Stocks to Watch: AVP, AOL, MSFT & More
Take a look at some of Monday’s morning movers:
Avon Products - The cosmetics maker has named former Johnson & Johnson executive Sheri McCoy has its new CEO. She'll take over from Andrea Jung as of April 23, though Jung will remain as executive chairman.
AOL - The company is selling more than 800 patents to Microsoft in a deal worth about $1.06 billion.
Apple - BTIG has downgraded Apple shares to “neutral” from “buy,” saying it's time for investors to take a pause after the stock's runup, and consider the possible pricing pressures that may force Apple to cut prices for the iPhone.
Eli Lilly - The FDA has approved a Lilly test that helps doctors diagnose Alzheimer's disease earlier and more accurately. The test involves proteins that are present in the brains of Alzheimer's patients.
Eastman Chemical - Goldman Sachs has upgraded the chemical maker’s shares to “conviction buy,” saying Eastman is in position to benefit from a drop in propane prices.
CBS, Discovery Communications, Walt Disney, and News Corp. have all been downgraded to “neutral” from “buy” at Citi. It cites a slowdown in cable ad growth, as well as lower cable ratings for the move.
Hartford FinancialServicesGroup - CEO Liam McGee has told the insurer’s board he wants to forgo a bonus for 2011. The company’s shares fell almost 40 percent last year, while profit declined 61 percent.
Yahoo - New reports say the company may slash additional jobs on top of the 2,000 it cut last week. Yahoo is planning a meeting for its entire staff tomorrow to discuss its strategic plans.
Research In Motion - The BlackBerry maker has confirmed the departure of two senior executives late last week.
Boeing - The aircraft maker beat out rival Airbus during the first quarter, delivering 137 jets to customers vs. 131 for Airbus. Boeing has not beat out Airbus in annual deliveries since 2002.
Illumina - Roche says it may be willing to increase its bid a second time for the gene-sequencing company. Illumina has rejected the latest bid of $51 per share, or $6.7 billion, but Roche says it would consider a higher bid if it's permitted to engage in talks with Illumina.
Sony - The electronics giant is reportedly cutting 10,000 jobs, or about 6 percent of the workforce, as the company’s new CEO seeks to end a four-year string of annual losses.
Great Wolf Resorts - Private-equity firm Apollo Global Management has raised its cash bid for the company by 35 percent to $226 million, or $6.75 per share. That comes after another private-equity firm, KSL Capital Partners, upped its bid for the largest North American operator of indoor water parks to $6.25 per share.
AT&T - Some 40,000 workers remain on the job, despite the fact that their union contracts expired over the weekend. Talks are continuing with the Communications Workers of America, though the union had previously authorized a strike if no agreement was reached.
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