Schaeffer's Trading Floor Blog

Buzz Stocks: Facebook, Sirius XM, Ford Motor, and Zynga

Today's stocks to watch in the news include FB, SIRI, F, and ZNGA

by 10/24/2012 9:01 AM
Stocks quoted in this article:

Stocks are poised to fight back today after yesterday's drubbing, and investors will have their eyes on the Fed, the latest earnings reports, and a few key technical levels. Meanwhile, here are some stocks making news today:

  • Earnings news: It was a busy evening on Wall Street, as some major tech names came forward with their quarterly results. Facebook Inc (NASDAQ:FB) announced third-quarter results of 12 cents per share, a penny more than analysts were expecting. Revenue also edged above Wall Street's estimate (CNET); The story was not as upbeat at Netflix, Inc. (NASDAQ:NFLX), as its own third-quarter earnings collapsed by roughly 88%, as the company committed funds to global expansion efforts. NFLX banked 13 cents per share, above analysts' expectations, but said subscriber numbers would fall short of earlier projections (Reuters); AT&T Inc. (NYSE:T) earned 63 cents per share in the latest reporting period, topping the consensus estimate of 60 cents as revenue from wireless operations grew 6.6%. (CNBC)

  • Sirius XM Radio Inc (NASDAQ:SIRI) CEO (and Howard Stern buddy) Mel Karmazin will be leaving his post on February 1 as Liberty Media Corp (Capital) (NASDAQ:LMCA) moves in to overtake the broadcasting firm. Karmazin, who has had his differences with Liberty's John Malone, will also vacate his spot on the Sirius board. (Bloomberg)

  • For the first time in a decade, Ford Motor (NYSE:F) is closing a European assembly plant. The automaker will shut down production at its 48-year-old location in Genk, Belgium, by the end of 2014, eliminating 4,300 jobs. (Bloomberg Businessweek)

  • Zynga Inc (NASDAQ:ZNGA) -- which has also endured several departures of high-profile leaders -- is reducing its workforce by 5%, cutting about 142 jobs and closing an office in Boston. The company will also eliminate a dozen of its underperforming game titles. ZNGA is reporting third-quarter earnings later today. (Bloomberg Businessweek)

  • Citing increased demand for a new HIV drug, Gilead Sciences, Inc. (NASDAQ:GILD) upped its sales guidance for the full year to $9.1 billion to $9.2 billion from the previously forecast $8.8 billion to $9 billion. Analysts were already projecting sales of $9.1 billion for the full year. Third-quarter earnings, excluding estimates, also topped analysts' estimates. (TheStreet)

  • Finally, my eighth-grade fears are true -- it does pay to be popular. A recent study compiling data back to 1957 shows a move from the 20th to 80th percentile of "high-school popularity" (a quality measured simply by number of friends) equates to a 10% higher paycheck. (CNBC)

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