Stocks to Watch: BBY, HZN, JOY & More
Take a look at some of Wednesday's morning movers:
Best Buy - Oppenheimer says a buyout of Best Buy is unlikely, even though the situation is fluid and a deal is feasible. Analyst Brian Nagel says potential private-equity buyers will be scared away by a declining business model. (Read More: Best Buy Agrees to Open Books to Schulze Group.)
H.J. Heinz - The food producer officially released its fiscal first-quarter earnings after pre-announcing them yesterday: $0.87 per share, six cents above estimates.
Joy Global - The mining equipment maker reported fiscal third-quarter profits of $1.82 per share, excluding certain items, six cents short of consensus. It also cut its fiscal 2012 forecast to $7.05 to $7.20 per share from its prior $7.15 to $7.45 per share, compared to analysts' estimates of $7.26 a share. The company cited slowing demand in China for the cut in its outlook.
United Continental Holdings - The company's United Airlines computer network is now back online after experiencing a major outage Tuesday, causing a series of flight delays.
Morgan Stanley, Citigroup - The firms have agreed on a delay for an arbitrator’s ruling on the market value of their Morgan Stanley Smith Barney joint venture. The delay will push back the decision until Sept. 10. The two sides have been unable to agree on a price for Morgan Stanley’s bid to increase its 51 percent stake in the venture.
Wellpoint - Chief Executive Officer Angela Braly stepped down, with the health insurance company’s board establishing a search committee to find a successor. Braly had been criticized by investors over disappointing earnings and a slumping stock price.
Apple’s - Apple's request for an injunction against certain Samsung products will be heard by a judge on Dec. 6. The request follows Apple’s victory in the patent case versus its rival last Friday. (Read More: After Samsung, Apple May Be Coming After Google.)
Wynn Resorts - Wynn is the target of a Tokyo lawsuit filed by Japanese pachinko tycoon Kazuo Okada. Okada’s Universal Entertainment is seeking $140 million in damages for harm to its share price and business, following Wynn’s move to remove Okada from the board and take back the Wynn shares owned by Universal.
DuPont - The chemicals giant is selling its pest control unit to Swiss company Syngenta in a $125 million deal.
Zynga - Chief Creative Officer Mike Verdu has left to start his own company. His resignation comes just a few weeks after Chief Operating Officer John Schappert’s departure.
Sirius XMRadio - John Malone’s Liberty Media is increasing its stake in the satellite radio operator to 48.8 percent from 48.1 percent. Liberty is planning to ultimately raise its stake to more than 50 percent to gain control of Sirius.
Sealed Air - Chief Executive Officer William Hickey will retire in March, with Dow Chemical executive Jerome Penbere named as his successor.
—By CNBC’s Peter Schacknow
Questions? Comments? Email us at email@example.com