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Stocks to Watch: CVS, FOSL, MMC & More

Tuesday, 7 Aug 2012 | 8:01 AM ET

Take a look at some of Tuesday's morning movers:

CVS Caremark - The drugstore chain and pharmacy benefits manager earned $0.56 per share for the second quarter, one cent above estimates, with revenue essentially in line with forecasts. It also raised its full-year guidance, as it continues to benefit from business gained from the recently resolved dispute between Walgreen and Express Scripts .

Fossil - The fashion accessories maker earned $0.92 per share for the second quarter, 14 cents above estimates. Revenue jumped more than 14 percent from a year earlier.

Marsh & McLennan - The insurer earned $0.61 per share for the second quarter, excluding certain items, three cents above estimates, as the core insurance business saw healthy revenue growth.

Church & Dwight - The maker of Arm & Hammer products earned $0.56 per share for the second quarter, one cent above estimates, with revenue slightly below consensus. The company is also forecasting current quarter profit of $0.58 per share, below estimates of $0.61, as price competition increases with rivals such as Procter & Gamble.

Caesars Entertainment - The casino operator posted a wider-than-expected second-quarter loss and wrote down the value of its land in Macau. It also saw flat revenue at its key U.S. casinos compared to a year earlier.

Leap Wireless - Leap's quarterly revenue came in well below estimates. It also posted a loss of $0.54 per share, four cents wider than analysts had anticipated. That comes a month after competitor MetroPCS reported better-than-expected earnings last month.

Chevron - The oil giant saw a massive fire strike its Richmond, Calif., refinery, which could mean a prolonged outage and higher gasoline prices. The refinery accounts for an eighth of the state's output.

Chesapeake Energy - Chesapeake earned $0.06 per share for the second quarter, a penny shy of consensus, although revenue was above Street forecasts. The company also increased its target for asset sales this year.

CF Industries - CF reported a second-quarter profit of $8.65 per share, excluding certain items, short of estimates of $8.91. The fertilizer producer saw demand for its products fall, following a boom in the spring planting season during February and March. CF, however, says it expects that sales drop to be only temporary.

Best Buy - Fitch has downgraded Best Buy’s rating to the junk status of BB+ from the prior BBB- because of weakening sales and profit margin pressures. That follows founder Richard Schulze’s proposal to buy out the electronics chain for $24 to $26 per share.

Pfizer and Johnson & Johnson have abandoned further studies of a key Alzheimer’s treatment. The drug did not help patients in a late stage clinical trial. Johnson & Johnson says it will take a charge of between $300 million and $400 million in the third quarter as a result. The move also affects partner Elan, which is taking a $117.3 million writedown related to the study halt.

Ingersoll-Rand - Investor Nelson Peltz has cut his stake in the company to 6.8 percent from the prior 7.05 percent stake, according to a Securities and Exchange Commission filing. The manufacturer said it remains in talks with Peltz about possible strategic options for the company.

Sprint Nextel - Sprint has cut the price of the iPhone 4S by $50 to $149. That comes ahead of a Sept. 12 event, at which Apple is widely expected to introduce the next iPhone.

Eastman Kodak - The company received opening bids for its digital patents that were well below the $2.6 billion that it was expecting, according to The Wall Street Journal. The paper reported that bids from two groups — one led by Apple, the other by Google — came in at around $150 million to $200 million.

Dreamworks Animation - The moviemaker is opening a studio and a theme park in Shanghai, in conjunction with Chinese partners. Dreamworks will own 45 percent, according to the Journal, as the company seeks to build its presence in a fast-growing Chinese movie market.

Amazon.com - Amazon has announced the creation of Amazon Game Studios, and released its first social game on Facebook . That puts Amazon squarely in competition with Zynga , creator of the popular Farmville and other games.

—By CNBC’s Peter Schacknow

Questions? Comments? Email us at marketinsider@cnbc.com

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    Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.

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