What's Shaking: Friday's Early Movers
Happy Friday! Take a look at some of Friday morning's early movers:
Microsoft – Barclays raised its price target on the tech giant to $33 from $29.
LinkedIn – The online networking company beat Wall Street expectations. In addition, the firm handed in an outlook for the quarter and full-year that topped estimates as it sees continued strong product and subscription growth. In addition, Brokerages including Citigroup, JPMorgan and Canaccord Genuity boosted their price targets on the firm.
Citigroup - The banking giant was forced to write off $50 millionafter two traders accused of attempting to influence global lending rates left the bank.
Expedia – the online travel agency company reported sales that missed and profit that was hurt by rising costs. Meanwhile analysts were mixed on the stock—Barclays cut its price target to $31 from $34, while Citigroup raised its price target to $37 from $32.
Apple —The iPhone maker hit another all-time highnear $500 a share in the previous session amid speculation about an iPad 3 announcement in March. Canaccord Genuity raised its price target to $665 from $650 on Thursday. However, shares pulled back in pre-market trading Friday.
Activision Blizzard – The videogame publisher posted sales that beat expectationsas the firm lost fewer “World of Warcraft” subscribers than it did this time last quarter. “World of Warcraft” is the company’s most profitable business.
Procter & Gamble - The consumer goods producer said it will terminate its sale of the Pringles snack business to Diamond Foods, following the accounting probe that ousted Diamond’s CEO.
Zynga ,Hasbro – The two companies have announced plans to join forcesto develop toys and games based on Zynga games such as FarmVille and Mafia Wars, which are popular on Facebook. The first products from the partnership should be available this fall.
Nuance – The speech recognition software maker posted quarterly results that missed estimatesfor the first time in a year. Nuance’s technology is used by the Siri application in Apple’s iPhone 4S.
NYSE Euronext - The company said it would shift focus to faster-growing areas like supplying computer systems and information from trading, as the U.S. exchange looks to an independent future following the collapse of a takeover by Deutsche Boerse.
Alcatel-Lucent - The telecommunications equipment maker returned to an annual profit in 2011for the first time since 2006, helped by years of cost-cutting.
True Religion – The upscale denim maker missed earnings expectations, due to a drop in revenue at its wholesale segment. The firm has been cutting back on its off-price business to regain a high-end positioning that allows it to protect margins. In addition, Citigroup cut its rating on the firm to “neutral” from a “buy.”
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