Stocks in the news: Palm, Apple, Goldman Sachs, McDonald's
The following post rounds up the companies making headlines today:
Palm (PALM) and Sprint Nextel (S) will be in the spotlight after the Pre went on sale over the weekend. According to some estimates, the iPhone and BlackBerry rival sold about 35,000 to 60,000 units. Palm shares dropped 6 percent ahead of the bell, Sprint's about a percent.
Apple's (AAPL) worldwide developers conference is going underway today with the company expected to announce a new iPhone model. Many also hope Steve Jobs will surprise as the keynote speeker scheduled for 1 p.m. EDT after the company said he will return to the helm of the company at the end of June.
Goldman Sachs (GS), J.P. Morgan Chase (JPM) and American Express (AXP) may get the green light from the Federal Reserve to repay money to the TARP, according to reports. Morgan Stanley (MS), State Street Corp (STT) and U.S. Bancorp (USB), may be allowed to repay the funds according to other reports. Financials were generally lower in pre-market trade.
McDonald's Corp.'s (MCD) global comparable sales rose 5.1 percent in May. In the U.S., same-store sales rose 2.8 percent, while they rose 7.5 percent in Europe, and the Asia/Pacific region same-store sales rose 6.4 percent. Shares declined about 2.5 percent before the opening bell.
General Mills (GIS) increased its view on fiscal 2009 earnings per share thansk to good operating performance and a lower tax rate. Shares gained about 1.7 percent in pre-market trade.
Barclays (BCS) said it's in talks about selling its fund management unit Barclays Global Investors to BlackRock (BLK). Some reports value the deal at $12-13 billion. BCS shares declined 4 percent ahead of the bell.
Qwest Communications International Inc. (Q) said Monday it will keep its long-distance network, signaling that the company failed to find a buyer willing to pay as much as it wanted. The company also reaffirmed its 2009 outlook. Shares declined 4 percent ahead of the bell.Google Inc. (GOOG) -- Susquehanna Financial Group raised Google's price target to $555 from $505, citing stabilization in the search business coupled with rapid growth in the emerging markets. Meanwhile, Benchmark downgraded the search engine giant from Buy to Hold. Shares were lower in pre-market trade.