Stocks in the news: Verizon, ING, Corning, FairPoint
Verizon Communications (VZ) said on Monday third quarter revenue rose 10 percent to $27.27 billion, but its profit declined 30 percent to $2.89 billion, or 41 cents per share, as costs increased. Excluding one-time items, earnings were 60 cents per share. Top and bottom lines were better than the average analyst estimate of 59 cents per share on revenue of $27.17 billion, according to Thomson Reuters I/B/E/S.
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.