Stocks to Watch: BAC, MS, TRV & More
Take a look at some of Thursday’s morning movers:
Bank of America - The bank earned 31 cents per share for the first quarter, excluding certain items, compared to estimates of 12 cents. Revenue was also above consensus, with the bank's provision for credit losses at the lowest levels since the third quarter of 2007.
Morgan Stanley - The firm earned 71 cents per share ex-items versus estimates of 44 cents, with revenues well above consensus. Morgan Stanley credits stronger wealth management revenue and lower costs.
Gilead Sciences - Gilead's experimental hepatitis C drug performed well in a clinical trial, possibly giving it a leg up in a rapidly growing market. Gilead acquired the drug when it paid nearly $11 billion to acquire drugmaker Pharmasset in November.
Travelers - The insurer earned $2.01 per share, ex-items, for the first quarter, versus estimates of $1.52. The company says it was able to raise prices successfully without hurting its customer retention rate.
Southwest Airlines - The airline lost 2 cents per share for the first quarter, a smaller loss than the 5 cents Wall Street analysts were anticipating. Southwest reported record revenue, with the AirTran acquisition contributing to that performance. CEO Gary Kelly tells CNBC that jet fuel costs were the overriding negative factor for the quarter.
Verizon Communications - Verizon earned 59 cents per share for the first quarter, one cent above estimate. Its Verizon Wireless unit added 501,000 new customers during the quarter, below a Reuters estimate of 511,000.
DuPont - The chemical maker earned $1.61 per share for the first quarter, excluding certain items, six cents above estimates. Its bottom line was helped by higher prices, and strong sales of areas like herbicides and genetically modified seeds.
UnitedHealth - The health insurer beat estimates by 14 cents in earning $1.31 per share for the first quarter. Its results were driven by a jump in health-plan membership. The company raised its full year outlook.
Human Genome Sciences - The drug maker has received an unsolicited $13 per share takeover bid from GlaxoSmithKline. The deal would value Human Genome at about $2.6 billion, and represents a nearly 82 percent premium over yesterday’s close. Human Genome says, however, that the offer undervalues the company.
CVR Energy - The company has struck a deal with investor Carl Icahn that lets him buy CVR for $30 a share if the majority of holders tender their shares.
Qualcomm - The smartphone chip maker disappointed investors with its current quarter forecast. It sees fiscal third quarter earnings of 83 cents to 89 cents per share, compared to Street estimates of 90 cents. Its second quarter profit of $1.01 per share did beat estimates by five cents. Qualcomm CEO Paul Jacobs says supply problems are the company’s biggest issue.
American Express - American Express earned $1.07 per share for the first quarter, seven cents above estimates, with revenue also slightly above consensus. Credit-card customers spent more, although the company also set aside more money to cover bad loans.
Yum Brands - The restaurant operator beat estimates by three cents in earning 76 cents per share for the first quarter. The parent of Taco Bell, Pizza Hut, and KFC benefited from growth in emerging markets like China, with U.S. results also showing improvement.
eBay - The company earned 55 cents per share for the first quarter, three cents above estimates, while revenue also came in above analyst forecasts. The company’s bottom line was driven by improved results for both its Marketplace and PayPal units.
VMWare - The software maker reported first-quarter profit of 66 cents per share, six cents above estimates, with the company pointing to strong demand for its virtualization software and the growing popularity of cloud computing technology. VMWare also raised its full-year revenue target.
F5 Networks - The company beat estimates with earnings of $1.09 per share for its fiscal second quarter, compared to analyst forecasts of $10.7. But the networking gear maker’s third-quarter forecast is coming in slightly below estimates, sparking worries that the company’s streak of double-digit earnings growth may be coming to an end.
OpenTable - The online reservation service's shares will replace Zoll Medical in the S&P Small Cap 600 Index after the close of trading on April 20. Zoll is being acquired by Asahi Kasei in a deal that will be completed shortly.
Research In Motion - The BlackBerry maker is reportedly close to hiring JPMorgan Chase to help it assess strategic options, according to Bloomberg.
LabCorp - The medical lab operator earned $1.74 per share for the first quarter, seven cents above estimates, with customer traffic levels rising due in part to mild weather.
Philip Morris International - The tobacco company earned $1.25 per share for the first quarter, six cents above estimates, aided by higher cigarette volume in Asia and other markets.
Boston Scientific - The medical-device maker earned 15 cents per share for the first quarter, seven cents above estimates. It also forecast current quarter profits well above analyst forecasts, despite weak growth in the number of procedures performed with its devices, as well as pricing pressures.
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