Stocks to Watch: SFD, FB, MRX & More
Take a look at some of Tuesday's morning movers:
Smithfield Foods - The pork producer reported quarterly profit of $0.40 per share, four cents below estimates, with revenue also coming up short of consensus. Smithfield's bottom line was hurt by higher supplies and weak demand in its fresh pork segment.
Facebook - The stock continues to touch post-initial-public-offering lows, dipping below the $18 per share mark in this morning's pre-market trading. (Read More: Could Facebook’s Beaten Up Stock Finally Be a ‘Buy’?)
Medicis Pharmaceutical - Medicis agreed to be bought by Canada’s Valeant Pharmaceuticals for $2.6 billion in cash. Valeant said the deal will immediately add to earnings upon completion.
Campbell Soup - Campbell reported quarterly profit of $0.41 per share, excluding certain items, three cents above estimates, as it reported sales growth across most of its food portfolio.
Sony - Sony plans to debut a new tablet PC in the U.S. market this week, and said it doesn’t plan on entering into a price competition with other sellers.
Oracle - The software giant will appeal a damage award against SAP in a long-standing court case. Oracle wants SAP to pay more in damages in the case, which so far has seen Oracle collect $306 million, with further appeals pending.
Morgan Stanley - The stock has been upgraded to “overweight” from “neutral” by JPMorgan Chase, and to "buy" from "outperform" by CLSA analyst Mike Mayo.
Goldman Sachs - The stock has been downgraded to “underweight” from “neutral” by JPMorgan Chase, while CLSA analyst Mayo has upgraded Goldman to "buy" from "outperform." JPMorgan said its preference for Morgan Stanley over Goldman is based on valuation.
International Business Machines - IBM's stock has been upgraded to “overweight” from “equal weight” at Barclays.
General Mills - JPMorgan Chase cut its rating on the food producer's stock to "neutral" from "overweight."
GameStop - Goldman Sachs has upgraded the videogame retailer's shares to "buy" from "neutral," saying it sees a 31 percent upside in the stock. Goldman said significant concerns about industry trends are already factored into the stock's price.
—By CNBC’s Peter Schacknow
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