Radar Movers: Google Preparing X Phone, Nike Jumps 6%
Shares of Google (NASDAQ:GOOG) fell almost 1 percent on Friday and continue to attract attention in late afternoon trading. According to the WSJ and people familar with the matter, the search engine giant is developing a “sophisticated handset” to rival Samsung and Apple (NASDAQ:AAPL). The device is known internally as the “X phone” and is expected to be released next year.
Despite a broad equity pullback, Nike (NYSE:NKE) shares jumped more than 6 percent. The company announced impressive quarterly financial results early Friday. Net income came in at $384 million ($1.14 per share), topping estimates by 14 cents a share. Revenue also rose 4.7 percent to $6 billion from the same period a year earlier.
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Herbalife (NYSE:HLF) continues to struggle in late afternoon hours. Bill Ackman from Pershing Square Capital recently disclosed a short position in the company, calling it a “pyramid scheme.” On Thursday, he explained his thesis in a three hour presentation. He claims a key part of the scheme involves Herbalife sales people making more money by recruiting other people than selling the actual products. The company will respond to the allegations on January 7 at an analyst presentation. Herbalife shares crashed 19 percent on Friday.
Shares of Research in Motion (NASDAQ:RIMM) declined 1.8 percent in late afternoon trading. The Blackberry maker recently reported better-than-expected financial results for the third quarter, but worried investors as it changes services fees that could damage future revenue.
Investor Insight: Consumers are Still Confident in Technology