Stock Market Wrapup June 8th
The Dow, S&P 500, and Nasdaq all ended the week on a high note despite consumer confidence troubles. The latest numbers were released today with the statistic at a 10-month low. Meanwhile, exports climbed to an all-time high as the trade deficit dropped to $58.5 billion. Oil prices were down over -$2 as concerns from the cyclone subsided and on expectations that U.S. supplies would increase for the sixth week in a row. The dollar was stronger this week as well, which buffeted against inflation concerns.
Shares of Tyco (NYSE: TYC) were up 3.6% today on more news of its three-way breakup. The company will separate its healthcare and electronics companies into their own public entities. Shareholders as of June 19th will receive one share of each of the new companies for every four shares of Tyco that they own, and then a reverse-split will take place condensing the four shares into one share of Tyco. Tyco will spend approximately $1.6 billion in the separation, which is to take place on June 29th.
McDonald's (NYSE: MCD) announced that its comparable-store sales for the month of May increased at its highest rate in three years, as sales climbed 8.7%, well clear of the 5% that analysts had predicted. The company credits new smaller sandwiches gaining popularity in France, as well as its tie-in with Shrek the Third in the U.S. Domestically, same-store sales were up 7.4%. The stock rose 2.4% on the news.
National Semiconductor (NYSE: NSM) released fourth-quarter earnings today, and the stock jumped 14.7% on the good news. Earnings were down from a year ago, from 34 cents a share to 28 cents a share, but still beat analyst expectations by 5 cents a share. The company also announced that its board had approved a $1.5 billion share buyback program.
Vail Resorts (NYSE: MTN) also got a boost from its earnings announcement for its fiscal third quarter ended April 30th. The company earned $1.99 per share, up from $1.75 per share a year ago, and in line with expectations. Revenue from its real estate unit jumped from $7.1 million to $17.1 million this past quarter.
Cell phone maker Qualcomm (Nasdaq: QCOM) received a ban on importing any new phones while its chip design infringes on a patent owned by Broadcom (Nasdaq: BRCM) in a ruling by the U.S. International Trade Commission. However, most analysts do not think that this will have much impact in the near term as it allows continued sales of models already being shipped to the U.S. Some feel that it could cause a limit to the competition for Apple's (Nasdaq: AAPL) iPhone.
Shares of Tyco (NYSE: TYC) were up 3.6% today on more news of its three-way breakup. The company will separate its healthcare and electronics companies into their own public entities. Shareholders as of June 19th will receive one share of each of the new companies for every four shares of Tyco that they own, and then a reverse-split will take place condensing the four shares into one share of Tyco. Tyco will spend approximately $1.6 billion in the separation, which is to take place on June 29th.
McDonald's (NYSE: MCD) announced that its comparable-store sales for the month of May increased at its highest rate in three years, as sales climbed 8.7%, well clear of the 5% that analysts had predicted. The company credits new smaller sandwiches gaining popularity in France, as well as its tie-in with Shrek the Third in the U.S. Domestically, same-store sales were up 7.4%. The stock rose 2.4% on the news.
National Semiconductor (NYSE: NSM) released fourth-quarter earnings today, and the stock jumped 14.7% on the good news. Earnings were down from a year ago, from 34 cents a share to 28 cents a share, but still beat analyst expectations by 5 cents a share. The company also announced that its board had approved a $1.5 billion share buyback program.
Vail Resorts (NYSE: MTN) also got a boost from its earnings announcement for its fiscal third quarter ended April 30th. The company earned $1.99 per share, up from $1.75 per share a year ago, and in line with expectations. Revenue from its real estate unit jumped from $7.1 million to $17.1 million this past quarter.
Cell phone maker Qualcomm (Nasdaq: QCOM) received a ban on importing any new phones while its chip design infringes on a patent owned by Broadcom (Nasdaq: BRCM) in a ruling by the U.S. International Trade Commission. However, most analysts do not think that this will have much impact in the near term as it allows continued sales of models already being shipped to the U.S. Some feel that it could cause a limit to the competition for Apple's (Nasdaq: AAPL) iPhone.
posted by Stock Administrator @ 3:17 PM
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