Tuesday, February 25, 2014

25-February-2014 Market News

Here are some of today's highlights

First Solar Shares Fall
     First Solar shares fell 12% to $50.81 in heavy volume after the company reported earnings of 89 cents a share on revenue of $768.4 million. Analysts surveyed by FactSet expected fourth-quarter earnings of 98 cents a share on revenue of $973 million.  Full Article

Zagg Up After Earnings
     "We are pleased to have finished the year with a strong fourth quarter, our third highest in terms of net sales in the company's history. We also launched our first rugged case under the ZAGG brand, and experienced growth in tablet keyboard sales," said Randy Hales, president and CEO of ZAGG Inc. "2013 was a reset year in which we focused on building a solid foundation for ZAGG moving forward. We made changes in sales, product management, product development, marketing, distribution, operations, customer service, and key leadership roles. All of this was done to position the company to win share strategically and return to growth in the second half of 2014 with well-designed products, clear brand positioning, focused sales execution, and investment in our distribution channels."  Full Article 

Zagg Offers $10 Million Stock For Repurchase
     ZAGG Inc, a leading mobile device accessories company with a brand portfolio that includes ZAGG and iFrogz, announced today the Board of Directors has authorized a $10 million share repurchase. The company paid off the balance on the Line of Credit during the first quarter of 2014, and will use cash from operations to fund the share repurchase in 2014.  Full Article

Morgan Stanley Upgrades Tesla
     Analysts at Morgan Stanley raised their price target on Tesla Motors Inc. to $320 per share from $153, citing potential for the electric auto-maker to disrupt industries outside of its automotive niche, such as batteries and autonomous vehicles. The investment bank has an overweight rating on the stock. The hike in its price target comes amid expectations that Chief Executive Officer Elon Musk will reveal details of his planned "gigafactory" battery plant this week. Analyst Adam Jonas wrote that, "Tesla is an extremely ambitious company for whom flooding the market with fun-to-drive EVs and giving competitors a headache might not be the endgame. Tesla's limited addressable market, a long-time bear thesis on the stock, appears well up for grabs here." Tesla stock rose 6.1% to $231.00 premarket, after closing at a record in the previous session.  Full Article

Facebook Says WhatsAPP Is Worth More Than $19 Billion
     Facebook closed up 3.19% on Monday with nearly 77 million shares traded. The company's Chief Executive Officer Mark Zuckerberg said WhatsApp Inc., which his social-media company agreed to buy last week, was "worth more than $19 billion." The mobile-messaging startup was "a great fit for us," Zuckerberg said at the Mobile World Congress in Barcelona this past weekend. "Already almost half-a-billion people love using WhatsApp for messaging and it's the most engaging app we've ever seen exist on mobile by far."  Full Article

China's Iron Ore Imports Will Rise (VALE)
     China's dependence on foreign iron ore likely will reach new records, according to a top state industry official, which could help underpin slumping global prices but may not provide much of a boost for the world's largest global miners.  Full Article

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