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ALPHA TRENDS end of day summary 11/27/2007
Market View: Positive but choppy session -Update- -Technical-
The market was firmer from the opening bell but trading activity was relatively volatile. Reports of a substantial foreign investment in C, positive commentary from BCS and CFC (Fannie/Freddie issues no impact on ability to fund loans) provided a boost to the beleaguered Finance segment (Broker +3%, Insurance +2.4%, Bank +2.2%, XLF +1.9%). Consistent strength was also noted in Internet following favorable comments from EBAY regarding Black Friday. Weaker than expected Consumer Confidence data led to some morning pressure but the indices all held above unchanged with Finance quickly finding its footing once again. The rally into midday developed no follow through with some declines noted in the afternoon but the bulls took control again in late trade. The indices had become extended on a technical basis in the wake of the Oct/Nov decline and with the Dow and S&P 500 hitting the 10% loss level yesterday (matched the Dow's 10% loss level in Jul/Aug), some bargain hunting likely developed. Energy (Oil Service -2.2%, Natural Gas -0.8%, Oil -0.8%) and Gold (GLD -1.4%) topped the limited sector losers list.
Mid-day Summary
The mkt opened higher this morning on strength in financials after Citigroup (C) announced that the Abu Dhabi Investment Authority is investing $7.5 bln for a 4.9% stake in the bank. While Citi shares are actually lower on the session, its peers are outperforming. Barclays (BCS) also offered a measure of support to the mkt after saying it is on track to meet analysts' expectations for earnings growth of 4% this year, saying diversification has shielded it from recent turbulence in capital mkts. After holding it opening gains, the mkt rolled over around 10:00ET, following the release of the Nov Consumer Confidence data. It showed a worse than expected read of 87.3 (consensus 91.5), which is the lowest read in two years. The major averages traded back down near unchanged following the release, but were able to hold yesterday's lows. The mkt proceeded to push above its opening highs, but the velocity of the climb weakened just before mid-day. However, the major averages are currently at intraday highs. The move began shortly after comments from Philadelphia Fed President Plosser, but he remained guarded, mostly discussing inflation risks. Note Chicago Fed President Evans remains to speak on the Fed calendar this afternoon, talking at 13:30ET on the economic outlook. Dow is currently +225 to ~12968; Nasdaq is currently +37 to ~2578; S&P is currently +18 to ~1425. Today's strongest sectors include Brokers, Banks, Rails, Airlines and Semis. Today's weakest sectors include Gold/Silver, Oil and Natural Gas... It's worth mentioning the action in eBay (EBAY) today, which is trading up over 5% after announcing its site was the most visited eCommerce site on Black Friday, with data from PayPal showing a 33% increase from the year earlier on online payment volumes. The co followed that up by reaffirming its FY07 guidance at the Credit Suisse Tech Conference... Yesterday, the Bond mkt witnessed a dramatic spike in the latter half of the session that took 10-yr yields all the way down to ~3.85%, which was within spitting distance of their 2005 low of 3.80%. However, treasuries have seen a nearly complete reversal today, declining sharply following the positive news out of financials. The 10-yr is currently -1 12/32 to 4.004%... In Commodities, Jan crude oil ($94.80 -2.90) sold off aggressively this morning on fears of an OPEC output increase at its Dec 5th meeting. Dow Jones reported that the group is discussing a 750K bopd increase in production because of concerns about the effect of oil prices on the U.S. economy. Dec gold ($811.50 -15.00) and Dec silver ($14.385 -0.445) have also fallen throughout the morning on the lower energy prices and signs of investor confidence in Citigroup. Dec copper ($2.9655 -0.575) sold off this morning following the Nov Consumer Confidence data, which increased speculation that a slowing economy will reduce copper usage in the U.S... In Europe, mkts fell, led by a drop in energy shares, but losses were limited by a sharp rise in financial stocks after Barclays reassured investors with a trading update. FTSE closed -0.6%; DAX closed -0.5%; CAC closed -0.4%. Note in Asia, the Nikkei closed +0.6%, the Hang Seng closed -1.5% and the Shanghai Composite closed -2.0%... On the Earnings calendar, 11 cos are confirmed to report after the close and 8 cos are confirmed tomorrow before the open, but none are expected to be market-moving releases... On the Economic calendar, nothing remains on the schedule for today. Tomorrow before the open, MBA Mortgage Applications will be released at 7:00ET, while Oct Durable Orders will be released at 8:30ET.
