Stocks to Watch: DE, TGT, AAPL, ANF, JCP & More
Senior Producer, CNBC
Take a look at some of Wednesday's morning movers:
Deere & Co. - The equipment maker reported fiscal second-quarter earnings of $2.61 per share, beating estimates by eight cents, with revenue also above consensus. The company says conditions are positive in the global farm economy, and raised its 2012 forecast.
Target - The retailer reported first-quarter profit of $1.11 per share, excluding certain items, 10 cents above estimates, with revenue slightly above consensus. Second-quarter guidance of $1.04 to $1.14 per share is above current Street consensus of $0.99. The company says it's pleased with first-quarter results, and is confident about the rest of the year despite continued economic uncertainty.
General Electric - GE Capital has declared a $475 million dividend to parent GE, its first since the financial crisis in 2009. GE Capital plans to pay out 30 percent of its 2012 earnings as dividends to GE, as well as a $4.5 billion special dividend, subject to board approval.
Apple - Dow Jones reports that Apple is ordering larger mobile phone screens from its suppliers, leading to conclusions that the next iPhone will have a 4-inch screen rather than the 3-1/2 inch screen that's been used since the iPhone debuted in 2007.
Sina - The Chinese online media company reported a smaller than expected loss but warned that further losses may lie ahead due to increased investment into its microblogging platform Weibo, China's version of Twitter.
Abercrombie & Fitch - The teen apparel retailer reported first-quarter profit of $0.03 per share, one cent above estimates, but sales fell below analyst forecasts. Abercrombie says it's satisfied overall with its performance during the quarter, but does say it's disappointed that European sales trends remain challenging.
Staples - The office supplies retailer reported first-quarter profit of $0.30 per share, excluding certain items, matching Street estimates. Revenue was slightly below consensus forecasts. The company also kept its 2012 forecast unchanged, as it expects slow growth in the U.S. economy and soft demand in Europe.
J.C. Penney - The retailer reported an 18.9 percent drop in first-quarter same-store sales, a much bigger drop than Wall Street had expected. It also omitted its dividend, in what some view as at least an initial rejection of new CEO Ron Johnson’s makeover strategy.
General Motors - Warren Buffett’s Berkshire Hathaway has revealed a 10 million share stake in the automaker, according to the company’s latest 13F filing. GM also revealed that it does not plan to continue advertising on Facebook.
That filing also reveals a new Berkshire stake in Viacom , as well as increased stakes in Wal-Mart , Wells Fargo , Bank of NY Mellon , and DirecTV . It’s cut its stakes in Intel , Kraft Foods , Procter & Gamble , and Dollar General .
Safeway - The grocery store operator has raised its quarterly dividend by 21 percent to $0.175 per share from $0.145.
Arena Pharmaceuticals - The drugmaker announced plans for a new common stock offering. It did not, however, say how much stock it might sell and at what price.
Liberty Media has upped its stake in Live Nation Entertainment to more than 25 percent from about 20 percent, according to a new SEC filing. Liberty has already received regulatory clearance to buy as much as 35 percent of Live Nation.
BHP Billiton - The company is predicting a continued slump in commodity prices, a factor that’s prompting the mining giant to cut back on investment plans that would have seen about $80 billion go towards new projects by 2015.
THQ - THQ reported a fiscal fourth-quarter loss, as the videogame maker tries to avert a stock de-listing. THQ is facing an uphill battle with a weak market and stronger, larger rivals like Electronic Arts and Activision Blizzard.
Fossil - Citi has upgraded the fashion accessories maker's stock to "buy" from "neutral", citing its "beaten-up" valuation.
Cisco - Barclays has upgraded the networking equipment maker's shares to "overweight" from "equal weight". The firm says the stock offers material appreciation if the economic picture is steady, downside protection if it isn't.
—By CNBC’s Peter Schacknow
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