In this report: InterDigital (NASDAQ:IDCC), Quest Diagnostics (NYSE:DGX) and Western Digital (NYSE:WDC).
InterDigital (NASDAQ:IDCC) is trading over 19 percent lower today after the company’s board announced that it had ended a strategic review in which it was looking at a possible sale. The company said that it will now look to sell or license more of its patents. Speculation surrounding a sale has surrounded the company for some time now and that has led investors to run up the stock in expectation of that sale. Those investors appeared to cut their losses today which led to the selloff in the stock today. InterDigital currently trades at $36.00 per share.
Quest Diagnostics (NYSE:DGX) shares have jumped over 6 percent today after the company posted a 14 percent increase in fourth quarter net income. The company reported a net income of $189.5 million, or $1.19 per share, up from $165.7 million, or 96 cents a share. That result easily topped analyst expectations of $1.06 per share. Revenue during the period rose 3 percent to $1.88 billion, again beating Wall Street estimates of $1.86 billion. Quest now says that it expects 2012 earnings of $4.40 to $4.55 per share on revenue of $7.66 billion to $7.7 billion. Analysts on average have predicted earnings of $4.67 per share on revenue of $7.67 billion. The company also announced that it had boosted its share repurchase program to $1.1 billion.
Western Digital (NYSE:WDC) is trading over 6.8 percent higher today after the company received an upgrade by analysts at Needham. The firm upped its rating on WDC to ‘Buy’ from ‘Hold’ while putting a $41 target price on the company. The move comes after the company reported its most recent quarter that beat analyst expectations.
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