Schaeffer's Trading Floor Blog

Buzz Stocks: Alcoa, FedEx, Wells Fargo, and Toyota Motor

Today's stocks to watch in the news include AA, FDX, WFC, TM, and P

by 10/10/2012 8:50 AM
Stocks quoted in this article:

The market is skewed slightly below breakeven ahead of the open this morning, as investors react to earnings news and overseas developments. Here are some stocks to watch making news today:

  • In earnings news, Alcoa Inc. (NYSE:AA) kicked everything off with third-quarter results of three cents per share (excluding items), topping Wall Street's expectations. Revenue also edged past the consensus estimate (The Wall Street Journal MarketBeat); Yum Brands, Inc. (NYSE:YUM) reported a third-quarter profit of $1.00 per share, up from $0.80 in the previous year. Analysts were expecting per-share results of 97 cents. Revenue, however, came in at $3.57 billion, falling short of expectations. (MarketWatch)

  • FedEx Corporation (NYSE:FDX) unveiled the details of its cost-cutting plan, which will hopefully bring about $1.7 billion in savings by the close of fiscal 2016. The company's CEO also noted plans to increase dividends in future years. (CNBC)

  • Wells Fargo & Company (NYSE:WFC) has been sued by U.S. prosecutors, who accused the banking giant of falsely representing the quality of government-backed loans. The lawsuit is seeking "hundreds of millions of dollars" for the Federal Housing Administration. (The New York Times)

  • Toyota Motor Corporation (ADR) (NYSE:TM) is recalling 2.5 million vehicles in the U.S. due to driver's-side power window switches that might be sticky and cause a fire. Vehicles include several models -- from the RAV4, Camry, Highlander, and Corolla lines, among others -- manufactured between 2007 and 2009. Fortunately for the automaker, the fix is an inexpensive one. (USA Today)

  • Pandora Media Inc (NYSE:P) disclosed the amount of money paid to its artists, in response to criticism that musicians see no benefit from streaming-music services. For more than 2,000 artists, a company exec noted, P will pay $10,000 over the next 12 months. More than 800 artists will haul in more than $50,000, and popular artists such as Adele and Coldplay can earn up to $1 million annually. (Mashable)

  • And finally, a too-svelte Sarah Palin has announced she's writing a fitness book. The former Alaska governor and VP candidate promises the book will be "unique and motivating." (People)

Here are some additional articles of interest:

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