Market News: Apple, Sourcefire, CapitalSource, Domino’s, Cisco

Paul Shea
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Market News: Apple, Sourcefire, CapitalSource, Domino’s, Cisco
market news

Trading on today’s market was mixed, with the S&P 500 losing 0.19% to finish at 1,692.39, the Nasdaq losing 0.59% to finish at 3,579.27, while the Dow Jones gained 0.14% to finish the day at 15,567.74. The major movers on today’s market were propelled by earnings announcements, though some of the big movers jumped on M&A activity.

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Some Dow components released earnings figures that impressed investors before the market opened this morning, while the impressive Nasdaq reports didn’t come until after the market closed.

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Apple Inc. (NASDAQ:AAPL) released its earnings report after the market closed this afternoon. In the run up to the release of the numbers, the company’s shares lost 1.72%. After the company announced its numbers, however, shares shot up by more than 5% in after market trading.

Apple Inc. (NASDAQ:AAPL) showed earnings of $7.47 per share for the quarter ending June 2013 on revenue totaling $35.3 billion. The real impetus for the increase in the company’s stock price was, however, the number of iPhones that Apple Inc. (NASDAQ:AAPL) sold in the three months. The company revealed it shipped 31.2 million iPhones in the quarter, a phenomenal number and many degrees higher than the 26 million the company shipped in the same quarter of 2012.

Sourcefire, Inc. (NASDAQ:FIRE) shares jumped by more than 27% on today’s market after it was announced that Cisco Systems Inc had agreed to buy the $2 billion company. Sourcefire, Inc. (NASDAQ:FIRE) is a cybersecurity company that specializes in enterprise and government cybersecurity solutions.

Cisco is said to have made the acquisition in order to improve its cybersecurity offerings, after a period of losing to smaller companies on contracts. The company will try to build a strong flexible suite of cybersecurity tools in order to take advantage of what is likely a growth area in the next decade.

CapitalSource, Inc. (NYSE:CSE) agreed to merge with PacWest Bancorp (NASDAQ:PACW) today, driving the share price of CapitalSource, Inc. (NYSE:CSE) up by more than 20%. The lenders will come together to form company called Pacific Western Bank, while CapitalSource will continue to operate as a subsidiary of the company.
The newly formed commercial bank will have more than $16 billion in assets, and it will be based in California. The merger is reliant on the approval of regulators among other formal checks before it is confirmed.
Domino’s Pizza, Inc. (NYSE:DPZ) delivered poor earnings numbers earlier today which resulted in the fast food company’s shares dropping close to 7% of their value in today’s trading. The company’s shares had risen by more than 45% for the year through end of trading on Monday, but total gains have slumped to just over 6% after today’s trading.
Domino’s Pizza Inc. (NYSE:DPZ) earnings beat analysts expectations for the quarter it announced this morning, but the firm’s valuation seems to be too high for investors at the moment, still trading at over 27 times earnings after today’s fall.

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