5 Stocks Making Moves in Early Trading
These companies all got their pre-market jolt this morning. Here are Tuesday’s early morning movers:
Hovnanian Enterprises Inc. (NYSE:HOV) home builders have forecast a loss of 53 cents a share for the second quarter. Shares are currently trading at $2.33 this morning.
International Paper Co. (NYSE:IP) made a bid to takeover Temple-Inland (NYSE:TIN) Monday after the bell valued at $30.60 a share, well above the $21.01 market price as of close yesterday. Since the announcement, Temple-Inland shares have skyrocketed 43.27% just in pre-market trading, now selling at $30.10, despite the fact that they immediately rejected the offer. International Paper shares are also up 3.88% in pre-market trading.
Pep Boys (NYSE:PBY) reported a first quarter profit of $12.4 million, up from $12 million for the same quarter last year, with earnings per share of 23 cents. Quarterly revenue was up $3.5 million year-over-year to $513.5 million. Analysts have determined a profit of 30 cents a share for the quarter ended April 30. Shares are down 12.22% in pre-market trading.
Regions Financial Corporation’s (NYSE:RF) banking unit has agreed to buy a credit-card portfolio from FIA Card Services for $1 billion. Regions hopes the deal will help improve balance between its commercial and consumer loan portfolios and help diversify revenue streams.
Commercial and military truck manufacturer Navistar (NYSE:NAV) reported a net earnings increase in their second quarter, $74 million up from $43 million during the same period in the 2010 fiscal year. Revenue was up to $3.36 billion from $2.74 billion last year, for a profit of $1.14 a share. They estimate their profit target for 2011 at $5.50 to $6 a share.
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