Stocks to Watch: RIM, Constellation Brands, Nike (Update 1)
NEW YORK --
Research In Motion (RIMM) disappointed Wall Street Thursday with its fiscal first-quarter results.
The BlackBerry maker reported a much wider-than-anticipated loss , pushed back the launch of the BlackBerry 10 until the first calendar quarter of 2013 and announced plans to lay off 5,000 employees, roughly 30% of its work force.
Shares of Research in Motion fell 15.12% in premarket trading Friday to $7.72.RIM Plunges on Loss; BB10 Delay: Live Blog Recap
Nike (NKE) posted fiscal fourth-quarter earnings on Thursday that missed analysts' expectations. The sneaker maker reported a profit of $549 million, or $1.17 a share, on revenue of $6.47 billion for the three months ended in May; analysts were expecting earnings of $1.37 a share on revenue of $6.51 billion. The company attributed the year-over-year decline in earnings to lower gross margin, higher SG&A spending, a higher effective tax rate and costs related to restructuring operations in western Europe. Shares of Nike fell 11.56% in premarket trading Friday to $85.69.
Anheuser-Busch InBev (BUD), the world's largest brewer, confirmed Friday that it would buy the rest of Mexican brewer Grupo Modelo that it doesn't already own for $20.1 billion. Meanwhile, Constellation Brands (STZ) said it would buy the remaining 50% of Crown Imports that it doesn't already own from Anheuser-Busch for $1.85 billion following Anheuser-Busch's deal to buy Modelo. Constellation and Modelo owned Crown as a joint venture. Constellation Brands' stock was climbing 4.46% in premarket trading Friday to $22.73. Bankers Should Be Afraid of Their Own Shadow
Retailer Finish Line (FINL) reported first-quarter net income Friday of $12.3 million, or 24 cents a share, down from year-earlier earnings of $16.4 million, or 30 cents. Analysts, on average, anticipated earnings of 23 cents a share. The company forecast an increase in earnings per share for the next fiscal year of about 7; it earned $1.53 a share in fiscal 2012. Previously, Finish Line projected earnings per share growth would be in the mid-single digits.
KB Home (KBH) is expected by analysts Friday to report a second-quarter loss of 35 cents a share on sales of $294.8 million. Is Facebook Better Than Sex? -- Written by Joseph Woelfel
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