Stocks in the news: UBS, Staples, National Semiconductor
UBS (UBS) revised its 2008 loss wider by around $1 billion, and said earnings will be at risk for some time to come. Switzerland's biggest bank, posted a 20.9 billion Swiss franc ($18 billion) loss for 2008, 1.19 billion francs wider than figures reported on Feb. 10, and said it remains "extremely cautious" about the outlook for this year. UBS shares were 2.6 percent higher in premarket trade.
Staples (SPLS) reported its fiscal fourth-quarter profit dropped 14 percent to $286 million, or 40 cents per share. Analysts surveyed by Thomson Reuters predicted earnings of 42 cents per share on sales of $6.82 billion. SPLS shares are declining 4.7 percent in premarket trade.
National Semiconductor (NSM) plans to cut more than 1,700 jobs, about one-fourth of its work force, as the recession has hurt the chipmaker's sales. The company also will shut plants in China and Texas. NSM said sales this quarter will drop as much as 10 percent. NSM shares gained 4 percent in premarket trade.
J. Crew Group (JCG) reported a fourth-quarter loss of $13.5 million, or 22 cents a share, which wasn't as steep as the forecast loss of 27 cents a share. JCG shares are up over 7 percent in premarket trade.
Hovnanian Enterprises (HOV) said its first-quarter loss widened to $2.29 a share, much higher than the loss analysts expected of $1.74 a share. HOV shares are up over 8 percent in premarket trade as it managed to slightly increase its cash cushion due to a federal tax refund.
Saks Inc. (SKS) rating was downgraded by Standard & Poor's. SKS shares are 4.5 percent lower in premarket trade.
Take-Two Interactive Software (TTWO) reported a first quarter net loss of $50.4 million, or 66 cents a share. Excluding items, it would have lost $39.3 million, or 52 cents a share, beating analysts estimates for a net loss of 73 cents a share, according to Thomson Reuters. For fiscal second-quarter, it said sales will fall short of Wall Street's outlook. Shares are down 3.7 percent in premarket trade.
- Big Lots (BIG) was upgraded at JP Morgan from Neutral to Overweight. Shares are 6.4 percent higher in premarket trade.
- Hewlett-Packard (HPQ) was upgraded at UBS from Neutral to Buy. Shares are 3 percent higher in premarket trade.
- Motorola (MOT) was upgraded at Oppenheimer from Neutral to Buy. Shares are 5.4 percent higher in premarket trade.
- Dick's Sporting Goods (DKS) was downgraded at Piper Jaffray from Buy to Neutral. Shares are 1.2 percent higher in premarket trade.