IMF Chief Under Investigation in French Fraud Case

Jim Watson, AFP/Getty ImagesInternational Monetary Fund Managing Director Christine Lagarde PARIS -- IMF chief Christine Lagarde has been put under formal investigation by French magistrates for alleged negligence in a political fraud affair dating from 2008 when she was finance minister. Lagarde was questioned by magistrates in Paris this week for a fourth time under her existing status as a witness in the long-running saga over allegations that tycoon Bernard Tapie won a large arbitration payout due to his political connections. "After three years of procedure, the sole surviving allegation is that through inadvertence or inattention I may have failed to intervene to block the arbitration that brought to an end the longstanding Tapie litigation," she said in a statement Wednesday. "I have instructed my lawyer to appeal this decision, which is without merit." Under French law, magistrates place a person under formal investigation when they believe there are indications of wrongdoing, but that doesn't always lead to a trial. Lagarde's lawyer, Yves Repiquet, told Reuters he would personally appeal the magistrates' decision. That means Lagarde wouldn't have to return to Paris in the meantime, allowing her to continue her duties as managing director of the International Monetary Fund uninterrupted. "She is now on her way back to Washington and will, of course, brief the [IMF] board as soon as possible," IMF spokesman Gerry Rice said. "Until then, we have no further comment." The inquiry relates to allegations that Tapie, a supporter of conservative former President Nicolas Sarkozy, was improperly awarded 403 million euros ($531 million) in an arbitration to settle a dispute with now defunct state-owned bank Credit Lyonnais. The inquiry has already embroiled several of Sarkozy's cabinet members and France Telecom's chief executive, Stephane Richard, who was an aide to Lagarde when she was Sarkozy's finance minister. In previous rounds of questioning, Lagarde hasn't recognized as her own the pre-printed signature to sign off on a document facilitating the payment, Repiquet told Reuters by telephone. However, Richard has stated that Lagarde was fully briefed on the matter. The offense of negligence by a person charged with public responsibility in France carries a maximum penalty of one year's imprisonment and a 15,000 euro fine. Lagarde was a star in Sarkozy's cabinet and well respected by peers, pushing through many of the high-profile initiatives in France's presidency of the Group of 20 nations. She has been managing director of the IMF since 2011 after her predecessor at the global lender, Frenchman Dominique Strauss-Kahn, resigned over sexual assault charges that were later dropped. Continued Support The IMF's board discussed the possible consequences of the Tapie case before deciding to select Lagarde, the board said at the time. It has continued to support her through various stages of the case. The IMF is traditionally headed by a European, and five of the last eight managing directors have been French. But the BRICS group of large emerging markets -- Brazil, Russia, India, China and South Africa -- protested the tradition during the last selection process in 2011, saying that continued European dominance could undermine the IMF's legitimacy. Lagarde competed for her post against Mexican central bank Governor Agustin Carstens. The IMF's No. 2 official, David Lipton, an American, would likely take over as acting managing director if Lagarde weren't able to perform her duties. Tapie, a colorful and often controversial character in the French business and sports world, sued the state for compensation after selling his stake in sports company Adidas to Credit Lyonnais in 1993. He claimed the bank had defrauded him after it later resold his stake for a much higher sum. Credit Lyonnais, now part of Credit Agricole, has denied wrongdoing. Investigators are trying to determine whether Tapie's political connections played a role in the government's decision to resort to arbitration that won him a huge payout. He has denied any wrongdoing. -.

Keurig Green Mountain: Expect Boost from Lower Coffee Prices

Williams Capital Group’s Marc Riddick explains why he raised his price target on Keurig Green Mountain (GMCR) to $131 from $125:

Reuters

We are increasing our 12-month price target to $131.00, up from our prior price target of $125.00. Our price target represents a target multiple of 32x a blend of our F2014 and F2015 adjusted diluted earnings per share estimates. We believe that Keurig Green Mountain shares will be predominately driven by new products (Keurig 2.0 new hot beverage platform and Keurig Cold new at-home carbonated beverage platform) and other new relationships…

Our F2014 estimates assume a reduction in year-over-year revenue growth of 7.0% to $4.683 billion, (down from our prior estimate of 7.5%), a reduction in our operating margin estimate to expansion of approximately 216 basis points to 19.73% vs. 17.56% in F2013 (down from our prior expansion estimate of 257 basis points) and a reduction in EPS growth to 13.7% (down from our prior estimate of 13.8%). The adjustments to our full year estimates reflect F3Q 2014 results and a 280 basis point reduction of our operating margin estimate for F4Q due to increased expenses to support the new Keurig 2.0 rollout…

We continue to expect benefits from lower coffee prices, which are 100% locked in for F2014 and approximately 75% locked in for F2015. However, we also expect greater brewer sales (which reduces our gross margin estimates), increased spending on R&D, brand building efforts behind new products and continued competitive pressures from all coffee providers, be they whole bean, ground, single-serve, branded, private label, K-cup "compatible" or otherwise.

Shares of Keurig Green Mountain have gained 0.8% to $118.53 at 11:43 a.m. today.

Apple, Inc. Takes a Different Approach to User Data in China

As the world's most populous country, just about all large multinational companies want a piece of China. Among the biggest tech players, Apple (NASDAQ: AAPL  ) is uniquely positioned for growth within the Middle Kingdom.

Microsoft faces nearly insurmountable challenges with piracy, Google constantly battles with China over censorship requirements, and the Chinese government has banned Facebook for fear of the social network catalyzing a social uprising. Apple has now confirmed that it will store Chinese users' personal data within China.

