Breakfast News: BlackBerry Ltd, Apple Inc., Spherix Inc, J.C. Penney Company


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NASDAQ:SPEX / NYSE:JCP / NASDAQ:BBRY / NASDAQ:AAPL
05/29/2014 [ACCESSWIRE]

NEW YORK / ACCESSWIRE / May 29, 2014 / Market Buzz Report, which provides up to date coverage, commentary and alerts on OTC and NASDAQ Stocks, issues critical stocks analysis for BlackBerry Ltd, Apple Inc., Spherix Inc, J.C. Penney Company.

Spherix Inc (NASDAQ:SPEX)’s shares declined 28.90% to $2.46 in the pre-market hour. The company on May 27 noted that the United States Senate, and Senate Judiciary Committee Chairman Patrick Leahy (D-Vermont), removed the patent reform bill from the committee's calendar. Senator Leahy cited the lack of broad bipartisan support for the bill, and also stated that many of the proposals would overly burden "legitimate patent holders who employ thousands of Americans." Anthony Hayes, Chief Executive Officer of Spherix, stated, "The removal of this bill from the Senate Judiciary Committee schedule should remove some of the uncertainty which has been clouding our industry. Spherix is committed to responsibly protecting the patents it owns, and we remain eager to work with companies large and small to reach fair agreements."

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J.C. Penney Company, Inc.(NYSE:JCP)’s shares gained 0.11% to $8.79 in the pre-market hour. In accordance with the New York Stock Exchange rules regarding equity inducement awards, J. C. Penney Company, Inc. (JCP) announced that on May 20, 2014, an equity inducement award of 223,964 restricted stock units (RSUs) was granted to Edward Record, the Company`s Executive Vice President and Chief Financial Officer, in connection with the commencement of his employment. 

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Additionally, the company on May 15 announced financial results for its first quarter ended May 3, 2014. For the first quarter, JCP reported net sales of $2.80 billion, versus $2.64 billion in first quarter of 2013. Same store sales increased 6.2% and improved sequentially each month within the quarter. Operating income for the quarter was a loss of $247 million which represents a 49.2% improvement over last year. For the first quarter, JCP incurred a net loss of $352 million or ($1.15) per share.

BlackBerry Ltd (NASDAQ:BBRY)’s shares jumped 4.12% to $7.29 in the pre-market hour. BlackBerry CEO John Chen on May 28 said the release of Apple's iPhone 6 could be good for the struggling smartphone maker as the company focuses on its enterprise business and its ability to manage multiple platforms. "We hope that we will be able to manage everything and the customer will see us as a very robust platform," Chen said at Re/code's Code Conference on Wednesday. "I view that [the iPhone 6] as a positive, not a negative … I want more and more devices out there."

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Additionally, BBRY on May 21 unveiled a series of initiatives, codenamed Project Ion, to help businesses easily connect people, devices and machines, and derive value from these connections. Project Ion is a cornerstone of BBRY's vision to offer end-to-end solutions for the Internet of Things.

Apple Inc. (NASDAQ:AAPL)’s shares increased 0.52% to $627.23 in the pre-market hour. AAPL on May 28 announced it has agreed to acquire the critically acclaimed subscription streaming music service Beats Music, and Beats Electronics, which makes the popular Beats headphones, speakers and audio software. As part of the acquisition, Beats co-founders Jimmy Iovine and Dr. Dre will join Apple. Apple is acquiring the two companies for a total of $3 billion, consisting of a purchase price of approximately $2.6 billion and approximately $400 million that will vest over time.

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Additionally, Apple has agreed to lease a seven-building campus in Sunnyvale where the tech giant could move about 1,450 workers, according to city documents and commercial property sources on May 21. The deal is the latest sign of a remarkable burst of expansion by Apple.

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SOURCE: Market Buzz Report  

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