Stocks quoted in this article:
As the nation's voters wait in lines to cast their votes across the country, stock futures are indicated slightly higher. As everyone shares one collective hope across party lines -- that the election results will be finalized tonight -- here are some stocks in the news:
- Earnings news: Zillow Inc (NASDAQ:Z) reported a 67% increase in third-quarter revenue to $31.9 million, but said fourth-quarter sales would be $30 million to $31 million, south of analysts' expectations. Meanwhile, the real estate website announced the acquisition of financial software name Mortech for $12 million in cash and 150,000 in shares of restricted stock (Bloomberg); AOL, Inc. (NYSE:AOL) earned $20.8 million in the third quarter, up from a year-ago loss of $2.6 million. Company CEO Tim Armstrong noted the company "reported the best relative revenue performance in seven years" (Hollywood Reporter); CVS Caremark Corporation (NYSE:CVS) announced third-quarter earnings of 79 cents per share. Excluding items, the drugstore chain banked 85 cents per share, topping expectations by a penny. CVS also lifted its full-year profit forecast to $3.41, up from earlier expectations of $3.38. (Bloomberg Businessweek)
- Netflix Inc. (NASDAQ:NFLX) is getting precautions in place -- by way of a shareholder rights plan -- to protect itself against a hostile takeover. Coincidentally, this is happening shortly after billionaire investor Carl Icahn acquired a 10% stake in the company. (USA Today)
- NIKE, Inc. (NYSE:NKE) is reportedly close to unloading its Cole Haan brand to private equity firm Apax Partners for $500 million. The athletic apparel company said six months ago that it was looking to sell this brand in order to focus on its eponymous business. (The New York Times)
- General Motors Company (NYSE:GM) now has more than $42 billion in available cash and credit, thanks to an additional $11 billion in credit from 35 institutions in 14 countries. Analysts suspect GM could use the funds to buy back stock from the U.S. government, which still owns more than one-quarter of the automaker. (Detroit Free Press)
- And finally, this year's presidential candidates spent 251% more campaign funds on online advertising this year, speaking to our increasingly digital age. President Obama allotted $52 million to this cause, while Governor Romney spent $26.2 million. (Mashable)
permanent link