Stocks In The News (YUM, SFD, GIS, NE, GS)
Yum! Brands, Inc. (NYSE:YUM) announced that pop superstar Christina Aguilera is using her voice in the fight against hunger by filming a new public service announcement (PSA) for the company’s World Hunger Relief effort that benefits the United Nations World Food Programme (WFP) and other hunger relief agencies.
Additionally, Pizza Hut and Kentucky Fried Chicken (KFC), under Yum! Brands, have enjoyed phenomenal success in China. In the past five years, YUM has on average opened more than one new restaurant a day.
Smithfield Foods, Inc. (NYSE:SFD) shares fell 0.36% to $19.25 in pre-market hour after the company posted first quarter net income of $61.7 million or $0.40 per share, as compared to prior year’s $82.1 million or $0.49 per share. Quarterly sales remained stable at $3.09 billion for the recent quarter. Analysts expected earnings of $0.44 per share on revenues of $3.15 billion.
General Mills, Inc. (NYSE:GIS) shares declined 0.79% to $39.02 in the pre-market hour after Analysts at JP Morgan downgraded GIS from “Overweight” to “Neutral” with a $40 price target. The analysts noted it expects the company’s yogurt problems to take longer to fix than originally anticipated.
Additionally, the company will be presenting at the Barclays Capital 2012 Back-To-School Consumer Conference on Thursday, September 6, 2012, beginning at 7:30 a.m. Eastern Daylight Time.
Noble Corporation (NYSE:NE) announced a new contract commitment for its jackup rig Noble Hans Deul, operating in the UK sector of the North Sea. The rig has been awarded a minimum 18 month contract extension by a subsidiary of Royal Dutch Shell plc (Shell), with the extension period expected to commence in February 2013, in direct continuation of the rig’s current contract. Revenues expected to be generated over the 18 month extension are estimated at $132 million, or an equivalent dayrate of $242,500 compared to a current day rate of $175,000.
Goldman Sachs Group, Inc. (NYSE:GS) stock decreased 0.02% to $105.70 in the pre-market hour after JPMorgan Chase downgraded shares of Goldman Sachs to an underweight rating in a research note released today.
Additionally, the company planning a comeback in the nation’s private-equity market and expects returns as high as 35%.