Stocks to Watch: Procter & Gamble, Pandora, Abercrombie & Fitch
NEW YORK -- Procter & Gamble
Lafley will replace CEO Bob McDonald, effective immediately. McDonald, who will retire June 30 after a transition period, has been CEO since 2009.
Lafley, who served as CEO of the company from 2000 to 2009, also was named chairman and president.
"It sounds like the board needed a change at the top," said Bernstein analyst Ali Dibadj to The Associated Press. "We thought maybe there would be a little bit more of a test runway for current management, but clearly, frustration was very high."
The company's revenue outlook also topped Wall Street estimates as its mobile advertising sales accelerated and the company added more subscribers during the quarter.
The company said it expects second-quarter earnings of 11 cents to 12 cents a share, in line with estimates, on revenue of $931 million. Analysts were calling for second-quarter revenue of $934.55 million.
Salesforce.com predicted fiscal-year 2014 earnings of 47 cents to 49 cents a share on revenue of $3.835 billion to $3.875 billion, vs. expectations of 49 cents a share on revenue of $3.87 billion.
Sears also announced it was considering selling its protection-agreement business in an ongoing effort to raise cash.
Abercrombie & Fitch