 | Good afternoon Bit |  |  | Amazon wowed investors when it reported a 51 percent surge in sales for the second quarter and said revenue for the current quarter would beat expectations. Shares of the e-commerce giant shot up more than 6 percent on the figures in after-hours trade, even though second-quarter net profits fell as the company's margins continued to be pressured by heavy spending on distribution, technology and digital content.
Netflix shares took another beating on Tuesday after it warned a day earlier it was expecting subscriber growth to stall in the third quarter in response to price hikes announced this month. That didn't stop several analysts from raising their price targets on the video rental company's stock, though, as they took the company at its word that the effects of the subscriber slowdown would be temporary. According to one analyst interviewed by Reuters, the gain in average revenue per user in the fourth quarter will "more than offset" the expected cancellations from the higher prices. Another expressed optimism about the company's plans to expand into Latin America early next year.
Wal-Mart's answer to Netflix, Vudu, has a new home on the Walmart.com website. The retailer decided to move its video streaming and rental service to its flagship site in a bid to drum up more use as it competes with a host of other similar services. Starting Tuesday, consumers can order a DVD for mail delivery or pickup or rent or buy releases digitally directly from Wal-Mart's website. The retailer bought the video company last year but had operated it separately until now.
Facebook has taken steps to put yet another privacy controversy behind it by making it easier for users to opt-out of its facial-recognition technology for photographs. The social network began running ads on members' home pages this month notifying them about its "tag suggestions" feature and giving them the option of disabling it completely in their account's privacy settings. The technology - which scans photos just added to the site, compares the faces in the shots with previous pictures and then suggests name tags – came under scrutiny last month after Connecticut Attorney General George Jespen wrote a letter to the company saying the feature compromised users' rights to privacy by analyzing faces in photographs posted on Facebook and then cataloging them.
Motorola Solutions Inc lost a bid to dismiss a class-action lawsuit accusing it of misleading shareholders about deteriorating prospects for its cellphone business, resulting in investment losses. In a decision on Monday, U.S. District Judge Amy St. Eve in Chicago said there is a "genuine dispute" as to whether predecessor company Motorola Inc in 2006 and early 2007 hid key information about its ability to compete with such rivals as Nokia Oyj and Samsung Electronics Co Ltd. | | | LATEST NEWS | | EA's quarterly revenue falls, beats estimates | | July 26, 2011 04:25 PM ET | | NEW YORK (Reuters) - Electronic Arts Inc, the video game maker behind "FIFA" and "Madden," reported a 3 percent decline in first-quarter adjusted revenue as customers bought fewer video games than a year earlier. | Full Article | | Wall Street raises targets, but Netflix shares dive | | July 26, 2011 12:44 PM ET | | LOS ANGELES (Reuters) - Shares of top video rental company Netflix Inc fell more than 9 percent on Tuesday, a day after the Wall Street darling shocked investors by projecting a pause in its normally explosive subscriber growth. | Full Article | | InterDigital files Nokia, Huawei, ZTE complaint | | July 26, 2011 01:26 PM ET | | NEW YORK (Reuters) - InterDigital Inc has filed a complaint with the U.S. International Trade Commission against Nokia Corp, Huawei Technologies Co Ltd and ZTE Corp accusing the cellphone makers of infringing seven InterDigital technology patents. | Full Article | | Debt talks buffet stocks, but chipmakers shine | | July 26, 2011 05:27 PM ET | | NEW YORK (Reuters) - The stalemate in debt talks dragged down stocks for a second day on Tuesday, and light volume showed investors remained reluctant to make bets despite another round of healthy earnings. | Full Article | | | BUSINESS NEWS
| | U.S. likely to lose top rating: economists | | July 26, 2011 03:20 PM ET | | WASHINGTON/LONDON (Reuters) - The United States will lose its top-notch AAA credit rating from at least one major rating agency, according to a Reuters poll that also found wrangling over the debt ceiling has already damaged the economy. | Full Article | | Ford profits despite economy, rising costs | | July 26, 2011 01:29 PM ET | | DEARBORN, Michigan (Reuters) - Ford Motor Co's profit held up well in a second quarter marked by the impact of Japan's earthquake, the shaky U.S. economy and high commodity costs, but the automaker remained cautious about consumer demand going forward. | Full Article | | Soros to return outsiders' hedge fund money | | July 26, 2011 04:34 PM ET | | BOSTON (Reuters) - Billionaire investor George Soros, whose stock-picking career has spanned nearly four decades, said he will manage money only for himself and his family as new regulations threaten to crimp the hedge fund industry he made famous. | Full Article | | Debt crisis gives investors first jolt | | July 26, 2011 05:25 PM ET | | WASHINGTON (Reuters) - President Barack Obama's Democrats and their Republican rivals were further apart than ever on Tuesday in an impasse over the government's debt limit as investors braced for a looming default and downgrade. | Full Article | | | | U.S. TOP NEWS | | | | | RELATED VIDEO | | |  |  | | A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today. |  | | Your daily briefing on the latest tech developments from around the world from Reuters expert tech correspondents. Register Today. |  | | The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day.. Register Today. | | | » MORE NEWSLETTERS | | | ODDLY ENOUGH | | | | | | |
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