Stocks in the news: MBIA, Tyco, Beazer
Tyco International (TYC) posted a 53% drop in quarterly net profit to $205 million, or 43 cents per share, as soft economic conditions lowered demand for its construction and control products. Because of lower costs, however, results beat estimates. Revenue fell 16% to $4.4 billion, also above estimates of $4.3 billion.
Beazer Homes USA (BZH) shares jumped nearly 8% ahead of the bell after it posted a fourth-quarter profit of $33.8 million, or 84 cents per share, despite a 42% plunge in revenue, thanks to a large gain on the prepayment of debt. Results topped analysts' projections.
GameStop Corp. (GME) on Tuesday reiterated its forecast for third-quarter earnings per share, inline with estimates. Shares were 1% higher in premarket.
Barclays (BCS) said Tuesday that its third-quarter profit fell 54% after booking a big gain from its Lehman Brothers deal a year earlier. Barclays also restarted dividend payments and said bad-debt charges fell compared to earlier in the year. Shares fell over 5% ahead of the bell.
Oracle's (ORCL) and Sun Microsystems (JAVA) after U.S. authorities have approve the $7.4 billion deal, the European Commission is objecting to it.
HSBC (HBC) said Tuesday that that its third-quarter underlying pretax profit was "significantly ahead" of a year earlier, in part due to the first drop in U.S. impairment charges in more than three years. Shares gained nearly 2% in premarket.
Lloyds Banking Group (LYG), which is 43% owned by the government, is to cut a further 5,000 jobs by the end of 2010 as it continues to overhaul its operations and integrate HBOS. Shares fell about 1%.
Sprint Nextel (S) said Monday it will cut 2,000 to 2,500 positions in the fourth quarter in an effort to save $350 million. Shares declined some 4%.
Clearwire Corporation, (CLWR) announced Tuesday that it has raised $1.564 billion in new investment capital from Sprint Nextel Corporation (S), Comcast Corporation (CMCSA), Time Warner Cable Inc. (TWC), Intel Corporation (INTC), Eagle River Holdings, LLC and Bright House Networks, LLC in exchange for newly issued shares priced at $7.33 per share.
Alcatel-Lucent (ALU) was downgraded to neutral from outperform by Exane BNP Paribas. Shares fell about 4%.
JA Solar (JASO) shares jumped over 8% in premarket trading after it reported its highest-ever quarterly shipments on Tuesday and turned a profit versus a year-earlier loss.