» » Stock Market News For Wednesday 12 May: Eldorado Gold, Coca-Cola Bottling, Electronic Arts, Intel, Morgan Stanley, Macy’s
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Stock Market News For Wednesday 12 May: Eldorado Gold, Coca-Cola Bottling, Electronic Arts, Intel, Morgan Stanley, Macy’s

By Daily Markets on | More Posts By | Stock Market Blog
  • Gold producer Eldorado Gold Corp. (EGO) said Wednesday that it has entered into an agreement to buy all outstanding common shares of Brazauro Resources Corp. (BZO.V) in an all-stock deal totalling roughly approximately C$122.4 million as it eyes a late stage exploration project Tocantinzinho Project in Tapajos, the main asset of Brazauro.
  • Coca-Cola Bottling Co. Consolidated (NASDAQ:COKE) reported on Wednesday lower profit for the first quarter. Despite an increase in sales, the results were brought down by higher costs. Net income was drastically down to $4.66 million or $0.51 per share from $8.53 million or $0.93 per share recorded a year earlier.
  • Electronic Arts Inc. (NASDAQ:ERTS) on Wednesday morning had the biggest drop in the S&P 500 index, falling 6.3% to $17.62. The second-largest video-game publisher reaffirmed its first- quarter and full-year outlook for fiscal 2011, below investors’ expectations of a boost in earnings.
  • Intel Corp. (NASDAQ:INTC) on Wednesday morning rose more than 2% to $22.75, the highest level since May 3. Stifel Nicolaus & Co. upgraded the world’s largest maker of semiconductors with a “buy” rating, saying gross margin strength is sustainable.
  • Morgan Stanley (NYSE:MS) shares fell more than 4% to $27.04 as it is being probed by U.S. prosecutors over whether the sixth-largest U.S. bank misled clients when it sold them collateralized debt obligations as the firm’s traders bet on a fall in the value of the securities.
  • Shares of Macy’s Inc. (NYSE:M) rose in morning trading after reporting that its first-quarter net income fell to $0.05 per share compared to a $0.21 per share last year. Its sales for the quarter totaled $5.57 billion, an increase of 7.2% over the same period last year. Analysts had expected revenue of $5.54 billion for the quarter.

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