DOW JONES NEWSWIRES
Below is a synopsis of major releases from Wednesday
afternoon:
Visa Profit Soars On International Unit's IPO, Tops Views
Visa Inc.'s (V) earnings jumped 73% on a gain from its
international arm's initial public offering as results topped
analysts' expectations. But shares of Visa, which reiterated its
2009 forecast, fell by a fraction of a percentage point after-hours
to $66.73 as payments volume, representing spending on Visa cards,
fell 5%.
Lincoln, Hartford In The Red, But Beat Expectations
Lincoln National Corp. (LNC) and Hartford Financial Services
Group Inc. (HIG) each swung to a loss, as Lincoln recorded several
charges and Hartford reported higher net realized losses. Still,
Lincoln's shares were up 1.1% at $18.25 in after-hours trading,
while Hartford's stock jumped 6.2% to $15.89, as both companies
appeared to top Wall Street expectations.
Aflac Net Drops On Investment Losses
Aflac Inc.'s (AFL) profit fell 35% as the supplemental insurer
reported large investment losses. Meanwhile, the company backed its
2009 outlook for its Japanese operations, but said it doesn't
expect to post sales growth this year in its U.S. division. Aflac
also projected third-quarter operating earnings above Street
estimates. Shares were inactive in late trading
Express Scripts Profit Climbs On Higher Margins, Raises Year
View
Express Scripts Inc. (ESRX) reported earnings edged up 1.1% as
wider margins offset a small decline in revenue, with results
topping analysts' expectations. The pharmacy-benefits manager also
raised its 2009 earnings target a nickel to $3.72 to $3.82 a share.
In after-hours trading, shares were up 1.7% to $73.
Higher Volume, Acquisitions Propel Dresser-Rand
Dresser-Rand Group Inc.'s (DRC) profit climbed 29% on higher
sales volumes and the benefit of acquisitions. The oil-equipment
maker said new unit orders remain slow, but the company continues
to see a steady flow of inquiries. Dresser-Rand expects to meet its
guidance for new unit bookings this year. Shares were inactive in
late trading.
Ryland's Red Ink Shrinks But Revenue Falls Short
Ryland Group Inc.'s (RYL) loss narrowed as the home builder and
mortgage-finance company reported smaller write-offs and valuation
adjustments. Shares were down 2.3% to $20 in after-hours trading as
revenue fell short of analysts' expectations.
Tesoro Swings To Loss As Margins, Revenue Sag
Tesoro Corp. (TSO) swung to a loss as revenue declined by more
than half and the independent oil refiner saw lower margins
resulting from higher crude-oil prices and weak demand. Chief
Executive Bruce Smith said declining industrial production, weak
distillate demand and excess inventories crushed distillate margins
in the period.
Fiserv Earnings Rise On Cost-Cutting, Offsetting Revenue
Decline
Fiserv Inc.'s (FISV) earnings rose 40% as lower expenses were
able to offset a steep drop in revenue. Shares of the information
technology company, which backed its full-year earnings forecast,
were inactive after-hours.
Cerner Net Rises Despite Flat Revenue, Issues Gloomy 3Q
Outlook
Cerner Corp.'s (CERN) earnings rose 24% despite flat revenue as
the health-care information technology company benefited from lower
costs. But the company gave a downbeat outlook for the current
quarter, pushing shares down 3.7% after-hours, to $62.75.
Investment Write-Downs, Restructuring Weigh On Flextronics
Flextronics International Ltd. (FLEX) swung to a loss - its
fifth in the past seven quarters - on investment write-downs and
restructuring charges. Shares fell 1.2% to $5.07 in after-hours
trading.
Choice Hotels Net Slips As RevPar Continues To Slide
Choice Hotels International Inc.'s (CHH) earnings dropped 5.6%
as revenue per room continued to slide and the hotel company issued
a weak outlook for the third quarter while cutting estimates for
the year. Shares edged up 1% to $26.69 in late trading as adjusted
earnings narrowly topped the company's own estimates.
Cliffs Natural Slumps On Lower-Than-Expected Sales
Cliffs Natural Resources Inc.'s (CLF) second-quarter earnings
slumped 83% as the miner avoided a loss due to hedging gains. Sales
were much lower than analysts expected. Shares were down 0.8% to
$24.65 in after-hours trading.
LSI Loss Widens On Lower Sales, Margins
LSI Corp.'s (LSI) loss widened on lower sales and margins,
continuing a trend of red ink for the company, which has had only
one profitable quarter in the past two years. Shares fell 1% to
$5.15 in after-hours trading as the storage-chip provider projected
a range of current-quarter revenue that included analysts'
estimate.
Whiting Swings To Loss On Hedging Losses, Revenue Decline
Whiting Petroleum Corp. (WLL) swung to a loss as the company
suffered hedging losses and a big decline in revenue. Shares fell
1% to $42.33 in after-hours trading as the oil-and-gas explorer
posted its third quarterly loss in a row.