Heavy Hitters: Microsoft Plunges 11%, GE and Saks Jump Higher
Shares of Saks (NYSE:SKS) surged more than 8 percent on Friday and continued to climb higher in late afternoon hours. Reports indicate that Starwood Capital has offered between $17 and $18 a share for the luxury retailer.
General Electric (NYSE:GE) shares gained 4.6 percent on Friday and edged slightly higher in late afternoon trading. Shares are now at their best level since 2008. The company recently reported second-quarter results. Total second-quarter orders increased 4 percent — up 20 percent in the United States. Industrial segment sales and margins both increased, 5 percent and 50 basis points, respectively. Infrastructure orders increased 4 percent to $24.1 billion, and the company’s backlog of equipment and services increased $7 billion to $223 billion, the highest ever.
Shares of Microsoft (NASDAQ:MSFT) plunged 11.4 percent on Friday and continued to attract attention in late afternoon hours. It was the company’s biggest single-day decline in years. Late Thursday, Microsoft reported quarterly earnings of 59 cents per share, well below estimates calling for 75 cents per share. Google (NASDAQ:GOOG) shares also declined after weaker-than-expected quarterly results.
Apple (NASDAQ:AAPL) shares dipped 1.6 percent on Friday, despite more speculation that the tech giant will release a new iPad mini with Retina display this October, according to the Taipei-based DigiTimes via Apple Insider. DigiTimes’s unnamed insider sources, “LG [Display] (NYSE:LPL) is reportedly making new headway in producing Retina panel technology for use in the next-generation iPad mini, and expects to ship about 2-3 million units a month in preparation for Apple’s expected October release date.”
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