Stocks in the news: Oracle, Monsanto, Citigroup
The following post rounds up the companies making headlines today:
Oracle (ORCL) reported quarterly financial results Tuesday after the close. Oracle beat estimates and it issued better-than-expected guidance. While its quarterly profit dropped on declining sales of new licenses, its sales of renewed contracts sales kept it from a larger decline. Shares jumped over 4 percent in pre-market trade.
Monsanto (MON) posted a 14 percent drop in quarterly earnings on Wednesday and said it planned a restructuring that would cut about 900 employees and separate its declining herbicide business. The world's biggest seed company beat estimates. Shares climbed 1 percent ahead of the bell.Citigroup (C) is about to raise the salaries of key employees by 50 percent according to industry sources. The move is meant to partially offset bonus caps the government has imposed. Citigroup has also halted mortgage applications at a unit due to missing documents.
AAPL) -- It has been confirmed, CEO Steve Jobs underwent a liver transplant at a Tennessee hospital and has "an excellent prognosis," the hospital that performed the operation confirmed on Tuesday. Shares gained over 1 percent ahead of the bell.
RiteAid Corp. (RAD) said Wednesday it narrowed its fiscal first-quarter loss by closing stores and trimming costs, but it expects a greater deficit for the year because of refinancing expenses. Results beat estimates. Shares jumped 4.7 percent before the open.
General Motors (GMGMQ) will cut another 4,000 salaried workers by the end of the year as the automaker continues to downsize.
Matrixx Initiatives (MTXX) said Wednesday that it has started a formal recall of all of its Zicam Cold Remedy products after the Food and Drug Administration warned last week they could impair sense of smell. Matrixx added that it disagrees with the FDA's stance, but complying nonetheless. Shares continued to decline in pre-market trade.
PepsiCo Inc. (PEP) said Wednesday that it plans to form a strategic alliance with Japanese snack maker Calbee Foods Co. to make and sell food products in Japan. Shares were 1 percent higher ahead of the bell.
Supervalu Inc. (SVU) warned Wednesday that earnings for the first quarter would be substantially below consensus. Shares sank over 10 percent in pre-market trading.
Jabil Circuit Inc. (JBL)reported disappointing fourth-quarter revenue forecast even as it topped estimates.