Hong Kong stocks slip in early trade; Sands slumps
(9:50 PM ET) HONG KONG (MarketWatch) -- Hong Kong stocks drifted lower early Thursday on concerns about results in the absence of strong cues from global markets, with Sands China Ltd. leading casino shares down after its parent missed earnings estimates. The Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.03% fell 0.3% to 18,824.14 and the Hang Seng China Enterprises Index lost 0.3% to 9,189.47. Shares of Sands /zigman2/quotes/207609245/delayed HK:1928 +3.19% /zigman2/quotes/201078396/delayed SCHYY -0.74% slumped 5.2% in the wake of weak results from parent Las Vegas Sands Corp. /zigman2/quotes/208792014/composite LVS +0.15% , with Wynn Macau Ltd. /zigman2/quotes/200973447/delayed HK:1128 +5.27% /zigman2/quotes/209288876/delayed WYNMY +0.45% dropping 2.1% and Galaxy Entertainment Group Ltd. /zigman2/quotes/202884203/delayed HK:27 +0.64% sliding 4.4%. Chinese banks and refiners were also lower, with Industrial & Commercial Bank of China Ltd. /zigman2/quotes/202401350/delayed IDCBY -1.89% /zigman2/quotes/201401473/delayed HK:1398 -1.33% shedding 1% and China Petroleum & Chemical Corp. /zigman2/quotes/202085942/delayed HK:386 -0.58% losing 1.6%. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +1.40% gave up 0.1% to 2,133.17 on the mainland bourses.
Tokyo Electron to post sharp profit drop: report
(8:02 PM ET) LOS ANGELES (MarketWatch) -- Japanese technology major Tokyo Electron Ltd. /zigman2/quotes/202883609/delayed JP:8035 -0.85% /zigman2/quotes/200298228/delayed TOELF -2.76% likely turned a group operating profit of roughly 9 billion yen ($11.5 million) in the April-June quarter, the Nikkei reported Thursday. Such a result would mark a 61% drop from a year earlier, as low NAND flash-memory prices hurt orders for chip-making equipment, the report said.
Cliffs Natural Resources posts 37% lower profit
(5:16 PM ET) SAN FRANCISCO (MarketWatch) -- Cliffs Natural Resources /zigman2/quotes/205424168/composite CLF +3.98% reported late Wednesday its second-quarter profit fell 37% to $258 million, or $1.81 a share, from $409 million, or $2.92 a share, a year ago. Revenue for the quarter fell 10% to $1.63 billion from $1.81 billion. Analysts polled by FactSet had predicted the Cleveland-based iron ore and metallurgical coal-mining company would earn $1.77 a share on $1.76 billion in revenue. Cliffs shares fell 2 cents to $41.13 in after-hours trade. The stock has fallen 58% over the past 12 months.
Facebook shares fall on Zynga results, forecast
(4:53 PM ET) SAN FRANCISCO (MarketWatch) -- Shares of Facebook Inc.fell 6% in after-hours trading on Wednesday following a disappointing earnings report by social game maker Zynga. Zynga shares crashed nearly 40% after the company slashed its forecast for the full year, citing "delays in launching new games, a faster decline in existing web games due in part to a more challenging environment on the Facebook web platform, and reduced expectations for 'Draw Something,'" the latter a reference to its popular mobile game. Facebook reports its own second-quarter results Thursday afternoon.
Ruby Tuesday swings to loss on impairment cost
(4:51 PM ET) SAN FRANCISCO (MarketWatch) -- Ruby Tuesday, Inc.reported after the close Wednesday a fiscal fourth-quarter loss of $5.8 million, or 9 cents a share, reversing a year-ago profit of $13.9 million, or 21 cents a share. Adjusted to exclude impairment costs, debt repayment penalties and other one-time items, the restaurant chain earned $13.3 million, or 21 cents a share, in the latest quarter. Revenue for the 14 weeks ended June 5 rose 2.9% to $361.6 million from $351.3 million in the same period last year. Analysts, who typically cite adjusted earnings, expected the Maryville, Tenn.-based company to earn 22 cents a share. Ruby Tuesday fell in after-hours trade to a 52-week low of $6.02. Ahead of the report, stock was down 10.6% since January and down almost 35% in the past 12 months.
