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Stocks Trade With Modest Gains (NTAP, FB, KUTV, SIG, GM, HNZ)

U.S stocks were trading with modest gain on Thursday supported by Hewlett-Packard Co., which announced to reduce its work force by 8% in order to boost its profit by savings..The Dow Jones Industrial Average rose 17.82 (0.14%) to 12,513.97, and the Standard & Poor's 500-stock index jumped 2.41 (0.18%) at 1,321.27. The Nasdaq Composite added 2.32 (-0.08%) at 2,847.80.Jobless claims dipped by 2,000 to a seasonally adjusted 370,000 in the week ended May 19, the U.S. Labor Department said Thursday. Claims from two weeks ago were revised up to 372,000 from an original reading of 370,000, based on more complete data collected at the state level.


NetApp Inc. (NASDAQ:NTAP) shares plunged 12.81% to $28.65 in the morning hour after the company posted fourth quarter net income of $181 million or $0.47 per share, as compared to $161 million or $0.40 per share last year. Adjusted earnings for the quarter were $252 million or $0.66 per share. Revenues totaled $1.7 billion, as compared to $1.43 billion in the same quarter last year. Analysts expected earnings of $0.63 per share on revenue estimate of $1.68 billion for the quarter.

Facebook Inc (NASDAQ:FB) shares gained 2.22% to $32.71 in the morning hour. The law firm of Girard Gibbs LLP today announced that it has filed a class action lawsuit against Facebook on behalf of investors who purchased shares of Facebook common stock pursuant or traceable to the company's initial public offering ("IPO"). The Facebook lawsuit charges the company, its officers and directors, and underwriters with violations of federal securities laws for false and misleading statements made in the Registration Statement and Prospectus issued in connection with the IPO.

Ku6 Media Co., Ltd. (ADR) (NASDAQ:KUTV) stock soared 25.61% to $1.52 in the early hour after the company announced that it has entered into an agreement with famous Chinese SNS website Kaixin001.com.
Pursuant to the agreement, Ku6 Media is assisting Kaixin001 to add a brand new video sharing function by supplying technology support to all video uploading activities on Kaixin001. Users on Kaixin001 will enjoy a one-stop service that enables them to upload, store and share their videos without leaving the website.

Signet Jewelers Ltd. (NYSE:SIG) shares fell 7.02% to $44.40 in the early hour after the company posted first quarter net income of $82.5 million or $0.96 per share, as compared to $75.4 million or $0.87 per share in the year-ago period. Sales increased 1.4% to $900.0 million. Analysts expected earnings per share of $0.91 on revenue estimate of $912.29 million.Looking ahead, the company expects second quarter earnings per share in a range of $0.78 to $0.84 and same-store sales in the mid to high single digit range. Analysts expect the company to report earnings of $0.90 per share for the quarter.


H.J. Heinz Company (NYSE:HNZ) shares fell 2.06% to $52.75 in the morning hour after the company posted fourth-quarter net income of $175.34 million or $0.54 per share from $223.86 million or $0.69 per share last year. Adjusted net income were $261.47 million or $0.81 per share for the latest quarter. Quarterly sales grew 5.6% to $3.05 billion. Analysts expected earnings per share of $0.79 on revenues of $3.07 billion for the quarter.
General Motors Company (NYSE:GM) stock declined 0.45% to $22.04 in the morning hour after the company said it is recalling 4,304 Chevrolet Malibu Eco cars sold in the United States to reprogram a module that controls airbag deployments. The company discovered the problem during a development test in which one of the cars was performing extreme maneuvers. It said letters will be mailed to car owners on June 1 with instructions to have the reprogramming done at no cost at a dealer.