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ER Wednesday, May 1
http://www.marketwatch.com/news/markets/earningswatch.asp

Sourcefire shares climb 9% in spite of results(11:13 am ET)
SAN FRANCISCO (MarketWatch) -- Sourcefire Inc. (FIRE: news, chart, profile) shares climbed 9%, to $52.09 Wednesday, in the wake of the cybersecurity company's first-quarter results. Late Tuesday, Sourcefire reported earnings excluding one-time items of 11 cents a share, on $56.2 million in revenue, compared with a profit of 11 cents a share on sales of $46.3 million in the same period a year ago. Analysts had forecast Sourcefire to earn 12 cents a share on $57.4 million in sales. The company attributed its weaker-than-expected results to the effects of the government sequestration, that delayed federal contracts being finalized in March. Analysts Dan Cummins, of B. Riley, said that despite the disappointing federal business, Sourcefire still had "good deal metrics overall" and raised his rating on the stock to buy from neutral.

Phillips 66 Q1 profit rises to $1.41 billion(8:29 am ET)
NEW YORK (MarketWatch) - Phillips 66 (PSX: news, chart, profile) reported its quarterly profit rose over 120% to $1.41 billion, or $2.23 a share, from $636 million, or $1.00 a share, a year earlier. Adjusted earnings were $1.38 billion, or $2.19 per share, the energy company said Wednesday. Analysts had expected earnings of $1.88 a share on revenue of $41.62 billion, according to FactSet. The company, founded a year ago as a subsidiary of ConocoPhillips, has returned $1.2 billion to shareholders, said company's chairman and CEO Greg Garland. Shares in Phillips 66 were up 3% in premarket trading.

MasterCard profit rises to $766 million(8:20 am ET)
NEW YORK (MarketWatch) - MasterCard Inc. (MA: news, chart, profile) reported its first-quarter net income rose to $766 million, or $6.23 per share, from $682 million, or $5.36 per share, a year earlier. Revenue rose 8% to $1.9 billion from $1.76 billion, the credit card company said on Wednesday. Analysts had expected earnings of $6.18 cents a share on revenue of $1.93 billion, according to FactSet. Processed transactions increased 12% to 8.7 billion, said the company. MasterCard shares were down 1.6% in premarket trading.

ICE profit falls, advances NYSE integration plans(8:06 am ET)
NEW YORK (MarketWatch) -- IntercontinentalExchange (ICE: news, chart, profile) reported its first-quarter net income fell to $135.4 million, or $1.86 earnings per share, from $147.8 million, or $2.04 earnings per share, a year earlier. Revenue dropped to $351.9 million from $365.2 million, the global markets and clearing house operator said on Wednesday. Analysts had expected earnings of $1.97 cents a share on revenue of $348 million, according to FactSet. "As we continue with the regulatory approval process for the acquisition of NYSE Euronext, we are advancing our integration plans while focusing on opportunities to grow and serve customers across all of our markets globally," said Jeffrey C. Sprecher ICE Chairman and CEO. ICE shares were up 0.1% in premarket trading.

CORRECT: Time Warner profit rises, revenue falls(7:35 am ET)
NEW YORK (MarketWatch) - Time Warner Inc. (TWX: news, chart, profile) reported its quarterly profit rose 24% to $720 million, or 75 cents a share, from $581 million, or 59 cents a share, a year earlier. The company reported adjusted earnings per share of 82 cents on profit of $785 million. Revenue fell to $6.94 billion, from $6.98 billion a year earlier, the media company said Wednesday. Analysts had expected earnings of 75 cents a share on revenue of $7.15 billion, according to FactSet. Jeff Bewkes, CEO and Chairman, said the strong first-quarter results make the company "even more confident" in its full-year outlook. Shares of Time Warner were unchanged at $60.55 in premarket trading. (Corrects company name and adjusted earnings.)

CVS narrows full-year earnings guidance(7:30 am ET)
NEW YORK (MarketWatch) - CVS Caremark Corp. (CVS: news, chart, profile) reported its first-quarter profit rose to 956 million, or $0.77 a share, from $776 million, or $0.59 a share, a year earlier. Adjusted earnings were $0.83 a share, the drugstore-chain operator said Wednesday. Revenue slipped to $30.76 billion, from $30.80 billion a year earlier. Retail pharmacy same-store sales declined 2.3% due to new generic introductions; front store same-store sales increased 1.4%, it said. Analysts had expected earnings of $0.71 a share on revenue of $30.37 billion, according to FactSet. The company offered second-quarter adjusted earnings guidance of $0.94-$0.97 a share and narrowed its full-year adjusted earnings range to between $3.89 and $4.00 a share. Shares in CVS Caremark were up 0.1% in premarket trading.

