Stocks in the News: Toyota, Electronic Arts, Coca-Cola
Coca-Cola (KO) reported its fourth quarter earnings climbed 55% to $1.54 billion, or 66 cents a share, on 5% higher revenue of $7.51 billion as strong volume in Latin America and other parts of the world offset a decline in North America. Results were inline with estimates. Shares rose 1.8% in premarket trading.Toyota (TM), once again, is in the news, announcing Tuesday that it is recalling about 437,000 Prius and other hybrid vehicles worldwide to fix brake problems. That's, of course, just the latest in a string of massive recalls due to safety issues that are embarrassing and damaging to the image of the world's largest automaker. Shares jumped nearly 3% ahead of the bell.
Walt Disney (DIS) is still due to report today.
Coventry Health Care (CVH) reported better-than-expected quarterly profit on Tuesday, helped by improved performance in its Medicare and commercial businesses. Fourth-quarter net income rose to $109.1 million, or 74 cents per share, handily beating the 56 cents per share analysts had expected, according to Thomson Reuters I/B/E/S. Shares jumped 1.6% before the bell.
Pulte Homes (PHM) reported a smaller fourth-quarter net loss on Tuesday, helped by tax benefits. The net loss narrowed to $116.9 million, or 31 cents per share, from $338.2 million, or $1.33 per share, a year earlier. Shares traded 1.5% higher.
Electronic Arts (ERTS) reported on Monday a net loss, but adjusted earnings were 33 cents a share, versus the average analyst estimate of 31 cents a share. Revenue fell 25% to $1.2 billion, below estimates of $1.34 billion. But investors were even more concerned about the outlook. It forecast current quarter results below expectations and warned that fiscal 2011 earnings would miss Wall Street projections as it grapples with a lack of blockbuster new games. Shares sank 8% in premarket trading.
Amgen (AMGN) said the last of three clinical trials comparing its experimental bone drug denosumab against Novartis AG's (NVS) Zometa met its primary and secondary goals: It delayed the time to the first skeletal-related event and reduced the rate of multiple skeletal-related events. AMGN shares rose over 2% ahead of the bell.
UBS (UBS) fell in Swiss trading after returning to a profit in the fourth quarter but reporting widening outflows.
Hartford Financial Services (HIG) shares dipped some 2.8% in premarket trading after reporting results late Monday.
Biogen Idec (BIIB) said Tuesday that its fourth-quarter net income rose by some 50%. Adjusted earnings were $1.20 a share. On average, analysts polled by FactSet Research were expecting $1.05 a share. Revenue rose to $1.13 billion from $1.07 billion. BIIB also gave outlook above estimates.
McDonald's (MCD) said Tuesday that its January global same-store sales rose 2.6%. The company also said it expects to record charges of $40 million to $50 million, mostly in the first half of the year, related to the closure of restaurants by McDonald's Japan.
Caterpillar (CAT) was upgraded at Morgan Stanley to overweight from underweight as part of a broader upgrade on the U.S. industrial sector. Shares jumped 3.5% ahead of the bell.
Molson Coors Brewing (TAP) reported that fourth-quarter net income more than doubled, and adjusted net income rose 86%, on 11% higher net sales even as orldwide beer volume fell 4%. Shares jumped over 2.8% ahead of the bell.