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.

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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.

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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.

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