Stocks in the news: Verizon, ING, Corning, FairPoint
ING Groep NV (ING), one of the world's largest financial services companies, announced plans Monday to split itself by selling or listing its insurance and investment management arms. ING also plans to issue euro7.5 billion ($11.3 billion) in new shares to repay state aid and bolster its finances. Shares fell over 9 percent ahead of the bell.
Corning Inc. (GLW) said Monday that demand is rebounding for its flat-screen television glass. Corning's third-quarter profit fell from a year ago to $643 million, or 41 cents a share, as overall sales slipped 5 percent to $1.48 billion. Excluding items, its profit of 42 cents a share beat Wall Street's forecast of 39 cents a share and revenue forecasts of $1.42 billion. Shares climbed about 1.4 percent in pre-market trade.
FairPoint Communications Inc. (FRP), the telecommunications provider, said Monday it has filed for Chapter 11 bankruptcy protection after agreeing on a deal with key lenders that will help lower its debt by $1.7 billion. Shares skidded 43 percent.
Lorillard Inc. (LO) said Monday that its third-quarter profit dipped 1 percent to $235 million, or $1.44 per share, pinched by higher expenses and consumers tightening their spending. However, revenue climbed 26 percent to $1.42 billion. Excluding taxes, revenue grew 2 percent to $953 million. Analysts polled by Thomson Reuters, whose estimates normally exclude one-time items, forecast a profit of $1.52 per share on revenue of $1.32 billion. Shares traded 6 percent lower in pre-market action
Tellabs (TLAB) said Monday that third-quarter earnings were $29 million, or 7 cents a share, better than last year's period loss. Revenue, however, fell to $389 million and it forecast sequentially flat sales for the current quarter. Analysts polled by Thomson Reuters I/B/E/S estimated, on average, earnings per share of 6 cents and sales of $394 million. Shares were 3 percent lower before the bell.
Mosaic Co. (MOS) said Monday that it will pay a special cash dividend of $1.30 a share on Dec. 3 to shareholders of record as of Nov. 12. Shares added over 1 percent in pre-market.
RadioShack Corp. (RSH) reported lower third-quarter net income of $37.4 million, or 30 cents a share as quarterly revenue fell to $990 million and same-store sales decreased 2.9 percent. Analysts had, on average, been looking for earnings of 30 cents a share, according to estimates compiled by FactSet Research. Shares gained nearly 4.5 percent ahead of the bell.
Marvell Technology Group Ltd. (MRVL) lifted its estimate of third-quarter revenue and said it would post a tax benefit of 5 cents a share for the period. Shares jumped about 4.6 percent in pre-market trade.
McGraw-Hill Cos. (MHP) said Monday its third-quarter earnings fell to $336 million, or $1.07 a share. Analysts polled by FactSet Research were looking for a profit of $1.06 a share in the recent quarter. Revenue fell 8.4 percent to $1.9 billion, matching analysts' mean estimate. Shares fell about 1.8 percent.
- Amerigroup Corp (AGP) health insurer cut its third-quarter earnings outlook and withdrew its full-year outlook due to a severe H1N1 flu season. Shares dropped 7 percent.
- National Oilwell Varco Inc. (NOV) reported a 30 percent drop in quarterly profit on Monday as drilling activity declined with oil and gas prices, but results topped Wall Street forecasts. Still, shares fell nearly 2 percent.
- PrivateBancorp Inc. (PVTB) posted a third-quarter loss and said it would raise $175 million through a stock offering, sending its shares down 14 percent in pre-market trade.