Closer to home
The Mac maker has now added China Telecom, one of Apple's iPhone carrier partners, to its list of data center providers. Like all three of the major wireless carriers, China Telecom is state-controlled. The government owns 71% of shares and exercises majority control.

The main benefit of doing so is increasing bandwidth and bolstering performance of Apple's various iCloud services to Chinese users by storing that information locally. However, storing data locally also means that the Chinese government can require Apple to disclose user data in certain circumstances as required by Chinese law.

Apple also noted that the data stored on China Telecom servers is encrypted and that the carrier has no access to the information. The Financial Times has a source that indicates that the cryptographic keys required to decode the data are stored outside of China, which would make it even trickier to decode.

Quashing concerns
Last month, Chinese state-run media outlets ran a negative campaign that called the iPhone a "national security concern" over iOS location tracking. Apple attempted to quickly head off the potential scandal by issuing a statement on its Chinese site regarding its privacy policies.

The company clarified that all location tracking is done only at the device level and that Apple does not track user location data. Apple also maintained that it has never given any government agency direct access to its servers and that it never will.

Is China Telecom just a temporary solution?
In 2012, Apple was reportedly considering building a new data center in Hong Kong, which has certain benefits. If a data center is located in Hong Kong, the region's unique legal structure makes it easier to prevent access from the Mainland Chinese government. That would also allow Apple to achieve the stated goal of keeping data closer to users for performance reasons.

The scope of the project is immense, much like Apple's other data center deployments. Construction supposedly began in early 2013 with the facility expected to be operational by 2015. If true, then Apple could potentially transition data storage to its own facilities in the near future, further alleviating privacy concerns.

Who really benefits?
Most of Apple's peers have avoided doing so due to privacy concerns as well as those pesky aforementioned censorship requirements. But again, Apple has more of a vested interest with accommodating the challenging regulatory environment, since its business has much greater potential there.

At the end of the day, Apple's move seems primarily about boosting performance of cloud services. To the extent that Apple can deliver that benefit to its customers in China, its business will also come out ahead.

Leaked: Apple's next smart device (warning, it may shock you)
Apple recently recruited a secret-development "dream team" to guarantee its newest smart device was kept hidden from the public for as long as possible. But the secret is out, and some early viewers are claiming its everyday impact could trump the iPod, iPhone, and the iPad. In fact, ABI Research predicts 485 million of this type of device will be sold per year. But one small company makes Apple's gadget possible. And its stock price has nearly unlimited room to run for early in-the-know investors. To be one of them, and see Apple's newest smart gizmo, just click here!

5-year lows: FirstEnergy Corp, Staples Inc, Avon Products Inc, and American Eagle Outfitters

