Morning Buzzers: Vringo Rockets 23%, HP’s Downward Spiral Continues
Shares of Vringo (AMEX:VRNG) jumped more than 23 percent Thursday morning. The company’s legal battle with internet search giant Google (NASDAQ:GOOG) will move forward. On Wednesday, the judge overseeing the case denied Google’s request for a summary judgment, and ordered the two firms to discuss a settlement. If an agreement is not reached, a trial is set to begin later in October.
Coinstar (NASDAQ:CSTR) shares have been attracting attention since the start of the today’s session. The company is trying to break into the $28.5 billion out-of-home coffee market. Coinstar is testing 12 coffee drinks to sell at public dispensers and will narrow it down to seven. The company grinds beans from Seattle’s Best brand, owned by Starbucks (NASDAQ:SBUX).
Facebook (NASDAQ:FB) shares are trading down now after jumping in early trading. The social media giant announced that there are now more than one billion people using Facebook actively each month. In a press release, Mark Zuckerberg says, “Helping a billion people connect is amazing, humbling and by far the thing I am most proud of in my life.”
Hewlett-Packard (NYSE:HPQ) shares continue to decline after Meg Whitman, chief executive officer, said she expects the coming fiscal year to be another difficult one for the technology company, saying HP will experience a “broad-based profit decline.” The company projected revenue at its enterprise services to drop about 11 percent to 13 percent, and estimates earnings of $3.40 to $3.60 per share. On Thursday, Whitman tells CNBC that rebuilding the company is a four or five year plan.
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