Stocks to watch: RIM, Facebook, Pep Boys
The BlackBerry maker is looking at strategic options, while the social network giant shares sank 10% Tuesday.
Research In Motion (RIMM) late Tuesday forecast an operating loss for its fiscal first quarter. The BlackBerry maker said its "financial performance will continue to be challenging for the next few quarters." RIM also said it has hired bankers to help with its review of its strategic options and that it planned to make "significant" reductions in its workforce. Shares of RIM fell 7.39% to $10.40 in premarket trading Wednesday.
Facebook (FB), the social networking giant, lost nearly 10% of its market capitalization on Tuesday with the stock becoming a favorite of short sellers. Facebook closed Tuesday at $28.84. Its IPO price of less than two weeks ago was $38. Facebook shares ticked down 24 cents, or 0.83%, to $28.60 in premarket trading Wednesday.
Pep Boys (PBY) said it's ending its merger agreement with private-equity firm Gores Group. Gores said it would pay Pep Boys $50 million in fees as reimbursement for merger-related costs. Shares of Pep Boys fell 19.12% to $8.97 in premarket trading Wednesday.
Sallie Mae (SLM) added another $400 million to its share repurchase program. It was given authorization to buy back $500 million of stock in January, the same time it raised its quarterly dividend to 12.5 cents from 10 cents.
Dunkin' Brands (DNKN) plans to open 550 to 650 new stores globally this year, CEO Nigel Travis said Wednesday. The company plans to open 350 to 450 Dunkin' Donuts store outlets outside the U.S. this year, Travis told reporters, MarketWatch reported.
Booz Allen (BAH), the consulting firm, is expected by analysts Wednesday to post fiscal-fourth-quarter earnings of 40 cents a share on revenue of $1.55 billion.
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