Despite strong quarterly profits, shares of Walgreen (NYSE:WAG) fell 3% before the opening bell. Net income for the drug store rose 68.5% to $792 million (87 cents per share) vs. $470 million (48 cents per share) in the same quarter a year earlier. The company competes with CVS Caremark (NYSE:CVS). Don’t Miss: Walgreens Earnings Cheat Sheet: Powering Ahead on Strong Revenues.
Shares of JP Morgan (NYSE:JPM) are up nearly 2% in early trading, as the company seeks to move its $8.6 billion Lehman Brothers lawsuit to federal court. The bank is accused of snatching billions from Lehman just days before the record breaking bankruptcy. Other banks such as Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) are also trading higher.
Apple (NASDAQ:AAPL) is heading more than 1% higher after investment firm Sterne Agee repeated its buy rating with a price target of $500. Concerns surfaced yesterday about possible production cuts in the iPad due to a note from JP Morgan. Apple also announced that the iPhone 5 will receive a Facebook app.
Investing Insights: Tim Cook Prepares to Deliver a New Catalyst for Apple’s Stock.