated by Google and Facebook. Webb, who served as the interim Chairman at Yahoo since April, is a veteran in the tech industry and a Silicon Valley investor. In addition, Webb has been also serving as a director at Yahoo since Feb. 2012. Webb also served as a Chief operating Officer at an e-commerce company, eBay.
Jefferies Downgrades General Mills
Jefferies downgraded General Mills (NYSE: GIS) to “underperform” from “hold” and cut its price target to $44 from $45 0n Friday. Jefferies cited weak outlook and higher valuation. The firm also slashed its outlook on first quarter EPS , FY 2014 EPS and FY2015 EPS. For the fiscal first quarter, Jefferies cut EPS outlook to 69 cents from 70 cents. For FY 2014 EPS outlook was cut to $2.85 from $2.87 while for FY 2015 it was slashed to $2.96 from $3.03. Jefferies is concerned about GIS’s volume outlook due to sharp drop in advertising and media spending in last two years.
Goldman Sachs Upgrades Pandora Media To “Buy”
Shares of Pandora Media Inc. (NYSE: P) rallied in premarket trading on Friday after the online radio streaming company’s stock was upgraded to “buy” from “neutral” by Goldman Sachs’ analyst Heath Terry. In the research report, Heath Terry cited accelerating mobile and subscription revenue for the stock upgrade. The Price target on shares was lifted to $27 from $18. Terry said that the rising trend of buying online among local companies will help Pandora to better monetize its inventory.
Warren Buffett’s Berkshire Hathaway Makes Several Changes in Portfolio (BRK.A)
Warren Buffett’s investment firm Berkshire Hathaway Inc. (NYSE: BRK.A) said in its regulatory filing that it has cut its stake in Coca Cola Co and raised its holdings in General Motor Co. In addition, Hathaway also said in its filing that it has taken a new position in Dish Network Corp during the fiscal second quarter. The filing also showed that Berkshire Hathaway brought down its stake in Wells Fargo & Co by 30%, cut holdings in American Express by 12% and lowered stake in Moody’s Corp by 12%. The Company cut its stake on Kraft Foods Group Inc by 88%, the filings showed.
Wal-Mart Stores Comparable-Store Sales Down 0.3% in Q2 (WMT)
Hike in pay roll taxes and increase in gas prices seems to have taken a toll on the U.S. consumer spending. The world’s largest discount retail chain, Wal-Mart Stores Inc. (NYSE: WMT) said on Thursday that comparable-store sales in the U.S. fell 0.3% in the fiscal second quarter. Analysts surveyed by Thomson Reuters expected 1% gain in comparable-store-sales. For the quarter, Wal-Mart posted a profit of $4.07 billion or $1.24 a share compared to a net income of $4.02 billion or $1.18 a share. Revenue edged up 2.3% to $116.9 billion from $114.3 billion in the same quarter of last year. Wal-Mart, however, slashed its full-year outlook.
Elbit Systems Beats Wall Street’s Profit Expectation (ESLT)
Shares of Elbit Systems Ltd. (USA) (NASDAQ: ESLT) gained sharply on Tuesday after the Israeli defense equipment and unmanned aerial vehicles maker handed better-than-expected fiscal second quarter results. The Company attributed to higher sales of unmanned aerial vehicles and intelligence systems for strong performance as well as cost cutting measures. On adjusted basis, the Company reported earnings of $1.19 a share up from $1.14 a share, in the same quarter of last year. Revenue rose to $702.9 million from $676.4 million.
Analysts polled by Thomson Reuters had forecasted earnings of 87 cents a share on revenue of $686 million.
Whirlpool To Buy 51% Stake in Hefei Sanyo (WHR)
Home appliances maker, Whirlpool Corp. (NYSE: WHR) said on Tuesday that it has agreed to buy a majority stake in China’s Hefei Rongshida Sanyo Electric Co in deal estimated at about $555.4 million. The move will allow the Company to gain traction in China.
Whirlpool said that its will purchase all Hefei Sanyo shares both from Sanyo Electric Co. and Sanyo Electric Co. (China) Ltd. After the transaction is completed, Whirlpool will hold a 51% stake in Hefei Sanyo.
Whirlpool, which is the world’s largest home appliances maker, posted better-than-expected fiscal second quarter results in July, as the sales soared 75% due to improved demand for its products from across all geographic segments.
BlackBerry Looking At Strategic Alternatives (BBRY)
Struggling smartphone maker, BlackBerry Ltd. (NASDAQ: BBRY) said on Monday that it is mulling all strategic options like joint ventures partnerships, including putting itself up for sale. Flagging sales and dwindling market-share have hammered Blackberry shares this year. In a statement released on Monday, BlackBerry said that a special board has been commissioned which will look at all possible alternatives to arrest the downtrend in the business. BlackBerry said that J P Morgan Chase & Co will act as its financial adviser. Shares of BlackBerry rallied following this announcement.
Dole Food Company To Be Acquired By Its CEO for $ 13.50 Per Share (DOLE)
David H Murdock Jr., the Chief Executive of Dole Food Company Inc. (NYSE: DOLE) announced on Monday that he has agreed to buy 100% stake in the food and vegetable company in deal estimated at $1.6 billion, including debt.
According to the terms of the deal, Murdock will pay $13.50 per share to acquire another 60% stake in the company, which he does not currently own. The deal implies a 5% premium over the closing stock price of $12.81 on Friday. The latest offer is 12.5% higher than Murdock’s initial offer of $12 a share.