Stocks in the News: Cigna, Alcatel-Lucent, CBS
The following is a round-up of news likely to affect stock prices today:
Cigna Corp. (CI) said Thursday its net income climbed 36% in the first quarter to $283 million, or $1.02 per share, because of greater premium revenue and better results from two discontinued businesses. While this handily beat analysts' estimates, the Associated Press cautions the numbers may not be comparable.
BP Plc (BP) CEO Tony Hayward said in a broadcast interview Thursday the oil leak in the Gulf of Mexico will be stopped, but he wasn't able to say when or how much it will cost to stop the leak, mop up the oil and compensate for damages. Shares recovered some 1.7% ahead of the bell.
Alcatel-Lucent SA (ALU) reported on Wednesday a 28% wider €515 million ($665 million) net loss for the first quarter that was also bigger than expected. Revenue fell 9.8% to €3.24 billion. Looking ahead, Alcatel-Lucent said demand for telecommunications equipment and services is recovering. Shares plunged 10% in premarket trading.
Liz Claiborne Inc. (LIZ) reported Thursday its first-quarter loss narrowed to $72 million, or 76 cents a share, even as sales fell 22% to $608 million. Its adjusted loss totaled 38 cents a share. Shares rose 1.5% before the bell.
Costco Wholesale Corp. (COST) reported its April same-store sales, or revenue at stores open at least a year, rose 11%, slightly missing Wall Street's expectations of 11.2%. Shares were 1% higher in premarket trades.
Nintendo (NTDOY) reported profit in the latest fiscal year fell 18% to 228.6 billion yen ($2.5 billion) -- its first drop in annual profit in six years -- due to a price cut for the Wii home console and sliding global sales. Annual sales slipped 22% to 1.434 trillion yen ($15.4 billion). Nintendo also forecast lower earnings and revenue this year.
CBS Corp. (CBS) reported late Wednesday a narrower first-quarter loss of $26.2 million, or 4 cents per share, thanks to a 25% increase in advertising. Excluding items, the company reported a profit of 5 cents per share, matching estimates. Revenue increased by 12% to $3.53 billion, beating estimates. Shares dropped 3% ahead of the bell.
Symantec Corp. (SYMC) reported net income of $184 million for its fiscal fourth quarter, compared with a loss a year earlier, when it wrote down the value of its assets. Excluding items, it earned 40 cents per share -- 3 cents better than expectations. Its revenue rose 4% to $1.53 billion, slightly better than expected. Shares jumped over 5% before the bell.
Clearwire Corp. (CLWR) reported a 72% rise in quarterly revenue to to $106.7 million, ahead of Wall Street expectations, on strong demand for a high-speed wireless service it is building. Clearwire saw its quarterly loss swell to $94.1 million, or 47 cents per basic share, but it still topped estimates. Shares soared 5.8% in premarket action.
Transocean Ltd. (RIG), owner of the rig responsible for one of the worst oil spills in U.S. history, posted a lower quarterly profit of $677 million, or $2.09 per share, on Wednesday that, excluding charges, topped analysts' expectations. Shares were 2.2% higher in premarket trades.
Many retailers report April sales Thursday:
