Credit Suisse to Slash Bonus Pool and 3 Morning Hot Stocks on the Move
Starbucks (NASDAQ:SBUX): Current Price $55.22
Starbucks‘ (NASDAQ:SBUX) premium products and up-market experience will take on established local tastes and brands, international competition and most importantly, Vietnamese street coffee shops, when the international coffee chain inaugurates its first cafe in Vietnam next month. According to John Culver, Starbucks president for China and Asia Pacific, it will offer coffees “tailor-made” for the Vietnamese palate alongside its own hallmark drinks as it pursues an aggressive expansion into Hanoi and other cities.
ConAgra Foods, Inc. (NYSE:CAG): Current Price $31.02
ConAgra Foods, Inc. (NYSE:CAG) and Ralcorp Holdings, Inc. (NYSE:RAH) announced that the Canadian Competition Bureau has issued a “no-action letter” confirming it has no intentions of challenging the acquisition of Ralcorp by ConAgra Foods. The letter is a step forward towards the conclusion of the transaction, though other closing conditions remain to be fulfilled.
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hhgregg Inc (NYSE:HGG): Current Price $7.11
Appliances and electronics retailer, hhgregg Inc (NYSE:HGG) reported preliminary net sales of $799.6 million, down 3.6%, during its third-quarter ended December 31, 2012. Comparable store sales fell 9.7% overall, while net income is expected to be approximately $17.4 million ($0.51 per diluted share) compared to $22.5 million ($0.60 per diluted share) in the year ago period, with most of the fall accounted by lower-than-expected sales in the video category of products. Dennis May, President and CEO said, “Fundamental shifts across the video category continued to pressure our business during our third fiscal quarter, and we were disappointed in our video performance. Declining industry demand for flat screen televisions along with broadened distribution of large-screen televisions negatively impacted overall store traffic and video category sales.”
Credit Suisse (NYSE:CS): Current Price $27.68
Credit Suisse (NYSE:CS) is likely to slash its bonus pool for 2012 to 2.3 billion Swiss francs, a 20% cut over 2011 levels. This would be the fourth consecutive year in which the bank has reduced its bonus payout, as it battles sluggish markets and cuts jobs in an effort to achieve 4 billion francs in cost savings by 2015.
Investing Insights: Earnings Are Second Fiddle for Supervalu.