Ultimate Market Recap: Amazon Takes On iTunes, Bad News for Nokia

Wall Street Brief: Apple DENIED, Nokia STUMBLES, Amazon PROGRESSES with Music

Apple’s (NASDAQ:AAPL) attempts to prevent Samsung’s (SSNLF.PK) flagship Galaxy S III launch on June 21 has been denied by U.S. District Judge Lucy Koh; she appears very frustrated with the large amount of lawsuits going around. A trial date has now been set for July 30.

Nokia (NYSE:NOK) announced another profit warning and an additional 10,000 job cuts by the end of 2013. The company believes its second quarter operating margin in its handset until will drop below the first quarter’s three percent level as it faces challenges entering the smartphone market. It will see EUR 1.25 billion in restructuring charges.

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Microsoft (NASDAQ:MSFT) is conducting talks to buy Yammer, a provider for enterprise social networking sites, reported Bloomberg. It could come with a price tag for more than $1 billion. Yammer would join other Microsoft products that allow business collaboration, such as SharePoint, Exchange, Lync, and Skype.

Amazon (NASDAQ:AMZN) is completing licensing deals with the big studios for its cloud music service, reported CNET. The company already has agreements with Universal, EMI, and Sony Music (NYSE:SNE), and is currently conducting negotiations with Warner Music. The deals will enable Amazon to offer an iTunes Match-like ability to stream content owned by a user without an upload.

Winnebago Industries Inc. (NYSE:WGO) reported premarket that its third quarter profit more than tripled to $3.94 million ($0.13 cents per share) from $1.2 million ($0.04 cents per share) in the previous year. Revenue rose to $155.7 million, up from $135.6 million. Analysts had expected earnings of $0.12 cents per share on $164.7 million revenue.

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New Nokia LOWS as These 4 Bellwethers Rise

Bank of America (NYSE:BAC): Wednesday, Merrill Lynch won a NY Fed auction for former AIG CDOs with a face value of $1.9B, according to the FT. The bank is set to sell an additional $5B of the assets tomorrow, held in Maiden Lane III. Shares of BoA are trading .33% higher today.

Apple Inc. (NASDAQ:AAPL): Today, Time Inc. reported that digital subscriptions of all of its consumer magazine publications (20 in total) are presently available on the iPad via Apple’s Newsstand, offering monthly and annual subscriptions, plus single issue copies. These include ALL YOU, Coastal Living, Cooking Light, Entertainment Weekly, ESSENCE, FORTUNE, Golf Magazine, Health, InStyle, Money, PEOPLE, People En Espaol, People StyleWatch, REAL SIMPLE, Southern Living, SPORTS ILLUSTRATED, Sports Illustrated for Kids, Sunset, This Old House, and TIME, available to U.S. customers and in some international markets. Present print subscribers can access these digital versions for free. Apple shares are 0.11% higher in trading today.

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Facebook, Inc. (NASDAQ:FB) will debut a real-time bidding service titled Facebook Exchange for advertising on the site, close to what Google (NASDAQ:GOOG) and other web businesses use to better target ads to individual customers, according to Bloomberg. Facebook shares are trading 1.71% higher today.

AT&T, Inc. (NYSE:T) has affirmed that the cost of its new Xperia Ion smartphone, its first 4G LTE handset, will be $99.99 and be sent out to stores starting June 24th. Shares of AT&T are trading higher by 0.89% today.

Nokia Corporation (NYSE:NOK) is reorganizing leadership: low-end phone chief Mary McDowell, marketing chief Jerri DeVard and “Markets” chief Niklas Savander (supply chain/sales) are departing. Plus, a plant and two R&D locations are closing. Nokia reported during a conference call that it will center its attention and resources on major markets and will collaborate with Microsoft (NASDAQ:MSFT) to create less-expensive Windows Phone devices. This last move is essential to avoid losses to low-end Android phones. Shares of Nokia are trading 16.85% lower today.

Kroger FLIES 4% Higher to Lead 4 Hot Stocks Now

The Kroger Co. (NYSE:KR): Following its reports of an EPS surpassing expectations and raising its full-year guidance, the Kroeger supermarket chain is climbing. According to the company, identical market sales, other than fuel, has risen 4.2% higher than the same period in 2011. Kroger maintains its 3%-5% ex-fuel identical store sales guidance, but increases its FY12 EPS guidance from $2.28-$2.38 to $2.33-$2.40. $2.32 was the Analyst’ consensus estimate. Also, the company’s board approved an initiative for a $1B share buyback. Shares of The Kroger Co. are trading 4.18% higher today.

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Smithfield Foods, Inc. (NYSE:SFD): Because the company almost exhausted its former share repurchase authorization of $250M, the board of directors recently approved a new share repurchase program which will allow Smithfield Foods to purchase $250M more of its common stock during the following 24 months. The company’s net profit has fallen from $ 98.4M to $79.5M., due to lowering margins at its fresh pork ops resulting from high feed costs, as pork supplies increased and retail demand was weaker than expected. Shares of Smithfield Foods, Inc. are trading 7.1% lower today.

