12 Popping Stocks: Chevron Drops 2%, Starbucks Gives Weaker Guidance and Ford Crashes 5%
Chevron Corp. (NYSE:CVX) dropped almost 2 percent in early trading. The company reported a decrease in fourth quarter profits to $5.12 billion ($2.58 per share). The oil company recorded a loss of $553 million due to compensation and benefits. Exxon Mobil (NYSE:XOM) and ConocoPhillips (NYSE:COP) also traded lower on the news.
Shares of DR Horton Inc. (NYSE:DHI) jumped 1.84 percent after announcing a profit of $27.7 million (9 cents per share), compared to a loss of $20.4 million in the previous year.
Starbucks Corp. (NASDAQ:SBUX) declined more than 1 percent, despite reporting a 10 percent jump in first quarter profits. The company gave guidance of $1.78 to $1.82 per share for the full year, just short of analyst expectations of $1.83. Shares of McDonald’s Corp. (NYSE:MCD) edged lower, while Dunkin Brands Group Inc. (NASDAQ:DNKN) climbed 1 percent higher.
Don’t Miss: Chevron To Be Sued in Brazil For 2011 Oil Spill.
Ford Motor Co. (NYSE:F) shares stalled 5.25 percent this morning. The company reported its largest full-year profit in 13 years, but noted slowing sales in Europe. Ford made an accounting adjustment in the fourth quarter worth $12.4 billion that increased its 2011 earnings to $20.2 billion, the second-highest total ever for the car-maker. Shares of General Motors Co. (NYSE:GM) fell 4 percent, while Tata Motors (NYSE:TTM) jumped 2.18 percent.
After reporting that fiscal second-quarter earnings fell 49 percent, shares of Procter & Gamble (NYSE:PG) decreased 1.5 percent. The consumer goods company also cut its full-year earnings forecast.
Shares of Altria Group Inc. (NYSE:MO) edged lower after reporting a 9 percent slip in fourth quarter earnings. The tobacco company reported a profit of $836 million (41 cents per share).
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