Stocks to Watch: PEP, BAC, INTC & More
Take a look at some of Wednesday's morning movers:
PepsiCo - The snack and beverage maker earned $1.20 per share , four cents above estimates, though revenue of $16.652 billion was slightly below consensus. CEO Indra Nooyi said the company is on track to achieve its full-year targets, and that it expects to deliver $3 billion in cost savings by 2015.
Bank of America - Bank of America reported a breakeven third quarter , compared to analysts' estimates of a $0.07 per share loss. Revenue was short of consensus, but CEO Brian Moynihan pointed to several positive trends, including an increase in deposits, mortgage originations, and small business lending.
Intel - The chipmaker earned $0.58 per share for the third quarter, nine cents above estimates. Revenue also exceeded consensus, but CEO Paul Otellini said the economic environment continues to be tough, and Intel's profits are being hurt by declining personal computer sales.
International Business Machines - IBM earned $3.62 per share for the third quarter, one cent above estimates, while revenue came up short. IBM also sees full-year earnings of at least $15.10 per share, compared to current Street consensus of $15.15. Analysts are concerned that difficult macroeconomic conditions will hurt technology spending, which would affect IBM's recent success in selling its higher margin services.
CSX - CSX reported third-quarter profit of $0.44 per share, one cent above estimates, while revenue was essentially in line. The railroad operator is seeing weaker coal shipments because of soft demand and falling prices for natural gas. CSX is one of the biggest transporters of coal.
Stanley Black & Decker - The maker of household tools reported third-quarter profit of $1.40 per share, excluding certain items, five cents below estimates. The company says difficulties in its European market weighed on results, though it's upbeat about the U.S. and Asia.
Check Point Software - Check Point reported third-quarter profit of $0.79 per share, one cent above estimates. The provider of Internet security services says the North American market delivered "great" results, with overall growth at the upper end of its prior estimates.
BlackRock - The investment firm earned $3.47 per share, excluding certain items, 16 cents above estimates. BlackRock cites strength in new business and an increase in fee income, among other factors.
Textron - The maker of Bell helicopters and Cessna aircraft earned $0.48 per share for the third quarter, three cents below estimates, with revenue also short of consensus. However, Textron also raised its full-year outlook to $1.95 to $2.05 per share from the prior $1.80 to $2.00, compared to Street estimates of $2.10 a share.
Bank of New York Mellon - The bank earned $0.61 per share for the third quarter, seven cents above estimates. Bank of NY Mellon says the quarter's performance was led by strength in its investment management division.
Intuitive Surgical - The maker of surgical robots saw better-than-expected revenue for its latest quarter, but investors appear to be focusing on lower-than-expected growth in the number of procedures performed using the company's equipment.
Best Buy - The nation's largest electronics retailer is planning to sell its own tablet computer. The Android-based "Insignia Flex" will sell for $239 to $259 and is intended to compete with tablets like Amazon's Kindle Fire and Google's Nexus 7.
Visa - The credit card giant may name a new CEO by the end of this month, according to The Wall Street Journal. Current CEO Joseph Saunders is expected to retire when his contract expires in March.
Apollo Group - Apollo plans to close 115 of its University of Phoenix locations, after reporting a 60 percent drop in fiscal fourth-quarter profits. The for-profit education company's results were hurt by higher costs and declining enrollment.
Cymer - The maker of light beam technology is being bought by Amsterdam-based ASML for $2.5 billion . ASML is the world's biggest supplier of equipment to computer chipmakers.
Starbucks - Starbucks may be the target of a U.K. tax probe , after a senior member of Parliament called for an investigation of why the coffee retailer was able to avoid paying U.K. taxes since 2009.
Royal Bank of Scotland - RBS is planning to pull out from a government insurance plan that was part of a state-sponsored rescue in 2009. It's considered a key step towards freeing the bank from state control.
Ford Motor - The automaker is recalling 262, 000 Fiesta subcompacts to address an issue with the programming of passenger side airbags. Ford plans to reprogram the bags — which are installed in 2011-2013 models — to assure they operate properly.
Google - CEO Larry Page has spoken in public for the first time in months, following an undisclosed ailment that affected his speaking voice. In his appearance at a Google-sponsored conference, Page said he was hopeful the company could resolve antitrust probes in the European Union and the U.S.
Cisco Systems - Cisco's shares have been downgraded to "hold" from "buy" at Cantor Fitzgerald, pointing to mounting evidence that a recovery scenario is likely to be delayed by one or two quarters.
St. Jude Medical - The medical products maker earned $0.83 per share, excluding certain items, for its third quarter, two cents above estimates.
—By CNBC's Peter Schacknow
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