Stocks in the news: U.S. Steel, BP, Valero Energy, Palm
BP PLC (BP) reported a 34 percent fall in third-quarter profit to $5.3 billion as oil and gas prices fell from record levels a year earlier. The results handily beat Street estimates. Shares jumped 4.7 percent ahead of the bell.
Valero Energy Corp. (VLO), for a change, reported a deeper-than-expected quarterly loss on Tuesday as the economic slump affected fuel demand and weighed on the results of the largest U.S. refiner as revenue fell 46 percent. Valero posted a net loss of $489 million, or 87 cents per share. Excluding items, it lost 39 cents per share, missing analysts' average forecast for a loss of 33 cents per share, according to Reuters I/B/E/S. Shares fell about 2 percent.
Palm Inc. (PALM) was downgraded at BMO Capital Markets to Underperform from Market Perform. The brokerage believes phones running Google's (GOOG) Android operating system will capture more market share, pushing Palm's OS to fourth place behind Apple (AAPL), Research In Motion (RIMM) and Google. It added that it believes Palm will also miss its revenue guidance for fiscal 2010. Shares fell 2.3 percent in premarket.
Textron Inc. (TXT) said Tuesday its third-quarter profit fell 98 percent to $4 million, or a penny a share, as Cessna business-jet deliveries plunged. Revenue fell 27 percent to $2.5 billion. Excluding items, Textron earned 12 cents a share, beating estimates for a loss of 2 cents a share. Shares gained about 2.4 percent before the bell.
TD Ameritrade Holding Corp. (AMTD) said Tuesday its profit fell in the third quarter to $156.7 million, or 26 cents a share, while net revenues increased 1.3 percent to $657.9 million. Results beat estimates.
PepsiCo (PEP) -- The European Union on Tuesday approved the proposed takeover by Pepsi of its two top bottling companies PepsiAmericas (PAS) and Pepsi Bottling Group (PBG) for $7.8 billion.
Cisco (CSCO) said Tuesday that it plans to buy closely-held web-security firm ScanSafe Inc. for $183 million in cash and retention-based incentives.
More earnings in brief:
- Honda (HMC) raises forecast, avoids loss for first half. Shares jumped over 5 percent.
- Wynn (WYNN) earnings fall, but top estimates - shares declined over 3 percent
- AK Steel (AKS) profit slumps
- Fresh Del Monte (FDP) profit beats Street
- Hospira (HSP) Q3 net profit up, boosts outlook -- shares jumped 7.8 percent
- Bemis (BMS) quarterly profit falls 19 percent, beats Street
- EarthLink (ELNK) Q3 profit beats Street view, shares up 3.8 percent
- Paccar (PCAR) Q3 net tumbles 96 percent, beats
- Baidu (BIDU) shares dropped 19 percent after Q3 earnings jump, but outlook disappoints
- Hertz Global Holdings Inc. (HTZ) shares jumped over 8 percent after it raised 2009 earnings guidance
- Johnson Controls Inc. (JCI) Q4 EPS Tops View; Affirms FY10 Guidance
- L-3 Communications Holdings Inc. (LLL) 3Q Profit Rises 19%; 2009 EPS View Raised
- LDK Solar Co. (LDK) shares jumped over 6 percent after it Lifts Revenue Guidance
- Limited Brands Inc. (LTD) shares slumped over 6 percent after it Cuts October Same-store Sales Forecast