Stocks in the News: Alcoa, Infosys, Intel
Alcoa (AA) reported a narrower net loss of $201 million, or 20 cents a share, but earned 10 cents a share after excluding charges, which was inline with analysts' average forecasts. Sales rose 18% to $4.89 billion, helped by a recovery in aluminum prices, but completely missed estimates of $5.29 billion. Shares dropped nearly 3% ahead of the bell.
Intel Corp. (INTC) is reporting results after the close Tuesday. Investors will look to the results to measure the strength of the computing industry's recovery. Intel is expected to report earnings of 38 cents per share -- three times as much as in the year-ago period.
Infosys Technologies (INFY) reported an 8.7% profit rise in dollar terms in its latest quarter as a revival in demand for services spread to European and manufacturing clients. Infosys also projected fiscal year revenue to grow between 16% and 18%. Shares rose nearly 1% in premarket trades.
Palm Inc. (PALM) approached China's Huawei Technologies in mid-February for acquisition talks, Reuters reported, citing an unnamed source. Talks have not moved forward.
Maxim Integrated Products Inc. (MXIM) will buy privately held Teridian Semiconductor Corp. for roughly $315 million in cash. Maxim said "the acquisition is immediately accretive, excluding acquisition-related charges and amortization."
AK Steel Corp. (AKS) had its rating outlook upped to stable from negative by Moody's.
Zale (ZLC) joined the opposition to a gold and copper mine being developed in southwest Alaska near the world's largest remaining wild sockeye salmon streams. Zale said it would boycott metals from the mine.
CF Industries Holdings Inc. (CF) is offering 10.8 million of common shares and will use the funds to repay loans from its $1.75 billion senior secured bridge facility. Shares fell over 1.5%.
Gilead Sciences Inc. (GILD) said Monday it started late-stage clinical testing of its four-in-one "Quad" HIV tablet.
H&R Block Inc. (HRB) said CFO Becky Shulman is leaving the company on April 30 and named Jeff Brown, corporate controller, as the interim CFO until a replacement is found. Shares were 1% lower before the bell.
Tennant Co. (TNC) raised its first-quarter profit outlook and shares rose 7.9% in after-hours.
Lowe's Cos. (LOW) is borrowing $1 billion, partly to pay for stock buybacks.
CSX Corp. (CSX) is expected to report stronger quarterly earnings as the economy, and particularly the auto and coal industries, pick up steam.
- KeyCorp (KEY) was downgraded from neutral to sell at UBS and the target lowered to $5 from $7.40. Shares fell over 2.5% in premarket trading. UBS also downgrade Huntington Bancshares (HBAN) to sell from neutral.
- Harley Davidson (HOG) was downgraded to buy from hold at Deutsche Bank. Shares fell nearly 2%.
- Goldman Sachs upgradedExpedia (EXPE) to conviction buy from neutral with a $31 price target, while it cut Priceline (PCLN) to neutral from buy. EXPE shares jumped 4.6%.
- Carnival (CCL) was upgraded to outperform from market perform at Bernstein.
- Crocs (CROX) shares rallied over 7% after Thomas Weisel upgraded them to overweight from market weight and put a target of $12.