What To Watch: September 7, 2012
From Fnno.com, this is the Financial News Network. Here's a few things to watch for in the financial world today September 5.Pandora Media Inc. (NYSE:P), the online radio that predicts listener music preferences, is down over 16% in trading this morning, on the news that Apple is planning to develop a competing music streaming service. Apple's potential service would work on its iPhone and iPad, as well as on Mac computers and laptops running Windows, according to the Wall Street Journal. Prior to this news, the Oakland, California-based Pandora was doing well-- its shares had grown 26% this year, and it had been able to hold off rivals like Spotify. But it is difficult to compete with the Apple juggernaut.Amazon.com (NASDAQ:AMZN) unveiled some exciting new products yesterday, and the company is seeing a corresponding bump in the market, trading up over 1%. At a news conference yesterday, Amazon chief Jeff Bezos introduced multiple versions of a new tablet. The largest, the Kindle Fire HD, has an 8.9 inch display, a camera, and cellular data connectivity. It is cheaper than the iPad by $200. All of the new Amazon products are being positioned as cheaper alternatives to Apple's tablets, with Apple's newest iPad starting at $499 compared to Amazon's Kindle Fires starting at $199.Lululemon Athletica (LLL.TO), the Canadian yogawear retailer, is up this morning in response to its reports of a higher quarterly profit. The company reported earnings of $57.2 million, or 39 cents per share, in the second-quarter. This is sharply up from earnings of $38.4 million, or 26 cents a share, a year ago. Lululemon also raised its full-year forecast for net revenue to $1.345 billion to $1.360 billion, up from $1.32 to $1.34 billion. The activewear company, which was founded in 1998 and became famous for its $98 yoga pants, has already firmly established itself in Canada, and is continuing to expand its presence in the United States, where it is popular among wealthy, active women. Those were a few things to watch out for here on the Financial News Network. For more coverage and analysis of the business world follow us on twitter @FNNOnline or check out our website at fnno.com.
|What To Watch: September 7, 2012|