Microsoft (MSFT) has been quiet this morning. But on Friday the stock shot up 7.3% on news that CEO Steve Ballmer will be retiring within a year. Those gains put the stock up 26% year-to-date and within $2-dollars of its 52-week high. Microsoft's myriad problems include a lukewarm reception to Windows 8 and lackluster sales of its Surface tablet. And generally speaking, it is no longer regarded as a tech leader. So far, there is no apparent frontrunner for Ballmer's job. By the way, Bloomberg reports that Ballmer made $786-million on Friday's stock rise, giving him a net worth of almost $17-billion.
Qihoo 360 Technology (QIHU) has been up more than 11% in early trading. The company reported quarterly results this morning that beat estimates: earnings of 40-cents a share when expectations were for 26-cents. Revenue was also considerably higher than estimates at $151.7-million. Qihoo makes internet and mobile security products in China. Its PC-products and services reached a record 461-million people in June. Its mobile ones were used by 338-million people. As of Friday, Qihoo was already up 145% year-to-date. This morning's climb puts shares at a new all-time high.
Anadarko Petroleum (APC) is up more than 3-percent in early trading. Anadarko is selling a 10% stake in a property off Mozambique. The purchaser is Oil and Natural Gas Corp. The price: about $2.64-billion. Anadarko operates mainly in the U.S. but also has sites in places like China, Indonesia, and New Zealand. The stock is up 18% so far in 2013.
Jos. A Bank (JOSB) reports earnings today. You may recall the company warned last week that both sales and profits for the quarter were going to disappoint. Estimates are now for earnings of 52-cents a share, down from earlier expectations of 68-cents a share. And revenue is likely to come in around $232-million, down from prior predictions of $270-million.
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