4 Stocks Everyone’s Talking About on Wall Street Now
Here’s a lot at some companies moving quickly though exchange floors in pre-market action:
1) Williams Companies (NYSE:WMB) is trading even so far today though excitement is astir on news that the company plans to up its bid to buy pipeline owner Southern Union (NYSE:SUG). Williams recently placed a bid of $44/share, a 5.7% premium over Union’s last closing price. In a pending merger that has seen more than its fair share of drama, SUG initially agreed to a buyout by Energy Transfer (NYSE:ETE), then flip-flopped when Williams placed a higher offer nearly a month ago. After weeks of legal maneuverings it looks as though Williams came out on top.
2) JP Morgan (NYSE:JPM) stock jumped 2.57% before the bell this morning on news that the company’s second quarter earnings came in stronger than expected. The news should be a boon to the wider financial sector as other bank stocks are also trading higher thanks to JP this morning. The company reported both EPS and revenues that smashed analyst estimates, good news in what many expected to be a weak quarter for financials.
3) ConocoPhillips (NYSE:COP) the international energy company’s stock has jumped over 9.25% in trading this morning on news that it plans to spin off its refining unit. The company hopes to focus on that segment becoming a “leading pure-play independent refiner with a competitive and diverse set of assets.” CEO adds, “We have concluded that two independent companies focused on their respective industries will be better positioned to pursue their individually focused business strategies.”
4) Internet bellwether Google Inc. (NASDAQ:GOOG) reports earnings after the bell (See the Preview) GOOG, up 0.63%, is forecast to earn $7.84 a share in operating earnings on sales of $6.54 billion, according to analysts polled by FactSet Research.