Ultimate Market Recap: The New Apple TV, Marvell Tech Down 15%

Pre-Market MOVERS: Aeropostale SINKS, Facebook and Apple Move HIGHER

Shares of Gap (NYSE:GPS) jumped 2.74 percent in early trading. The clothing retailer reported that net income for the second quarter rose 28.6 percent to $243 million (49 cents per share), compared to $189 million (35 cents per share) a year earlier. The company beat the mean analyst estimate of 37 cents per share. “Customers responded well to our product offerings across our brands, driving a healthy increase in sales and earnings per share during the quarter,” said Glenn Murphy, chairman and chief executive officer. “Our continued focus on product and store execution are helping to drive positive momentum and we’re committed to sustaining solid performance for the remainder of the year.”

Aeropostale (NYSE:ARO) shares plunged 7.03 percent in early trading. The company said net income in the second quarter crashed 97.6 percent to $71,000, compared to $2.9 million a year earlier. Revenue edged 3.7 percent higher to $485.3 million in the same time period. It was a miss on the top and bottom line for the company. Thomas P. Johnson, chief executive officer, commented, “While we were encouraged by the customer response to our fashion offering, we were disappointed by our overall financial performance for the second quarter.”

Don’t Miss: Can the Negotiator Resurrect Priceline’s Stock?

After falling 6.27 percent and hitting a new intraday low of $19.69, Facebook (NASDAQ:FB) shares continued to decline in late trading, but have begun to recover this morning, up 0.40 percent in pre-market trading. Thursday marked the first post-initial public offering lockup expiration, bringing 271.1 million new shares to the market and boosting the number available for trade by 60 percent.

Shares of Apple (NASDAQ:AAPL) climbed to reach an all-time closing high of $636.34 yesterday, and continue to climb in pre-market trading today. According to the WSJ, the tech giant is holding talks with Time Warner Cable (NYSE:TWC) and other leading cable operators about creating a set-top box that will enable viewers to watch live TV and other content.

Investor Insight: Facebook FAILS to Earn Investor Confidence

Wall St. Brief: Apple Wants to REVOLUTIONIZE TV, Yahoo Searches for COO

Now that Yahoo (NASDAQ:YHOO) has their number one firmly in place with CEO Marissa Mayer, it’s time to begin a COO search as her number two, reported All Things D. It has already started after “several Silicon Valley executives and others outside of tech” have been contacted. Yahoo is supposedly interested in “someone with a focus on restructuring and also finance,” as a complement to Mayer’s product development strength.

Don’t Miss: Is Apple EXAGGERATING Samsung’s Success?

Apple (NASDAQ:AAPL) wants its TV set-top box users to have the opportunity to enjoy shows any time they want along with watching live TV, reported the Wall Street Journal. One option is a cloud-based service, which could automatically store the programs, but this feature would require new Hollywood content-licensing deals.

AMR (AAMRQ.PK) will try for a second time to persuade a bankruptcy judge to allow it to negate its pilots’ labor contract; they rejected a revised deal last week. The APFA flight attendants union supports a modified agreement and said the judge has issued “blistering indictment of the labor unions;” they are concerned he’ll allow AMR to set new conditions.

Chevron (NYSE:CVX) has appealed an injunction that had stopped the company and Transocean (NYSE:RIG) from conducting business in Brazil until there’s a trial of the companies and some of their executives for last November’s oil spill northeast of Rio de Janeiro. Chevron also wants begin drilling at that field again; it has been shut down since March.

Brocade (NASDAQ:BRCD) CEO Michael Klayko has resigned after a seven-year tenure after attempts to sell the company have failed. The news came when Brocade announced its fiscal quarter three results. Its net profit increased to $43.3 million from $1.94 million in the previous year. Earnings per share of $0.14 and the 10 percent revenue increase to $555 million beat estimates.

Don’t Miss: Is Facebook Playing a DIRTY Game?

Ares Capital PRICES 22.5M Shares and 4 Hot Stocks Creating Market Buzz

The Gap Inc. (NYSE:GPS) has been declining for years, but better times could be ahead for the clothing retailer running Old Navy, Banana Republic, and the Gap. Corporate profits increased 29 percent during the latest quarter for the San Francisco-based company which has been struggling to hold on to its fashion status. The newest results provided more confidence that a comeback, that started early this year, is taking hold. The company improved its marketing and this spring and summer, pushed trendy clothing such as brightly colored jeans. Gap expanded in other countries too as it intends to close a third of all US Gap stores by 2013’s end. The company intends to keep its Old Navy stores in North America, but minimize them. Shares of The Gap Inc. are trading 4.63% higher today.

Don’t Miss: A.M. Movers: Gap and Apple Climb Higher, Molycorp Plunges 8%.

