BP Looks for Libya Exit, Activision Blizzard Beats Estimates, and 3 More Hot Stocks
British Petroleum (NYSE:BP): Citing security concerns, BP is reportedly in discussions to turn over control of a major oil and natural gas project in Libya, and is apparently negotiating a deal with Libya’s state-owned National Oil Co. to transfer a stake of BP’s two Ghadames blocks to its subsidiary, the Arabian Gulf Oil Co., and ultimately make it the operator of the venture. The move is a blow to the country, the Wall Street Journal reports, as it is trying to lure companies in to develop Africa’s largest oil reserves.
Activision Blizzard, Inc. (AVTI): Activision reported EPS of 8 cents on Wednesday evening, beating by 5 cents, and revenues of $657 million, which although fell 13 percent over the third quarter of the year prior, still beat estimates by $67.6 million. Activision is guiding for fourth quarter revenue of $2.22 billion and EPS of 72 cents, just below the consensus of $2.29 billion and 79 cents.
Credit Suisse (NYSE:CS): Credit Suisse has agreed to spin-off the DLJ Investment Parters to Portfolio Advisors, as apart of its quest to shed its non-core assets. The transaction is anticipated to close by the end of this year. Financial terms were not disclosed.
Macy’s Inc. (NYSE:M): Macy’s will be dropping some $400 million on renovations to its flagship location on 34th Street in New York City, and by the time the renovations are completed in 2015, the store will have added some 100,000 square feet of retail space, which will be used to target higher-end luxury shoppers. Among the changes, the New York Times reports that Macy’s will be “sprucing up its 111-year-old facade, opening bricked-up windows, laying 47,000 square feet of new marble and adding 300 dressing rooms.”
CBS Corporation (NYSE:CBS): CBS has reported EPS of 76 cents, falling in line with expectations, as revenue of $3.63 billion beats, by $0.16 billion. Revenues by segment saw growth across the board, as did revenues by type (advertising, content licensing, subscriptions, etc). Entertainment saw a 12 percent boost to revenue, as publishing picked up 7 percent; local broadcasting fell 3 percent, as Outdoor Americas pulled in 2 percent growth for the period.