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Shares of Urban Outfitters (NASDAQ:URBN) are up more than 17 percent after reporting financial results for the second quarter. Net income rose 8.1 percent to $61.3 million (42 cents per share), compared to $56.7 million (35 cents per share) a year earlier. Revenue also increased 11 percent to $676.3 million. “I am excited and gratified that our team produced record second quarter sales and profits while reducing `comp` store inventories,” said chief executive officer, Richard A. Hayne. “As we head into the second half of the year we plan for gradual year over year improvement in our business along with further tightening of our store inventories,” finished Mr. Hayne. Gap (NYSE:GPS) shares are also edging higher in pre-market trading.
Apple (NASDAQ:AAPL) shares continue to move higher in early trading. The tech giant closed 2.6 percent in the green on Monday, and became the most valuable publicly traded company in history, surpassing Microsoft’s (NASDAQ:MSFT) peak valuation of $618.9 billion during the tech bubble.
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After jumping 5 percent in regular trading, Facebook (NASDAQ:FB) shares have again begun to sink. Late Monday, it was reported that billionaire investor Peter Thiel sold the majority of his remaining stake in the social media company. According to a filing with the Securities and Exchange Commission, Thiel sold shares in several transactions between $19.69 and $20.68 per share.
Best Buy (NYSE:BBY) shares are up 1.27 percent in pre-market trading after plunging more than 10 percent in regular trading on Monday. It was reported yesterday that founder Richard Schulze turned down an offer from the board to conduct due diligence after offering to take Best Buy private. “I still hope to work with the board on a mutually beneficial transaction — but you should know that I am not going away,” Schulze wrote in a letter to the board.
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Jurors will start deliberating in the Samsung (SSNLF.PK) and Apple Inc. (NASDAQ:AAPL) patent infringement case as closing arguments begin on Tuesday. But there’s a lot of work to be done: they will have to complete a verdict form with more than 700 questions. This long process comes on the heels of Apple’s big day on Monday, when its market cap hit $623.52 billion and made it the most valuable company in history.
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In other Samsung (SSNLF.PK) news, it will invest around $4 billion in its Austin, Texas chip plant, as it looks to to meet stronger demand for mobile devices’ components. The overhaul will include its existing production line and an increase in its system chips output. The spending for the plant will be added to the WON 2.25 trillion ($1.98 billion) of investment for a new South Korean logic-chip plant that the company had announced in June.
Last week, early Facebook (NASDAQ:FB) investor and director Peter Thiel earned $396 million after selling 20.06 million shares in the company after the IPO lockup period ended. Following the sale of of 640.1 million worth stock in the public offering, Thiel’s proceeds hit more than $1 billion. He now has around 8 million Facebook shares, down from his 44 million shares prior to the listing.
Dell’s (NASDAQ:DELL) fiscal quarter two earnings will come out after the bell on Tuesday. Analysts have estimated that earnings per share will decline to $0.45 from $0.54 in the previous year with revenue falling 6.3 percent to $14.66 billion. Last week, analysts gave cautious comments about the company and reiterated their “Buy” ratings.
Siemens (NYSE:SI) is supposedly holding talks about slashing thousands of jobs, especially in Europe, thanks to the weak economy. The company recently warned that its fiscal year goals will be hard to achieve and it will look to make some decisions in the fall. In the last 15 months, Siemens had been on a hiring binge, increasing the payroll by 23,000 employees.
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Urban Outfitters, Inc. (NASDAQ:URBN) saw its largest surge since 2003 after it posted its Q2 profit that topped analysts’ estimates since sales gained at all of its main brands. The shares increased 17 percent to $36.73 at 9:49 a.m. in New York, after earlier trading up to $37.65 for the largest intraday gain since March 2003. The Philadelphia-based retailer saw a 13 percent gain this year through yesterday’s close. Shares of Urban Outfitters, Inc. are trading 18.16% higher today.
