Bank of America, EXPE, TSPT, PG, REV, CL, AYE, CBG Popular Stocks
U.S. stocks climbed Thursday, as the Dow Jones Industrial Average rose 161 points to 9924, the S&P 500 gained 20 points to 1062 and the Nasdaq Composite increased 34 points to 2093.
Bank of America (NYSE:BAC, $15.54, +$0.53, 3.53%) announced today it has surpassed its previously stated target of helping at least 125,000 financially distressed homeowners begin trial modifications through the federal government’s Home Affordable Modification Program (HAMP) by November 1.
Online travel company Expedia, Inc. (NASDAQ:EXPE, $24.70, +$0.36, 1.48%) reported Thursday a 23% year-over-year drop in profit for the third quarter, helped by a 9% growth in gross bookings as well as 27% increase in air tickets & room nights, offsetting continued pricing headwinds. Adjusted earnings per share also grew 23%, and topped analysts’ expectations by five cents. Quarterly revenues increased 2.3% and also beat consensus estimate.
The FDA is looking for more information on the residual effects of Transcept Pharmaceuticals Inc.’s (NASDAQ:TSPT, $5.77, -$5.70, -49.69%) insomnia treatment Intermezzo, possibly meaning more clinical studies have to be done.
Procter & Gamble Co. (NYSE:PG, $59.45, +$2.22, 3.88%), the world’s largest consumer-products company, said first-quarter profit fell less than analysts estimated. Net income dropped 1.2 percent to $3.31 billion from $3.35 billion a year earlier, the Cincinnati-based company said today in a statement. Earnings were $1.06 a share, compared with the 99 cent average of 12 analysts’ estimates compiled by Bloomberg.
Revlon, Inc. (NYSE:REV, $7.66, +$1.91, 33.22%) today announced results for the third quarter and nine months ended September 30, 2009. Net sales of $326.2 million compared to $334.4 million, a decrease of 2.5%. Excluding unfavorable foreign currency fluctuations of $5.8 million, third quarter of 2009 net sales declined 0.7%.
Colgate-Palmolive Co.’s (NYSE:CL, $78.78, +$1.10, 1.42%) higher prices have continued to stick, helping the consumer products company post an 18 percent higher third-quarter profit. The maker of toothpaste, dish soap and Ajax cleanser said Thursday that it earned $590 million, or $1.12 per share, in the quarter that ended in September. A year ago, Colgate earned $500 million, or 94 cents per share. Revenue rose to $4 billion from $3.99 billion, helped by a 5 percent rise in prices worldwide. Analysts polled by Thomson Reuters expected $1.11 per share and lower revenue of $3.94 billion.
Allegheny Energy Inc.’s (NYSE:AYE, $24.25, -$0.77, -3.10%) third-quarter profit fell 13% on hedging and debt-buyback costs as earnings topped analysts’ expectations on higher margins. The company, however, reported revenue below estimates.
CB Richard Ellis Group Inc.’s (NYSE:CBG, $10.98, -$0.48, -4.19%) third-quarter profit slumped 69% as the real-estate services company continued to take the brunt of the commercial real estate’s slump. But the company said it was beginning to see signs of stabilization in the economy. Results fell short of analysts’ expectations.
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