According to GuruFocus list of 5-year lows, these Guru stocks have reached their 5-year lows: FirstEnergy Corp, Staples Inc, Avon Products Inc, and American Eagle OutfittersFirstEnergy Corp (NYSE:FE) Reached $31.89The prices of FirstEnergy Corp (FE) shares have declined to $31.89, which is only 5.6% above the 5-year low of $30.10. It is now 41.1% off the 5-year high of $51.14. FirstEnergy Corp is owned by 9 Gurus we are tracking. Among them, 3 have added to their positions during the past quarter. 8 reduced their positions. FirstEnergy Corp. was organized under the laws of the State of Ohio in 1996. Firstenergy Corp has a market cap of $13.39 billion; its shares were traded at around $31.89 with a P/E ratio of 33.30 and P/S ratio of 0.87. The dividend yield of Firstenergy Corp stocks is 5.71%.Richard Pzena (Trades, Portfolio) initiated his position in First Energy Corp. He bought 144,650 shares. Arnold Schneider (Trades, Portfolio), who increased his position, owns 34,795 shares. Brian Rogers (Trades, Portfolio), John Hussman (Trades, Portfolio) and Mario Gabelli (Trades, Portfolio) all kept their positions unchanged. GuruFocus Guru David Dreman (Trades, Portfolio) reduced his position and owns 3,611 shares while Jean-Marie Eveillard (Trades, Portfolio) and Ray Dalio (Trades, Portfolio) both sold out their holdings of the Company.President, FE Solutions Donald R Schneider, EVP & Pres, FE Utilities Charles E Jones¸ and Sr VP, External Affairs Michael J Dowling sold 31,653 shares of FE stock in March and May.Staples Inc (NAS:SPLS) Reached $11.17The prices of Staples Inc (SPLS) shares have declined to $11.17, which is only 5.4% above the 5-year low of $10.57. It is now 59.3% off the 5-year high of $26.00. Staples Inc is owned by 18 Gurus we are tracking. Among them, 13 have added to their positions during the past quarter. 8 reduced their positions. Staples, Inc is a Delaware corporation incorporated in 1986. Staples Inc has a market cap of $7.22 billion; its shares were traded at around $11.17 wit! h a P/E ratio of 13.20 and P/S ratio of 0.32. The dividend yield of Staples Inc stocks is 4.30%. Staples Inc had an annual average earnings growth of 0.50% over the past 10 years.Staples Inc reported their 2014 first quarter results. The Company announced revenues of $5.7 billion and net income of $96 million.5 GuruFocus Gurus, Joel Greenblatt (Trades, Portfolio), Ray Dalio (Trades, Portfolio), David Dreman (Trades, Portfolio), HOTCHKIS & WILEY, and Charles Brandes (Trades, Portfolio), all increased their positions in Staples Inc. Richard Pzena (Trades, Portfolio), Brian Rogers (Trades, Portfolio), Yacktman Fund (Trades, Portfolio), John Hussman (Trades, Portfolio), and Donald Yacktman (Trades, Portfolio) all kept their positions in the Company unchanged or slightly adjusted. Rober Olstein sold out his holdings.Chairman and CEO Ronald Sargent bought 8,500 shares of SPLS stock on 04/03/2014 at the average price of 11.82. President, NAC Shira Goodman bought 5,000 shares of SPLS stock on 03/20/2014 at the average price of 11.44. Director Rowland Moriarty sold 125,235 shares of SPLS stock in April and June.Avon Products Inc (NYSE:AVP) Reached $14.13The prices of Avon Products Inc (AVP) shares have declined to $14.13, which is only 6.4% above the 5-year low of $13.22. It is now 63.7% off the 5-year high of $36.39. Avon Products Inc is owned by 18 Gurus we are tracking. Among them, 11 have added to their positions during the past quarter. 8 reduced their positions. Avon Products Inc. commenced operations in 1886 and was incorporated in the State of New York on January 27, 1916. Avon Products Inc has a market cap of $6.14 billion; its shares were traded at around $14.13 with and P/S ratio of 0.63. The dividend yield of Avon Products Inc stocks is 1.70%.Avon Products Inc announced their 2014 first quarter financial results with revenues of $2.1 billion and net loss of $167.2 million.GuruFocus Gurus Richard Snow (Trades, Portfolio) and Ray Dalio (Trades, Portfolio) both initiated their positions in Avon Prod! ucts Inc.! Joel Greenblatt (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), Donald Yacktman (Trades, Portfolio), and Charles Brandes (Trades, Portfolio) all increased their positions in the Company. Greenblatt owns 2,479,214 shares, Weitz owns 2,094,000 shares, Yacktman owns 24,999,556 shares, and Brandes owns 648,944 shares. 6 Gurus also kept their positions unchanged.Senior Vice President Brian Salsberg, Director Sara Mathew¸ Director W Don Cornwell, and Director Paula Stern bought 18,220 shares of AVP stock in May.American Eagle Outfitters (NYSE:AEO) Reached $10.72The prices of American Eagle Outfitters (AEO) shares have declined to $10.72, which is only 6.7% above the 5-year low of $10.00. It is now 58.2% off the 5-year high of $23.94. American Eagle Outfitters is owned by 14 Gurus we are tracking. Among them, 8 have added to their positions during the past quarter. 7 reduced their positions. American Eagle Outfitters was founded in 1977 by brothers Jerry and Mark Silverman as a subsidiary of Retail Ventures, Inc. American Eagle Outfitters has a market cap of $2.08 billion; its shares were traded at around $10.72 with a P/E ratio of 35.30 and P/S ratio of 0.64. The dividend yield of American Eagle Outfitters stocks is 4.66%.American Eagle Outfitters announced their 2014 first quarter financial results. The Company reported revenues of $646 million and net income of $3.9 million.GuruFocus Guru Ray Dalio (Trades, Portfolio) initiated his position in American Eagle Outfitters. He bought 104,300 shares. Richard Snow (Trades, Portfolio), who owns 2,678,385 shares, and John Keeley (Trades, Portfolio), who owns 20,700 shares, both increased their positions in the Company. Guru John Hussman (Trades, Portfolio) reduced his position while Joel Greenblatt (Trades, Portfolio) and Third Avenue Management (Trades, Portfolio) both sold out their holdings of AEO.Director Cary D Mcmillan, Executive Chairman of the Boar Jay L Schottenstein, and Director Noel Joseph Spiegel bought 506,700 shares of AEO stock in January ! and March! . EVP-ChiefMdsingOff-Aerie Brand Jennifer M. Foyle sold 10,243 shares of AEO stock on 03/14/2014 at the average price of 12.91.Go here for the complete list of 5-year lows.Also check out: Ray Dalio Undervalued Stocks Ray Dalio Top Growth Companies Ray Dalio High Yield stocks, and Stocks that Ray Dalio keeps buying Joel Greenblatt Undervalued Stocks Joel Greenblatt Top Growth Companies Joel Greenblatt High Yield stocks, and Stocks that Joel Greenblatt keeps buying

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Robust Factory Output Boosts U.S. Economic Outlook

LM Otero/APSUVs rolling off the assembly line at a General Motors auto plant in Arlington, Texas. WASHINGTON -- U.S. manufacturing output rose broadly in July and automobile production recorded its largest increase in five years, boosting the economy at the start of the third quarter. While other data Friday showed some cooling in factory activity in New York state this month, economists said it didn't change the view of an economy with strong momentum, noting that the pullback followed a robust increase in July.

The broad-based nature of the [manufacturing] gains indicates that the strong second-quarter rebound in economic growth momentum is being sustained.

