GlaxoSmithKline Seeks Chinese Resolution, Schlumberger Posts Solid Quarter, and 3 More Hot Stocks
GlaxoSmithKline (NYSE:GSK): The pharmaceutical giant has sent its emerging markets chief, Abbas Hussain, to China to try and diffuse the situation arising from bribery allegations in the country. China prevented Glaxo’s local head of finance from leaving the country earlier this week, and the company is hiring independent help to look into the matter.
Schlumberger Ltd. (NYSE:SLB): Shares are up over 4 percent as the company reports beats on both earnings per share and revenue, and pre-tax operating income saw gains of 12 percent. International operations spearheaded the company’s strong quarter in both offshore and land activities. The company bought back 6.8 million shares during the period at average price of $73.07 per share, essentially completing the $8-billion approved buyback program started in 2008; a new $10-billion buyback program has been initiated.
Yelp (NYSE:YELP): Yelp is shelling out $12.7 million — largely in stock — on SeatMe, a program it hopes to use in direct competition with OpenTable (NASDAQ:OPEN). SeatMe provides a Web- and iPad-based reservation platform for restaurants and nightlife venues, and Yelp points out that it has about 1 million U.S. business listings in the restaurant and nightlife categories, giving it plenty of reach to leverage SeatMe’s platform.
Microsoft (NASDAQ:MSFT): Microsoft shares are getting battered after posting weak quarterly results. EPS of 66 cents missed by 9 cents, and revenue of $19.9 billion missed by $830 million. A $900-million charge was taken for Surface RT inventories as Windows division revenue fell off by 6 percent year-over-year. Chief Financial Officer Amy Hood says the company is still looking at ways to adjust Windows pricing, especially for smaller devices like the Surface.
Don’t Miss: GlaxoSmithKline Sends Reinforcements to China.