The J.M. Smucker Company (NYSE:SJM) stated that its U.S. Retail Coffee segment net sales saw a 4 percent rise during Q1 versus last year, as raised volume and a favorable sales mix driven by K-Cups were somewhat offset by lower net price realization reflecting price declines since Q1 of 2012. Segment volume saw a 5 percent rise during Q1, as the Folgers brand increased 4 percent and Dunkin’ Donuts packaged coffee rose by 11 percent. The U.S. Retail Coffee segment profit was down $13.3 million, or 10 percent, during Q1. Shares of The J.M. Smucker Company are trading 5.99% higher today.

Hibbett Sports, Inc. (NASDAQ:HIBB) expects to open 55 to 60 new stores, expand nearly 15 high performing stores, and close as many as 18 underperforming stores in FY13. Shares of Hibbett Sports, Inc. are trading 5.52% lower today.

Ares Capital Corporation (NASDAQ:ARCC) announced that it has priced its public offering of 22,500,000 shares of its common stock, and it has granted the underwriters an option to purchase as many as an additional 3,375,000 shares of common stock. The offering is subject to customary closing conditions and should close on August 22, 2012. The offering of the shares is being made beneath Ares Capital’s shelf registration statement, which was filed with, and declared effective by, the Securities and Exchange Commission. On August 16, 2012, the latest reported sales price of Ares Capital’s Common Stock on The NASDAQ Global Select Market under the symbol “ARCC” was at $17.42 per share. Shares of Ares Capital Corporation are trading 3.46% lower today.

Piedmont Natural Gas Company Inc. (NYSE:PNY): In a surprising turnaround, the amount of carbon dioxide that is being released into the atmosphere in the U.S. has declined a huge amount to its lowest level in 20 years, and government officials claim that the most prominent reason is that cheap and plentiful natural gas has influenced numerous power plant operators to make the switch from dirtier-burning coal. Shares of Piedmont Natural Gas Company Inc. are trading 0.19% higher today.

Don’t Miss: Here’s How Apple Plans to Change TV Forever. 

Morning BUZZERS: Gap and Apple Climb HIGHER, Molycorp Plunges 10%

Aeropostale (NYSE:ARO) shares fell 9.88 percent this morning. The company said late Thursday that net income in the second quarter crashed 97.6 percent to $71,000, compared to $2.9 million a year earlier. Revenue edged 3.7 percent higher to $485.3 million in the same time period. It was a miss on the top and bottom line for the company. Thomas P. Johnson, chief executive officer, commented, “While we were encouraged by the customer response to our fashion offering, we were disappointed by our overall financial performance for the second quarter.”

Shares of Apple (NASDAQ:AAPL) edged 1.11 percent higher after Jefferies reiterated its Conviction Buy rating on the tech giant. Analyst Peter Misek also raised his price target on Apple to $900 from $800, citing supply checks indicate the iPad Mini and iTV have gone into production.

Don’t Miss: Facebook FAILS to Earn Investor Confidence

Molycorp (NYSE:MCP) shares plummeted 9.95 percent on Friday, reach new all-time lows. The rare earth miner received a downgrade to Hold from Buy at Dahlman Rose, citing concerns about the Mountain Pass projected being completed as scheduled.

Ann (NYSE:ANN) shares surged 19.51 percent after reporting financial results for the second quarter. Net income rose 24 percent to $30.7 million (63 cents per share), compared to $24.8 million (47 cents per share) a year earlier. Revenue also increased 6.6 percent to $594.9 million. It was a beat on the top and bottom line for the company.

Gap (NYSE:GPS) shares increased 4.60 percent this morning. The clothing retailer reported that net income for the second quarter rose 28.6 percent to $243 million (49 cents per share), compared to $189 million (35 cents per share) a year earlier. The company beat the mean analyst estimate of 37 cents per share. “Customers responded well to our product offerings across our brands, driving a healthy increase in sales and earnings per share during the quarter,” said Glenn Murphy, chairman and chief executive officer. “Our continued focus on product and store execution are helping to drive positive momentum and we’re committed to sustaining solid performance for the remainder of the year.”

Investor Insight: Do Hedge Funds Still Have Faith in GOLD?

Toyota RUMORED to Collaborate with Ford on Hybrid and 4 Hot Stocks Trading Today

Bank of America Corporation (NYSE:BAC): According to IB Times, Florida’s state regulator has issued subpoenas to Lloyds (NYSE:LYG), Bank of America (NYSE:BAC), Societe Generale (SCGLY), Credit Suisse Group (NYSE:CS), Credit Agricole (CRARY), Royal Bank of Canada (NYSE:RY) and Rabobank and says it is “actively reviewing the Libor matter.” Shares of Bank of America Corporation are trading at 1.95% higher today.

Don’t Miss: Do Hedge Funds Still Have Faith in GOLD?

