Stocks in the News: BP, AutoZone, Medtronic, PVH
BP (BP) will attempt to stop the flow of oil into the Gulf of Mexico Wednesday by injecting heavy drilling fluids into the broken well. If that doesn't work, it has a back-up plan to cut the pipe and cap it. The cap will be ready by the end of the month, BP said. The company has promised it will clean up every drop of oil. BP also played a role in the botched clean-up following the Exxon Valdez disaster in 1989.
AutoZone Inc. (AZO) said Tuesday its net income in the fiscal third quarter rose 17% on strong sales of automotive replacement parts and several new store openings. The results easily beat Wall Street expectations.
Medtronic (MDT) said Tuesday its fourth-quarter net income rose sharply to $954 million, or 86 cents a share, from $103 million, or 9 cents a share, in the year-ago period as revenue increased to $4.2 billion, from $3.8 billion. Adjusted earnings and revenue topped Wall Street expectations.
Phillips-Van Heusen (PVH) reported it swung to a first-quarter loss due to charges related to the Tommy Hilfiger purchase. Excluding items, the company's earning topped estimates as revenue climbed 11%, but shares fell due to the company's weak outlook.
Prudential PLC's (PUK) chairman said Tuesday he's confident the British insurer can secure shareholder approval for its planned $35.5 billion takeover of Asia-based AIA Group from bailed-out U.S. insurer AIG (AIG), the Associated Press reported.
Wal-Mart (WMT) said it's cutting the price of the most up-to-date iPhone -- the iPhone 3GS -- in half to $97 with a two-year contract with AT&T (T). That's another sign Apple is getting ready to unveil a new model.
Donaldson (DCI) said Monday that its fiscal third-quarter profit jumped 86% as revenue climbed 20%, fueled by strong growth in both its engine and industrial product businesses. Results and outlook exceeded analyst estimates.
Honda (HMC) says it plans to expand production at several factories in China to keep up with strong demand, raising its total capacity by more than a quarter a year by late 2012.
Dell (DELL) announced the Streak, a tablet with a five-inch screen based on Google's (GOOG) Android operating system. Dell plans to begin selling the Streak in June in the U.K., and in the U.S. later this summer. The tablet, which uses a Qualcomm (QCOM) processor, will have built-in Wi-Fi, Bluetooth and available third-generation connectivity.
Google (GOOG) on Monday finally revealed how it splits revenue with other websites that show its online ads. Partners get 68% for ads on their site and 51% from ads on their own search results.
Apple (AAPL) may have to price its rates for smart phone ads aggressively, analysts say, after the FTC has unanimously approved Google's acquisition of AdMob Inc.