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Pre-Market: Apple Defeats Patent Trolls in Germany; US GDP Revised Down
Consumer sentiment data is on tap today.
Vincent Trivett    

US stocks were poised to start the last day of February lower after US GDP was revised downward.

Before the opening bell, Dow (INDEXDJX:.DJI) futures were down 0.05% to 16,264. Futures on the S&P 500 (INDEXSP:.INX) declined by 0.09% to 1,852.30 after the index hit a fresh record high on Thursday. Futures on the Nasdaq Composite (INDEXNASDAQ:.IXIC) fell 0.10% to 3,697.75.

The bond offering from Tesla Motors Inc (NASDAQ:TSLA) drew $2 billion in convertible debt, exceeding the company's target of $1.6 billion. The debt sale was the largest of its kind in two years.

Salesforce.com, Inc. (NYSE:CRM) shares rose 0.65% despite yesterday's report showing that the company's loss widened. In the fiscal fourth quarter ending on Jan. 31, the customer relationship management company posted a net loss of $116.6 million, or $0.19 per share, down from a $0.04 per share loss a year earlier. Revenue rose 37% to $1.15 billion. Excluding one-time items, it earned $0.07 per share.

Shares of the Gap Inc. (NYSE:GPS) fell 0.11% after the apparel retailer reported earnings. Net profit fell 13% to $307 million, or $0.68 per share, down from $351 million a year earlier as sales fell 3.2% to $4.58 billion. Analysts had expected $0.66 per share in profit. The fall in sales was partly due to heavy discounting during the holiday shopping season.

A court in Germany dismissed a patent infringement suit against Apple (NASDAQ:AAPL. The 1.57 billion lawsuit alleged that Apple infringed on patents on technology that make it possible to prioritize emergency calls when networks are busy. The suit came from IPCom, which makes no products, but rather sues mobile device makers.

Mt. Gox, the Tokyo-based bitcoin exchange, has filed for bankruptcy protection. Mt. Gox has said that it has lost 850,000 bitcoins, including 100,000 of its own digital wealth. If those bitcoins could be exchanged for cash, they would be worth $473 million.

This morning, the government revised America's fourth-quarter GDP growth to a rate of 2.4% from 3.2%. This was even worse than the 2.5% growth rate that economists had expected.

Later this morning, the final reading of this month's Reuters/University of Michigan consumer sentiment index will come out. Economists expect it to rise to 81.5 from the preliminary reading of 81.2. The National Association of Realtors' pending home sales index will also come out. The index is likely to have risen 2.3% in January after a 8.7% plunge in December 2013.

The US Treasury reported yesterday that the federal budget deficit has fallen more sharply than in any year since World War II in fiscal 2013. The government spent $680 billion more than it took in, down from a $1.1 trillion deficit in 2012.

Twitter: @vincent_trivett
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No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Pre-Market: Apple Defeats Patent Trolls in Germany; US GDP Revised Down
Consumer sentiment data is on tap today.
Vincent Trivett    

US stocks were poised to start the last day of February lower after US GDP was revised downward.

Before the opening bell, Dow (INDEXDJX:.DJI) futures were down 0.05% to 16,264. Futures on the S&P 500 (INDEXSP:.INX) declined by 0.09% to 1,852.30 after the index hit a fresh record high on Thursday. Futures on the Nasdaq Composite (INDEXNASDAQ:.IXIC) fell 0.10% to 3,697.75.

The bond offering from Tesla Motors Inc (NASDAQ:TSLA) drew $2 billion in convertible debt, exceeding the company's target of $1.6 billion. The debt sale was the largest of its kind in two years.

Salesforce.com, Inc. (NYSE:CRM) shares rose 0.65% despite yesterday's report showing that the company's loss widened. In the fiscal fourth quarter ending on Jan. 31, the customer relationship management company posted a net loss of $116.6 million, or $0.19 per share, down from a $0.04 per share loss a year earlier. Revenue rose 37% to $1.15 billion. Excluding one-time items, it earned $0.07 per share.

Shares of the Gap Inc. (NYSE:GPS) fell 0.11% after the apparel retailer reported earnings. Net profit fell 13% to $307 million, or $0.68 per share, down from $351 million a year earlier as sales fell 3.2% to $4.58 billion. Analysts had expected $0.66 per share in profit. The fall in sales was partly due to heavy discounting during the holiday shopping season.

