11 Buzzing Stocks: Apple Price Target Raised, Pepsi Cuts 8,700 Jobs and TripAdvisor Falls 16%

Shares of PepsiCo. Inc. (NYSE:PEP) declined 2.8 percent early Thursday.  The company earned $1.42 billion (89 cents per share), compared to $1.37 billion (85 cents per share).  The company also announced plans to cut 8,700 jobs in an effort to offset high commodity costs.  Dr Pepper Snapple (NYSE:DPS) and Coca-Cola (NYSE:KO) also declined.

Apple Inc. (NASDAQ:AAPL) shares gained .77 percent and reached a new all-time high after receiving a higher price target from Canaccord.  The firm now has a price target of $655 for shares.  Shares of Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN) fell this morning.

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Yahoo! Inc. (NASDAQ:YHOO) shares jumped 2.2 percent.  Chairman Roy Bostock and three other directors are stepping down at the internet company.  Daniel Loeb, whose hedge fund owns 5 percent of Yahoo stock said, “We are disturbed but not surprised by this mismanagement given the history of strategic bungling by Yahoo Board Chairman Roy Bostock and founder Jerry Yang,”  Shares of AOL Inc. (NYSE:AOL) and Google Inc. (NASDAQ:GOOG) also edged higher.

TripAdvisor, Inc. (TRIP) shares plummeted more than 16 percent after shares were downgraded from buy to hold by analysts at Benchmark.  The travel company also projected lower revenue for 2012 than the previous year.  TripAdvisor was spun-off from Expedia Inc. (NASDAQ:EXPE) in December.

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To contact the reporter on this story: Eric McWhinnie at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com