Ultimate Market Recap: Google Punts New Device Launch, Uranium Resources Down 24%

BUZZ Before the Bell: Allstate and Frontier SURGE, Facebook FALTERS

After closing more than 5 percent higher during regular trading Tuesday, Frontier Communications (NYSE:FTR) shares gained another 6 percent pre-market Wednesday, despite missing second quarter estimates. Net income fell 44.2 percent to $18 million, compared to $32.3 million a year earlier. Revenue also declined 4.8 percent to $1.26 billion. Analysts expected earnings of 5 cents per share on $1.26 billion worth of revenue.

Shares of Electronic Arts (NASDAQ:EA) popped more than 1.54 percent in late trading Tuesday, yet are flat today. The video game company reported net income of $201 million (63 cents per share) for the first quarter, compared to $221 million (66 cents per share) a year earlier. “We have established an unmatched diversity in our business with multiple brands performing across several channels, business models and geographies,” said John Riccitiello, chief executive officer. “This allows us to drive profitable growth in a rapidly transforming marketplace for games.” Take-Two Interactive Software (NASDAQ:TTWO) shares fell 2.05 percent after their own earnings release.

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Allstate (NYSE:ALL) shares jumped 4 percent in pre-market action Wednesday. The insurer reported a profit of $423 million (86 cents per share) for the second quarter, compared to a net loss of $620 million a year earlier. “We made good progress this quarter on our 2012 operating priorities of maintaining auto profitability, improving returns in homeowners insurance and annuities, growing insurance premiums, and proactively managing our investments and capital,” said Thomas J. Wilson, chairman, president and chief executive officer.

Facebook (NASDAQ:FB) shares continued to struggle after reporting disappointing financial results last week. Shares closed 6.22 percent lower on Tuesday to hit as low as $21.61 on heavy volume, marking a new all-time low since going public in May. Facebook continued to slide 0.41 percent in pre-market trading to $21.62 per share.

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Wall St. Brief: Google Delays MAJOR Launch, Chevron Stuck With $18 BILLION Verdict

On Wednesday, Societe Generale SA (SCGLY.PK) reported a disappointing second-quarter profit thanks to write-downs on assets in the U.S. and Russia. The 433 million euros ($533 million) profit fell from the previous year’s EUR747 million, coming in below analysts’ estimates of EUR764 million. Revenue also declined 3.6 percent to EUR6.27 billion from last year’s EUR6.50 billion; its corporate and investment banking revenue tanked 33 percent to EUR1.22 billion in the quarter.

Google (NASDAQ:GOOG) delayed it Nexus Q music-and video-streaming device launch to “work on making it even better.” Some reviewers noted a higher cost as compared to competitors with less features. Priced at $299 and unveiled in June, the device was supposed to ship to preorders in July. Its new launch date has not been announced.

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MGM Holdings (MGMB.PK) Metro-Goldwyn-Mayer’s parent company, will purchase Carl Icahn’s 17.6 million shares for more than $590 million prior to its possible fourth quarter IPO, reported the Wall Street Journal. The deal is expected to close in two weeks. The studio has its eye on a $3 billion IPO and has already filed a confidential IPO through the JOBS act.

Chevron (NYSE:CVX) failed to convince a NY federal judge to find an $18 billion judgment against them unenforceable by an Ecuadorian court. On a positive note, the judge kept the injunction against the award with additional litigation. The $18 billion verdict came from allegations of Amazon rain forest pollution.

MF Global Holdings’ (MFGLQ.PK) brokerage clients will see their money again at some point, surmised trustee Louis Freeh. This prediction came in Freeh’s prepared testimony for today’s Senate hearing. James Giddens, MF’s brokerage unit trustee, anticipates that the lawsuits against former MF executives, such as CEO Jon Corzine, will be an opportunity for creditors to receive money.

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Humana Gains 4% and 4 Hot Stocks Seeing Action

Garmin Ltd. (NASDAQ:GRMN) lowers its FY12 revenue view to $2.75 billion-$2.8 billion, consensus $2.79 billion. Shares of Garmin Ltd. are trading 3.06% higher today.

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Silicon Image, Inc. (NASDAQ:SIMG), a leading provider of wireless and wired HD connectivity solutions, announced today that, to date, it has shipped more than 100 million MHL(NYSE:R) (Mobile High-Definition Link) products to leading mobile manufacturers worldwide. The quick market adoption of MHL technology indicates that the MHL standard is quickly turning into the de facto HD connectivity solution for the delivery of a seamless and interactive user experience with the connection of a mobile device to a larger screen display. Shares of Silicon Image, Inc. are trading 26.08% higher today.

