Stocks in the News: Walt Disney, Toyota, MBIA
Reporting this afternoon are Walt Disney (DIS) and Electronic Arts (ERTS).
Toyota (TM) returned to profit in the latest quarter after recalling more than 8 million cars worldwide. While still hurting from the recalls, Toyota has benefited from the economic recovery and said Tuesday profit totaled 112 billion yen ($1.2 billion) compared with a 766 billion yen loss the year before. Quarterly revenue jumped to 5.28 trillion yen ($57 billion) from 3.54 trillion yen a year earlier.
Telefonica SA (TEF) on Tuesday made a €5.7 billion ($7.4 billion) offer to take over Vivo (VIV), Brazil's leading mobile phone operator. Telefonica is trying to buy the 50% it doesn't own of Brasilcel from Portugal Telecom. Brasilcel owns 60% of Vivo. TEF shares dropped 5.7% in premarket trading.
LDK Solar Co. Ltd. (LDK) reported late Monday a first-quarter profit of $7.2 million, or 6 cents per share, on higher sales and better gross margins. Results trumped analysts' expectations. Shares rose 3.4% ahead of the bell.
Priceline.com Inc. (PCLN) reported late Monday first quarter net income that nearly doubled, but outlook that failed to meet Wall Street expectations. Shares tumbled over 13% in premarket trades.
MBIA Inc. (MBI) reported late Monday its third quarterly loss in a row. The loss was driven primarily by a $2.2 billion pre-tax unrealized loss on insured credit derivatives, MBIA said in a statement. Shares dropped nearly 7% in premarket action.
Legg Mason Inc. (LM) on Monday said it swung to a fiscal fourth-quarter profit and reported results that beat analysts' estimates. It also outlined several structural changes that would save costs and announced a stock buyback of up to $1 billion in shares. Shares were 1.5% higher before the bell.
Fluor Corp. (FLR) first-quarter profit reported Monday fell 33% as revenue fell 15% on continued weakness in its oil and gas operations. Shares fell 3.7%.
Intel (INTC) is holding an analysts meeting later today.
Apple (AAPL) shares target price was raised at Kaufman Bros from $315 to $320.
J.C. Penney Co. (JCP) was downgraded to neutral from overweight by J.P. Morgan. Shares fell 3.3% before the bell.