FireEye Inc. Sinks on Disappointing Outlook; Wells Fargo & Company Discloses $911M in Potential Litigation Losses


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Companies Mentioned

NYSE:WFC / NASDAQ:FEYE / OTC:BB:STCC / NYSE:JCP
05/08/2014 [ACCESSWIRE]

Wells Fargo & Company (NYSE: WFC) - For an in-depth report on Wells Fargo & Company follow: www.BullTrends.com/stockquote/WFC

Shares of WFC closed up a modest 1.33% on about 15.5 million shares traded. The stock was one of the most active stocks on the NYSE. The company disclosed in a 10-K filing that the high end of the range of reasonably possible potential litigation losses in excess of the company's liability for probable and estimable losses came in at $911M as of March 31.

FireEye, Inc. (NASDAQ: FEYE) - For an in-depth report on FireEye, Inc. follow: www.BullTrends.com/stockquote/FEYE

FireEye Inc. closed down 22.84% on about 23.2 million shares traded. The stock was one of the biggest decliners on the NASDAQ and hit a new yearly low of $27.05 during intra-day trading. The company issued disappointing short-term outlook. The company’s management sees a full-year loss of $2.10 to $2.30 per share on revenue of $405 million to $415 million, versus the consensus of a $2.03-per-share loss and revenue of $407 million.

Sterling Consolidated Corp. (OTCBB: STCC) - For an in-depth report on Sterling Consolidated Corp. follow: www.BullTrends.com/stockquote/STCC

Shares of STCC closed down 27.72% on about 2.9 million shares traded on Wednesday. The company announced that its Acquisition Committee has issued a term sheet to a NJ distributor with annual revenues of more than $2 million. This target company is profitable and well-established in the marketplace with a rich 50-year history and includes a highly skilled engineering department.

J. C. Penney Company, Inc. (NYSE: JCP) - For an in-depth report on J. C. Penney Company, Inc. follow:  www.BullTrends.com/stockquote/JCP

Shares of J. C. Penney closed up 7.79% on about 22.4 million shares traded on Wednesday. The stock was one of the biggest gainers on the NYSE and one of the most active. The stock was upgraded by UBS from “sell” to “neutral” and its price target increased to $9 from $4. "JCP has less "miss & lower" risk on SSS/GM's in 1H14 while lapping significant one-time drags from extremely high clearance levels-and having 19% of total sq. footage under construction-in 1H13," wrote analyst Michael Binetti.

 

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