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Friday, August 24, 2012

Stocks Moving on News - 08-24-12

stock news
Friday's stocks moving on news include Apple, Samsung, Nokia, Research in Motion, Zynga, Bristol-Myers Squibb and Sales- force.com.

Apple (Nasdaq: AAPL) and Samsung (OTC: SSNLF.PK) each lost on a Korean ruling that both companies infringed upon the other’s patents, but Apple lost more. The result is a partial ban of their products in South Korea. The court ordered Apple to stop selling its iPhone 3GS, iPhone 4, iPad 1 and iPad 2, while it stopped Samsung from selling its Galaxy S2 and a few other products. That’s a harsh result for both companies, but it’s good news for Research in Motion (Nasdaq: RIMM), Nokia (NYSE: NOK) and others. The shares of Apple are down fractionally in the pre-market while shares of Samsung were down 0.9% in Korea. Look for Nokia to shine today. In an unrelated story, we just suggested it is time for Apple to split its shares.

A report published this morning says Zynga (Nasdaq: ZNGA) bosses have left town as the stock collapsed this month. At least four important managers have fled for other jobs. ZNGA shares are down 70% since their IPO opening last December. I warned about Zynga’s valuation and competitive position in an article authored last February.

Bristol-Myers Squibb (NYSE: BMY) dropped its Hepatitis C drug development after one of its patients died of heart failure. The drug BMS-986094 was being tested and has been discontinued in the interest of the safety of patients. The drug was under mid-stage review, and has now been placed by the FDA on clinical hold. The stock is down only fractionally in early going, as the company seems to have cut its losses early enough. We’ll see what develops with the limited study pool of patients.

Salesforce.com (NYSE: CRM) is down 4.3% in early going. Despite reporting better than expected results for the latest period, the company said it would earn $0.31 to $0.32 in the coming third quarter; that matched against Street views for $0.34 on average.

Friday’s highlighted earnings reports include Eurocastle Investments (ECT.AS), RenaSola (SOL), Syswin (SYSW), 24SevenTechnology (TFSO.OL), AAC Technologies (2018.HK), Ackermans en van Haaren NV (ACKB.BR), China WindPower Group (182.HK), China Shanshui Cement (691.HK), Tat Technologies (TATT), The Madison Square Garden Co. (MSG) and several others. Yesterday saw big losses from Big Lots (NYSE: BIG) and Guess (NYSE: GES), so the two will be under scrutiny today.

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

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1 Comments:

Anonymous green investments said...

What a joke. Korea is known for using all kinds of tricks to limit imports.

8:25 PM  

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