Daily Buzz: H-P and Facebook Fade, Pandora Jams, Tiffany Tarnishes
Hewlett-Packard Co. (NYSE:HPQ) shares rose over 3 percent at Thursday noon time. The world’s largest PC supplier reported that adjusted net income for the second-quarter came in at 98 cents per share, beating the mean estimate of 91 cents per share. HP also announced plans to layoff 27,000 employees by October 2014. “We are making progress in our multi-year effort to make HP simpler, more efficient and better for customers, employees, and shareholders,” said Meg Whitman, HP president and chief executive officer. “This quarter we exceeded our previously provided outlook and are executing against our strategy, but we still have a lot of work to do.”
Facebook (NASDAQ:FB) shares gained nearly 2 percent in morning trading, yet have sold off to flat by noon. Rumors surfaced that after the company’s botched initial public offering listing on the Nasdaq (NASDAQ:NDAQ) last week, it was considering a stock listing with the New York Stock Exchange (NYSE:NYX). However, NYSE responded in a statement that there “have been no discussions with Facebook.”
Shares of Pandora Media Inc. (NYSE:P) surged 15 percent in early market trading. Late Wednesday, the internet music company reported a first-quarter loss of $20.2 million (12 cents per share), compared to a loss of $9.1 million (61 cents per share) a year earlier. However, analysts expected Pandora to report a loss of 17 cents per share.
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Tiffany & Co. (NYSE:TIF) shares fell more than 8 percent in trading. The high-end jeweler reported that first-quarter net income edged slightly higher to $81.5 million (64 cents per share), compared to $81.1 million (63 cents per share) a year earlier. The company fell short of the mean analyst estimate of 70 cents per share. Full-year expectations were also reduced by the company. Earnings is expected to come in at $3.70-$3.80 per share, down from prior full-year guidance of $3.95 to $4.05 per share.
Costco Wholesale Corp. (NASDAQ:COST) shares increased over 1.5 percent Thursday afternoon. The membership warehouse company reported that net income for the fiscal third-quarter increased 19.1 percent to $386 million (88 cents per share), compared to $324 million (73 cents per share) a year earlier. Revenue also jumped 8.2 percent to $21.85 billion.
Apple Inc. (NASDAQ:AAPL) shares edged slightly lower in afternoon trading action. IBM (NYSE:IBM) recently announced it is banning voice-activated digital assistant on its networks due to the fact that a log of conversations with Siri goes into Apple’s black hole of information, also known as Apple’s data center in Maiden, North Carolina. According to Apple’s iPhone Software License Agreement, “When you use Siri or Dictation, the things you say will be recorded and sent to Apple in order to convert what you say into text.” There is no explicit time limit on how long Apple stores the data it collects from your conversations with Siri.
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