5 Hot Stocks Making Moves: Target Pops 2%, Abercrombie Sinks 9%, and Dell Drops 2%
Shares of Nokia (NYSE:NOK) are edging lower after a French newspaper leaks a plan that the company is to have a tablet computer using Microsoft’s (NASDAQ:MSFT) Windows 8 phone software ready by June 2012. “We have not announced any specific plans as it relates to tablets,” Nokia spokesman James Etheridge told Dow Jones Newswires.
Target (NYSE:TGT) shares received a 2% pop after reporting strong third quarter earnings. Net income for the discount store rose to $555 million (82 cents per share), compared to $535 million (74 cents per share) in the same quarter a year earlier. This marks a rise of 3.7% from the year earlier quarter. Wal-Mart (NYSE:WMT) and Macy’s Inc. (NYSE:M) are trading lower in early trading.
Abercrombie & Fitch (NYSE:ANF) opened more than 9% lower after releasing third quarter results. Net income for Abercrombie & Fitch rose to $50.9 million (57 cents per share), compared to $50 million (56 cents per share) in the same quarter a year earlier. This marks a rise of 1.7% from the year earlier quarter. Gross margin narrowed to 60.1% from 63.7%, due to an increase in average unit cost. Aeropostale, Inc. (NYSE:ARO) jumped 2.3% at the open.
Dell Inc. (NASDAQ:DELL) dropped nearly 2% early Wednesday. The company reported strong net income, but revenue declined 0.2%. Net income for the personal computer company rose to $893 million (49 cents per share), compared to $822 million (42 cents per share) in the same quarter a year earlier. This marks a rise of 8.6% from the year earlier quarter. Hewlett Packard (NYSE:HPQ) is also down about 1.10%.
ConocoPhillips (NYSE:COP) is down nearly 1% after saying it will sell IS pipeline assets in two transactions at a combined value of $2 billion. A subsidiary of a Canadian pension plan will buy its 16.55 percent investment in Colonial Pipeline Co. and Colonial Ventures LLC. A subsidiary of Enbridge Inc. will buy its stake in the Seaway Crude Pipeline Company. Competitors to watch include: Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX).