There are at least six companies’ stocks that are worth monitoring on Wednesday. They are: Apple Inc. (NASDAQ:AAPL), Colgate-Palmolive Company (NYSE:CL), Target Corporation (NYSE:TGT), Photronics, Inc. (NASDAQ:PLAB),QUALCOMM, Inc. (NASDAQ:QCOM) and Pandora Media Inc (NYSE:P).
- Apple Inc. (NASDAQ:AAPL) is likely to launch fresh laptops at its Worldwide Developer Conference next month. The new MacBook Pro, would come in 12-inch screen featuring quicker chips from Intel Corporation (NASDAQ:INTC). The iPhone maker is also said to planning to update its 13-inch MacBook Air. There are also reports suggesting that it might dump iPad mini.
- Colgate-Palmolive Company (NYSE:CL) shares are trading up in pre-market on Wednesday after reports suggested that the company is open to selling itself. The company expects an offer price of about $100 a share. That would mean a premium of nearly 40 percent from the closing price of May 16.
- Target Corporation (NYSE:TGT) reported earnings of $1.21 a share on revenue of $16.02 billion for the first quarter. Analysts expected the company to earn 91 cents and revenue of $15.62 billion. Going forward, the retailer expects EPS to be $0.95 – $1.15 with low single digit drop in comparable sales in the second quarter. Analysts look for an EPS of $1.00 a share. Following this, the stock surged in the pre-market trading.
- Photronics, Inc. (NASDAQ:PLAB) revealed earnings of three cents a share for the second quarter missing estimates of five cents. Similarly, its revenue dropped 11.9 percent to $108.3 million and came in below the expectations of $111.16 million. Looking ahead, the company expects EPS to be 5 – 12 cents on revenue of $110 – $120 million in the third quarter, which fell short of expectations of an EPS of 17 cents and revenue of $126.96 million. Following this, the stock is trading down in pre-market.
- Pandora Media Inc (NYSE:P) shares have been pulled out from Americas Conviction List of Goldman Sachs following a 36 percent drop in the stock price after it was added to the list. However, the brokerage maintained its Buy rating and the price tag of $16 on the stock. Pandora Media shares are trading down in pre-market on Wednesday.
- QUALCOMM, Inc. (NASDAQ:QCOM) has filed a lawsuit against Apple Inc. (NASDAQ:AAPL)’s four suppliers for their breach of agreements and refusal to pay royalties. The chip maker believes that these companies were instructed by Apple not to pay.