DOW JONES NEWSWIRES
Below is a synopsis of major earnings releases from Tuesday
afternoon:
Yahoo Earnings Surge, Walloping Estimates
Yahoo Inc.'s (YHOO) third-quarter earnings more than tripled
despite a double-digit percentage revenue decline, as the company
reported fewer charges. Shares rose 2.3% after-hours to $17.57 as
profit smashed analysts' expectations.
Sallie Mae Posts Bigger-Than-Expected Profit
SLM Corp. (SLM) swung to a profit in the third quarter as
interest-rate spreads returned to more normal levels. Chief
Executive Albert L. Lord said the student-loan company expects
"credit quality to improve earnings in subsequent periods." Shares
surged 6.2% to $9.45 after-hours.
Gilead Income Jumps 36% Amid Sales Gains
Gilead Sciences Inc.'s (GILD) third-quarter profit soared 36% on
sales growth in all its product lines as results beat analysts'
expectations. But shares still fell 2.4% in late trading to
$44.99.
SanDisk Returns To Black On Product, Margin Rebound
SanDisk Corp. (SNDK) swung to a profit in the third quarter on
surprisingly strong product sales and margins. Shares jumped 8.8%
to $23.23 in late trading as the flash-memory maker said "improving
industry fundamentals" are likely to mean more growth in the fourth
quarter and next year.
Stryker Income Down 16% On Restructuring Costs
Stryker Corp.'s (SYK) earnings fell 16% in the third quarter on
restructuring charges while revenue was flat. The medical-device
maker also shaved the top half of its 2009 guidance, but its stock
rose 3.6% after-hours to $46.91.
Seagate Has First Profit In Year As Margin Climb
Seagate Technology Inc. (STX) posted its first profit in a year
as its fiscal first-quarter earnings tripled on higher margins. The
computer disk-drive maker also forecast revenue this quarter
generally higher than Wall Street expected. Shares fell about
1%.
Cree Beats Estimates, Sees Current Quarter Above Views
Cree Inc.'s (CREE) fiscal first-quarter profit more than tripled
on surging margins and revenue as the semiconductor and
light-emitting-diode company easily topped estimates. The company
also projected fiscal second-quarter results above analysts'
estimates. Shares were flat.
NuVasive Posts Profit On Fewer Charges, Revenue Gains
NuVasive Inc. (NUVA) swung to third-quarter profit as the
medical-device company posted surging revenue and fewer charges.
The company also again boosted its 2009 guidance, but its stock
fell about 1% in late-trading.
C.H. Robinson Income Up 2% Despite Still-Weak Economy
C.H. Robinson Worldwide Inc.'s (CHRW) profit climbed 2% in the
third quarter as the trucking and logistics company again reported
higher margins, offsetting sliding revenue. Transportation margins
improved to 19.8% from 15.9% due to lower fuel prices and a lower
cost of capacity. Shares edged lower.
Intuitive Surgical Profit Rises 12% On Gain, Higher Rev
Intuitive Surgical Inc. (ISRG) posted a 12% earnings increase,
boosted by higher revenue and a gain from deferred revenue, more
than offsetting lower margins. But its stock fell nearly 4% even as
the third-quarter results topped analysts' expectations.
-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354;
kevin.kingsbury@dowjones.com