Stocks to Watch: TSN, GOOG, SIRI & More
Take a look at some of Monday's morning movers:
Berkshire Hathaway - Berkshire leads our list of stocks to watch, following the annual meeting this weekend in Omaha, and Warren Buffett’s live appearance on CNBC’s “Squawk Box” Monday morning from 6 a.m. through 9 a.m. ET.
Tyson Foods - The food producer reported fiscal second-quarter earnings of $0.44 per share, above estimates of $0.39, but sales did come in below consensus. The company sees itself gaining momentum in the second half of the year, and says it still has the potential to earn $2 per share for the year if it executes well.
Procter & Gamble - Wells Fargo has downgraded the stock to "market perform" from "outperform," saying the company's organic sales and market share are lagging that of its competitors. Wells Fargo says P&G lacks upside catalysts until it can demonstrate an ability to expand profit margins.
Vertex Pharmaceuticals - The drugmaker's stock is jumping after its cystic fibrosis combination therapy showed promise in a mid-stage study.
Cognizant Technology - The information technology services company has lowered its full-year earnings forecast. The company says it's seeing a slower-than-anticipated acceleration in demand for its services, echoing what its rivals have seen.
Oracle , Google - The jury in the trial involving the two are set to resume deliberations this morning. The legal dispute involves Google’s use of Java, which Oracle obtained when it bought Sun Microsystems a few years back.
Liberty Media, Sirius XM Radio - The U.S. Federal Communications Commission has turned aside an application by Liberty Media to take control of Sirius XM Radio, calling the application “defective” and “not warranted.” Liberty owns convertible preferred shares which could be turned into a 40 percent stake in the satellite radio operator.
American International Group - The U.S. Treasury has announced plans to sell nearly 164 million shares in AIG for about $5 billion, in a move that would cut its take to 63 percent.
Yahoo - The company is reportedly working on a new deal to sell at least part of its stake in Alibaba. The Wall Street Journal reports a deal would be completed within weeks, although it also notes that the two have tried a number of times to forget an agreement in the past, with little success.
Comcast - Comcast said its NBCUniversal unit (the parent of CNBC and CNBC.com) is exercising an option to sell most of its stake in the A&E cable channel, and that the deal would likely close in the second half of the year. The transaction would be worth about $2 billion.
Micron Technology - The chipmaker reportedly has won the exclusive right to bid for bankrupt Japanese chipmaker Elpida Memory, according to Reuters.
Merck , Eli Lilly - Switzerland’s Roche has abandoned efforts to move the heart drug dalcetrapib to market, following poor results from a late stage study. That follows a similar failure last week by Pfizer in this drug category, with analysts predicting negative sentiment towards other such drugs in trials, such as Merck’s anacetrapib and Eli Lilly’s evacetrapib.
DigitalGlobe - The satellite imagery company has turned down a takeover offer worth $792 million from competitor GeoEye. It says GeoEye’s bid substantially undervalues the company.
PepsiCo - Morgan Stanley has upgraded the stock to "overweight" from "equal weight," while upgrading competitor Dr Pepper Snapple to "equal weight" from "underweight."
Apple - DigiTimes is reporting that Apple will release a $799 MacBook Air during the third quarter, citing supply chain sources.
Texas Instruments - Nomura Securities has upgraded its rating on the chipmaker to "neutral" from "reduce," seeing broadbased improvement in several of the company's markets, as well as reduced inventory levels.
Nvidia - Nomura has also upgraded its rating on chipmaker Nvidia, now rating it "buy," compared to the prior rating of "neutral." Nomura sees better days ahead for Nvidia in the graphics and mobile areas.
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