DOW JONES NEWSWIRES
Below is a synopsis of major quarterly releases from Monday
night and Tuesday morning:
Auto-Parts Maker TRW Tops Estimates; Shares Surge
TRW Automotive Holdings Corp. (TRW), one of the world's largest
makers of safety parts, swung to a second-quarter loss but raised
its full-year revenue forecast amid signs of a stabilization in
demand. The company had a surprise profit excluding charges,
helping send shares up 18% to $20.76.
D.R. Horton Loss Narrows; Orders Jump Sequentially
D.R. Horton Inc.'s (DHI) fiscal third-quarter loss narrowed as
the home builder reported fewer charges while orders rose 25% from
the prior quarter. Chairman Donald Horton called that increase
"stronger than our usual seasonal trend," and gives another sign
that the industry may finally be stabilizing. But the stock, which
has risen substantially the past month, fell 4.9% to $11.17.
CVS Earnings Climb 15% On PBM Strength
CVS Caremark Corp.'s (CVS) second-quarter profit rose 15% amid
revenue gains at its pharmacy-benefits-management business,
prompting the drugstore chain to raise its 2009 earnings outlook.
Shares rose 2.9% to $34.99.
ADM Earnings Slump 83%; Shares Down On Revenue Miss
Archer Daniels Midland Co. (ADM) reported an 83% fall in fiscal
fourth-quarter earnings, though maintained it saw signs of
improvement in the global food, feed and renewable fuels market.
The world's largest listed agribusiness group by revenue missed
analysts' expectations, sending its stock down 3.1% to $29.46 as it
also booked another charge for its palm oil operation.
Vulcan Materials Income Drops 84% On Weak Demand
Vulcan Materials Co.'s (VMC) second-quarter profit slumped 84%
amid a prior-year divestiture and falling demand as the largest
U.S. producer of construction aggregates post results below
expectations. The company late Monday also slashed its 2009 profit
target. Shares fell 3.3% to $46.20.
Entergy, Duke Energy Report Lower Income
Entergy Corp.'s (ETR) profit fell 16% on lower demand and
weakness in its nuclear segment, while Duke Energy Corp.'s (DUK)
earnings fell 21% on hedging impacts. But both slightly beat
earnings expectations. Entergy's stock fell 2.2% to $79.21 while
Duke was little changed.
ICE Earnings Down 15% On Charges; July Volume Up 34%
IntercontinentalExchange Inc.'s (ICE) income fell 15% as charges
more than offset increased revenue, which beat expectations, and
volume. ICE also average daily volume jumped 34% last month and
that its board authorized the buyback of up to $200 million in
stock until Feb. 28. Its market value is about $6.8 billion. Shares
edged lower.
GMAC Loss Widens On Charges; Credit Woes Mount
GMAC Inc.'s loss widened on charges as credit woes continued to
mount for the finance company and loan-loss provisions increased.
Revenue dropped 22%.
ArvinMeritor Posts Loss, Inks Divestiture Deal
ArvinMeritor Inc. (ARM) swung to a fiscal third-quarter loss
amid weak auto-production volume, but core results beat
expectations, helped by cost cuts. The company also reached an
agreement to sell its wheels business for $180 million. Shares
dropped 6.8%.
Progress Eenrgy Profit Down 15%; Florida Demand Swoons
Progress Energy Inc.'s (PGN) earnings fell 15% as amid lower
volume and margins, and the results missed Wall Street estimates.
The regional electric utility that serves the serves the Carolinas
and parts of Florida, where sales slid 12%. Its stock edged
lower.