AIG (AIG) was upgraded today by Goldman Sachs (GS) to buy with a price target of $40, as there are multiple catalysts suggesting a higher stock price. Shares are higher by about seven tenths of a percent.
McDonald’s Reports April Comp Sales Rise 3.3%
McDonald’s (NYSE:MCD) said its April global comparable sales rose 3.3% year-over-year , vs. estimates of up 4.3%. The figure represents the slowest growth in the month of April since 2005, when sales rose 2.5%, according to Bloomberg. By segment, US sales rose 3.3%, vs. estimates of up 3.2%. Europe sales rose 3.5% , vs. estimates of a 3.2% rise. APMEA rose 1.1% vs. estimates of a 6.5% rise.McDonald’s is now down over 1% to $94.58.
Wednesday Sector Leaders: Home Furnishings & Improvement, Beverages & Wineries
In trading on Wednesday, home furnishings & improvement shares were relative leaders, up on the day by about 0.1%. Leading the group were shares of Cost Plus (CPWM), up about 21.6% and shares of Tempur Pedic International (TPX) up about 5.3% on the day.
Yahoo Director Stepping Down After CEO Hiring Error
Some more news coming out involving Yahoo CEO Scott Thompson. According to AllThingsD, Patti Hart, the company board member who chaired the committee that led to the hiring of Thompson, is stepping down.Reports say Hart will not be seeking reelection in the next annual meeting. She has taken the brunt of the criticism involving Thompson’s misstating that he had a computer science degree.Currently, Yahoo (NASDAQ:YHOO) shares are trading over a half a percent lower to $15.27 in afternoon trading.
Macy’s Announces Earnings
Macy’s (M) announced that first quarter profit increased by 38 percent, beating expectations. Net income increased to $181 million, or 43 cents per share, up from $131 million, or 30 cents per share, in the same period last year.
Analyst Moves: SLXP, WYNN
Salix Pharmaceuticals (SLXP) today had its estimates increased by Jefferies (JEF) after the company beat earnings estimates. A buy rating was issued with a price target of $63.
Tuesday 5/8 Insider Buying Report: EMR, OKS
As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy — they expect to make money. So let’s look at two noteworthy recent insider buys.
Tuesday Sector Leaders: Education & Training Services, Gas Utilities
In trading on Tuesday, education & training services shares were relative leaders, up on the day by about 0.2%. Leading the group were shares of Grand Canyon Education (LOPE), up about 16.7% and shares of Corinthian Colleges (COCO) up about 3.8% on the day.
Wendy’s Announces Earnings
Wendy’s announced that it earned a profit during the first quarter due to a gain on an investment sale. However, the company missed analyst estimates and cut its 2012 forecast.
Amgen Purchases KAI Pharmaceuticals (AMGN)
Amgen (NASDAQ:AMGN) announced plans to purchase KAI Pharmaceuticals.KAI’s main product, KAI-4169 is currently in its mid-stage development for treatment of patients with hyperparathyroidism with kidney failure.Amgen wil purchase Kai for $315 million in cash.Amgen (NASDAQ:AMGN) has potential upside of 6.6% based on a current price of $67.02 and an average consensus analyst price target of $71.47.Amgen is currently above its 200-day moving average (MA) of $60.03 and should find resistance at its 50-day MA of $67.85.In the last five trading sessions, the 50-day MA has remained constant while the 200-day MA has risen 0.16%.
