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Profit-taking and some weak earnings reports from big-name
airline and technology companies weighed on stocks today. Gold
rebounded and the euro faltered after the European Central Bank
indicated that it could add to its monetary stimulus efforts
later this year.
lost 0.36% while the
Dow Jones Industrial Average
declined 0.42%, its first loss in 10 sessions. The
On a rough day for stocks, earnings and a takeover lifted
) to the top stocks of the day club.
eBay Inc (EBAY)
eBay Inc, the online auction site, soared nearly 11% to a
record high on volume that was more than triple the daily average
after the company issued bullish full-year profit and revenue
For the full year, EBAY expects to earn $1.85 to $1.90 per
share on sales of $8.85 billion to $8.95 billion. Analysts were
expecting EBAY to earn $1.86 per share on sales of $8.8
RBC Capital Markets analyst Mark Mahaney
boosted his price target
on EBAY to $31 from $28 while Cowen analyst John Blackledge
lifted his price target on EBAY shares to $30 from $24.
EBAY also added $2.5 billion to its share repurchase
Qualcomm, Inc. (QCOM)
Shares of semiconductor giant Qualcomm, Inc. jumped 7.4% on
turnover that was more than triple the daily average after the
company posted fiscal third-quarter results that beat Wall Street
estimates. QCOM posted EPS of $1.16 on $6.03 billion in revenue
during its fiscal third quarter. Analysts expected QCOM to earn
97 cents on revenue of $5.58 billion.
QCOM's technology licensing unit notched revenue of $2.04
billion, above the $1.82 billion analysts expected. In an
, Qualcomm CEO Steve Mollenkopf said demand for higher-end chips
from technologies such as virtual reality could be beneficial to
QCOM going forward.
Mollenkopf added in the
interview that "China will continue to be an important component
of the growth story for QCOM moving forward."
Relypsa Inc (RLYP)
Shares of biopharmaceuticals firm Relypsa Inc surged nearly
59% on volume that was more than 12 times the daily average after
agreed to buy RLYP for $1.53 billion.
Switzerland-based Galenica Group already had a relationship
The Swiss company is offering $32 per RLYP share,
a 59% premium
to where the stock closed yesterday. Galenica's deal for RLYP is
expected to close in the current quarter.
At the time of this writing, Todd Shriber did not own any
of the aforementioned securities.
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