Stocks to watch: Amazon, Yahoo
The online retailer is reportedly developing a smartphone, and the Internet portal is down to 2 CEO candidates.
Amazon.com (AMZN) is developing a smartphone to compete against Apple's (AAPL) iPhone and devices that run Google's (GOOG)Android operating system, Bloomberg reported, citing two people with knowledge of the matter. Foxconn International Holdings, the Chinese mobile-phone maker, is working with Amazon on the device, said one of the people, Bloomberg reported.
Amazon seeks to complement the smartphone strategy by acquiring patents that cover wireless technology and would help it defend against allegations of infringement, other people with knowledge of the matter told Bloomberg. Shares of Amazon ticked up 94 cents, or 0.41%, in premarket trading Friday to $228.
Seagate Technology (STX) said it expects report fourth-quarter revenue of $4.5 billion, down from its previous estimate of about $5 billion. "The June quarter's shortfall was due primarily to two factors," CEO Steve Luzco said Thursday.
"First, we did not achieve our planned market share growth as we reduced shipments in response to the industry's faster-than-expected recovery from their supply chain disruption. Second, we experienced an isolated supplier quality issue that affected one of our enterprise product lines. This product issue impacted enterprise product unit shipments by approximately 1.5 million units and drove our non-GAAP gross margin below our targeted plan. While this disruption to our business was disappointing, we acted quickly and conservatively by suspending shipments of the affected products. We have resolved the issue and have resumed fulfilling our supply commitments to customers."
The company will report fourth-quarter earnings on July 30. Shares of Seagate fell 3.43% in premarket trading Friday to $24.22.
The race to become Yahoo's (YHOO) next CEO appears to have come down to current interim CEO Ross Levinsohn and Hulu CEO Jason Kilar, according to Reuters. According to two sources with knowledge of the situation, Levinsohn and Kilar are the last names left on the Yahoo board's shortlist for permanent CEO of the Internet company.
Netflix (NFLX) shares got a lift Thursday from a Facebook blog post by CEO Reed Hastings that said the company's monthly viewing exceeded 1 billion hours for the first time ever in June. Hastings expects a couple of upcoming shows to increase viewership. "When House of Cards and Arrested Development debut, we'll blow these records away," he said.
JPMorgan Chase (JPM) was ordered by a federal judge to explain why the bank shouldn't have to turn over e-mails sought by U.S. regulators in a probe of potential energy-market manipulation. U.S. District Judge Colleen Kollar-Kotelly in Washington on Thursday gave JPMorgan until the end of the day on July 13 to respond, Bloomberg reported.
The U.S. Federal Energy Regulatory Commission sued JPMorgan on July 2 to release 25 e-mails in an investigation of possible manipulation of power markets in California and the Midwest by J.P. Morgan Ventures Energy Corp., the report said.
Japanese athletic retailer ABC-MART has agreed to buy LaCrosse Footwear (BOOT) for about $138 million, or $20 a share, which represents an 82% premium over LaCrosse Footwear's stock closing price on Thursday.
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