Wall Street's current winning streak may be about to come to an end today. Futures have been fractionally lower for most of the morning, following a September surge that's put the Dow back above 15,000. The move lower follows President Obama's speech last night. The President says he now favors a plan for Syria to turn over its of chemical weapons. Here's one quote: "It's too early to tell whether this offer will succeed. And any agreement must verify that the Assad regime keeps its commitments. But this initiative has the potential to remove the threat of chemical weapons without the use of force." Under this revised plan, the President has asked Congress to postpone a vote authorizing a military force. But he insists strikes must remain a necessary option if the Assad regime does not cooperate. This alternative approach of disarmament was first mentioned by Secretary of State John Kerry, and then officially proposed by Russian President Vladimir Putin. For more on this story go to news.yahoo.com.
The rumors were true. Apple (AAPL) has unveiled two new iPhones. CEO Tim Cook revealed the devices at an company headquarters in Cupertino, California. One is a refresh of the iPhone 5, and the other is a lower cost option. The main question now is whether these devices fall far enough from the Apple tree to get anyone excited? Yahoo Finance Senior Columnist Mike Santoli has more in the video above.
A director at Dish Network (DISH) couldn't take it. The Wall Street Journal reports that board member Gary Howard recently resigned over a proposal which he found unethical. The controversy involves the company Light Squared. SEC filings show that Dish wants to buy Light Squared for $2.2-billion. Here's the complication: Dish CEO Charlie Ergen bought debt from Light Squared over the past year, and could therefore make several hundred million dollars from a takeover.
Strippers are getting covered! A judge says pole performers and the like are protected by minimum wage laws.The ruling stems from a class action suit filed against Texas-based "Rick's Cabaret" (RICK). The company had tried dancing around the law by saying the women on stage were independent contractors. But a pamphlet of entertainer guidelines like requiring four-inch stilettos swayed the judge in the plaintiffs' favor. Rick's by the way trades on the NASDAQ where it's up 50% year-to-date. Most of the gains came several weeks ago when the company beat revenue estimates in its quarterly report.
STOCKS TO WATCH
Synnex (SNX) has been up more than 8% since yesterday's close. The IT supply chain company has just bought IBM's customer care business for more than $1/2 billion. It will also become IBM's strategic business partner as part of a multi-year pact. Synnex hit an all-time within the past month, and is up 37% year-to-date even before you add in this morning's gains.
The Men's Wearhouse (MW) reports after the closing bell. The company is expected to post earnings of $1.14 a share, down a penny from a year ago, and 9-cents lower than earlier forecasts, despite more than a 1% climb in revenues. The gloomy outlook stems largely from the ouster in June of founder and chairman George Zimmer. But the stock has performed rather well, largely on speculation that Zimmer may attempt a hostile takeover. Shares are up 24% year-to-date. They're up fifteen fold since he took the company public twenty years ago.
AMC Networks (AMCX) has just gotten a buy rating. This is the company that brings you Breaking Bad and Madmen on its namesake channel and also owns the Sundance and IFC networks. ISI Group has just initiated coverage of the company with the buy recommendation. Shares of AMC are up 25% year-to-date, giving the company a market cap of $4.6-billion dollars.Shares hit their highest mark last month since the company went public about two years ago. By the way, ISI has also initiated coverage with a buy for 21st Century Fox, CBS, Time Warner and Viacom. It has started coverage with a neutral rating on Disney, Discovery Communications, and Scripps Networks.
Gogo (GOGO) plans to unveil higher-speed internet service today for people on planes. The new system will use a combination of satellites and cellular towers for web speeds that are six times faster than current options. JetBlue has already said it plans to offer the service by year's end.Gogo went public on June 21st. Since then the stock has been down 23%.