GNW, CVX, CEG, NYX, WMGI, SMP, ITT, MGI Popular Stocks
U.S. stocks were down Friday as the Dow Jones Industrial Average slid 2.27% to 9737, while the S&P 500 lost 2.48% to 1040 and the Nasdaq Composite dropped 2.29% to 2050.
Genworth (NYSE:GNW, $10.54, +$0.36, 3.54%) swung to a surprise third-quarter profit – its first in nearly two years – as business improved and a rallying stock market reduced investment losses. The insurance and financial-services company’s earnings far exceeded Wall Street’s expectations, though revenue was below analysts’ estimate.
Chevron Corp.’s (NYSE:CVX, $76.80, -$1.15, -1.48%) profits fell 51.5% as oil and natural gas prices slump in the third-quarter, but the results bested analysts’ expectations thanks to a jump in output and a sharp cut in operating costs.
Constellation Energy Group Inc. (NYSE:CEG, $31.50, +$0.37, 1.19%) on Friday said it turned a profit in the third-quarter and raised its full-year earnings outlook. For the three months ended Sept. 30, the Baltimore company posted a profit of $137.6 million, or 69 cents per share, compared with a loss of $225.7 million, or $1.27 per share, during the same period last year.
NYSE Euronext (NYSE:NYX, reported a 28% fall in third-quarter profit and said it plans to sell a minority stake in its U.S. derivatives unit to a group of banks and traders. Net profit in the third quarter dropped to $138 million, or 53 cents a share, from $192 million, or 72 cents, a year earlier on a non-GAAP (generally accepted accounting principles) basis. On a GAAP basis, net income was $125 million, or 48 cents a share, compared with $174 million, or 66 cents, a year earlier.
Wright Medical Group Inc.’s (NASDAQ:WMGI, $16.40, +$1.00, 6.49%) third-quarter earnings were flat amid higher costs, but sales improved with help from better-than-expected currency rates and improvements in the company’s international business.
Standard Motor Products Inc. (NYSE:SMP, $8.84, -$1.02, -10.34%) priced three million shares of its stock at $8.50, a 14% discount to Thursday’s closing price. The maker of auto parts said it will use the funds to pay off debt on its revolving credit facility.
ITT Corp. (NYSE:ITT, $50.87, -$3.49, -6.42%) reported a 73% drop in third-quarter profit, stemming from a $131 million charge for asbestos liability claims. The defense and industrial conglomerate also said revenue in the quarter slipped 6% to $2.7 billion.
MoneyGram International Inc. (NYSE:MGI, $2.99, -$0.14, -4.47%) posted a narrower third-quarter loss thanks to much stronger revenue than analysts expected as the money-transfer company also booked legal costs.
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