Analysts were expecting earnings of 96 cents a share.
See if (M) is in our portfolio
GM shares fell $1.10, or 4.4%, to $23.94 in premarket trading Wednesday.P/> Adobe Systems(ADBE) said it plans to eliminate 750 jobs, or roughly 8% of its work force, as part of a restructuring.Adobe backed its outlook for fiscal fourth-quarter adjusted earnings, saying it still sees a non-GAAP profit of 57 cents to 64 cents a share on revenue of between $1.075 billion and $1.125 billion. The stock was falling 9.5% to $27.52. Dow component Cisco Systems(CSCO) reports fiscal first-quarter results after the closing bell Wednesday, and the average estimate of analysts polled by Thomson Reuters is for earnings of 39 cents a share on revenue of $11.03 billion. The stock fell 1.7% in premarket trading Wednesday to $18. Activision Blizzard (ATVI) said third-quarter profit nearly tripled as revenue rose 1% to $754 million.Activision earned $148 million, or 13 cents a share, in the quarter, up from $51 million, or 4 cents, a year earlier. Adjusted earnings were 7 cents a share, 2 cents above analysts' expectations.The company also raised its outlook for the year.The earnings were released the same day Activision began selling Call of Duty: Modern Warfare 3, the latest game in the Call of Duty franchise.The stock fell 1.7% to $13.70. Department store operator Macy's(M) said its third-quarter earnings rose to 32 cents a share from 2 cents a year earlier, beating the average analyst's estimate of 16 cents. However, the stock was falling 3.9% to $30.90 because of shrinking profit margins. Wendy's(WEN) reported third-quarter earnings of 5 cents per share, beating analysts' estimates by 1 cent. Revenue of $611.4 million fell short of forecasts for $618.2 million. North American same-store sales increased 0.9%. Wendy's expects same-store sales growth of 1% to 3% to be in the middle of the range, and restaurant margin to be about 100 basis points lower compared to the prior year. Wendy's shares were down 4.5% to $5.24. Dean Foods(DF) reported third-quarter earnings of 18 cents a share, beating estimates of 5 cents. Revenue of $3.4 billion was slightly above the consensus estimate of $3.32 billion. Dean Foods said it expects fourth-quarter earnings of 20 cents to 25 cents, topping the average estimate of 24 cents. Shares were up 2.6% to $10.21. Ralph Lauren(RL) reported fiscal second-quarter earnings of $2.46 a share, 22 cents above the consensus estimate of $2.24. Revenue of $1.9 billion was also above the Wall Street estimate of $1.84 billion. However, the company's gross margin, a key profit indicator, shrank to 56.6% from 58% a year earlier. Shares were down by 6% to $149.50. An earnings report is expected after the close Wednesday from Green Mountain Coffee Roasters(GMCR), which was recently accused of accounting fraud by hedge fund manager David Einhorn of Greenlight Capital, which has a short position on the stock. The earnings call after the close on Wednesday will be the first time management has spoken to Wall Street since Einhorn took his accusations public. Solar company Energy Conversion Devices(ENER) said it was temporarily suspending all manufacturing activity due to a high level of inventory, looking at additional restructuring options, and seeking to work with existing bond holders during a period of massive oversupply in the solar sector. Shares of digital entertainment company Rovi(ROVI) were tumbling by 25% to $34.70 after the company reported weaker-than-expected earnings Tuesday. Its net income of $1.8 million, or 2 cents per share was sharply lower than $36.4 million, or 33 cents a share, in the prior-year quarter because of restructuring and asset impairment charges. Excluding the one-time items, adjusted earnings grew to $70.88 million, or 63 cents per share, from $59.91 million or 53 cents per share in the year-ago quarter. Analysts were looking earnings of 61 cents. -- Written by Joseph Woelfel and Eric Rosenbaum in New York.>To submit a news tip, send an email to: tips@thestreet.com.
>To order reprints of this article, click here: Reprints
No comments:
Post a Comment