Ultimate Market Recap: Sony Makes Staggering Cuts, HP Hardship

Wall St. Brief: Sony SLASHING Jobs, Hewlett-Packard Gets SLAMMED

Hewlett-Packard (NYSE:HPQ) reported its worst loss in its corporate history on Wednesday. Its fiscal quarter three adjusted earnings per share dropped to $1 from $1.10 from the previous year and exceeded estimates while revenue fell 5 percent to $29.67 billion and missed consensus. Hewlett-Packard’s PC and printers business sales fell. CEO Meg Whitman, while trying to perform a turnaround, forecast gloomy short-term prospects for both divisions.

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Qantas (QUBSF.PK) canceled an order for 35 longer-distance Boeing (NYSE:BA) 787-9s aircraft at a $8.5 billion after a fiscal year net loss of A$245 million ($257.4 million)–a first since 1995. Qantas did keep a 787-8 order for 15 aircraft, which will be delivered in the second half of 2013. Boeing will also pay Qantas $433 million, including more than $300 million from late deliveries.

Ericsson (NASDAQ:ERIC) will sell its fiber-access assets to Calix Inc. (NYSE:CALX). The deal is likely to close in the fourth quarter but its terms were not disclosed. Calix shares rose 8.75 percent in after-hours trading.

Sony Corp.’s (NYSE:SNE) mobile-phone business will cut around 1,000 jobs or 15 percent of its global work force by March 2014 as it tries to slash costs and see profitability. Sony Mobile Communications said in a statement on Thursday, that its corporate headquarters will move to Tokyo from Lund, Sweden, effective in October. It will also alter the global structure for its Japan, Sweden and China development sites.

On Thursday, the NY Fed will auction the last batch of CDOs from Maiden Lane III, which is a vehicle for the rescue of AIG (NYSE:AIG). The sale will include $3.4 billion of mortgage debt. AIG has already received more than $6 billion in proceeds from prior auctions and may see another $1.9 billion. This could help them purchase additional shares back from the Treasury.

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Williams-Sonoma, Inc. (NYSE:WSM): “Williams-Sonoma continued to impress in second-quarter 2012, and we are pleased to hear management plans to introduce a new DTC [direct-to-customer] concept and expand internationally in the near term,” Anthony Chukumba, who is an analyst for BB&T Capital Markets, stated in a note. “We are raising our price target to $43 from $40 and reiterate our buy rating.” Shares of Williams-Sonoma, Inc. are trading 0.82% lower today.

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Hormel Foods Corporation (NYSE:HRL) reports its Q3 revenue a $2.0 billion, consensus $2.01 billion. Shares of Hormel Foods Corporation are trading 1.16% higher today.

Novacopper Inc (NYSE:NCQ) observed unusual market activity in the Company’s stock on Wednesday. Because of this, the Exchanges have contacted the Company in accordance with their usual practice. The Company does not know of any reason for this strange market activity. Shares of Novacopper Inc are trading 6.02% lower today.

Bank of America (NYSE:BAC): The Fed made strong indications that it is preparing new steps to bolster the economic recovery, claiming that measures would be needed soon unless growth substantially and convincingly picks up, according to minutes form the July 31-August 1 policy meeting, and reports the Wall Street Journal. Shares of Bank of America are trading 0.24% higher today.

Apple Inc. (NASDAQ:AAPL): Qualcomm (NASDAQ:QCOM) has confirmed to engadget that the company’s quad-core Snapdragon S4 chips are to be used in an upcoming smartphone from LG which is to compete with Samsung (SSNLF) and Apple devices at the high end of the market, the blog says. Shares of Apple Inc. are trading 0.01% lower today.

