Stocks to watch: RIM, AMD
Shareholders meet at the BlackBerry maker's annual meeting. The chip-maker lowers its forecast.
Investors at Research In Motion's (RIMM) annual shareholders' meeting Tuesday will be listening for details about the troubled BlackBerry maker's long-term strategy. RIM recently reported a worse-than-expected loss in its first quarter, announced 5,000 job cuts, and said it was delaying its long-awaited BlackBerry 10 technology. RIM shares ticked up 5 cents, or 0.65%, in premarket trading Tuesday to $7.72
Advanced Micro Devices (AMD) said it sees a sequential decrease in revenue of 11% for the second quarter, down from a prior forecast for growth of 3%. The chipmaker cited slow growth in China and Europe as well as weak consumer demand for PCs for the weak outlook. Shares of Advanced Micro Devices fell 10.14% in premarket trading Tuesday to $5.05.
Alcoa (AA), the aluminum giant, topped Wall Street's second-quarter earnings forecasts by a penny. Revenue totaled $5.96 billion but that was down from a year earlier and Alcoa's operating profit was just $61 million for the three-month period. Shares of Alcoa ticked up 7 cents, or 0.8%, in premarket trading Tuesday to $8.83.
Intel (INTC) announced Monday a series of deals totaling $4.1 billion with semiconductor manufacturing specialist ASML Holding (ASML) as the chipmaker looks to boost silicon manufacturing. Intel will invest about $1 billion in ASML's research and development over five years, and will eventually take a $3.1 billion, 15% stake in Netherlands-based ASML.
Google (GOOG) is close to paying $22.5 million to settle charges related to its bypassing of the privacy settings of customers using Apple's Safari browser, The Wall Street Journal reported, citing officials briefed on the settlement terms. Google shares gained $1.24, or 0.21%, in premarket trading Tuesday to $587.25.
Patriot Coal (PCX) filed for Chapter 11 bankruptcy protection after Monday's closing bell.
The St. Louis-based coal company said it has secured $802 million in debtor-in-possession financing to continue operations as it reorganizes and attributed its descent into bankruptcy to the "cancellation of customer contracts, lower thermal coal prices and rising expenditures for environmental and other liabilities" which have "severely constrained" its liquidity and financial flexibility.
Sikorsky, a division of United Technologies (UTX), announced Monday that it entered an agreement for $8.5 billion and five years to make 653 H-60 Black Hawk and Seahawk helicopters for the U.S. Navy and Army.
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Investors are anxious to see if hiring can maintain its strong pace in the second half of the year.
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