5 Buzzing Stocks: IBM Weighs on Dow, Bed Bath & Beyond Drops 3% and Yahoo Consider Sale
After closing 3.08 percent lower on Wednesday, share of International Business Machines Corp. (NYSE:IBM) are edging slightly higher in late trading. The tech giant is the largest weighted Dow (NYSEARCA:DIA) component. Other tech names such as Microsoft Corp. (NASDAQ:MSFT) and Hewlett-Packard (NYSE:HPQ) also closed lower.
Shares of Micron Technology Inc. (NASDAQ:MU) are falling 1.6 percent in late trading. The company announced a 7 percent drop in revenue, when compared to last year. Furthermore, weak memory pricing caused a decrease in gross margins.
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Bed Bath & Beyond (NASDAQ:BBBY) shares dropped more than 3 percent after releasing third quarter results. The company reported a profit of $228.5 million (95 cents per share), compared to $188.6 million (74 cents) last year.
Walgreen Co. (NYSE:WAG) continues to edge lower after the closing bell. Earlier in the day, the drugstore announced first quarter results. Net income for the drug store fell to $554 million (63 cents per share), compared to $580 million (62 cents per share) last year. Shares of rival drugstore CVS Caremark Corp. (NYSE:CVS) are up .20 percent after the closing bell.
Shares of Yahoo! Inc. (NASDAQ:YHOO) closed 5.8 percent higher on Wednesday, and continue to climb .70 percent higher in extended hours. After the closing bell, the WSJ reported that the internet portal king is discussing a plan to reduce its Alibabe Group Holding stake to about 15 percent, and dispose of its Yahoo Japan holdings. The transaction is expected to be valued at $17-$18 billion. Shares of Google Inc. (NASDAQ:GOOG) are trading slightly lower on the news.