Market Minute: Samsung Warns on Profits; Martha Stewart Takes a Pay Cut

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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 galaxy s4 smartphone apple iphone blackberry technology
SeongJoon Cho/Bloomberg via Getty Images
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


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9 Comments

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Sonja

Well, it's holy time that martha Steward took a pay cut,so should do the rest of the big companys CEO, to much Greed , the Devil himself.
I own quiet a few good stocks, mainly in SIEMENS my Country germany which I invested a few thousend , because the people over there are not as greedy as here in good old America.
ror Instance, BM Porche Mercedes you all get my Drift, with out the hard working dependibole workers , there wouldn;t be any winners including the Owners, therefore the german People are well PD Vacation healt benifit you all get my drift.
ps so please greedy CEO + owners of the products, relax share some of your money with the shareholders, like Apple I Own and life would be much easier for you also.
money can make your life easier, but wont bring you happyness, nothing but headage and miserery on the end,
Also share some of that money, with poor people or the Animal shelter , so not every week those poor creaure, wont be put down not of own Fault.
bring compassion for any living thing on earth, you will sleep better at night.
sincerely spoken from a german women.

July 07 2013 at 11:49 AM Report abuse rate up rate down Reply
RouteUS66Busload

About time for the top 1% to swallow their fishes.

July 05 2013 at 6:52 PM Report abuse rate up rate down Reply
scottee

I am waiting for the day when Washington announces all in congress are taking a pay cut to the national average wage....and they are going to pay for their own ACA health plan and their only retirement will be social security and their IRAs (since it's such a great program). waiting.

July 05 2013 at 1:55 PM Report abuse +3 rate up rate down Reply
jagentmike

Somehow I think Martha will be OK. Great products of high quality bear her brand name"Turkey Hill"
The ice cream and lemonade are top quality IMHO.

July 05 2013 at 1:53 PM Report abuse -1 rate up rate down Reply
Jerry

Martha Stewart........I'd do her....ya know...for laughs.

July 05 2013 at 1:47 PM Report abuse rate up rate down Reply
wongtpa

To the average man/woman, the economy is still in the dumps!

July 05 2013 at 1:05 PM Report abuse +3 rate up rate down Reply
1 reply to wongtpa's comment
jasherrin

You are so correct ,but no one wants to hear it .But can you explain why in the north east any way ,and Massachusetts just got badmarks in every thing in our economy .job growth is nill here except for seasonalhiring,The trucks and SUV sjust keep getting bigger and newer ?I am tired o fall you people saying you have NO money but still keep birthing babies and wasting money an dgetting tax breaks for having kids ?Something smells in America!

July 05 2013 at 2:01 PM Report abuse rate up rate down Reply
Sue

Kinda makes you wonder if she's got inside info on a stock type. Hey it's not the first time she did that?

July 05 2013 at 12:17 PM Report abuse rate up rate down Reply
gmczr21994

Oh what a shame poor Martha steward has to take a pay cut of 10% damm now her base pay is only 1.8mil I feel real bad for her NOT

July 05 2013 at 11:50 AM Report abuse +3 rate up rate down Reply
andrepin

I wonder -what are they talking about when they say -new jobs -what jobs?where?are we talking about the same country?it is getting worse
and unfortunatly very fast we are becoming third world country!!!

July 05 2013 at 10:35 AM Report abuse +4 rate up rate down Reply
1 reply to andrepin's comment
Sue

And the liberal base is contributing towards that.

July 05 2013 at 12:20 PM Report abuse rate up rate down Reply
1 reply to Sue's comment
sam54ct

Really, that out of touch with reality, because its the Red Conservative States that collect the most in entitlements, and are most like third world countries.. Liberals/Democrats are the higher earning party. Last election 51% of those who voted GOP earned under $75k, thus cutting themselves off at the knees with their votes. Thankfully, 49% of us who voted Democrat earned over $75k, thus saving the 51% from their own error in judgement.

July 05 2013 at 3:36 PM Report abuse rate up rate down