Akamai, Altria, ExxonMobil, Franklin Resources Rise; Visa, PF Chang's Ease

Devan Biswas
27 Oct, 2011
New York City

Akamai Technologies surged 15% after quarterly revenues and earnings rose more than expected. Visa Inc reported 14% higher net as payment volume processed increased. ExxonMobil earnings surged after crude oil prices rose 18% from a year ago. PF Chang

[R]12:30 PM New York – Akamai Technologies surged 15% after quarterly revenues and earnings rose more than expected. Visa Inc reported 14% higher net as payment volume processed increased. ExxonMobil earnings surged after crude oil prices rose 18% from a year ago. PF Chang’s China Bistro struggled with earnings growth.[/R]

Bank stocks in Europe surged after European leaders finalized the bank recapitalization plan of €106 billion and agreed to restructure Greek debt by 50%.

Deutsche Bank AG soared 15% to €32.64, BNP Paribas SA rose 17% to €35.35 and Societe Generale SA surged 21% to €22.72.

Intesa Sao Paolo SpA closed up 9% to €1.39 and UniCredit SpA increased 7.8% to 94 cents.

HSBC Holdings plc increased 6.1% to 558.30 pence and Barclays soared 18% or 32.30 pence to 210.60 pence.

Credit Suisse Group AG soared 11% and UBS AG vaulted 9% in New York trading.

Altria Group ((MO)) increased 19 cents to $27.47 after quarterly earnings increased 4% and margins expanded. Revenues in the third quarter declined 4.6% to $6.1 billion and net earnings rose 3.7% to $1.17 billion. Earnings per share increased to 57 cents from 54 cents a year ago.

The company said it will repurchase $1 billion of its share and has already completed the previously announced $1 billion repurchase program. The cigarette maker will also cut $400 million costs by 2013.

P F Chang’s China Bistro ((PFCB)) declined 2% to $29.55 after the casual dining restaurant chain operator reported third quarter revenues declined to $300.6 million from $308.4 million a year ago. Net income declined to $6.3 million from $10.5 million a year ago and earnings per share declined to 29 cents from 45 cents a year ago.

Same store sales declined 3% in October and menu prices increased between 1% and 2% in the third quarter at Bistro locations and between 2% and 3% at Pei Wei locations.

The chain kept the full year earnings between $1.60 and $1.70 a share and expects to open between 3 and 5 new Bistro restaurants and 16 to 20 new Pei Wei restaurants.

Franklin Resources, Inc ((BEN)) soared 6.5% to $107.36 after the money manager reported net income in fiscal fourth quarter ending in September increased to $416 million from $372.9 million and earnings per share increased to $1.88 from $1.65 a year ago quarter.

Total assets under management increased 2% to $659.9 billion and investors poured net new funds of $3.1 billion in the quarter.

Exxon Mobil ((XOM)) rose 20 cents to $81.27 after the largest oil explorer said third quarter profit increased 41% to $10.33 billion from $7.35 billion a year ago. Earnings per share increased to $2.13 from $1.44 a year ago quarter.

Oil and natural gas production declined 4% to 4.28 million barrels equivalent per day in the latest quarter. Net profit in the exploration business increased 54% to $8.39 billion and in the refining business jumped 36% to $1 billion.

Revenues in the quarter jumped 31.5% to $125.33 billion and spent $8.6 billion in capital spending in the quarter totalling $113.56 billion in the first nine months in the year.

Crude oil prices increased 18% in the quarter a year ago as prices of immediate month delivery futures rose to $90 in New York.

Visa Inc ((V)) rose 62 cents to $92.64 after the credit card payment processor reported fiscal fourth quarter earnings rose 14% to $880 million and revenues gained 12% to $2.38 billion.

Earnings per share excluding certain items increased to $1.27 from $1.06 a year ago and it processed 13 billion transactions in the quarter. For the full year, net income increased 23% to $3.65 billion and revenues rose 14% to $9.19 billion.

Akamai Technologies Inc ((AKAM)) surged 15% or $3.50 to $27.28 after the Internet infrastructure provider said third quarter net income increased to $42.3 million from $39.7 million and earnings per share jumped to 23 cents from 21 cents.

Revenues in the quarter increased 11% to $281.9 million and estimated fourth quarter revenues between $303 million and $315 million and earnings per share between 37 cents and 41 cents a share.