AT&T and Dallas Cowboys Reach Stadium Name Accord and 2 More Heavily Traded Stocks to Follow
AT&T Inc. (NYSE:T): Closing price $35.46
The Dallas Cowboys’s $1.2 billion stadium, home to the NFL’s most valuable franchise, will become AT&T Stadium. The Cowboys and AT&T Inc. have reached an agreement to rename the stadium, the team said Thursday in an emailed release. AT&T is based in Dallas, 19 miles away from the 4-year-old stadium in Arlington. AT&T Global Marketing Officer Cathy Coughlin said in the statement, “Dallas is our hometown, and we’re proud to expand our successful relationship with the Cowboys, one of the most visionary sports franchises around.”
General Motors Co. (NYSE:GM): Closing price $37.08
GM on Thursday reported a higher-than-anticipated second-quarter profit, due in part to aggressive cost-cutting aiding the U.S. automaker in narrowing its losses in Europe. What’s more, higher prices on new models like the 2014 Chevrolet Silverado pickup truck and Impala sedan pushed results in its core North American market. Analyst Matthew Stover at Guggenheim Securities, who has a Neutral rating on GM’s stock, said, “The biggest news in the quarter is just Europe is not as bad.” GM Chief Financial Officer Dan Ammann said that Europe, in which auto industry sales hit a 20-year low in the first half, is still ”very challenging.”
D.R. Horton Inc. (NYSE:DHI): Closing price $19.38
The homebuilder reported Thursday that pre-tax income for its third fiscal quarter ended June 30 increased by 184 percent to $205.1 million, versus $72.2 million year-over-year from 2012. Homebuilding revenue for the third quarter rose by 47 percent to $1.6 billion from $1.1 billion from the same period in 2012. The current quarter’s home sales gross margin of 21.4 percent includes an 80 basis point benefit from unusually high cash reimbursements connected with previously incurred litigation costs versus reimbursements in the 2012 quarter. Net income for the third fiscal quarter came to $146.0 million, or 42 cents per diluted share, compared with $787.8 million, or $2.22 per diluted share, year-over-year.