"The broad-based nature of the [manufacturing] gains indicates that the strong second-quarter rebound in economic growth momentum is being sustained," said Millan Mulraine, deputy chief economist at TD Securities in New York. The Federal Reserve said factory production jumped 1 percent last month after rising 0.3 percent in June. That was the largest gain since February and reflected increases across all major categories. Auto production surged 10.1 percent, the biggest rise since July 2009. There were also sturdy gains in the production of machinery and computers and electronic goods, which economists said hinted at a pick-up in business investment this quarter. A stronger pace of business investment is needed to ensure sustained economic growth. The economy grew at a 4 percent annual pace in the second quarter and current forecasts peg the growth rate for the third quarter within a range of 2.5 percent to 3 percent. Industrial capacity utilization, a measure of how fully firms are using their resources, last month hit its highest level since February 2008. The solid rise in manufacturing and a 0.3 percent advance in mining output helped to offset a 3.4 percent weather-driven decline in utilities production. That left overall industrial production up 0.4 percent in July. The data had little impact on U.S. financial markets, with traders focusing instead on events in Ukraine. The Ukrainian government said its forces had attacked and partly destroyed a Russian armored column that entered Ukrainian territory overnight. Benign Producer Inflation In a separate report, the New York Fed said its "Empire State" general business conditions index fell to 14.69 this month from 25.60 in July. A reading above zero indicates expansion. Growth in new orders slowed, but a further decline in inventories pointed to an acceleration in activity in the months ahead. While manufacturing is gaining steam, there is little sign of a broad pick-up in inflation pressures at the factory gate. In another report, the Labor Department said its Producer Price Index for final demand edged up 0.1 percent in July as the cost of energy products fell, offsetting an increase in food prices. Prices received by the nation's farms, factories and refineries rose 0.4 percent in June. In the 12 months through July, producer prices increased 1.7 percent. Excluding food and energy, wholesale prices gained 0.2 percent, matching June's increase. They were up 1.6 percent in the 12 months through July. "Aside from recent energy weakness, the PPI results continued to point to a steady firming in underlying inflation trends that we expect to continue to be seen in a continued inflection higher in the core consumer price index as well," said Ted Wieseman, an economist at Morgan Stanley (MS) in New York. Overall, inflation has been rising in recent months, a fact acknowledged by the Fed at its July policy meeting. The U.S. central bank, which had repeatedly warned that price pressures were too low, said the likelihood of inflation running persistently below its 2 percent target had diminished somewhat. Firming inflation and a tightening labor market have led some economists to anticipate an early interest rate increase from the Fed. The central bank, however, has shown no sign of being in a hurry to lift its benchmark lending rate from near zero, where it has been since December 2008. Another report Friday showed consumer sentiment hit a nine-month low in early August. The Thomson Reuters/University of Michigan's consumer sentiment index fell to 79.2 from 81.8 in July. -.

ICYMI Oxford dictionary is updated: YOLO

This is a "hot mic." The official Oxford definition: "A microphone that is turned on, in particular one that amplifies or broadcasts a spoken remark that was intended to be private." NEW YORK (CNNMoney) This is truly "cray": The Oxford Dictionary publishers are totally plugged in to pop culture. They must be "hyperconnected."

The iconic dictionary has updated its online edition and published a list -- one that could be described as "baller" or even "amazeballs" -- of new words that seem unlikely candidates for an Oxford University syllabus.

For those who haven't been keeping up, it looks like a "hot mess."

Among the 50 new words the dictionary highlighted are several mined from Internet slang, like "ICYMI" (in case you missed it), "YOLO" (you only live once, which is listed with this real-life example: "I just ordered £40 worth of Chinese food. But YOLO, right?") and "WDYT" (what do you think) -- enough to make one "SMH" (shake my head, of course).

In chronicling the changing landscape of language, the editors revealed insights beyond the words themselves. The use of "binge-watch" (yes, Oxford says to hyphenate) " hit a usage peak in February 2014 when the second season of House of Cards was released in one go by Netflix (NFLX, Tech30)."

The dictionary, like others, is occasionally updated with the latest lingo. The official dictionary for the word game Scrabble was recently updated for the first time in nearly 10 years.

These additions may not make it into the published version, which is also produced by the university's press. When "bro hug" makes it into the official tome -- there's an occasion for a "spit take."

