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Buzz Stocks: J.C. Penney Company, Starbucks Corporation (SBUX), Yelp, and Dell

Today's stocks to watch in the news include JCP, SBUX, YELP, and DELL

by 8/1/2013 9:08 AM
Stocks quoted in this article:

U.S. stocks are set to surge out of the gate this morning. The Dow is indicated more than 100 points higher, as investors await more key economic data points. In stock news, here are some companies to look out for today:

  • Commercial lender CIT was rumored to have cut off financing for future deliveries between small-scale manufacturers and J.C. Penney Company, Inc. (NYSE:JCP) stores. The news was reported shortly before Wednesday's closing bell -- spurring a 10.2% plunge in JCP shares -- but the retailer bounced back in pre-market trading after refuting the reports. (Bloomberg)

  • Starbucks Corporation (NASDAQ:SBUX) has a new Wi-Fi partner, swapping AT&T Inc. (NYSE:T) for Google Inc (NASDAQ:GOOG) in its U.S. locations. This shift -- which will start next month and gradually roll out over the next year-and-a-half -- will deliver connection speeds up to 10 times faster than the T1 functionality currently in place. (CNET)

  • Some Dell Inc. (NASDAQ:DELL) shareholders who had previously abstained from weighing in on founder Michael Dell's $24.4 billion bid to take the company private may soon be breaking their silence in support of the deal. This follows a legal defeat for Dell and his Silver Lake partners, as the computer maker's board ruled that abstentions counted as votes against the deal (versus being excluded). Nearly 27% of DELL shareholders have so far kept silent on the proposal. (Reuters)

  • Yelp Inc (NYSE:YELP) reported a second-quarter loss of a penny per share, topping analysts' expectations by 3 cents. Revenue spiked 69% from the previous year, hitting $55 million to exceed estimates of $53.3 million. Monthly unique visitors rose 38% on a year-over-year basis, hitting an average of 108 million. (Forbes)

  • Meanwhile, YELP competitor OpenTable Inc (NASDAQ:OPEN) scooped up Rezbook, the reservation management system developed by Urbanspoon. The deal, for which financial terms were not immediately made public, adds 2,000 restaurants to OPEN's current directory of more than 20,000 locations. (Chicago Tribune)

  • Time Warner Cable Inc (NYSE:TWC) announced adjusted second-quarter profit of $481 million, or $1.69 per share, a 6.4% rise from the prior year and a nickel per share above analysts' estimates. Revenue edged up 2.7% to $5.55 billion, just shy of analysts' expectations for $5.58 billion in sales. (CNBC)

  • Finally, more young adults between the ages of 18 and 24 will log in to Facebook Inc (NASDAQ:FB) for their evening entertainment versus turning on the television. A Nielsen study found that 50% of television and computer users within that age group check Facebook during primetime hours between 8:00 p.m. and 11 p.m. on weeknights; just 37% to 43% will tune in to one of the four major networks. (Bloomberg)

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