IRSN CHART
TBUS gapped up a little but they roped its bull horns and pulled it back into the corral... when it gets loose it gets wild.
DRI Corporation Announces Availability of CEO's Video Interview
Tuesday November 27, 9:00 am ET
DALLAS--(BUSINESS WIRE)--DRI Corporation (DRI) (NASDAQ: TBUS - News), a digital communications technology leader in the domestic and international surface transportation and transit security markets, announced today that Chairman, President, and Chief Executive Officer David L. Turney’s video interview, taped at the NASDAQ MarketSite® Broadcast Studio on Nov. 16, 2007, is now available via the NASDAQ® Home page (www.nasdaq.com) and the NASDAQ® Institutional Investor Center (www.nasdaq.com/investorscenter/ceodefault.stm).
ADVERTISEMENT
During the interview, Mr. Turney discussed: security applications of the Company’s public transit communications products; U.S. federal funding and how it impacts both the transit industry and the Company; the Company’s planned growth; and the Company’s fiscal year 2007 and long-term outlook.
The interview was conducted by financial news correspondent Sasha Salama.
ABOUT THE COMPANY
DRI is a digital communications technology leader in the domestic and international public transportation and transit security markets. Our products include: TwinVision® and Mobitec® electronic destination sign systems, Talking Bus® voice announcement systems, Digital Recorders® Internet-based passenger information and automatic vehicle location/monitoring systems, and VacTell™ video actionable intelligence systems. Our products help increase the mobility, flow, safety, and security of people who rely upon transportation infrastructure around the globe. Using proprietary hardware and software applications, our products provide easy-to-understand, real-time information that assists users and operators of transit bus and rail vehicles in locating, identifying, boarding, tracking, scheduling, and managing those vehicles. Our products also aid transit vehicle operators in their quest to increase ridership and reduce fuel consumption, as well as to identify and mitigate security risks on transit vehicles. Positioned not only to serve and address mobility, energy conservation, and environmental concerns, our products also serve the growing U.S. Homeland Security market. For more information about the Company and its operations worldwide, go to www.digrec.com.
Briefing.COM Market View:
New session lows for market indices as early leadership from Financial, Home Construction, Retail, Airline pull back off highs
Countrywide says issues affecting Freddie Mac and Fannie Mae will not materially impact its ability to fund loans - Reuters
CFC Countrywide at FBR Conf says that it has residual of ~300 mln in relation to subprime exposure
Citigroup breaks lower intraday back towards the $30.00 level and yesterday's closing low of 29.76
XOMA Limited: Intends to pursue wider development of XOMA-629 and XOMA-052; also intends to lower their capital contribution to developing Neuprex - BWS Financial (3.00 )
BWS Financial notes XOMA held a conf call after the close yesterday to discuss the business strategy the co would undertake after a new CEO was named in Oct. XOMA intends to pursue wider development of XOMA-629 and XOMA-052, which are currently in clinical development. Co also intends to lower their capital contribution to developing Neuprex by seeking a development partner. Mgmt also stated that the co would seek to in-license new compounds to broaden the pipeline. The shift in focus at XOMA underlines how CEO Steven Engle wants XOMA to be more than just a biotechnology co generating revs to meet expenses. The new business strategy at XOMA does make the business somewhat more exciting in terms of the co possessing more news flow and R&D activities that could propel the stock into a higher valuation metric.
8x8 (EGHT) announces it has signed an agreement with SYNNEX calling for the distribution of Packet8 Virtual Office hosted iPBX phone services to small and medium sized businesses... Irvine Sensors (IRSN) announces that it has entered into a Memorandum of Agreement memorializing a teaming arrangement with Applied Research Associates. Pursuant to the MOA, Irvine Sensors and Applied Research plan to jointly pursue business opportunities involving the integration of thermal and visible cameras on very small, unmanned air systems...
Going Bear: Find some big stocks that have been riding high pps's and reported poor quarters or outlooks...then short them.
ALPHA TRENDS end of day summary 11/26/2007
C Citigroup: CIBC's Whitney says still expects Citigroup to cut dividend, says Citigroup in "early stages of 'capital pressures'- Bloomberg (30.70 ) -Update-
Hydrogenics receives US$1.7 mln order for three fuel cell hybrid MidiBuses (1.05 )
Co announces that it has received a US $1.7 mln order for the delivery of three Fuel Cell Hybrid MidiBuses to the upcoming 2008 International Exposition, EXPOAGUA Zaragoza 2008 to be held next summer in the City of Zaragoza, Spain.
