Stocks in the news: CIT, Hasbro, Human Genome, Cisco
Hasbro (HAS) reported a 5 percent rise in second-quarter profit to $39.3 million, or 26 cents per share, beating expectations of 23 cents per share, as strong sales of Transformers and G.I. Joe toys helped offset the stronger dollar. Revenue edged up 1 percent to $792.2 million, below estimates of $797.1 million. Shares were up nearly 4 percent ahead of the bell.
Halliburton (HAL) said Monday its second-quarter profit tumbled 48 percent to $262 million, or 29 cents per share, due to sluggish exploration and production activity, particularly in North America. Adjusted earnings of 30 cents a shares still beat Wall Street forecasts of 27 cents a share, but its outlook didn't show uptick in drilling before year's end. Shares gained about 3.5 percent in pre-market trading.
Human Genome Sciences Inc (HGSI) said on Monday that its experimental lupus drug had succeeded in a late-stage clinical trial. This has caused the stock to jump over 230 percent (!) as many had written off the product.
Eaton (ETN) reported a 92 percent plunge in its second-quarter profit as plummeting sales offset cost-cutting efforts. The company still beat Wall Street expectations for profit, but cut its full-year forecast. It also declared a quarterly dividend of 50 cents. Shares gained about 2.5 percent ahead of the bell.
Weatherford International Ltd. (WFT) reported that second-quarter net income fell 89 percent to $42 million, or 6 cents a share, as revenue fell 11 percent to $2 billion. The company missed expectations. Shares dropped 8 percent ahead of the bell.
Johnson Control Inc. (JCI) reported a third of the profit it reported last year, but it beat estimates. Shares were up 3.8 percent in pre-market trade.
Texas Instruments (TXN) reports results after the close. Analysts expect the chipmaker to have earned 18 cents per share. Legg Mason (LM) is also due to report after the close.
- Cisco Systems (CSCO) was upgraded to Outperform from Neutral at Credit Suisse. Shares gained over 2 percent in pre-market trade.
- Tyson Foods (TSN) was downgraded to Hold from Buy at Deutsche Bank. BMO downgraded TSN from Outperform to Market Perform. Shares declined 2.7 percent ahead of the bell.
- Akami (AKAM) was upgraded from Sell to Hold at Kaufman.
- Allergan (AGN) was upgraded at Citigroup from Hold to Buy.
- Elan (ELN) was upgraded at UBS from Underweight to Neutral.