Stocks & Markets
Stocks on the Move: 3M, FedEx, Kimco, Motorola
Dec. 8 (Bloomberg) -- Shares of the following companies may have unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 8 a.m. in New York.
3M Co. (MMM) fell 2 percent to $76.39. The maker of 55,000 products from Post-It Notes to safety equipment forecast per-share profit of $4.85 to $5 for 2010. Analysts estimated earnings of $4.93 on average. The company predicted sales of $24.5 billion to $25.5 billion. Analysts estimate $24.2 billion on average.
Allied Irish Banks Plc. (AIB) tumbled 10 percent to $4.06. Ireland's banks face a five-fold rise in the rate of fees associated with an extension of the state's guarantee plan, the Irish Independent reported, without saying where it got the information.
Diedrich Coffee Inc. (DDRX) fell 1.5 percent to $34.62. Peet's Coffee & Tea Inc. (PEET) said it won't raise its bid to purchase Diedrich after Green Mountain Coffee Roasters Inc. (GMCR) increased its offer.
FedEx Corp. (FDX) rose 2.4 percent to $89.60. The second-largest U.S. package-shipping company said it will report earnings of $1.10 a share for the fiscal second quarter, exceeding its previous forecast of 95 cents a share at most.
Kimco Realty Corp. (KIM): The largest U.S. owner of community shopping centers said it plans to sell 25 million shares of common stock and use the proceeds to pay debt. The creation of additional shares tends to dilute future earnings for existing shareholders.
Motorola Inc. (MOT) rose 1.2 percent to $8.23. The largest U.S. mobile-phone maker was rated "new outperform" by Sanford C. Bernstein & Co. analyst Pierre Ferragu. The 12-month target price is $11.00 per share.
Pep Boys - Manny, Moe & Jack (PBY) fell 3.5 percent to $8.95. The automotive retailer and service chain reported third quarter profit of 4 cents a share, matching the average estimate of analysts surveyed by Bloomberg.
Qwest Communications International Inc. (Q) rose 2.2 percent to $4.20. The local phone provider in 14 states was recommended by CNBC host Jim Cramer, who cited telecommunication companies' dividend yields, according to a summary of his show on the cable channel's Web site.
Windstream Corp. (WIN), which was also mentioned by Cramer, added 4.6 percent to $11.24.
Select Comfort Corp. (SCSS): The maker of Sleep Number adjustable beds said it plans to sell shares and use the money to improve working capital and reduce its debt.
To contact the reporter on this story: Nikolaj Gammeltoft in New York at email@example.com