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Facebook, Inc. (NASDAQ:FB):  In a letter to the Securities and Exchange Commission, Citigroup (NYSE:C) called for a rejection of Nasdaq OMX Group’s (NASDAQ:NDAQ) plan to make up some losses for firms that were involved in the exchange operator’s handling of Facebook’s (NASDAQ:FB) initial public offering in May. The bank charged that Nasdaq was “hasty” and “self-interested” in their management of the IPO. Shares of Facebook, Inc. are trading at 0.72% higher today.

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AT&T, Inc. (NYSE:T):  Two smaller wireless companies, T-Mobile and MetroPCS, announced unlimited-data offerings this week as they try to compete with AT&T, Inc. and Verizon.  This marks a comeback for unlimited wireless data after the two largest companies stopped offering these plans to customers. Shares of AT&T, Inc. are trading at 0.01% lower today.

Nokia Corporation (NYSE:NOK):  The Verge reported that Nokia is planning to take the wraps off two new Lumia handsets that are code named “Arrow” and “Phi.”  AT&T will be the main carrier.   Shares of Nokia Corporation are trading at 6.77% higher today.

 Big Lots (NYSE:BIG):  After Big Lots Inc. said their second quarter net income tumbled 38% and slashed their profit prediction for the full year, the discount retailer’s shares declined another 18%.  The company also announced a shakeup in their executive ranks.

Microsoft (NYSE:MSFT):  Today, Microsoft Corp. announced the “Election 2012 Hub on Xbox LIVE,” a unique opportunity for Xbox 360 owners to watch and interact with live election coverage of the presidential debates, learn the facts about the candidates, hear the issues from Face the Facts USA, register to vote through Rock the Vote, and participate in live daily polling from YouGov. NBCNews.com will deliver daily election programming to keep users up-to-date.  Members will be able to fully access the first wave of content, which will focus on convention-related news, beginning Monday, Aug. 27.

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The Hain Celestial Group, Inc. (NASDAQ:HAIN) stated that its U.K. subsidiary has agreed upon a deal for the acquisition from Premier Foods PLC, its packaged grocery brands and a manufacturing facility. The deal covers such products as peanut butter, honey, jams, fruit and jelly, marmalade and chocolate, states Mellville, N.Y.-based Hain. Terms require the payment of 170 million pounds in cash along with shares of Hain Celestial common stock which has a value of 30 million pounds. Shares of The Hain Celestial Group, Inc. are trading 17.96% higher today.

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Guess?, Inc.’s (NYSE:GES) fiscal Q2 income dropped 29 percent as continued European weakness coupled with lower sales in North America overshadowed significant growth in the apparel maker’s Asian market. Shares fell 17 percent to $27.80 premarket following the company’s prediction of a weak Q3 and again lowered its full-year guidance. Shares of Guess?, Inc. are trading 22.26% lower today.

Helmerich & Payne, Inc. (NYSE:HP) EPS forecasts has been lowered by Jefferies Group analysts in a research note that was issued to investors on Thursday. Currently, the firm has a hold rating and a $17.00 target price on the stock. Shares of Helmerich & Payne, Inc. are trading 2.24% lower today.

Hewlett-Packard Company (NYSE:HPQ), or HP, announced that the U.S. Air Force, or USAF, has chosen HP to deliver business PCs and workstations as part of its enterprise IT purchase program. The award, which is part of the USAF CCS, or Client, Computing and Servers, Quantum Enterprise Buy, or QEB, should add to the 1 million units of HP products the USAF has deployed throughout the U.S., Europe and Asia Pacific in the past seven years. In compliance with USAF requirements, HP is to include customized agency configurations that meet strict standards and tests for memory, audio, video and other specifications. Through the QEBs, the USAF has procured more PCs and workstations from HP than from any vendor or manufacturer. Shares of Hewlett-Packard Company are trading 8.05% lower today.

Kayak Software Corp (NASDAQ:KYAK): After the market closed on Wednesday, the company reported Q2 2012 earnings slightly beating estimated results. It is important to note that this was the first earnings report since going public back on July 20. Shares of Kayak Software Corp are trading 2.89% lower today.

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