Express shares crash; Goldman Sachs says sell Garmin; Pfizer reaches deal with AstraZeneca
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Express (EXPR) — The retailer is under pressure after reporting weak sales. Express reported that its comparable sales fell 8% in the second quarter and expects third-quarter sales growth in the negative high single to low double digits.
Garmin (GRMN) — Goldman Sachs (GS) downgraded the stock to sell from neutral with a price target of $46. The investment firm is concerned about slowing growth in its key fitness and outdoor division.
Pfizer (PFE) — The pharmaceutical giant is buying part of AstraZeneca’s (AZN) antibiotics business for up to $1.575 billion. The deal is for three approved antibiotics and two drugs in clinical trials.
Best Buy (BBY) — JPMorgan (JPM) raised its price target for Best Buy’s stock, upping it to $35 per share from $30. JPMorgan’s move comes after the company’s sales and profits beat analyst expectations in the second quarter.
Fitbit (FIT) — A US International Trade Commission judge has ruled that Fitbit did not steal rival Jawbone’s trade secrets. The ruling ends Jawbone’s chances of an import ban against Fitbit’s wearable devices.
Intuit (INTU) — The company posted an 8% jump in revenue for its fiscal fourth quarter, but warned its first-quarter forecast is below Wall Street estimates. Intuit projects adjusted earnings per share of 1 cent to 3 cents on revenue of $740 million to $760 million for the current quarter. Analysts project EPS of 13 cents and revenue of $773 million.
