Wall St. Watch: Google’s HUGE Strategy Shift, J.C. Penney Earnings BOMB

Google (NASDAQ:GOOG) will undergo a considerable overhaul of its Android strategy. Rather than working with partners to create devices via its Nexus line, the company will utilize hardware agreements with five manufacturers simultaneously. Google will create a no-compromise Android gear in an effort to compete with Apple Inc.’s (NASDAQ:AAPL) iPhone and minimize OS fragmentation.

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Facebook (FB) will expand the number of shares it plans to sell in its IPO by 85 million to 422 million; they will be priced between $34-$38 and could bring the company up to $16 billion. Meanwhile, GM (NYSE:GM) is supposedly going to discontinue advertising on Facebook because of the ads’ ineffectiveness. Don’t Miss: Is Facebook Following in Apple’s Corporate Culture Footsteps?

 J.C. Penney (NYSE:JCP) announced its first quarter earnings after Tuesday’s bell and saw a number of missed analysts’ expectations. The company slashed its $0.20 dividend and fiscal year forecast; it also said it won’t meet the $1.59 earnings per share estimate. In the quarter, J.C. Penney reported a $163 million loss, down from a $64 million profit. Revenue dropped 20.1 percent to $3.15 billion, thanks to a failed strategy that advanced everyday low prices as opposed to discounts. In after-hours trading, the stock dropped 12.15 percent. Get all the details in Your Cheat Sheet to J.C. Penny Earnings >>

Apple Inc. (NASDAQ:AAPL) has ordered from its Asian suppliers, larger screens for its iPhones as it supposedly plans to launch a new version of the phone later this year. Production for the screens will begin in June; they will be at least 4 inches diagonally as compared to the iPhone 4s’ 3.5 inches. The move comes in an effort to make the phone more attractive and increase competition against Samsung Electronics Co.’s phones.

General Electric Co. (NYSE:GE) announced two deals late on Tuesday. The company purchased the Australian-based Industrea Ltd., a mining equipment and services supplier, for approximately A700 million. It also signed a letter of intent to buy the Glen Lyn, Va.-based Fairchild International, an equipment manufacturer for underground mining; terms were not disclosed. The deals come in an effort to support GE’s plans to globally expand its mining business.

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