To no surprise, the market has traded in a tight range with both the bulls and bears getting a little piece of the action.
Economic news has been light although there was a regional report worth mentioning. The Texas Manufacturing Survey came in at -1.6 for August which was a huge improvement from July’s reading of -13.2.
As far as story stocks, Tiffany & Company (TIF, $62.60, up $4.10) missed earnings by a penny and cut full-year guidance but shares are up. Tiffany reported a profit of $91.8 million, or $0.72 a share, versus $90 million, or $0.69 a share, in the year-earlier period. As far as its outlook, the company gave a 2012 profit range of $3.55-$3.70 a share versus prior estimates of $3.70-$3.80 a share. Despite the lowered guidance and slightly worse-than-expected results, the stock is up 7%.
Apple (AAPL, $677.17, up $13.95) is popping 2% higher and hit an all-time high of $682 share shortly after the open. We mentioned the news from Friday night the company won its patent litigation case against Samsung and it was a huge win along with the $1 billion in settlement charges. Google (GOOG, $668.88, down $9.75) shares are trading lower as worries arise on what impact this could have on its Android phones.
Google, along with others, may have to come up with a “work around” plan as it tweaks or deletes certain features in new devices that may threaten Apple’s existing patents.
Samsung, which trades in the Asian markets, lost $12 billion in market cap, as shares were punished overseas.
We’ve got a little action happening with our current trades which are showing some nice gains so we have to roll so we can update our subscribers.
As we head to press, the Dow is up a dozen points to 13,170 while the S&P 500 is higher by 4 points to 1,415. The Nasdaq is advancing 10 points to 3,079.
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