Wall Street Watch: Home Depot Earnings, Facebook’s Amended Filing
Facebook (FB) filed an amended SEC S-1 document today prior to its IPO. Highlights included a price range increase to $34-38 per share. This places its market cap at $81.25. The company is now poised to raise approximately $12.82 billion from the IPO. Facebook also said it expected its Instagram purchase to now close sometime during the year instead of the second quarter.
Home Depot Inc.’s (NYSE:HD) fiscal first-quarter earnings jumped 27 percent in part to a debt-extinguishment gain while U.S. stores sales rose and margins improved. The company increased its earnings outlook for the year to $2.90 per share from a 4.6 percent sales increase. This came in higher than February’s $2.72 per share estimate on a four percent sales growth. Shares are off three percent in pre-market trading.
Coty withdrew its $10.7 billion takeover bid for Avon (NYSE:AVP) on Monday evening. The company said in letter to Avon via a press release that the it missed its deadline to begin talks. Coty Chairman Bart Brecht said, “I find it remarkable that since we made our revised proposal … no one from Avon’s Board or management has been willing to speak with us.”
JPMorgan (NYSE:JPM) may take back bonuses after its $2.3 billion trading loss, according to Bloomberg, thanks to news that former CIO Ina Drew could take $14.65 million in accelerated equity awards. The bank is scheduled to have its annual meeting on Tuesday, where it will discuss proposals to change its risk committee and to take away Jamie Dimon’s chairmanship and replace him with an independent.
New Yahoo! Inc. (NASDAQ:YHOO) Chairman Fred Amoroso would like to see interim CEO Ross Levinsohn permanently get the job, according to The Wall Street Journal. Levinsohn has said it’s too early to discuss strategy but major changes aren’t expected after former CEO Scott Thompson’s reorganization. The company has decided he will keep his $6.5 million bonus money and equity but he won’t get any severance.
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