Stocks to watch: VeriFone, CME
VeriFone shares sink after posting quarterly results, and the exchange operator shares climb after declaring a stock split.
VeriFone (PAY) shares sank 10% in premarket trading Friday after the company reported late Thursday a 43% drop in earnings in the first quarter and provided outlook that disappointed investors. The company's earnings fell because of acquisition and restructuring costs. Revenue, however, was strong, climbing 61% to $472 million.
CME Group (CME) on Thursday declared a five-for-one stock split of its common stock in the form of a 400% stock dividend. According to CME's president Terry Duffy, splitting the stock will help the derivatives marketplace attract "a broader, more diverse investor portfolios." Shareholders will receive dividend payment on July 20, 2012.
Bank of America (BAC) and Barclays Bank PLC (BCS) have entered into an agreement with Lehman Brothers Holdings to sell their remaining interest in apartment building owner Archstone for $1.58 billion.
Post Holdings (POST), the maker of Honey Bunches of Oats and Grape-Nuts, reported second quarter net income that was down 64% because of excessive advertisement expenses and as revenue dropped from $259 million to $250.5 million. POST closed Thursday at $28.
Rue21 (RUE) posted impressive first quarter earnings late Thursday. The retailer reported earnings of $11.6 million, up $2 million from last year's quarter. The company also raised fiscal 2012 earnings guidance to $1.76 to $1.81 per share.
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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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