What's Shaking: Wednesday's Early Movers
Take a look at some of Wednesday morning's early movers:
Staples - The office supplies retailer earned 41 cents per share for the fourth quarter, one cent above estimates. The results were helped by an increase in North American customer traffic, although the company does say it expects slow U.S. economic growth this year and a soft demand environment in Europe.
Joy Global - The mining equipment maker earned $1.33 per share for its fiscal first quarter, two cents below estimates, with revenues also slightly below analyst forecasts. The company says it's pleased overall with its quarter, and raised its 2012 full year earnings view.
Apple - The company reached the $500 billion market cap milestoneduring after-hours trading Tuesday, and Apple will hold that mark as long as shares remain at $536.27 or above.
DreamWorks Animation - The film studio earned 29 cents a share for its fourth quarter, three cents below estimates, as a smaller group of new films contributed to shrinking revenue.
First Solar - First Solar reported fourth quarter earnings of $1.26 per share, well below estimates of $1.53, with revenue also missing estimates by a wide margin. The solar equipment company also cut its 2012 revenue outlook, pushing it below analyst forecasts. Among the negative factors: the cost of replacing defective solar panels as well as lower sales prices.
Collective Brands - the footwear retailer posted a smaller than expected quarterly loss of 61 cents a share, versus analyst estimates of an 82 cents per share loss, as the company posted its best same-store sales rise in more than two years.
Goldman Sachs , Wells Fargo - Both firms received Wells Notices from the SEC, related to offerings of subprime mortgage securities. JPMorgan Chase is expected to also disclose receipt of a Wells Notice when it files its 10-K today.
Abbott Labs - The drug maker will pay $1.35 billion to Belgium’s Galapagos to help develop and produce an oral drug to treat arthritis and other autoimmune diseases.
Costco - The warehouse retailer is reporting fiscal second quarter profit of 90 cents a share, above estimates of 87 cents, with revenue also slightly above consensus.
Alleghany Corp. - The property/casualty insurer's stock will replace Transatlantic Holdings in the S&P MidCap 400 index after the close of trading on March 5. Alleghany is acquiring Transatlantic in a deal that's expected to be completed before the opening of trading on March 6.
Yum Brands - Standard & Poor's has raised its rating on the restaurant operator one notch to BBB with a stable outlook. S&P says it based the move on "fairly good" earnings for the KFC, Taco Bell, and Pizza Hut parent as well as cash flow predictability.
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