Chesapeake reports increase in profit(7:25 am ET)
NEW YORK (MarketWatch) -- Chesapeake Energy Corp. (CHK: news, chart, profile) reported its first-quarter profit was $58 million, or 2 cents a share, from a net loss of $28 million, or a loss of 11 cents a share, a year earlier. Revenue rose to $3.42 billion from $2.42 billion a year earlier, the energy company said on Wednesday. Analysts had expected earnings of 25 cents a share on revenue of $3.1 billion, according to FactSet. Total production increased 9% year-over-year, in the first quarter. "We plan to devote more than 80% of our total capital expenditures to drilling and completion activities in 2013 as compared to an average of approximately 50% over the last three years," said Chesapeake's Chief Financial Officer, Domenic J. Dell'Osso, Jr. Chesapeake shares were up 3.6%.

Viacom second-quarter profit, revenue fall(7:22 am ET)
NEW YORK (MarketWatch) - Viacom Inc. (VIA: news, chart, profile) reported its second-quarter profit fell to $478 million, or $0.96 a share, from $585 million, or $1.07 a share, a year earlier. Adjusted EPS was also $0.96. Revenue fell to $3.135 billion, from $3.331 billion a year earlier, the media company said Wednesday. Analysts had expected earnings of $0.95 a share on revenue of $3.18 billion, according to FactSet. Shares in Viacom were inactive in premarket trading.

Merck & Co. first-quarter profit, revenue fall(7:18 am ET)
NEW YORK (MarketWatch) - Merck & Co. Inc. (MRK: news, chart, profile) said its first-quarter profit fell to $1.59 billion, or 52 cents a share, from $1.74 billion, or 56 cents a share, a year earlier. The company said adjusted earnings, excluding acquisition and restructuring costs, fell to 85 cents a share from 99 cents a share a year ago. Revenue fell to $10.67 billion, from $11.73 billion a year earlier, the pharmaceutical company said Wednesday. Analysts had expected earnings of 80 cents a share on revenue of $11.11 billion, according to FactSet. Merck expects 2013 per-share earnings of between $1.92 and $2.16 and adjusted per-share earnings of between $3.45 and $3.55, as sales are under more pressure than expected. Full-year sales are expected to be about 2% to 4% lower than in the previous year, due in part to foreign exchange. The expiration of major patents also affected results, according to chief executive Kenneth Frazier. Shares were down less than 1% in premarket trade.
Tuesday, April 30

Japan stocks retreat as yen gains; Sharp tumbles(8:24 pm ET)
HONG KONG (MarketWatch) -- Japanese shares dropped early Wednesday as the yen's continued appreciation weighed on exporters despite another record finish for the S&P 500 Index (SPX: news, chart, profile) overnight in the U.S. The drop came amid thin trading volumes, with most regional markets closed for a holiday and ahead of Friday's holiday in Japan. The Nikkei Stock Average (JP:NIK: news, chart, profile) fell 0.3% to 13,813.65, extending losses from the previous session, and the broader Topix gave up 0.5% to 1,158.81. Among major exporters, Canon Inc. (JP:7751: news, chart, profile) (CAJ: news, chart, profile) lost 1.1% and Nissan Motor Co. (JP:7201: news, chart, profile) (NSANY: news, chart, profile) gave up 1.4%. Shares of Sharp Corp. (JP:6753: news, chart, profile) (SHCAY: news, chart, profile) skidded 4.1% after the Nikkei newspaper reported the company may have suffered a bigger loss than it had forecast in the previous financial year. Airlines declined amid worries about losses related to the grounding of their Dreamliner jet fleet, with Japan Airlines Co. (JP:9201: news, chart, profile) (JALFQ: news, chart, profile) skidding 5.2% and ANA Holdings Inc. (JP:9202: news, chart, profile) (ALNPY: news, chart, profile) dropping 1.4%.

Tenet earnings hurt by Medicare and other charges(8:59 am ET)
NEW YORK (MarketWatch) -- Tenet Healthcare Corp. (THC: news, chart, profile) said Tuesday it swung to a first-quarter loss of $88 million, or 85 cents a share, from a year-earlier profit of $58 million, or 53 cents a share. First-quarter results were affected by a $75 million Medicare settlement known as the Rural Floor settlement. The company said its loss per share from continuing operations was 83 cents. Excluding impairments, restructuring charges, acquisition-related costs and the loss on early extinguishment of debt, income from continuing operations was 33 cents a share. Quarterly revenue rose 3.7% to $2.39 billion. Analysts polled by FactSet had expected earnings of 31 cents a share on revenue of $2.42 billion. Tenet maintained its outlook for 2013 adjusted earnings before interest, taxes, depreciation and amortization at $1.325 billion to $1.425 billion and changed its second-quarter adjusted Ebitda outlook to a range of $325 million to $375 million. "Tenet generated strong earnings growth by rapidly adjusting costs in a soft volume environment in the first quarter," said Trevor Fetter, president and chief executive officer, in the statement. Shares were down less than 1% in premarket trade.

Valero reports $654 million first-quarter profit(8:39 am ET)
NEW YORK (MarketWatch)-- Valero Energy Corp. (VLO: news, chart, profile) earned $654 million, or $1.18 per share, in the first quarter, up from a loss of $432 million, or, a loss of 78 cents per share during the same quarter last year. First-quarter revenues totaled $33.47 billion, down from $35.17 billion during the first-quarter of 2012, the company said Tuesday. The oil company attributed earnings growth to an increase in refinery production volume. Analysts expected EPS of 98 cents per share on revenues of $30.41 billion. Valero said it expects to increase full-year capital expenditures to $2.85 billion due to the acceleration of projects. The company's shares climbed over 2.5% in pre-market trading.

U.S. Steel reports net loss of $73 million(8:31 am ET)
NEW YORK (MarketWatch) -- United States Steel Corporation (X: news, chart, profile) reported a first-quarter net loss on Tuesday of $73 million, or 51 loss per share, compared to a net loss of $219 million, or $1.52 loss per share a year earlier. The steel company's revenue fell to $4.6 billion from $5.2 billion a year-ago quarter. Adjusted for repurchase of bonds, net loss was $51 million, or 35 cents per diluted share. Wall Street analysts expected the company to report a loss of 19 cents a share on sales of $4.66 billion, according to a survey by FactSet. "We expect total reportable segment and other businesses operating results to be near break-even. Results for our Tubular segment are projected to be comparable with the first quarter; however we expect lower results from our Flat-rolled and European segments," said Chairman and CEO John Surma regarding the second-quarter outlook. U.S. Steel shares were down 2.5% in premarket trading.

Pfizer cuts 2013 outlook for revenue, EPS(7:41 am ET)
NEW YORK (MarketWatch) -- Pfizer Inc. (PFE: news, chart, profile) said Tuesday its first-quarter profit rose 53% to $2.75 billion from $1.79 billion a year earlier. Earnings per share rose to 38 cents from 24 cents a year ago, while adjusted earnings fell to 54 cents a share versus 57 cents a share a year ago. Quarterly revenue fell 9% to $13.5 billion. Analysts polled by FactSet had expected earnings of 56 cents a share on revenue of $13.99 billion. The pharmaceutical company lowered 2013 guidance for earnings per share to $1.44 to $1.59 from a range of $1.50 to $1.65. Adjusted earnings per share was cut to between $2.14 and $2.24 from $2.20 to $2.30. Reported revenue was lowered to a range of $55.3 billion to $57.3 billion. The company said it revised its full-year outlook to reflect the initial public offering of Zoetis, its animal-health unit, and changes in foreign-exchange rates. Shares were down 3% in premarket trade.

McGraw-Hill reports net income of $735 million(7:40 am ET)
NEW YORK (MarketWatch) -- McGraw-Hill Cos. (MHP: news, chart, profile) said Tuesday its first-quarter profit was $735 million, or $2.59 per share, compared to $123 million, or 43 cents a share a year earlier. Diluted earnings from continuing operations was down 4% to 54 cents a share and adjusted diluted earnings per share from continuing operations was up 29% to 80 cents a share. The global publishing and financial information services firm's revenue rose 14% to $1.18 billion from $1.035 billion from a year-ago quarter. Wall Street analysts expected the company to earn 73 cents a share on sales of $1.17 billion, according to a survey by FactSet. The firm confirmed the outlook for adjusted earnings per share for 2013 will remain unchanged at $3.10 to $3.20. McGraw-Hill shares were up 1.35% in premarket trading.

