Friday, September 28, 2012

Facebook Inc (NASDAQ:FB) Jumps 5% - QCOR, RIG, NOK, CRUS, FB

Facebook Inc (NASDAQ:FB) stock increased 5.50% to $21.6. The company has now got into the e-commerce area with its gifting service.

Probably with an eye to the gifting-giving season that is round the corner, the social networking site launched the Gifts service on Friday. The feature is built upon and run by Karma, the company that Facebook had acquired in May.

Robert Hof, Forbes contributor, who was one of the privileged few to get the service (it is being offered to a select few) says that while the service looks good (in terms of the process), he may not really use it much due to the limited gifting options that it offers.

"A lot of the most prominent gifts are pretty vanilla–teddy bears, spa appointments, flowers, cupcakes," he says.

Will FB Rebound After The Recent Slump? Find Out Here

The gifting service has the tagline "real friends, real gifts" but the products themselves seem to be impersonal and could be anything that anyone can pick up from anywhere. There's no exclusivity about the available gifts, nor is there anything original.

Questcor Pharmaceuticals, Inc.(NASDAQ:QCOR) shares dropped 5.89% to $18.85 after the company announced that its Board of Directors has adopted a policy to pay a regular quarterly dividend in such amounts as the Board of Directors may determine from time to time. The Board of Directors has declared an initial quarterly cash dividend of $0.20 per share to all shareholders of record at the close of business on October 31, 2012. The initial dividend will be paid on or about November 15, 2012. The Company also announced that its Board of Directors has increased the Company's common stock repurchase program to seven million shares. This includes the 3.2 million shares that were remaining under the prior authorization.

Transocean LTD(NYSE:RIG) shares declined 0.84% to $44.99 in the morning hour after the company announced that it has been awarded 10-year contracts for four newbuild dynamically positioned ultra-deepwater drillships by Royal Dutch Shell (Shell). Shipyard delivery for the first drillship is scheduled for mid-2015. The remaining three drillships are expected to be delivered from the shipyard at approximately six-month intervals thereafter.

Additionally, Transocean‘s stock had its “neutral” rating reaffirmed by research analysts at UBS AG in a report released today.

Nokia Corporation (ADR)(NYSE:NOK) stock fell 1.50% to $2.63 after the company has cut the price of the Lumia 800 by approximately 15% and the Lumia 900 by 10% in Europe. Additionally, Nokia Oyj has decided to make 75% of the employees in the Company's factory in South Korea redundant. 725 out of 950 workers are to be made redundant.

Moreover, the company launched its two touch-screen cell phones today in order to revive its position in the global market.

Cirrus Logic, Inc.(NASDAQ:CRUS) shares declined 2.19% to $38.82. Cirrus Logic‘s stock had its “overweight” rating reaffirmed by research analysts at Barclays Capital in a report released on Sept 25. They currently have a $47.00 target price on the stock. Separately, analysts at Needham & Company raised their price target on shares of Cirrus Logic from $47.00 to $53.00 in a research note to investors on September 18. They now have a “buy” rating on the stock.

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