Stock Buzz at the Opening Bell: Dizzy Dell, Facebook Defies Gravity
Shares of Dell (NASDAQ:DELL) plunged more than 7 percent on Friday, yet are bouncing up over 1% in pre-market trading Monday. The world’s third-largest maker of personal computers reported notebooks sales were down 26 percent year-over-year in the third quarter. Meanwhile, desktop sales were down 8 percent, software and peripherals were down 11 percent, storage was down 16 percent, and services were down 1 percent. Only the company’s servers business saw improvement, growing 11 percent since last year and gaining market share. Hewlett-Packard (NYSE:HPQ) also traded lower on the news.
Gap (NYSE:GPS) shares closed 1 percent higher on Friday. The company, which also owns Old Navy and Banana Republic chains, reported crowd pleasing results for the quarter ended October 27, 2012. Net income surged 60 percent to $308 million (63 cents per share), compared to $193 million (38 cents per share) a year earlier.
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Shares of BP (NYSE:BP) held relatively steady after agreeing to plead guilty to felony charges and pay $4.5 billion in penalties concerning the Deepwater Horizon disaster. “All of us at BP deeply regret the tragic loss of life caused by the Deepwater Horizon accident as well as the impact of the spill on the Gulf coast region,” said Bob Dudley, BP’s Group Chief Executive. “From the outset, we stepped up by responding to the spill, paying legitimate claims and funding restoration efforts in the Gulf.” Shares are up almost 2% in pre-market trading.
Despite another lockup expiration, Facebook (NASDAQ:FB) shares surged more than 20 percent last week and continue to rise higher over 1% Monday morning. The sentiment may have finally reached capitulation for the world’s largest social media network. Facebook also has a new tool that offers retailers a means of tracking purchases made by Facebook users who have viewed their ads. Significantly, the system remembers what ads a user clicked on for weeks.
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