Stocks in the news: Dell, Goldman Sachs, D.R. Horton, J.M. Smucker
Goldman Sachs Group's (GS) shareholders finally found a voice. Some of the largest shareholders have asked the company to cut the size of its bonus pool and pass along more of its profits to investors, The Wall Street Journal reported, citing people familiar with the situation.
D.R. Horton Inc. (DHI) reported Friday a narrower loss in its fiscal fourth quarter despite a 42% plunge in revenue as the homebuilder wrote down fewer costs. Shares dropped 4.5% in pre-market trading.
J.M. Smucker Co. (SJM) reported that it had more than doubled its profits in its fiscal second-quarter thanks, again, to the acquisition of Folgers Coffee Co. and consumers eating at home more. The company, which topped analysts' earnings and revenue estimates, also raised its 2010 profit guidance. Shares jumped over 3.5% ahead of the bell.
The Gap (GPS) reported late Thursday a 25% profit rise due to improved inventory controls and improved demand at its Old Navy division. Results were in line with expectations, and the board approved an additional $500 million in stock repurchases.
Sony (SNE) hopes a new online service connecting the whole range of its gadgets to downloadable content like movies and games will help build brand loyalty. The service is set to launch next year.
AnnTaylor Stores Corp (ANN) reported a profit of $2.1 million, or 3 cents per share, on Friday, as the retailer's lower inventory levels helped its gross margins. Adjusted earnings were 20 cents per share, handily beating estimates of 7 cents per share. But as it expects lower margins going forward, shares are down over 3% in pre-market trading.
Ford Motor Co (F) plans to invest 2 billion reals ($1.15 billion) in Brazil through 2015, most of it on a plant in the northeastern Bahia state, to expand production and benefit from expected growth in the country, the governor of Bahia said on BandNews radio on Friday. The company didn't confirm the report, but an official ceremony is scheduled for around 9 a.m.
Intuit Inc. (INTU) said late Thursday its fiscal first-quarter loss widened even as revenue rose 2%. Excluding special items, Intuit topped estimates. Shares fell about 2.5% ahead of the bell.
Small Companies -- Big Moves:
- Novavax (NVAX) shares dropped over 12% before the bell as the company announced a public offering of common shares.
- BioCryst Pharmaceuticals, Inc. (BCRX) shares sank over 7% before the bell after it announced the pricing of a public offering of 5 million shares of its common stock at $9.75 per share, resulting in gross proceeds of $48.75 million. Shares traded above $10.
- Kirkland's (KIRK) shares gained about 3.5% in pre-market trading after the company topped estimates when reporting quarterly results.