Stocks to Watch: CVX, SVU, MAR & More
Senior Producer, CNBC
Take a look at some of Thursday's morning movers:
Chevron - The oil company expects second-quarter profits to be higher than they were in the first quarter, thanks to improved refining margins.
Supervalu - The grocery store operator reported first-quarter profit of $0.19 per share, well below estimates of $0.38. It also suspended its dividend to help pay for significant price cuts. The company says it is also reviewing possible strategic alternatives.
Marriott International - The company reported second-quarter profit of $0.42 per share, matching estimates, but its revenues came in slightly short of estimates. However, the hotel operator did say it expects a strong second half.
Merck - Merck said a trial involving an experimental osteoporosis drug has shown that it cuts the risk of fracture. Outside monitors are also recommending an early end to the trial so that all the patients involved can be given the drug.
Callaway Golf - Callaway is cutting 12 percent of its workforce to reduce costs. The maker of golfing equipment expects to take a $40 million pre-tax charge over the next year to account for those cuts.
Yahoo - Yahoo has lost search market share for a 10th consecutive month, according to new data from Comscore. Yahoo now has 13 percent of the search market, down 0.4 percent from May. Google is first at 66.8 percent, with Microsoft surpassing Yahoo at 15.6 percent and moving into second place.
Separately, Microsoft has cut various jobs in its advertising and marketing departments, although it didn’t give details on how many jobs were cut.
Boeing - Boeing could benefit from an announcement today that UAL’s United Airlines unit will buy at least 100 new Boeing 737 jets in a deal that could be worth more than $9 billion.
Walt Disney - The stock has been upgraded to "outperform" from "market perform" at Wells Fargo, with the firm saying Street estimates look conservative and that past fears about margin contraction appear unwarranted.
Tyson Foods , Smithfield Foods - Bank of America/Merrill Lynch has downgraded both stocks to "underperform" from "buy." The firm cites rising corn and soybean mail prices, a stronger U.S. dollar, and soft economic growth, all contributing to margin weakness.
—By CNBC’s Peter Schacknow
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