Stocks in the news: Ford, Intel, Kroger
Ford Motor Co. (F), Nissan Motor Co. (NSANY) and Tesla Motors Inc. are getting billions in government loans from the Energy Department $25 billion fund to help the automakers develop fuel-efficient vehicles, congressional officials say. Ford said it expects to receive $5 billion through the program by 2011. Nissan, meanwhile said it would unveil its first electric vehicle in Japan on August 2 and begin sales next year. It also said its electric vehicles will be affordable, and plans to mass produce the zero-emission cars globally from 2012.
Intel Corp. (INTC) will sell processors for mobile devices to Nokia Oyj (NOK), marking the biggest breakthrough in Intel's expansion into the phone market, a person familiar with the matter told Bloomberg.The details are confidential. While Intel is the world's biggest chipmaker whose microprocessors run more than 80 percent of the world's personal computers, it has struggled for about a decade to get a foothold in the market for mobile-phone chips.
Kroger (KR) said cost controls helped it post higher quarterly profit even though lower gasoline prices pushed revenue lower, and it stood by its full-year forecast.
Oracle (ORCL) reports earnings after the close. The business software giant is estimated to have earned 44 cents per share after earnings 47 cents a year ago.
Apple (AAPL) -- Steve Jobs is said to be back at work, although many questions remain.
ArcelorMittal (MT) and Brazilian mining group Vale (VALE) agreed to a substantial cut in the price of iron ore.
Starbucks (SBUX) was upgraded at Robert W. Baird to Outperform from Neutral and upped its price target from $15 to $17.
Other notable upgrades: UPS (UPS), FedEx (FDX), BHP Billiton (BHP), ConAgra (CAG) and Sirius XM (SIRI).
UBS (UBS) -- according to the New York Times, the U.S. Justice Department may drop a legal case aimed at forcing the Swiss bank to reveal the names of 52,000 wealthy American clients suspected of offshore tax evasion after the two countries signed a tax treaty. Shares gained over 6 percent ahead of the bell.
New Corp.'s (NWS) social-networking site MySpace said Tuesday that it will cut 300 international positions and close at least four offices outside the U.S. as it looks to cut costs and narrow its territory coverage.
Rambus Inc. (RMBS) cut its second-quarter revenue forecast, citing weak demand for consumer electronics. Shares declined nearly 10 percent in pre-market trade.
Toyota (TM) shareholders approved the appointment of the company founder's grandson Akio Toyoda as new president Tuesday.