By Dow Jones Business News,
January 17, 2014, 08:55:00 AM EDT
Among the companies with shares expected to actively trade in Friday's session are General Electric Co. (GE), Intel
Corp. (INTC) and Morgan Stanley (MS).
American Express Co.'s ( AXP ) fourth-quarter profit more than doubled, as customers spent more in the U.S. and abroad,
though the company's results still came in shy of Wall Street expectations. SunTrust said the earnings miss was due to a
higher tax rate and noted the company's results show evidence of "strong and accelerating billed-business growth,
moderate loan growth, cost control and sustained high capital return." Shares climbed 1.4% to $89 premarket.
BJ's Restaurants Inc. ( BJRI ) issued muted preliminary fourth-quarter results, as the company said it was hurt by
weaker traffic and higher promotions. Shares dropped 12% to $26.75 premarket.
Capital One Financial Corp. ( COF ) said fourth-quarter earnings rose 2.1% as lower loan-loss provisions offset a slight
revenue decline. The bottom line missed expectations, and its shares edged down 1.9% to $75 premarket.
Con-way Inc. ( CNW ) issued a weaker-than-expected profit outlook for the fourth quarter after the trucking company
encountered challenges at its Con-way Freight and Menlo Worldwide Logistics operations. The company's shares declined
6.1% to $38.89 premarket.
Elizabeth Arden Inc. (RDEN) tempered its expectations for the fiscal year and then said it would withdraw those
targets, as the beauty-products company warned of lower sales and a weaker-than-expected holiday season. Shares dropped
21% to $27.18 premarket.
General Electric said its fourth-quarter income improved 4.8% as the conglomerate's industrial revenue rose. "GE ended
the year with strong fourth-quarter earnings and margin growth in an improving but mixed environment," Chief Executive
Jeff Immelt said. "We saw good conditions in growth markets, strength in the U.S. and a mixed environment in Europe."
Shares declined 1.5% to $26.80 premarket as earnings merely matched estimates after a series of small beats.
Intel said sales of chips for the ailing personal computer market improved in the fourth quarter, but demand for
larger systems was weaker than expected. The Silicon Valley giant's guidance for the current quarter and for all of
2014 also concerned analysts, sending its shares down 4% to $25.47 premarket.
Morgan Stanley's fourth-quarter profit plunged 70% as strong performance in the firm's wealth management business was
offset by weak fixed income trading results, substantial legal costs and higher expenses. But shares climbed 0.9% to $
32.30 in recent premarket trading as results topped Wall Street estimates.
Sallie Mae (SLM) said its fourth-quarter profit slid 22% on bigger losses on derivative and hedging actions, masking
lower loan-loss provisions and an increase in loan originations. Core earnings for the latest period missed Wall
Street's expectations, sending shares down 4.2% to $26 premarket.
Schlumberger Ltd. (SLB) reported its fourth-quarter income rose a bigger-than-expected 22% as oil-field services
revenue jumped in the Middle East and Asia. Shares edged up 1.3% to $89.79 premarket.
Skyworks Solutions Inc. (SWKS) said its fiscal first-quarter earnings rose 42%, as the wireless-chip supplier
continued to benefit from strong demand across its wide range of markets. Adjusted earnings and revenue exceeded
expectations and the company's fiscal second-quarter guidance beat analysts' estimates. Shares climbed 10% to $31.53
SunTrust Banks Inc. (STI) said its fourth-quarter earnings rose 20% as a drop in the regional bank's expenses masked a
decrease in revenue. Results beat expectations, sending shares up 2.3% to $38.90 premarket.
Bank of New York Mellon Corp.'s ( BK ) fourth-quarter profit fell 15% and missed expectations as investment charges
offset improved market conditions and a growth in assets.
Devon Energy Corp. (DVN) named Thomas L. Mitchell as its new chief financial officer, who is joining the exploration
and production company from rival Midstates Petroleum Co.
A U.S. Food and Drug Administration panel has voted against expanding use of the blood thinner Xarelto to treat
patients with a certain heart problem, a decision that comes after reviewing the results of a related Phase 3 trial.
Xarelto, by Johnson & Johnson (JNJ) and Bayer AG (BAYRY, BAYN.XE), is considered part of a fairly new generation of
M&T Bank Corp. (MTB) said its fourth-quarter profit fell a bigger-than-expected 17% as the regional bank's mortgage
banking revenue slid.
United Continental Holdings Inc. (UAL) disclosed it will book $158 million in charges for the fourth quarter, mostly
tied to the airline's pacts with employees to either take early retirement or accept furloughs.
U.S. Bancorp (USB) said Friday it will stop offering its short-term consumer-loan product to customers by May 30 as
regulatory authorities have pressured banks to analyze customer's ability to pay the loans. The move follows Regions
Financial Corp. (RF), which said earlier this week that it would also stop offering short-term consumer loans by the end
of the year.
Write to John Kell at firstname.lastname@example.org Lauren Pollock at email@example.com
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