5 Stocks Hitting Radars: Best Buy Falls 8%, Morgan Stanley Jumps 6%, and Urban Outfitters Surges 11%
Best Buy Co. (NYSE:BBY) shares fell more than 8% after reporting third-quarter profit. Net income fell 29% to $154 million (42 cents per share), compared to $217 million (54 cents per share) last year.
Shares of Morgan Stanley (NYSE:MS) are up nearly 6% early Tuesday. The bank announced it has reached a settlement with bond insurer MBIA Inc. (NYSE:MBI) over lawsuits dealing with credit default swaps. “The settlement has the effect of significantly reducing risk-weighted assets and releasing the equivalent of approximately $5 billion of capital under the Basel Committee’s proposed Basel III framework, thereby increasing the pro forma Tier 1 Common ratio,” Morgan Stanley explained. Other banks such as Goldman Sachs (NYSE:GS) and Bank of America (NYSE:BAC) are also climbing higher.
Apple Inc. (NASDAQ:AAPL) is edging .29% higher this morning. The tech giant is in talks to acquire Anobit Technologies, which produces specialized computer chips. Apple uses the technology in the iPad, iPhone and MacBook Air.
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Shares of Urban Outfitters Inc. (NASDAQ:URBN) surged more than 11% before the opening bell. The retailer reported late Monday that same-store sales had increased in the fourth quarter.
DuPont Co. (NYSE:DD) is heading more than 2% higher after forecasting earnings above expectations for next year. In 2012, the company expects earnings of $4.20 to $4.40 per share.
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