Office Depot misses on earnings, loses $6.65 mln(7:29 am ET)
NEW YORK (MarketWatch) -- Office Depot Inc. (ODP: news, chart, profile) lost $6.65 million, or 6 cents per share, in the first quarter, versus earnings of $49.50 million, or 14 cents per share, a year ago. The office supplies company reported quarterly sales of $2.72 billion on Tuesday, down 5% from $2.87 billion in the same quarter last year. Excluding merger- and restructuring-related charges, the company would have earned $1 million, or $0.00 per share. Analysts had projected earnings of 5 cents per share on revenues of $2.76 billion. In a statement, CEO Neil Austrian said Office Depot's first-quarter results were heavily impacted by the timing of the holiday season, which leaves confidence intact for meeting second-quarter and full-year earnings targets. The company's shares were unchanged in pre-market trading.

Europe stocks up, led by UBS, Deutsche Bank, BP(3:18 am ET)
MADRID (MarketWatch) -- European stocks rose on Tuesday on the heels of a record day for the Standard & Poor's 500 index (SPX: news, chart, profile) , and as a clutch of high-profile European companies reported upbeat results. The Stoxx Europe 600 (XX:SXXP: news, chart, profile) rose 0.5% to 298.93, with BP PLC (UK:BP: news, chart, profile) (BP: news, chart, profile) up nearly 3%, UBS AG (UBS: news, chart, profile) (CH:UBSN: news, chart, profile) jumping over 6%, Deutsche Bank AG (DE:DBK: news, chart, profile) -- also upgraded -- surging nearly 7% after each reported results. The German DAX 30 index (DX:DAX: news, chart, profile) rose nearly 1% to 7,948.85, while the FTSE 100 index (UK:UKX: news, chart, profile) rose 0.3% to 6,479.88. Shares of Invensys PLC (UK:ISYS: news, chart, profile) rose nearly 4% on a broker upgrade. The French CAC 40 index (FR:PX1: news, chart, profile) rose 0.3% to 3,880.43.

UBS profit blows away expectations(2:16 am ET)
MADRID (MarketWatch) -- Swiss banking group UBS AG (CH:UBSN: news, chart, profile) (UBS: news, chart, profile) on Tuesday reported a better-than-expected first-quarter profit, helped by good performances from its wealth management and investment banking units. UBS reported a first-quarter profit of 988 million Swiss francs ($1.05 billion) versus a profit of 1.04 billion Swiss francs in the year-ago period. A survey of analysts polled by Bloomberg News had forecast a profit of 412.3 million francs. The bank recorded net interest income of 1.48 billion francs, a 7% drop from the year-ago period. Profit for the group's wealth management unit totaled 664 million francs, which was a 28% drop from the year-ago period, but it saw net new money inflows of 15 billion francs. UBS's investment bank unit posted a profit of 977 million francs in the first quarter, a 44% gain from a year ago. In its outlook, UBS said client confidence and activity levels in the second quarter could be affected by unsolved issues with regards to the eurozone sovereign debt situation, ongoing geopolitical risks, the outlook for growth in the global economy and unresolved U.S. fiscal issues.
Monday, April 29

Sturm Ruger posts 53% higher profit (5:58 pm ET)
SAN FRANCISCO (MarketWatch) -- Firearms maker Sturm Ruger & Co., Inc. (RGR: news, chart, profile) reported late Monday its first-quarter profit rose 53% to $23.7 million, or $1.20 a share, from $15.5 million, or 79 cents a share, a year ago. Revenue for the quarter ended March 30 rose nearly 39% to $155.9 million from $112.3 million. Analysts surveyed by FactSet had predicted the Southport, Conn.-based company would earn $1.06 a share on $139.3 million in revenue. The company also declared a dividend of 49 cents payable May 24 to shareholders of record on May 10. Sturm Ruger shares rose 1.5% to $51.75 in after-hours trade.

