Stocks to Watch: CHSI, BLK, PNC & More
Senior Producer, CNBC
Take a look at some of Wednesday’s morning movers:
Catalyst Health Solutions - The company is being acquired by SXC Health Solutions in a $4.4 billion cash and stock deal. The transaction values Catalyst at $81.02 per share, 28 percent above Tuesday's close. Both companies specialize in pharmacy benefit management tools.
BlackRock - The company earned $3.16 per share for its latest quarter, 12 cents above estimates. The world's biggest asset fund manager says its results were boosted by strong demand for its exchange-traded fund offerings.
Illumina – Roche has decided not to extend its $51 per share tender offer for Illumina. It says with only public information to go on, it does not believe raising its bid would be in the best interests of its shareholders.
Abbott Laboratories - Abbott Labs earned $1.03 per share for the first quarter, three cents above estimates. Revenues also beat consensus, as Abbott saw improved sales of prescription medicines, nutritional products, and medical devices.
Polaris Industries - The maker of off-road vehicles earned $0.85 per share for the first quarter, eight cents above estimates. Revenue was well above analyst forecasts, and the company also raised its outlook for the fiscal year because of stronger than anticipated sales.
Best Buy - The electronics retailer is rising as speculation increases about a possible takeover, following the recent resignation of CEO Brian Dunn. The attractiveness of Best Buy as a takeover target is highlighted in an article this morning in the Minneapolis Star-Tribune.
THQ - The videogame maker has raised its fourth-quarter revenue outlook, due to strong sales of its "Saints Row: The Third" game.
PNC Financial - PNC reported first-quarter profit of $1.44 per share, one cent above estimates, with revenues also registering a slight beat. Quarterly results were helped by a drop in the bank's provision for credit losses.
Quest Diagnostics - The medical lab operator earned $1.07 per share for the first quarter, excluding certain items, six cents above estimates. Quest is also raising its 2012 outlook, as cost reductions kick in and as demand grows for its gene-based testing services.
Halliburton - The oilfield services company earned 89 cents per share, excluding certain items, four cents above estimates. Halliburton's results were helped by strong North American markets.
Textron - The diversified manufacturer earned 41 cents a share, excluding certain items, for the first quarter, six cents above estimates, as the company saw a strong recovery in its aircraft and helicopter business
International Business Machines - The company earned $2.78 per share for its first quarter, 13 cents above estimates, and also raised its outlook, but its revenues were also somewhat short of analyst estimates.
Berkshire Hathaway - Warren Buffett has disclosed that he has Stage One prostate cancer. Buffett says the cancer has not spread to any other part of his body and that his doctors do not consider this to be in the least bit life threatening.
Intel - The chipmaker earned 53 cents per share for the first quarter, three cents above estimates, with revenues also above consensus. But Intel says expenses related to ramping up new production would impact gross margins more than Wall Street has been forecasting.
Yahoo - Yahoo earned 24 cents per share for the first quarter, 7 cents above estimates. Investors are taking this as a sign of progress under new CEO Scott Thompson, with net income up 28 percent from a year earlier.
CSX - The railroad operator earned 43 cents a share for the first quarter, five cents above estimates. Coal volume continues to slump, but CSX reported increases in so-called “intermodal” volume, which refers to freight moved by two or more modes of transportation.
Cree - The electronic components maker forecast current-quarter profit below Street forecasts. Cree sees fiscal fourth-quarter profit at 20 cents to 26 cents per share, compared to estimates of 28 cents, because of softer demand and a glut in its key component markets.
Intuitive Surgical - The company earned $3.50 per share for the first quarter, well above estimates of $3.14. The maker of surgical products benefited from the growing use of robotic surgical procedures, with its da Vinci line gaining popularity in procedures designed to treat cancer.
Amazon.com - The online retailer has acquired the exclusive North American rights to the 14 James Bond books written by the late Ian Fleming. All retailers will be able to sell paperback editions, with the digital versions available — at least at first — only in Amazon’s Kindle e-book store.
Apple - Goldman Sachs has raised its price target for Apple to $750 from $700, and also raised earnings estimates for the current quarter. Additionally, a Wall Street Journal “Heard On The Street” column suggests that — despite the recent pause in the meteoric rise of its stock price — Apple shares may still be undervalued.
GNC - The health products retailer will sell a new line of nutrition products in a venture with actor Mark Wahlberg.
Seagate Technology - The hard drive maker earned $2.64 per share for its fiscal third quarter, well above estimates of $2.11. Seagate’s results were helped by higher hard drive prices, driven by the floods in Thailand that resulted in a drive shortage.
St. Jude Medical - The maker of medical products earned 86 cents per share for the first quarter, three cents above estimates. It also raised its fiscal year outlook, as the benefits from new products begin to add to the bottom line.