Stocks to Watch: LEN, WAG, BIDU & More
Take a look at some of Tuesday morning’s early movers:
Lennar - The homebuilder earned 8 cents a share for its first quarter, four cents above estimates. Revenues also beat consensus, and Lennar reported a 33 percent jump in new orders, as well as improved profit margins.
Walgreen - The drugstore chain is reporting fiscal second quarter profit of 78 cents per share, one cent above estimates, with revenue also above consensus. Same-store sales did fall by 1.5 percent compared to a year earlier.
Apple - CEO Tim Cook is in China for talks with government officials, in hopes of clearing several ongoing issues in the Chinese market. The company is also facing accusations in Australia that it misled the public about the 4G capabilities of its new iPad.
Baidu - The stock could get an Apple-related boost: ZDNet reports the Chinese search engine will be added as an option on the mobile version of Apple’s Safari browser.
Opnext - The optical components maker will be acquired by rival Oclaro in a $177 million dollar stock swap deal. The deal values Opnext shares at a nearly 74 percent premium to Monday’s closing price.
Ista Pharmaceuticals - The drugmaker is being acquired by Bausch & Lomb in a $500 million cash deal. That follows a failed attempt by Valeant Pharmaceuticals to acquire Ista. Bausch struck the deal to enhance its offerings of eye health products.
MAP Pharmaceuticals - The company has received a “complete response letter” from the U.S. Food and Drug Administration regarding its experimental migraine drug Levadex, seeking more information. MAP says, however, the FDA did not ask for additional studies. Allergan is a partner with MAP on Levadex.
Apollo Management - The operator of for-profit colleges reported fiscal second-quarter earnings of 58 cents a share, excluding certain items, well above estimates of 37 cents a share. But Apollo also warns that enrollments could drop significantly.
Vasco Data Security - The stock will replace O’Charley’s in the S&P SmallCap 600 index as of next Monday, following the acquisition of O’Charley’s by Fidelity National Financial.
Urban Outfitters - Janney Montgomery Stock increased its price target on the “buy”-rated stock to $36 from $31, following a meeting with management that it says increased its confidence in the retailer’s product cycle.
McCormick & Co. - The spice maker reported fiscal first-quarter profit of 55 cents a share, two cents above estimates, with revenues also above consensus. The company says its profit is being helped by higher demand from its restaurant customers.
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