Wendy’s Skyrockets on Q2 Profit and Earnings Forecast, and 2 Other Hot Stocks to Watch
Wendy’s Co. (NYSE:WEN): Current price $7.42
Wendy’s shares are up more than 11 percent in late-morning trading Tuesday after posted a higher-than-anticipated second-quarter profits and a forecast of strong earnings growth beginning in 2014. The burger company upped its quarterly dividend by 25 percent to 5 cents per share and said it would divest some 425 company-operated restaurants by the middle of next year as part of a drive to improve its finances. Second-quarter net income came to $12.2 million, or 3 cents per share, versus loss of $5.5 million, or 1 cent per share, year-over-year.
Phillips 66 Partners LP (NASDAQ:PSXP): Current price $29.78
Parent company Phillips 66′s expectations for the IPO of its Phillips 66 Partners LP division were surpassed — the offering raised $377.8 million. On Tuesday, the limited partnership that was formed by Phillips 66 in March said the IPO of roughly 16.4 million shares priced at $23 apiece, but it had expected to sell 15 million shares at between $19 to $21 each, according to an earlier regulatory filing. Further, the banks conducting the deal can buy another 2.5 million shares should there be demand for them, adding to the proceeds.
Broadcom Corp. (NASDAQ:BRCM): Current price $31.87
On Tuesday, Broadcom announced a new reference platform meant for operators in emerging markets, so as to more cost effectively deploy two-way set-top box solutions with high definition and Data Over Cable Service Interface Specification 2.0. This new Broadcom chipset expands the proven engineering and expertise of the BCM7019 HD cable system-on-a-chip and acts on operators’ current requirements for even greater performance, lower-cost STB devices.