Digital River, Inc. (NASDAQ:DRIV) Q2 earnings fell 31 percent following a tax benefit which boosted the provider of e-commerce outsourcing’s results from the previous year and as revenue fell slightly, missing the Digital River’s revenue estimates. Shares dropped after hours while the company reduced its year’s expectations, noting weaker personal-computer sales and macroeconomic uncertainty. Shares of Digital River, Inc. are trading 25.69% lower today.

Humana Inc. (NYSE:HUM) shares fell over 14 percent Tuesday, a day following the managed-care provider’s report of  Q2 earnings and its cut to its profit outlook for the year. This move dragged at least one insurer which could have had an up day otherwise. Shares of Humana Inc. are trading 4.35% higher today.

Piedmont Natural Gas Company Inc. (NYSE:PNY) and Davidson College stated Tuesday they have reached a settlement  regarding a controversial plan for a natural gas pipeline across property which the college classifies as an ecological preserve. The deal should shift the pipeline route into an utility corridor which already exists on college property. The newly agreed route, on the southern part of the college property, is expected to affect the college cross country trail. But PNG has agreed to replant trees following the installation of the pipeline. Shares of Piedmont Natural Gas Company Inc. are trading 0.35% higher today.

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Afternoon BUZZERS: Comcast JUMPS, Apple and Time Warner DIP

Comcast (NASDAQ:CMCSA) shares jumped 3.56 percent in early afternoon. The company reported second quarter earnings of $1.35 billion (50 cents per share), compared to $1.02 billion (37 cents per share) a year earlier. Meanwhile, revenue rose 3.6 percent to $2.25 billion.

Time Warner (NYSE:TWX) shares were up 1.81 percent in early afternoon trading. The media entertainment company reported that net income for the second quarter fell to $430 million (44 cents per share), compared to $638 million (59 cents per share) a year earlier. Chairman and Chief Executive Officer Jeff Bewkes said, “Across Time Warner, we’re continuing to make progress on our long-term goals, and we remain on track to meet our financial objectives for the year. This quarter, our results highlight the strength and potential of our networks and television production businesses, which generate the bulk of our revenues and earnings.”

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Shares of Electronic Arts (NASDAQ:EA) popped 1.59 percent this afternoon. The video game company reported net income of $201 million (63 cents per share) for the first quarter, compared to $221 million (66 cents per share) a year earlier. “We have established an unmatched diversity in our business with multiple brands performing across several channels, business models and geographies,” said John Riccitiello, chief executive officer. “This allows us to drive profitable growth in a rapidly transforming marketplace for games.” Take-Two Interactive Software (NASDAQ:TTWO) also gained this morning after reporting their own earnings.

Apple’s (NASDAQ:AAPL) rally has subsided, as shares, initially trading higher early in the day, turned negative. The tech giant will unveil a new product at a major September 12 event, according to a source familiar with the plan. It’s likely the new product will be the iPhone 5, as Apple likes to launch its latest smartphones around fall, allowing them to hit shelves in time for the peak holiday shopping season, but the event could also see the premiere of a widely-rumored iPad Mini.

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Bank of America Corporation (NYSE:BAC): While the FHFA refuses to lower mortgage principals there is another group doing so. Bank of America, JPMorgan, Citi and Wells Fargo are some to name a few. Beneath the settlement with the nation’s attorneys general these banks have agreed to pay $25 billion over wrongful foreclosures. A share of the money will go toward the lowering of mortgages for underwater homeowners. Shares of Bank of America Corporation are trading 0.54% lower today.

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Toyota Motor Corporation (NYSE:TM): A deal is in place and is expected to be approved by the Massachusetts Legislature under which automakers are to provide independent shops with software used to diagnose car problems, according to Detroit News. Supporters claim that the bill will minimize repair costs for consumers, and automakers claim that the law would allow parts manufacturers to build cheaper versions of the original equipment. Shares of Toyota Motor Corporation are trading 0.64% higher today.

GMAC LLC (NYSE:GOM): Ally, formerly known as GMAC Financial, was once the auto lending arm of  the company which is now General Motors Co. On May 14, its Residential Capital mortgage unit filed for Chapter 11 bankruptcy court protectionin an attempt aiming to protect the parent company from mortgage liabilities while it works to repay government bailouts. Shares of GMAC LLC are trading 0.08% higher today.

