Rio Tinto CFO to RETIRE and 4 Morning Hot Stocks Making the Rounds
After serving Rio Tinto (NYSE:RIO) for nearly 32 years, CFO Guy Elliot will hang up his boots by the end of 2013. Elliot was the brains behind the company’s ill-fated, $38 billion takeover of Alcan. Rio chairman Jan du Plessis made no mention of this however, saying “….he helped steer the Group through the global financial crisis and back to a position of financial strength.”
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Shares of Home Loan Servicing Solutions (NASDAQ:HLSS) were higher in pre-market trading after the residential mortgage processor’s results for the first complete quarter after its February IPO just squeaked past analysts’ estimates: a net income of $4.7 million (33 cents a share) while analysts were expecting 32 cents.
A sharply lower quarterly earnings report and a suspension of its dividend by Supervalu Inc (NYSE:SVU), the third-largest U.S. supermarket chain, led analysts to cut price targets on its stock and question its ability to compete with Wal-Mart (NYSE:WMT) and Kroger (NYSE:KR); not surprisingly, shares tanked 27 percent.
Investors dumped shares of Calix (NYSE:CALX) after the broadband infrastructure provider cited weak capex outlay by service providers across many of its markets to warn that its Q2 revenue would be $79 million and EPS of $0.04, against market expectations of $95.1 million and $0.10 respectively. Shares were down 23.8 percent.
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