Cliffs Natural shares fall 7% on weak 3Q results
(6:20 PM ET) SAN FRANCISCO (MarketWatch) -- Cliffs Natural Resources Inc. (NYS:CLF) , citing sharply lower iron ore prices and sales margins, reported late Wednesday its third-quarter profit fell to $85.1 million, or 59 cents a share, from $601.2 million, or $4.15 a share, a year ago. Revenue for the quarter ended Sept. 30 fell 26% to $1.45 billion from $2.07 billion. Analysts polled by FactSet had predicted the Cleveland, Ohio-based iron ore and coal company would post earnings of $1.05 a share on $1.69 in revenue. Cliffs Natural shares fell as much as 7% to $39.67 in after-hours trade, extending a 32% slide for the stock over the past 12 months.
Best Buy shares skid on Q3 warning
(5:53 PM ET) SAN FRANCISCO (MarketWatch) -- Best Buy (NYS:BBY) shares tumbled 7% to $15.76 in after-hours trade Wednesday after the electronics retailer issued a broad warning about its third quarter results. Best Buy said its earnings will be "significantly below" the same 2011 period. The company said comparable store sales would decline between 3.2% to 5.3%, or a similiar rate as the first two quarters of its fiscal year. Best Buy also projected its gross margin would decline 1%. The company will release results Nov. 20.
Range Resources swings to loss
(5:49 PM ET) SAN FRANCISCO (MarketWatch) -- Oil and gas producer Range Resources Corp. (NYS:RRC) reported late Wednesday a third-quarter loss of $53.8 million, or 34 cents a share, reversing a year-ago profit of $34.8 million, or 21 cents a share. Adjusted to exclude one-time items, the company posted a profit of $32 million, or 20 cents a share. Revenue for the quarter fell 20% to $294.9 million from $370.6 million. Analysts surveyed by FactSet had expected the Fort Worth, Texas company to earn 18 cents a share on $355 million in revenue. Range Resources shares were up 0.5% at $67.06 in after-hours trade. The stock is up 7% so far this year.
Symantec profit rises, revenue edges up
(4:31 PM ET) SAN FRANCISCO (MarketWatch) - Symantec Corp.on Wednesday reported a fiscal second-quarter profit of $193 million, or 27 cents a share, compared with a profit of $182 million, or 24 cents a share, for the year-earlier period. Revenue was $1.7 billion, up from $1.68 billion. Adjusted profit was 45 cents a share. Analysts were expecting a profit of 37 cents a share, on revenue of $1.66 billion, according to a consensus survey by FactSet.
Tractor Supply profit up 17%, outlook lifted
(4:29 PM ET) SAN FRANCISCO (MarketWatch) -- Tractor Supply Co. (NAS:TSCO) reported late Wednesday its third-quarter profit rose to $50.02 million, or 69 cents a share, from $42.73 million, or 58 cents a share, a year ago. Revenue for the three months ended Sept. 29 rose to $1.07 billion from $977.8 million. Analysts surveyed by FactSet had expected the farm and ranch supplies retailer to earn 67 cents a share on $1.07 billion in revenue. The company raised its full-year 2012 earnings outlook to between $3.63 and $3.69 a share from $3.58 to $3.66 a share previously. Tractor Supply shares fell as much as 4.4% to $91 in after-hours trade.
Fusion-io earnings drop; outlook disappoints
(4:25 PM ET) SAN FRANCISCO (MarketWatch) -- Fusion-io Inc.said Wednesday that in its fiscal first-quarter it earned $3.9 million, or 4 cents a share, on revenue of $118.1 million, compared with earnings of $7.2 million, or 7 cents a share, on $74.4 million in sales in the same period a year ago. Excluding one-time items, the memory technology company would have earned $14.9 million, or 14 cents a share. Analysts surveyed by FactSet had forecast Fusion-io to earn 7 cents a share on $110.8 million in revenue. Fusion-io forecast second-quarter revenue to be flat with its first-quarter results, while analysts had estimated the company would report $125.5 million in sales. In after-hours trading, Fusion-io's shares fell more than 10%.
