Stocks to Watch: RIM, Red Hat, Nike
NEW YORK -- Research In Motion(RIMM) reported a fiscal third-quarter loss Thursday that was narrower than Wall Street's expectations.
The stock of the BlackBerry maker moved higher in after-hours trading Thursday but reversed course during an earnings call after RIM said it would change the way it charges customers service fees, putting a key source of revenue at risk.
RIM also said said spending on the launch of BlackBerry 10 will drive a fourth-quarter operating loss.
Red Hat(RHT) posted third-quarter sales that topped analysts' estimates and it announced Thursday it was acquiring ManageIQ, a cloud software company, for $104 million in cash.
Nike's(NKE) second-quarter earnings fell 18% but topped expectations because of strong demand in North America.
Revenue in the quarter rose 7% to $5.96 billion. Nike brand revenue rose 11%.
Nike said orders for shoes and apparel to be delivered between December and April rose 6% from last year to $9.3 billion.
Walgreen(WAG) is expected by analysts Friday to report fiscal first-quarter earnings of 70 cents a share on revenue of $17.45 billion.
Crane(CR) said it would acquire privately held MEI Conlux Holdings and its Japanese affiliate for about $820 million.
MEI makes electronic bill acceptors.
Crane is buying MEI from Bain Capital and Advantage Partners.
The board of flash-memory maker SanDisk(SNDK) approved an additional $750 million for stock buybacks, bringing the total stock repurchase authorization to $1.25 billion.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel
>To submit a news tip, send an email to: email@example.com.