Pier 1’s Costly Errors; Twitter CFO Gets Hacked; Apple’s Powering Up

Taking a long walk off of a short pier…

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Heads rolled at Pier 1  – or rather one head – as earnings were released and stunned everyone – just not in a good way. The numbers were so unexpectedly bad that shares took a heady nosedive of about 33%. It seems the company was just a bit too generous when it came to forecasting sales for itself this past year. Following a bunch of storms that wreaked fiscal havoc on the home decor chain and its 1000+ stores, Pier 1 figured, though apparently not in a mathematical kind of way, that it would recoup all that and more. It didn’t. CFO Charles Turner also was unable to adequately explain some supply-chain expenses and why those expenses are expected to go on and on and…I’m sensing a LinkedIn workshop in Mr. Turner’s future as he was replaced by Laura Coffey who will become the interim CFO. The company originally forecasted that it would pull in between 95 -$1.05 for the fiscal year, but not anymore. As those numbers took a dip, Pier 1 is now looking to gain between 80 – 83 cents per share.

Be-twittered…

Image courtesy of iosphere/FreeDigitalPhotos.net

Image courtesy of iosphere/FreeDigitalPhotos.net

If you’re amongst the Twitter followers of CFO Antony Noto – and no one is judging you if you are – you might have noticed some of the hundreds of tweets he sent out – within a span of about eight minutes –  trying to get unsuspecting followers to click on some dubious links. In fact, he was not trying to out-tweet the Kardashians. He’s got a way better excuse than that – his account was hacked. No word yet on whether he used the two-step verification process, though, he really ought to since his own company does offer it and the fact that his account was hacked shows he’s a regular person, just like you and I. But a Twitter spokesperson wouldn’t comment either way if he did use the verification option. Hmmm. That might be because if Mr. Noto did use the verification option and still got hacked, it’d mean there are holes in the option allowing for pesky hackers to get into not just Mr. Noto’s account but everyone else’s too. Or maybe it was just a bug, some say. Incidentally, this was not Mr. Noto’s first time with a Twitter issue. Back in November the CFO tweeted a message to a colleague that was presumably meant to be a private message about acquiring a company. It wasn’t private at all. Oops. This, by the way, comes on the heels of another hacking into Newsweek Magazine’s Twitter account.

Is there a coupon for that?

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Apple is about to out-green even the greenest amongst us as it announced its plans to buy about $850 million worth of solar energy. In case you were wondering, that’s enough energy to power 60,000 homes. The tech giant is looking to supply its “spaceship” facility in Cupertino, which is still under construction, with all that energy. But that’s not all, folks. It will also be used to power all of Apple’s California retail locations, of which there are 52, by the way, its data center and its offices. First Solar is the lucky recipient of this 25 year contract and the ever-indutsrious Tim Cook said, “We are doing this because it’s right to do, but you may also be interested to know that it’s good financially to do it.” Warms the heart, no?

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IP Whoa! A Bit of a Situation and Tesla Fizzles In the Garden State

What happens in China doesn’t necessarily stay in China…

Image courtesy 1shots/FreeDigitalPhotos.net

Image courtesy 1shots/FreeDigitalPhotos.net

You might MIGHT not have heard of Alibaba only because it’s not based in the United States. But you should get to know them. I mean really get to know them. The Chinese based e-commerce site carries more goods than eBay and Amazon combined. What’s more is that it’s expected to be the biggest IPO since Facebook’s auspicious debut setting all sorts of fun and expensive records. But the decision to take the IPO to the US has made Hong Kong a smidgen unhappy since Alibaba controls about 80% of all e-commerce in China. US based Yahoo also owns about a 24% stake in the company. And six of the most powerful banks in the US have all got their tongues wagging hoping to get a nice slice of the underwriting pie.

Just a bit of a discrepancy?

Image courtesy of ratch0013/FreeDigitalPhotos.net

Image courtesy of ratch0013/FreeDigitalPhotos.net

In the soap opera we call bitcoin, Dorian Satoshi Nakamoto continues to deny that he is the man behind über hot cyber currency, bitcoin, despite being fingered as the creator by Newsweek magazine. He even issued a statement via his attorney. In it he laments that he had to discontinue his internet service “due to severe financial distress” and hasn’t had steady work in a decade. Something tells me he could use a couple of those bitcoins right about now. The person believed to be the creator is said to own about $400 million worth of bitcoins. Bitcoin creator, whoever you may be, wherever you may be, (assuming you are not Dorian Satoshi Nakamoto, that is) it would be really cool, if you could throw a bit of coin Mr. Nakamoto’s way for all the trouble he’s going through just because he shares a name with you.

New Jersey is soooooo not with the current…

Image courtesy of Danilo Rizzuti/FreeDigitalPhotos.net

Image courtesy of Danilo Rizzuti/FreeDigitalPhotos.net

If you were thinking about going into one of those really cool Tesla stores to discuss purchasing one of its automobiles, just know that in New Jersey, my electric car-loving friend, they’re just talk. At least they’re going to be. No more Tesla showrooms. The correct term shall be galleries. Auto dealers in New Jersey (and Texas and Arizona) do not want you buying products directly from Tesla. They want you to go through a middleman/woman/person to purchase your vehicle because they’re deeply concerned and want to protect you. Oh, the oxymoron! Perhaps it’s because Tesla Motors CEO Elon Musk just didn’t shell out enough cash for his esteemed politicians that he had his business model uprooted in the Garden State. After all, auto dealers forked over about $140 million for local, state and federal elections because they care. Mr. Musk ponied up a little less than $500,000. Who knew that working tirelessly to create a state of the art, environmentally conscious automobile that wins Consumer Reports Best Overall Car means you just don’t care?