Stocks quoted in this article:
U.S. stock futures are on track for a comeback this morning, with the major equity indexes looking to recover from Thursday's dip and build on their weekly gains. In company news, today's stocks to watch include wireless provider Sprint Corporation (NYSE:S), online search giants Baidu Inc (ADR) (NASDAQ:BIDU) and Google Inc (NASDAQ:GOOGL), and drug company Johnson & Johnson (NYSE:JNJ).
- Sources indicate that Softbank unit Sprint Corporation (NYSE:S) will soon offer a Sony Corp (ADR) (NYSE:SNE) smartphone for the first time ever, as a new iteration of the Xperia device is due to be unveiled at Berlin's IFA tech expo next week. Currently, T-Mobile US Inc (NYSE:TMUS) is the only U.S. carrier offering contracts connected to Sony's smartphones. (Reuters)
- Baidu Inc (ADR) (NASDAQ:BIDU) is teaming up with fellow Chinese tech firms Tencent and Wanda to launch an $814 million joint venture, as the companies look to compete with Alibaba in the e-commerce arena. Wanda will hold a 70% interest in the venture, while BIDU and Tencent will hold stakes of 15% each. (TechCrunch)
- Google Inc (NASDAQ:GOOGL) announced a new program known as Project Wing, through which the company is developing airborne delivery drones. The project seems to be GOOGL's attempt to keep up with Amazon.com, Inc. (NASDAQ:AMZN), which last year unveiled plans for its "Prime Air" drone delivery service. (Reuters, via CNBC)
- A source close to the situation says that Johnson & Johnson (NYSE:JNJ) is contemplating the sale of its Cordis unit, which specializes in cardiovascular devices. Cordis brought in $7.24 billion in revenue for the second quarter, and JNJ could bring in up to $2 billion on the sale of the business. (Bloomberg)
- In earnings news, Big Lots, Inc. (NYSE:BIG), Avago Technologies Ltd (NASDAQ:AVGO), Splunk Inc
(NASDAQ:SPLK), and Pacific Sunwear of California, Inc. (NASDAQ:PSUN) will be in focus today after reporting their latest quarterly results. (MarketWatch)