Stocks to Watch: RIMM, GSK, MU & More
Take a look at some of Friday’s morning movers:
Research In Motion - The BlackBerry maker reported adjusted quarterly earnings of 80 cents a share, a penny below estimates, with revenues also falling short. Former co-CEO Jim Balsillie has also resigned from the company’s board of directors. CEO Thorsten Heins says RIM is undertaking a major strategic revamping, and wouldn't rule out possible sale. A handful of analysts have slashed their price targets for RIM following the earnings report and the company’s statement that it would no longer issue financial forecasts.
Apple - The company and its supplier Foxconnagreed to fix violations of working conditions at Foxconn’s assembly plant in China.
GlaxoSmithKline - Its stock could be affected by results of a study involving Roche’s experimental breast cancer drug currently called T-DMI. Roche says the drug helped patients with an aggressive type of breast cancer live longer than those treated with a mix of Glaxo’s Tykerb and Roche’s Xeloda drugs.
Micron Technology, Oracle - The two have settled a lawsuit filed by Oracle over memory chip prices. The suit had accused Micron of starting a “conspiracy” to increase prices between 1998 and 2002. Terms of the settlement were not disclosed.
BHP Billiton - Executive Ian Ashby will depart the company after 25 years. The president of BHP’s iron ore division had triggered a sell-off in the company’s stock a week ago by saying demand from China was flattening. But a BHP spokesman says Ashby’s departure is not tied to those comments.
Health-Care Stocks - The sector has seen big gains this week as the Supreme Court heard arguments about the legality of President Obama’s health-care reform law. Stocks like Aetna, Coventry Health Care, Cigna, and United Health Group are among those that have benefited.
Gap - The retailer's stock has been upgraded to "buy" from "neutral" at Janney Capital, which cited improved inventory management and better product offerings.
Enphase Energy - The solar inverter maker priced its initial public offering at $6 per share, at the low end of the expected range of $6 to $7 per share. Enphase had cut its expected range from $10 to $12 a share earlier this week.
Dunkin' Brands - The parent of Dunkin' Donuts and Baskin-Robbins priced a secondary offering of 26.4 million shares at $29.50 per share. The offering size was increased from the original 22 million shares.
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