Infosys Technologies announced their quarterly results on 12 October 2012 for the quarter ending September 2012. It marks the earning season for the IT sector. Since hitting low in July, the Infosys stock has gained nearly 18%.
The Infosys Q2 PAT stands at Rs. 2370 crore and is in line with estimates. It declared an interim dividend of Rs. 15 per share and will be paid on 22 October 2012. The Q2 revenue is at Rs. 9858 crore vs Rs. 9616 crore in the last quarter, making it 2.5% up QoQ. Infosys said it had added 39 new clients in this quarter and hired 2610 new employees.
The company also announced that its Chief Financial Officer V Bala will resign, but will remain on the Board. The Vice-President of Finance Rajiv Bansal will take over as the new CFO from November 2012.
For the Financial Year 2012, Infosys maintains a 5% sales growth to $7.34 billion.
After the results were announced, Infosys stock slipped 8 percent in opening trade, its biggest drop since April 2012.
October 12th, 2012
Facebook (NASDAQ:FB) shares closed at $20.32 after trading in the range of $20.16 and $21.
A survey says that Facebook and Twitter has millions of fans despite the ban / strict regulations in China. FB is reported to be having 63.5 million users from China.
Two consumer-privacy groups, the Electronic Privacy Information Center (EPIC) and the Center for Digital Democracy (CDD), are reported to have filed a letter with the Federal Trade Commission alleging that FB is violating terms of a settlement it reached in August by having its working relationship with Datalogix, a data-mining company. The groups claim that FB has not told its users that it is sharing information with Datalogix.
A clean-up work is happening on FB website where several fake accounts and fake Likes are removed. This would result in some websites losing their Likes.
September 28th, 2012
Stock price of Facebook (NASDAQ:FB) on Wednesday September 26, 2012, hovered around $19.80 and $20.78 and finally closed at $20.62 adding $0.34 in trades. The share is up 1.68%
The failure of the Facebook IPO seems to have made its impact on other internet ventures from accessing the capital market. Twitter CEO Dick Costolo is reported to have said that they are not in a hurry to launch an IPO. He of course, mentioned that he has no intention to sell the company.
Baird Equity Research in its research report is saying that mobile and cloud computing boom is actually doing good and the share prices of four tech companies are actually not deterred by market pressures. They have raised the targets of Google Inc (NASDAQ:GOOG), Amazon.com, Inc. (NASDAQ:AMZN) and eBay Inc (NASDAQ:EBAY). Facebook Inc (NASDAQ:FB) is added to list of stocks that are not deterred by market pressures but its price target is not raised.
FB has releases new SDK for iOS6. This is good news for Apple developers for whom the SDK 1.3 for iOS 6 was released allowing developers to code their apps so that users can easily sign in through their Facebook IDs. It is a single sign-on process.
WSJ reports that as many as 50 claims have been filed against the social media giant FB in courts. Keeping the IPO lawsuits apart, a new set of lawsuits are following. A new batch of cases is expected to be filed when the Facebook investors will take the brokerage firms to court for advising on buying the shares of the company.
Zuckerberg is meeting Russian Prime Minister Dmitry Medvedev next week. Zuckerberg will be appearing at various FB programs in Russia.
September 27th, 2012
BSE Sensex fell on September 18, 2012 for the first time in 10 sessions as investors resorted to profit-booking in Reliance Industries and other recent outperformers. The shares of Tata Consultancy Services fell as investors are concerned that the earnings are slowing down in the current quarter.
Reliance Industries fell 2.1 percent and Pantaloon Retail fell 4.2 percent after gaining 27% and 34% over the previous two sessions. The shares of ICICI Bank also ended 1.1 percent lower after rising 10.55 percent in previous two sessions. Tata Consultancy Services fell 3.2%, Tata Motors fell 1.6%.
In the gaining side, Infosys rose 1.4 percent, Motilal Oswal gained 8.1 percent and India Infoline rose 5.1 percent. The Power Finance Corp rallied 7.8 percent.
The BSE SENSEX closed the day at 18496.01 dropping 46.3 points (-0.25%) while the NIFTY managed to clinge to the 5600 mark slipping 9.95 (-0.18%) points. It is the broader markets that managed to hold. The CNX Midcap has shut shop at 7563.55 points adding 98.4 (1.32%) while BSE Smallcap closed at 6746.66 up 49 points (0.73%).
September 18th, 2012
Shares of Facebook (NASDAQ:FB) closed up at $22 gaining $1.29 or 6.21% on Friday. The script traded in the band of $20.90 and $22.08.
Schaeffers Research in its blog post says that the script will see some consolidation and then another move higher could be in order.
Reuters is reporting that University of California has added Facebook Inc and Wal-Mart and The Walt Disney Company over possible patent infringement. The patent in dispute was for interactive technologies including hypermedia display and interaction, were issued to the university and licensed to Eolas.
A global survey “Search & Social Survey (2011-2012)” done by Greenlight is reported to be saying that if Facebook launches a search engine, it could potentially capture close to a quarter of the Search market. Of course, the report was made at the beginning of the year. However, the report highlighted yet another important point. It is leading in every major market except for China, Japan, and Russia, where it would occupy an uncontested third place.
September 16th, 2012