ALOT of great stock getting crushed today!!!!
Bond Watch: Strange Brew
Bonds blasted higher, carving out about 20 basis point ranges across the curve on the session & continued their run after the close as stocks crumbled further. The market is getting an assist from a mash-up of concerns over the ballooning shakiness in the financial world, month-&-year-end activity kicking in, sliding stocks, technical position unwinding &, of course, hyped-up concerns over credit issues & widening credit spreads. The data on tap is expected to only add to the safe-haven bid here, but from this vantage point, even horrendous numbers might see a counterintuitive knee jerk (housing, you know, must have bottomed here). The market will be way, way vulnerable to sell-offs as the run was overdone & surfing on mediocre volume so they'll likely take a hit on any inline to OK data prints. The ongoing talk of mortgage related reform is nothing new, while, sorry, it seems any talk of Countrywide being in trouble is pretty gosh-darn-old. (One longtime dealer reported that he had heard "Martians are trading bond futures!") Spreads were pushing things with the curve having spent the session flattening but sending the 2-10-yr yield spread out at 92.5 on unwinds. The euro is beginning to perk up as on all the volatility, as is the yen. The common currency will need a good run above 1.4870 to strengthen the case for fresh new highs. Spot gold is paring gains to 823.02 (-0.75) while crude oil is down at 97.58 (-0.60).
TTWO Take-Two Chairman says 'Grand Theft Auto IV' game quality will 'vastly' exceed expectations - Reuters (14.59 -0.13)
Floor Talk: Afternoon sell-off -- more of the same
Equities have extended their losses this afternoon, taking the Dow -185 pts, SPX -27 and Nasdaq -45. As far as we can see, there doesn't appear to be a single news item responsible for this afternoon's weakness, although a number of negative mortgage-related headlines did hit the tape. Rather, it just looks like more of the same -- a continuing flight to quality as ongoing worries over the credit markets continue to take the stock market down (led by the financials) and lift the bond market up. Today we're seeing a sharp rally in the bond market, which closed at session highs, pushing yields down to 3.847% -- the lowest level in two-years... Some of the factors that spurred this action this earlier today include: 1) Sen. Charles Schumer urged regulators to examine potential risks posed by a sharp increase in lending by the Federal Home Loan Bank of Atlanta to CFC. He called for a review of the Atlanta bank's policies for evaluating collateral and of the loans pledged by Countrywide to secure its advances... 2) C has dropped another 6% to fresh 5-year lows, with reports of "massive" upcoming job cuts at the bank... 3) Homebuilders weakened further this afternoon after gapping down this morning on a pre-mkt Citibank downgrade of the group (XHB -4%)... 4) Market internals, which were weak throughout the session, deteriorated further this afternoon.
XOMA XOMA Limited announces conference call to provide overview of business strategy (3.00 -0.21)
Co announces it will host a conference call and live webcast to discuss its business strategy including an overview of its clinical development plans and 2008 outlook. The conference call and webcast will take place at 5:00 p.m. Eastern time with XOMA management
Thank You!!!!!
TBUS needs to have a good day. Its like a puzzle as this stock is getting no love from its earnings and forcast....and it should not because im in it but based on fundementals alone.
Bloomberg.com reports stocks in Europe and Asia climbed, led by exporters and retailers, after American shoppers increased spending following the Thanksgiving holiday
S&P futures vs fair value: +7.2. Nasdaq futures vs fair value: +8.7
Good Morning Board....hope everyone makes some cash.
Citi's $41 bln issue: Should it put CDOs on the balance sheet? - WSJ (31.70 )
The Wall Street Journal reports $41 bln is the amount, in a worst-case scenario, of potentially shaky securities Citigroup (C) would need to bring onto its balance sheet. Citi has already taken billions of dollars of such securities onto its balance sheet and expects to take big write-downs on those holdings. The fate of the $41 bln rests on the outcome of a debate going on in accounting circles over what constitutes a "reconsideration event." Those who say Citi needs to put these CDOs onto its balance sheet argue that because Citi acted over the summer to backstop some of them, its relationship with them changed, prompting a reconsideration event. At the moment, it seems unlikely Citigroup will be forced to bring the assets onto its books. The bank doesn't believe such a reconsideration event is in order. A spokeswoman says Citigroup is confident its "financial statements fully comply with all applicable rules and regulations."
