Cablevision, Whirlpool, Expedia Fall; Goodyear, Baidu, Chevron, CBRE Rise

Devan Biswas
28 Oct, 2011
New York City

Cablevision Systems declined after it lost more than estimated video service subscribers. Cigna Corp turned lower and the company lifted annual earnings outlook. Whirlpool Co plunged after it reported weaker sales and plans to cut 5,000 jobs. China based search engine operator Baidu Inc jumped.

[R]1:45 PM New York – Cablevision Systems declined after it lost more than estimated video service subscribers. Cigna Corp turned lower and the company lifted annual earnings outlook. Whirlpool Co plunged after it reported weaker sales and plans to cut 5,000 jobs. China based search engine operator Baidu Inc jumped on third quarter earnings.[/R]

LyondellBasell Industries NV ((LYB)) increased $1.24 to $34.79 after the oil refiner said third quarter net income increased $895 million or $1.51 a share from $467 million or 84 cents a share.

Revenues in the quarter surged 29% to $13.29 and earnings excluding one-time items rose to $1.53 a share.

The commodities chemical and oil refiner said it will pay a special dividend and also buyback $2.8 billion of its debt and the strike at its refinery in Berre, France had “minimal impact” on the quarterly performance.

Cablevision Systems Corp ((CVC)) declined $1.72 to $15.40 after the cable operator said quarterly revenues increased 8% to $1.67 billion and earnings declined to $39.3 million or 14 cents a share compared to $68.4 million or 23 cents a share.

The stock declined 11% after the cable operator reported larger than video customer losses of 19,000 to Verizon, Netflix and others and also added 17,000 net new Internet subscribers.

BMW AG increased 1% to €61.70 after the automaker said it is not planning cut its production and its outlook for the year is as strong as estimated a month ago.

The head of production was quoted by Reuters saying, “We have a great utilization rate right now. It is significantly more than 110%.”

Yesterday, Volkswagen AG and Daimler AG lowered their global outlook.

Cigna Corp ((CI)) declined 44 cents to $46.33 after the health insurance provider said third quarter revenues increased 6% to $5.61 billion and earnings declined to $200 million from $307 million. Earnings per share fell to 74 cents from $1.23 a year ago quarter.

Healthcare insurer lifted its annual earnings outlook to a range between $5.05 and $5.30 a share from its previous estimate of $4.95 and $5.25 a share, excluding the costs related to the acquisition of HealthSpring.

Chevron Corp ((CVX)) increased 75 cents to $109.68 after the oil explorer and refiner said third quarter revenues increased 27% to $61 billion from a year ago and earnings surged to $7.8 billion from $3.8 billion a year ago.

Earnings per share in the quarter increased to $3.92 from $1.87. For the nine months period earnings surged to $21.7 billion from $13.7 billion and earnings per soared to

Worldwide net oil-equivalent production declined to 2.6 million barrels a day in the quarter from 2.74 million barrels a day in the quarter a year ago.

Whirlpool Corp ((WHR)) plunged 13% or $7.57 to $52.90 after durable goods maker said third quarter net revenues increased 2.3% to $4.62 billion from $4.5 billion a year ago quarter. Earnings from continuing operations increased to $177 million in the quarter from $77 million a year ago quarter.

The company said plans to eliminate 5,000 jobs as sales lag its estimates.

Hewlett Packard ((HPQ)) increased 3% to $27.91 after the recently appointed chief executive Meg Whitman decided to unwind the spinoff of its person computer division and said it will be too costly to sell the unit.

CBRE Group Inc ((CBG)) soared 12% to $19.25 after the real estate broker and management services provider said third quarter revenues increased 12% on higher property leasing revenues.

Baidu Inc ((BIDU)) soared 4% to $144.51 after the China based search engine operator said third quarter earnings soared 80% and new users on its platform continue to grow.

Goodyear Tire & Rubber Company ((GT)) gained 5.6% to $14.94 after third quarter net excluding certain items was 72 cents a share.

Expedia Inc ((EXPE)) declined 6.5% to $27.21 after the online travel agency reported third quarter revenues that were lower than analyst’s estimates. Third quarter revenues increased 15% to $1.1 billion from $987 million and number of transactions increased 9% to 19 million.

Net income in the quarter increased to $209.5 million from $176.6 million a year ago quarter and earnings per share increased to 77 cents from 62 cents a year ago.