The following is a round-up of news likely to affect stock prices today:
Marvell (MRVL) reported Thursday it swung to a fourth-quarter net income of $204.8 million, or 31 cents a share, as revenue increased 64% to $843 million. On an adjusted basis, the chip maker would have earned 40 cents a share, beating analysts' estimates of 37 cents per share. Shares, however, slid nearly 5.5% in premarket trading as investors may have been discouraged by the cautious tone of Marvell CEO Sehat Sutardja.
Apple (AAPL) announced Friday that the iPad will be available in the U.S. on April 3, for Wi-Fi models and in late April for Wi-Fi + 3G models. In addition, all models of iPad will be available in Australia, Canada, France, Germany, Italy, Japan, Spain, Switzerland and the UK in late April. Customers can start pre-ordering from Apple's online store starting March 12.
TiVo, Inc. (TIVO) won a major victory Thursday as a federal appeals court affirmed a district court's earlier finding of contempt in a years-long patent infringement case against EchoStar Corp. (SATS) and its sister company, Dish Network Corp. (DISH). TIVO shares closed up 61.9% on Thursday, but are continuing to climb in premarket trading, up another 6.5% on an upgrade from J.P Morgan.
Sprint's (S) corporate credit rating and senior unsecured debt rating was downgraded by Standard & Poor's to BB- from BB. The outlook is negative. "The rating action reflects our view that post-paid subscriber losses will continue to pressure revenue and cash flow despite growth in the pre-paid business," said Allyn Arden, an S&P credit analyst, in a statement.
RCN Corporation (RCNI) shares rallied some 24% after it announced Friday it is selling itself to ABRY Partners for approximately $1.2 billion, including the assumption of debt.
Chesapeake Utilities (CPK) said Friday that its fourth-quarter profit climbed 41% to $6.2 million, or 71 cents per share, helped partly by improved gross margin and increased natural gas marketing spot sales. Excluding items, CPK earned 73 cents per share, topping forecasts of 65 cents per share.
Sony Corp. (SNE) is developing a new lineup of handheld products, including a smart phone capable of downloading and playing video games, to compete with Apple's (AAPL) products, the Wall Street Journal reports, citing people familiar with the matter.
General Growth Properties (GGP), the real estate firm, said that its shares will resume trading Friday on the New York Stock Exchange.
Equity One (EQY) said Thursday it posted a 71% increase in fourth-quarter funds from operations to $24.6 million, or 28 cents per share, beating estimates of 26 cents per share. Revenue for the quarter rose 18% to $68.3 million.
ArcSight (ARST) said Thursday that its fiscal third-quarter profit fell 57% to $2.2 million, or 6 cents per share, as higher operating expenses overshadowed a 27% increase in revenue. On an adjusted basis, ArcSight earned 15 cents per share -- a penny lower than estimates. Shares fell nearly 9% in premarket trading.
Move Inc.'s (MOVE) fourth-quarter loss widened to $4.5 million, or 3 cents per share, as the online real estate service's revenue fell 14% to $49.6 million in a still-sluggish housing market. Shares fell nearly 3% ahead of the bell.
Green Plains Renewable Energy (GPRE) said Friday it priced 5.5 million shares of its common stock at $13.50 per share, for proceeds of $74.3 million. Shares declined 4.6% before the bell.
Basics of Diversification
Learn one of the fundamental concepts of building a portfolio.View Course »