DOW JONES NEWSWIRES
Below is a synopsis of major quarterly releases from Wednesday
morning:
P&G Earnings Down 18% On Folgers Sale; View Cautious
Procter & Gamble Co.'s (PG) fiscal fourth-quarter earnings
fell 18% on last year's Folger's sale as profit beat analysts'
expectations despite a 4% volume drop. The company also projected
results this quarter slightly more downbeat than Wall Street
expectations. Shares dropped 3.4% to $53.57.
Radian Posts Profit On Hedging Gains, Reduced Claims
Radian Group Inc. (RDN) reported that lower claims and hedging
gains pushed the mortgage insurer into the black for the second
quarter. It stock surged 52.3% to $5.59, and pulled up other
mortgage insurers, as Radian cut its 2009 claims forecast.
Orbitz Posts Surprise Profit Amid Cost Cuts
Orbitz Worldwide Inc. (OWW) swung to an unexpected profit on
lower restructuring charges and cost cuts, sending shares jumping
24.7% to $4.65. Bookings dropped 12%.
Garmin Income Down 37% On 2008 Gains; Results Top Views
Garmin Ltd.'s (GRMN) profit dropped 37% amid currency and
investment gains, but results handily topped analysts' downbeat
expectations on a big margin jump for the maker of global
positioning system units. The stock rallied 21% to $32.87.
Dean Foods Earnings Jump 31%, Gives Muted 3Q Forecast
Dean Foods Co.'s (DF) profit jumped 31% as lower raw-milk and
energy prices supported cost-cutting efforts. The largest U.S.
dairy processor by revenue also raised its 2009 earnings outlook by
a nickel, though its third-quarter forecast was below Wall Street's
expectations. Shares fell 9.8% to $19.26.
Owens Corning Profit Off 19% On Charges; Tops Estimates
Owens Corning's (OC) earnings fell 19% on restructuring charges
while the company continued to see weakness at its composites
business. But the building-products maker's roofing business posted
record earnings and overall profit widely beat analysts'
expectations. The stock thus jumped 8.2% to $20.81.
Marsh & McLennan Posts Loss On Divestiture
Marsh & McLennan Cos. (MMC) swung to a loss on divestiture
impacts as the insurance broker continued to see weakness at its
consulting businesses. Revenue missed expectations, but shares rose
4.1% to $22.38.
Ralph Lauren Income Down 19%, Offers Downbeat Sales View
Polo Ralph Lauren Corp.'s (RL) fiscal first-quarter earnings
fell 19% on lower volumes. The clothing retailer also projected
fiscal-year and second-quarter revenue below analysts' estimates.
But its stock rallied 4.7% to $66.76 as earnings beat
expectations.
Hedge Fund Operator Fortress Narrows Loss
Fortress Investment Group LLC's (FIG) second-quarter loss
narrowed despite declines in assets under management and management
fees as revenue beat analysts' views. Shares rose 3.5% to
$4.45.
PG&E Earnings Up 32% On Gains; Results Shy Of Estimates
PG&E Corp.'s (PCG) earnings rose 32% on one-time gains as
costs of producing electricity and natural gas fell and results
were just shy of Wall Street's average expectations. Its stock fell
1.1% to $40.11.
American Axle Loss Narrows As Sales Tumble On Shutdowns
American Axle & Manufacturing Holdings' (AXL) loss narrowed
sharply despite plunging sales caused by plant shutdowns at General
Motors Co., its biggest customer, and Chrysler Group LLC. But
shares jumped 16% to $3.02, continuing a rally from the past two
weeks.
Transocean Profit Down 24% On Write-Downs, Weaker Demand
Transocean Ltd.'s (RIG) earnings skidded 24% as it wrote down
rigs held for sale amid weak demand. Shares fell 4.1% to $77.04 as
results fell short of anlaysts' expectations. The stock is still up
63% this year.
RR Donnelley Earnings Slump Again
RR Donnelley & Sons Co.'s (RRD) profit tumbled 83% as the
printing-services company booked restructuring charges, while
margins continued to fall. Shares dropped 4.8% to $13.77 as revenue
fell short of analysts' estimates.