Entries in Stock Market (110)


Google Stock Passes $800

KIMIHIRO HOSHINO/AFP/Getty Images(NEW YORK) -- Shares of Google passed a milestone of $800 Tuesday morning, the morning after a report of possible Google retail stores in the works.

Google stock rose to $803 at 10:15 a.m. EST.  It reached $803.58 earlier on Tuesday, the first day of trading after the long Presidents’ Day weekend.

The technology company, based in Mountain View, Calif., reached $700 a share more than five years ago.

Late Monday night, the Wall Street Journal reported that Google Inc. had plans to launch retail stores to display its consumer electronics products in direct competition with Apple Inc.’s widely popular Apple stores.  The newspaper cited people familiar with the matter.

Apple has about 400 stores in 14 countries.  Tech competitor Microsoft has 64 stores, including 31 permanent retail locations plus 33 pop-up locations.

Google’s smartphones with its Android operating system are currently sold on its Google Play website, through cellphone carriers and retail stores like Best Buy.

Last year, Google introduced its first Nexus tablet with the Nexus 7 and affordable Chromebook laptops.  Months later, it introduced its second, the Nexus 10.  It has already released a few versions of an affordable Chromebook laptop built by Samsung.

Google trades at about 20 times its 2013 earnings estimates, versus rival Apple, which trades at 10 times this year’s profit estimates.

Copyright 2013 ABC News Radio


Apple Shares Drop on Slowdown Worries

Kevork Djansezian/Getty Images(NEW YORK) -- Apple stock took a hit the morning after its first-quarter earnings were released, falling about 10 percent.  Investors are worried that growth is slowing at Apple, the world's most valuable company.

Shares of Apple dropped $52 to $462 at 10 a.m. EST Thursday.  The tech-heavy Nasdaq index, in which Apple trades, was also down 0.27 percent to 3,145.

On Wednesday, after the market closed, the company reported that it sold 47.8 million iPhones in the quarter, compared with 37 million in the same quarter a year ago.  Many investors had hoped that the company would sell 50 million iPhones, which drives Apple's earnings.

"No technology company has ever reported these kinds of results," Tim Cook, CEO of Apple, said on the earnings call Wednesday.

Investors eagerly awaited Apple Inc., based in Cupertino, Calif., to report its earnings, seeking clarity after a number of rumors about iPhone parts and sales.

Earlier this week, there were reports about the next iPhone being released in June.

"Certainly a new product line is in the works," said Brian Colello, Morningstar senior equity analyst.  "It remains to be seen what Apple will ultimately come out with and when.  Those are certainly factors to keep an eye on."

Last week, a report that Apple had decreased its order for iPhone parts may have contributed to a decrease in its stock price to near $500.

"It will be interesting to see if Apple is really pushing the envelope in terms of innovation and shortening the product cycle," Colello said.

Colello said Apple is facing growing competition from Samsung.  Last summer, when Apple released the iPhone 4S, Samsung also released its Galaxy S 3, which saw strong sales.

On Wednesday, Apple said it sold a "record" 22.9 million iPads in the quarter, compared to 15.4 million a year ago.  The company also sold 4.1 million Mac computers, compared to 5.2 million in the same quarter last year.

On Apple's earnings call, CFO Peter Oppenheimer attributed the Mac slide to the refreshed Mac products not being released until December.  Its new iMac desktops were not sold until early December.

"We believe our Mac sales would have been much higher without those constraints," Oppenheimer said on the call.

Copyright 2013 ABC News Radio


Will Fiscal Cliff Worries Cause Major Wall Street Sell Off?

iStockphoto/Thinkstock(NEW YORK) -- Fiscal cliff fears may lead to a major sell off Friday on Wall Street.

After the Republican revolt in the House on Thursday, House Speaker John Boehner was forced to abandon his plan to avert tax increases for most Americans. 

As a result, Asian stock markets were down sharply overnight.  European markets were also trading lower on Friday, while U.S. stock futures were in the red ahead of the opening bell.

Many business leaders warn the longer it takes to deal with taxes and spending, the greater the harm will be to the economy.

Coming into Friday's trading session, stocks are higher for the week.  The day before, the Dow rose 60 points to 13,312, while the Nasdaq gained six points and the S&P added eight.

Copyright 2012 ABC News Radio


Dow Has Another Down Day  

Hemera/Thinkstock(NEW YORK) -- Stocks dropped again Thursday, but not as dramatically as Wednesday, the day after President Obama was reelected. The Dow closed at 12,811.32, down 121.41 points or nearly one percent.
In the last two days the Dow has lost 434.43 points, but is still up five percent for the year.
Investor worries about the fiscal cliff, a package of tax hikes and spending cuts that will go into effect on Jan. 1 unless a budget deal is reached, seem to be driving the markets lower.
A Congressional Budget Office report released Thursday says that doing nothing about the fiscal cliff would send the economy back into recession and cause a spike in the jobless rate to 9.1 percent by next fall.

Copyright 2012 ABC News Radio


US Markets End the Day Lower, Dow Down 243 Points

Hemera/Thinkstock(NEW YORK) -- The Dow had its lowest close since June and its third-biggest point drop for the year, though it’s still up seven percent for the year.

