PepsiCo (NYSE: PEP) -- Can the Coca-Cola (NYSE: KO) rival follow in its competitor's footsteps as it reports earnings today and post results the market is happy with?Pepsico reported that fourth-quarter profit fell partly on restructuring and impairment charges, but adjusted results were $1.39 billion, or 88 cents per share, inline with analysts' expectations. PEP shares traded nearly 1% higher in premarket trade, despite saying it forecasts pressure from a stronger dollar. PEP shares were some 2.5% higher by 11 am.
Toyota Motor Corp. (NYSE: TM) will freeze wages, cut pay for factory executives, eliminate bonuses for all salaried employees and offer voluntary redundancy to plant workers in North America for the first time as it widens output cuts to adjust for slumping vehicle demand. TM shares traded lower in premarket action. TM shares declined some about 1.9% by 11 am.
Nissan Motor (NASDAQ: NSANY) and Chrysler LLC said they have halted work on a product collaboration as they consider ways to improve projected financial returns on the 10-month-old deal.
Abercrombie & Fitch (NYSE: ANF) is also scheduled to release results today and is forecast to post earnings of $1 a share in the fourth quarter, according to Thomson Reuters. ANF shares are jumping over 5% in premarket trade after the company beat analyst estimates, reporting $1.10 adjusted EPS. ANF shares soared about 12% by 11 am.
Continental Airlines (NYSE: CAL) -- it was a Continental plane -- made by Bombardier -- that crashed into a neighborhood outside Buffalo, N.Y., leaving 49 people dead. Shares of CAL declined 3.7% in premarket trade. CAL shares were flattish by 11 am.
Microsoft Corp. (NASDAQ: MSFT) on Thursday announced plans to open its own stores -- Microsoft-branded retail stores, which will sell computers installed with Microsoft software as well as other company products -- despite the economic downturn that has left many retailers struggling. The move, of course, would remind investors of Apple Inc. (NASDAQ: AAPL)'s stores, but it is questionable whether MSFT can copy AAPL's success there. Indeed, while Apple conveys coolness, MSFT hired a 25-year veteran of Wal-Mart -- the opposite. Not to mention, the timing may be off.
Starbucks Corp. (NASDAQ: SBUX) said Thursday it will unveil a new instant coffee as part of its attempt to turn around sluggish sales and reposition it from a pricey coffee shop to a more affordable one. Not being a fan of Starbucks coffee, but drinking lots of instant at home (mostly due to laziness), I can't help but wonder how this product, which SBUX says it has worked on for more than 20 years, will taste like. As for helping SBUX, that's doubtful. I dare say this repositioning may not work.
Wells Fargo & Co. (NYSE: WFC) boosted its fourth-quarter loss from the 79 cents previously reported to 84 cents a share due to a non-cash charge not reported in its results on Jan. 28. WFC shares declined 2% in premarket trade. WFC shares lost over 4.2% of their value by 11 am.
Rio Tinto Group (NYSE: RTP)'s debt default risk actually jumped after it agreed to a $19.5 billion investment by its largest shareholder Aluminum Corp. of China, or Chinalco. Analysts says the deal favors Chinalco. RTP shares gained about 2.3% by 11 am.
McAfee (NYSE: MFE) shares jumped about 4.5% in premarket trading after reporting that fourth quarter net income rose on increased revenue from its corporate and consumer businesses. Results were inline with expectations on the bottom line. MFE shares jumped about 6.5% by 11 am.
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