Now a look at some of the stocks the Yahoo Finance team will be watching for you today. Apple (AAPL) is having its annual shareholder meeting today. The company averted an all-out showdown at the meeting with billionaire shareholder Carl Icahn over his calls for the company to spend more of its own cash buying back shares. CEO Tim Cook quieted Icahn by revealing the company had spent $14 billion to buyback its own shares since the company's disappointing quarterly report in January. Look for shareholders today to grill Cook on new products in the pipeline as well as any plans for acquisitions. Apple shares have recovered from their lowest levels so far this year, now down about 5%.
Mattel (MAT) announced this morning it will buy Canadian toy company Mega Brands for $460 million. Mega is the maker of Mega Bloks, the number two construction toy maker behind Lego. The deal comes after Mattel reported disappointing fourth quarter results based on a slow holiday season for toys with Barbie sales slumping 13%. Mattel stock is down more than 20% year-to-date.
Shares of Gap (GPS) are down this morning on the company's weak outlook for the year. The retailer beat earnings by $0.02 a share, but said profits fell 12.5% from last year as the company used discounts to entice holiday shoppers. Revenue came in in-line. The company warned weakening foreign currencies could hurt earnings in the current year. Gap has been a relative bright spot among retailers. Gap shares are up 13% for the year.
Who knew there was so much drama in men's clothing? We're watching shares of Jos. A. Bank (JOSB) this morning as the standoff between the company and Men's Wearhouse (MW) continues, but there may be signs of progress. Jos. A. Bank's board rejected the latest $1.8 billion takeover bid from Men's Wearhouse, but the board also said it was willing to meet to discuss a price the two companies could agree on. This is the latest in a months-long back-and-forth as the two companies try to buy each other.