Best Buy Co., Inc. (NYSE:BBY): Based on the business’s normal seasonality, most of the company’s annual earnings occur during the year’s second half. Because of reduced expectations for industry wide sales and uncertainty related to a number of key product launches expected during 2H of FY13, the company has lowered its annual earnings expectations. Also, the company recently announced a new CEO beginning in early September. Due to these factors, the company does not wish to further provide or update earnings guidance for FY13. However, the company is to keep providing forward looking commentary regarding business trends. Best Buy still expects to achieve its domestic market share goals for the fiscal year and to generate free cash flow in the range of $1.25 billion to $1.5 billion during FY13. Shares of Best Buy Co., Inc. are trading 2.92% lower today.
DSW Inc. (NYSE:DSW) reports a Q2 revenue totaling $512.2 million, consensus $510.94 million. Shares of DSW Inc. are trading 5.75% higher today.
Life Partners Holdings, Inc. (NASDAQ:LPHI), which has been accused of accounting fraud by the U.S. Securities and Exchange Commission, stated on Thursday that the Texas Attorney General filed a lawsuit against the company and two of the company’s directors. The suit requests a temporary restraining order that would prevent the company from doing business and that a receiver be appointed based on allegations that Life Partners made misrepresentations in life settlement sales in the state. The company’s shares, which dropped 33 percent reaching an almost 10-year low earlier on Monday, closed at $1.31 on the Nasdaq. Shares of Life Partners Holdings, Inc. are trading 16.80% higher today.
Shiner International, Inc. (NASDAQ:BEST), which is an emerging global supplier of packaging solutions for food, tobacco, and consumer products, used today to announce its financial results for the quarter that ended June 30, 2012. Revenue for the three months that ended on June 30, 2012 totaled $16.4 million, which is a decline of $1.5 million (or 8.2 percent) in comparison to the total revenue of $17.9 million for the same quarter the previous year. The drop was mainly due to decreased revenues generated from coated film and color printing, which was partially offset by a rise in revenues generated from BOPP tobacco, advanced film, and water-based latex. Shares of Shiner International, Inc. are trading 15.67% higher today.
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Best Buy (NYSE:BBY) shares plunged nearly 7 percent this morning, but is now down less than 2 percent. The electronics retailer reported dismal results for the second quarter. Net income dropped 90.6 percent to $12 million (4 cents per share), compared to $128 million (34 cents per share) a year earlier. Revenue also declined 2.8 percent and the company announced it will no longer provide guidance. RadioShack (NYSE:RSH) shares also fell on the news.
Shares of Urban Outfitters (NASDAQ:URBN) have surged more than 17 percent today after reporting financial results for the second quarter. Net income rose 8.1 percent to $61.3 million (42 cents per share), compared to $56.7 million (35 cents per share) a year earlier. Revenue also increased 11 percent to $676.3 million. “I am excited and gratified that our team produced record second quarter sales and profits while reducing comp store inventories,” said chief executive officer, Richard A. Hayne. “As we head into the second half of the year we plan for gradual year over year improvement in our business along with further tightening of our store inventories,” finished Mr. Hayne.
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Apple (NASDAQ:AAPL) shares continued to climb higher in the start of today’s session, but are down more than 1 percent in early afternoon trading. The tech giant closed 2.6 percent in the green on Monday, and became the most valuable publicly traded company in history, surpassing Microsoft’s (NASDAQ:MSFT) peak valuation of $618.9 billion during the tech bubble.
After gaining 5 percent yesterday, Facebook (NASDAQ:FB) shares have declined 2.45 percent today, again dropping below the $20 mark. Billionaire Peter Thiel, partner at venture-capital firm Founders Fund and one of Facebook’s earliest investors, disclosed late Monday that he sold 20.1 million Facebook shares and distributed another 2.2 million shares to investors as part of a scheduled selling plan, according to a filing with the Securities and Exchange Commission. Thiel raised $395.8 million by selling shares in multiple transactions at prices ranging between $19.69 and $20.68.
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Cisco (NASDAQ:CSCO) increased its dividend, providing yet another sign this week that tech companies have become the new industrials. The networking company began paying the dividend in April of 2011. It increased the dividend by two cents to 8 cents per share in April. Now, although its sales increased 4.4 percent last quarter, which is less than it would prefer to see long-term, it is increasing its dividend to 14 cents a share.
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Toyota Motor Corporation (NYSE:TM) has begun to sell the newly redesigned Auris compact hatchback in Japan and intends to begin offering the model in Europe by the year’s end, according to the Nikkei. Shares of Toyota Motor Corporation are trading 0.64% higher today.