Weekly Wrap:by Briefing.Com
--Richard Jahnke, Briefing.com
U.S. stocks continued their slide during the holiday-shortened week, as concerns about consumer spending and the overall economy weighed on investor sentiment amid persisting weakness in the housing market, further credit write-downs, and rising oil prices.
Setting the tone on Monday was a Goldman Sachs (GS) downgrade of Citigroup (C) to "Sell," and its estimate that the banking giant may have to write off as much $15 billion for debt losses over the next two quarters. Citigroup has already indicated that it expects to write-down $8 billion to $11 billion in the fourth quarter due to its exposure to risky debt.
Also weighing on the market, Lowe's Cos. (LOW) posted a lower third quarter profit that was slightly ahead of analysts' expectations, but the home improvement retailer lowered its outlook for the current period in anticipation of further weakness in housing.
Following another rocky session, stocks edged higher on Tuesday, despite bad news from Freddie Mac (FRE) and a disappointing quarterly report from Target Corp. (TGT)
Amid mounting problems in the financial sector, Freddie Mac reported a sharp third quarter loss and said it had set aside $1.2 billion in the quarter to account for credit losses. Additionally, Freddie Mac said it had hired advisors to discuss raising capital in the near-term and noted it may cut its fourth quarter dividend by 50%. Shares of the government-sponsored mortgage backer tumbled more than 25% on the news, scraping a new 52-week low and weighing heavily on the broader market.
Meanwhile, Target shares slumped 4% after the retailer reported quarterly earnings that fell well short of analysts' expectations due to disappointing sales of high-margin products such as clothing and home furnishings. The disappointing report added to worries about consumer spending, which has helped keep the economy afloat, ahead of the holiday shopping season.
On the economic front, the Federal Reserve stated in its latest minutes that it was unsure about its decision to lower rates to help cushion the U.S. economy. However, it also cut its 2008 GDP forecast given the financial turmoil in the summer, which suggests the possibility of futher rate cuts.
On a mildly brighter note, the Department of Commerce said October housing starts jumped 3.0% to a 1.226 million annual rate. That was stronger than expected, but it is still too early to call an end to the current downturn and it would be premature to place much value on just one month of data.
Stocks fell again Wednesday, as ongoing worries about the struggling mortgage market and the broader economy prompted a sell-off ahead of the unofficial start of the holiday shopping season on Friday.
Economic news did little to boost investor sentiment during the session. The Conference Board reported its index of leading indicators fell by 0.5% in October to a two-year low, while the University of Michigan survey of consumer sentiment fell to 76.1 from 80.9 in October.
Meanwhile, initial jobless claims fell by 11,000 last week. That is a positive sign for the labor market, but the report failed to calm nervous investors.
In recognition of the Thanksgiving holiday, the markets were closed on Thursday.
Stocks, however, rebounded sharply on Friday in a bargain hunting trade that was led by financial and retail stocks. Despite the large gains, the major indices all ended the week more than 1.0% lower.
--Richard Jahnke, Briefing.com
Index Started Week Ended Week Change % Change YTD
DJIA 13176.79 12980.88 -195.91 -1.5 % 4.2 %
Nasdaq 2637.24 2596.60 -40.64 -1.5 % 7.5 %
S&P 500 1458.74 1440.70 -18.04 -1.2 % 1.6 %
Russell 2000 769.50 755.03 -14.47 -1.9 % -4.1 %
ICON Iconix Brand says court entered judgment in favor of the Co in amount of approximately $13 mln (22.19 +0.60)
Co announces that the court finalized the preliminary rulings with respect to previously-disclosed litigation involving the Co's subsidiary and entered judgment in favor of the Co in the amount of approximately $13 mln against Hubert Guez and his related entity. In addition, the court upheld an aggregate of approximately $7 mln of the jury's verdicts against two other Guez related entities. ICON will seek to recover in excess of $10 mln.
Alpha Trends end of day summary
Retailers week in review.
