Market Focus

Procter & Gamble

Procter & Gamble issued a warning after the closing bell. The world’s largest households products maker cut its sales and earnings outlook for the year because of unfavorable foreign rates in the emerging markets, including the devaluation of the Argentine Peso, Turkish Lira and others. The devaluations caused P&G’s earnings in those countries to be worth less when converted back to dollars. P&G shares finished the day up one percent to $78.84.

CVS Caremark

CVS Caremark is sticking to its 2014 sales forecast even though just a week ago, it announced it will stop selling cigarettes. The company says strength in its core pharmacy business will help offset the $2 billion yearly tobacco sales loss it will suffer. The drug store chain also beat fourth quarter earnings estimates, helped by increased prescription sales. Shares rose nearly three percent to $68.77.

Sprint

Sprint lost money in its fourth quarter, but not as much as analysts expected. The third-largest U.S. wireless carrier helped narrow its loss by growing subscribers. That surprised investors because in past quarters, the company lost customers due to a massive overhaul of its network, which weighed on the quality of its phone calls. Shares rose nearly three percent to $7.90.

Newell Rubbermaid

Newell Rubbermaid is recalling 3.8 million of its Graco brand car seats that are defective and can trap children. The buckles on the problem products can jam. But Graco is not recalling all of the seats the government believes it should. Regulators want the recall to include another 1.8 million seats designed for infants. Shares were off a fraction to $30.57.

Charter Communications & Time Warner Cable

Charter Communication is upping its efforts to buyout Time Warner Cable. Charter will nominate 13 directors to Time Warner’s board. The cable company’s CEO said Charter is trying to pressure the board into accepting a low ball offer. About a month ago, Charter bid $132.50 a share for Time Warner, but the offer was rejected. Shares of Charter rose a fraction to $137.90, while shares of Time Warner fell slightly to $134.90.

Mosaic

Fertilizer giant, Mosaic, saw profit plunge about 80 percent last quarter as phosphate and potash prices fell. Still, the company said it would buy back $1 billion of its shares and it had a positive forecast. That sent shares up almost 2.5 percent to $47.96.

Boeing

Boeing’s ability to churn out 787 Dreamliners is being called into question by employees. A huge backlog of orders is apparently making it difficult to build ten aircrafts a month. This production is crucial to Boeing’s performance this year, as it’s relying on the commercial plans to offset weakness in its defense unit. Still, shares were up more than two percent today to $130.16.

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