Nike said it had suspended its contract with National Football League athlete Adrian Peterson over allegations of child abuse.» Read More
In my earlier post, I talked about the Street's expectations for Google. Now, I'll focus on Apple. The company suffered much the same thing as Google, these past few months, when it came to the iPhone and the exuberant expectations around this product. We knew it was going to be big; important; game-changing; huge; fill-in-the-blank with the adjective of your choice.
Credit worries and bad news from home builders trumped any positives from the stream of earnings being reported this morning. Wall Street is set up for a steep drop on the opening and the talk in the market focuses on whether the takeover boom is ending.
Britain's Kingfisher, Europe's biggest home improvements retailer, said on Thursday sales growth slowed in the second quarter as wet weather hit the performance of its U.K. market leader B&Q.
Apple's conference call continues at this hour with the company's Chief Financial Officer Peter Oppenheimer re-iterating the company's projections to sell 10 million iPhones, despite the perceived slow start the product has suffered. Further, the company's shares opened to enormous volatility after being halted just moments before the earnings release hit the the tape.
Apple Inc. released its Third Quarter numbers and for a company more than doubling this past year, this was not the news investors were hoping for. The Third Quarter was a blow-out by normal standards: the 92 cents a share and $5.41 billion in revenue soundly beat the 72 cents and $5.285 billion the Street expected. Same goes for the 1.76 million Macs and 9.8 million iPods shipped on the quarter. Gross margins climbed to 36%. All very good news.
It's a weird Wednesday as we anticipate earnings news from Apple after the close later today. Weird because we got this hint into Apple's numbers from AT&T yesterday when the company disclosed 146,000 iPhone subs that first weekend the phone went on sale. We'll get a far better picture from Apple as far as iPhone sales are concerned today; but AT&T's news didn't stop Apple shares from suffering their worst, one-day point decline in seven years.
Strong earnings news is helping push credit market fears back into the shadows this morning, and stocks are poised to spring higher at the opening. Some Asian markets sold off after yesterday's bad day on Wall Street and Europe is mostly lower.
Avid Retail Detail reader Davis Skinner weighed in on the viability of polo as a mass market sport and the appeal of Nacho Figueras as a model (a title that the athletically accomplished Figueras doesn't like.)
After years of using the polo player as its signature branding logo, Ralph Lauren (RL) is taking on a sponsorship role of an actual polo team. Ralph Lauren is now the official sponsor of the Black Watch polo team and its star player (and longtime Ralph Lauren model) Nacho Figueras. Taking the sponsorship a step further, the company is now selling match shirts for Black Watch fans that are embroidered with Nacho Figueras' number 2 on the shoulder.
Too much hype? Or not enough? It's clear, from AT&T's earnings news this morning, that Apple iPhone projections were way ahead of reality. That "popping" noise could be Apple shares. I wrote earlier today that Apple's highly hyped iPhone performed nowhere near Wall Street expectations during its first 30 hours on sale: AT&T reports 146,000 activations during its first weekend on sale.
The minor league baseball independent Long Beach Armada is hosting "Michael Vick Animal Awareness Day" on Sunday. Any fan who trades in his or her Michael Vick T-shirt or jersey will get free admission to the game and a donation will be made in their name to a non-profit that helps "inspire a better understanding of dogs." Those shirts and jerseys will be destroyed in some manner, the team says. Fans can also bring their dogs to the game, will be provided a special entrance to the ballpark and sit in a special section of the ballpark.
Wall Street is heading for a lower opening as some weak earnings and credit market jitters outweigh positive profit reports from companies like Pepsico and Lockheed-Martin. European markets are moving lower after overnight gains in Tokyo and Hong Kong shares.
The Supreme Court of California ruled Monday it is illegal to sell shoes made from kangaroo leather in the state, in a decision against defendant German sports manufacturer Adidas.
Starbucks will raise prices at its U.S. coffee shops by about 9 cents a drink next week to help offset rising costs for commodities such as milk and energy, a spokesman said on Monday.
AT&T reports earnings Tuesday and while the company's NYSE trading symbol is "T," in this case, "t" stands for telegraph, as in telegraphing what to expect from Apple which reports on Wednesday. In AT&T's case, the Street is looking for 67 cents on $29.61 billion in revenue. Rather than looking at the company's entire financial picture, I want to focus on the wireless sector since I'm really more interested in what all this could mean for Apple a day later.
A swirl of merger activity and blow-away earnings from Dow component Merck are positives for stocks ahead of the opening. European markets are mostly higher and Asia was mixed overnight.
As "Harry Potter" fans await the final installment of the popular series, CNBC’s Maria Bartiromo sat down with George Jones, chief executive of Borders Group, on “Closing Bell.” “'Harry Potter' is an important part of our business. It’s not that we make a whole lot of money on each of the books we sell, but it draws a lot of people into the stores and gives us a chance to sell other things and maybe in some cases, reintroduce them to Borders,” said Jones.
In my earlier post, I told you about the debate taking place on today's "Street Signs" about whether private equity deals in the retail industry are over. Here's the video of the discussion I had with retail analyst Lizz Dunn from Thomas Weisel Partners and Manny Weintraub, Integre Advisors president.
I'm blogging from a Barnes and Noble which is readying for Harry Potter's final book going on sale at midnight. Handmade, full-size "magic" brooms are hanging from the ceiling and anxious Potter fans are rereading the past books in line for wristbands for tonight's pre-Potter party. This book is a pricey 35 dollars, five dollars more than the last book's listed price, and it's going to make several companies very, very happy.
Wal-Mart Stores said Friday that Claire Watts, executive vice president in charge of the discount chain's apparel merchandise, has resigned to "pursue other career interests." The move comes as the world's largest retailer continues to work to revive sales in the flagging division.