11 Stocks to Watch: AMD, UBS - TheStreet


NEW YORK (TheStreet) -- Advanced Micro Devices (AMD) - Get Report was cut to underperform by Bank of America Merrill Lynch after the chipmaker made a deep cut to its revenue growth forecast, mainly because of manufacturing issues at a plant in Germany.

AMD, which said supplies of its Llano chip were impacted by the problems, said it now sees sequential revenue growth of 4% to 6% for its fiscal third quarter ending this month vs. a prior projection for growth of 10%, plus or minus 2%.

Shares were falling 9.6% to $5.56 in premarket trading Thursday.

UBS'

(UBS) - Get Report

new interim CEO Sergio Ermotti reiterated that the Swiss bank's investment banking division was not going anywhere.

Ermotti wrote in an internal memo that the firm would maintain an "integrated bank model" -- an investment bank, wealth management and asset management,

The New York Times

reported.

Shares were rising 4.7% to $12.46.

Nokia

(NOK) - Get Report

, the Finnish mobile handset maker, plans to cut a further 3,500 jobs by 2012 as it continues

cost-cutting.

Shares were adding 2.3% to $5.68.

Johnson & Johnson

(JNJ) - Get Report

affiliates have bought

Merck's

(MRK) - Get Report

50% stake in the Johnson & Johnson-Merck Consumer Pharmaceuticals joint venture.

The venture had been formed to develop, manufacture, market and distribute certain over-the-counter consumer products in the U.S. and Canada.

Merck shares were gaining 2% to $32.58 and J&J shares were up 0.6% to $63.65.

Crop nutrient company

Mosaic

(MOS) - Get Report

reported first-quarter sales of $3.1 billion, beating the average analyst estimate of $2.92 billion. However, first-quarter profit came in at $1.17 a share, below the average analyst estimate of $1.29.

Shares were up 1.4% to $58.

Meg Whitman has been in the CEO spot less than a week but

Hewlett-Packard

(HPQ) - Get Report

is reportedly already moving to keep

activist investors

off her back.

According to

The Wall Street Journal,

the tech giant has hired

Goldman Sachs

to advise it on better defending itself against pressure from such investors, who typically purchase significant stakes in a company then lobby for major changes, such as replacing the board or seeking a sale.

Shares were rising 1.3% to $23.50.

Amazon

(AMZN) - Get Report

is prepared to lose $50 on every Kindle Fire sold as the company attempts to undercut the

Apple

(AAPL) - Get Report

iPad.

Amazon hasn't revealed how much it costs to produce each Kindle Fire tablet, but Piper Jaffray analyst Gene Munster pins the cost at about $250 per unit, above the $199 selling price.

The retail giant on Wednesday revealed its highly anticipated Kindle Fire tablet, expected to be the

first real rival

to Apple's iPad.

Shares were up 0.8% to $231.64.

Ford

(F) - Get Report

CEO Alan Mulally said Thursday the automaker was sticking to its target of adding 7,000 U.S.

jobs

over the next two years.

Mulally, speaking from Bangkok, told reporters Ford was still seeing an economic expansion in the U.S., though the recovery "is slower than in the past," according to a report from

Reuters

.

Shares were up 0.8% to $10.01.

Discover Financial Services

(DFS) - Get Report

said the Federal Deposit Insurance Corp. has notified the credit-card issuer of plans to bring enforcement action against the company over its marketing practices, with respect to its fee-based products.

Automotive replacement parts retailer

AutoZone

(AZO) - Get Report

said its board authorized the repurchase of an additional $750 million of the company's common stock in connection with its ongoing share repurchase program.

-- Written by Andrea Tse in New York.

>To contact the writer of this article, click here:

Andrea Tse

.

Related links:

Kindle Fire Is Make or Break for Amazon Shares

Best-Performing Stocks Under $5 in 2011

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