6 Buzzing Stocks: Pfizer Dips, Bank of America Cutting 2,000 Jobs and P.F. Chang’s Surges 30%
Shares of Pfizer Inc. (NYSE:PFE) fell .65 percent in early trading. The pharmaceutical giant announced that first-quarter profits fell 19.3 percent to $1.79 billion (24 cents per share), compared to $2.22 billion (28 cents per share) a year earlier.
Office Depot Inc. (NYSE:ODP) shares jumped more than four percent after reporting first-quarter earnings. Before the opening bell, the company said net income came in at $41.3 million (14 cents per share), compared to a net loss of $14.6 million (5 cents per share) a year earlier.
Bank of America Corp. (NYSE:BAC) shares edged .25 percent higher. The bank announced it is planning 2,000 job cuts. The WSJ reports, “The reductions are significant because of whom they target: the high-earning employees whose efforts helped Merrill Lynch account for the bulk of Bank of America’s profit since the financial crisis.”
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Avon Products Inc. (NYSE:AVP) shares dropped 3.4 percent before the opening bell. The company announced that first-quarter net income fell 81.5 percent to $26.5 million (60 cents per share), compared to $143.6 million (33 cents per share) a year earlier.
Shares of Sears Holdings Corp. (NASDAQ:SHLD) gained 8 percent early Tuesday. The company estimated that its first-quarter earnings from continuing operations will come in at $1.46 to $1.84 per share, compared to expectations of a $1.69 loss. The increase includes about $235 million of after-tax gains from sales of specific U.S. and Canadian stores.
P.F. Chang’s China Bistro Inc. (NASDAQ:PFCB) shares surged 30 percent in pre-market trading. Private investment firm Centerbridge Partners plans to purchase the restaurant company and take it private in a cash deal valued at $1.1 billion. The deal is expected to be completed by the end of the third-quarter.
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