Stocks in the news: Google, Apple, Loews, Humana
Apple (AAPL) today announced that Dr. Eric Schmidt, CEO of Google (GOOG), is resigning from Apple's Board of Directors, a position he has held since August 2006. Steve Jobs, Apple's CEO said in a statement that, "Unfortunately, as Google enters more of Apple's core businesses, with Android and now Chrome OS, Eric's effectiveness as an Apple Board member will be significantly diminished, since he will have to recuse himself from even larger portions of our meetings due to potential conflicts of interest." Shares of both companies rose about 1.2 percent in pre-market trading.
Loews (L) reported a lower-than-expected second-quarter profit of $341 million, or 78 cents a share, compared with analyst estimates of 98 cents a share. It was hurt mainly by higher investment losses.
Humana Inc. (HUM) said Monday its second-quarter profit rose 34 percent to of $281.8 million, or $1.67 per share, beating analyst estimates on both top and bottom lines, on the strength of robust growth in its Medicare Advantage business. It also raised full year forecast. Shares jumped nearly 6.5 percent in pre-market trade.
Tyson Foods Inc. (TSN) posted a strong third-quarter profit Monday, powered by its poultry division, but beef and pork also made money as the company finally overcame last year's steep increases in feed and fuel prices. The company beat analyst earnings estimates. Shares gained 4.8 percent before the bell.
Microsoft (MSFT) increased its share of the U.S. Internet search market by another 1 percentage point in July, taking its combined share with new search partner Yahoo (YHOO) to 20.36 percent, according to data from StatCounter released on Monday. Google's (GOOG) share slipped to 77.54 percent from 78.48 percent. MSFT and YHOO shares were up 1.3 and 1.8 percent respectively.
Clorox (CLX) said Monday that its fiscal fourth-quarter profit rose, coming inline with estimates.
Molson Coors (TAP) said Monday that second-quarter earnings more than doubled, handily beating analyst expectations. Shares were up 2.3 percent.
UBS (UBS) shares soared about 4 percent after reports said the Swiss bank would not pay a fine and would pass on fewer client names than expected in a settlement of U.S. tax litigation to be finalized later this week.
MGM Mirage Inc. (MGM) said Monday it swung to a second-quarter loss, below estimates on an adjusted basis. Shares of MGM fell about 2.3 percent in pre-market trading. MRO) says its second-quarter profit fell 47 percent from a year ago. The results still beat Wall Street expectations. Shares increased 2 percent ahead of the bell.