McGraw-Hill seen reporting profit jump Tuesday(5:00 pm ET)
NEW YORK (MarketWatch) -- McGraw-Hill will report first-quarter earnings on Tuesday morning before the opening bell. The release is expected shortly after 7 am ET. Analysts expect the firm to report 73 cents a share, compared with 51 cents a share reported in first-quarter in 2012, according to a survey by FactSet. Analysts expect net income of $215 million compared to $123 million reported in the same quarter last year. Revenue of $1.17 billion is expected, compared with $1.33 billion from the same period a year earlier. McGraw-Hill shares were up 2.79% at $53.45 a share at the close on Monday, down 2.23% year-to-date.

Herbalife hikes 2013 outlook (4:43 pm ET)
SAN FRANCISCO (MarketWatch) -- Herbalife (HLF: news, chart, profile) kept its long winning streak alive, topping Wall Street's profit target for the 17th consecutive quarter. Late Monday, the nutritional products seller reported a first-quarter profit of $118.8 million, or $1.10 a share, up from $108.1 million, or 88 cents a share, in the year-earlier period. Revenue rose 17% to $1.1 billion. Analysts polled by FactSet were expecting a profit of $1.07 a share. Herbalife raised its 2013 profit target to between $4.60 a share and $4.80 a share, up from $4.45 and $4.65 a share. The company also raised its forecast for sales and volume point growth. However, Herbalife's second quarter forecast for a profit of $1.14 a share to $1.18 a share is below the $1.26 a share analysts were looking for. In after-hours trade, Herbalife's stock dipped to $38.70 after posting a gain just after the report came out. Herbalife's stock has become a battleground stock for high-profile hedge fund managers. Bill Ackman has made a $1 billion short bet against the stock, while Carl Icahn has taken a huge stake in the company.

Deutsche Bank Q1 profit rises, beats estimates(2:20 pm ET)
NEW YORK (MarketWatch) -- Deutsche Bank AG (DB: news, chart, profile) said on Monday its first-quarter profit rose to 1.7 billion euros ($2.22 billion), or 1.71 euros per share, compared to 1.4 billion euros, or 1.58 euros per share, in the same quarter the year before. The German financial firm's revenue was up 2% or 9.4 billion euros, from 9.2 billion euros. Wall Street analysts expected the company to earn 1.32 euros per share on revenue of 9.07 billion euros, according to a survey by FactSet. Deutsche Bank announced plans to raise 2.8 billion euros in capital. Deutsche Bank shares were up 1.7% in U.S. trading.
Friday, April 26

Chevron Q1 profit, revenue fall, beat estimates(8:55 am ET)
NEW YORK (MarketWatch) -- Chevron Corp. (CVX: news, chart, profile) said Friday its first-quarter profit fell to $6.18 billion, or $3.18 per share, compared to $6.47 billion, or $3.27 per share, in the same period a year earlier. The oil company's total revenue fell to $56.8 billion from $60.7 billion from a year-ago quarter. Wall Street analysts expected the company to earn $3.09 cents a share on sales of $56.46 billion, according to a survey by FactSet. Worldwide net oil-equivalent production was 2.65 million barrels per day in the first quarter of 2013, up from 2.63 million barrels per day in the 2012 first quarter. Production increases from project ramp-ups in the United States and Nigeria were largely offset by normal field declines. "Our key development projects remain on track," said Chairman and CEO John Watson in a statement. The company purchased $1.25 billion of its common stock in the first quarter. Chevron shares were up 0.5% in premarket trading.

AEP beats on Q1 sales, misses on earnings(7:37 am ET)
NEW YORK (MarketWatch) -- American Electric Power Co.'s (AEP: news, chart, profile) earnings dropped to $363 million, or $0.75 per share, down from $389 million, or $0.80 per share, in the same quarter a year ago. Total profit comes on sales of $3.8 billion, up from $3.6 billion a year ago. Analysts had expected earnings per share of $0.81 on revenues of $3.79 billion, according to FactSet. The electric company reaffirmed its operating earnings guidance range of between $3.05 and $3.25 per share. AEP said Tuesday it was increasing its quarterly dividend $0.02 to $0.49 per share.

