Spotlight Stocks: Best Buy, BP, Chesapeake, Starbucks
Friday's top stories and stocks with potential to move.
Stocks to watch for Friday, February 22 2008:
- Best Buy (BBY) is looking to increase its expansion efforts in China, amid weakening sales in the US. The company plans to expand by opening a significant amount of stores, including 20 to 25 Five Star stores and five to eight self-branded stores, and also by introducing an online service within the next 2 years.
- BP plc (BP) said it expects to get at least 2 billion more barrels of crude from Alaska's Prudhoe Bay oilfield. The company has already yielded over 11 billion barrels from that field, well above original expectations, reported Reuters.
- Chesapeake Energy (CHK) reported 4Q net income of $303 million, down from $71 million a year ago. Per share earnings, after paying preferred stock dividends and including losses on the conversion of preferred stock, fell to 33 cents a share from 96 cents a share, according to Dow Jones. Revenue rose 12% to $2.09 billion.
- Intuit Inc. (INTU) reported 2Q profit of $115.2 million, or 34 cents a share, down from $145.4 million, or 40 cents a share a year ago. Total net revenue rose to $834.9 million from $750.6 million, the company said.
- J.C. Penney (JCP) reported 4Q net income of $430 million, or $1.93 a share, down 9.9% from $477 million, or $2.09 a share a year ago. Revenue for the quarter fell 4.1% to $6.39 billion. Same-store sales fell 2.3%.
- Starbucks (SBUX) said it is cutting 600 jobs. 200 of these jobs were lost as part of restructuring and the remaining 380 are posts that won't be filled, reported the Wall Street Journal. The cuts won't affect people at Starbucks retail outlets, but rather at offices that support the cafes.
- Asian trading closed with the Hang Seng -1.35%, Nikkei -1.37%, Sensex -2.17%, Taiwan +0.28% and Shanghai -3.47%.
- Checking the European bourses, we find the CAC -0.42%, DAX -1.30%, FTSE -0.11%, ATX -0.26%, Swiss Mkt. +0.65% and Stockholm -0.42%.
- Commodities are in the green with crude oil +0.62 to 98.83 and gold trading up +1.9 to 948.0 this morning.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter