Stocks in the news: Infosys, Citigroup, Monsanto, Chevron
Infosys Technologies Ltd. (INFY) said quarterly profit fell 0.9 percent from a year earlier, but raised its revenue forecast for the fiscal year ending March 2010. It also beat analyst estimates of 50 cents earnings per share by 6 cents. Despite that, shares fell over 4 percent ahead of the bell.
Citigroup (C) -- it's been reported that Occidental Petroleum (OXY) agreed to acquire Citigroup's Phibro unit, which primarily trades oil and gas. Occidental's net investment in Phibro is expected to be about $250 million. Meanwhile, the FDIC is questioning the positive conclusions given to Citigroup's management team in a government-mandated review in the aftermath of the financial crisis, the Wall Street Journal said, citing people familiar with the situation.
News Corp's (NWS) Ruprt Murdock and the AP"s Tom Curley said said Friday that it is time for search engines such as Google (GOOG) and others who use news content for free to pay up. Many news companies contend that the search engines have reaped a fortune from their articles.
Monsanto Co. (MON) said Thursday that the U.S. DOJ was reviewing its business to determine whether or not it has violated any antitrust laws. Shares fell 1 percent in pre-market trade.
Nvidia Corp. (NVDA) is reportedly postponing development of future chipsets that work with Intel Corp.'s (INTC) latest microprocessor technology because of a licensing dispute between the two companies, according to The Wall Street Journal.
Spectrum Pharmaceuticals (SPPI) said the FDA declined to approve its supplementary marketing application for its advanced metastatic colorectal cancer drug Fusilev in its current form. Shares sank 19 percent before the bell.Select analyst calls:
- J.P. Morgan upgraded Pinnacle West Capital Corp. (PNW) to Neutral from Underweight on Friday and raised the price target to $33 from $28, citing lower near-term regulatory uncertainty.
- Marriott International (MAR) was upgraded to Buy from Underperform at Bank of America Merrill Lynch and hiked the target price to $31 from $21. Meanwhile, Soleil and Susquehanna Financial downgraded the stock to Hold and Negative, respectively.
- Robert W. Baird upgraded Research in Motion (RIMM) from Neutral to Outperform.