A court in Germany dismissed a patent infringement suit against Apple (NASDAQ:AAPL. The 1.57 billion lawsuit alleged that Apple infringed on patents on technology that make it possible to prioritize emergency calls when networks are busy. The suit came from IPCom, which makes no products, but rather sues mobile device makers.

Mt. Gox, the Tokyo-based bitcoin exchange, has filed for bankruptcy protection. Mt. Gox has said that it has lost 850,000 bitcoins, including 100,000 of its own digital wealth. If those bitcoins could be exchanged for cash, they would be worth $473 million.

This morning, the government revised America's fourth-quarter GDP growth to a rate of 2.4% from 3.2%. This was even worse than the 2.5% growth rate that economists had expected.

Later this morning, the final reading of this month's Reuters/University of Michigan consumer sentiment index will come out. Economists expect it to rise to 81.5 from the preliminary reading of 81.2. The National Association of Realtors' pending home sales index will also come out. The index is likely to have risen 2.3% in January after a 8.7% plunge in December 2013.

The US Treasury reported yesterday that the federal budget deficit has fallen more sharply than in any year since World War II in fiscal 2013. The government spent $680 billion more than it took in, down from a $1.1 trillion deficit in 2012.

Twitter: @vincent_trivett
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Pre-Market: Apple Defeats Patent Trolls in Germany; US GDP Revised Down
Consumer sentiment data is on tap today.
Vincent Trivett    

US stocks were poised to start the last day of February lower after US GDP was revised downward.

Before the opening bell, Dow (INDEXDJX:.DJI) futures were down 0.05% to 16,264. Futures on the S&P 500 (INDEXSP:.INX) declined by 0.09% to 1,852.30 after the index hit a fresh record high on Thursday. Futures on the Nasdaq Composite (INDEXNASDAQ:.IXIC) fell 0.10% to 3,697.75.

The bond offering from Tesla Motors Inc (NASDAQ:TSLA) drew $2 billion in convertible debt, exceeding the company's target of $1.6 billion. The debt sale was the largest of its kind in two years.

Salesforce.com, Inc. (NYSE:CRM) shares rose 0.65% despite yesterday's report showing that the company's loss widened. In the fiscal fourth quarter ending on Jan. 31, the customer relationship management company posted a net loss of $116.6 million, or $0.19 per share, down from a $0.04 per share loss a year earlier. Revenue rose 37% to $1.15 billion. Excluding one-time items, it earned $0.07 per share.

Shares of the Gap Inc. (NYSE:GPS) fell 0.11% after the apparel retailer reported earnings. Net profit fell 13% to $307 million, or $0.68 per share, down from $351 million a year earlier as sales fell 3.2% to $4.58 billion. Analysts had expected $0.66 per share in profit. The fall in sales was partly due to heavy discounting during the holiday shopping season.

A court in Germany dismissed a patent infringement suit against Apple (NASDAQ:AAPL. The 1.57 billion lawsuit alleged that Apple infringed on patents on technology that make it possible to prioritize emergency calls when networks are busy. The suit came from IPCom, which makes no products, but rather sues mobile device makers.

Mt. Gox, the Tokyo-based bitcoin exchange, has filed for bankruptcy protection. Mt. Gox has said that it has lost 850,000 bitcoins, including 100,000 of its own digital wealth. If those bitcoins could be exchanged for cash, they would be worth $473 million.

This morning, the government revised America's fourth-quarter GDP growth to a rate of 2.4% from 3.2%. This was even worse than the 2.5% growth rate that economists had expected.

Later this morning, the final reading of this month's Reuters/University of Michigan consumer sentiment index will come out. Economists expect it to rise to 81.5 from the preliminary reading of 81.2. The National Association of Realtors' pending home sales index will also come out. The index is likely to have risen 2.3% in January after a 8.7% plunge in December 2013.

The US Treasury reported yesterday that the federal budget deficit has fallen more sharply than in any year since World War II in fiscal 2013. The government spent $680 billion more than it took in, down from a $1.1 trillion deficit in 2012.

Twitter: @vincent_trivett
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
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