Schaeffer's Trading Floor Blog

Buzz Stocks: J.C. Penney, E*TRADE, Google, and IBM

Today's stocks to watch include JCP, ET, GOOG, IBM, CHK, GE

by 8/10/2012 8:47 AM
Stocks quoted in this article:

Economic concerns out of China are having negative repercussions back home, as U.S. stocks are pointed lower ahead of the open. As the week draws to a close, here are some companies to watch in trading today:

  • Earnings news: NVIDIA Corporation (NASDAQ:NVDA) announced a 21% drop in second-quarter profit, although earnings topped expectations. The chip company's outlook for the current quarter also exceeded current projections (MarketWatch); Nordstrom, Inc. (NYSE:JWN) reported a slight dip in per-share earnings but an increase in sales (particularly from the online division). The upscale retailer also upped its forecast for full-year earnings results (NBC News); Elsewhere in the retail world, J.C. Penney Company, Inc. (NYSE:JCP) confessed to dropping sales and posted earnings that fell short of expectations. The company also said it is unlikely to meet its previous earnings guidance for the year. (CBS News)

  • In the latest management shakeup, E*TRADE Financial Corporation (NASDAQ:ETFC) has sent its CEO Steven Freiberg packing -- two years into his four-year contract. The company's chairman will serve as interim CEO until another can be found. (CNBC)

  • The drama between Google Inc (NASDAQ:GOOG) and Apple Inc. (NASDAQ:AAPL) continues to fester, and now it's hitting the former where it hurts. The Federal Trade Commission has charged GOOG with a $22.5 million penalty to settle charges that the search engine violated privacy settings of Apple's Safari browser. (The Consumerist)

  • General Electric Company (NYSE:GE) has issued a voluntary recall for roughly 1.3 million dishwashers, noting that the machines' heating elements could present a fire hazard. The recall impacts appliances made from March 2006 through August 2009. (USA Today)

  • The U.S. Department of Justice is digging into allegations that Chesapeake Energy Corporation (NYSE:CHK) may have violated antitrust regulations when purchasing land in Northern Michigan. (Reuters)

  • International Business Machines Corp. (NYSE:IBM) is reportedly looking into buying the enterprise division from Research in Motion Limited (USA) (NASDAQ:RIMM). No official talks are underway, but the servers in question currently support BlackBerry email and device-to-device messaging services. (TechEye)

  • Finally, Jeremy Renner may be a twice-Oscar-nominated actor and an all-around nice guy, but he's just not Matt Damon. Forecasts for the U.S. box office of The Bourne Legacy (opening today) range from $30 million to $40 million, compared to the $69.3 million opening-weekend haul for the previous in the series, which was released in 2007. (Bloomberg)

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