Auto stocks under pressure, Pandora CEO officially steps down, JCPenney upgraded, Sprint wireless deal chatter

Here’s a look at some of the stocks the Yahoo Finance team will be tracking for you today.The auto sector (F, FCAU) is in focus this morning after General Motors (GM) lowered its sales outlook for the year. GM now expects new vehicle sales will be in the low 17 million–unit range. This comes as automakers have reported a decline in sales over the past three months after a record run in 2016.

Sprint (S) shares were higher in early trading following reports that the telecom provider is in discussions with Charter (CHTR) and Comcast about a possible wireless deal. According to the Wall Street Journal the deal would allow the cable companies to offer wireless services to their customers and perhaps even take an equity stake in Sprint. This would put Sprint’s merger talks with T-Mobile (TMUS) on hold until at least the end of July.

JCPenney (JCP) stock got a nice pop this morning after Gorden Haskett Research Advisors upgraded the stock to hold from reduce. The firm believes the retailer’s new mix of merchandise will help it reach its same-store sales goals this year.

Darden Restaurants (DRI) was higher in early trading. The restaurant chain delivered a beat on both its top and bottom lines for last quarter. Revenue jumped nearly 8% from a year ago as it saw strong same-store sales growth in its Olive Garden and Longhorn Steakhouse restaurants. Darden also raised its dividend by 12.5% to $0.63 a share.

Pandora Media (P) Co-Founder and CEO Tim Westergren is officially leaving the company and its board. The internet radio company’s Chief Financial Officer Naveen Chopra will serve as CEO in the interim as the board searches for a permanent replacement.

 

 

By using Yahoo you agree that Yahoo and partners may use Cookies for personalisation and other purposes