Stocks to Watch: GRPN, BBY & More
Take a look at some of Monday's midday movers:
Groupon - Shares surged almost 20 percent as traders scrambled to close bearish bets ahead of first-quarter results from the largest daily-deal company, due after the closing bell Monday.
The gains are driven by "short covering and anticipation that the results are not going to be terrible," said Jeff Houston, an analyst at Barrington Research.
"This should be the first quarter that they report a profit, on a pro forma basis," he added. "If that happens, it will be an important milestone for Groupon."
Ancestry.com - NBC decided not to renew the company’s TV show for a fourth season. Ancestry.com sponsors the American version of the popular British series "Who Do You Think You Are."
ExxonMobil ,Chevron ,Royal Dutch Shell ,BP - Shares of the major oil companies slumped as oil continued to selloffamid global economic worries. Brent is heading for its lowest close since January and WTI at its lowest level since last December.
Freeport McMoran ,Newmont Mining ,Goldcorp ,AngloGold ,HarmonyGold - Gold miners were also under pressure as gold prices turned negative for 2012. Southern Copper also fell as copper hit a 4-month low.
Heinz - The stock was trading at levels not seen since November 1998.
Novartis - The FDA said it could not conclude that the drug maker’s multiple sclerosis pill was related to unexplained deaths of patients, but it remains concerned about the cardiovascular effects of the drug after the first dose.
Ventrus Biosciences - The drugmaker said its cream to treat anal fissures met the main goal of reducing pain in a late-stage trial.
Best Buy - The company’s founder, Richard Schulze is stepping down as chairmanafter an investigation found that he knew outgoing CEO Brian Dunn was having a relationship with a female employee and did not alert the audit committee. In a separate agreement, Dunn received a $6.6 million severance package.
Francesca’s Holdings - The women’s clothing retailer fired its CFOfor improper use of Social Media. Separately, the company raised its first quarter guidance to 17-18 cents from 14-15 cents a share, compared to Wall Street expectations for 15 cents a share.
Lennar - Guggenheim raised its rating on the homebuilder stock to "buy" from "neutral" and boosted its price target to $39 from $24 a share.
Genworth - The life and mortgage insurer said former CEO Michael Frazier will get a one-time lump sum separation payment of $2.25 million. Fraizier, who held the top post since it was spun off from General Electric in 2004, stepped down after the company posted weaker than expected first quarter earnings earlier this month.
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