DOW JONES NEWSWIRES
Below is a synopsis of major quarterly releases from Thursday
morning:
Exxon Earnings Slump 66%, Missing Views
Exxon Mobil Corp.'s (XOM) second-quarter profit tumbled a
larger-than-projected 66% on weak demand, falling margins and
slumping prices. International operations were especially weak,
said Credit Suisse. Shares dropped 1.4% to $70.43.
MasterCard Rallies As Spending Volume Holds Up
MasterCard Inc. (MA) reversed a prior-year loss caused by its
antitrust settlement with American Express Co. (AXP). MasterCard
saw higher processed transactions and muted spending declines.
MasterCard's stock climbed 9.4% to $206.45.
Dow Chemical In Black Excluding Rohm & Haas Charges
Dow Chemical Co. (DOW) swung to a loss on costs related to its
purchase of rival chemical maker Rohm & Haas, yet results
improved for the first quarter and the company posted a surprise
profit excluding the charges. Shares gained 8.1% to $21.92.
Motorola Stays In Black On Gains, Tops Views
Motorola Inc. (MOT) remained profitable in the second quarter on
one-time items, masking continued weakness companywide, as the
bottom-line results beat the company's estimates. Its beaten-down
stock jumped 13% to $7.44.
Colgate Income Up Despite Volume Decline
Colgate-Palmolive Co.'s (CL) earnings rose 14% amid prior-year
restructuring costs as well as higher margins resulting from cost
cutting and higher prices. But its shares fell 4.4% to $72.48 as
volume dropped 1.5% and revenue fell slightly short of analysts'
expectations.
Cablevision Profit Down 2.4%; OKs MSG Spinoff
Cablevision Systems Corp.'s (CVC) income fell 2.4% on hedging
losses, more than offsetting rising sales. Meanwhile, its board
approved going ahead with plans to spin off its Madison Square
Garden and related assets by year's end. Its stock rose 8.2% to
$20.47.
Tyco Earnings Down 40% On Metals Woes; Beat Views
Tyco International Ltd.'s (TYC) fiscal third-quarter profit
dropped 40% amid sliding revenue as the company reported particular
weakness in its electrical and metal-products business. But
earnings excluding charges were well above expectations, helping
send its stock up 4% to $29.95.
Kellogg Income Up 14% On Cost Easing
Kellogg Co.'s (K) profit rose 14% on cost cutting. The U.S.'s
largest cereal maker also got some relief from last year's surging
prices for grain and other ingredients. The results exceeded Wall
Street estimates and the packaged food company now sees 2009
earnings at the high end of its target. Shares were little
changed.
Travelers Earnings Down 21% As Claims Rise
Travelers Cos.' (TRV) income fell 21% on lower revenue and
higher claims costs. But the commercial and personal-insurance
provider still raised its full-year earnings outlook. Its stock was
flat.
Rubbermaid Margins Grow; Earnings View Boosted
Newell Rubbermaid Inc.'s (NWL) second-quarter earnings rose 14%
on lower restructuring costs as well as higher margins stemming
from changes in its product lineup and easing commodities prices.
The consumer-goods maker also raised its 2009 earnings forecast,
sending its shares up 4.4% to $12.80.
OfficeMax Struggles, But Tops Estimates
OfficeMax Inc.'s (OMX) loss narrowed on a year-ago write-down
while sales and margins continued to fall. But the results still
topped analysts' views, pushing its ailing stock up 14% to
$8.17.
