Wednesday, June 27, 2012
Apple Pops On favorable Court Ruling (AAPL,GOOG,BA,LEN,GIS,MKC )
Apple Inc.(NASDAQ:AAPL) is edging higher by 0.46% as a California judge ordered Samsung Electronics Co. not to sell Galaxy Tab 10.1 touchscreen tablet in the U.S. at the request of Apple Inc. The judge has issued preliminary injunction, which bars Samsung from making or selling the tablet, or any similar device, in the U.S. The injunction is the first Apple has been granted against Samsung in the U.S. A trial is expected on July 30. Samsung said it was disappointed with the court's decision, and that it will ultimately reduce the availability of "superior technological features to consumers" in the U.S.
Google Inc(NASDAQ:GOOG) will soon unveil a tablet co-branded with Taiwan's Asustek Computer Inc and priced to compete with Amazon's Kindle Fire device, an Asustek executive said on Wednesday. Bloomberg earlier reported that Google would launch a tablet at its developer conference this week, taking direct aim at Apple Inc's iPad, citing two people familiar with the matter. One of the sources said the 7-inch tablet would showcase new features of Android.
The Boeing Company(NYSE:BA) abruptly changed the chief executive of its commercial unit on the eve of a major air show where the jet maker is expected to announce significant orders for a new version of its 737 Max aircraft. Ray Conner, the senior vice president of sales and customer support for Boeing CommercialAirplanes, was named on Tuesday to replace Jim Albaugh, 62, once considered a CEO candidate.
Lennar Corporation (NYSE:LEN) stock surged 4.05% as the company is in talks with the China Development Bank for around $1.7 billion in capital to jump-start two long-delayed San Francisco projects that would transform two former naval bases into large-scale housing developments. Additionally, the company’s Board of Directors has declared a quarterly cash dividend of $0.04 per share for both Class A and Class B common stock payable on July 25, 2012 to holders of record at the close of business on July 11, 2012.
General Mills, Inc. (NYSE:GIS) reported a fourth quarter profit of $325.4 million, or $0.49 a share, up from $320.2 million, or $0.48 a share, a year earlier. Adjusted earnings rose to $0.60 a share. Sales jumped 12% to $4.07 billion. Analysts had most recently forecast earnings of 59 cents on revenue of $4.11 billion. Looking forward, the company fiscal 2013 adjusted per-share earnings of about $2.65 and sales to grow at a mid-single-digit rate, and its business plan assumes input cost inflation of 2% to 3%. Analysts are looking for $2.75 and 5% revenue.
McCormick & Company, Incorporated (NYSE:MKC) posted second-quarter net income of $80.4 million from prior year's $73.6 million. Quarterly earnings per share rose 9% to $0.60, coming in line with the consensus estimate of analysts. The company’s net sales grew 11% to $984 million, beating analysts' estimate of $969.79 million. Additionally, the company declared a quarterly dividend of $0.31 per share on its common stocks payable July 23, 2012, to shareholders of record on July 9, 2012.