Zynga shares plunge as forecast is slashed
(4:49 PM ET) SAN FRANCISCO (MarketWatch) -- Zynga Inc. saw its shares crash by as much as 40% in after-hours trading on Wednesday after the social game maker reported lower-than-expected results for the second quarter and slashed its forecast for the full year. The stock fell close to the $3 mark; it went public in December at $10. In a release detailing its second-quarter results, Zyngacut its adjusted earnings forecast range to 4-9 cents per share for the year, down from its earlier range of 23-29 cents per share. The company also lowered its booking forecast range to $1.15 billion-to-$1.23 billion for the year. It had previously forecasted full-year bookings in the range of $1.43 billion-to-$1.5 billion.
Zynga swings to loss; results miss estimates
(4:40 PM ET) SAN FRANCISCO (MarketWatch) - Zynga Inc.reported Wednesday afternoon that it swung to a loss for the second quarter, with adjusted results missing Wall Street's expectations. For the period ended June 30, Zyngareported a net loss of $22.8 million, or 3 cents a share, compared to net income of $1.4 million, or break-even on a per-share basis, for the same period last year. Earnings on an adjusted basis came in at $4.5 million, or 1 cent per share, for the recent period. Revenue rose 19% to $332 billion. Analysts were expecting earnings of 5 cents a share on revenue of $342.7 million for the quarter, according to consensus estimates from FactSet.
Visa swings to net loss on litigation provision
(4:36 PM ET) SAN FRANCISCO (MarketWatch) -- Visa Inc. /zigman2/quotes/203660239/composite V -1.51% reported late Wednesday a fiscal third-quarter net loss of $1.84 billion, or $2.74 per Class A share, reversing a year-ago profit of $1 billion, or $1.43 per Class A share. Adjusted to exclude a litigation provision and related one-time tax benefit, Visa had a profit of $1.1 billion, or $1.56 a share. Revenue for the quarter rose 10% to $2.6 billion. Analysts polled by FactSet, who typically cite adjusted results, had predicted the Foster City, Calif.-based company would post earnings of $1.45 a share. Shares of the credit card company have risen 20% this year so far, settling Wednesday at $122.2.
Western Digital's earnings surge to $745 million
(4:26 PM ET) SAN FRANCISCO (MarketWatch) -- Western Digital Corp. /zigman2/quotes/204213617/composite WDC +0.99% on Wednesday reported a fiscal fourth-quarter profit of $745 million, or $2.87 a share, on revenue of $4.8 billion, compared with earnings of $158 million, or 67 cents a share, on $2.4 billion in sales. Excluding one-time items, the maker of hard-disk drives would have earned $3.35 a share. Analysts surveyed by FactSet Research had forecast Western Digital to earn $2.47 a share on $4.25 billion in revenue. The company also said it shipped 71 million hard-disk drives during the quarter. Western Digital's shares climbed as much as 6.3% in after-hours trading following the release of the results.
Whole Foods profit up 32%; raises outlook
(4:26 PM ET) SAN FRANCISCO (MarketWatch) -- Whole Foods Marketreported late Wednesday a better-than-expected fiscal third-quarter profit and raised its 2012 earnings target, indicating that sales continue to hum along. Profit was $116.8 million, or 63 cents a a share, compared with $88.5 million, or 50 cents a share, in the year-ago period. Analysts surveyed by FactSet had forecast a profit of 61 cents a share. Sales climbed 14% to $2.7 billion at the company's 329 stores, while comparable store sales increased 8.2%. Whole Foods said same-store sales are running at a growth rate of 9.7% from the quarter ended July 1 through July 22. Shares of Whole Foods, which have been bruised in the past month, surged 10% in after-hours trade to $92.70.