Sirius XM Radio (NASDAQ:SIRI) and Volkswagen of America announced together this morning that customers purchasin pre-owned Volkswagen vehicles equipped with factory installed satellite radios will now be given free 3-month trial subscriptions to Sirius XM Radio. The new promotion will be available to customers at all Volkswagen dealerships across the United States.
Apple Inc. (NASDAQ:AAPL): A study conducted by Localytics reveals that the amount of Windows Phone (NASDAQ:MSFT) handsets has increased 312 percent globally since January and 273 percent in the U.S., according to AllThingsD. Nokia’s (NYSE:NOK) share of the global Windows Market has grown to about 60 percent from about 22 percent of the market. AllThingsD adds that although the growth appears great, Microsoft and Nokia’s market share is not enough to support the ambitions of either company. Shares of Apple Inc. are trading 1.62% higher today.
Facebook, Inc. (NASDAQ:FB) director Peter Thiel sold the majority of his stake in the operator of the world’s largest social-networking website, which brings his proceeds to over $1 billion, after the end of restrictions on insider sales. Thiel, who is one of the earliest investors in Facebook, sold nearly 20.1 million shares in the company on Aug. 16 and Aug. 17, raising $395.8 million, according to a filing yesterday with the U.S. Securities and Exchange Commission. Thiel, who is a venture capitalist and hedge-fund manager, had already gained $640.1 million in sales during the initial public offering. Shares of Facebook, Inc. are trading 3.25% lower today.
Medtronic, Inc. (NYSE:MDT): The regulator of The Federal Drug Administration wrote a warning letter to Medtronic, Inc., which was posted on their website. It concerned the firm’s response to the findings in an investigation which, according to the FDA, were not adequate. The FDA has requested a meeting with the company to discuss the scope and timing of their actions. Shares of Medtronic, Inc. are trading at 0.27% lower today.
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Aetna Inc. (NYSE:AET): According to the Wall Street Journal, as Aetna Inc. (NYSE:AET) moves to takeover Coventry Health Care (NYSE:CVH), analysts anticipate that Wellpoint (NYSE:WLP) will not buy Amerigroup (NYSE:AGP) and Cigna (NYSE:CI) will not buy HealthSpring (NYSE:HS); this will put an end to a possible consolidation rally. Shares of Aetna Inc. are trading at 0.60% lower today.
Qihoo 360 Technology Co Ltd (NYSE:QIHU): After Google bowed out of the Chinese search market in 2010, they left a ripe opportunity for another company to take the second place spot behind Baidu. Qihoo 360 Technology Co. Ltd.’s newly launched search service has risen to the challenge, according to Sina Tech. Qihoo actually flipped the switch on their search engine and web browser, last Thursday, but only began setting their service as the default search on their Hao.360.cn portal, early this week. Shares of Qihoo 360 Technology Co Ltd are trading at 7.87% higher today.
Nokia (NYSE:NOK): Finland’s Nokia Corp. (NYSE:NOK) will relocate their Central European headquarters to Budapest from Vienna, Austrian daily Die Presse reported Monday, citing a spokeswoman for Nokia Austria. The Austrian headquarters employs 60 people, some of whom will be employed in Budapest. The relocation comes as the company seeks to streamline their operations and return to profit after a string of losses amid falling shares in the mobile phone market. Nokia has been cutting headcount, globally, since 2011, with the aim of eliminating 17,000 jobs. They have already laid off 2,300 of 4,400 staff at their Hungarian plant.
Bank of America Corporation (NYSE:BAC): According to the Wall Street Journal, as a result of a new law, some lawyers believe that banks could publish research on Independent Public Offerings, the day of an IPO, or even before the contract is completed. They will no longer have to wait 40 days after the deal is made. However, about 20 companies covered by the Jumpstart Our Business Startups, or JOBS Act, which applies to corporations with less than $1 billion in annual revenue, have seen research published 25 days after their offerings. The choice of a 25 day “quiet period,” after an IPO, isn’t a coincidence, but the result of an informal agreement reached by large Wall Street banks who are fearful of potential legal actions arising from the JOBS Act. Shares of Bank of America Corporation are trading at 0.92% higher today.
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