Stocks in the News: Campbell Soup, Lowe's, Smith
Campbell Soup (CPB), which last week cut 2010 sales outlook, posted a higher quarterly profit of $259 million, or 74 cents share on Monday. Sales rose 1% to $2.2 billion. Results were inline with estimates.Lowe's (LOW) reported a 27% rise in quarterly profit to $205 million, or 14 cents a share. Results beat the 12 cents analysts had expected. Lowe's says profit was boosted by rising lumber prices and demand for appliances. Lowe's expects sales to rise 1%-3% in the current quarter, an outlook that disappointed investors. Shares rose over 2% in premarket trading.
Constellation Energy Group (CEG) said it swung to a fourth-quarter net profit of $4.42 billion, or $21.96 a share. Adjusted earnings were 30 cents a share, a penny below consensus estimates. Constellation reaffirmed its 2010 guidance. Shares were 1.5% higher ahead of the bell.
Novartis (NVS) said Monday it received U.S. Food and Drug Administration approval for its meningitis vaccine Menveo for use in teenagers and adults. Meningitis affects between 1,000 and 3,000 people each year in the United States.
Other companies reporting results on Monday include Nordstrom (JWN) and RadioShack Corp (RSH).
Citigroup (C) said on Monday it had hired several senior officials in India in recent months to boost its presence there.
Google (GOOG) -- Investigators believe they are close to tracking the hackers that attacked Google and other companies. They tracked the launch of the spyware to computers inside two educational institutions in China.
Schlumberger (SLB) has agreed to purchase fellow industry player Smith International (SII) for about $11 billion in stock in a move the Associated Press says will diversify its product offerings and allow it to better compete with rival Halliburton (HAL). SLB shares dropped some 5% in premarket trading, while SII's jumped over 7%.
Toyota Motor Corp (TM) saved over $100 million by getting U.S. regulators to agree to a limited recall in 2007, according to documents.
GlaxoSmithKline (GSK) says it is rejecting a report's conclusions regarding its diabetes drug Avandia. The New York Times reported that government regulators are concerned that Avandia may weaken the heart sufficiently to increase users' chances of heart attacks and heart failure. Shares fell over 2% before the bell.
Alcatel-Lucent (ALU) shares jumped nearly 5% after Bank of America's Merrill Lynch unit set a higher-than-consensus earnings estimates.
Barron's had positive write-ups over the weekend of drugmakers Mylan (MYL) and Abbott (ABT).