Sun Micro sales fall, Oracle deal delay stings
Nov 7, 2009 Make Money Online
Computer maker Sun Microsystems Inc (JAVA.O) suffered a 25 percent fall in quarterly revenue, as uncertainty over its delayed sale to Oracle Corp (ORCL.O) hurt its business.
Lower operating expenses helped Sun Microsystems curb its fiscal first quarter loss to $120 million, or 16 cents a share compared with $1.68 billion, or $2.24 a share, a year earlier, according to a filing with the U.S. Securities and Exchange Commission.
But revenue fell to $2.24 billion from $2.99 billion in the same quarter a year earlier, and was lower than the average analyst estimate of $2.34 billion, according to Thomson Reuters I/B/E/S.
The 25 percent drop was also steeper than the sales slump at other technology companies. Oracle’s total revenue last quarter fell 5 percent from a year earlier, while chipmaker Intel Corp’s (INTC.O) revenue fell 7.8 percent.
“Our first quarter of fiscal year 2010 results continued to be affected by the economic downturn, the uncertainty associated with our proposed acquisition by Oracle, increased competition and delays in customer purchasing decisions,” Sun said in a statement on Friday.
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Tags: Gmail IMAP, Hewlett-Packard Co, HPQ.N, IBM, IBM.N, INTC.O, Intel Corp, JAVA.O, Oracle Corp, ORCL.O, Sun Microsystems Inc, U.S. Securities and Exchange Commission
China start-up IPOs set high prices, stir worries
Sep 24, 2009 Make Money Online
By Samuel Shen and Edmund Klamann
The first 10 firms due to list on China’s Nasdaq-style second board, ChiNext, plan to sell shares at prices 50 percent above their mainboard peers, just as worries over speculation spurred officials to tighten trading rules.
After gauging investor demand, the 10 start-up companies, including software developer Beijing Ultrapower and outdoor sportswear maker Toread, have decided on prices for their shares that average 55 times their 2008 earnings.
That compares with an average price/earnings ratio of 36 for other initial public share offerings this year on the mainland.
“Growth potential, rather than past performance, is what investors are looking at, so a high PE ratio doesn’t necessarily mean they’re over-priced,” said Jiang Jianrong, analyst at Shenyin & Wanguo Securities Co.
“But without doubt it will be quite a speculative market at the beginning because it’s new and the companies are very small.” Read the rest of this entry »
Tags: casino, INTC.O, IPO, loan, MSFT.O, price/earning ratio, Stock Exchange, Stock Market
Oil prices little changed as long weekend looms
Sep 5, 2009 Make Money Online
Oil prices were little changed on Friday as stronger equities boosted hopes for economic recovery, outweighing U.S. jobs data that showed the unemployment rate at a 26-year high.
U.S. crude settled at $68.02, up 6 cents.
London Brent crude dropped 30 cents to close at $66.82.
“Today’s oil price response to the long awaited employment data was muted by the fact that the jobless report provided a mixed bag of information that failed to provide much insight into future economic or oil demand trends,” said Jim Ritterbusch, president, Ritterbusch & Associates, Galena, Illinois. Read the rest of this entry »
Tags: Crude Oil, economic, INTC.O, Intel's, Oil Price, Stock Market, US stock
Wall Street gains for 2nd day; tech shares outperform – Sep 4, 2009
Sep 5, 2009 Make Money Online
By Angela Moon
NEW YORK (Reuters) – U.S. stocks closed higher on Friday as investors focused on the bright side of a mixed payrolls report that showed smaller-than-expected job cuts in August, although the unemployment rate hit a 26-year high.
The market was relatively flat in morning trade before sharply rising around noon, with all major indexes gaining around 1 percent.
“Yes, the unemployment rate was a little worse than expected, but the wild card was the non-farm payrolls, which came out better than forecast,” said Robert Francello, head of equity trading for Apex Capital in San Francisco.
“It’s providing relief as we get near the close, and some people are covering shorts here before the long weekend.”
Gains were broad-based, with technology shares leading the charge. Semiconductor stocks rose after Intel Corp’s (INTC.O) chief executive said aging personal computers and Microsoft’s launch of Windows 7 will prompt companies to start spending on PCs next year.
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Tags: Dow Jones, INTC.O, Intel Corp's, Major Indexes, MSFT.O, PHLX, RMBS.O, SamSung, Share, Stock, Stock Market, Wall Street
