Groupon, Inc. (GRPN) began a review process of its nearly 5,000 sales reps to clean out poor performers. The company will cut 10 percent of these workers; however, according to a company spokesperson, Groupon isn’t planning layoffs but a “performance review process for managing out and replacing low performers.” This comes as the company plans to go public on Nov. 4 on the Nasdaq (NASDAQ:NDAQ).
Clearwire Corporation (NASDAQ:CLWR) saw its stock shoot up after a Bloomberg report said the company was very close to an extension with Sprint Nextel Corporation (NYSE:S) in their 4G network-sharing agreement. Part of the three to five-year extension includes Clearwire’s LTE buildout and an opportunity for Sprint to utilize Clearwire’s network to provide services to its customers after their current deal expires in 2012. Sprint didn’t provide any financing details but its stock rose on the news.
Samsung Electronic (SSNLF.PK) hit its year over year growth out of the ballpark with an approximate 300 percent smartphone sales increase . It provides a nice wake-up call to Google Inc. (GOOG), who needs to get going if it wants to keep Motorola’s Mobility Holdings Inc.’s (NYSE:MMI) phone business, who recently reported a 20 percent rise in phone shipping in the third quarter.
Baidu (NASDAQ:BIDU) shares jumped on a positive third quarter earnings report and fourth quarter guidance. The company says the great performance came from advertising and possibly a recent home-page redesign. Sector stocks rose on the news including Sina Corporation (NASDAQ:SINA), Sohu.com (NASDAQ:SOHU) and Renren (NYSE:RENN).
Advanced Micro Devices Inc. (NYSE:AMD) reported a strong third quarter earnings report and received an upgrade to Outperform from a Wells Fargo analyst. The firm attributed the healthy report to a strong fourth quarter guidance, which advocates the company’s previous yield issues are being addressed and its average CPU selling price as compared quarterly to Intel Corporation’s (NASDAQ:INTC) flat one.
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Google Inc. (NASDAQ:GOOG) announced a software update on its Google TV. The product was on its death bed but its platform will now run on the company’s Honeycomb Android OS, and includes access to Android Market. It also has a streamlined appearance with a quick-launch bar at the screen’s bottom for the viewer’s most-used apps including Netflix and YouTube video.
With the week’s earlier news that Apple Inc. (NASDAQ:AAPL) may be on the move with a TV of their own, perhaps it was the kick in the butt that Google needed.
Netflix, Inc. (NASDAQ:NFLX) addressed the recent negative consumer response to price increases and changes in its third quarter earnings report filed in a Securities and Exchange Commission 10-Q document. The company bluntly wrote, “If we do not reverse the negative consumer sentiment toward our brand and if we continue to experience significant customer cancellations and a decline in subscriber additions, our results of operations including our cash flow will be adversely impacted.”
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