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).
Investor Insight: Are Citigroup’s Earnings Worse Than They Appear?
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.
Don’t Miss: Cheap Smartphone Tsunami Coming.
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 email@example.com
To contact the editor responsible for this story: Damien Hoffman at firstname.lastname@example.org