Schaeffer's Trading Floor Blog

Buzz Stocks: International Business Machines Corp., Panera Bread Co, Hillshire Brands Co, and Sony Corp (ADR)

Today's stocks to watch in the news include IBM, PNRA, HSH, and SNE

by 6/3/2014 9:12 AM
Stocks quoted in this article:

The major market indexes are poised to open in the red, as futures are pointed lower ahead of the bell. In company news, here are some stocks to watch today:

  • After conducting a probe into International Business Machines Corp.'s (NYSE:IBM) accounting methods for its cloud services, the U.S. Securities and Exchange Commission decided against taking further action. That's good news for IBM, as its fast-growing cloud unit is on pace to generate $2.3 billion in revenue this year, and as much as $7 billion next year. (Bloomberg)

  • Later today, Panera Bread Co (NASDAQ:PNRA) is expected to announce a plan to do away with artificial food additives -- such as autolyzed yeast extract and calcium disodium EDTA -- by 2016. After that, the fast-casual chain will turn its attention to eliminating high-fructose corn syrup from many of the beverages it sells. (USA Today)

  • As suitors line up in an attempt to buy Hillshire Brands Co (NYSE:HSH), the company authorized talks with two potential partners -- Tyson Foods, Inc. (NYSE:TSN) and Brazil-based JBS SA. Meanwhile, a third bidder -- Pilgrim's Pride Corporation (NASDAQ:PPC) -- reportedly upped its offer to $55 per share from $45 per share. HSH shares are poised to open nearly 9% higher at the bell. (Bloomberg Businessweek)

  • After nearly 10 years on the market, Sony Corp's (ADR) (NYSE:SNE) PlayStation Portable (PSP) will be phased out worldwide by year's end. At the same time, SNE is pushing the PlayStation Vita, a newer hand-held video game console. (Associated Press, via TIME)

  • Also, Dollar General Corp. (NYSE:DG) and Krispy Kreme Dougnuts (NYSE:KKD) reported quarterly earnings. (MarketWatch; Forbes)

  • Finally, the Seattle City Council has given the green light to a plan that will gradually raise the city's minimum wage to $15 an hour, making it the highest rate in the U.S. The rate hike will be phased in over the next several years, the speed of which depends on the size of the business and whether it contributes to workers' health care benefits. (Consumerist)

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