Schaeffer's Trading Floor Blog
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Investors were displaying caution this morning ahead of some economic reports, sending futures modestly lower as a result. Turning to company news, here are some stocks to watch today:

  • Sparked by growth in its core retail business and digital content sales, Amazon.com, Inc. (NASDAQ:AMZN) beat earnings estimates for the first quarter. The company notched earnings of 18 cents per share, excluding items, which handily bested 8-cent-per-share estimates. Revenue came in at $16.07, falling just shy of forecasts. (CNBC)

  • Shares of J.C. Penney Company, Inc. (NYSE:JCP) are soaring this morning in pre-market trading on the news that investing magnate George Soros has taken a 7.9% stake in the languishing retailer. This is a dramatic turn of events for the company, which has seen its stock drop nearly 23% year-to-date, and recently fired CEO Ron Johnson. (USA Today)

  • Effective June 25, Fred Amoroso will no longer be the chairman of the board for Yahoo! Inc. (NASDAQ:YHOO). According to a statement by Amoroso, the executive -- who helped to oust former CEO Scott Thompson, and bring in current CEO Marissa Mayer -- had always intended to resign after one year. (Mashable)

  • United Parcel Service, Inc. (NYSE:UPS) averted a strike yesterday by agreeing to a five-year contract with the Teamsters union. The deal, effective Aug. 1, will provide higher pay to 250,000 employees, create an additional 2,000 full-time positions, and preserve health-care benefits. (Bloomberg)

  • GrainCorp Ltd (ASX:GNC) agreed to fork over the rest of its company to Archer Daniels Midland Company (NYSE:ADM), which offered a cash bid of A$2.2 billion ($2.3 billion). The offer amounts to A$12.20 per GNC share, plus A$1 in dividends. After buying GNC, the corn processor will control seven of the eight ports that ship grain in bulk from Australia's east coast. (Bloomberg)

  • In the fiscal second quarter that ended on March 31, Starbucks Corporation (NASDAQ:SBUX) reported net earnings of $390.4 million, or 51 cents per share, up from $309.9 million, or 40 cents per share, a year earlier. The coffee chain's adjusted earnings, which matched analysts' average estimate, came in at 48 cents per share, and its revenue increased 11% to $3.56 billion. For the current fiscal year, the company upped its target earnings range, expecting $2.12 to $2.18 per share. (Reuters)

  • Electronic Arts Inc. (NASDAQ:EA) underwent its second round of cost cutting this month, which included laying off a significant amount of employees, and shutting down at least two of its studios. In light of its financial struggle, the company is working "to establish a clear set of priorities and a more efficient organizational structure," said acting CEO Larry Probst. (CNBC)

  • Southwest Airlines Co. (NYSE:LUV) is launching a new "no show" policy next month. Fliers who don't show up for their flight will no longer be able to cancel or re-book; instead, they will lose their fare. Southwest, which reported weak first-quarter financial results, is one of the last premiere U.S. carriers that doesn't charge those who changed their flight plans. (USA Today)

  • Finally, the first round of the NFL draft was last night, but the biggest story was who wasn't chosen. Notre Dame linebacker Manti Te'o's name wasn't selected in the round at all, and only one quarterback was picked up. That QB -- EJ Manuel from Florida State -- was snagged 16th by the Buffalo Bills, earning the dubious honor of being the lowest-drafted first quarterback since 2000. (CBS News)


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