Market Focus


Walgreen posted an earnings miss. The nation’s largest drugstore chain saw profit slip because of a slowdown in generic drug introductions and a milder flu season. Walgreen expects the pressure from the generic slowdown to ease by the end of the year. Shares rose more than three percent to $66.42.


McCormick also reported earnings today. The spice company beat on both the top and bottom lines, helped by its recent acquisition of a Chinese condiment maker. That sent shares up 5.5 percent o $71.20.


Shares of Carnival Cruise Lines tumbled after the cruise operator said it may lose money this quarter. The company cut its full-year forecast after it was forced to cut prices to attract passengers. Overall earnings did beat estimates, but investors couldn’t get past the warning, the stock fell about five percent to $38.02.

JP Morgan

Jamie Dimon’s top aide, Michael Cavanagh is leaving his position as the Co-Chief Executive of JP Morgan’s corporate and investment bank. Cavanagh will become the Co-President and Co-Chief Operating Officer of private equity firm Carlyle Group. This came as a surprise since Cavanagh was seen as a front-runner to succeed Dimon as CEO. Shares of JP Morgan fell slightly to $60.93.


The maker of Ray-Ban and Oakley sunglasses, Luxottica is teaming up with Google. The company signed a deal to design and manufacture glasses with Google Glass technology. That sent shares of the eye ware company up more than four percent to $56.20.


The Canadian government reportedly blocked Blackberry’s attempt to sell itself to Chinese computer giant Lenovo last year. According to reports, the smart phone maker was told that a Chinese or Russian investment would be met with stiff opposition, so it abandoned the sale. Shares of Blackberry were off a fraction to $9.36.


Activist investor Dan Loeb of Third Point is suing Sotheby’s to remove its shareholder rights plan. Loeb claims that the auction house’s poison pill, which has put a cap on how much Sotheby’s stock his firm can own, limits his effort to shakeup the company’s board. Sotheby’s says the poison pill protects existing shareholders. Shares of Sotheby’s were up slightly to $43.07.

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