Stocks to watch: Walt Disney, Dean Foods
The entertainment giant tops earnings expectations but misses on revenue, and the US dairy company announces a spinoff.
Dean Foods (DF), said Tuesday it plans to sell 20% of WhiteWave Foods Co, a wholly owned subsidiary, which also sells International Delight coffee creamer products, in an initial public offering. Shares of Dean Foods soared 30% in pre-market trading.
The company also reported a better-than-expected second-quarter net income of $56 million, or 30 cents per share. Excluding items, the company earned 36 cents per share, topping analyst estimates by 5 cents per share, according to Thomson Reuters I/B/E/S. The U.S. dairy company also lifted profit guidance for the year.
Macy's (M) reported Wednesday a second-quarter profit of $279 million, or 67 cents a share, up from $241 million, or 55 cents a share, in the year-ago period. Sales increased to $6.1 billion from $5.9 billion. Analysts expected earnings of 64 cents a share on sales of $6.1 billion, according to a survey by FactSet, MarketWatch reported. Shares of Macy's rose 3.2% in pre-market trading.
Priceline.com (PCLN), the online travel agency, reported better-than expected quarterly profit on Tuesday, but provided investors with a disappointing outlook. The company said it expects adjusted profit of $11.10 to $12.10 a share for the current quarter, much lower than analyst estimates of $12.76 a share, according to Thomson Reuters I/B/E/S. Shares of Priceline.com sank 15% in premarket trading.
McDonald's (MCD) said that sales at restaurants open at least 13 months were flat in July. The biggest fast food chain in the world is partly blaming a sluggish economy, according to the AP. Shares of McDonald's traded 3.4% lower in pre-market action.
MEMC Electronic Materials (WFR), the silicon wafer maker, reported a surprise second-quarter profit on an adjusted basis of 14 cents per share, which topped expectations for a loss of 2 cents, according to Thomson Reuters I/B/E/S. Shares rallied 35% in pre-market.
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