The Dow Jones (NYSE:DIA) is dropping for the 3rd straight day just above 12,000, the S&P 500 (NYSE:SPY) is down to 1300 and the Nasdaq (NASDAQ:QQQQ) is lower at 2,721 on the 37th trading day of 2011, and here is a group of stocks making moves on our radar and the reasons why:
1) Safeway, Inc (NYSE:SWY): Safeway Inc. operates a retail food and drug chain in the U.S. and Canada. The Company also has a network of distribution, manufacturing, and food processing facilities. Safeway’s retail operations are located in California, Oregon, Washington, Alaska, Colorado, Arizona, Texas, the Chicago metropolitan area and the Mid-Atlantic region, British Columbia, Alberta and Manitoba/Saskatchewan. Almost 10 million shares have traded hands today. The stock is trading down over 1% to $21.77 per share. Safeway reported net income of $229.6 million, or $.62 cents per share, compared to a loss $1.61 billion, or $4.06 per share. Revenue increased 1% to $12.8 billion from $12.69 billion. That tops Wall Street’s estimate of $12.45 billion. The company said it will provide its 2011 earnings outlook on March 8th at its annual investor conference.
2) Newmont Mining (NYSE:NEM): Newmont Mining Corporation acquires, explores, and develops mineral properties. The Company produces gold from operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. Newmont also mines and processes copper in Indonesia. Over 12 million shares have traded hands today. The stock is down over 7% to $54.87 per share after the company said it earned earned $812 million, or $1.61 per share, compared with $558 million, or $1.13 per share, in the fourth quarter of 2009. Revenue rose to $2.55 billion from $2.52 billion a year ago. The results beat estimates as investors appear to be profit taking heavily today.
3) Target Corporation (NYSE:TGT): Target Corporation operates general merchandise discount stores in the United States. The Company’s merchandising operations include general merchandise and food discount stores and a fully integrated online business. Target also offers credit to qualified applicants through its branded proprietary credit cards. Over 13.5 million shares have traded hands today. The stock is up 3.5% to $52.02 per share following a very strong earnings report. Target reported net income of $1.03 billion, or $1.45 per share, compared with $936 million, or $1.24 per share, in the same period last year. Total revenue rose 2.4% to $20.66 billion, beating analyst estimates.
4) Frontier Oil Corporation (NYSE:FTO): Frontier Oil Corporation conducts crude oil refining in the Rocky Mountain region of the United States. The Company sells refined products to a variety of independent retailers, jobbers, and major oil companies. Shares are down over 4% to $25.51 per share today following a bumpy earnings report. The company missed on their earnings announcement by $.06, yet beat on revenues.
5) Salix Pharmaceuticals (NASDAQ:SLXP): Salix Pharmaceuticals, Ltd. develops and markets prescription pharmaceutical products for the treatment of gastrointestinal diseases. The Company markets its products to gastroenterologists in the U.S. through its own specialty sales force. Over 11.5 million shares are trading hands today as the stock is down a whopping 23% to $31.89 per share. The company said it will likely have to provide more information to the FDA before gaining expanded approval for Xifaxan as a treatment for non-constipation irritable bowel syndrome.
6) Yoku.com Inc (NYSE:YOKU): Youku.com Inc. is an Internet television company. The Company’s Internet television platform enables consumers to search, view and share video content quickly and easily across multiple devices in the People’s Republic of China. Shares are up 11% to $36.48 per share today as the recent IPO is back in play on news of higher wage levels for Chinese employees.
7) The Gap Inc. (NYSE:GPS): The Gap, Inc., is an international specialty retailer operating retail and outlet stores. The Company sells casual apparel, accessories and personal care products for men, women, and children. The Gap operates stores in the United States, Canada, the United Kingdom, France, Ireland, and Japan. The stock was up in the morning before settling back down at $22.35 per share. The company is on deck for a big earnings release after-the-bell today. Analysts are expecting $.57 earnings per share on $4.26 billion in revenue.
8) El Paso Corporation (NYSE:EP): El Paso Corporation operates natural gas pipeline and storage facilities, transports natural gas, and imports liquefied natural gas. El Paso also explores for and produces natural gas. The Company has operations in the United States, Brazil, and Egypt. Almost 13 million shares have traded hands today. The stock is up to $17.71 per share following a strong earnings report release today.
9) MetroPCS Communications (NYSE:PCS): MetroPCS Communications, Inc. is a wireless communications provider in the United States. The Company offers unlimited wireless voice and data services to the mass market. Shares are up over 4% to $13.38 per share today. The company earned $13.6 million, or $.04 cents per share, down from $33.1 million, or $.09 cents per share, in the same period a year earlier.Revenue jumped 15% to $1.07 billion from $930 million.
10) Sears Holdings (NASDAQ:SHLD): Sears Holdings Corporation is a broadline retailer with full-line and specialty retail stores in the United States and Canada. The Company retails home appliances, as well as tools, lawn and garden products, home electronics, and other products. Sears Holdings also provides automotive repair and maintenance. Shares are down over 5% to $82.42 per share today. Profits declined to $374 million, or $3.43 a share, from $430 million, or $3.74 a share, in the year-earlier period. Revenue slipped less than 1% to $13.14 billion from $13.25 billion. Sears announced the hiring of a new CEO to pursue turnaround leadership for the iconic American retail brand.
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