Stocks to Watch: BAC, BLK, TIF & More
Take a look at some of Wednesday's morning movers:
Bank of America - The bank earned $0.19 per share for the second quarter, five cents above estimates. Bank of America said its provision for credit losses is now down to the lowest level since the first quarter of 2007, as credit quality continues to improve.
BlackRock – BlackRock earned $3.10 per share, excluding certain items, nine cents above estimates. Earnings were lower compared to a year earlier, however, on a drop in investment advisory revenue and losses on investments.
Honeywell – Honeywell earned $1.14 per share for the second quarter, three cents above estimates, with revenues slightly below consensus. It's also raising the lower end of its full-year guidance, citing continuing margin expansion.
Tiffany - Goldman Sachs has upgraded the luxury goods retailer's stock to "buy" from "neutral," saying it sees a 32 percent upside. Goldman said Tiffany's long-term brand franchise remains "rock solid."
Stanley Black & Decker – The tool maker reported quarterly profit of $1.32 per share, excluding certain items, 20 cents below estimates. It also cut its yearly outlook to $5.40 to $5.65 per share, compared to analyst estimates of $5.77, blaming "significant foreign exchange headwinds". The company did raise its quarterly dividend to $0.49 from $0.41 per share.
Intel - The chipmaker sees third-quarter sales at $14.3 billion versus Street estimates of $14.6 billion, and also cut its 2012 revenue growth forecast. The drop reflects weaker PC sales and growing popularity for tablets and other devices that don’t use Intel chips. For its second quarter, Intel did report profit of $0.54 per share, beating estimates by two cents.
Yahoo – Yahoo reported second-quarter profit of $0.27 per share, four cents above estimates, with revenues essentially in line. The report came on the same day Marissa Mayer took over as CEO.
Vivus – The drugmaker has received U.S. Food and Drug Administration approval for its diet drug Qsymia, with the company expecting it to be available during the second half of the year. Cowen & Co. projects Qsymia to reach $2 billion in annual sales by 2019.
CSX – The railroad operator earned $0.49 per share for the second quarter, two cents above estimates. Intermodal and automotive volumes increased, while coal shipments declined.
EMC – EMC earned $0.39 per share for its second quarter, missing estimates by a penny, while revenues were in line with forecasts. The data storage company also promoted its chief financial officer, David Goulden, to president and chief operating officer.
Ralph Lauren – The company’s chief financial officer, Tracey Travis, has resigned to pursue other interests, with his departure taking effect on July 30. The apparel maker said it’s considering both internal and external candidates as replacements for Travis.
Wynn Resorts – The hotel/casino operator reported second-quarter earnings of $1.37 per share, well below analyst estimates of $1.51. The shortfall comes as revenue declines at Wynn properties in both Las Vegas and Macau.
Rovi - The electronics maker is projecting second-quarter earnings and full-year results below analyst forecasts. Rovi points to declining consumer electronics revenues and product launch delays.
Shutterfly - Bank of America/Merrill Lynch has begun coverage of the online photo service's shares with a "buy" rating.
Kraft Foods, SodaStream - The two companies have expanded their co-branding partnership by introducing new Kool-Aid branded Sodastream flavors.
St. Jude Medical - The medical device maker reported second-quarter profit of $0.88 per share, one cent above estimates, with revenues essentially in line with forecasts. It is, however, trimming its full-year forecast.
—By CNBC’s Peter Schacknow
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