Schaeffer's Trading Floor Blog

Buzz Stocks: Hewlett-Packard Company (HPQ), Yahoo! Inc. (YHOO), Google Inc (NASDAQ:GOOG), and Wells Fargo

Today's stocks to watch in the news include HPQ, YHOO, GOOG, and WFC

by 8/22/2013 9:17 AM
Stocks quoted in this article:

Yesterday's release of the Federal Open Market Committee (FOMC) meeting minutes led to volatility in the stock market, ultimately ushering the major indexes into negative territory. Positive manufacturing data from overseas, however, has Wall Street poised for a rebound this morning. In company news, here are some stocks to watch today:

  • Hewlett-Packard Company (NYSE:HPQ) posted more-or-less in-line results in the earnings confessional yesterday, with sales of $1.4 billion, or 86 cents per share (excluding items), on $27.2 billion in revenue -- that's compared to consensus estimates of 86 cents per share and $27.3 billion in sales. The computer maker announced a flurry of management changes, as well, which will include Chief Operating Officer Bill Veghte taking on the roles of executive vice president and general manager for HP's Enterprise Group. (CNBC)

  • For the first time since May 2011, websites owned by Yahoo! Inc. (NASDAQ:YHOO) topped those of Google Inc (NASDAQ:GOOG) in terms of total traffic. YHOO properties recorded 196.6 million visitors in July -- up 20% year-over-year -- or 4.3 million more than GOOG. (CNNMoney)

  • NFL Sunday Ticket's contract with DIRECTV (NASDAQ:DTV) expires after the 2014 season, and rumor has it, Google is lining up to acquire the package. If that happened, it could potentially broaden the reach of the Sunday Ticket, which costs an average of $250 per season, by broadcasting professional football games live over the Internet. (Los Angeles Times)

  • Wells Fargo & Co (NYSE:WFC) will eliminate 2,300 mortgage positions as higher interest rates have led to declining demand for refinancing by home owners. "We've had to recalibrate our business to meet customers' needs -- and to ensure we're operating as efficiently and effectively as possible," Franklin Codel, WFC's head of mortgage production, wrote in a memo to employees. "Unfortunately, displacements within our team are necessary." (Bloomberg)

  • Eli Lilly & Co. (NYSE:LLY) is now the third foreign drugmaker to face bribery allegations in China this month. The 21st Century Business Herald published comments from an anonymous source, who asserts the pharmaceutical unit spent more than 30 million yuan (or $4.9 million) between 2011 and 2012, bribing doctors to prescribe its drugs instead of competitors' treatments. (Reuters)

  • United Parcel Service, Inc. (NYSE:UPS) will be removing its employees' working spouses from the company health insurance plan, starting in 2014. The package-delivery concern attributes the move largely to President Barack Obama's Affordable Care Act. (USA Today)

  • Finally, fast-food workers are planning a nationwide strike for Aug. 29 -- the 50th anniversary of the March on Washington for Jobs and Freedom -- to push for wage increases and unionization rights. This is just the latest protest of its kind; fast-food strikes have already hit major cities such as New York and Washington, D.C. (Nation's Restaurant News)

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