Buzz at the Bell: MetroPCS Backslides, Apple Recovers
Shares of MetroPCS Communications (NYSE:PCS) closed 18 percent higher on Tuesday, but moved lower in pre-market trading today. The company is in talks to merge with Deutsche Telekom’s T-Mobile USA. The potential deal would combine T-Mobile and MetroPCS, with Deutsche Telekom holding the majority of shares. Last year, the government blocked the company’s deal with AT&T (NYSE:T) to sell T-Mobile.
Apple (NASDAQ:AAPL) shares continue to recover this morning. Rumors keep swirling that an iPad Mini will be announced in mid-October. The tech giant typically holds its fiscal fourth quarter earnings conference call in mid-October. However, this year’s call has been scheduled a week later on October 25, raising more speculation for a special iPad event taking place soon.
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Express (NYSE:EXPR) shares plunged 22 percent on Tuesday, and continue to move lower in pre-market trading. The apparel chain announced its third quarter earnings would miss its forecast. Higher than normal promotional activity had to be taken in order to reduce inventory levels.
Shares of Mosaic (NYSE:MOS) are down this morning after yesterday reporting a decline in quarterly earnings. For its first quarter, the company posted net income of $429.4 million ($1.01 per share), down 18.4 percent from $526 million a year earlier. Revenue also dropped 18.8 percent. “The long-term outlook for crop nutrition is outstanding, and Mosaic is well positioned as the world’s largest potash and phosphates producer,” said Jim Prokopanko, president and chief executive officer of Mosaic. “Drought and other weather-related issues in several of the world’s key agricultural regions severely impacted this year’s corn, soybean and wheat crops and provided a vivid reminder of just how tenuous global food security is. Our products are essential in helping the world grow the food it needs.”
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