Market Minute: Samsung Warns on Profits; Martha Stewart Takes a Pay Cut
Investors return from the holiday in a good mood, but today's session all about jobs. The nation's economy and more are what's making business news Friday.
The Dow industrials (^DJI) rose 56 points in Wednesday's abbreviated session, while the S&P 500 (^GPSC) added a point and the Nasdaq (^IXIC) gained 10.
Samsung, the world's largest maker of smartphones, is warning its profit this quarter will fall short of expectations -- indicating that sales of its new Galaxy 4S phone are disappointing. That could put even more pressure on the shares of rival phone-makers Apple (AAPL) and BlackBerry (BBRY), which have already seen their share price skid recently.
We're keeping an eye on Exxon (XOM), BP (BP), Chevron (CVX) and other oil stocks. Crude oil prices are holding above $101 a barrel, largely because of the turmoil in Egypt and unconfirmed reports that it has declared a state of emergency in the Suez region. Egypt controls the Suez Canal, a key transit point for oil shipments.
Boeing Co. (BA) says it delivered 13 percent more planes in the second quarter of this year than it did a year ago, as it resumed deliveries of the 787 Dreamliner. Boeing shares have gained 36 percent so far this year.
A pair of judges has approved JPMorgan Chase's (JPM) proposed $546 million settlement with customers of MF Global's failed broker dealer unit. This comes a week after federal regulators filed suit against Jon Corzine, the former chief executive of the failed commodities brokerage firm.
Martha Stewart has agreed to take a pay cut. The company that bears her name -- Martha Stewart Living Omnimedia (MSO) -- says her base pay will be slashed by 10 percent to $1.8 million, as it tries to end a string of losses.
And Restoration Hardware (RH) is bringing back Gary Friedman as chairman and co-CEO, less than a year after he was forced out. He left following allegations of an inappropriate relationship with a former employee.
-Produced by Drew Trachtenberg