Stocks to Watch: AVP, KSS, MNST & More
Senior Producer, CNBC
Take a look at some of Thursday's morning movers:
Avon Products - Privately held Coty has increased its bid for Avon to $24.75 per share from its original $22.25, subject to due diligence. Coty is asking for a response by May 14.
Kohl's - The retailer earned $0.63 per share for the first quarter, two cents above estimates, but its current quarter earnings per share forecast of $0.96 to $1.02 is short of Street estimates of $1.13. Kohl's says it's pleased with the implementation of its strategic initiatives and that it's well positioned for the back-to-school season.
Newell Rubbermaid - The consumer products maker is increasing its quarterly dividend to $0.10 per share from $0.08, an increase of 25 percent. The dividend is payable on June 15 to shareholders of record on May 31.
Cisco Systems - Cisco's fiscal third-quarter earnings came in at $0.48 per share, one cent above forecasts. Revenue was in line with estimates, but the company’s fourth-quarter earnings and revenue forecast fall short of Street estimates. CEO John Chambers says customers have indicated they'll spend more, but are being cautious because of Europe's debt problems and uncertainty about U.S. government policy.
News Corp. - The company reported fiscal third-quarter earnings of $0.37 per share, six cents above estimates, with revenues also above Street forecasts. The media giant also announced a $5 billion stock buyback program. News Corp.’s profits were helped by strong performances in its cable network and movie studio units.
Activision Blizzard - The videogame maker earned $0.06 per share for the first quarter, two cents above estimates, and its revenue of $587 million was above consensus forecasts of $556 million. Activision also raised its earnings outlook, and also reported that subscribers to its largest Internet game, “World of Warcraft,” remained steady from the prior quarter. Analysts had been concerned about a drop in subscriber numbers in prior quarters.
Priceline.com - The travel services provider beat Street estimates by reporting first-quarter profit of $4.28 per share, versus estimates of $3.95. That performance was helped by a jump in travel bookings, but the company did caution that growth will slow down in the current quarter.
Monster Beverage - The company formerly known as Hansen Natural earned $0.41 per share for the first quarter, three cents above estimates, with revenue also above forecasts. The beverage maker also reported a one percentage point increase in profit margins over a year earlier to 53.1 percent, driven by higher demand for its energy drinks.
MEMC Electronic Materials - MEMC lost $0.26 per share during the first quarter, wider than the $0.15 loss Street analysts had been expecting. The maker of semiconductor wafers is suffering the effects of both soft demand and lower pricing in its key markets.
SunTrust Banks - The bank is in talks to sell its asset management unit RidgeWorth Investments, according to Reuters. SunTrust had unsuccessfully tried to sell the unit two years ago.
Costco Wholesale - The nation's largest warehouse retailer is raising its quarterly dividend by 15 percent to $0.275 per share from $0.24 a share.
Sony - The electronics giant says it expects to return to profitability in the current fiscal year, as its consumer electronics and components businesses recover. Sony has posted losses for four straight years.
Micron Technology - The chipmaker says it’s in talks to acquire bankrupt Japanese rival Elpida, confirming what’s been speculated for weeks. Reuters is reporting that Micron’s current offer is about $2.5 billion.
Plains All American Pipeline - Goldman Sachs has upgraded its rating on the pipeline operator to "conviction buy" and increased its price target to $100 from $93. It cites oil infrastructure growth as well as several other factors that are driving up profit margins.
—By CNBC’s Peter Schacknow
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