Apple Inc. (NASDAQ:AAPL): During opening arguments of the Samsung (SSNLF)-Apple (NASDAQ:AAPL) patent trial, a Samsung lawyer told jurors that Apple products were only discussed by Samsung (SSNLF) as a way to decide how to compete against them, and the lawyer added that the iPhone’s design was not original, reports Reuters. However, Apple’s lawyer suggested that Samsung developed its current line of cell phones by copying the iPhone, the news service added. Shares of Apple Inc. are trading 0.55% lower today.

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Uranium Resources ANNOUNCES Navajo Agreement and 4 Hot Stocks Driving the Dow

Coach, Inc. (NYSE:COH):  According to Barrons, given all the headwinds they face, Coach (NYSE:COH) shares are not a bargain. While the luxury retailer’s long-term earnings growth rate of 15.7% and above 2% yield looks sound, Coach shares will likely struggle to recover from their current levels. The periodical contends that investors should wait for more clarity on sales trends and consumers’ strength, before buying Coach. Shares are trading at 0.39% higher today.

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Laboratory Corp. of America Holdings (NYSE:LH):  After Mergermarket reported that a private equity consortium is looking to acquire the company in a leveraged buyout, Lab Corp. of America Holdings (NYSE:LH) is climbing, according to Reuters. However, they denied plans that private equity firms are going to buy their company, and added that they are not talking with anyone about a deal. However, in a note to investors, Citigroup and Deutsche Bank both said that Lab Corp. could be acquired by private equity firms, in a leveraged buyout for $95-$105 per share. Citi added that Lab Corp’s peer, Quest Diagnostics (NYSE:DGX), could also be acquired by private equity firms at a 20% premium.  Even though Quest could be bought, Citi thinks that this will not occur soon, as they recently hired a new Chief Executive Officer. In early trading, Lab Corp climbed $4.06, or 4.83%, to $88.15, while Quest added 58c, or 0.99%, to $59.01. Shares of Laboratory Corp. of America Holdings are trading at 4.60% higher today.

Comcast Corporation (NASDAQ:CMCSA):  For the second quarter of 2012, Cable revenue increased 6.0% to $9.9 billion, as compared to $9.3 billion in the second quarter of 2011. Combined Video, High-Speed Internet, and Voice customers have increased by138,000, or 40.1%. As of June 30, 2012, Video, High-Speed Internet and Voice customers totaled 50.5 million, an increase of 1.4 million or 2.8% over last year’s second quarter. For the second quarter of 2012, revenue from the Cable Networks segment increased 3.6% to $2.3 billion compared to $2.2 billion in the second quarter of 2011. For the second quarter of 2012, revenue from the Filmed Entertainment segment decreased from 1.8% to $1.2 billion compared to $1.3 billion in the second quarter of 2011. For the second quarter of 2012, revenue from the Broadcast Television segment decreased from 9.1% to $1.5 billion as compared to $1.7 billion in the second quarter of 2011. Shares of Comcast Corporation are trading at 3.61% higher today.

Harley-Davidson, Inc. (NYSE:HOG): Harley-Davidson Inc., expects to ship 245,000 to 250,000 motorcycles to dealers and distributors worldwide in 2012, a 5-7% increase from 2011. In the third quarter of 2012, the Company expects to ship 51,000 to 56,000 motorcycles, a decrease of 9.3 to 17.4 percent from a year ago. Due to the implementation of Energy Resource Planning and surge production at York, this is consistent with Harley-Davidson’s previously announced plans for lower shipments, in the third and fourth quarters of 2012. However, the Company continues to expect a full year gross margin of between 34.75% and 35.75%. Shares are trading at 3.12% lower today.

Uranium Resources, Inc. (NASDAQ:URRE): Uranium Resources, Inc. announced that their wholly owned subsidiary, Hydro Resources, Inc. (HRI), has made an agreement with the Navajo Nation, regarding temporary access of their Churchrock Section 8 property. The Temporary Access Agreement is intended by both parties to settle the alleged trespass issue related to the Notice of Violation and Order to Comply with the Navajo Nation Civil Trespass Act received by the Company on April 5, 2012. Access provided under the agreement is for regulatory requirements that will include on-site visits with the Nuclear Regulatory Commission, but does not allow for any construction activities or earth disturbances. Shares of Uranium Resources, Inc. are trading at 24.73% lower today.

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