Apple’s iPad Mini Goes Retina, Kellogg’s Strong Quarter, and 3 More Hot Stocks
Apple Inc. (NASDAQ:AAPL): The iPad Mini with retina display technology — courtesy of Samsung (SSNLF.PK) — will begin mass production at the start of the fourth quarter, and suppliers have indicated that the company is thinking about different colors for the back panel of the 7.9-inch tablet, The Wall Street Journal is reporting. It’s still unclear if the device will be launched during the same period.
Kellogg Co. (NYSE:K): Earnings per share of $1 beat expectations by 2 cents, though revenues of $3.71 billion missed by $0.11 billion. Sales in North America rose 3.3 percent to $2.4 billion, driven by its snacks business. Latin America and Europe, on the other hand, increased at a double-digit pace though the company lowered it sales growth projection for 2013 to 5 percent from 7 percent and maintained its full-year EPS guidance figures.
Petrobras (NYSE:PBR): Petrobras said crude oil output in Brazil saw gains of 4.6 percent for the month of June over May, owing the stronger performance to the start of production in new wells and the restarting of some offshore platforms after maintenance shutdowns. Domestic crude oil output totaled 1.979 million barrels per day in June, up from 1.892 million barrels per day in May. Output from overseas operations totaled 144,131 barrels per day, stable when compared with the previous month, Nasdaq reports.
Proctor & Gamble (NYSE:PG): P&G saw beats for both EPS (79 cents, beat by 2 cents) and revenue ($20.65 billion, beat by $0.09 billion) as organic sales rose 4 percent during the second quarter. Net sales rose 6 percent in the health care segment including a 5 percent increase in volume and a 1 percent boost from higher prices, helping to offset the negative impact of foreign exchange. However, analyst Rahul Sharma isn’t completely impressed – he notes that the company is still tailing its peers, although it’s seen “modest improvement.”
Barrick Gold Corp. (NYSE:ABX): Despite its problems, Barrick posted EPS of 66 cents, which beat by 7 cents, and revenue of $3.2 billion, beating by $0.11 billion. The company lost $8.56 billion in its second quarter versus the year-ago profit of $787 million before booking $8.7 billion worth of impairment charges related to slumping metal prices, with $5.1 billion related directly to Pascua-Lama. By cutting 75 percent from its dividend — 20 cents to 5 cents — the mining company is reportedly shaving about $600 million from its expenses per year.
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