Stocks BUZZING at the BELL: Arena DROPS 3%, Supervalu CRASHES 44%, Apple is in the RED
Arena Pharmaceuticals Inc. (NASDAQ:ARNA) shares are down 3.23 percent this morning in early trading. The company announced a filing with the Swiss health authority, Swissmedic. “This submission reflects our continued efforts to make lorcaserin available to physicians and patients beyond the United States,” said Jack Lief, Arena’s President and Chief Executive Officer. “We look forward to Swissmedic’s review of our application and to the potential approval of lorcaserin in Switzerland for patients who are obese or overweight with comorbidities.”
Shares of Marriott International Inc. (NYSE:MAR) are down 4.55 percent this morning after the lodging company reported second-quarter earnings of $143 million (42 cents per share), compared to $135 million (37 cents per share) a year earlier. However, revenue fell to $2.78 billion, compared to $2.97 billion. Arne M. Sorenson, president and chief executive officer of Marriott International, said, “In the second quarter, our business performed well in most markets around the world. In North America, strengthening group business, more travel by our special corporate customers, especially in the technology and consulting industries, and the impact of modest supply growth, drove our occupancy and room rates higher.”
A Closer Look: Marriott Earnings Cheat Sheet>>
Apple Inc. (NASDAQ:AAPL) shares are trading slightly lower this morning after the company responded about pulling its products from the U.S. government-backed Electronic Production Environmental Tool, or EPEAT, the green standard for U.S. companies. “Apple takes a comprehensive approach to measuring our environmental impact and all of our products meet the strictest energy efficiency standards backed by the U.S. government, Energy Star 5.2,” Apple rep Kristin Huguet, told The Loop. “We also lead the industry by reporting each product’s greenhouse gas emissions on our website, and Apple products are superior in other important environmental areas not measured by EPEAT, such as removal of toxic materials.”
Supervalu Inc. (NYSE:SVU) shares are down 44.61 percent this morning. The supermarket operator announced that it suspended its dividend and will review strategic alternatives going forward. First-quarter earnings also came in at $41 million (19 cents per share), compared to $74 million (35 cents per share) a year earlier. “These are bold but necessary moves,” CEO Craig Herkert said in the announcement, “which will position Supervalu for success in this increasingly competitive environment.”
Chevron Corp. (NYSE:CVX) shares are up 0.71 percent this morning after the company reported yesterday afternoon that earnings for the second-quarter are expected to be higher than the first-quarter, when it earned $3.27 per share. The WSJ reports, “In the latest period, international downstream earnings are expected to include about $200 million in gains from asset sales. Chevron also said U.S. oil-equivalent production increased 14,000 barrels a day during the first two months of the second quarter, largely due to increased production in the Gulf of Mexico.”
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