Stocks to Watch: RIM, Constellation Brands, Nike (Update 1)
By Alexandra Zendrian - 06/29/12 - 7:34 AM EDT
NEW YORK --
Research In Motion
disappointed Wall Street Thursday with its fiscal first-quarter results.
The BlackBerry maker reported a much wider-than-anticipated loss
, pushed back the launch of the BlackBerry 10 until the first calendar quarter of 2013 and announced plans to lay off 5,000 employees, roughly 30% of its work force.
Shares of Research in Motion fell 15.12% in premarket trading Friday to $7.72.
RIM Plunges on Loss; BB10 Delay: Live Blog Recap
posted fiscal fourth-quarter earnings on Thursday that missed analysts' expectations.
The sneaker maker reported a profit of $549 million, or $1.17 a share, on revenue of $6.47 billion for the three months ended in May; analysts were expecting earnings of $1.37 a share on revenue of $6.51 billion.
The company attributed the year-over-year decline in earnings to lower gross margin, higher SG&A spending, a higher effective tax rate and costs related to restructuring operations in western Europe.
Shares of Nike fell 11.56% in premarket trading Friday to $85.69.
, the world's largest brewer, confirmed Friday that it would buy the rest of Mexican brewer Grupo Modelo
that it doesn't already own for $20.1 billion.
Meanwhile, Constellation Brands
said it would buy the remaining 50% of Crown Imports
that it doesn't already own from Anheuser-Busch for $1.85 billion following Anheuser-Busch's deal to buy Modelo.
Constellation and Modelo owned Crown as a joint venture.
Constellation Brands' stock was climbing 4.46% in premarket trading Friday to $22.73.
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Retailer Finish Line
reported first-quarter net income Friday of $12.3 million, or 24 cents a share, down from year-earlier earnings of $16.4 million, or 30 cents.
Analysts, on average, anticipated earnings of 23 cents a share.
The company forecast an increase in earnings per share for the next fiscal year of about 7; it earned $1.53 a share in fiscal 2012. Previously, Finish Line projected earnings per share growth would be in the mid-single digits.
is expected by analysts Friday to report a second-quarter loss of 35 cents a share on sales of $294.8 million.
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-- Written by Joseph Woelfel
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