Alexandria Real Estate Equities Inc. (NYSE:ARE):  Alexandria Real Estate Equities Inc.’s stock, in a research note issued on Thursday, had their “overweight,” rating reaffirmed by Barclay’s Capital. Their shares traded up 0.39% and hit $74.24.  The company has a one year low of $56.10, a one year high of $76.50, and a market cap of $4.621 billion with a P/E ratio of 52.08. Shares of Alexandria Real Estate Equities Inc. are trading at 1.033% lower today.

Toyota Motor Corporation (NYSE:TM):  The Chevrolet Silverado Hybrid may have competition from Ford and Toyota, if GM’s full size truck hybrid survives into a second generation. Ford and Toyota engineers are developing rear-drive hybrid technology that could lead to a future F-150 hybrid, among other possible vehicles. Shares of Toyota Motor Corporation are trading at 0.28% higher today.

GMAC LLC (NYSE:GOM):  Riding a rebound in auto sales, General Motors, this week, shored up the capital of their purchasing arm with a United States $1 billion bond issue. The fallen Detroit giant is battling back from bankruptcy and trying to rebuild the lending business that they sold six years ago. Shares of GMAC LLC are trading at 0.10% lower today.

Apple Inc. (NASDAQ:AAPL):  According to the Wall Street Journal, the trial in San Jose, CA entered its final days in the ongoing patent battle between Apple (NASDAQ:AAPL) and Samsung Electronics Co. (SSNLF). Apple contends they are owed over $2.5 billion in damages based on a host of Samsung devices that are infringing on several of their patents. A lawyer for Samsung provided testimony and evidence designed to reduce the potential penalty that the company would face if the jury rules that Samsung devices violated Apple patents. Shares of Apple Inc. are trading at 1.15% higher today.

Don’t Miss: Will Apple Be Pushing $700 By Next Month? 

Marvell Tech’s Q2 Earnings Fall 52% and 4 Hot Stocks to Notice

Ann Inc. (NYSE:ANN):  Ann Inc.’s fiscal year 2012 gross margin rate performance is expected to be in the neighborhood of 55%, with their total selling general and administrative expenses expected to approach $1.140 billion. The company’s effective annual tax rate is anticipated to be around 40%, with capital expenditures at approximately $160 million. Their total weighted average square footage for the fiscal year 2012 is expected to increase slightly, reflecting the opening of roughly 65 new stores, which are partially offset by the downsizing of Ann Taylor stores and about 30 store closings. The Company expects to have approximately 985 stores at the end of their fiscal. Shares of Ann Inc. are trading at 21.89% higher today.

Don’t Miss: Will Apple Be Pushing $700 By Next Month? 

Brocade Communications Systems, Inc. (NASDAQ:BRCD):  Ahead of the bell, and thanks to a higher than expected quarterly earnings results, Brocade Communications Systems, Inc. received a slew of upward price target adjustments. Specifically, Baird raised their stock from $6 to $7, while Thinkequity, FBN Securities, and UBS also lifted their respective price targets. Currently, the equity boasts a 12 month climb of about 70%, and has bested the broader Standard and Poors 500 Index (SPX) by an increase of 12 percentage points. It stands to reason that calls outweigh puts, as evidenced the security’s 20-day ISE/CBOE/PHLX call/put volume ratio of 3.72. In other words, during the last four weeks, calls bought to open have nearly quadrupled puts. Shares of Brocade Communications Systems, Inc. are trading at 2.09% higher today.

Marvell Technology Group Ltd. (NASDAQ:MRVL):  As the chip maker continued to suffer from weaker demand in their core businesses, Marvell Technology Group Ltd.’s (NASDAQ:MRVL) fiscal second quarter earnings declined by 52%. Results fell short of company estimates and shares fell 7.3% in after-hours trading to $11.38, their stock was down 11% so far this year. “Our results in the second quarter were affected primarily by the slowdown in the macro-economic environment that impacted our storage and mobile end markets,” said Chief Executive Sehat Sutardja. Shares of Marvell Technology Group Ltd. are trading at 15.19% lower today.

Idenix Pharmaceuticals, Inc. (NASDAQ:IDIX):  Idenix Pharmaceuticals, Inc.’s shares were upgraded, this morning, by Brean Murray, and JPMorgan added the stock to their Focus List. Shares of Idenix Pharmaceuticals, Inc. are trading at 1.03% higher today.

Geron Corporation (NASDAQ:GERN):  After a report touted the company’s cancer drugs that are under development, Geron Corporation (GERN), a Menlo Park, California based bio-technology company, gained the most in almost two months. Though their shares lost 38% over the last 12 months, they rose 15% to $1.97 in their biggest intra-day advance since June 22. Shares of Geron Corporation are trading at 0.99% lower today.

Don’t Miss: Apple: Amazon Is DRIVING DOJ’s E-Book Case. 

More from The Cheat Sheet