DPS, PL, GLG, HK, HAFC, APAB, NWS, NWSA, KIM Popular Stocks
U.S. stocks climbed Thursday as the Dow Jones Industrial Average increased 193 points to 9995, the S&P 500 rose 18 points to 1064 and the Nasdaq Composite gained 46 points to 2102.
Dr Pepper Snapple Group Inc.’s (NYSE:DPS, $26.38, -$1.44, -5.18%) third-quarter earnings rose 42% amid increased volume and lower packaging and ingredient costs. Results beat analysts’ expectations and the drinks company boosted the low end of its 2009 earnings outlook while seeing revenue declines toward the worst end of its view. The company also said consumer spending is still weak, and that trend is weighing on its higher-priced brands like Snapple.
Protective Life Corp. (NYSE:PL, $15.88, -$3.58, -18.38%) shares sank as third-quarter results widely missed expectations. CEO John Johns said the financial services provider continued to make progress on improving book value per share and saw increases in variable annuity sales, but said earnings were hurt by the excess liquidity the company continues to carry, along with some consolidations and other items.
Hedge-fund manager GLG Partners Inc.’s (NYSE:GLG, $2.75, -$0.13, -4.51%) third-quarter loss narrowed on fewer charges as the company reported higher assets under management but lower revenue. Despite strong performance across many of its funds, GLG had more than $5 billion of assets that remained below so-called high-water marks, a threshold above which managers need to be in order to charge performance fees. Of that, $3.9 billion remained more than 30% their respective high water marks.
Petrohawk Energy Corp. (NYSE:HK, $23.81, -$0.43, -1.77%) swung to a third-quarter loss as it reported steep hedging charges and lower-than-expected revenue as natural gas prices continue to struggle amid a glut of supply.
The Federal Reserve announced enforcement actions Thursday against Hanmi Financial Corp. (NASDAQ:HAFC, $1.39, -$0.10, -6.71%) and Appalachian Bancshares Inc. (OTC:APAB, $0.48, +$0.08, 20.00%), moves taken to help maintain financial soundness at the companies, according to the Fed orders.
News Corp. (NASDAQ:NWS, $14.07, +$0.42, 3.08%) (NWSA, $11.95, +$0.39, 3.37%) Chief Executive Rupert Murdoch said he doesn’t plan to rush into any huge acquisitions, including NBC, as the media giant raised its fiscal 2010 earnings outlook after better-than-expected first-quarter results amid an improving ad market. News Corp. is the owner of Dow Jones, the publisher of this newswire.
Kimco Realty Corp.’s (NYSE:KIM, $11.89, -$0.59, -4.73%) third-quarter earnings plunged 63% as the real-estate downturn continued to plague the commercial real-estate investment trust. The largest owner and operator of U.S. strip malls also again trimmed its outlook for the year.
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