Thursday's biggest gaining and declining stocks
9:22a ET October 18, 2007 (MarketWatch)
SAN FRANCISCO (MarketWatch) -- Among the companies whose shares are likely to see active trading during Thursday's session are Allstate, Bank of America, Bank of New York Mellon, Continental Air, Cubist, eBay, E-Trade, Fairchild Semi, Knoll, Nordstrom, Stryker and UnitedHealth.
Allstate Corp. said its third-quarter net income fell to $978 million, or $1.70 a share, from $1.16 billion, or $1.83 a share, in the year-ago period. Consolidated revenue rose to $8.99 billion from $8.74 billion last year. Analysts estimated earnings per share of $1.67 on revenue of $8.94 billion.
Amylin Pharmaceuticals Inc.'s third-quarter loss narrowed to $39.8 million, or 30 cents a share, from a year-earlier loss of $46.1 million, or 36 cents a share. The biopharmaceutical company said revenue rose 29% to $190 million from $147 million. Analysts expected a loss of 42 cents a share on revenue of $198 million.
AptarGroup Inc. reported a third-quarter net profit of $39.4 million, or 56 cents a share, compared with $28.2 million, or 40 cents a share, in the year-earlier period. The supplier of dispensing systems said revenue rose to $485.7 million from $404.9 million a year ago. Analysts were expecting a profit of 50 cents a share on revenue of $463 million. Aptar expects earnings for the fourth quarter to range from 43 cents to 46 cents a share.
Arena Pharmaceuticals Inc. reported a third quarter net loss of $32.3 million compared with $19.6 million in the year-earlier period. The company posted a net loss allocable to common stockholders of $32.8 million, or 54 cents a share, compared with a loss of $20.1 million, or 43 a share. The San Diego-based company said revenue rose to $5 million in the quarter from $4.4 million in third quarter 2006. Analysts had estimated a loss of 71 cents a share on $6 million in revenue.
Bank of America Corp.'s third-quarter earnings slid 32% to $3.7 billion, or 82 cents a share, from $5.42 billion, or $1.18 a share, a year earlier, hurt in part by a decline in global corporate and investment banking revenue. The Charlotte, N.C., commercial bank's net interest income rose to $8.62 billion from $8.59 billion, while its provision for credit losses increased to $2.03 billion from $1.17 billion a year ago. Total average assets at Sept. 30 rose to $1.58 trillion from $1.5 trillion at Sept. 30, 2006.
Bank of New York Mellon Corp. reported third-quarter net income rose 82% on 24% higher revenue, reflecting internal growth and "the positive impact of market volatility on our securities servicing businesses."
Boston Scientific Corp. will restructure business units and undertake other initiatives to reduce operating expenses by 12% to 13% in 2008. The medical products company expects to reduce its operating expenses, excluding amortization and royalty expenses, by $475 million to $525 million in 2008 and another $25 million to $50 million in 2009. Boston Scientific will cut about 2,300 jobs, or 13% of its worldwide work force, beginning this month. Boston Scientific expects to book about $450 million to $475 million, or 20 to 22 cents a share, in pretax charges on the reductions. About $275 million to $300 million of those charges will be recorded in the fourth quarter, with the rest throughout 2008 and 2009. See full story.
Callaway Golf Co. said it expects third-quarter earnings of break-even to 2 cents a share. The estimates are based on projected revenue of about $236 million, a 22% increase over last year. Callaway also raised its adjusted earnings per share estimate for the year to between 85 cents and 89 cents, on revenue of $1.1 billion to $1.11 billion, from a previous forecast of 78 cents to 84 cents a share on revenue of $1.07 billion to $1.08 billion.
Citrix Systems Inc.'s third-quarter net income rose to $60.7 million, or 33 cents a share, compared to $43.7 million, or 23 cents a share in the same period a year earlier. Meanwhile revenue rose to $350 million from $278 million. Excluding certain items, Citrix said earnings for the quarter were 41 cents a share. Analysts had anticipated earnings of 38 cents a share, on $340 million in revenue.
City National Corp.'s third-quarter net income rose 2% to $60 million, or $1.22 a share, from $59 million, or $1.20 cents a share, a year earlier. Analysts polled by Thomson Financial expected earnings of $1.23 a share. The bank holding company and parent of City National Bank said net interest income for the quarter rose 3% to $153.8 million from $148.9 million in the prior year. City National sees earnings per share growth from 3% to 5% in 2007.
Continental Airlines third-quarter net income rose 1.7% to $241 million, or $2.15 a share. Excluding a $12 million charge related to pilot pension plan settlements, net income rose 73% to $253 million, or $2.25 a share. Analysts had been expecting the airline to report earnings of $2.17 a share, according to data compiled by Thomson Financial. "The high cost of fuel continues to pose challenges for us, but we'll keep working those costs we can control," said Jeff Misner, the firm's chief financial officer. Continental also said that it's close to signing supplier cost reduction agreements that are expected to lead to cost savings of around $100 million a year. Operating revenue rose 8.6% to $3.8 billion, after strong international growth, the firm added.
Countrywide Financial Corp.: The Securities and Exchange Commission has opened an informal investigation into stock sales by Countrywide's chief executive officer, The Wall Street Journal reported on its Website late Wednesday. See full story.
Cubist Pharmaceuticals Inc.'s third-quarter net income nearly quadrupled to $20 million, or 32 cents a share, from $5.18 million, or 9 cents a share. Excluding certain stock-based compensation charges, earnings were $22.6 million, or 36 cents a share. The biopharmaceutical company's revenue increased 58% to $79.9 million from $50.4 million a year earlier. Analysts expected earnings of 25 cents a share, including stock-based compensation, on revenue of $76 million