A Proposal to Time Warner to Combine Two Companies

In this article, let´s take a look at a possible deal in a $1 trillion global Media industry, where a few weeks ago Twenty-first Century Fox (FOXA) confirmed in a statement that its offer for Time Warner (TWX) had been rejected.Time Warner Inc. operates as a media and entertainment company in the United States and internationally. The company operates in three segments: Networks, Film and TV Entertainment, and Publishing.Growth ProspectsChina is one of the key markets for entertainment companies. As a consequence, Time Warner wants to take position on the growing Chinese media and is investing hard. Moreover, it has launched a digital movie technology, UltraViolet, which made it possible for DVD buyers to also access movies remotely. This new tech will encourage people to keep buying movies, instead of renting or pirating them. Looking forward, upcoming affiliate contract renewals and international opportunities will be the key drivers for the firm in the upcoming future.Fox Takeover BidMurdoch's Twenty-First Century Fox is willing to pay more than $85 a share for Time Warner. The U.S. media giant has rejected an initial takeover approach from its rival, estimated at $80 billion.The deal could reshape the media industry by giving the TV-and-film companies bargaining power in negotiations with cable operators such as Comcast Corp. (CMCSA) and Time Warner Cable Inc., which are in the process of their own merger.Guru´s OpinionsKen Griffin, chief executive officer of Citadel LLC, who has a $20 billion investment firm held stakes in both companies as of March 31. This guru said the deal makes sense for the company's shareholders. "Murdoch has a history of being willing to go the extra mile to get deals done that are important to him" Griffin said.Further, Mario Gabelli (Trades, Portfolio), CEO of Gamco Investors Inc., who holds about 4 million shares in Time Warner and 10 million shares in Fox, called it "hard for a board to turn down"in reference to the deal. Lastly, John Paulson (Trades, P! ortfolio), from Paulson & Co., said the surge presents arisk for investors still pondering whether to purchase Time Warner ahead of a potential deal. Time Warner's share price jumped in the first 20 minutes by more than 16% on the exchange to $82.62 per share. In Paulson opinion "if you buy Time Warner stock at $83, is Murdoch comingback and how high would he pay to make sense for shareholders …. And if he doesn't comeback, the stock is up $12 today and could potentially fall. It's not a slam dunk as to what the outcome will be".Relative ValuationIn terms of valuation, the stock sells at a trailing P/E of 20.2x, trading at a discount compared to an average of 23.0x for the industry. To use another metric, its price-to-book ratio of 5.5x indicates a discount versus the industry average of 2.74x and the price-to-sales ratio of 1.85x is above the industry average of 1.7x.Earnings Per Share (EPS) rose significantly by 7% in the most recent quarter compared to the same quarter a year ago ($1.76 vs $1.64). Also, it has demonstrated a positive trend in EPS growth over the last years. In the next graph we can see the stock price evolution because growing EPS often lead to appreciation in share price.Finally, I always like to see of one of the most important financial ratios applying to stockholders, the best measure of performance for a firm's management: the return on equity. The company has a ROE which is at a level of 28.14% and is higher than 93% of the companies in the industry. This valuation might attract investors.Final CommentTime Warner appears to be in a bullish trend due to a huge potential media deal. In addition to the advantages we discussed in the article, Time Warner's sports coverage rights andtelevision production studio would be very valuableto Fox. I think that combining resources would generate more savings by not having to run duplicative functions.Time Warner still has good upside potentialde! spite the! fact that it has already risen in the past year.I believe it was undervalued and because of that share price increased by more than 16%, so I would advise fundamental investors to consider adding Time Warner to their portfolios as it seems to be an attractive option.Hedge fund gurus Jim Simons (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Andreas Halvorsen (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Murray Stahl (Trades, Portfolio) and Scott Black (Trades, Portfolio) added this stock to their portfolios in the first-quarter of 2014.Disclosure: Omar Venerio holds no position in any stocks mentionedAlso check out: Andreas Halvorsen Undervalued Stocks Andreas Halvorsen Top Growth Companies Andreas Halvorsen High Yield stocks, and Stocks that Andreas Halvorsen keeps buying John Paulson Undervalued Stocks John Paulson Top Growth Companies John Paulson High Yield stocks, and Stocks that John Paulson keeps buyingAbout the author:ovenerioWe provide independent fundamental research and hedge fund and insider trading focused investigation.

