Stocks to watch: E-Trade, Disney
The online broker decides not to sell itself. The media giant reports better-than-expected earnings.
By Andrea Tse, TheStreet
Updated at 9:15 a.m. ET
E-Trade Financial (ETFC) has decided not to sell itself after a three-month strategic review. Rejecting pressure from shareholder Citadel to sell to another online broker such as TD Ameritrade (AMTD) or Charles Schwab (SCHW), E-Trade CEO Steven Freiberg said, "The management team will continue to execute on our strategy designed to create value for both our stockholders and our customers."
Walt Disney (DIS) reported fiscal-fourth-quarter earnings and revenue that beat analysts' estimates, thanks to strong sales at its media networks and resorts. Excluding charges related to restructuring and impairment, Disney earned 59 cents, beating the 54-cent forecast of analysts surveyed by Thomson Reuters. Revenue rose 7% to $10.43 billion, topping expectations for $10.36 billion.
Department store chain Dillard's (DDS) reported record earnings of 50 cents a share for the third quarter, beating the 32 cents that analysts had expected. Same-store sales rose 5%, better than those of many competing department stores. However, its shares were falling because its margins changed little despite cost-cutting efforts.
Nvidia (NVDA), the maker graphics chips, reported third-quarter earnings of $178.3 million, or 29 cents a share, beating Wall Street's average forecast by 3 cents.
Rare-earth products producer Molycorp (MCP) reported a third-quarter profit of 67 cents a share, missing the average aestimate of 70 cents a share.
Homebuilder D.R. Horton (DHI) posted fiscal-fourth-quarter earnings of 11 cents a share, falling short of the 14-cent average estimate.
Solar company SunPower (SPWRA) plans to cut 85 employees, or 2% of its work force, as it restructures during what has been a difficult period for solar companies. SunPower will also consolidate or close some facilities in Europe. The company expects to record restructuring charges of up to $22 million related to the closures. It expects the restructuring plan to cut 2012 costs by as much as 10%.
China Petroleum & Chemical (SNP), also known as Sinopec, has agreed to pay the Portuguese oil company Galp Energia $3.54 billion for a 30% stake in its deep-sea oil asset in Brazil.
Exxon Mobil (XOM) has become the first major oil company to enter the market of Kurdistan, a semiautonomous region of Iraq, after signing exploration contracts with the Kurdistan Regional Government.
A Siberian court has rejected a pair of lawsuits involving claims of 496 billion rubles ($16 billion) against British oil giant BP (BP) by a minority shareholder in OAO TNK- BP Holding, Russia's third-biggest oil producer, Bloomberg reported.
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