From Briefing.com: 4:47PM Texas Instruments pops 5.7% to $26.40 following news that the co will repurchase an additional $7.5 bln in stock and increase its dividend by 8% (see 16:45 comment) (TXN) 24.98 +0.31 :
4:46PM Texas Instruments surging over a point (4%) in after hours (TXN) 24.98 +0.31 :
4:45PM Texas Instruments to repurchase additional $7.5 bln in stock, increase dividend 8% (TXN) 24.98 +0.31 : Co authorized to repurchase an additional $7.5 bln of its common stock. This is in addition to the $1.3 bln in repurchase authorizations remaining at the end of June 2010. Additionally, the co plans to raise its quarterly cash dividend $0.01 per common share. TXN's new quarterly dividend will be $0.13 per share of common stock, resulting in annual dividend payments of $0.52 per common share.
4:16PM Research In Motion beats by $0.11, beats on revs; guides Q3 EPS above consensus, revs above consensus (RIMM) 46.49 +0.97 : Reports Q2 (Aug) earnings of $1.46 per share, $0.11 better than the Thomson Reuters consensus of $1.35; revenues rose 31.1% year/year to $4.62 bln vs the $4.47 bln consensus. Co reports Q2 gross margins of 44.5% vs 43.9% Thomson Reuters consensus and 44% co guidance; reports Q2 units shipped of 12.1 mln vs 11.6-12.1 mln co guidance and ~11.8 mln Street est; Q2 net subscriber adds of 4.5 mln vs 4.9-5.2 mln co guidance and ~5 mln Street est. Co issues upside guidance for Q3, sees EPS of $1.62-1.70 vs. $1.39 Thomson Reuters consensus; sees Q3 revs of $5.30-5.55 bln vs. $4.83 bln Thomson Reuters consensus, with gross margin of ~42% vs the 42.6% consensus and net sub adds in the range of 5.0-5.4 mln.
4:07PM Oracle beats by $0.05, beats on revs (ORCL) 25.36 -0.38 : Reports Q1 (Aug) earnings of $0.42 per share, $0.05 better than the Thomson Reuters consensus of $0.37; revenues rose 49.9% year/year to $7.59 bln vs the $7.27 bln consensus. Oracle (ORCL) reports Q1 Operating Margins of 39.0% vs Thomson Reuters consensus of 38.5%.
3:03PM LTX-Credence to proceed effective Oct 1 with the one-for-three reverse stock split previously approved by its stockholders (LTXC) 1.72 -0.02 :
9:57AM Dell to build flagship manufacturing and customer support center in Chengdu to support western China growth; expands Xiamen operations (DELL) 12.29 -0.01 :
09:45 am Initial Claims Cannot Break Through the 450,000 Bound
The initial claims level has stubbornly remained between 450,000 and 500,000 since the middle of November 2009. While there are some signs that suggest a breakout soon, including a severe drop-off in the number of temporary census workers still on payroll, the elevated level of initial claims continues to point to relatively weak job growth.
The initial claims level fell from 453,000 for the week ending Sep. 4 to 450,000 for the week ending Sep. 11. The Briefing.com consensus called for claims to rise to 460,000.
The continuing claims level fell from an upwardly revised 4.569 million for the week ending Aug. 28 to 4.485 million for the week ending Sep. 4. The consensus called for the continuing claims level to decline to 4.450 million.
There is no indication that the drop in the continuing claims level is due to a pickup in hiring activities. Instead it is due to a larger number of claimants facing the expiration of their benefits.
The emergency benefits level declined by 402,116 to 4.108 million for the week ending Aug. 28. This was the largest monthly decline since the beginning of April. Like the continuing claims level, the decline in emergency benefits is the result of workers running out of benefits.
09:39 am PPI Growth In-Line With Expectations
Producer prices firmed in August as the headline PPI increased 0.4% after rising only 0.2% in July. The Briefing.com consensus called for prices to increase 0.3%.
As expected, the majority of the increase in prices came from the energy sector. Energy prices increased for the first time in four months. A 7.5% increase in gasoline prices drove energy prices up 2.2%.
Food prices fell 0.3% in August as substantial price reversals in fruits, vegetables, and eggs drove overall prices lower.
Excluding food and energy, core PPI growth at 0.1% was in line with consensus expectations.
Deflationary worries were deflected some as prices down the pipeline revealed gains in August. Intermediate prices rose 0.3% after two consecutive months of declines and crude prices increased 2.3%. More importantly, core prices for intermediate and crude goods also remained positive with 0.1% and 4.1% growth respectively.
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