Micron ( MU) appointed Mark Durcan as CEO following the death Friday of Chairman and CEO Steve Appleton in a plane crash. Durcan is the chipmaker's president and chief operating officer. His appointment comes a week after Micron announced he would be stepping down in August. Appleton, a professional stunt plane pilot and former motocross racer, was the only person in the plane when it crashed at the Boise, Idaho, airport. Micron shares were slipping 3.1% to $7.70 in premarket trading.
Amazon ( AMZN) plans to open a retail store in Seattle "within the next few month," according to the blog Good E-Reader, which cited "sources close to the situation." The store would be small, focusing on the sale of Amazon's Kindle e-readers and the Kindle Fire tablet, as well as accessories for the products, according to the blog. The first store would appear in Seattle, the Web site said, where the company has its headquarters. Amazon shares were falling 0.5% to $186.66 in premarket trading on Monday.
General Motors ( GM) next week is likely to report 2011 net income of about $8 billion, its highest ever, according to people who have seen the figures, The Wall Street Journal reported. Growth in China and strong profit in North America are behind the gains. The automaker also aims over the next several years to raise its profit margin to 10%, Daniel Ammann, chief financial officer, said in an interview with the newspaper. That would be up from the current margins of about 6%. GM shares were advancing 1.6% to $26.59 in premarket trading.
Humana ( HUM), the second-largest Medicare provider, reported that fourth-quarter earnings surged 86% as its membership continued to expand with little use of health benefits. The health insurer reported earnings in line with analyst estimates with profit of $1.20 a share, up from 63 cents a share a year earlier. However, revenue came in lower than expected at $9.06 billion, up 9.4% from the prior year. Analysts polled by Thomson Reuters had expected revenue of $9.24 billion. Humana shares were dropping 1.2% to $89.
Hasbro ( HAS), the world's second-largest toymaker, reported disappointing sales after weak post-Thanksgiving demand in North America. The maker of Monopoly board games reported fourth-quarter sales of $1.33 billion, missing estimates of $1.34 billion. However, the toymaker reported earnings slightly better than analysts' expectations. The company reported profits of $1.06 a share, beating average estimate of $1.05. Competitor Mattel ( MAT) posted a better-than-expected fourth-quarter profit increase of 14% last week on strong Barbie sales. Hasbro shares were tumbling 5.5% to $33.89.
Former chairman and chief executive officer of Nabors Industries ( NBR), Eugene Isenberg, agreed to terminate his employment pact and waive his claim to a $100 million payment. Isenberg, who headed the oil drilling company for 25 years before announcing his resignation in October, will continue as chairman through his current term ending in June. "I am fortunate to have been very successful in my career, and it has always been my intention to donate this money to charity," Isenberg said. "I ultimately concluded that everyone's interests, including the company's and our shareholders', were best served by this new arrangement."
Yum! Brands ( YUM), owner of the KFC, Taco Bell and Pizza Hut chains, is expected by analysts Monday to post fourth-quarter earnings of 74 cents a share on revenue of $4.03 billion. Yum! is expected to report results after markets close Monday
Coinstar ( CSTR), the parent of Redbox, is expected to earn 64 cents a share in the fourth quarter on sales of $498 million.
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