Kraft Foods, News Corp, Pfizer and Whole Foods Ride Stock Prices to Highs
Kraft Foods Inc. (NYSE:KFT) plans to cut 1.6K jobs to prepare for the 2012 spinoff of its grocery business from the snacks division, as it expects full year EPS to be $2.28 against an earlier estimate of $2.27 and analyst forecasts for $2.29. Additionally, Kraft Revenues are expected 10% higher vs. consensus of 10.3%. Company shares have traded in a 52-week range of $30.21 to $38.27; shares closed at $38.13, up $0.36 or 0.95% on the day.
Dubai media firm MOBY Group will allow News Corp. (NASDAQ:NWSA): to take a stake in that company for an undisclosed amount. Farsi JV will be merged by News Corp into MOBY, according to the agreement, to help tap emerging markets in Afghanistan and other parts of the Middle East and Central Asia. News Corp shares have traded in a 52-week range of $13.38 to $18.96; shares closed at $19.02, up $0.41 or 2.2% on the day.
Pfizer (NYSE:PFE) and Medivation (NASDAQ:MDVN) announce the failure of their jointly-developed Dimebon treatment of Alzheimer’s at achieving statistically significant results for endpoints in a Phase III trial. Development of Dimebon will be discontinued, due to the development. Having traded in a 52-week range of $16.63 to $22.00, shares closed at $21.94, up $0.1 or 0.46% on the day.
An upgrade to Buy from Cleveland Research has Whole Foods Market (NASDAQ:WFM) outperforming. A strong holiday season and improving trends were indicated (like Jefferies’ recent checks). The efforts of co-CEOs John Mackey and Walter Robb, were praised by Matt Andrejczak, who commended their efforts to make Whole Foods’ offerings more price-competitive. Whole Foods shares closed at $76.73, up $3.04 or 4.13% on the day, having traded in a 52-week range of $50.26 to $74.45.
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