Samsung’s Surprise Results and J.C. Penney’s Newest Investor: Morning Buzzers
Stock futures edged lower on Friday morning. A preliminary report on first-quarter GDP showed a 2.5 percent sequential increase in U.S. economic output, which fell short of expectations for an increase of 3.0 percent. Demand growth remained sluggish on the back of government spending cuts.
Futures at DJIA: -0.30%, S&P 500: -0.32%, NASDAQ: -0.36%.
Here’s what’s buzzing on Monday Morning:
Amazon (NASDAQ:AMZN) was off about 2 percent in pre-market trading. The king of online retailers reported earnings after the bell on Thursday that elicited mixed reactions from investors. Revenue increased 21.88 percent on the year to $16.07 billion, missing the average estimate of $16.16 billion. Adjusted earnings decreased 35.71 percent to $0.18 per share, beating estimates for $0.09… (Read more.)
GrainCorp (GNC.AX), an Australian bulk grain and agricultural commodity company, announced on Friday that it has entered a conditional agreement with Archer Daniels Midland Company (NYSE:ADM), an American producer of food and feed ingredients, to be acquired at $13.20 per share. GrainCorp soared nearly 8 percent in Australia to $12.81 per share, while Archer Daniels remained flat in pre-market trading in the U.S…
Samsung (SSNLF.PK) announced its first-quarter operating results on Friday. The company reported that first-quarter net income climbed 42 percent on the year to 7.2 trillion won ($6.5 billion) thanks to strong smartphone sales. Net sales climbed 17 percent to 52.9 trillion won ($47.5 billion).
J.C. Penney (NYSE:JCP) climbed as much as 6.5 percent in pre-market trading after George Soros disclosed a 7.9 percent passive stake in the beleaguered retailer. Soros joins a number of other well-known hedge-funds with major stakes in the company, such as Bill Ackman’s Pershing Square, which owns about 17.8 percent of the stock.
Starbucks (NASDAQ:SBUX) was off as much as 2.2 percent in pre-market trading. The company reported earnings after the bell on Thursday that did not live up to analyst expectations. Revenue climbed 11.27 percent on the year to $3.56 billion, just shy of estimates for $3.59 billion. Adjusted earnings increased 20 percent to $0.48 per share, in line with expectations.
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