Stocks in the news: Hasbro, Google, Amgen, BB&T
Google Inc. (GOOG) said more than 2 million businesses now use its online office software, and the Web search leader is going global on Monday with an advertising campaign to lure customers away from Microsoft Corp. (MSFT) and IBM (IBM) products.
Apple(AAPL) and Texas Instrument (TXN) are reporting after the close Monday.
Gannett Co. (GCI) said Monday that its third-quarter profit fell 53 percent, as a reduction in the value of its assets, the economic slowdown and the ongoing print advertising declines took a heavy toll -- but it also indicated that the marketplace is improving. Its results surpassed most analyst expectations. Shares jumped over 4 percent ahead of the bell.
BB&T Corp. (BBT) said on Monday third-quarter profit fell 56 percent to $157 million, or 23 cents per share, as continuing credit issues weighed on results. Analysts on average had forecast 22 cents per share, according to Thomson Reuters I/B/E/S. Shares dropped over 4 percent in pre-market trade.
Sprint Nextel Corp. (S) on Monday said it will buy iPCS Inc. (IPCS) for $831 million in cash and assumed debt, ending a long history of legal conflict. Spring shares were up nearly 1.5 percent and IPCS's shot up over 33 percent before the bell.
Amgen Inc. (AMGN) said early Monday that the FDA asked for more supporting information on its new therapy denosumab for the treatment of postmenopausal osteoporosis. Many think the drug, also known as Prolia, is crucial for the company's growth, so the approval delay will likely not be received well, even if Amgen is not required to run any additional clinical trials. Shares declined nearly 2.5 percent in pre-market.
Eaton Corp. (ETN) reported third-quarter net income declined by about a third to $193 million, or $1.14 a share. Revenue was down 26 percent to $3.03 billion. Adjusted earnings of $1.21 a share beat estimates of $1.00 a share. Eaton also updated fourth quarter and 2009 estimates. Shares jumped over 5 percent ahead of the bell.
General Electric Co.'s (GE) credit was raised to overweight at CreditSights. Also GE and Vivendi SA are about $500 million apart in talks over what Vivendi should be paid for its NBC Universal stake, The Wall Street Journal reported on Sunday.
Select analyst calls:
- Abercrombie & Fitch Co. (ANF) was cut to sell from hold by Brean Murray, Carret & Co. on Monday.
- Pfizer's (PFE) coverage at Barclays Capital was resumed with an overweight rating and a $21 price target.
- J.P. Morgan raised its rating for AirTran Holdings (AAI) on Monday to overweight from neutral and lowered its rating for Southwest Airlines (LUV) to underweight from neutral. AAI shares gained over 5.5 percent in pre-market trade, while LUV shares fell about 1.8 percent.