What's Shaking: Friday's Early Movers
Senior Producer, CNBC
Take a look at some of Friday morning's early movers:
JC Penney - The retailer reported fourth quarter profit of 74 cents a share, excluding certain items, above estimates of 68 cents, with revenues slightly below consensus. Fourth quarter comp store sales fell by 1.8%.
Apple - China’s Proview, which has been suing Apple over the use of the iPad name, has now brought that court battle to U.S. shores, filing suit in a California court. And Apple has also announced the acquisition of Chomp, a search engine for apps.
AIG - The insurer reported fourth quarter profit of 82 cents a share, well above estimates of 63 cents.Revenue was essentially in line with consensus.
Interpublic Group - The advertising agency reported quarterly profit of 50 cents a share, 11 cents above estimates, and also announced a new $300 million share repurchase program. The company credits investments in digital technology and strong performance in emerging markets, as well as strong domestic operations.
Salesforce.com - The software company earned 43 cents a share for the fourth quarter, three cents above estimates, with revenues also beating forecasts on a surge in new business. Investors are also encouraged by a better-than-expected outlook for this year.
Autodesk - The company reported a fourth quarter profit of 46 cents a share, one cent above estimates, with revenues beating analyst forecasts as well. The software maker has now chalked up year-over-year earnings growth in excess of 10% for more than a year.
Private equity firm Apollo Global Management may announce a deal as soon as today to acquire El Paso’s oil and gas exploration unit for about $7 billion, according to the Wall Street Journal.
Rubicon Technology - The company lost about 14% in after-hours trading, after the electronic component maker’s fourth quarter profit dropped by 94% over the year before. It also forecast a current quarter loss wider than Wall Street had been anticipating.
Gap - The clothing retailer reported fourth quarter profit of 44 cents a share, three cents above estimates. It's also boosting its annual dividend by 11% to 50 cents per share and increased its share buyback authorization by $1 billion. Its profits, however, were 40% lower than a year earlier, due to increased input costs and heavy holiday season discounting.
TiVo - The digital video recorder maker added 234,000 new subscribers during the fourth quarter, as it boosted sales done through technology licensing agreements with cable companies. That's the biggest boost in new subscribers in six years, and the company says it has similar deals on the horizon.
Marriott - The hotel operator's stock has been added to the "conviction buy" list at Goldman Sachs, though the firm has cut its price target for Marriott to $41 from $42. Goldman cites solid fundamentals in the industry and says Marriott is its favorite play among the major hotel operators.
Kroger - Citi has upgraded the grocery store chain's stock to a "buy" rating from "neutral" and added it to its "Top Picks Live" list. It calls Kroger the best-positioned company in the food retail industry.
CVS Caremark - The drugstore operator has also been added to Citi's "Top Picks Live" list, with the firm saying CVS will benefit from the ongoing dispute between Walgreen and Express Scripts .
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