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Instagram takes on Snapchat; GM sales slip; IMAX makes bigger push in China

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Facebook (FB) – Instagram, a photo-sharing app that’s a unit of Facebook, has unveiled a stories feature. The new feature lets users post photos that vanish after 24 hours, putting it in direct competition with Snapchat.

General Motors (GM) – The auto giant said its sales dropped 1.9% to 267,258 in July as the company reduced fleet sales to focus on retail sales. Analysts expected a 1% drop.

IMAX (IMAX) – The company has signed a landmark deal with Wanda Cinema to add another 150 theaters in China. The theaters will be built throughout the country starting next year. One hundred ten of the theaters are scheduled to be installed by 2020 with the rest finished by 2022.

Procter & Gamble (PG) – The company announced quarterly earnings that topped Wall Street estimates, reporting earnings per share of 79 cents on revenue of $16.1 billion. Procter & Gamble chairman and CEO David Taylor said in a statement that the fiscal-fourth quarter was “another period of progress driving P&G’s results to a balance of strong top-line growth, bottom-line growth and cash generation.”

Choice Hotels (CHH) – The hotel chain beat earnings estimates by 4 cents but missed on revenue, reporting second-quarter earnings per share of 71 cents on revenue of $241.75 million. Choice Hotels CEO Stephen Joyce said in a statement that the company will continue to invest in programs “designed to drive more reservations through our central channels, improve guest loyalty and improve the value of our brands in an effort to drive incremental business to our franchisees.”

Pfizer (PFE) – The pharmaceutical giant posted second-quarter results that topped Wall Street expectations. Pfizer posted adjusted earnings per share of 64 cents on revenue of $13.15 billion. The company’s better than expected results were driven by demand for its newer drugs.

American Eagle Outfitters (AEO) – Bank of America (BAC) upgraded the retailer to a buy rating with a price target of $22 per share. American Eagle Outfitters is set to report second-quarter earnings August 17.

Home Depot (HD) – Stifel Nicolaus initiates coverage on Home Depot with a buy rating and a price target of $157 per share, implying a 13% upside from the stock’s closing price on Monday.