Market News: Qualcomm, Planar Systems, Solazyme

Market News: Qualcomm, Planar Systems, Solazyme
market news

The stock markets in the United States rallied driven by increased optimism regarding the economy.The European Central Bank (ECB) is prepared to increase its stimulus to support the economy.

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ECB President Mario Dragji emphasized that his colleagues unanimously support the bank’s monetary policy and that they are prepared to implement further stimulus measures if necessary.

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Last week, the Bank of Japan tripled its exchange-traded funds and real estate investment trusts purchases and accelerated its government bond-buying activity.

Today, the Department of Labor reported that the number of individuals who applied for unemployment benefits declined by 10,000 to 278,000 for the week ended November 1.  The agency is scheduled to release its jobs report tomorrow. Economist estimated that the economy added 235,000 jobs last month.


In a telephone interview with Bloomberg, Alan Gayle, a senior strategist at RidgeWorth Capital Management said, “The policy and macro news were positive, and that’s giving the market something of a positive bias as we go through the day.”

Gayle added, “Outside of the U.S., other major players are taking aggressive policy steps to stabilize and re-accelerate growth, and that’s putting a floor under the equity markets.”

U.S. Markets

  • Dow Jones Industrial Average (DJIA) – 17,554.47 (+0.40%)
  • S&P 500- 2,031.21 (+0.38%)
  • NASDAQ- 4,638.47 (+0.38%)
  • Russell 2000- 1,171.47 (+0.38%)

European Markets

  • EURO STOXX 50 Price EUR- 3,102.07 (+0.34%)
  • FTSE 100 Index- 6,551.15 (+0.18%)
  • Deutsche Borse AG German Stock Index DAX- 9,377.41 (+0.66%)

Asia-Pacific Markets

  • Nikkei 225- 16,792.48 (-0.86%)
  • Hong Kong Hang Seng Index- 23,649.31 (-0.20%)
  • Shanghai Shenzhen CSI 300 Index- 2,506.07 (+0.10%)

Stocks in Focus

The stock price of Qualcomm, Inc. (NASDAQ:QCOM) declined more than 8% to $70.58 per share after disclosing that the Federal Trade Commission (FTC) is investigating its licensing business including a potential breach of FRAND commitment.

The shares of Planar Systems, Inc. (NASDAQ:PLNR) surged more than 72% to $6.39 per share after the company reported better-than-expected financial results for its first quarter. The electronic display manufacturer posted non-GAAO net income of $3.1 million or $0.14 in earnings per share compared with the $0.09 per share expected by analysts. Its revenue rose 17% to $53.6 million.

Solazyme Inc (NASDAQ:SZYM) plummeted more than 58% to $3.14 per share after releasing its quarterly financial results and indicated a huge reduction in production levels in the future. The company posted a net loss of $39.7 million or $0.50 losses per share. Its revenue was $17.6 million.


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