International Game Technology (NYSE:IGT): As a result of a new $1B share repurchase program and a $400M accelerated agreement Goldman Sachs to buyback stock, shares are up for International Game Technology. Shares of International Game Technology are trading 10.29% higher today.

General Moly, Inc. (AMEX:GMO): A Nevada State District Court’s affirmation of the Nevada State Engineer’s approval of water rights and issuance of water permits for Mt. Hope causes shares to rise. Shares of General Moly, Inc. are trading 18.01% higher today.

Ford Motor (NYSE:F): Ford’s May UK vehicle sales have risen by 11.7% reaching 30,300 vehicles as its market share increase to 16.1%, up 0.5%. In May, Ford’s market share in its 19 Western European markets fell 0.2% to 8.1% year over year on its total sales, 102,100 vehicles. Ford’s market share has fallen 0.1% since the first 5 years and is currently 8.2% in the region. Ford’s Russian sales have increased by 11% in May, and 24.5% year-to-date. In May, Ford’s European sales have fallen 9.3%  to 130,000 vehicles, 13,500 units lower. Within the first five months of 2012, Ford’s sales totaled 630,500 vehicles in these markets, a 7.6% decrease on the this period last year.

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Biostar BOOMS 23%, LSCC BOMBS 16% and 3 Hot Stocks You Must Know Now

Biostar Pharmaceuticals, Inc. (NASDAQ:BSPM), PRC-based maker and marketer of pharmaceutical and health supplement offerings in China for a multitude of diseases and conditions, reported today that it signed a Letter of Intent with the Fourth Military Medical University to together carry out Phases I to III clinical trials for the Viacom Pine II Cream drug. The letter has been turned in to China’s military authorities for consent. Biostar shares are trading 17.69% higher today.

Lattice Semiconductor (NASDAQ:LSCC): Revenue for Lattice, compared to earlier guidance from April 19, 2012, was planned to be nearly flat to up to 4% on a sequential basis. Gross margin percentage is predicted to be around 51%, plus or minus 1%. This is in comparison to earlier guidance to be around 55% plus or minus 1%. Total operating costs are predicted to be about $39.5M, with around $1M in acquisition-related costs. Shares of Lattice are trading 12.69% lower today.

Credit Suisse Group AG (NYSE:CS) has been encouraged by the Swiss National Bank to better its capital by stopping dividends or issuing shares to generate cash to protect it from the risk of a heightening in the euro zone banking crisis. The central bank points out that leverage stays “very high” at both CS and UBS, and both ought to trim their balance sheets.

Piedmont Natural Gas Company, Inc. (NYSE:PNY) has presented a $75,000 grant to finance a collaboration with Furman, Duke and Vanderbilt universities that will promote student-led work on environmental stewardship and energy sustainability projects. Shares of Piedmont are trading 0.34% higher today.

Alexandria Real Estate Equities, Inc. (NYSE:ARE): In its second quarter of 2012, Alexandria has raised its quarterly cash dividend to 51 cents per share from 49 cents. This increase will be paid on July 16 to shareholders of record as of June 29, 2012. Shares of the company are trading 2.01% higher today.

Mid-Day Buzz: Dendreon Pops 10%, Nokia Heads South to No Man’s Land

Arena Pharmaceuticals Inc. (NASDAQ:ARNA) shares have rebounded to almost flat this afternoon. Shares have been reaching new heights, but are taking a breather today. Investors showed interest in the pending regulatory ruling on the company’s obesity-fighting drug candidate Lorcaserin. An FDA panel last month voted 18 to 4 (with one abstention) to recommend approval, and determined that possible benefits from the drug are greater than potential risks in long-term use by overweight and obese patients. The FDA often, but not always, follows panel guidance.

Dendreon Corp. (NASDAQ:DNDN) shares have gained over 10 percent as of afternoon trading. Research firm Summer Street initiated coverage on the company with a Buy rating and a price target of $18. There is potential promise for their drug Provenge.

Nokia (NYSE:NOK) shares plunged more than 14 percent as of this afternoon, after it issued another profit warning for the quarter and announced it would layoff 10,000 jobs. “These planned reductions are a difficult consequence of the intended actions we believe we must take to ensure Nokia’s long-term competitive strength,” Nokia CEO Stephen Elop said in a statement. “We are increasing our focus on the products and services that our consumers value most while continuing to invest in the innovation that has always defined Nokia.”

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Shares of Facebook (NASDAQ:FB) managed tread higher almost 2% in afternoon trading. The social-media company recently announced plans to launch Facebook Exchange, a real-time bidding platform for advertising on its site, not unlike that used by Google (NASDAQ:GOOG) and other Web companies to more effectively target ads to consumers. The service will allow advertisers to target ads to users based on their browsing history, Facebook spokesman Annie Ta told Bloomberg. The apps will be served through third-party demand-side platforms, including AppNexus, DataXu, AdRoll, Turn, and MediaMath, and will be priced based on the cost per thousand views. The new service is also designed to let advertisers deliver more time-sensitive messages, according to Bloomberg.

Best Buy Co. (NYSE:BBY) shares received a boost of over 2 percent today. The company received an upgrade from Sell to Neutral by Citigroup (NYSE:C), based on valuation looking cheap due to headline stories.

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