Stocks in the news: Cisco, CVS Caremark, Whole Foods, Sara Lee, Wendy's
Toyota Motor Corp. (TM) posted a surprise profit last quarter -- its first after three losing quarters -- and trimmed its projected red ink for the year. Toyota said results were due to government measures around the world designed to boost sales of environmentally friendly cars and other vehicles. Shares were 2 percent higher ahead of the bell.
CVS Caremark Corp. (CVS) reported Thursday that third-quarter net income rose 39 percent from the year-earlier period and narrowed its adjusted full-year forecast. Results beat estimates. Shares slid over 11 percent.
Whole Foods Market (WFMI) reported strong fourth-quarter profit but announced a share dilution and gave lower than expected fiscal 2010 view. Shares declined nearly 10 percent in premarket.
Wendy's/Arby's Group Inc. (WEN) swung to an adjusted quarterly profit in line with analysts' expectations. Shares rose about 4.5 percent in premarket.
Time Warner Cable Inc. (TWC) posted a third quarter profit that beat expectations thanks to growth in sales of voice and Internet services. Shares rose over 2 percent.
Dr. Pepper Snapple (DPS) third-quarter earnings rose 42 percent amid increased volume and lower costs. Results beat analysts' expectation. DPS boosted the low end of its 2009 earnings outlook, but lowered revenue.
Sara Lee Corp. (SLE) fiscal first-quarter earnings rose 23.5 percent amid lower costs as results exceeded analysts' expectations. The company raised its fiscal-year earnings forecast and affirmed its sales guidance. Shares rose about 4 percent in premarket.
Qualcomm Inc. (QCOM) fiscal fourth-quarter profit dropped 8.5 percent, missing estimates, as charges, lower revenue and drooping margins weighed on results. It also provided a downbeat forecast for the current quarter. Shares rose 3.7 percent ahead of the bell.
News Corp. (NWS) reported an 11 percent increase in fiscal first-quarter profits. Strong results in its film and cable network businesses offset weakness in television, newspapers and book publishing. Shares rose 3 percent before the bell.
Research In Motion (RIMM) rose 2.7 percent after it said it would repurchase up to $1.2 billion of its own stock.Google Inc. (GOOG) introduced a new service for the shopping season, Google Commerce Search to ease online shopping.
Microsoft Corp. (MSFT) CEO Steve Ballmer said on Thursday the company could look to extend its search engine partnership with Yahoo Inc. (YHOO) outside the United States, if it gets regulatory approval.
Dow Chemical Co. (DOW) and Shenhua Group will reportedly move ahead with their planned $10 billion coal-to-chemical project in Shaanxi province after a delay of at least one year.
About 60 percent of U.S. retailers that reported, posted better-than-expected October sales. The reasons are attributed to cold weather that bolstered seasonal merchandise, continued promotions, and easier comparisons against downbeat sales a year earlier:
- Costco Wholesale Corp. (COST) reported a 5 percent increase in October same-store sales, helped by a weak U.S. dollar that helped push up international sales. This beat estimates.
- Macy's Inc. (M) same-store sales fell 0.8 percent, more than estimates.
- Limited Brands Inc. (LTD) sales fell 4 percent, missing estimates.
- Gap Inc. (GPS) October same-store sales rose 4 percent, beating estimates.
- American Eagle Outfitters (AEO) October same-store sales fell 5 percent, more than estimates.
- Abercrombie & Fitch (ANF) same-store sales fell 15 percent, more than estiamtes.
- Big Lots Inc. (BIG) comparable-store sales fell 0.2 percent.
- Walgreen Co. (WAG) sales rose 4.9 percent, higher than the 4.8% increase expected by analysts.
- Children's Place Retail Stores Inc. (PLCE) said sales fell less than expected.
- Hot Topic Inc. (HOTT) and Wet Seal Inc. (WTSL) also saw smaller-than-expected declines.
- Urban Outfitters Inc. (URBN), which doesn't report monthly sales, reported a smaller-than-expected decline in its third-quarter sales.