Stocks in the News: Toll Brothers, Toyota, Google
Toll Brothers (TOL) posted on Wednesday a narrower fiscal first quarter loss of $40.8 million, or 25 cents a share, amid a slow recovery of the housing market. Revenue declined 20% to $326.7 million. Analysts expected a larger loss of 35 cents a share on smaller revenue of about $325 million. Shares climbed 2.9% in premarket trading.Toyota's (TM) CEO Akio Toyoda says the company grew too fast to keep up with safety controls. He is apologizing Wednesday before a House committee investigating deadly flaws that sparked the recall of 8.5 million cars. Shares advanced 1.7% ahead of the bell.
Google (GOOG) -- Three executives were convicted of privacy violations Wednesday in Italy for allowing a video showing how bullies abused a boy with Down's syndrome to be posted. The judge sentenced the three to a six-month suspended sentence and absolved them of defamation charges. Meanwhile, the European Commission said Wednesday it has asked Google to comment on allegations by rivals it demotes their sites in its search rankings.
Hertz Global Holdings (HTZ) on Wednesday reported a narrower loss in the fourth quarter. Excluding items, net income totaled 6 cents per share, better than the 1 cent per share analysts had expected. Revenue edged down 3% to $1.74 billion. Shares were 1.7% higher in premarket trading.
DreamWorks Animation (DWA) posted late Tuesday a much stronger-than-expected quarterly profit thanks to a strong performance from its television specials and sales of DVDs, including Monsters vs. Aliens. It is also preparing to release the 3-D movie How to Train Your Dragon next month. Shares fell 2% ahead of the bell.
Zale (ZLC) said Wednesday that it swung to a fiscal second-quarter profit even as revenue declined. Excluding items, the company earned 38 cents a share. Shares soared over 8% before the bell.
Garmin (GRMN) said Wednesday its fourth-quarter net income climbed 77%. Adjusted earnings rose to $1.43 a share, from 93 cents a share. Revenue climbed to $1.06 billion from $1.05 billion. Analysts had expected earnings of 96 cents a share on revenue of $961 million. Garmin also gave a 2010 outlook above estimates.
Autodesk (ADSK) reported fourth-quarter profit of $50.1 million, or 21 cents a share, as cost-cutting helped offset a 7% drop in revenue to $456.1 million. Excluding items, Autodesk would have made 30 cents per share, topping earnings estimate of 23 cents per share. Revenue also beat estimates of $432 million. Shares jumped over 6.5% before the bell.
Thomson Reuters (TRI) reported a 16% lower quarterly profit and said it expects 2010 revenue to be flat or to fall slightly because of the impact of negative net sales last year. Adjusted earnings per share came to 44 cents, beating estimates by a penny.