Schaeffer's Trading Floor Blog

Buzz Stocks: JPMorgan Chase & Co., Research In Motion Ltd (BBRY), Yelp Inc (YELP), and Citigroup Inc

Today's stocks to watch in the news include JPM, BBRY, YELP, and C

by 7/10/2013 9:15 AM
Stocks quoted in this article:

With the minutes from June's Federal Open Market Committee (FOMC) meeting due later today, investors are expressing caution, and futures have turned lower this morning as a result . In stock news, here are some names to watch in trading today:

  • According to The Wall Street Journal, JPMorgan Chase & Co. (NYSE:JPM) made numerous debt collection errors in lawsuits filed against credit card users. During a review of roughly 1,000 cases, JPM detected mistakes related to fees, interest rates, and outstanding balances 9% of the time -- though a company statement asserts the errors "had a minimal impact on customers." (Reuters)

  • Research In Motion Ltd (NASDAQ:BBRY) CEO Thorsten Heins, during a question-and-answer session with shareholders, said that the mobile phone maker is open to licensing deals and possibly even a sale. "BlackBerry will pursue every opportunity to create value for shareholders," he said. Heins' remarks have BBRY up nearly 1% in pre-market trading. (Yahoo! News)

  • Ahead of its July 23 earnings release, Nabors Industries Ltd. (NYSE:NBR) warned its operating income will fall well below projections due to disappointing results from its rig service, which experienced poor sales and rental numbers over the past three months. The drilling contractor foresees operating income of $88 million to $91 million, or approximately $20 million short of the consensus analyst estimate. The shares have shed over 4% in pre-market trading as a result. (CNBC)

  • Business review website Yelp Inc (NYSE:YELP) is partnering with startups like Delivery.com LLC and Eat24Hours LLC to provide users with a food-delivery service. The effort is meant to keep consumers on YELP for longer periods of time, and to encourage them to make purchases based on its recommendations, both of which will make the site a more attractive (and lucrative) advertising space. (Bloomberg)

  • To "capitalize on the high demand for well-situated rental properties," Citigroup Inc (NYSE:C) is reportedly selling 92 of its retail banking branches in California to Jones Lang LaSalle Inc (NYSE:JLL). The leaseback agreement will have no effect on the current operation of the branches. (The Wall Street Journal)

  • Family Dollar Stores, Inc. (NYSE:FDO) entered the earnings confessional this morning, reporting a fiscal third-quarter profit of $1.05 per share -- down 2.9% from the prior year. Even so, sales increased 9% to $2.57 billion. The discount retailer attributes the earnings results to the financial struggles of its customers, which are causing them to hold off on unnecessary purchases. (The Wall Street Journal)

  • Cliffs Natural Resources Inc (NYSE:CLF) president and CEO Joseph Carrabba is set to retire by Dec. 31, or when a successor has been elected. The company's president of global operations and former Chief Financial Officer, Laurie Brlas, has also retired and is leaving immediately. Meanwhile, Cliffs announced a quarterly cash dividend of $0.15 per share, payable Sept. 3 to shareholders of record at the close on Aug. 15. (The Plain Dealer)

  • Finally, Hostess Brands LLC's Twinkies are scheduled to return to shelves on July 15. The spongy yellow cakes will now sport a shelf-life of 45 days, which is almost double the 26-day shelf-life previously stated. (USA Today)


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