Stocks to watch: BP, GM, Wal-Mart
The oil company receives an interest in its stake in TNK-BP. Automakers are set to release May sales figures.
BP (BP) said Friday it has received "unsolicited indications of interest" for its 50% stake in TNK-BP, Russia's third-largest oil producer. BP's stake in TNK-BP could be worth more than $30 billion, according to The Wall Street Journal. TNK-BP is a joint venture between BP and AAR, a consortium of Russian billionaire shareholders. The company has been involved in a corporate dispute after AAR blocked BP's deal with Rosneft, a Russian oil company. Shares of BP rose 2.3% in premarket trading Friday to $37.30.
Automakers including Ford (F) and General Motors (GM) on Friday will release U.S. sales figures for May.
Wal-Mart (WMT) holds its annual shareholder meeting Friday amid calls for its CEO and chairman to be removed from the board after a bribery investigation in Mexico.
Exxon Mobil (XOM) plans to build a multibillion-dollar chemical plant in Texas to take advantage of cheap North American shale gas, Reuters reported. According to a U.S. environmental filing seen by Reuters, the plant could be online as soon as 2016.
Splunk (SPLK) eased past Wall Street's estimates in its first quarterly report since its IPO last month, boosted by the addition of 350 new customers. Splunk posted revenue of $37.2 million on Thursday, an 80% increase from the same period last year, and above analysts' forecast of $34.1 million. Excluding items, Splunk lost 4 cents a share. Analysts were looking for a loss of 6 cents.
OmniVision Technologies (OVTI) reported fourth-quarter non-GAAP net income Thursday of $10.9 million, or 20 cents a share, down from year-earlier earnings of $40.8 million, or 66 cents a share. Shares of OmniVision fell 7.66% in premarket trading Friday to $14.94.
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All hail the bull market, which ended the week with a big rally. But it also is starting to look a little like 1987, which suffered an epic blow-out.
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