Stocks in the news: Best Buy, Research in Motion, La-Z-Boy
The following post rounds up the companies making headlines today:
Best Buy (BBY) this morning reported first quarter earnings of 36 cents per share. Excluding one-time items, the electronics retailer earned 42 cents, beating estimates of 34 cents per share. Revenue came in at $10.1 billion, inline with estimates. Same-store sales for the quarter fell 6.2 percent. Best Buy also reaffirmed its forecast. Shares declined over 3 percent ahead of the bell.
Research In Motion (RIMM) is adding another smartphone to its BlackBerry lineup as it aims to win market share among both executives and mainstream consumers despite tough economic conditions. The new BlackBerry Tour falls somewhere between the Curve and the Bold. Shares gained 1.7 percent in pre-market trade.
General Motors Corp. (GMGMQ) finally managed to sell its struggling Swedish unit Saab Automobile Tuesday to a consortium led by Koenigsegg Automotive AB, a tiny luxury carmaker which produces only a dozen custom-made models a year. The sale would include an expected $600 million funding commitment from the European Investment Bank, guaranteed by the Swedish government.
Adobe Systems (ADBE) due to report results after the close. Meanwhile, the company said on Monday it had moved Acrobat.com out of public beta testing and would charge subscribers to use the online version of its Acrobat reader. Shares gained 2.3 percent ahead of the bell.
Citigroup Inc. (C) CEO Vikram Pandit said his bank will look abroad for growth as the U.S. economy goes through an "adjustment period" marked by greater savings and less credit. Meanwhile, Nomura Holdings and T&D Holdings are among five firms in the second round of bidding for Citi's asset management arm in Japan in a deal likely to exceed $1 billion, Reuters reported.
AT&T (T) was downgraded to Equal-Weight from Overweight at Barclays Capital and price target lowered from $34 to $28. Shares were down over 1 percent ahead of the bell.
FactSet Research Systems Inc. (FDS) projected Tuesday fiscal fourth-quarter earnings above Wall Street estimates as it posted an 18 percent increase in fiscal third-quarter earnings on better margins and higher revenue. Shares jumped over 5 percent in pre-market trade.
Smithfield Foods (SFD), the nation's largest hog producer and pork processor, posted a smaller-than-expected fiscal fourth-quarter loss as pork sales remained stable. The company lost 55 cents per share, 5 cents better than estimates, but revenue was below expectations.