10 Buzzing Stocks: Jerry Yang Leaves Yahoo!, While Profits Drop 58% at Goldman Sachs

Yahoo! Inc. (NASDAQ:YHOO) shares are climbing more than 3 percent Wednesday morning.  Late Tuesday, the company announced that Jerry Yang has resigned from its Board of Directors and all other positions with the company.  Shares of Google Inc. (NASDAQ:GOOG) are trading slightly lower.

Shares of Nokia Corp. (NYSE:NOK) edged up after Wal-Mart (NYSE:WMT) announced it is offering the company’s new Windows Phone Lumia 710 for free if customers sign a two-year contract.  The Lumia 710 is Nokia’s re-entry into the U.S. market after teaming up with Microsoft (NASDAQ:MSFT).

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Despite a 58 percent drop in profits, shares of Goldman Sachs (NYSE:GS) are trading higher in early trading.  Goldman posted a profit of $1.01 billion, down from last year’s profit of $2.39 billion. Earnings per share fell to $1.84 from $3.79 a year earlier.  Bank of America (NYSE:BAC) and Morgan Stanley (NYSE:MS) are also trading higher.

State Street Corp. (NYSE:STT) shares fell more than 1.6 percent after reporting fourth quarter results.  The custodian bank reported profits of $381 million (76 cents per share), compared to $83 million (16 cents per share) last year.  However, operating earnings missed estimates, and fee-based revenue declined by 4 percent.

US Bancorp (NYSE:USB) jumped .70 percent after fourth-quarter earnings surged 39 percent.  The bank reported a profit of $1.35 billion (69 cents per share), compared to $974 million (49 cents per share) from the prior year.

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Bank of New York Mellon (NYSE:BK) fell 4 percent after reporting a 26 percent drop in fourth quarter income.  Profit came in at $505 million (42 cents per share), compared to $679 million (54 cents per share) in the previous year.

PNC Financial Services Group Inc. (NYSE:PNC) fell more than 3 percent in early trading.  The company’s fourth quarter profit decreased to $493 million (85 cents per share), compared to $820 million ($1.50 per share) last year.

To contact the reporter on this story: Eric McWhinnie at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com