Schaeffer's Trading Floor Blog

Buzz Stocks: Google Inc, AbbVie Inc, Hewlett-Packard Company, and FedEx Corporation

Today's stocks to watch in the news include GOOGL, ABBV, HPQ, and FDX

by 7/18/2014 9:09 AM
Stocks quoted in this article:

The major market indexes are poised to open in the green following yesterday's sell-off, as futures are pointed higher in pre-market trading. In company news, here are some stocks to watch today:

  • Google Inc (NASDAQ:GOOGL) Chief Business Officer Nikesh Arora is departing the company to serve as vice chairman of Japan-based Softbank. He'll be replaced on an interim basis by sales lead Omid Kordestani. In other news, GOOGL reported second-quarter earnings last night. (Reuters, via CNBC; Los Angeles Times)

  • U.S.-based pharmaceutical concern AbbVie Inc (NYSE:ABBV) agreed to purchase Shire PLC (ADR) (NASDAQ:SHPG) for roughly $55 billion in cash and stock, giving ABBV shareholders a 75% stake of the combined company. ABBV will also move its tax residence from Chicago to the U.K., reducing its tax rate 9 percentage points to 13%. (USA Today)

  • Hewlett-Packard Company's (NYSE:HPQ) board of directors has appointed President and CEO Meg Whitman to the additional position of chairman. Ralph Whitworth previously served as chairman, but stepped down earlier this week due to health concerns. (TechCrunch)

  • A federal grand jury has indicted FedEx Corporation (NYSE:FDX) for alleged drug trafficking, accusing the company of knowingly delivering prescription drugs for illegal online pharmacies. One top executive issued a statement denying the charges: "Whenever DEA provides us a list of pharmacies engaging in illegal activity, we will turn off shipping for those companies immediately. So far the government has declined to provide such a list." (USA Today)

  • Also, General Electric Company (NYSE:GE), International Business Machines Corp. (NYSE:IBM), and Advanced Micro Devices, Inc. (NYSE:AMD) reported quarterly earnings. (Reuters, via CNBC; USA Today; Associated Press, via Bloomberg Businessweek)

  • Finally, a French judge fined blogger Caroline Doudet about $2,000 for her negative review of the restaurant Il Giardino, saying the post was "too prominent" in GOOGL search results. In an interview, Doudet said she finds it "really serious if we no longer have the freedom to write. I don't see the point of criticism if it's only positive." (Mashable)

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