Stocks in the news: Texas Instruments, Procter & Gamble, Talbot
Texas Instruments (TXN) is one of the bright spots this morning with shares climbing over 6 percent in pre-market trade after the chipmaker late Monday, when its reported quarterly results, increased its second-quarter revenue and earnings per share forecast.
Nokia (NOK) and other tech stocks related to to TI's business got a lift from the chipamker's improved outlook. NOK shared climbed about 3.5 percent in pre-market trade.
Men's Warehouse (MW) shares jumped about 11 percent ahead of the bell after the clothing retailer reported that first-quarter profit fell 47 percent as fewer customers came in to shop, but cost-cutting measures helped results top Wall Street expectations and the company forecast a strong second-quarter performance.
Procter & Gamble (PG) may appoint Robert McDonald, its current chief operating officer, to replace longtime CEO A.G. Lafley, according to sources. P&G, Kellogg's (K) and General Mills (GIS) are due to make a presentation at a Deutsche Bank conference on the sector.Talbot (TLB) shares also jumped some 9 percent in pre-market trade after the women's apparel retailer posted a much narrower-than-expected loss on Tuesday, a day after it decided to sell its J.Jill division to Golden Gate, and said it is cutting corporate headcount across all locations by about 20 percent.
Citigroup (C) late Monday, the bank said it expects to begin its much-delayed $58 billion stock swap later this week, as part of a plan that could leave the government with a 34 percent stake.
Apple Inc. (AAPL) unveiled Monday a new and improved version of its iPhone and halved the price for the entry level iPhone in a preemptive move against potential competition from the Palm (PALM) Pre. The company also cut prices on some of its notebooks. Analysts, while some concerned about the pricing, mostly they raised their targets on the tech giant: Susquehanna raised its target to $170 from $155, Barclays upped its target to $173 from $155, and JPMorgan raised its target by $20 to $155.
JPMorgan Chase & Co. (JPM) is amonth ten banks the Treasury is preparing to announce today it will let buy back government shares, reports indicate. Other banks include Goldman Sachs Group Inc. (GS), American Express Co. (AXP) and State Street Corp. (STT).