Markets Closed, Netflix Rumors, IBM’s Breakthrough: Morning Buzzers
Regulators are closing stock and options exchanges in anticipation of Hurricane Sandy, due to give New England its worst on Monday and Tuesday. This is the first unscheduled, market-wide shutdown since September 2001, following the terrorist attacks on the Trade towers. The decision was reached on Sunday night, overturning a previous agreement that would have left electronic trading open.
Shares of Netflix (NASDAQ:NFLX) closed as much as 13 percent higher on Friday as rumors circulated about a possible acquisition by Microsoft (NASDAQ:MSFT). Forbes points out that Netflix CEO Reed Hastings recently stepped down from Microsoft’s board of directors. The company could be a relatively cheap grab right now as it faces mounting competition from other video services. The stock price has come down more than 17 percent over the last year.
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IBM (NYSE:IBM) has taken us one step closer to the future. The company has found a way to place over ten thousand working transistors in a single chip using the standard semiconductor processes. The transistors are made from carbon nano-tubes, and are “poised to replace and outperform silicon technology allowing further miniaturization of computing components and leading the way for future microelectronics,” according to the press release.
Burger King Worldwide (NYSE:BKW) released third quarter 2012 earnings that came in at $0.17 per share, beating estimates by $0.03. Revenue dropped 25.8 percent to $451.1 million, beating by $9 million.
Honda (NYSE:HMC) released second quarter 2013 numbers, reporting profit up 36 percent year over year, but still missing estimates. Shares slid as much as 4.6 percent in Tokyo as the company cut full year expectations. Toyota Motors (NYSE:TM) fell as much as 1.6 percent in sympathy.
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