10 Buzzing Stocks: Amazon Falls 3% After Downgrade, While Apache Edges Higher
Shares of J.M. Smucker Co. (NYSE:SJM) fell 6.9 percent in morning trading. The company announced its third-quarter profit declined 11 percent to $116.8 million ($1.03 per share), compared to $132 million ($1.11 per share) a year earlier. Shares of Kraft Foods Inc. (NYSE:KFT) edged slightly higher, as ConAgra Foods Inc. (NYSE:CAG) headed lower.
Amazon.Com Inc. (NASDAQ:AMZN) shares decreased 3.2 percent in early trading as Morgan Stanley (NYSE:MS) downgraded the internet retailer from Overweight to Equal Weight. Speculation also builds over rumors that Amazon China pulled Apple’s (NASDAQ:AAPL) iPad from its website.
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Apache Corp. (NYSE:APA) shares edged higher this morning after reporting fourth-quarter results. Net income for the company increased to $1.17 billion ($2.98 per share), compared to $670 million ($1.77 per share) a year earlier.
Shares of VF Corp. (NYSE:VFC) declined, despite reporting an increase in earnings. Net income for the fourth quarter increased to $257.3 million ($2.28 per share), compared to $54.2 million (49 cents per share) a year earlier. The company’s 2012 earnings forecast came in at $9.30 per share, below estimates of $9.53 per share.
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Waste Management Inc. (NYSE:WM) shares declined more than 2 percent this morning. The company reported a decrease in fourth-quarter net income. Earnings came in at $266 million (58 cents per share), compared to $281 million (59 cents per share) a year earlier. Shares of Republic Services Inc. (NYSE:RSG) also declined on the news.
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