Stocks in the news: General Motors, Tiffany, J Crew
General Motors Corp (GM) reached a new deal with bondholders Thursday, but news agencies also report that it will file for bankruptcy protection on Monday June 1. The deal with its creditors and workers should help speed the process. Meanwhile, the future of GM's European operations remains cloudy after Fiat's chief Sergio Marchionne said he's "perplexed" by financing issues arising in talks to buy Opel and will skip a meeting in Berlin that may decide the unit's future.
Tiffany & Co. (TIF) reported quarterly results this morning, posting a lower-than-expected profit as shoppers, not surprisingly, avoided jewelry. Still, the company kept its full-year forecast, citing a smaller sales decline so far in May. Shares declined 2 percent ahead of the bell.
Dell Inc. (DELL) reported a drop in sales and earnings, but topped profit estimates by a penny after cost cuts helped overcome a steeper-than-anticipated slump in sales. Continuing its efforts to cut $4 billion in costs by 2011, Dell will eliminate more jobs and outsource more manufacturing. Shares gained 1 percent in pre-market trade.
Target Corp. (TGT) -- Activist investor William Ackman failed in his attempt to overhaul the board of the retailer as none of his candidates for the board won a seat at the annual shareholder meeting.
Novell Inc. (NOVL) said Thursday that thanks to operating expenses cuts its fiscal second-quarter profit jumped, topping analyst estimates, even as revenue fell 9 percent. NOVL shares climbed 2.3 percent before the bell.
Marvell Technology Group Ltd. (MRVL) reported a decline in its first quarter profit that was inline with estimates as revenue dropped 35 percent. Marvell, however, gave a strong fiscal second-quarter forecast, above estimates, on the back of stronger orders and cost cuts. MRVL shares declined 1.6 percent in pre-market trade.
J Crew Group Inc. (JCG) reported Thursday profit that surpassed analyst expectations and it forecast a surprise second-quarter profit. Shares jumped nearly 20 percent ahead of the bell.