DOW JONES NEWSWIRES
Below is a synopsis of major second-quarter releases from
Thursday morning:
Ford Posts Profit, Shares Rally
Ford Motor Co. (F) returned to profitability on a $3.4 billion
debt-related gain as the company burned just $1 billion in cash
during the quarter. The stock rose 7.7% to $6.87.
Bristol, Wyeth Report Growth, Boost EPS Views
Bristol-Myers Squibb Co. (BMY) and Wyeth (WYE) reported higher
earnings while the companies, like their peers earlier this week,
boosted their 2009 earnings expectations. Bristol gained 1.1% to
$20.52 while Wyeth, set to be acquired by Pfizer Inc. (PFE), edged
higher.
AT&T Income Down Less-Than-Expected 15%
AT&T Inc.'s (T) profit fell 15% as more customers opted to
cut their landline, with many of them likely switching to using
just an iPhone. But results topped expectations, sending shares up
3.6% to $25.74.
3M Beats Muted Expectations, Raises Estimates
3M Co.'s (MMM) earnings fell 17% on amid lower demand, though
the diversified manufacturer's results beat analysts' estimates.
The company also raised its full-year forecast, helping the stock
climb 4.4% to $67.54.
McDonald's Disappoints As Income Down 8% Amid Forex
McDonald's Corp.'s (MCD) earnings fell 8% as a prior-year gain
and a big hit from unfavorable exchange rates masked sales gains.
Its stock fell 3.8% to $56.59 as earnings only met analysts'
expectations and revenue fell short.
UPS Profit Slumps 49% On Demand Woes; View Weak
United Parcel Service Inc.'s (UPS) income fell 49% on continued
weak demand. The shipping company also projected third-quarter
earnings below analysts' views. Shares edged lower.
CME Earnings Rise 10% Amid Nymex Purchase
CME Group Inc.'s (CME) profit rose 10% on increased revenue and
margins as the prior-year results didn't include the New York
Mercantile Exchange. Earnings bested analysts' views, but shares
fell 1% to $270.06.
PNC Shares Fall As Profit Drops 60%
PNC Financial Services Group Inc.'s (PNC) profit declined 60% on
charges related to government dividends, despite a boost from its
National City acquisition.The stock fell 7.1% to $34.70.
EMC Earnings Down 43%; Investors Still Cheer
EMC Corp.'s (EMC) earnings slid 43% as information-technology
customers continued to pare spending, but results topped analysts'
expectations. The storage-product maker also gave its first
forecast for 2009, projecting results above estimates. Shares rose
6.7% to $15.37.
Xerox Profit Drop Not As Bad As Feared
Xerox Corp. (XRX) reported a much less-than-expected 35% profit
drop amid ongoing cutbacks from its business customers. While
offering a muted third-quarter profit target, the copy-machine
maker's stock gained 6.4% to $7.45.
New York Times Income Aided By Tax Gain
New York Times Co.'s (NYT) earnings climbed 84% on a tax benefit
and lower operating costs, though advertising revenue fell 30% amid
a prolonged industrywide ad slump and migration to the Internet.
Even without the gain, the company posted a surprise profit. But
shares fell 2.9% to $6.43.
Kimberly-Clark Earnings Down On Currency Changes
Kimberly-Clark Corp.'s (KMB) earnings fell 3.4% on
currency-impacted sales declines while margins jumped amid higher
prices as results topped analysts' expectations. Its stock rose
3.6% to $56.40.