Burger King Q1 profit beats, revenue misses(7:27 am ET)
NEW YORK (MarketWatch) -- Burger King Worldwide Inc. (BKW: news, chart, profile) said Friday its first-quarter profit rose to $35.8 million, or 10 cents per share, compared to $14.3 million, or 4 cents a share, in the same period a year earlier. The company's adjusted diluted earnings per share increased 49% to $0.17. The food-chain company's revenue fell 42.5% to $327.7 million from $569.9 million from a year-ago quarter. Wall Street analysts expected the company to earn 17 cents a share on sales of $306 million, according to a survey by FactSet. The company declared a cash dividend of 6 cents a share, payable on May 15, 2013 to shareholders and plans to repurchase up to $200 million of common stock by May 31, 2013.

VF Corp first-quarter profit beats, revenue misses(7:25 am ET)
NEW YORK (MarketWatch)-- VF Corp. (VFC: news, chart, profile) said Friday first-quarter net income rose to $270.4 million, or $2.41 a share, from $215.2 million, or $1.91 a share, a year earlier. The company said adjusted per-share earnings, which exclude items related to the Timberland acquisition, rose to $2.43 from $1.94 a year ago. Quarterly total revenue for the company, which owns brands including The North Face and and Jansport, rose to $2.61 billion from $2.56 billion. Analysts polled by FactSet had expected earnings of $2.19 a share on revenue of $2.63 billion. VF Corp. raised its estimate for full-year adjusted earnings per share to $10.75 from $10.70 and maintained its revenue guidance for 2013. Shares rose 1.8% in premarket trade.

Tyco revenue rises 3% in second quarter(6:24 am ET)
LONDON (MarketWatch) -- Tyco International Ltd. (TYC: news, chart, profile) on Friday reported second-quarter net income of 72 million, or 16 cents a share, down from $323 million, or 69 cents a share, in the year-ago period. The security-systems firm said income from continuing operations was negatively impacted by special items amounting to $124 million after tax, or 26 cents a share. Adjusted earnings came in at 42 cents a share up from 30 cents last year. Revenue rose 3% to $2.61 billion. Analysts polled by FactSet expected earnings of 39 cents a share on revenue of $2.59 billion. "Our financial performance and strong balance sheet provides us with the flexibility to continue to fund our organic and inorganic growth initiatives while returning capital to shareholders," Chief Executive George Oliver said in the earnings release.
Thursday, April 25

NetSuite loss widens, but sales jump(4:24 pm ET)
SAN FRANCISCO (MarketWatch) - NetSuite Inc. (N: news, chart, profile) on Thursday reported a first-quarter loss of $13 million, or 18 cents a share, compared with a loss of $7.7 million, or 11 cents a share, for the year-earlier period. Revenue rose to $91.6 million from $69.3 million. Adjusted profit was 4 cents a share. Analysts polled by FactSet on average were expecting a profit of 3 cents a share, on revenue of $91 million.

Starbucks raises 2013 profit outlook(4:23 pm ET)
SAN FRANCISCO (MarketWatch) -- Starbucks (SBUX: news, chart, profile) late Thursday raised its fiscal 2013 profit outlook after topping Wall Street's earnings for its fiscal second quarter on the strength of its U.S. business and a decline in coffee futures prices. For the quarter ended March 31, Starbucks said profit rose 26% to $390.4 million, or 51 cents a share. Analysts had expected 48 cents. Revenue rose 11% to $3.6 billion, while same-store sales grew 6%. Operating margins climbed to 15.3% from 13.5%. For its September 2013 fiscal year, Starbucks said it would earn between $2.12 to $2.18 a share. Its old forecast was $2.06 to $2.15 a share. However, Starbucks maintained its outlook for margin improvement, revenue and same-store sales growth. Starbucks shares fell 1.6% to $59.50 in late trade. Ahead of the report, the stock was trading near its five-year high of $62.

Expedia posts bigger loss, but results beat Street(4:16 pm ET)
SAN FRANCISCO (MarketWatch) - Expedia Inc. (EXPE: news, chart, profile) on Thursday reported a first-quarter loss of $104.2 million, or 77 cents a share, compared with a loss of $3.3 million, or 2 cents a share, for the year-earlier period. Revenue rose to $1 billion from $816.5 million. Adjusted profit was 25 cents a share. Analysts polled by FactSet on average were expecting the online travel site to post a profit of 23 cents a share, on revenue of $967.5 million. Shares of Expedia were up more than 4% in after-hours trading.