Stocks to Watch: Banks, AAPL, ZNGA & More
Take a look at some of Wednesday morning’s early movers:
Citigroup, MetLife, Ally Financial, and SunTrust- The three all failed some aspect of the Federal Reserve stress tests, although Citi points out that the Fed only objected to its plans to increase capital returns to shareholders and that without that, it would have passed. JPMorgan Chase has also downgraded Citi shares to “neutral” from “overweight.”
JPMorgan Chase - The stock could see an additional boost today, having announced a dividend hike and stock buyback before the close of regular trading Tuesday and seeing its stock jump. In addition to JPMorgan, other banks announcing dividend hikes following the stress test results included Wells Fargo, U.S. Bancorp, BB&T, and KeyCorp.
Apple - The stock has been added to the “Best Ideas List” at Morgan Stanley, with a price target of $960. Morgan Stanley says Apple has more earnings upside than many investors realize.
Francesca’s Holdings - The women’s specialty retailer reported fourth-quarter profit of 20 cents per share, three cents above estimates, and also guided the current quarter above consensus. The company went public in July at $17 per share.Guidewire Software
- The company missed estimates with its earnings, but sales were above consensus. The stock went public in January at $13 per share.
LSI Corp. - The chipmaker has raised its current quarter guidance above analysts’ estimates as its hard disk drive business bounces back more quickly than expected. It’s also seeing better demand for flash memory products.
Analog Devices- The chipmaker is transferring its stock listing from the New York Stock Exchange to the Nasdaq Stock Market, but will keep its “ADI” ticker symbol.
Zynga - Sources tell CNBC the social media gaming company is planning a secondary stock offering, with a filing possibly coming as early as today.
Pacific Sunwear Of California - The retailer reported a quarterly loss on weaker-than-expected sales and provided current-quarter guidance below Street estimates.
Cliffs Natural Resources- The mining company has increased its quarterly dividend to 62 1/2 cents per share from 28 cents. Cliffs says it’s moving its emphasis away from big acquisitions and towards returning more capital to shareholders.
SciClone Pharmaceuticals - The drugmaker posted fourth-quarter profit of 20 cents per share, excluding certain items, versus analyst estimates of 12 cents. It’s also forecasting 2012 earnings well above current Street consensus.
RADVision - Published reports say the provider of video conferencing technologies is close to being acquired by Avaya for up to $300 million.
Crown Castle International - Goldman Sachs Group has downgraded the wireless infrastructure company’s shares to “neutral” from “conviction buy” on a valuation basis, following the stock’s recent strong performance.
—Gina Francolla contributed to this article.
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