Retailers: Week in Review
Retailers on a whole had a positive week, with the majority of them in our universe finishing in the green. This week we saw earnings from TJX, JCP, WMT, ANN, M and KSS report earnings. JCP, WMT, M, ANN and KSS beat street expectations. Next week the majority of retailers are expected to report results, look for JWN, PERY, BKS, BJ, DKS, MWRK, NWY, ROST, SKS, TGT, GYMB, HOTT, LTD, PSUN, ANF, CHRS, BKE, GPS... Notable gainers this week were SKS +9.2%, WTSLA +9.1%, MWRK +8.8%, WMT +7.6%, and CACH +6.8%. Notable losers were WLSN -17.2%, DDS -8.8%, JCP -7.6%, TGT -3.9%, and RAD -3.5%... Noteworthy News: On Monday, November 12, Sharper Image (SHRP) signed a multiyear licensing agreement with Polaris Media Research, Inc. d/b/a Moneual Lab. The product line will be manufactured by Ubistar, one of Korea's top manufacturers of GPS receivers. Ann Taylor (ANN) announced the launch of its new beauty collection in all 350 of its stores and online indicating it as part of its overall long-term strategy for growth. They also announced the resignation of Robert Grayson from its Board of Directors... On Tuesday, November 13, Kohl's (KSS) signed a deal with Fila to become the exclusive retailer for a new Fila Sport line to debut in fall 2008 in Kohl's department stores across the country. This follows a string of exclusive brand launches including Vera Wang and Food Network lines. CostCo Wholesale (COST) announced its Board of Directors declared a quarterly cash dividend of $0.145 per share, payable December 14, 2007, to shareholders of record at the close of business on November 30, 2007. On Wednesday, November 14, Walgreen's (WAG) CEO said they were considering slowing the pace of new store openings... Analyst Actions: On Monday, November 12, Thomas Weisel cut their tgt on JWN to $37 from $50... On Friday, November 16, TGT was downgraded to Neutral from Buy at UBS; JCP tgt was cut to $55 from $67 at BMO Capital Markets; JCP was upgraded to Neutral from Underperform at Credit Suisse; KSS tgt was cut to $44 from $47 at Credit Suisse; KSS tgt was cut to $60 from $70 at Stifel; JCP tgt cut to $55 from $67 at BMO Capital Markets
Repost:HYGS Hydrogenics to streamline operations and further reduce cost; $5.2 mln of annualized payroll savings (1.09 )
Co announces that, as a result of its ongoing initiatives to streamline operations and better position itself for fuel cell commercialization opportunities, it has implemented a number of organizational changes that will reduce costs and bring more focus to product development, production and customer service activities. HYGS anticipates that the streamlining initiatives will result in a charge against 4Q07 results of approx $3.0 mln, or $0.03 per share, reflecting the elimination of 50 full time positions representing $5.2 mln of annualized cash savings by 3Q08. These staff reductions along with the corporation's decision on Nov 8th, 2007 to windup its test equipment business, will result in a 40% reduction in full time positions from 250 to 150. The 50 positions announced today are largely concentrated in administrative and operational areas. The result is a focused and fit-to-purpose organization with two business units well positioned in Hydrogen Onsite Generation and fuel cell commercialization.
Repost: ICAD icad and GE Healthcare enter into developmental agreement (1.84 )
iCAD (ICAD) and GE Healthcare, a division of GE (GE), a manufacturer of Senographe Full-Field Digital Mammography systems, announces an agreement to develop a customized version of ICAD's SecondLook Digital specific to GE's Senographe and Seno Advantage family of systems. This next generation C.A.D. system is designed to enhance the overall clinical performance with Senographe and Seno Advantage systems, specifically improving sensitivity to breast cancer imaging, enhancing usability and workflow as well as providing diagnostic support tools.
