Hewlett-Packard (NYSE:HPQ) fell 1% in early trading as the board replaces CEO Leo Apotheker with former eBay (NASDAQ:EBAY) Meg Whitman. “We are at a critical moment and we need renewed leadership to successfully implement our strategy and take advantage of the market opportunities ahead,” said Ray Lane, who will become executive chairman of the board. Goldman Sachs (NYSE:GS) also cut Hewlett-Packard’s price target from $30 to $24 this morning.
Fertilizer Mosaic Co. (NYSE:MOS) dropped more than 4% before the opening bell. The company reported preliminary earnings of $526 million ($1.17 per share) on sales of $3.1 billion. Analysts surveyed by Reuters were expecting earnings of $1.29 per share on sales of $2.92 billion. Shares of other fertilizers such as Potash (NYSE:POT) and Agrium (NYSE:AGU) also declined.
Shares of Nike (NYSE:NKE) popped nearly 6% before the opening bell as the company reported net income above Wall Street’s expectations for the first quarter last night. Net income for Nike rose to $645 million ($1.36 per share) vs. $559 million ($1.14 per share) in the same quarter a year earlier. This marks a rise of 15.4% from the year earlier quarter.
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