Stocks to Watch: DG, FB, FDX, MMM & More
Take a look at some of Wednesday's morning movers:
Dollar General - The retailer reported quarterly profit of $0.69 per share, excluding certain items. That was five cents above estimates, with Dollar General also raising its full-year forecast based on strong same-store sales gains.
Facebook - CEO Mark Zuckerberg has pledged not to sell any stock in the company for a year. That statement was contained in a U.S. Securities and Exchange Commission filing. Additionally, investor Marc Andreessen is clarifying his intentions regarding Facebook shares, saying he’ll only sell enough to cover his tax obligations and hold onto the remaining shares “indefinitely.” (Read More: Facebook Handled the IPO Exactly Right: Mark Cuban.)
FedEx - FedEx is cutting its earnings outlook for the quarter that ended Aug. 31, saying it now expects to report fiscal first-quarter profit of $1.37 to $1.43 per share, versus Street estimates of $1.56. The delivery company says a weak global economy is impacting demand at its FedEx Express unit.
AMR - A judge has ruled that the American Airlines parent can terminate labor contracts with its pilots as it tries to work its way out of bankruptcy protection.
3M - 3M said, contrary to reports, it has not dropped its plan to acquire Avery Dennison’s office and consumer products group for $550 million. That follows a threatened antitrust lawsuit from the U.S. Department of Justice, which said the deal would hurt competition in the sale of labels and sticky notes. 3M said it plans to work to address the department's concerns.
NetEase, Activision Blizzard - China online gaming company NetEase has received government approval to launch the latest version of Activision's "World of Warcraft" in China.
Oracle - The software giant said it will continue to provide support for Hewlett-Packard servers based on Intel’s Itanium chips. That follows a lawsuit in which Oracle had maintained it was not required to update its database software to be compatible with those servers.
Nokia, Microsoft - The two companies will unveil the new Lumia smartphone today, made by Nokia and based on the newest version of Microsoft’s Windows Phone software. Analysts said this may be Nokia’s last chance to win back market share from rivals such as Motorola, Apple, and Samsung Electronics.
Pfizer - The drugmaker has received U.S. Food and Drug Administration approval for a new pill that treats a rare type of leukemia.
Pep Boys - Pep Boys saw fiscal second-quarter profit more than double, with the auto parts retailer benefiting substantially from a breakup fee paid by a private-equity firm after a buyout deal fell apart.
Francesca’s - Chief Executive John De Meritt is retiring from the women’s specialty retailer at the end of the year. President Neill Davis will take over as CEO as of Jan. 1.
Williams-Sonoma - The housewares retailer's shares were upgraded to "buy" at Deutsche Bank, which cited the strength of the chain's merchandising as well as other fundamentals that are driving sales growth and boosting profit margins.
—By CNBC’s Peter Schacknow
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