RSS Updates
Email UpdatesApple recently started publishing a list of the top grossing applications in its App Store. Since its inception the App Store has posted over 2 billion downloads. The App Store effectively operates like a consignment shop. Apple keeps a third of the price of any application sold in the App Store, while the developer gets the rest. Apple does not disclose how much revenue it derives from App Store sales, but we can bet that the lion’s share of revenue comes from the top 100 grossing applications. Below is a description of the top ten grossing applications sold in the App Store, along with a description of their developer.
Daily Archives: November 4, 2009
The Cisco (CSCO) Kid Puts On A Rally Cap
Router and video infrastructure giant Cisco (NASDAQ:CSCO) posted better-than-expected quarterly numbers for the period ending October 24, its first fiscal of the year. Revenue fell 13% to $9 billion. EPS was $.39, down 19%. Cisco’s stock rose almost $1 to $24.17.
The company’s surprise announcement was that it will buy back $10 billion of stock. Cisco has as much M&A activity as any large tech company in the world. The idle cash being used for the buyback must not be needed for future acquisitions. Cisco’s board had previously authorized up to $62 billion in stock repurchases. Read More
FOMC: Very Little Optimism, Very Little Action
The Federal Open Market Committee’s notes said that economic activity has picked up since the group’s September meeting, but certainly not enough for the Fed to do anything about it.
The FOMC said it will maintain the target range for the federal funds rate at 0 to 1/4 percent, and will purchase a total of $1.25 trillion of agency mortgage-backed securities and about $175 billion of agency debt. The amount of agency debt purchases, while somewhat less than the previously announced maximum of $200 billion, is consistent with the recent path of purchases and reflects the limited availability of agency debt. Read More
Intel’s (INTC) Worst Day: Why Didn’t IBM Rat On Mr. Chips?
There may have been a time when Intel (NASDAQ:INTC) wanted to be the next Microsoft (NASDAQ:MSFT), at least in terms of earnings, market cap, and share of market. It has, in essence, followed in Redmond’s footsteps, at least with antitrust authorities.
Intel is becoming more embroiled by the month in charges that it used threats and kickbacks to keep PC and servers companies from doing business with its smaller competitor AMD (NYSE:AMD). AMD is close to ruin, though it is a matter of opinion whether its current state was caused by former CEO Hector Ruiz or Intel’s clandestine actions.
New York Attorney General Andrew Cuomo filed antitrust charges against Intel Corp., alleging the company threatened computer makers and paid huge kickbacks to stop them from using competitors’ chips, according to The Wall Street Journal. Among the companies that Intel may have threatened are IBM (NYSE:IBM), Dell (NASDAQ:DELL), and Hewlett-Packard (NYSE:HPQ). Read More
Yet Higher Gold Prices Cometh (GLD, GDX, ABX, GG)
Yesterday’s surprise move from India that sent gold through the roof to almost $1,085.00 per ounce was a game changing event in gold. Many technical analysts and chartists were looking for, or at least hoping for, a further consolidation in the price of the shiny yellow stuff. Yet now that appears to not be the case. This has broad ramifications for the SPDR Gold Shares (NYSE: GLD) and for Market Vectors Gold Miners ETF (NYSE: GDX); and it also of course will help push top-line and bottom line improvements to the likes of two of the huge players of Barrick Gold Corporation (NYSE: ABX) and for Goldcorp Inc. (NYSE: GG). This morning we received an audio-visual slide show technical analysis presentation from one of our affiliates INO. This was by Adam Hewison, who we have noted was making a big gold call for a move to $1,100 and then $1,200 or even higher back when gold prices were consolidating and well under the $1,000 mark.
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Apple (AAPL) Becomes Too Excellent: 100,000 Apps
It will be a shame when the day comes that Apple can’t put out good news every day. The market has become used to it. Apple (NASDAQ:AAPL) now has the 9th highest market cap of all companies traded on a US exchange at $173 billion, about the same at Procter & Gamble (NYSE:PG) and JPMorgan (NYSE:JPM).
Apple today announced that its app store, certainly the most successful software service of its kind, has reached 100,000 applications available for iPhone and iPod users. Describing the triumph Philip Schiller, Apple’s senior vice president of Worldwide Product Marketing said“The iPhone SDK created the first great platform for mobile applications and our customers are loving all the amazing apps our developers are creating.” Read More
Oil Inventories Head Wrong Way, Again (OIH, DIG, USO, OIL)
The latest weekly inventories data from Department of Energy in crude and oil products is adding more support and adding fuel to a fire in the commodity rally today. It looks like we are back to larger draw-downs that expected. We are watching the Oil Services HOLDRs (NYSE: OIH), the Ultra Oil & Gas ProShares (NYSE: DIG), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) reactions based upon the supply data. NYMEX WTI Crude is now up $1.13 at $80.73 as of 10:36 AM EST.