Zynga shares jump on buyback, money gaming deal
(4:21 PM ET) SAN FRANCISCO (MarketWatch) -- Zynga Inc.'s (NAS:ZNGA) downtrodden shares jumped more than 15% in after-hours trades to $2.45 on Wednesday. Within its results for the third-quarter, the social game maker announced that its board has authorized a share buyback of up to $200 million. Zynga's shares have crashed since its December IPO at $10. In a separate statement, Zynga announced a deal with bwin.party to offer real-money gaming in the U.K. The deal will involve Zynga's Poker and Casino titles, as well as a slots game based on Zynga's popular "FarmVille" franchise. Financial terms of the deal were not disclosed. The games are expected to debut sometime in the first half of 2013.
Citrix profit drops, but sales rise
(4:20 PM ET) SAN FRANCISCO (MarketWatch) - Citrix Systems (NAS:CTXS) on Wednesday reported a third-quarter profit of $78.25 million, or 41 cents a share, compared with a profit of $92.18 million, or 49 cents a share, for the year-earlier period. Revenue was $641.42 million, up from $565.35 million. Adjusted profit was 68 cents a share. Analysts were expecting a profit of 65 cents a share, on revenue of $650.63 million, according to a consensus survey by FactSet.
Angie's List's loss edges higher; sales also grow
(4:14 PM ET) SAN FRANCISCO (MarketWatch) -- Online review and recommendation company Angie's List Inc. (NAS:ANGI) on Wednesday reported a third-quarter loss of $18.5 million, or 32 cents a share, on $42 million in revenue. During the same period a year ago, Angie's List lost $17.4 million, or 66 cents a share, on sales of $24 million. Analysts surveyed by FactSet had forecast Angie's List to lost 33 cents a share on $41.3 million in revenue. For its fourth quarter, Angie's List forecast revenue between $45 million and $46 million, while analysts had estimated the company's sales for the period at $45.7 million.
Zynga swings to loss; sets buyback
(4:13 PM ET) SAN FRANCISCO (MarketWatch) - Zynga Inc. (NAS:ZNGA) reported a net loss and sharp drop in bookings for the third quarter on Wednesday afternoon. The social game maker also announced a $200 million share buyback. For the period ended Sept. 30, net losses came in at $52.7 million, or 7 cents a share, compared to net earnings of $12.5 million for the same period last year. On an adjusted basis, Zynga said its net loss for the recent quarter was $361,000, or break-even on a per-share basis. Revenue rose 3% to $317 million, while bookings fell 11% to $256 million from last year's third quarter. Analysts were expecting a loss of 1 cent per share on revenue of $256.4 million for the period, according to Thomson Reuters.
Akamai profit rises, results beat Street
(4:13 PM ET) SAN FRANCISCO (MarketWatch) - Akamai Technologies (NAS:AKAM) on Wednesday reported a third-quarter profit of $48.23 million, or 27 cents a share, compared with a profit of $42.29 million, or 23 cents a share, for the year-earlier period. Revenue was $345.32 million, up from $281.86 million. Adjusted profit was 43 cents a share. Analysts were expecting the company to report a profit of 41 cents a share, on revenue of $338.68 million, according to a consensus survey by FactSet. Shares of Akamai were up more than 5% in after-hours trading.
Corning shares fall on downbeat outlook
(11:19 AM ET) SAN FRANCISCO (MarketWatch) -- Shares of Corning Inc. (NYS:GLW) fell more than 8% to $12.25 on Wednesday morning after the company slightly exceeded analysts' expectations for its third-quarter results but gave a downbeat outlook for the coming year. "The weakening economy is affecting sales in many of our businesses, with several not achieving the growth expectations we set for the year," CFO James Flaw said in the company's earnings announcement. "We believe these economic headwinds will persist next year." The company did not give a specific revenue or earnings forecast. It's display technology segment saw revenue jump 19% in the third quarter. Corning makes specialized glass used in smartphone and tablet displays, among other product lines.
Yelp jumps on pre-announcement, acquisition
(10:19 AM ET) SAN FRANCISCO (MarketWatch) -- Shares of Yelp Inc. jumped nearly 12% to $26.85 on Wednesday morning after the company pre-announced revenue for the third quarter that was better than analysts had expected. In a statement, Yelp (NYS:YELP) said it expects to report revenue of $36.4 million in its Nov. 1 earnings announcement. Analysts had been expecting revenue of $35.8 million for the period. Yelp also announced its acquisition of Qype, Europe's largest local reviews site, in a cash-and-stock deal worth about $50 million. Tom White of Macquarie said the deal "should help Yelp accelerate its expansion into Europe" in a note to clients.
