St. Joe Co.Shares of St. Joe Co. ( JOE) fell sharply in late trades after the Florida-based real estate developer disclosed it's the subject of an "informal inquiry" by the Securities and Exchange Commission. In a Form 8-K filing with the SEC, the company said the regulatory agency is looking into its policies and practices "concerning impairment of investment in real estate assets." St. Joe is cooperating with the probe. The stock was last quoted at $20.83, down 9.7%, on volume of around 65,000. Based on a regular session close at $23.07, the shares had fallen nearly 40% since hitting a 52-week high of $37.44 in late April.
NvidiaNvidia ( NVDA) was a bright spot late on news that it's signed a cross-licensing agreement with Intel ( INTC) that settles the patent dispute between the companies and calls for Intel to pay Nvidia licensing fees totaling $1.5 billion over six years. The stock was last quoted at $21.69, up 5.1%, on volume of 3.3 million, according to Nasdaq.com. The shares had rallied almost 4% in the regular session with volume running above 40 million, well beyond the issue's trailing three-month daily average 18.1 million.
Wall Street is pretty split on Nvidia these days after the stock rose 7% in 2010. Of the 30 analysts covering the shares, 14 are at hold, 7 are at strong buy, 6 are at buy, and 3 are at underperform. There is a feeling, however, that the stock may have gotten ahead of itself as the median 12-month price target sits at $14.75. At current levels, Nvidia's stock is trading at a price-to-earnings multiple of 56X on a trailing basis and roughly 28X on a forward basis. The company is slated to report its results for the fiscal fourth quarter ended in December on Feb. 18. The current consensus estimate is for a profit of 16 cents a share in the three-month period on revenue of $878.9 million.