3 Up, 3 Down: Week of October 14th
By: Miles J. Bronstein
Google Inc. (GOOG)- On Friday, Google joined travel-booking site Priceline (PCLN) as the second company in the S&P 500 to reach the four digits per share price mark. The search engine giant’s shares popped almost 14 percent, or $122 per share, to $1011 per share, after the company posted better than expected earnings. The company benefited from substantial growth in ads on mobile devices. Though the price of Internet ads have dropped due to saturation of the market, the search engine behemoth capitalized on ads on mobile devices and also increased the total amount of paid clicks by 26 percent. Already one of the world’s most valuable companies, Friday’s jump brought the Google’s market cap to $337.92 billion.
For more: http://blogs.wsj.com/moneybeat/2013/10/18/google-tops-1000/?mod=WSJ_hps_LEFTTopStories
Netflix (NFLX)- Shares of the Internet streaming media company soared this week on news that the company is currently in talks with among other cable companies, Comcast and Time Warner Cable, to bring Netflix to regular cable subscribers. Instead of having to switch Television settings to access Netflix, users would be able to access the site directly through the boxes cable companies provide. Essentially, this allegiance would make using Netflix just as easy as accessing HBO on demand. Shares were up almost 12 percent on the week, bringing the share price to $335.7 per share.
For more: http://www.nytimes.com/2013/10/15/business/media/netflix-as-easy-as-changing-the-channel.html?partner=yahoofinance&_r=0
Facebook, Inc. (FB)- The social networking site road the “Google train” Friday, jumping 4.35 percent to an all time high of $54.48 per share. Google’s earnings reflected the vast profitability the mobile ad market offers: a trend paramount to Facebook’s success, too.
J.C. Penney (JCP)- Shares of the struggling discount clothing retailer sunk Tuesday after rumors circulated that the company had hired bankruptcy council. A J.C. Penney spokesperson denied the rumor on Tuesday. The company’s shares were down 12.5 percent for the week and flirted with a price below the $7 mark on Friday.
For more: http://nypost.com/2013/10/15/jcpenny-stock-falls-after-false-bankruptcy-rumor-spreads/
Whirpool Corp. (WHR)- Shares of the home appliance manufacturer slid 6 percent Monday amid concerns over slowing demand. Analyst’s cut estimates this quarter after finding that customers were delaying their purchases as the debt ceiling deadline loomed. The company will report earnings on Tuesday.
For more: http://news.investors.com/101413-674990-whirlpool-sinks-amid-concerns-over-softening-demand.htm?ven=yahoocp&src=aurlled&ven=yahoo
International Business Machines Corp. (IBM)- Shares of the computer giant fell in after hours trading Wednesday after reporting disappointing earnings. While the company’s net income rose 6 percent, revenues fell 4 percent. Shares were down more than 6 percent Wednesday.
For more: http://www.forbes.com/sites/afontevecchia/2013/10/16/ibm-falls-off-a-cliff-as-q3-sales-fall-on-services-and-hardware-weakness/