Wall St. Brief: Zuckerberg’s Rhetorical Support, Nokia’s Big Launch, and FedEx’s Warning
Facebook (NASDAQ:FB) said CEO Mark Zuckerberg doesn’t plan to sell any of his shares for a minimum of 12 months. Zuckerberg will be eligible to sell the stock after the lockup expires in the fall. This acknowledgement has been seen as an effort to raise confidence after the stock’s price decline.
Nokia (NYSE:NOK) will introduce its new flagship smartphone today. The Lumia 920 will operate on Windows 8 and include wireless charging support. The device will also have an 8 mega pixel camera as compared to the 41 MP sensor on the Symbian-based PureView 808. The phone is considered a do or die for Nokia. Supposedly industry insiders are disappointed it doesn’t include enough improvements from the Lumia 900.
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FedEx (NYSE:FDX) cut its FQ1 earnings per share forecast to $1.37-$1.43 from its previous $1.45-$1.60 estimate and a $1.56 consensus. In the previous year, earnings per share was $1.46. This could be FedEx’s first quarterly fall since 2009. The company said, “Weakness in the global economy constrained revenue growth at FedEx Express more than expected in earlier guidance.”
Evidence is rising that Monsanto’s (NYSE:MON) genetically modified corn’s effectiveness is declining due to bugs, according to the Environmental Protection Agency. Studies discovered that root worms on two Illinois farms had become immune to the insecticide produced by the corn. Corn represented $4.81 billion of Monsanto’s 2011 sales or 41 percent of its total.
On Monday, the Department of Justice increased its language against BP (NYSE:BP) and Transocean (NYSE:RIG) over the Deepwater Horizon oil spill. It has accused the companies of “gross negligence” in interpreting a key pressure test. With this type of finding, the January trial could possibly quadruple BP’s civil damages to $21 billion.
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