Afternoon Winners, CEOs Head to Washington: Afternoon Buzzers
Top CEOs are once again off to Washington to sit down with President Barack Obama and discuss the impending fiscal cliff. Business leaders scheduled to meet with the President include: Goldman Sachs (NYSE:GS) CEO Lloyd Blankfein, Yahoo (NASDAQ:YHOO) CEO Marissa Mayer, and Coca-Cola (NYSE:KO) Muhtar Kent.
Nokia (NYSE:NOK) and Research in Motion (NASDAQ:RIMM) are facing off on a patent dispute related to wireless local access network technology. An arbitrator has ruled in favor of Nokia and RIM could be forced to halt sales if it does not agree to pay royalties. Nokia has filed cases seeking to enforce the ruling. Shares of RIM gained 4.20 percent in the afternoon while Nokia gained as much as 3.79 percent.
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Costco (NASDAQ:COST) declared a special dividend of $7 per share payable Dec. 18 to holders of record Dec. 10, which will stack with the regular cash dividend declared on Oct. 30. If that wasn’t enough to get investors excited, comparable sales for the 12-week period ended November 25 were up 7 percent and net sales were up 10 percent. Shares climbed as much as 5.44 percent in the afternoon.
Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) is afternoon champion, gaining as much as 24.04 percent after posting its fourth-quarter results. Net sales for the quarter grew 33 percent year over year to $946.7 million while diluted income per share grew 23 percent to $0.58.
American Eagle Outfitters (NYSE:AEO) traded up as much as 7.01 percent Wednesday after the company posted strong third-quarter numbers. Net sales grew 11 percent year over year, comparable-store sales grew 10 percent, and net income grew 44 percent to $0.39 per share.
Futures were down at 8:30 AM, adding to Tuesday’s losses despite individual stock gains: S&P 500: -0.37 percent, Nasdaq: -0.33 percent, Dow: -0.27 percent.
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