Uploaded by FinancialNewsOnline on Dec 9, 2011
This is what's in the news for December 9, 2011. The Wall Street Journal reports Wal-Mart Stores (NYSE:WMT) began an internal investigation into whether some of its workers violated the U.S. Foreign Corrupt Practices Act that prohibits bribery overseas. The Wall Street Journal reports Nokia Corp. (NYSE:NOK) will introduce its first device, called Lumia, powered by Microsoft's (NASDAQ:MSFT) latest Windows software for smartphones, in a move to enter the lucrative American market. Next week, T-Mobile USA (PINK:DTEGY) plans to announce that it will distribute the device. Reuters reports consumers spent a record $1.25B on Cyber Monday, according to comScore. Venture capitalists invested a record $2.39B in online shopping this year, according to Thomson Reuters data, more than double last year's $1.06B. Finally Bloomberg reports Bayer's (PINK:BAYRY) Yaz and its class of birth control pills containing the hormone drospirenone were backed in a close vote of U.S. advisers seeking clearer guidance for women about the danger of potential blood clots.
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Texas Instruments (NYSE:TXN) Cut Its Q4 Guidance (potential upside11.7%)
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Texas Instruments (NYSE:TXN) Cut Its Q4 Guidance (potential upside11.7%)
Uploaded by FinancialNewsOnline on Dec 9, 2011
The country's third largest chipmaker Texas Instruments (NYSE:TXN) cut its guidance for the fourth quarter and warned demand was broadly lower as customers reduce their inventories.
Texas Instruments now expects revenue of $3.19 billion to $3.33 billion compared with its earlier forecast of $3.26 billion to $3.54 billion. Its new outlook misses analyst expectations of $3.41 billion.
Even though the chipmaker's products in personal computers are down in the current quarter, TI said sales of its OMAP application processors, used in Amazon's recently launched Kindle Fire tablets, have been better than expected during the quarter.
Shares of the company dropped 6.4% in extended trade after closing down 2.45%.
Texas Instruments (NYSE:TXN) has potential upside of 11.7% based on a current price of $29.92 and an average consensus analyst price target of $33.42.
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Wal-Mart (NYSE:WMT) Launches Corruption Investigation (potential upside6.3%)
Texas Instruments now expects revenue of $3.19 billion to $3.33 billion compared with its earlier forecast of $3.26 billion to $3.54 billion. Its new outlook misses analyst expectations of $3.41 billion.
Even though the chipmaker's products in personal computers are down in the current quarter, TI said sales of its OMAP application processors, used in Amazon's recently launched Kindle Fire tablets, have been better than expected during the quarter.
Shares of the company dropped 6.4% in extended trade after closing down 2.45%.
Texas Instruments (NYSE:TXN) has potential upside of 11.7% based on a current price of $29.92 and an average consensus analyst price target of $33.42.
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Wal-Mart (NYSE:WMT) Launches Corruption Investigation (potential upside6.3%)
Uploaded by FinancialNewsOnline on Dec 9, 2011
Wal-Mart (NYSE:WMT) has started an internal investigation into whether its overseas operations complied with the U.S. Foreign Corrupt Practices Act in matters including permitting, licensing and inspections, the Associated Press reports.
The retail giant offered few details about the investigation in a quarterly report filed Thursday with the Securities and Exchange Commission. The law broadly deals with bribery and accounting rules when companies are doing business overseas.
Wal-Mart said it doesn't believe the issue will have a material impact on its business. The world's largest retailer -- which operates in 28 countries, including China, Mexico and Japan -- brought in $419 billion in revenue last year.
Wal-Mart Stores (NYSE:WMT) has potential upside of 6.3% based on a current price of $57.98 and an average consensus analyst price target of $61.65.
The retail giant offered few details about the investigation in a quarterly report filed Thursday with the Securities and Exchange Commission. The law broadly deals with bribery and accounting rules when companies are doing business overseas.
Wal-Mart said it doesn't believe the issue will have a material impact on its business. The world's largest retailer -- which operates in 28 countries, including China, Mexico and Japan -- brought in $419 billion in revenue last year.
Wal-Mart Stores (NYSE:WMT) has potential upside of 6.3% based on a current price of $57.98 and an average consensus analyst price target of $61.65.
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