Stocks to Watch: LEN, GIS, MKC & More
Senior Producer, CNBC
Take a look at some of Wednesday's morning movers:
Lennar - The homebuilder earned $0.21 per share for its latest quarter, excluding certain items, four cents above estimates. Revenue was also above analyst forecasts, as deliveries rose 20 percent over a year ago and new orders jumped 40 percent.
General Mills - The food maker earned $0.60 per share, excluding certain items, for its fiscal fourth quarter. That was one cent above estimates, with the company's Yoplait acquisition helping its bottom line.
McCormick - The spice maker matched estimates with quarterly profit of $0.60 per share, with revenues coming in above forecasts. Price increases helped offset the impact of increased materials costs.
Monsanto - The company earned $1.63 per share, excluding certain items, for its third quarter, three cents above estimates, with revenues also above consensus. Its full-year view of $3.65 to $3.70 compares to analyst estimates of $3.70.
Facebook - Many of Wall Street's biggest investment firms have weighed in with ratings on Facebook's stock this morning. Among them: "overweight" ratings from Morgan Stanley, Wells Fargo, Piper Jaffray, and JPMorgan Chase; "neutral" ratings from Citi, Credit Suisse, and Bank of America/Merrill Lynch; a "buy" from Goldman Sachs; and an "outperform" from Oppenheimer.
Apple - Apple has won a victory over rival Samsung, as a judge grants the company’s request to halt sales of Samsung’s Galaxy Tab in the U.S. The iPad rival has been at the center of an ongoing patent dispute between the two companies.
Google - The company will reportedly unveil a tablet that will be co-branded with Taiwan’s , according to an Asustek executive quoted by Reuters. The new device will be priced to compete with Amazon.com’s Kindle Fire.
Boeing - The jet maker has appointed company executive Ray Conner to head Boeing’s commercial airplanes division, effective Oct. 1, when Jim Albaugh retires after 37 years with Boeing.
Bristol-Myers Squibb - The drugmaker has announced an additional $3 billion stock buyback program, adding to a prior $3 billion program that has about $340 million remaining.
Yahoo - Yahoo has announced a global content distribution deal with on-demand music provider Spotify. Yahoo will offer Spotify on its Media Network service.
Discover Financial - Discover has increased its estimate of possible losses, stemming from a regulatory investigation of its marketing of fee-based add-on products. The company says losses could reach $110 million, up from a prior estimate of $100 million.
O’Reilly Automotive - O'Reilly is cutting its sales guidance for the second quarter, now expecting a comparable store sales increase of 2 percent to 2.5 percent, compared to a prior estimate of 3 percent to 5 percent. The auto parts retailer also expects second quarter earnings per share to be at the lower end of its previously announced range of $1.13 to $1.17. The company says warm winter weather may have shifted some second quarter sales into the prior quarter.
Microsoft - The software giant says it’s disappointed with a court ruling that rejected its challenge to an European Union antitrust decision, even though the court reduced a fine against the company by 4.3 percent to $1.07 billion.
Loral Space & Communications - Loral is selling its satellite manufacturing subsidiary to Canadian firm MacDonald Dettwiler for about $875 million.
Sony - New CEO Kazuo Hirai has elaborated on the company’s revival plan at the annual meeting in Tokyo, and assured a record 9,300 shareholders in attendance that the plan will work. Sony is coming off a record $5.75 billion annual loss for the fiscal year that ended March 31.
Medical Device Makers - The U.S. Food and Drug Administration is probing the safety of all-metal hip implants, a revelation which could affect the stocks of medical device makers such as Johnson & Johnson and Zimmer Holdings. Recent studies have shown that the implants may fail more often than other products, and can also leach metal into the bloodstream.
Goldcorp - The gold producer has won a court battle with rival Barrick Gold over ownership of the El Moro gold-copper project in Chile. Barrick had struck a deal with owner Xstrata, but Goldcorp came in with another bid after a minority shareholder exercised its right to reject Barrick’s offer.
—By CNBC’s Peter Schacknow
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