Morning Movers: Apple declines, Netflix Receives Wells Notice
Shares of Apple (NASDAQ:AAPL) dropped 0.06 percent Friday in pre-market trading. Chief executive officer Tim Cook hinted that the tech giant is working on a television set. He said, “When I go into my living room and turn on the TV, I feel like I have gone backwards in time by 20 to 30 years,” Cook said. “It’s an area of intense interest. I can’t say more than that.”
Smith & Wesson Holding (NASDAQ:SWHC) shares jumped 2.21 percent higher after reporting financial results for its fiscal second quarter. The company reported earnings per share of 31 cents, compared to a loss of 2 cents per share in the same period last year. Wall Street was expecting earnings per share of 24 cents. The gunmaker also raised its full-year GAAP EPS above consensus estimates. Sturm Ruger & Co. (NYSE:RGR) shares were unchanged on the news.
Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.
Netflix (NASDAQ:NFLX) shares dropped Thursday. The online streaming company announced it received a Wells notice over a July 1, 2012 post made on Facebook (NASDAQ:FB) earlier this year. Netflix CEO Reed Hastings said on the social media site that customers watched more than 1 billion hours of videos in June. “We think the fact of 1 billion hours of viewing in June was not ‘material’ to investors, and we had blogged a few weeks before that we were serving nearly 1 billion hours per month,” Hastings said in the filing today. “We remain optimistic this can be cleared up quickly through the SEC’s review process.”
Shares of HSBC Holdings (NYSE:HBC) is trading mostly flat, as U.S. federal prosecutors prepare to announce a settlement with the bank over money-laundering charges. The deal is “emerging as a test case for just how big a signal U.S. prosecutors want to send to try to halt illicit flows of money moving through U.S. banks,” according to Reuters. As sources told the publication, an agreement could be announced as soon as next week and cost the bank as much as $1.8 billion.
Investor Insight: How Much Does the Fed Distort the Housing Market?