Stocks in the news: AIG, Starbucks, Fannie Mae, General Electric
Starbucks (SBUX), late Thursday, reported higher earnings, saying adjusted profit of 24 cents per share, beating the 21-cents-per share estimate of analysts polled by Thomson Reuters mostly due to cost cutting measures. The coffee chain lifted its fiscal 2010 adjusted earnings guidance due to improving traffic in its stores. Shares jumped about 4 percent in premarket trade.Fannie Mae (FNM) reported a nearly $19 billion loss on bad loans. The embattled mortgage lender also said it has asked the U.S. Treasury Department for an additional $15 billion in assistance by the end of the year. Fannie Mae has already received some $44.9 billion in federal government assistance. It also plans to sell $2.6 billion in unused tax credits. FNM shares dropped over 10 percent before the bell.
General Electric (GE) was upgraded at Bernstein to Outperform. Oppenheimer, too, raised its rating on GE to Outperform from Perform as the conglomerate's financial portfolio stabilizes and upped its 12-month price target to $18 from $17. Shares of GE rose about 3 percent premarket.
Amazon.com Inc. (AMZN) also got a nod of approval from Bernstein, which upgraded the online retailer's stock to Outperform. Shares were 1.5 percent higher ahead of the bell.
Macy's (M) was upgraded to Overweight from Neutral by J.P. Morgan. Shares were 1.5 percent higher in premarket.
Edison International (EIX) on Friday said third-quarter net income fell, but it managed to beat analyst estimates. Revenue fell to $3.7 billion from $4.3 billion.
Scripps Networks Interactive Inc. (SNI), which owns HGTV and Food Network cable channels and plans to buy a controlling stake in the Travel Channel. Scripps reported results above consensus.
Nvidia (NVDA), late Thursday, forecast fourth quarter revenue above Wall Street expectations, and said its new server and mobile chips were gaining momentum. Shares jumped about 5 percent ahead of the bell.
Crocs (CROX) shares sank 9.5 percent despite reporting a profit late Thursday as it included a big one-time gain from taxes. Sales, however, inched up 2 percent and the company still managed to beat excluding items.
CBS (CBS) shares fell 3.8 percent ahead of the bell after saying late Thursday it swung to a third quarter profit, as the sale of some TV programs offset a drop in ad revenue. Results beat estimates.
Hyatt Hotels Corp. (H) shares climbed 12 percent in their debut on Thursday.