Spotlight Stocks: AMR, Cablevision, Microsoft, Starbucks
Thursday's top stories and stocks with potential to move.
Stocks to watch for Thursday, May 1, 2008:
AT&T (T) has plans to launch a television service next week for its cellphones. According to The Wall Street Journal the service will offer programs from several major TV networks, including CBS, Comedy Central, NBC and Fox.
Cigna Corp. (CI) reported 1Q profit of $58 million, or 21 cents a share, down 80% from $289 million, or 98 cents a share a year ago. The company cited reinsurance losses and litigation charges for the loss, and also guided lower saying full-year earnings may miss expectations amid challenges in its health care segment. Revenue rose to $4.57 billion from $4.37 billion a year ago.
Microsoft (MSFT) held a board meeting yesterday in order to discuss its bid to acquire Yahoo (YHOO) for $41.8 billion. The company however didn't reach a final decision. MSFT has indicated willingness to raise its bid to $33 a share, but which would fall short of Yahoo shareholders' desired $35-$37 a share.
Starbucks (SBUX) reported fiscal 2Q net income of $108.7 million, or 15 cents a share, down 28% from $150.8 million, or 19 cents a share a year ago. Revenue rose 12 percent to $2.53 billion from $2.26 billion. The company willcut its openings of new US stores due to economic uncertainty, but says it has a three-year plan in place for new drinks and future profit growth fueled by aggressive international expansion.
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