Market Minute: SeaWorld Goes Public, Valued at $2.5 Billion
One of the biggest IPOs this year could make a big splash today. Theme park operator SeaWorld was priced at the high end of expectations, $27 a share. That values the company at $2.5 dollars.
Two out of three ain't bad: That's the scorecard from the three tech giants that reported quarterly results late yesterday.
Microsoft's (MSFT) profit rose by a better-than-expected 19 percent to more than $6. Sales of server software and Xbox video games were strong, but newly booked revenue from Windows was essentially flat.
Google's (GOOG) net rose 16 percent, also topping expectations. Revenue growth in its core advertising business was also strong.
But IBM (IBM) came up short of Street expectations and revenue was hurt by sluggish demand from corporate tech customers. It the first time IBM has missed the target since 2005. Separately, Big Blue is in talks to sell its huge server business to China-based Lenovo.
General Electric's (GE) net rose 16 percent, in line with expectations. Revenue was flat, but a bit stronger than expected. GE is often considered a bellwether for the broader economy.
Blackstone Group (BX) has withdrawn its offer for Dell (DELL) after discovering the computer maker's business is deteriorating faster than previously thought. That leaves only investor Carl Icahn as a possible rival to the bid from a group led by company founder Michael Dell to take the company private.
It was seven months ago today that Apple (AAPL) shares hit their all-time high of $702; they closed yesterday at $392. That's a drop of 44 percent.
And Netflix (NFLX) is hoping to build on the success of its "House of Card" series with a second original program. Today it begins streaming the entire first season of a gothic horror series, "Hemlock Grove."
–Produced by Drew Trachtenberg