Facebook's 21% share rise leads tech advance
(9:51 AM ET) SAN FRANCISCO (MarketWatch) -- Big gains from Facebook Inc. (NAS:FB) highlighted activity in the tech sector Wednesday. Facebook's shares climbed 21%, to $23.55 a share, after the company reported quarterly results Tuesday that included signs of improvement in its mobile-advertising business. Apple Inc. (NAS:AAPL) also advanced, rising almost 2%, to $623.24 a day after unveiling the iPad mini. Netflix Inc. (NAS:NFLX) was a big decliner, with its shares down more than 13%, to $59, after the company cut its streaming-subscriber forecast for the year. The Nasdaq Composite Indexrose more than 12 points to 3,002.
US Airways posts above-consensus adjusted profit
(8:30 AM ET) WASHINGTON (MarketWatch) -- US Airways Groupreported a third-quarter net profit of $245 million, or $1.24 a share, up from $76 million, or 41 cents, earned in the same period during 2011. Quarterly revenue generated by the Tempe, Ariz.-based carrier reached $3.53 bilion from the prior year's $3.44 billion, as mainline revenue rose 2.8%. On an adjusted basis, the results showed, US Airways would have turned in a profit of 98 cents a share. The consensus of analysts surveyed by FactSet Research had been for the company to show a profit of 92 cents a share and revenue of $3.55 billion. "Looking forward, the revenue environment remains strong," said Doug Parker, chairman and chief executive of US Airways, in the earnings release. Shares gained more than 3% in the premarket.
Dr Pepper Snapple profit up 16%
(8:28 AM ET) NEW YORK (MarketWatch) -- Dr Pepper Snapple Group Inc.said Wednesday its third-quarter profit rose to $179 million, or 84 cents a share, from $154 million, or 71 cents a share, in the year-ago period. Adjusted earnings rose to 79 cents a share from 74 cents a share. Sales remained about flat at $1.53 billion. Wall Street analysts expected the company to earn 77 cents a share on sales of $1.56 billion, according to a survey by FactSet. Dr Pepper Snapple Group expects adjusted 2012 earnings of $2.90 to $2.98 a share. Analysts estimated 2012 earnings of $2.96 a share.
Kimberly-Clark profit rises 20%, lifts view
(8:11 AM ET) NEW YORK (MarketWatch) -- Kimberly-Clark (NYS:KMB) said Wednesday its third-quarter profit increased 20% to $517 million, or $1.30 a share, from $432 million, or $1.09 a share, in the year-ago period. Adjusted profit rose to $1.34 a share from $1.26 a share. Sales fell 2.5% to $5.25 billion. Wall Street analysts expected the household products company to earn $1.32 a share on revenue of $5.34 billion, according to a survey by FactSet. Kimberly-Clark sees adjusted 2012 profit of $5.15 to $5.25 a share, up from its earlier estimate of $5.05 to $5.25 a share. Analyst had estimated 2012 earnings of $5.19 a share.
AT&T Q3 net and revenue about flat with year ago
(8:09 AM ET) TEL AVIV (MarketWatch) -- AT&T Inc., (NYS:T) the Dallas telecom major, reported that third- quarter net income and revenue were about flat with the year-earlier period. Profit edged up to $3.64 billion, or 63 cents a share, from $3.62 billion, or 61 cents, in the year-earlier quarter. Adjusted profit was 62 cents a share against 59 cents. Revenue slipped to $31.46 billion from $31.48 billion. A survey of analysts by FactSet Research produced consensus estimates of 60 cents a share of profit on $31.57 billion of revenue. In a Wednesday statement, AT&T said that its wireless business was strong, with 4.7 million Apple (NAS:AAPL) iPhones activated and sales of Android (NAS:GOOG) and Windows (NAS:MSFT) smartphones posting a record quarter. Average revenue per user for postpaid wireless subscribers rose 2.4% to $65.20.