Tesla's second-quarter loss widens to $1 a share
(4:25 PM ET) SAN FRANCISCO (MarketWatch) -- Tesla Motors Inc. /zigman2/quotes/203558040/lastsale TSLA +2.51% late Wednesday reported its second-quarter loss widened to $106 million, or $1 a share, from $58.9 million, or 60 cents a share, in the year-earlier period. Revenue slumped to $27 million versus $58.2 million. Excluding one-time items, the electric car maker lost 89 cents a share in the quarter. Analysts surveyed by FactSet had forecast a quarterly loss of $1.01 on revenue of $30.9 million. Shares of Tesla rose 3.7% in after hours trading.
Las Vegas Sands profit falls sharply
(4:20 PM ET) CHICAGO (MarketWatch) - Lower table hold and higher expenses dragged down Las Vegas Sands in the second quarter as the gambling firm reported a sharp decline in profit. Sands earned $240.6 million, or 29 cents a share, on the period, down from $367.6 million, or 45 cents a share, in the same quarter of 2011. On an adjusted basis, the company would have earned 44 cents a share, down from 54 cents a share. Revenue rose 10.1% to $2.58 billion. The average estimates of analysts polled by FactSet had been for Sands to earn 60 cents a share on revenue of $2.77 billion. Shares of Sands /zigman2/quotes/208792014/composite LVS +0.15% were down about 4% in after-hours action, building on a 3% loss in the regular session.
Akamai shares up after earnings top forecasts
(4:13 PM ET) SAN FRANCISCO (MarketWatch) -- Akamai Technologies Inc. /zigman2/quotes/203072268/composite AKAM +0.26% shares rose as much as 10% in after-hours trading Wednesday following the company's second-quarter earnings results. Akamai reported a fiscal second-quarter profit of $44 million, or 24 cents a share, on revenue of $331 million. During the same period a year ago, Akamai earned $48 million, or 25 cents a share, on $319 million in sales. Excluding one-time items, Akamai would have earned 43 cents a share. Analysts surveyed by FactSet Research had forecast the online content-services provider to earn 37 cents a share on $326.2 million in revenue.
Questcor slides 12% on sales report
(12:38 PM ET) BOSTON (MarketWatch) -- Shares of Questcor Pharmaceuticalsslid 12% to $39.00 on Wednesday after it reported weaker-than-expected sales of its lead drug Acthar. Questcor's stock has fallen 27% over the past 30 days, but has climbed 45% over the past year.
Medicines Co. shares jump 12% on earnings report
(12:17 PM ET) BOSTON (MarketWatch) -- Shares of The Medicines Co.jumped 12% to $25.61 on Wednesday after the drug maker issued a positive quarterly earnings report. The stock has risen 17% over the past 30 days, and has climbed 67% over the past year.
Riverbed surges on results, upgrade
(10:59 AM ET) SAN FRANCISCO (MarketWatch) -- Shares of Riverbed Technology Inc.surged more than 24% to $18.09 on Wednesday morning after the provider of networking solutions reported a strong jump in earnings for the second quarter and issued a forecast for the current period that was above Wall Street's estimates. The company also announced a licensing deal with Juniper Networks /zigman2/quotes/207361368/composite JNPR +0.19% . Mark Sue of RBC Capital upgraded the stock to a market perform, or neutral, rating from underperform, writing that "the company's improving sales execution has resulted in better top-line metrics."
Insurers get pummeled as WellPoint disappoints
(10:56 AM ET) LOS ANGELES (MarketWatch) -- Health insurers were pummeled in early trading on Wednesday after managed-care giant WellPoint Inc.reported disappointing earnings. WellPoint reported net income of $2.04 a share for the second quarter, off 3 cents from consensus estimates, and lowered its 2012 outlook. WellPoint shares were off more than 11% as a result, and one of its competitors in the California market, HealthNet Inc.fell by more than 10%. Others in the sector were dragged down as a result, with UnitedHealth Group Inc. /zigman2/quotes/210453738/composite UNH +0.0020% and Coventry HealthCaredown more than 5%. Humana Inc. /zigman2/quotes/203095337/composite HUM +0.97% , Cigna Corp /zigman2/quotes/208431372/composite CI +0.30% and Aetna Inc.were all off by more than 3%.