Currently 0.00/5 Thursday, August 7, 2014 U.S. Stocks Reverse; Cheetah Mobile Back In Google App Store Rankings Related BZSUM U.S. Stocks Turn Red; 21st Century Fox Shares Surge On Upbeat Results Markets Open Higher; Brinker Profit Misses Estimates Wrapping up the Thursday session, the Dow traded down 0.35 percent to 16,385.62 while the NASDAQ declined 0.22 percent to 4,345.22. The S&P also fell, dropping 0.39 percent to 1,912.69. Leading and Lagging Sectors Utilities shares surged around 0.57 percent in today’s trading. Meanwhile, top gainers in the sector included Empresa Distribuidora y Comercializadora Norte S.A. (NYSE: EDN), up 1.86 percent, and PNM Resources (NYSE: PNM), up 1.81 percent. In trading on Thursday, healthcare shares were relative laggards, down on the day by about 0.62 percent. Meanwhile, top decliners in the sector included Thoratec (NASDAQ: THOR), down 30 percent, and PhotoMedex (NASDAQ: PHMD), off 15.11 percent. Top Headline Cheetah Mobile (NASDAQ: CMCM) rose 11 percent on news the company had its app relisted in the Google App Store ranking system.  The release was published in a Chinese publication. Brinker International (NYSE: EAT) reported a drop in its fourth-quarter profit. However, the company's revenue topped analysts' estimates. The Dallas, Texas-based company posted a quarterly profit of $28.8 million, or $0.43 per share, versus a year-ago profit of $46.4 million, or $0.64 per share. Excluding items, its earnings climbed 10.4% to $0.85 per share from $0.77 per share. Its total revenue gained 3.9% to $758.7 million. However, analysts were expecting earnings of $0.86 per share on revenue of $749.7 million. Equities Trading UP Lehigh Gas Partners LP (NYSE: LGP) shares shot up 25.80 percent to $32.69 after CST Brands (NYSE: CST) announced its plans to acquire Lehigh Gas GP LLC, the general partner of Lehigh Gas Partners LP. Lehigh Gas Partners also reported its financial results for the second quarter. Shares of Twenty-First Century Fox (NASDAQ: FOXA) got a boost, shooting up 4.86 percent to $33.90 after the company reported upbeat fourth-quarter results. Cowen & Company upgraded 21st Century Fox from Underperform to Market Perform and raised the price target from $29.00 to $35.00. Stratasys (NASDAQ: SSYS) shares were also up, gaining 15.15 percent to $113.90 after the company reported better-than-expected quarterly results and lifted its forecast. Equities Trading DOWN Shares of Thoratec (NASDAQ: THOR) were down 30.18 percent to $22.72 after the company reported downbeat second-quarter sales and issued a disappointing 2014 earnings outlook. Atmel (NASDAQ: ATML) shares tumbled 6.57 percent to $8.03 after the company reported in-line Q2 earnings. Bank of America downgraded Atmel from Buy to Neutral. Melco Crown Entertainment (NASDAQ: MPEL) was down, falling 3.25 percent to $29.04 after the company reported downbeat quarterly results. Commodities In commodity news, oil traded up 0.39 percent to $97.30, while gold traded up 0.50 percent to $1,314.80. Silver traded down 0.24 percent Thursday to $19.98, while copper rose 0.27 percent to $3.17. Eurozone European shares were lower today. The eurozone’s STOXX 600 fell 0.71 percent, the Spanish IBEX Index dropped 1.64 percent, while Italy’s FTSE MIB Index tumbled 1.94 percent. Meanwhile, the German DAX fell 1 percent and the French CAC 40 declined 1.36 percent while UK shares dipped 0.65 percent. Economics US initial jobless claims declined 14,000 to 289,000 in the week ended August 2. However, economists were expecting claims to reach 304,000 in the week. Natural-gas supplies climbed 82 billion cubic feet in the week ended August 4, the Energy Information Administration reported. However, analysts were estimating a rise of 81 bcf to 85 bcf. Data on consumer credit for June will be released at 3:00 p.m. ET. Data on money supply will be released at 4:30 p.m. ET. Posted-In: Earnings News Guidance Eurozone Futures Commodities M&A Markets © 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.   Most Popular Morgan Stanley Dissects FireEye's 'Complex' Second Quarter Results Exclusive: Tibco CEO Vivek Ranadive Talks Valuation; Takeout Rumor Swirling Tesla Gets More Love From Morgan Stanley Macau Casino Stocks Down On Weaker Revenue Outlook Morgan Stanley Defends Walgreen Despite Inversion Decision Earnings Scheduled For August 6, 2014 Related Articles (ATML + BZSUM) Atmel Matches Q2 Earnings Estimates, Revenues Rise Y/Y S&P 500 Falls To Two-Month Low, Dow Drifts Further Away From The 17,000 Mark U.S. Stocks Reverse; Cheetah Mobile Back In Google App Store Rankings U.S. Stocks Turn Red; 21st Century Fox Shares Surge On Upbeat Results Here's How Netflix Keeps Its Growth Intact Nearly three years ago, Netflix (NASDAQ: NFLX  )  CEO Reed Hastings angered many fans when he announced the company's DVD delivery business would be split from the video streaming segment into a service called Qwikster. Angry customers revolted, resulting in canceled memberships and a plummeting stock price. However, many astute investors jumped in and picked up a high-quality company at a discount. What happened over the next three years was simply astounding. After Netflix briefly touched a low-water mark in the mid-$60s per share, it initiated a 600% upward climb to its current price, near $430. And while some of the initial drop was due to overly bearish investors, much was due to Netflix's operations themselves. Moving forward, the next leg of growth will be provided by Netflix's international operations.  International's short history Netflix's international business has a rather short history. Starting by moving to Canada in 2010,  the company quickly added a host of countries to its international streaming roster: the U.K., Ireland, Norway, Denmark, and Mexico, among others. Today the company is in more than 40 countries, with more than 54 million paying members. Of those members, 24% are international streaming members. And when it comes to paying-member growth, the numbers look even better: Metric International Steaming Domestic Streaming DVD Paying members: June 2012 3,024 22,686 9,194 Paying members: June 2014 12,907 35,085 6,167 Total growth 326.8% 53.4% (32.6) Figures in thousands. Source: Netflix 10-Qs. The company appears to be ramping up its international marketing efforts. For example, in the last quarter, 46.4% of Netflix's marketing costs were spent internationally -- that's more than 500 basis points higher than the prior year's quarter, when the number clocked in at 41.3%. The fading legacy business Although Reed Hastings recanted on the idea of Qwikster --a separate site-- the company still went through with its earlier plans of charging separately for DVDs and streaming. And the DVD-by-mail part of the business isn't doing too well. Over the last two years this service has lost a third of its paying members. In that time, the company essentially spent no money on marketing the service. However, the company continues to benefit from the DVD service. A rather important metric for Netflix investors is contribution profit -- an operating measure that shows net revenues after the costs of sales and division marketing expenses. X-Axis denotes quarter-ended date. Source: NFLX 10-Qs. Figures in thousands. Although the DVD division contributes less and less to the overall contribution profit, dropping from being the leading contributor in March 2012 by adding nearly $150 million to contribution profit to adding less than $100 million in the last quarter, in the end the division continues to offset the contribution loss from Netflix's international operations.  