Bristol-Myers has quarterly loss, revises outlook
(7:52 AM ET) WASHINGTON (MarketWatch) -- Bristol-Myers Squibb Co. (NYS:BMY) updated its 2012 profit forecast as the drug manufacturer reported a third-quarter net loss of $711 million, or 43 cents a share, a reversal from its profit of $969 million, or 56 cents, in the year-earlier period. Quarterly sales fell to $3.74 billion from the prior year's $5.35 billion. On an adjusted basis, the company would have turned in a profit of 41 cents a share for the latest quarter, down from 61 cents earned in the 2011 third quarter. The consensus of analysts polled by FactSet Research had been for earnings of 42 cents a share on revenue of $4 billion. The company cited U.S. patent expirations as a key factor behind the lower sales. As for 2012, Bristol-Myers Squibb now sees adjusted earnings toward the upper end of its previously established range of $1.90 to $2 a share.
Boeing profit down; 2012 view beats estimate
(7:50 AM ET) NEW YORK (MarketWatch) -- Boeing Co. (NYS:BA) said Wednesday its third-quarter profit fell 6% to $1.03 billion, or $1.35 a share, from $1.1 billion, or $1.46 a share, in the year-ago period. Higher pension expenses impacted the latest quarter by 18 cents a share. Revenue at the aerospace firm rose 13% to $20 billion from $17.73 billion. Wall Street analysts expected Boeing to earn $1.12 a share on revenue of $20.07 billion, according to a survey by FactSet. Looking ahead, Boeing expects 2012 earnings of $4.80 and $4.95 a share. Wall Street analysts have estimated 2012 earnings of $4.72 a share for Boeing.
Corning profit rises
(7:28 AM ET) NEW YORK (MarketWatch) -- Corning Inc. (NYS:GLW) said on Wednesday that it earned $521 million, or 35 cents a share in the third quarter, compared to $462 million, or 30 cents a share a year ago. Sales in the quarter rose to $2.04 billion, from $1.91 billion a year ago. Analysts polled by FactSet Research had expected the glass company to earn 32 cents a share on revenue of $2.02 billion.
EMC earns 40 cents a share in Q3, misses estimates
(7:26 AM ET) LONDON (MarketWatch) -- EMC Corp.on Wednesday reported a 3% rise in net profit in third quarter to $626 million, or 28 cents per share, from $606 million, or 27 cents a share in the year-ago-period. Adjusted earnings rose 7% to $881 million, or 40 cents a share, up from $823 million, or 37 cents a share. Revenue came in at $5.28 billion, a 6% increase compared to the same quarter last year. Analysts surveyed by FactSet expected earnings of 42 cents a share on revenue of $5.46 billion. The Hopkinton, Mass.-based tech company said it expects revenues for the full year to be between $21.60 billion and $21.75 billion, while net income is expected to come in between $2.72 billion and $2.77 billion.
General Dynamics profit falls by $52 million
(7:24 AM ET) NEW YORK (MarketWatch) -- General Dynamics Inc. (NYS:GD) said Wednesday its third-quarter net earnings fell to $600 million, or $1.70 a share, from $652 million, or $1.80 a share, in the year-ago period. Revenue dipped to $7.85 billion from $7.93 billion. "Demand in the quarter was particularly strong for aerospace products, including orders for every type of Gulfstream aircraft," the company said. Wall Street analysts expected General Dynamics to earn $1.78 a share on sales of $8.03 billion, according to a survey by FactSet.
Lorillard profit rises
(7:19 AM ET) NEW YORK (MarketWatch) -- Lorillard Inc.said on Wednesday that its third-quarter profit rose to $283 million, or $2.16 a share, from $267 million, or $1.94 a share a year ago. Revenue rose to $1.66 billion, from $1.62 billion a year ago. Analysts polled by FactSet Research had expected the company to earn $2.23 a share on revenue of $2 billion.
Eli Lilly Q3 net up 7.3%, revenue off 11%
(7:13 AM ET) TEL AVIV (MarketWatch) - Eli Lilly & Co., (NYS:LLY) the Indianapolis health-care major, reported third-quarter net income rose 7.3% on 11% lower revenue. Earnings reached $1.33 billion, or $1.18 a share, from $1.24 billion, or $1.11, in the year-earlier quarter. Adjusted earnings were 79 cents versus $1.13. Revenue fell to $5.44 billion from $6.15 billion. A survey of analysts by FactSet Research produced consensus estimates of profit of 84 cents a share on revenue of $5.63 billion. For full-year 2012, Lilly now expects to earn $3.68 to $3.78 a share compared with $3.90 in 2011. On an adjusted basis, Lilly expects to earn $3.30 to $3.40. Lilly affirmed its revenue estimate of $21.8 billion to $22.8 billion. FactSet's survey is looking for profit of $3.39 a share on revenue of $22.71 billion for the year.