The Dow ended Tuesday's session down 243 points, at 13,103.
The S&P and NASDAQ ended the day lower as well, losing 21 and 26 points, respectively.
Tuesday’s drop was sparked by disappointing earnings from major corporations.
Since the declines Tuesday come so close to an election there are concerns that the uncertainty over who will be in charge is playing into the falling indexes.
There are also two major economic reports ahead of the election.  A first estimate for U.S. third-quarter GDP growth is due this Friday, while the following week will bring the all-important jobs report.
Copyright 2012 ABC News Radio


Facebook Stock Resumes Slide as Lockup Expires

EMMANUEL DUNAND/AFP/Getty Images(NEW YORK) -- The beaten-down shares of Facebook (Nasdaq: FB) slid further Thursday morning, the first day the social network's "lockup" expired for early investors, allowing them to sell their stakes.

Expectations were sky-high that early investors and employees would sell their shares and become millionaires or billionaires.  But now that the stock has fallen almost 50 percent below its offer price, disappointed shareholders have been cashing out.

Shares were down over 6.3 percent to $19.85 in mid-morning trading.

Facebook's stock has been in a near free fall since employees announced they were leaving the company and institutional funds started selling.  Times were rough since Facebook's initial public offering on May 18 when technical glitches on the Nasdaq exchange caused delays in confirming trades.  Nasdaq announced in June a $40 million fund to compensate investors "disadvantaged" by the technical problems.

Facebook's IPO was priced at $38 and stock opened in May at $42.05.  It closed that day at $38.23 but has since been down 36 days more than it's been up.

Facebook has lost about $40 billion in market value since the IPO, and as such is the worst major IPO ever, according to Bloomberg.

Copyright 2012 ABC News Radio


Facebook Employees Will Be Ringing in IPO with 'Hackathon'

Peter Foley/Bloomberg via Getty Images(MENLO PARK, Calif.) -- It’s going to be a sleepover at Facebook the night before the big IPO.

Employees from the social networking site will be holding what the company calls a "hackathon" Thursday night. 

According to Facebook, "Hackathons are a big tradition at Facebook.  They serve as the foundation for some great (and not so great) ideas.  It gives our employees the opportunity to try out new ideas and collaborate with other people in a fun environment."

Basically, the company’s employees spend the night working on their ideas to see where they go.  Everyone at the company is invited.

This is something they have done in the past, but this will be their last such endeavor as a private company.

The next morning, Mark Zuckerberg will ring the opening bell on Wall Street, making many of these employees millionaires and billionaires.

Copyright 2012 ABC News Radio


Stocks Rebound, Ending Five-Day Slide

Medioimages/Photodisc/Thinkstock(NEW YORK) -- One day after one of the worst plunges in months, the slide in the markets is over -- at least for now.
On Wednesday, the Dow closed up 89 points, while the Nasdaq added 25 and 10 points, respectively.
A surprise profit by Alcoa may have helped give the stocks a boost.
The Beige Book, the Federal Reserve's survey of business conditions across the country, says each of the Bank's 12 districts grew steadily from mid-February to early this month -- more signs that last month's pullback in hiring may be temporary.   
Copyright 2012 ABC News Radio


Stocks Begin Second Quarter with Small Gains

Ben Hider/Getty Images(NEW YORK) -- The stock markets began the second quarter Monday with a small bump.

The Dow ticked up 10.5 points, while the Nasdaq and S&P jumped just 23 and 28 points, respectively.
Monday's decent session comes on the heels of a fantastic first quarter that ended Friday with U.S. stocks having their best start to a year in 14 years.
Meanwhile, a new survey of airlines says, believe it or not, passengers are the happiest they have been in more than 20 years.  A report by private researchers says airline performance improved across the board, when people measured things like lost bags, delayed flights, bad service and getting bumped from flights.  Low-fare airlines did the best -- AirTran came in first place, followed by Hawaiian Airlines and JetBlue.
Copyright 2012 ABC News Radio


Stocks End Best Q1 Since 1998

Hemera/Thinkstock(NEW YORK) -- Go ahead and open that 401(k) statement. The first quarter was the best for stocks since 1998, with the Standard & Poor’s 500 up 12 percent since the start of the year.

That’s quite a start for stocks after 2011, which saw most major indexes about flat for the year. An improving jobs picture and strong corporate profits boosted nearly all types of equities. The tech-heavy Nasdaq rose 19 percent in the quarter, led by that powerhouse Apple, which rocketed 48 percent so far this year. The Dow Jones industrial average finished the quarter with an eight percent gain.

More than $3.6 trillion has been added to U.S. stocks since the S&P 500 fell to the year’s low in October, according to data by Bloomberg. Stocks have more than regained the ground they lost in the market meltdown of 2008.

The Dow Jones industrial average rose 66.22 points, or 0.50 percent, Friday to 13,212.04. The Standard & Poor’s 500 Index gained 5.19 points, or 0.37 percent, to 1,408.47. The Nasdaq Composite Index dipped 3.79 points, or 0.12 percent, to 3,091.57.

“Conditions have improved compared to last quarter, with the U.S. economy showing signs of acceleration and European policymakers moving further along the path of progress. With the bearish tone receding, investors should consider moving into “risk” assets and out of “safe” assets, especially on pullbacks,” the investment firm BlackRock said in a commentary on its web site.

Copyright 2012 ABC News Radio

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