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Early movers FIATY, AAPL, GOOG, BAC, CPB, S & more

Thursday, 2 Jan 2014 | 7:38 AM ET
Traders work on the floor of the New York Stock Exchange.
Getty Images
Traders work on the floor of the New York Stock Exchange.

Check out which companies are making headlines before the bell:

Fiat —The automaker finally reached a long-sought agreement to buy the shares of Chrysler it doesn't already own for $3.65 billion. The stock has been owned by a United Auto Workers union health care trust.

Apple–The iPhone maker was downgraded to "market perform" from "outperform" at Wells Fargo, which points to valuation as well as possible profit margin pressure at whatever time Apple introduces another new version of the iPhone.

Bank of America–Citi upgraded B of A to "buy" from "neutral", saying the bank is no longer impacted by legacy issues.

Fiat buys remaining stake in Chrysler
CNBC's Phil LeBeau reports the details on a deal that gives Fiat complete ownership of Chrysler and allows the automaker to use the cash flow for expansion.

Google–The search giant is shutting down recently acquired Bump, so that the Bump team can work on other Google projects. The unit is the developer of software that allows smartphones to transfer information by tapping them together.

Newmont Mining, Goldcorp–These and other gold producers could get a bump today, as gold rallies following the metal's biggest yearly drop in 32 years.

Campbell Soup–Campbell has issued a recall for about 300 cases of Prego Traditional Italian sauce, saying there is a risk of spoilage.

Diageo, Barclays, and Nokia–The three are among the U.S.-traded stocks included in Bank of America Merrill Lynch's top EMEA (Europe, Middle East, and Africa) stock ideas for the first quarter.

Xilinx–The stock has been upgraded to "buy" from "neutral" at Goldman Sachs, while rival specialty chip maker Altera has been cut to "neutral" from "buy".

Retailers–Jefferies upgraded retailers American Eagle, Ann Inc, Chico's FAS, and Urban Outfitters to "buy" from "hold", saying they've done well in a challenging environment, while cutting Abercrombie & Fitch and Aeropostale to "hold" from "buy", citing what Jefferies sees as a long recovery period following difficult times.

Vivus –The drug maker entered an agreement with CVS Caremark (CVS) which will make its diet drug Qsymia available for co-payments of $15 to $75 in cases where patients have obesity coverage.

Sprint–The mobile carrier's stock was cut to "market perform" from "outperform" at Cowen & Co., which still has a positive long term outlook but said the stock is currently ahead of where it should be.

T-Mobile Goldman Sachs removed the stock from its "conviction buy" list, although a "buy" rating remains. Goldman cites a more balanced risk/reward ratio at current levels, but also raised the 12-month price target to $37 based on T-Mobile's possible value as a takeover target.

By CNBC's Peter Schacknow

Questions? Comments? Email us at marketinsider@cnbc.com

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FI
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AAPL
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BAC
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GOOGL
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NEM
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G
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CPB
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DGE
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BARC
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NOK
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XLNX
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ALTR
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AEO
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Featured

  • Patti Domm

    Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.

  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

  • Sharon Epperson is CNBC's senior commodities and personal finance correspondent.

  • JeeYeon Park is a writer for CNBC.com. Follow her on Twitter: @JeeYeonParkCNBC

  • Rick Santelli joined CNBC Business News as an on-air editor in 1999, reporting live from the floor of the Chicago Board of Trade.

  • Senior Producer at CNBC's Breaking News Desk.

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