However, based upon the growth trajectory, soon Netflix's international operations won't need an offset. The international business continues to grow members at a rapid clip and reported only a $15 million contribution loss last quarter. It is very possible that Netflix will report a contribution gain from international next quarter. Final Foolish thoughts Netflix continues to defy skeptics by keeping that top line growing. And the company appears to have a strategy for sustaining this streak. Netflix recently announced it will expand to a handful of European countries by year's end, including Germany and France. Investors would be wise to continue to closely monitor the company's international operations, as that's where the growth will be going forward. More from The Motley Fool: Warren Buffett Tells You How to Turn $40 Into $10 Million Wednesday, August 6, 2014 Worst Performing Industries For August 6, 2014 Related WAG Morning Market Losers Benzinga's M&A Chatter for Tuesday August 5, 2014 Gov't Pensions Make Big Bucks Off 'Corp Deserters' (Fox Business) Related PRGO #PreMarket Primer: Wednesday, August 6: Sprint Prepares To Go It Alone #PreMarket Primer: Tuesday, July 22: Separatists Hand Over Remains From Malaysian Airlines Flight Horizon Inks $660M Reverse Merger With Ireland's Vidara (Fox Business) The Dow gained 0.29% to 16,477.06, while the NASDAQ composite index rose 0.34% to 4,367.54. The broader Standard & Poor's 500 index surged 0.32% to 1,926.33. The worst performing industries in the market today are: Drug Stores: This industry tumbled 4.7% by 11:00 am. The worst stock within the industry was Walgreen Co (NYSE: WAG), which fell 12.6% following the announcement of Boots acquisition. Walgreen lifted its dividend by 7.1%. Drug Related Products: This industry fell 3.27% by 11:00 am ET. Perrigo Company (NYSE: PRGO) shares dropped 3.8% in today's trading. Perrigo is expected to release its Q4 results On August 14, 2014. Semiconductor- Memory Chips: The industry dropped 3.24% by 11:00 am. The worst performer in this industry was Micron Technology (NASDAQ: MU), which declined 1.9%. Micron shares have jumped 125.13% over the past 52 weeks, while the S&P 500 index has gained 13.56% in the same period. Diversified Communication Services: This industry moved down 2.47% by 11:00 am, with Sprint (NYSE: S) moving down 17.6%. Wall Street Journal reported that Sprint was abandoning its efforts to acquire T-Mobile US (NYSE: TMUS), citing regulatory issues. Sprint named Marcelo Claure as its President and CEO. Posted-In: Worst Performing IndustriesNews Movers & Shakers Intraday Update Markets © 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.   Most Popular Ebola Stocks Continue Higher Did George Soros Sell His Stake In Israeli-Based SodaStream Because Of Political Reasons? ONCOSEC MEDICAL:Multiplying The Immune Response Earnings Scheduled For August 5, 2014 Herbalife Gets A Barron's Boost, But Drops After The Open 4 Implications Of New York's Draconian Bitcoin Regulations Related Articles (PRGO + MU) Worst Performing Industries For August 6, 2014 #PreMarket Primer: Wednesday, August 6: Sprint Prepares To Go It Alone DRAMeXchange Reports DRAM Contract Quotes Rose 4.92% in Second Half of July #PreMarket Primer: Friday, August 1: Three Day Truce Between Hamas And Israel Begins Dow Suffers 300 Point D Tuesday, August 5, 2014 Review of the week’s big stories Stock markets closed the week marginally down from record highs as talk of lofty valuations and financial bubbles continued. With indices up 100% over the past five years the worry is that investors are becoming complacent about risks and that second quarter earnings seasons will fail to meet sky high expectations. However earnings season got off to a good start with several companies reporting strong results. Alcoa reported surging profits on Tuesday that smashed consensus forecasts. Excluding the impact of special items, net income was $216 million, or $0.18 per share, more than double sequentially and nearly triple year-over-year and smashed consensus forecasts of $0.12 per share. The company reported strength in its value added aircraft and automotive business and reported productivity gains across all segments totalling $556 million. Additionally the company reported a bullish outlook. Based on rising truck orders and backlogs, Alcoa increased its 2014 estimated growth for the North America commercial transportation market to a range of 10 to 14 percent while the company continues to project 2014 global aerospace growth of 8 to 9 percent driven by robust demand for both large commercial aircraft and regional jets. Wells Fargo met expectations with earnings and beat on revenue. It was the first big bank to report earnings with the others reporting next week. The bank reported earnings of $1.01 a share, up 4% on the previous year, with core lending up 7%, deposits up 9% and non performing assets down 14%. CEO John Stumpf also painted a positive picture reporting, "Our results also reflected strong credit quality driven by an improved economy, especially the housing market, and our continued risk discipline. We are committed to both maintaining strong capital levels and returning more capital to our shareholders." In an interim update Chevron reported that it expected second quarter earnings to be higher than first quarter as a result of gains on asset sales and an absence of impairments in the prior quarter. Finally, Fastenal Co. reported second-quarter earnings increasing almost 8% as revenue improved 12%. Fastenal, which sells nuts, screws, tools and other industrial and construction supplies, has faced slowing sales-growth momentum in recent quarters. However the company reported improvements in both sectors with manufacturing sales up 11.2% and construction up 7.5%. Fastenal said it still plans to open roughly 35 to 40 stores in total this year. The author is a blogger for SurgingEarnings.Com Risk Disclaimer: This article does not constitute a recommendation to buy or sell. Investing in stocks or other securities and derivatives is a high risk activity and not suitable for everyone. It is strongly recommended that individuals should consult