In The News:
The ADP jobs report, released Wednesday, shows the private sector added 191,000 jobs in March. We will have more in tomorrow’s daily digest.
Apple is in talks with Japan’s Renesas Electronics to buy its unit which designs chips for smartphone displays. The move could help Apple improve image sharpness and the battery life of its products. Apple is said to be in talk to buy Renesas’ entire 55% stake for an estimated 50 billion yen ($479 million). Renesas SP Drivers, a joint venture with Sharp and Taiwan’s Powerchip, is the world’s leading producer of drivers and controllers for small and midsize LCDs. The company makes chips which determine a display’s quality and performance as well as a phone’s overall energy efficiency, accounting for around 10% of battery usage. The units 240 or so employees in Japan are expected to stay on after the purchase.
Generally, Apple relies on multiple suppliers for each component however, it gets all of its iPhone liquid crystal display chips from Renesas SP. With image quality becoming a crucial selling point for smartphones, Apple apparently wants to merge the design of core display components into overall product development.
It’s All In The Letters….
If you bought Google (GOOG) stock and held onto it through March 27, 2014, then you are about to receive two times the shares at half the price. On Wednesday, the company stock will go through a 2:1 reverse stock split and distribution of a new share class. In English, if you own 2 shares of GOOG after Thursday you will own 1 share of GOOG and 1 share of the newly issued GOOGL. Because of the stock split, it’s anticipated that your shares of GOOG, which have been trading above $1,100, will probably drop to somewhere between $500 and $600. Never fear, your news shares of GOOGL could potentially trade roughly in the $500-$600.
In The Markets:
Asian markets rallied on Wednesday after Wall Street posted its third day of gains on the strong data.
European stocks closed up on Tuesday. Data showing the Eurozone’s manufacturing sector is still travel down the path to recovery had investors thinking buy,buy,buy.
US markets ended the first trading day of April higher, with the S&P closing at a record high. Better-than-expected car sales and manufacturing numbers boosted investors’ confidence. DJIA: +74.95 16532.61 Nasdaq: +69.05 4268.04 S&P +13.18 1885.52
In Dinner or Drink:
1 oz. apple brandy
3/4 oz. Cointreau® orange liqueur
1/2 Oz fresh lemon juice
Pour the apple brandy, Cointreau and lemon juice into an old-fashioned (preferably chilled) glass half-filled with ice cubes. Stir well, and serve.
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Even if you are on the right track, you will get run over if you just sit there. – Will Rogers