Phillips Electronics to Cut 4500 Jobs Over European Worries
Halliburton Sees a 26% Jump in Net Income
Hasbro Misses Estimates Due to Weak Domestic Sales
FLASH: Sprint Enjoys “Best Sales Day Ever” Thanks to iPhone Access
Sprint statement on launch day ales of iPhone 4S and iPhone 4; its best ever day of sales in retail, web and telesales for a device family in Sprint history (2.79 +0.01)
Co began selling iPhone 4S and iPhone 4 in Sprint retail stores nationwide this morning at 8:00am local time. Sprint is the only U.S. carrier to offer new and existing customers the iPhone experience with unlimited data plans starting at just $79.99 per month. Fared Adib, Sprint Product Chief, issued the following statement: “Sprint today reported its best ever day of sales in retail, web and telesales for a device family in Sprint history with the launch of iPhone 4S and iPhone 4. We reached this milestone at approximately noon CT/1pm ET. The response to this device by current and new customers has surpassed our expectations and validates our customers’ desire for a truly unlimited data pricing plan.”
Via Briefing.
Comments »Kinder Morgan to Buy El Paso for $38 Billion
Gucci Workers Tortured: Here’s What it is Like to Be in the REAL 99%
Much different than potluck vegan dinners and veggie burgers washed down with free Ben & Jerry’s ice cream at Zuccotti Park.
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Allegations of the demeaning treatment at a Gucci outlet in Shenzhen have led to two managers being replaced.
In an open letter, workers at the Gucci outlet said the cruel behaviour extended to pregnant employees not being allowed food or water during their shifts.
“It was a kind of torture for us to stand for more than 14 hours a day,” the letter detailed. “No short rest, water or food was allowed even for a pregnant employee.”
The abuse was so severe it was claimed some workers suffered miscarriages as a result.
Gucci, owned by giant French group Pinault-Printemps-Redoute, said it had engaged external experts to conduct a review of what had happened. The Chinese city of Shenzhen is also understood to be investigating what had occurred.
The allegations against Gucci included staff having overtime pay withheld. The five signatories of the letter, all of whom have left the company, claimed they were owed thousands of dollars in unpaid wages. They said their managers, both of whom have left the company, refused to pay overtime despite keeping them in the store until 2am some nights to undertake stock controls.
When items were stolen from the store the staff had to pay out for their replacements despite the thefts being covered by insurance, the letter claimed.
A spokesman for Gucci said: “Gucci has proactively engaged external consultants to conduct a comprehensive review to support ongoing actions that can enhance our organisational structure, the welfare and training of our people, talent recruitment and retention and other business practices in China.”
The allegations against Gucci come against a backdrop of workplace abuse and poor working conditions. Foxconn, the technology group that makes components for Apple’s iPhone, suffered a string of suicides among workers thought to be related to working conditions.
Ubiquiti, $UBNT, Breaks The IPO Ice; A New Wireless Growth Co. For Your Consideration
Upgrades and Downgrades This Morning
Upgrades
IBM – IBM initiated with an Outperform at Macquarie
NTSP – NetSpend initiated with a Market Perform at JMP Securities
GPRO – Gen-Probe initiated with a Neutral at Lazard
GDOT – Green Dot initiated with an Outperform at JMP Securities
ARIA – Ariad Pharm initiated with a Mkt Outperform at Rodman & Renshaw
ADTN – ADTRAN upgraded to Buy from Hold at Jefferies
CELG – Celgene initiated with a Mkt Outperform at Rodman & Renshaw
AMP – Ameriprise Financial upgraded to Outperform from Market Perform at Keefe Bruyette
Downgrades
MON – Monsanto downgraded to Neutral at Ticonderoga
RIMM – Research In Motion target lowered to $24 at Wunderlich
SJM – J.M. Smucker initiated with a Hold at Stifel Nicolaus
PBCT – People’s United Financial initiated with a Hold at Jefferies
FSLR – First Solar target lowered to $65 at Wunderlich
MRVL – Marvell initiated with an Outperform at Cowen
DTSI – DTS downgraded to Neutral at Collins Stewart
AMR – AMR ests lowered at Dahlman Rose
FTNT – Fortinet initiated with a Hold at Wunderlich
ECL – Ecolab downgraded to Neutral from Buy at Citigroup
CLC – CLARCOR initiated with a Hold at Stifel Nicolaus
NSC – Norfolk Southern downgraded to Hold from Buy at BB&T
GPS – Gap downgraded to Market Perform from Outperform at Wells Fargo
DGX – Quest Diagnostics initiated with Neutral at Susquehanna
LH – initiated with Neutral at Susquehanna
DCI – Donaldson initiated with a Hold at Stifel Nicolaus
QSII – Quality Systems downgraded to Market Perform from Outperform at JMP Securities
NCMI – National Cinemedia downgraded to Hold at Stifel Nicolaus
TQNT – TriQuint Semi downgraded to Neutral at boutique firm
RA – RailAmerica downgraded to Hold at Stifel Nicolaus
BEAM – Beam initiated with a Hold at Argus
Comments »Gapping up and Down This Morning
Gapping up
GOOG +7%, TQNT +6.9%, OPK +6.2%, ALU +3.4%, BIDU +1.9%, SAP +1.8%, ROYL +4.8%, SD +2.3%, E +2.1%,
RIG +2.1%, TOT +1.9%, NAV +8.1%, OPK +6.2%, UN +3.1%, JNPR +2.3%, BP +1.3%, SINA +1.2%, TCK +2.9%,
MT +2.7%, FCX +2.4%, RIO +2.0%, BBL +1.7%, SCCO +1.7%, SLV +1.5%, YOKU +3.1%, SOHU +2.5%,
BIDU +2.3%, YHOO, SWKS +3.7%, OVTI +3.7%, QCOM +1.3%,
Gapping down
NCMI -29.8%, UBS -1.4%, LYG -1.0%,DB -2.4%, DEPO -28.3%, INSM -14.3% , NCMI -24.1%, MCHP -1.9%, MAT -0.6%,
Comments »In Play and On the Wires
Financing for Solar and Wind Jumped to $41.8 Billion in Q3
Mattell Reports Better Than Expected Earnings
Google’s Home Run Earnings Were Helped by Ad Sales
This is a good sign given ill reports out of NYT and some digital ad companies…
Comments »SAP Turns Out Good Profits and Sales for Q 3
The pipeline is said to be robust and companies are said to be updating IT infrastructure.
Comments »MR. CLOROX aka Carl Icahn Takes Stake in Navistar
Icahn discloses 9.8% stake in Navistar. Shares of NAV +3 in ah’s.
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