AT&T ( T) is in discussions with the Chernin Group about mounting a joint bid to acquire the Hulu premium video site, AllThingsD reported, citing sources close to the telecommunications giant. Chernin Group, the investment and media company, is run by former News Corp. ( NWSA) Chief Operating Officer Peter Chernin, who was integral to the founding of Hulu, according to AllThingsD. Chernin made an initial bid in the lower $500 million range for Hulu, sources familiar with the situation said, but it is likely to be higher as the auction for the video site evolves, AllThingsD reported. Beat the S&P With 5 Stocks Everyone Else Hates
Costco Wholesale ( COST), the warehouse retailer, said same-store sales in May rose 5%, below analysts' estimates of 5.5%. Net sales in May rose 7% to $8.13 billion from a year earlier.
Procter & Gamble ( PG) reorganized its business into four new divisions, the first big change at the consumer products giant since A.G. Lafley returned as CEO about two weeks ago. Each of the four divisions will be headed by a group president, expanding the responsibilities for four current executives. The move is one of Lafley's tasks is to create a succession plan.
J. M. Smucker ( SJM), the maker of jams and jellies, is forecast to report on Thursday fiscal fourth-quarter earnings of $1.16 a share on revenue of $1.34 billion.
Retailer Ann ( ANN) is expected to post first-quarter earnings of 42 cents a share.
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