Tomahawk, WI 8/19/2011 (PennyPayDay) – Sprint Nextel in discussions with cable companies about a possible investment that could result in the buyout of partner Clearwire, according to a Bloomberg report.Clearwire shares were surging 25.5% to $2.90 in premarket trading Friday. Sprint shares were rising 0.3% to $3.50.
HP, desperate to boost its margins, unveiled a major corporate and strategic overhaul Thursday, which will involve ditching its WebOS devices and potentially spinning off its PC business.
The computer hardware company also gave weak guidance after reporting adjusted earnings per share of $1.10 on sales of $31.20 billion for its fiscal third quarter, compared to $1.08 a share on revenue of $30.70 billion reported in the year-ago period.
Analysts expected adjusted earnings per share of $1.09 on sales of $31.17 billion.
Shares were plunging 16.1% to $24.77.
Chipmaker Marvell Technology reported second-quarter earnings of 38 cents a share vs. the Wall Street consensus target of 37 cents a share.
Shares were advancing 9% to $13.05.
Shares of salesforce.com were spiking 5.2% to $120 after the cloud computing applications company increased its full-year revenue guidance to $2.22 billion to $2.23 billion, up from $2.15 billion to $2.17 billion.
The software company posted second-quarter adjusted earnings of 30 cents a share, in line with analysts' estimates. Revenue was $546 million, above analysts' projections of $528.8 million.
Software company Autodesk reported second-quarter profit of 44 cents a share vs. the average analyst estimate of 41 cents a share.
Shares were rising in premarket trading by 3.7% to $27.50.
Barnes & Noble said Liberty Media would invest $204 million in the bookseller, but discussions to buy it for $1 billion have ended.
Barnes & Noble shares were rising 2.6% to $12.40.
Bank of America plans to cut 3,500 jobs in the current quarter and thousands of additional cuts are expected as part of an aggressive overhaul, The Wall Street Journal reported, citing people familiar with the situation.
Shares were sliding 1.9% to $6.88.
Apparel company Gap has reaffirmed its full-year earnings guidance of $1.40 to $1.50 a share after reporting that its second-quarter profit fell to 35 cents a share from 36 cents a share a year ago. The Wall Street consensus estimate for the quarter was earnings of 33 cents a share.
Shares were up 0.2% to $15.55.
Intuit Inc., the financial management software provider, reported fourth-quarter loss of 19 cents a share vs. loss of 15 cents a share last year.
Revenue was $593 million, beating the average analyst estimate of $583 million.
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