Stocks in the News: Dow Chemical, Sprint, Comcast
Dow Chemical (DOW) said its first-quarter profit climbed to $466 million, from $24 million as revenue jumped 48% to $13.42 billion. Excluding items, Dow earned 43 cents a share, beating estimates of 30 cents per share. The company cited synergies related to the acquisition of Rohm and Haas and structural cost reductions for the strong results. Shares climbed over 1% ahead of the bell.
WellPoint Inc. (WLP) said Wednesday its profit jumped 51% in the first quarter as it did more government business and the weak flu season led to lower medical costs. Results of $1.95 earnings per share on revenue of $15.1 billion exceeded expectations for a profit of $1.67 per share on 14.72 billion in revenue.
Sprint Nextel Corp. (S) reported a wider first-quarter net loss on 1.5% lower revenue. Excluding items, the latest loss was 17 cents, in line with forecasts. Sprint Nextel said it lost a net 75,000 subscribers in the quarter. Shares dropped over 2% in premarket trading.
GlaxoSmithKline (GSK) said Wednesday that its first-quarter profit rose 19% to 1.34 billion pounds ($2.0 billion) as sales climbed 9% to 7.36 billion pounds. The firm lifted its dividend 7% to 15 pence a share. GSK said that it saw some early signs of recovery for its U.S. pharmaceuticals business in the quarter.
Corning (GLW) reported Wednesday a 10% increase in first-quarter net income and 1% rise in revenue. Earnings per share were 52 cents, beating the 40 cents consensus. The company also increased 2010 revenue and earnings guidance. Shares advanced over 1% before the bell.
Comcast Corp. (CMCSA) reported Wednesday first-quarter profit increased 12% as more consumers signed up for digital cable TV and high-speed Internet services and as advertising rebounded. The company beat results marginally and sounded a note of caution. Shares jumped over 1.5% in premarket trades.
Microsoft Corp. (MSFT) and HTC Corp. signed an agreement that gives broad Microsoft-patent coverage to HTC's mobile phones that run the Google's (GOOG) Android mobile-phone platform. Microsoft would receive royalties from HTC under the deal.
Boeing Co. (BA) says that despite asking the companies that make the large sections of its new 787 jetliner to hold back shipping parts for two of the jets for about a month, it remains on track to ship the first jet later this year.
SAP AG (SAP) said Wednesday that its first-quarter net profit nearly doubled as demand for its products rose in both developed and emerging economies, boosting sales. Shares sank 1.7% ahead of the bell.
Broadcom Corp. (BRCM) reported first-quarter income more than doubled as revenue soared 71%. Results topped Wall Street expectations. Shares were 2.7% higher in premarket trading.
DreamWorks Animation SKG Inc. (DWA) on Tuesday posted first-quarter profits that beat expectations, even as revenue fell 38%. It announced a sequel to its latest blockbuster, How to Train Your Dragon. Shares rose 1% ahead of the bell.
Dell (DELL) was downgraded at UBS from buy to neutral. Shares fell over 1.5% before the bell.