By William Patalon III Managing Editor Money Morning The seesaw ride continues for shareholders of navigation-device heavyweight Garmin Ltd., (GRMN). The George Town, Cayman Islands-based company yesterday (Wednesday) announced that soaring sales sent its third-quarter profits rocketing 57% – easily eclipsing Wall Street forecasts. But the company's shares plunged $13.08 each – or nearly 11% […]
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Technology Article
Acer Leapfrogs Lenovo for the No. 3 Spot in the World PC Market
From Staff Reports Acer Inc. has passed the Lenovo Group Ltd. (LNVGY) to become the world's No. 3 personal computer vendor with its purchase of Gateway Inc., and now it’s going after U.S. PC giant Dell Inc. (DELL). That will leave U.S. high-tech giant Hewlett-Packard Corp. in the No. 1 position. Acer leapfrogged Lenovo with […]
U.S. Senate Passes Bill To Extend Internet-Tax Moratorium by Another Seven Years
From Staff Reports By passing a bill that would extend the moratorium on Internet access taxes for another seven years, the U.S. Senate last week gave proponents of the legislation hope that the extension can be signed into law before the moratorium lapses this Thursday (Nov. 1). The Senate bill is essentially an amended version […]
Would Buffett Give China Mobile a Thumbs Up or Down?
By Mike Caggeso Associate Editor China Mobile Ltd.'s (NYSE:CHL) 30% nine-month profit growth is just as impressive as it is worrying – to Warren Buffett at least. The world's largest mobile-phone operator credited rapid subscriber growth and gains in value-added businesses for its growth, which has handed investors 120% gains on the company's stock since […]
Sony to Sell Semi Unit and Cut PS3 Prices as Part of Electronics Unit Turnaround
By Jason Simpkins Staff Writer Sony Corp. (SNE) is selling its advanced computer chip operations to Toshiba Corp. (TOSBF), a proposed $858 million deal that's the latest element of Sony's ongoing turnaround efforts, The Associated Press reported yesterday (Thursday). In a separate-but-related development yesterday, Sony slashed the U.S. price of its PlayStation 3 gaming system […]
Goldman Sachs Purchases $172-Million Majority Stake in Sigma Electric
From Staff Reports Global investment banking firm, Goldman Sachs Group Inc. (GS), will purchase a $172-million majority stake in Sigma Electric, a low-cost maker of metal parts with manufacturing facilities in India. The Goldman Sachs' investment will accelerate Sigma's plans for global growth as an Indian manufacturer of metal castings and components, a joint news […]
Housing Hits the Semiconductor Market; Synaptics Named the Profit Play to Make Now
By William Patalon III and Mike Caggeso Money Morning There's a surprising new addition to the long list of industries stung by the U.S. housing slump and the accompanying mortgage crisis: The semiconductor sector. The housing sector's ills were alleged to have spread to the semiconductor market this week when Microchip Technology Inc. (MCHP) was […]
Google’s Stock Eclipses 600, Analysts Already Calling for 700
By Mike Caggeso Staff Writer Shares of search-engine Google Inc. (GOOG) leaped over the $600 mark for the first time Monday, peaking at $623 yesterday (Tuesday), before closing at $615. Google hit this new high-water mark less than three weeks after Money Morning featured a story about analyst and media writer Paul R. La Monica, […]
LDK Shares Plunge Another 26% Due to Worries, Barron's Report
From Staff Reports Shares of high-flying LDK Solar Co. Ltd. (LDK) plunged 26.4% to close at $37.50 yesterday (Monday) – extending losses from last week – based on continued concerns that the China-based maker of solar wafers has serious production problems. The shares of the Jiangxi, China-based LDK are now trading at less than half […]
Microsoft Eyeing GPS-Maker Garmin, Analyst Reports
From Staff Reports Shares of Garmin Ltd. (GRMN), the biggest U.S. maker of portable navigation devices, jumped by nearly 4.6% yesterday (Monday) on speculation that it is a buyout target of Microsoft Corp. (MSFT) – and after an analyst boosted his rating on the stock. Garmin's shares closed yesterday at $108.46, a jump of 4.58%, […]