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Trouble in Property Syndicates (TPGI, AVI)
We have two deals which have been called off in the land of mixed use properties as a secondary by Thomas Properties Group, Inc. (NASDAQ: TPGI) and one was the IPO which was supposed to price from Aviv REIT Inc. (NYSE: AVI).
Thomas Properties Group, Inc. (NASDAQ: TPGI) announced last night that that it has postponed its secondary offering of 22 million shares of common stock. The reason, “due to unfavorable market conditions.”… management said that it does not consider the current market price of the common stock to be reflective of its inherent value.
Aviv REIT Inc. was supposed to be on the IPO deck. The REIT, real estate investment trust, focuses on healthcare properties. The IPO was on deck to price last night or this morning as the company and shareholders planned to sell 16.6 million shares in an indicated price range of $17 to $19 per share. We had heard only mixed information, and no date nor new effort terms have been indicated.
If you have been tracking how this 2009 IPO market went from Winola to something far worse, this may not be a surprise. Also worth noting is that of the deals we track for 2009 we have more that are busted than those which are higher.
JON C. OGG
Today’s Best Market Rumors (11/4/2009) (JAVA)(ORCL)(TWX)
Updated throughout the day.
Updated 10.30 AM EST: Oracle (NASDAQ:ORCL) believes that EU authorities may try to block its buy-out of Sun (NASDAQ:JAVA) (FT)
Updated 10:26 AM EST: Apollo Management is buying debt swap instruments to increase is control of Harrah’s. (NYPost)
The CEOs of Goldman Sachs (NYSE:GS) and JPMorgan (NYSE:JPM) met pay czar Feinberg before he announced pay cut plans (Bloomberg)
Time Warner’s (NYSE:TWX) Time, Inc publishing division will lay off 500 people (various).
Senator Chris Dodd will propose merging all four bank regulatory agencies (various).
Cisco’s (NASDAQ:CSCO) earnings outlook is likely to be poor (TheStreet)
Warren Buffett may join Goldman Sachs (NYSE:GS) in bidding for Fannie Mae (NYSE:FNM) tax credits.
Douglas A. McIntyre
Top Day Trader Alerts (GRMN, VG, ABK, ACAS, STEC, JAVA)
These are this morning’s top day trader alert and active trader alert stocks. We have links through to VSInvestor.com on each stock with much more detailed data and analysis on the news, price, and volume:
Garmin Ltd. (GRMN) is up over 3%, but far less than you’d think after earnings were well above estimates.
Vonage Holdings Corporation (NYSE: VG) is down close to 10% despite positive earnings because revenues declined.
Ambac Financial Group, Inc. (NYSE: ABK) is soaring by 25% on a huge earnings per share number, after items of course.
American Capital, Ltd. (NASDAQ: ACAS) is up 18% and this is already well off highs after earnings and a potential debt restructure.
STEC, Inc. (NASDAQ: STEC) is one of the morning’s ugliest with a 30% drop on a idsappointment in its earnings and on at least two analyst downgrades.
Sun Microsystems Inc. (NASDAQ: JAVA) is down 2.4% on the E.U. hurdle noted last night, but this had been down as much as 8% or 9% after the news broke. (No Link)
You can join our open email distribution list to get updates on top analyst upgrades and downgrades, top day trader alerts, IPO’s, secondary offerings, Warren Buffett and other guru activity, M&A and more.
JON C. OGG
Top 10 Analyst Upgrades, Downgrades, Initiations (AEO, BNI, ENR, GET, GES, GD, STEC, VIA, YUM)
These are this Wednesday’s top ten analyst upgrades, downgrades, and initiations seen from Wall Street research calls:
American Eagle Outfitters (NYSE: AEO) Raised to Top Picks at FBR Capital; but shares were also Cut to Hold at Lazard.
Burlington Northern Santa Fe (NYSE: BNI) Cut to Neutral at JPMorgan; Cut to Neutral at UBS.
Energizer Holdings (NYSE: ENR) Cut to Neutral from Conviction Buy List at Goldman Sachs.
Gaylord Entertainment (NYSE: GET) Raised to Market Perform at both FBR and at Wells Fargo.
Guess? Inc. (NYSE: GES) Cut to Hold at Lazard.
General Dynamics (NYSE: GD) Raised to Outperform at Credit Suisse.
STEC, Inc. (NASDAQ: STEC) Cut to Perform at Oppenheimer; Cut to Source of Funds at ThinkEquity.
Viacom (NYSE: VIA) Raised to Outperform at Oppenheimer.
Yum! Brands (NYSE: YUM) Started as Buy at Janney Montgomery.
