Daily Market Commentary for July 19, 2011
Wall Street seemed to be intently focused on News Corporation (NasdaqGS: NWS) Chairman Rupert Murdoch testified before a British parliamentary. (read more at Millennium-Traders.Com)http://www.millennium-traders.com/news/newscommentary.aspx
Comments from James Murdoch: Surprised To Find Some Mulcaire's Legal Fees Paid; Allegations Of Hacking Were More Serious; News Of The World Closure Serious Matter Of Regret; Brooks Resignation And News Of World Closure Unrelated; Size Of Hinton, Brooks Payments Are Confidential; Surprised That Clive Goodman Paid After Court Case; Perhaps I Lost Sight Of News Of The World; : No Knowledge Of Coulson's Wages After He Left News International; Will Leave Option Open On New UK Sunday Paper; No Decision To Launch New UK Sunday Tabloid; Set Up Independent Committee To Set UK Code Of Conduct; Welcomes UK Review Into Media Industry; All UK Paper Industry Needs To Consider Journalistic Ethics; Managers Should Record Cash Payments; Reiterates Apology For News Of The World Hacking; Many Of The Guilty People Had Already Left Company; Have To Find And Deal With Guilty People; Told Father After Settlement With Gordon Taylor Made In 2009; No Evidence That Brooks, Hinton Had Knowledge Of Hacking; Established A Group To Cooperate With Police; Aim Of Group Is To Be Proactive, Transparent; Will Ensure It Doesn't Happen Again; News Corp Will Put Things Right; Actions Do Not Live Up To News Corp Standards; Apologies To Victims Of Phone Hacking; Hacking, Police Payments Have No Place In Our Business; Not Aware Of Phone Hacking Allegations In Other Countries; Became Aware That Dowler's Phone Hacked When Reported In Press Conference.
InterDigital (NasdaqGS: IDCC) shares surged by 22% after announcing that the board was reviewing options including a sale of patents or the whole company.
F5 Networks (NasdaqGS: FFIV) was hosting a gain on the session, into early afternoon of almost 6 points, ahead of earnings release on Wednesday.
Avery Dennison (NYSE: AVY) shares were down sharply by 12% after reporting that company expects lower Q2 sales and trimmed its full-year profit outlook.
Goldman Sachs Group (NYSE: GS) was trading at a new 52 week low after reporting earnings that missed Wall Street expectations.
Lincare Holdings (NasdaqGS: LNCR) shares were off by 7% into early afternoon trading when company reported income fell in Q2.
Economic data released today:
U.S. ICSC/Goldman Sachs Chain Store Sales: +0.4% in week of July 16 and U.S. ICSC/Goldman Sachs Chain Store Sales +4.5% on year.
Building Permits: Building Permits +2.5% to 624K Rate in June.
Housing Starts: U.S. May Housing Starts Revised to Unchanged from +3.5%; U.S. June Housing Starts +14.6% to 629K vs. Consensus +2.0%.
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