with a SEC registered investment adviser prior to making any investment decisions. Disclosure: The author holds no positions in any of the stocks mentioned nor has any intentions to initiate any in the next 72 hours. Currently 5.00/512345 Rating: 5.0/5 (1 vote) Voters: Subscribe via Email Subscribe RSS Comments Please leave your comment: More GuruFocus Links Latest Guru Picks Value Strategies Warren Buffett Portfolio Ben Graham Net-Net Real Time Picks Buffett-Munger Screener Aggregated Portfolio Undervalued Predictable ETFs, Options Low P/S Companies Insider Trends 10-Year Financials 52-Week Lows Interactive Charts Model Portfolios DCF Calculator RSS Feed Monthly Newsletters The All-In-One Screener Portfolio Tracking Tool MORE GURUFOCUS LINKS Latest Guru Picks Value Strategies Warren Buffett Portfolio Ben Graham Net-Net Real Time Picks Buffett-Munger Screener Aggregated Portfolio Undervalued Predictable ETFs, Options Low P/S Companies Insider Trends 10-Year Financials 52-Week Lows Interactive Charts Model Portfolios DCF Calculator RSS Feed Monthly Newsletters The All-In-One Screener Portfolio Tracking Tool CVX STOCK PRICE CHART 128.47 (1y: +3%) $(function(){var seriesOptions=[],yAxisOptions=[],name='CVX',display='';Highcharts.setOptions({global:{useUTC:true}});var d=new Date();$current_day=d.getDay();if($current_day==5||$current_day==0||$current_day==6){day=4;}else{day=7;} seriesOptions[0]={id:name,animation:false,color:'#4572A7',lineWidth:1,name:name.toUpperCase()+' stock price',threshold:null,data:[[1373864400000,124.68],[1373950800000,124.12],[1374037200000,124.35],[1374123600000,125.47],[1374210000000,126.91],[1374469200000,127.03],[1374555600000,127.26],[1374642000000,126.37],[1374728400000,127.76],[1374814800000,127.56],[1375074000000,126.17],[1375160400000,125.78],[1375246800000,125.89],[1375333200000,126.44],[1375419600000,124.95],[1375678800000,123.99],[1375765200000,123.14],[1375851600000,123.33],[1375938000000,123.07],[1376024400000,122.5],[1376283600000,121.8],[1376370000000,122.5],[1376456400000,122.05],[1376542800000,120.25],[1376629200000,119.88],[1376888400000,118.66],[1376974800000,118.29],[1377061200000,117.7],[1377147600000,118.29],[1377234000000,119.53],[1377493200000,118.84],[1377579600000,118.81],[1377666000000,121.81],[1377752400000,120.37],[1377838800000,120.43],[1378184400000,120.55],[1378270800000,120.86],[1378357200000,121.37],[1378443600000,121.21],[1378702800000,122.22],[1378789200000,123.01],[1378875600000,123.92],[1378962000000,123.89],[1379048400000,124.14],[1379307600000,124.08],[1379394000000,124.34],[1379480400000,125.82],[1379566800000,125.44],[1379653200000,124.92],[1379912400000,125.52],[1379998800000,124.49],[1380085200000,124.07],[1380171600000,123.49],[1380258000000,122.64],[1380517200000,121.5],[1380603600000,121.32],[1380690000000,120.83],[1380776400000,118.25],[1380862800000,118.13],[1381122000000,117.87],[1381208400000,116.73],[1381294800000,116.13],[1381381200000,116.38],[1381467600000,117.67],[1381726800000,118.58],[1381813200000,118.15],[1381899600000,119.16],[1381986000000,119.521],[1382072400000,119.65],[1382331600000,119.82],[1382418000000,120.64],[1382504400000,120.13],[1382590800000,120.56],[1382677200000,120.59],[1382936400000,120.91],[1383022800000,121.5],[1383109200000,120.3],[1383195600000,119.96],[1383282000000,118.01],[1383544800000,118.1],[1383631200000,118.45],[1383717600000,121.14],[1383804000000,119.91],[138389! 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Huh/APA 2014 Mini Cooper Countryman on display at the Chicago Auto Show last February. DETROIT -- The four-door Mini Cooper Countryman was the only one of 12 cars to earn a top rating of "good" in new frontal crash tests. The Nissan Leaf, Nissan Juke, Fiat 500L and Mazda5 wagon all fared worst in the tests performed by the Insurance Institute for Highway Safety, an Arlington, Va.-based safety group that's funded by insurers. The Chevrolet Volt, Ford C-Max, Mitsubishi Lancer, Scion FR-S and Subaru BRZ all got the second-highest rating of "acceptable." The Hyundai Veloster and Scion xB were a notch below that, with "marginal" ratings. The small overlap front crash test, introduced in 2012, replicates what happens when 25 percent of a car's front end strikes a rigid object at 40 mph. It's a difficult test because a small area of the car's front end must absorb and manage the energy from a severe, high-speed crash. To earn a "good" rating, a car must keep the cabin around the occupants largely intact and protect them with a combination of seat belts and air bags, the institute said. When a car's cabin collapses, as it did in the crash tests of the Juke, Leaf, 500L and Mazda5, it can move the seats and air bags out of place, increasing the risk of injuries. The institute said 19 of the 32 small cars it has now tested have earned "good" or "acceptable" ratings on the small overlap test. The institute said the Mazda5 was among the worst performers it has tested. Its side air bags didn't deploy at all and its driver's side door unlatched, which shouldn't happen during a test. In a statement, Mazda pointed out that the Mazda5 has earned "good" ratings on other IIHS tests, including a front moderate overlap test and a roof strength test. It earned a "marginal" rating in a side-impact crash test performed by the institute. "We take these results seriously, and are studying the results of these IIHS tests as we consider the design of future vehicles," the company said. The Chevrolet Volt was the only car in the group to be labeled a "Top Safety Pick Plus," because it has an optional front crash prevention system. The C-Max Hybrid, Countryman, Mitsubishi Lancer, Scion FR-S and Subaru BRZ earned "Top Safety Pick" awards because they don't have front crash prevention systems. To be a top safety pick, vehicles must earn "good" or "acceptable" ratings for small overlap protection and "good" ratings on the institute's other four crash tests. MSRP: $26,495 Resale value retained after five years: 50.5 percent Even under Fiat (FIATY) ownership, some elements of Dodge's mouth-breathing, knuckle-dragging, He-Man-Woman-Haters-Club approach to auto sales managed to survive. The built-by-car-guys-for-car-guys Challenger and its rebooted muscle car aesthetic still lingers to lure meatheads who value racing stripes and rims over, oh, just about any other element of their vehicle. Ordinarily, that alone wouldn't make one of these vehicles worth a second look five years from now --  even among the most superficial gearheads. But Fiat helped the Challenger smarten up a little bit by coupling a 305-horsepower V6 engine or 375-horsepower 5.7-liter V8 Hemi with loads of interior space, real-time touchscreen navigation, traffic updates, Bluetooth connectivity,  Sirius (SIRI) XM satellite radio, keyless entry/starter and a whole lot of Harman Kardon audio upgrades. 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