You can join our open email distribution list to get updates on top analyst upgrades and downgrades, top day trader alerts, IPO’s, secondary offerings, Warren Buffett and other guru activity, M&A and more.
JON C. OGG
Chris Dodd, Bank Reformer, Finally Loses His Mind
Senator Christopher Dodd wants to create the greatest single debacle in the history of US financial market and bank regulation. He will propose putting four authorities into one, combining the Federal Reserve, Federal Deposit Insurance Corp, Office of Thrift Supervision, and the Comptroller of the Currency. The move would put several dysfunctional agencies into one.
Dodd has failed to look at the practical aspects of rolling up several authorities which have thousands of federal employees and which have performed their current roles for decades. The effort would be so Herculean that it might still be going on after the next presidential election. The daily regulation of the banking industry would certainly suffer due to the confusion that an elimination of some of the agencies would involve.
Of course, Dodd wants to do all this within a year of a near collapse of the credit and financial markets and during a period when these portions of the economy are still fragile. Otherwise, it is a fine idea.
Douglas A. McIntyre
Skype Dispute Nears End, The Blackmailing Of Ebay (EBAY)
An intellectual property dispute between Skype’s founders and the VoIP company, now owned by Ebay (NASDAQ:EBAY), threatened the auction company’s plans to sell Skype to private equity interests. That dispute is about to be settled, clearing the way for Skype to become independent.
Ebay will make $2 billion for selling about two-thirds of Skype. Skype’s founders have claimed that the VoIP company’s technology violates certain patents that they hold. Read More
Toyota (TM) Pull Out Of Formula One: The Death Of Car Racing’s Profits
The three major car racing circuits–Formula One, NASCAR, and Indy Car–have built a multi-billion business. Formula 1 revenue, which includes sponsorships and broadcast fees, is estimated to be $3.9 billion, which is more per event than either the NFL or The Premier League of soccer clubs.
Toyota (NYSE:TM) has elected to pull out of Formula 1 because of cost considerations. The world’s largest car company has lost money for more than a year. Read More
Media Digest 11/4/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters: Opel must now arrange for GM’s unexpected ownership
Reuters: The Fed will probably keep its “easy money” program.
Reuters: Toyota (NYSE:TM) will pull out of Formula 1 racing.
Reuters: The IEA will cut its long-term oil demand outlook. Read More
Disney (DIS) Goes To China, And Locals Get Angry
China has approved a plan for Disney (NYSE:DIS) to build a theme part in Shanghai. The American entertainment company has been trying to get a go ahead to build the $4 billion project for several years. The Chinese government gave no reason for the timing of its announcement. Shortly after the news became public, Chinese residents began to attack plans to build the park. The Wall Street Journal reports that, based on online polls and comments “Walt Disney won’t make Shanghai the happiest place in the world.”
Disney joins a long list of companies from Dell (NASDAQ:DELL) to Wal-Mart (NYSE:WMT) to McDonald’s (NYSE:MCD) and Ford (NYSE:F) which are willing to bet that the Chinese consumer will eventually become a critical part of the expansion of the economy in the world’s most populous country. China’s GDP has been driven by exports. The US, where most consumer-focused firms have made their profits over the years, has counted on those consumers to be the engine of its economic expansion. Read More
The Return Of Wheeling And Dealing (BRK.A)(BNI)(KFT)
Kraft (NYSE:KFT) hinted very strongly that it would open a battle with Cadbury for ownership of the British company. GM said it would keep its Opel and Vauxhall European operations about an hour later. The news of those transactions ended a day in which Berkshire Hathaway (NYSE:BRK.A) announced its largest investment ever. Mr. Buffett’s company will buy the 77.4% of Burlington Northern (NYSE:BNI) that it does not own at a tremendous premium which carries a total price tag of over $26 billion.
All of that in less than 24 hours. Read More
The Layoff Culture Lives On
Economists still expect layoffs in the US and Europe to slow as the recovery gains momentum. Pessimists among experts on GDP growth and job losses believe that the major risk of a double-dip recession is that unemployment will keep rising well beyond the middle of next year. Read More
Asia Markets And Europe Open (11/4/2009)
Markets in Asia rose modestly
The Nikkei was up .4% to 9,844. Sony (NYSE:SNE) fell.
The Hang Seng rose 1.8% to 21,815.
The Shanghai Composite was up .4% to 3,127.
At the open in Europe, the FTSE wsa up .6% to 5,058. The Dax rose 1% to 5,405. The CAC advanced .9% to 3,615.
Data from Reuters and MarketWatch.
Douglas A. McIntyre
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Today’s top tickerspy Indexes Tobacco and Tobac... +4.4% Pollution Control... +1.5% Optical Networkin... +1.1% Drug Delivery Sto... +0.9% Home Furnishing R... +0.7% 
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