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H-P, Apple: Monday's Headlines

H-P CEO Mark Hurd resigns while Apple's iPhone and iPod engineer exec leaves the company.

BOSTON (TheStreet) -- Here are the top stock market headlines for the morning of Monday, August 9, 2010.

Monday's Early Headlines

  • H-P CEO Hurd Resigns After "Improper" Conduct -- Hewlett-Packard (HPQ) - Get HP Inc. Report CEO Mark Hurd resigned late Friday following an investigation into an accusation of sexual harassment. H-P said its investigation determined there was no violation of H-P's sexual harassment policy, but did find violations of H-P's standards of business conduct. Mike Holston, H-P's General Counsel, said the company had unearthed irregularities in payments made to the contractor, as well as Hurd's expense reports. "It was a systematic pattern of improper expenses and inaccurate reports," he said.
  • BP Cement Plug Has Hardened -- BP (BP) - Get BP p.l.c. Report said Sunday that the cement plug sealing its broken oil well in the Gulf of Mexico had hardened, according to published media reports. The company said pressure tests on the plug show that it's solidly in place, The Associated Press reported. The successful tests mean BP can begin drilling the last 100 feet of a relief well that it hopes will permanently seal the broken well, the AP reported.
  • Apple iPhone Exec Departs; More Verizon iPhone Reports -- Apple's (AAPL) - Get Apple Inc. Report Mark Papermaster, Apple's senior vice president of iPhone and iPod hardware engineering, is leaving the company, according to Apple spokesman Steve Dowling. Papermaster leaves the company in the wake of antenna problems with the newest version of the iPhone. Meanwhile, TechCrunch reports that Apple has submitted orders for millions of units of Qualcomm (QCOM) - Get QUALCOMM Incorporated Report CDMA chipsets for a Verizon (VZ) - Get Verizon Communications Inc. Report iPhone run due in December, citing sources with knowledge of the situation.
  • Nabors Acquires Superior Well for $900 Million -- Nabors Industries (NBR) - Get Nabors Industries Ltd. Report said Monday it has agreed to purchase Superior Well Services (SWSI) in a $900 million transaction that values shares of Superior Well at $22.12 per share, a premium of 21.3% to Friday's closing price. "Although we expect this acquisition by itself to be significantly accretive to 2011 results, our major motivator was the opportunity to leverage this well respected franchise into a global force utilizing our extensive international footprint and resources," Nabors' Chairman and CEO Gene Isenberg said in a statement.
  • McDonald's Global Comparable Sales Up 7% in July -- McDonald's (MCD) - Get McDonald's Corporation Report said its global comparable sales rose 7% in July, coming in ahead of analysts' estimates. U.S. comparable sales were up 5.7%, Europe sales climbed up 5.3% and sale surged 10.1% in Asia, Middle East and Africa. "Our customers are at the heart of everything we do, and our strong July sales performance reflects our commitment to them," said McDonald's CEO Jim Skinner.
  • Sara Lee CEO Resigns for Health Reasons -- Sara Lee (SLE) Chairman and CEO Brenda Barnes will step down from her positions to focus on improving her health, the company said Monday. Barnes had been on medical leave since May 14 after suffering a stroke. Barnes has also resigned from Sara Lee's board of directors and will not run for re-election at the company's annual shareholders meeting in October.

Earnings Roundup

  • Tyson Foods (TSN) - Get Tyson Foods Inc. Report reported fiscal third-quarter earnings of 65 cents a share on revenue of $7.44 billion, above the Thomson Reuters consensus for earnings of 58 cents and revenue of $7.26 billion
  • Dish Network (DISH) - Get DISH Network Corporation Report posted second-quarter earnings of 57 cents a share on revenue of $3.17 billion, above the Thomson Reuters average estimate for a profit of 53 cents a share and revenue of $3.13 billion. During the quarter, Dish said it lost 19,000 net subscribers.
  • Chrysler said its second-quarter net loss narrowed to $172 million from a net loss of $197 million in the first quarter as net revenue rose to $10.5 billion, up 8.2% from the first quarter. Chrysler reiterated its full-year guidance range of $40 million to $45 billion in net revenue and operating profit of breakeven to $200 million.

-- Written by Robert Holmes in Boston


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