Microsoft First Ever Quarterly Loss|
Microsoft (NASDAQ: MSFT) posted its first ever quarterly loss as a public
company, a fiscal Q4 operating loss of $492 million, or 6 cents a share after
being forced to write off $6.2 billion it spent to acquire online ad company
Chipotle Mexican Grill Inc. (NYSE: CMG) shares tanked on Friday, hosting a loss
of just shy of 100 (one hundred) points during pre-noon trading session, after
the burrito chain posted its slowest sales growth since early 2010 due to softer
consumer spending. Late Thursday, Chipotle reported that sales hit a speed bump
in May after growing customer visits to its more than 1,300 U.S. restaurants
during the first four months of the year. “We were humming along nicely in the
first quarter. We were humming along nicely in April and then we saw a
slowdown,” Chief Financial Officer John Hartung said in a conference call. “It’s
not a significant slowdown, but it is a slowdown.” During Q2, Chipotle said
comparable-store sales grew 8% at a rate last seen in 2010’s Q2 AND sales at
stores open more than one year have been growing at a rate of 10% or more since
mid-2010. Since 2010 the Denver chain has opened 360 restaurants, expanding into
more suburban markets across the U.S. as well as areas that have lower
population densities than it had previously targeted for new openings.
E-Trade Financial Corp. (NASDAQ: ETFC) was down 4% into mid afternoon trading
Friday amid investor dissatisfaction with the Q2 financial results of the firm.
Late Thursday, E-Trade reported Q2 earnings fell 16% as revenue came in sharply
lower on weak trading volume. Low end of days range for shares of E-Trade are
slightly above, current 52 week low.
General Electric Co. (NYSE: GE) reported Friday that the firm will split its
energy business into three standalone entities to cut costs starting in Q4 2012.
GE said the total energy infrastructure unit employs 100,000, is expected to
have revenue of approximately $50 billion this year and will report to GE
Chairman and CEO Jeff Immelt.
The death toll stands at 12 victims as of mid-day Friday after the supposed
lone, cowardly gunman identified as James Holmes age 24 - opened fire at a
midnight screening of 'The Dark Knight Rises' at a suburban cinema in Denver,
Colorado. At least 50 people were wounded in the shooting. Reports are that the
suspect kicked down an emergency door at the theater, threw in some type of
smoke bomb with tear gas and began randomly shooting unsuspecting moviegoers.
Euro-zone finance ministers formally approved an agreement with Spain on Friday
that will allow the country's government to borrow as much as 100 billion euros
($123 billion) from the euro zone's rescue funds to recapitalize its ailing
banking sector. "We have formally approved the memorandum that lays out the
conditions under which Spain can be lent money for the recapitalization of its
banks," Luxembourg Finance Minister Luc Frieden told reporters.
Debt issued or fully guaranteed by the Greek government will become 'for the
time being ineligible' for use as collateral in monetary policy operations due
to the July 25 expiration of a buyback program, per the European Central Bank on
Friday. The ECB said that, "in line with established procedures," its Governing
Council would assess the potential eligibility of Greek bonds at the conclusion
of an ongoing review of Greece's compliance with its bailout terms by the
European Commission, the ECB and International Monetary Fund. Liquidity needs
may be addressed by the Greek central bank "in line with existing Eurosystem
arrangements," per the ECB.
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July 20, 2012