EC Probes Apple's Irish Tax Pot 'o Gold, Earnings, Jim Cramer's Pick
It was all good for Apple: the company's shares have soared for the last 12 months, it is right on the precipice of releasing its latest, greatest handset, and until the European Commission started probing its tax arrangements in Ireland, things were looking great. Now, its use of 'transfer pricing' along with Starbucks, is coming under the microscope. Plus, after a string of misses, H&R Block is set to report earnings for its big quarter -- tax season. And, Jim Cramer has an aerospace company in today's Action Alert Pick that he says is set to take off. June 11, 2014 at the Nasdaq Marketsite.
Google Expands Geo-Location Ads to Desktop in Push for Dominance
Google is expanding one of its most successful mobile advertising features to the desktop. Geo-targeted advertising shows users ads relevant to their location, such as a sale at a nearby retailer or lunch specials at a local restaurant, and has been a successful feature of Google’s mobile ad strategy since its launch earlier this year. Cisco estimates location-targeted mobile advertising will account for $4.5 billion this year, rising more than 122% to over $10 billion by 2017. The world’s largest search engine has been tinkering with its ad effectiveness as it faces the threat of dwindling market share.
Tiffany Gets Shiny Price Target Increased by Credit Suisse Analysts
In Thursday's Analysts' Actions, Tiffany gets a price target increase, Morgan Stanley feels confident about Xerox and Wedbush initiates two supermarkets. Tiffany (TF) got its price target increased to $112 from $104 at Credit Suisse. The analyst there are maintaining their 'Outperform' rating for the stock saying Tiffany's expanding margins are the reasons for the boost. Morgan Stanley reiterated its 'Overweight' rating for Xerox (XRX). The firm is expressing great confidence in Xerox's management. Morgan Stanley has a $15 a share price target for the company. Wedbush is now covering Sprouts Farmers Market (SFM) and The Fresh Market (TFM). The firm is giving Sprouts Farmers Market an 'Outperform' rating with a $37 price target, while starting The Fresh Market with a 'Neutral' rating and a $34 price target.
J.P. Morgan Working With Law Enforcement After Reports of Hacking
Upon reports that J.P. Morgan and at least four other banks have been victims of a cyber attack, the firm says it's working with law enforcement to determine its scope. A coordinated attack on major banks this month led to the theft of customer data that could be used to take money out of accounts, according to Bloomberg, which cited an individual briefed by U.S. law enforcement. It reports that the FBI is investigating whether Russian hackers attacked the firms in retaliation for sanctions on the country over the Ukraine conflict. J.P. Morgan says as the bank learns more, it will contact anyone it determines may have been impacted by the attack.
Stocks Start Trading Lower but Cut Losses on Economic Data
U.S. markets started the trading day lower Thursday on worries overseas after Ukraine's president said Russian forces invaded their territory. But stocks did rebound from deeper losses in the pre-market on some positive economic data. The second estimate for Q2 GDP came in better than expected. Growth increased 4.2 percent, stronger than initially thought. Separately, jobless claims fell for a second straight week. The number of Americans filing for unemployment benefits remains below 300,000. The FBI is reportedly investigating a computer hacking attack on JPMorgan Chase (JPM). The bank is one of at least four other banks the hackers targeted this month. Earnings before the bell is pushing stocks like Abercrombie and Fitch (ANF) lower. The retailer posted profit that beat estimates but missed revenue expectations. Dollar General (DG) reported quarterly profit in line with analysts' estimates but also missed revenue forecasts. The discount retailer did back its full-year guidance.
New Ford Mustang Rolls Off Assembly Line in Flat Rock
The all new highly anticipated Ford 2015 Mustang rolled off the assembly line in Flat Rock, Michigan on Thursday morning. The Mustang, along with the new F-150 pickup truck, are the automakers two biggest product launches this year. The new Mustang is the sixth generation of the iconic car. Ford has high hopes it can expand the car's appeal beyond North America, which has been its strongest market. Mustang will be sold in 120 countries, Ford says. The sixth generation pony car will even come in a new right-hand drive version for markets like the UK. Ford has sold roughly 9.2 million Mustangs since it started producing the sports car 50 years ago. TheStreet's Ruben Ramirez spoke with Ford's President of the Americas, Joe Hinrichs about whether the global consumer will also fall in love with the new car.
Tesla Stock Revs Toward All-Time Highs: Chart of the Day
Elon Musk's Tesla has been taking off like a rocket in 2014 -- just not like a SpaceX rocket, his other pet project. So far this year, shares are up 75 percent. The stock rebounded after a dip to end 2013, and now Tesla could be on track to crank out 100,000 new cars in 2015, a big step up for the electric car maker. And, it comes as legacy U.S. automakers have struggled throughout this year with massive recalls and public embarrassment. Now, Tesla shares could hit an all-time high soon, if the stock maintains its trajectory. Thursday's Chart of the Day focuses on one Silicon Valley pro who's outperformed even Mark Zuckerberg this year.
Dollar General Q2 Profit In Line, Committed to Family Dollar Deal
Dollar Geneal posted second quarter earnings of $0.83 a share on revenue of $4.72 billion. Wall Street analysts were looking for $0.83 a share on sales of $4.77 billion. Last year, the discount retailer earned $0.77 a share on $4.39 billion in revenue. On the merger front, Dollar General Corp said it remained committed to acquiring rival Family Dollar Stores, which last week spurned a $9 billion buyout offer from Dollar General. Family Dollar said it was worried the deal would be deemed anti-competitive by government regulators and opted instead for a lower bid from Dollar Tree. TheStreet's Gregg Greenberg has details from New York.
FreedomPop Negotiates with Two Mobile Carriers on Acquisition
Sprint's mobile virtual network operator FreedomPop could be the target of a major carrier's acquisition. The mobile service backed by Skype co-founder Niklas Zennstrom is reportedly talking to two carriers about a buyout. CEO Stephen Stokols declined to reveal who are the interested parties, but one is based in the U.S. and the other one is from abroad. Both are in the negotiation stage. According to a statement from the company, prices that were put on the table thus far were in the nine figures. FreedomPop was founded 2011. It offers mobile phone and internet services on the cheap and piggybacks off Sprint's network. It expects to reach a million users by the end of this year and find home in eight major U.S. cities, including New York and Houston.
ConMed, Activist Go Down to the Wire in Proxy Fight
A proxy fight is looming at medical device company ConMed. But in this day of increased shareholder activism the fight to get board seats is unusual. There's already an activist--Coppersmith Capital--with seats on the board that oversaw the retirement of the company's CEO and founder and the appointment of an interim CEO. But the new dissident, Voce Capital, founded by Daniel Plants, is not only unhappy with ConMed's progress in turning itself around, industry sources tell The Deal's Ron Orol that the firm isn't happy with ConMed's strategic review that it just closed without naming a buyer.