Stocks in the news: Texas Instruments, Magna, Monsanto, Procter & Gamble
Texas Instruments (TXN) raised its outlook for the third quarter, saying late Wednesday it now expects higher sales and profit as it sees a gradual recovery in the global semiconductor industry. Shares gained nearly 1 percent ahead of the bell.
Monsanto (MON) said Thursday it plans to make deeper work force cuts than previously announced, saying it will reduce its staff by about 8 percent to cut costs. It also reaffirmed its results for the fiscal year just ended to be at the low end of its previous forecast. Shares fell over 6 percent in pre-market trade.
Chevron (CVX) has sealed an estimated $60 billion worth of deals with three North Asian buyers to supply liquefied natural gas to Japan and South Korea from its massive Gorgon project in Australia.
ASML Holding (ASML) also increased its sales forecast. Shares jumped about 3 percent before the bell.
General Motors is widely expected to make a decision on its Opel arm and speculations are it will sell it to Magna (MGA).
Procter & Gamble Co. (PG) said Thursday that it expects fiscal 2010 earnings of $3.99 to $4.12 a share, and first-quarter earnings of 95 cents to $1.00 a share. Shares were 2.5 percent higher ahead of the bell.
General Mills (GIS) said Thursday its current estimate of first-quarter earnings for the last quarter exceeds internal plan targets.
Corning Inc. (GLW) said Thursday that the rebuilding of its LCD glass-manufacturing plant in Shizuoka, Japan, is on schedule after a recent earthquake.
Smith&Wesson Holding Corp. (SWHC) reported late Wednesday a profit surge that exceed Wall Street expectations. Shares jumped over 13 percent in pre-market action.
UBS (UBS) has been ordered to pledge assets or post a $35 million bond after the court found "probable cause" that the bank committed securities fraud in a deal with Pursuit Partners.
Men's Warehouse (MW) reported a 40 percent uptick in its second-quarter earnings late Wednesday. Shares dropped 4 percent.
Lululemon Athletica Inc. (LULU) said Thursday its second-quarter profit fell to $9.24 million, or 13 cents a share, topping estimates. Shares gained over 3 percent ahead of the bell.
Dynavax Technologies (DVAX) said the FDA removed a clinical hold on the Heplisav hepatitis B vaccine application and now expects to initiate a Phase 3 trial in the near-term. Shares soared some 75 percent in pre-market action.
Select analyst calls:
- JPMorgan upgraded its rating on United parent UAL Corp. (UAUA) to Overweight from Underweight, and US Airways (LCC) to Neutral from Underweight. It downgraded Jetblue (JBLU) from Overweight to Neutral.
- JMP Securities upgraded Apple (AAPL) from Market Perform to Outperform.
- SocGen cut GlaxoSmithKline (GSK) to Sell from Hold.
- Morgan Stanley started Pfizer (PFE) at Overweight with a $19 price target.
- Credit Suisse upgraded Tiffany (TIF) from Neutral to Outperform and upped the target price from $20 to $45.
- HSBC Securities downgraded BP (BP) from Overweight to Neutral.