Stocks to Watch: J.P. Morgan, Akamai and More

Stocks to Watch: J.P. Morgan, Akamai and More

  • Posted Thursday, October 13, 2011 -
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By Corrie Driebusch and Caitlin Nish

Stocks to watch this morning include J.P. Morgan, Akamai and more.

J.P. Morgan Chase on Thursday reported a slight drop in third-quarter earningsbecause of expected weak investment banking operations, but that was partiallyoffset by strong lending to businesses and revenue gains in the consumerbusiness. Shares dropped 2.1% to $32.50 in recent premarket trading. Thenation's second-largest bank by assets is the first big bank to report resultsfor the third quarter and is often watched as a barometer for the other banks.

For those others heavily driven by Wall Street operations, the picture looksbleak. Shares of Morgan Stanley dropped 2.4% to $15.46 premarket, CitigroupInc. lost 1.9% to $28.64 and Goldman Sachs Group Inc. declined 1.5% to$97.63 premarket.

Fastenal's fiscal third-quarter earnings rose 29% as the operator ofindustrial hardware supply stores continued to show strong growth in sales tomanufacturers. Shares of the company, which sells fasteners, tools and otherindustrial and construction supplies, fell 2.9% to $33.63 premarket.

Fairchild Semiconductor International's fiscal third-quarter earnings wereflat, though revenue declined and the chip maker's margins took a hit on lowerfactory loadings and start-up costs. Shares traded down 7.7% to $11.30premarket.

Senior Housing Properties Trust said it will be offering 8 millioncommon shares at $21 per share, a 4% discount to Wednesday's closing price. Thereal-estate investment trust said it plans to use the proceeds of the offeringto repay amounts outstanding under its revolving credit facility and for generalbusiness purposes. Shares slipped 4.3% to $20.88 premarket.

Winnebago Industries Inc.'s fiscal fourth-quarter earnings fell 28% dueto inventory-related expenses and weaker margins, though the recreation-vehiclemaker's revenue benefited from higher average prices. Shares rose 5.4% to $8.06in light premarket trading.

Akamai Technologies Inc. shares bounced wildly-up 3.8% at $24.25premarket - after Business Insider reported that folks in theadvertising-technology industry believe Google Inc. is poised to buy theInternet service provider.

Sinovac Biotech Ltd. said it has been selected by the Beijing Centersfor Disease Control and Prevention as one of the four manufacturers to supplyseasonal influenza vaccine to the citizens of Beijing. Shares of the provider ofbiopharmaceutical products in China jumped 12% to $2.49 premarket.

USA Technologies Inc. said it suspended Chairman and Chief ExecutiveGeorge R. Jensen Jr. last week over undisclosed posting he made on an Internetmessage board. Shares sank 11% to $1.27 premarket.

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