Thermo Fisher Q3 net up 9.4%; year outlook lifted
(6:48 AM ET) TEL AVIV (MarketWatch) -- Thermo Fisher Scientific Inc., (NYS:TMO) the Waltham, Mass., provider of science services to pharma and biotech, hospitals and diagnostic labs, reported that third-quarter net income rose 9.4% as revenue increased 5.2%. Earnings reached $290.4 million,or 79 cents a share, from $265.4 million, or 69 cents, in the year- earlier quarter. The latest adjusted profit for the quarter was $1.19. Revenue climbed to $3.09 billion from $2.93 billion. A survey of analysts by FactSet Research produced consensus estimates of profit of $1.16 a share on revenue of $2.99 billion. Thermo Fisher increased its estimates of full-year earnings. The company now expects to earn an adjusted $4.81 to $4.88, an increase of 16% to 17% from 2011. Revenue should rise to a range of $12.32 billion to $12.4 billion, 7% growth year over year. The FactSet survey for 2012 is estimating $4.82 of profit and $12.27 billion of revenue.
Facebook upgraded to buy by Citi, shares surge
(6:45 AM ET) LONDON (MarketWatch) -- Facebook Inc. (NAS:FB) shares jumped almost 13% to $22.01 in premarket trades Wednesday after Citi Research upgraded the stock to buy, praising the social network's quarterly report from a day earlier. "What investors have for the first time since the FB IPO is fundamentals acceleration with a reasonable valuation," analyst Mark Mahaney wrote in a note to clients. Facebook on Tuesday reported a surge in advertising revenue as well as an increase in mobile monthly active users.
Praxair posts profit gain, sees near-term weakness
(6:24 AM ET) LONDON (MarketWatch) -- Praxairon Wednesday reported a third-quarter profit of $430 million, or $1.43 a share, up from $429 million, or $1.40 a share, a year earlier. Adjusting for one-time items, earnings came in at $1.39 a share. Sales dipped to $2.77 billion, from $2.90 billion. Analysts polled by FactSet Research were looking for earnings, on average, of $1.39 a share on sales of $2.83 billion. "While we are expecting that macro-economic conditions overall may continue to weaken in the near-term," said Chairman and CEO Steve Angel, "we will continue to drive long-term growth through our strategy of focusing on energy, environmental and emerging markets opportunities."
Yelp to post Q3 loss, acquires Qype review site
(4:06 AM ET) TEL AVIV (MarketWatch) -- Yelp Inc., (NYS:YELP) the San Francisco provider of online local reviews, on Wednesday said that it would post about a $2 million third-quarter loss and that it paid about $50 million for Qype, a European local-reviews website. Yelp also estimated the quarter's revenue at $36.4 million. A survey of analysts by FactSet Research produced consensus estimates for the quarter of a loss of $2.2 million on revenue of $35.7 million. In a statement, Yelp said that it paid €18.6 million cash plus 970,000 of its shares for Qype, which is headquartered in Germany. The deal will "accelerate Yelp's international expansion, bringing more than two million reviews and 50 million unique visitors per month across 13 countries," Yelp said in its statement.
Europe stocks inch higher, led by SAP; Volvo sinks
(3:18 AM ET) MADRID (MarketWatch) -- European stocks moved cautiously higher on Wednesday, as investors sought to recover from a bruising prior-day session. The Dow industrials (DOW:DJIA) suffered the worst single-day loss in four months on Tuesday. Helping drive positive momentum on Wednesday were well-received earnings from SAP AG (FRA:DE:SAP) (NYS:SAP) , as those shares rose 3.2%. On the downside, shares of Heineken NV (AMS:NL:HEIA) fell 2.7% on the brewer's results, while Volvo AB (OME:SE:VOLV.B) dropped over 7% on its results. The Stoxx Europe 600 index (STOXX:XX:SXXP) rose 0.3% to 269.21, while the German DAX 30 index (XEX:DX:DAX) rose 0.4% to 7,204.37. The French CAC 40 index (PAR:FR:PX1) rose 0.7% to 3,428.54 and the FTSE 100 index (FTSE:UK:UKX) rose 0.2% to 5,809.43.