Stocks in the news: BP, Wells Fargo, Nokia, Danaher
Wells Fargo & Co. (WFC) said late Tuesday it plans to repay the U.S. bank bailout program "shortly" without raising equity so as not to dilute current shareholders, including Warren Buffett's Berkshire Hathaway Inc. (BRK.B).
BP (BP) reported it's made a "giant" discovery at the Tiber Prospect in the U.S. Gulf of Mexico that may contain more than 3 billion barrels. The Tiber well was drilled to a total depth of approximately 35,055 feet (10,685 meters), greater than the height of Mount Everest. The latest discovery will help Europe's second-largest oil company boost output in the region by 50 percent to 600,000 barrels of oil equivalent a day beyond 2020. Petrobras (PBR) and ConocoPhillips (COP) each hold 20 percent and 18 percent stakes in the project, respectively. Shares gained about 3.5 percent in pre-market trading. COP and PBR traded higher as well.
Danaher Corp. (DHR) said Wednesday it will pay $1.1 billion for MDS Inc.'s instrument business in a move to add mass spectrometers to its offerings. It also plans to cut 3,300 jobs and eliminate 30 facilities as it increases its 2009 restructuring spending to as much as $250 million.
Take-Two Interactive Software Inc. (TTWO) posted a slightly narrower loss of $55.5 million, or 72 cents per share, than Wall Street was expecting late Tuesday, despite slumping revenues. Excluding charges, EPS was 66 cents, 2 cents better than estimates. Shares fell about 1.5 percent ahead of the bell.
Alcatel-Lucent (ALU) said it's offering a convertible bond maturing in 2015 worth 750 million euros ($1.07 billion). Shares declined following the announcement. Shares dropped nearly 9 percent in pre-market trading.Brown-Forman Corp (BF.B) said Wednesday first-quarter net income for the recent quarter rose 38 percent to $121.4 million, or 81 cents a share, topping analyst estimates on both top and bottom lines.
Walgreens (WAG) said Wednesday August same-store sales rose 1.9 percent.
Joy Global Inc. (JOYG) said Wednesday its third-quarter net income rose 10 percent as sales rose 6 percent due unexpectedly strong growth in China on the heels of stimulus programs. Shares gained about 3 percent before the bell.
Jos. A. Bank Clothiers (JOSB) on Wednesday said net income for the fiscal second quarter rose 41 percent, topping analyst estimates. Shares jumped about 4 percent in pre-market.
Google Inc. (GOOG) explained the over hour and half Gmail outage Tuesday, apologizing and saying they "take it very seriously when there's a problem with the service." Google assured users they are "currently compiling a list of things we intend to fix or improve as a result of the investigation."
Verifone Holdings Inc. (PAY) said late Tuesday that it swung to a fiscal third-quarter profit that topped Street forecast. Shares soared nearly 8 percent ahead of the bell.