Schaeffer's Trading Floor Blog

Buzz Stocks: Google, Research in Motion Limited (USA), Molycorp, and Allergan

Among today's stocks in the news to watch are GOOG, RIMM, MCP, and AGN

by 1/23/2013 9:09 AM
Stocks quoted in this article:

Investors are responding favorably to last night's big earnings from the tech sector, while they await a debt-ceiling decision from Washington, and more high-profile quarterly reports today. Ahead of the open, stock futures are trading modestly higher, with the Dow looking at its fourth consecutive victory. Here are some of the stocks in the news to watch today:

  • Earnings news: The giant of search, Google Inc (NASDAQ:GOOG), reported adjusted fourth-quarter earnings of $10.59 per share on $12.16 billion in revenue. Analysts were targeting per-share results of $10.42 per share but expected revenue to be slightly better, at $12.34 billion. In the advertising business, average cost-per-click slipped 6% during the quarter, the fifth consecutive decline (CNBC); International Business Machines (NYSE:IBM), meanwhile, announced per-share earnings of $5.39 on $29.3 billion in sales. Both numbers surpassed analysts' respective estimates for $5.25 per share on $29.1 billion in revenue. (CNNMoney)

  • Research in Motion Limited (USA) (NASDAQ:RIMM) is poised to keep moving higher today, after releasing technology that will allow BlackBerry 10 users to run the smartphones on their own networks. The company -- which continues to face mounting competition from iPhones and Android devices -- believes the latest BlackBerry has an edge when it comes to security features. (CNBC)

  • Molycorp Inc (NYSE:MCP) will hold two public offerings to unload $200 million of its common stock plus $100 million in convertible senior notes. Proceeds from the sales will fund capital projects, including improvements to its rare-earth manufacturing complex in southern California. (The Wall Street Journal)

  • Allergan, Inc. (NYSE:AGN) is paying nearly $960 million to acquire Map Pharmaceuticals Inc. (NASDAQ:MAPP) for $25 per share, a 60% premium over last night's closing price. MAPP is in the midst of the approval process for Levadex, an inhalable version of a decades-old migraine drug. Typically thought of as a vanity treatment, AGN's Botox is also an approved remedy for patients suffering frequent migraines. (Los Angeles Times)

  • Discount retailer Dollar General Corp. (NYSE:DG) plans to extend its reach across the country, adding more than 600 new locations and hiring roughly 6,000 new employees to staff them. After these additions, DG will have added about 30,000 jobs and 2,800 new stores since 2004. (USA Today)

  • Pet-supplies retailer PetSmart, Inc. (NASDAQ:PETM) has a new top dog. This summer -- after the company's scheduled annual shareholders meeting -- current company President and Chief Operating Officer David K. Lenhardt will assume the CEO role and take a seat on the company's board. Current CEO Bob Moran will then serve as executive chairman. (Daily Finance)

  • Finally, J. Crew is no longer offering items worn by President Obama's wife and daughters on Inauguration Day. The overcoat worn by Malia Obama is still being sold, but not in the deep plum color "out of respect for the first family," noted the apparel retailer's creative director. Michelle Obama's sparkly sash has also been pulled from the JCG website. (CNBC)

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