What's Shaking: Friday's Early Movers
Take a look at some of Friday morning's early movers:
3M - The Dow component will contribute up to $1 billion in cash to its pension funds and retirement plans, as it deals with the effects of lower rates of return.
Gilead Sciences - The drug developer says some patients involved in a trial of a heptatis C treatment experienced a relapse within a month of finishing treatment. The study involved an experimental hepatitis C drug used in combination with the antiviral drug ribavarin.
General Mills - The food producer is cutting its fiscal year guidance to $2.53 - $2.55 per share, from the prior $2.59 - $2.61 and versus Street estimates of $2.60. The company blames weak sales volume across all its U.S. food categories.
Heinz - The company best known for ketchup reported quarterly profit of 95 cents per share, excluding certain items, 10 cents above estimates. Heinz's results were helped by strength in emerging markets.
Campbell Soup - The food maker reported second quarter profit of 64 cents a share, two cents above estimates. The company says it's making progress in its effort to stabilize U.S. profits in its soup business.
Applied Materials - The maker of semiconductor manufacturing equipment reported fiscal first quarter profit of 18 cents a share, six cents above estimates, with revenues also beating consensus. It’s projecting second quarter profit above Street estimates as well, citing strong demand in the mobile computing market.
Nordstrom - The retailer reported fourth quarter earnings of $1.11 per share, two cents above estimates, but its profit forecast for the current fiscal year fell short of consensus, and Nordstrom also said its gross profit margin would fall this year.
Frontier Communications - The company reported fourth quarter profit of 7 cents a share, excluding certain items, compared to estimates of 5 cents. But investors are focused on a drop in subscriber numbers, as well as a 47% cut in the company’s quarterly dividend to 10 cents a share.
Baidu - Baidu reported fourth quarter profit of 95 cents per share, four cents above estimates. China’s top search engine also reported above-consensus revenues of $710.9 million.
EOG Resources - The former Enron unit earned $1.15 per share for its fourth quarter, well above estimates of 88 cents, as the oil and natural gas producer successfully increased its output. EOG also increased its quarterly dividend to 17 cents a share from 16 cents.
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