S&P futures vs fair value: +10.2. Nasdaq futures vs fair value: +11.0
Pre-market Summary
Futures indicate a higher open for the mkt following yesterday's Thanksgiving Day holiday. There isn't any specific news to account for the bullish bias, instead investors seem to be covering shorts following this week's strikingly poor showing. There also isn't any economic data on today's agenda, although plenty will be heard about the economy as shoppers take to the malls on what is heralded as "Black Friday" for retailers. Note both the stock and bond mkts will be closing early today at 13:00ET. Dow futures are currently +102; Nasdaq futures are currently +20; S&P futures are currently +14.4. For technical levels of interest, click here... There have been a few headlines out since Wednesday's close in the financial sector worth mentioning. WSJ reported GMAC Financial Services (GM) and its owners are exploring options to salvage its unprofitable mortgage arm, and they are undertaking a debt buyback of as much as $750 mln. The moves are aimed at shoring up Residential Capital, known as ResCap. The paper added the moves also could set the stage for the acquisition of a distressed competitor Northern Rock, which GMAC and Cerberus have been competing to acquire. However, on the negative side, NY Times reported losses in the distressed mortgage sector of the U.S. could reach $300 bln, only a portion of which has so far been accounted for by write-offs at major banks, according to a study released on Thursday by the OECD... There is also some M&A talk circulating this morning that is worth mentioning. BusinessWeek reports in an article in its Dec. 3 edition that a sale of UAL Corp (UAUA) may be the best option for the "iconic" airline. The story said despite the rationale from Pardus Capital, a New York-based hedge fund which owns a stake in both United and Delta Air Lines (DAL), that a marriage between the two could generate the biggest cost savings of any partnership, industry insiders believe the natural fit for Delta is with Northwest Airlines (NWA)... The Bond mkt is retreating this morning following Wednesday's strong rally and with equity futures indicating a higher open. The 10-yr is currently +10/32 to 4.046%. As mentioned above, both the stock and bond mkts will be closing early today at 13:00ET... In Commodities, Jan crude oil ($96.80 -0.49) is modestly declining after failing to break the $100 barrier on Wednesday. Dec gold ($812.70 +14.10) is rallying once again after the euro hit another all-time high overnight against the dollar ($1.4967) and the yen fell below 108 for the first time in two years (107.56)... In Europe, mkts rose for a second consecutive session as pharmaceutical shares added to their recent gains, while M&A talk helped lift recently hammered financial and mining shares. FTSE is currently +1.4%; DAX is currently +0.6%; CAC is currently +1.3%. In Asia, mkts ended mixed, with Hong Kong gaining as investors sought bargains after recent declines, while Korea pulled back as foreign investors reduced their holdings on continued uncertainty about the U.S. mkt and economy. Note Japanese mkts were closed today for a public holiday. Hang Seng closed +2.1%; Shanghai Composite closed +1.0%... Notable pre-market Calls include Upgrades: AAUK at HSBC, PTR at Bear Stearns... On the Earnings calendar, no cos are confirmed to report today after the close... Today's Economic calendar is empty.
Futures suggest a positive open. There isn't any specific news to account for the bullish bias, although it is helping on the margin that The Wall Street Journal is reporting that GMAC is exploring options to shore up ResCap, which is its unprofitable mortgage unit. By and large, the bounce this morning is primarily a rebound bid coming off this week's strikingly poor showing. Both the stock and bond markets will be closing early at 1:00 pm ET and 2:00 pm ET, respectively
Stocks I like :TBUS,NEXC,HYGS
SNE Sony 'not working on a PlayStation phone' according to staffer- theregister.com (47.33 ) -Update-
As mentioned at 7:36 theregister.com is now reporting Sony has bitten back at claims that it may be developing a PlayStation mobile phone with Sony Ericsson, stating that a senior staffer who was reported to be hinting as much was "misquoted". Sony Computer Entertainment's co-COO, Jim Ryan, was this week quoted by India's Economic Times, as saying that convergence between Sony PlayStation and Sony Ericsson's phone range was "definitely plausible" and that it would be "hugely intellectually seductive to have a console-oriented phone". Except, according to Sony Computer Entertainment Europe spokesfolks cited by website CVG, Ryan was "misquoted". A Sony spokesman told the site: "We do have talks with other arms of the Sony family about various topics but I can confirm we are not currently working together on the creation of a PlayStation Phone.
SNE Sony to introduce Playstation phone - Economic Times (47.33 )
According to an article in the Economic Times SNE may just surprise the world with a ‘Playstation Phone'. The Japanese co is toying with the idea of developing a ‘Playstation phone' that will combine the power of a gaming console with that of a mobile phone, a top co official told ET. If it hits the market, the gadget could well be the next big thing for the struggling consumer electronics giant and give it a unique product to cater to two of the fastest growing segments in the market, namely gaming and mobile telephony. Sony Computer Entertainment co-chief operating officer Jim Ryan told ET that a Playstation Phone is a future possibility: "The playstation is a proven success and so is Sony Ericsson. Convergence with the two arms working together is definitely plausible." SCE already works with Sony Electronics in jointly bundling Bravia with the Playstation franchise. Interestingly, the US Patents and Trademark Office has already received an application from the Japanese major's cellular telephony arm, Sony Ericsson, for a mobile device with video game features. Most analysts are buoyant about the prospects of Playstation Phone.
Morning News Summary
WSJ: GMAC (GM) explores ResCap options... Why Whole Foods (WFMI) investors may want to shop around. NY Times: $300 bln in write-offs is predicted. Reuters: BASF (BASFY) Chief Executive says not impossible to be acquired... Air France KLM (AKH) profit tops forecasts, shares soar. Financial Times: US group might bid for troubled SAP (SAP) unit.
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