Stocks to Watch: TRV, VZ, MS & More
Take a look at some of Thursday's morning movers:
Travelers - The insurance company earned $1.26 per share for the second quarter, below estimates of $1.35. Travelers says it experienced higher-than-expected weather related losses during the quarter.
Verizon Communications - Verizon reported second-quarter profit of $0.64 per share, matching estimates, with revenues slightly above consensus. The telecommunications company says it remains on track for double-digit profit growth this year.
Morgan Stanley - The investment bank earned $0.29 per share for the second quarter, compared to estimates of $0.43. The shortfall comes amid revenue declines across its primary business lines.
Southwest Airlines - The airline earned $0.36 per share, excluding certain items, four cents above estimates. Southwest says steady growth helped overcome rising jet fuel prices.
UnitedHealth Group - The managed care provider reported second-quarter earnings of $1.27 per share, eight cents above estimates, and also raised its forecast for the full year.
Nokia - The handset maker reported a second-quarter loss that was in line with estimates, but says the current quarter will be challenging due to product transitions.
VF Corp. - The clothing maker earned $1.11 per share for the second quarter, beating estimates of $0.94. It also raised its yearly forecast, as the parent of brands like Wrangler, North Face, and Nautica benefits from last year's acquisition of Timberland.
Johnson Controls - The maker of automotive parts earned $0.64 per share for the second quarter, two cents shy of estimates. It cited weak demand for replacement batteries, as well as higher costs, and the company cut its outlook for the current quarter.
AutoNation - The automobile retailer earned $0.66 per share for the second quarter, versus estimates of $0.59. The beat comes as AutoNation sees improved sales for both new and used vehicles.
International Business Machines - IBM beat estimates with second-quarter earnings and boosted its earnings guidance for the year. IBM earned $3.51 per share for the second quarter, nine cents above estimates, and raised its full-year outlook to $15.10 per share from $15, versus analyst estimates of $15.06. IBM is benefiting from a move towards businesses with higher profit margins.
American Express - Amex earned $1.15 per share for its second quarter, six cents above estimates. Profit was flat versus a year earlier as customer card spending slowed, but Amex’s bottom line is being helped by extremely low delinquency and loss rates.
Yum Brands - The restaurant operator registered an earnings miss, reporting second-quarter profit of $0.67 per share, three cents below estimates, with revenues essentially in line. The parent of KFC, Taco Bell, and Pizza Hut is being hit in part by inflation in China, its biggest market.
eBay - eBay earned $0.56 per share for the second quarter, one cent above estimates, with revenue in line. The online auctioneer’s projected third-quarter revenue and profit range falls partially below analyst forecasts, but it’s sticking to its full-year forecast with the company able to avoid a significant hit from Europe’s economic problems.
Stryker - The company earned $0.98 per share for the second quarter, a penny below estimates. The orthopedic implant maker is struggling with a weaker euro, which hurt overseas sales.
Qualcomm - Qualcomm fell a penny short with its fiscal third-quarter profit of $0.85 per share, and the mobile phone chipmaker also is cutting its revenue and earnings forecast for the current quarter, citing weaker-than-expected demand.
Microsoft - The software giant has set Oct. 26 as the official launch date for the new Windows 8 operating system, releasing it as a downloadable upgrade that day, as well as allowing PC makers to ship units with Windows 8 pre-installed.
Investor William Ackman has revealed the details on his stake on Procter & Gamble, telling CNBC’s Delivering Alpha conference that he owns $1.8 billion in shares and options, representing 18 percent of his Pershing Square Capital Management’s holdings. Ackman also told the conference he believes he can make a profit worth 15 times his original investment in retailer J.C. Penney.
Select Comfort - The company reported second-quarter profit of $0.30 per share, three cents above estimates, and also raised its full-year guidance. The mattress retailer has routinely been posting double-digit sales increases for more than a year.
Novartis - The drugmaker reported second-quarter profit of $1.38 per share, five cents above estimates, with cost controls and strong new drug sales helping its bottom line.
—By CNBC’s Peter Schacknow
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