Apple Leads PC Shipments, MGM Chief Talks State Partners, and 3 More Hot Stocks
Apple Inc. (NASDAQ:AAPL): Apple led the worldwide market in overall personal computer shipments in the second quarter, despite a lack of growth in the overall PC market as a whole. Apple’s iPads led the charge, as desktops and notebooks only accounted for approximately 20 percent of its total PC shipments. However, Apple’s share of the PC market slid from 19.4 percent in the second quarter of last year to 17.1 percent in the same quarter this year.
MGM Resorts (NYSE:MGM): ”I think it’s likely that in 2014 we’ll see a compact between New Jersey and Nevada” to create a joint online gambling market, CEO Jim Murren said in an interview with Reuters. “We’ve really been focusing on Nevada’s ability to compact with other states, create more liquidity,” he added, pointing out that Nevada was too small a state to provide a large enough online market.
Nokia (NYSE:NOK): Nokia has officially closed its $2.2 billion acquisition of Siemens’s (NYSE:SI) 50 percent holding in the Nokia Siemens joint venture, which will be renamed Nokia Solutions & Networks (still NSN for short). Nokia is still planning on shedding 17 percent of the workforce — or 8,500 jobs — to 42,000 by the end of 2014. Sources told Bloomberg that the cuts would partly happen by means of “selling or shutting down plants and farming out manufacturing operations.”
Novartis AG (NYSE:NVS): Novartis’s Afinitor drug has not been proven to extend the life of patients suffering from advanced liver cancer against those taking a placebo in a Phase III trial, though the company intends to continue to study Afinitor for use in treating other cancers, including for gastrointestinal, lung and breast tumors, Seeking Alpha says.
Polo Ralph Lauren Corp. (NYSE:RL): Shares are down over 6 percent in the wake of the company’s second-quarter results, which saw earnings per share of $1.94 miss by 1 cent, and revenue of $1.65 billion fall in line. Wholesale segment sales were up 6 percent to $735 million in the first quarter as the Chaps mens sportswear performed strongly. Retail sales rose 3 percent to $879 million, and comparable-store sales were down 1 percent.