Western Union, ManPower Plunge

123jump.com Staff
21 Oct, 2008
New York City

Western Union, the money transfer service provider plunged after it tightened its earnings guidance. The company did not back its long term earnings goals. ManPower, the employee staffing service provider dropped 10% after it reported a quarterly loss.

[R]1:30PM New York – Manpower, employee staffing company fell. Money transfer services provider Western Union plunged after it withdrew its long term guidance.[/R]

3M Company ((MMM)) added 3.7% or $2.17 to $57.51 after a diversified technology company reported third quarter sales rose 6% to $6.6 billion from $6.2 billion a year ago. Net income in the quarter rose 3.2% to $991 million or $1.41 per diluted share compared to net income of $960 million or $1.32 per share, a year ago.

AK Steel Holding Corporation ((AKS)) fell 4.2% or 65 cents to $14.49 after the producer of steels and tubular products reported third quarter sales rose 25% to $2.15 billion from $1.72 billion a year ago. Net income in the quarter rose 74% to $188.3 million or $1.67 per diluted share compared to net income of $108.4 million or 97 cents per share, a year ago.

American Express Company ((AXP)) gained 5.6% or $1.37 to $24.35 after the global payments and travel company said third quarter revenues rose 3% to $7.2 billion from $7.0 billion a year ago. Net income in the quarter fell 24% to $815 million or 70 cents per diluted share compared to net income of $1.07 billion or 90 cents per share, a year ago.

Avery Dennison Corporation ((AVY)) dropped 6.6% or $2.41 to $33.80 after the production of pressure-sensitive materials, office products and a variety of tickets, tags, labels and other converted products reported third quarter sales rose 3% to $1.72 billion from $1.68 billion a year ago. Net income in the quarter rose 7% to $62.7 million or $63 cents per diluted share compared to net income of $58.8 million or 59 cents per share, a year ago.

E. I. du Pont de Nemours and Company ((DD)) slid 3.4% or $1.27 to $34.89 after the chemical manufacturer reported third quarter sales rose 9% to $7.3 billion from $6.68 billion a year ago. Net income in the quarter fell 30% to $367 million or 40 cents per diluted share compared to net income of $526 million or 56 cents per share, a year ago.

Hexcel Corporation ((HXL)) surged 9.9% or 97 cents to $10.82 after an advanced composites company reported third quarter sales rose 18% to $331.4 million from $281.1 million a year ago. Net income in the quarter rose 91% to $33 million or 34 cents per diluted share compared to net income of $17.3 million or 18 cents per share, a year ago.

Manpower Inc ((MAN)) lost 8.1% or $2.51 to $28.48 after the employment services provider reported third quarter revenues rose 7.5% to $5.67 billion from $5.87 billion a year ago. Net loss in the quarter was $43.2 million or 55 cents per diluted share compared to net income of $131.7 million or $1.57 per share, a year ago.

U.S. Bancorp ((USB)) fell 3.7% or $1.17 to $31.12 after the financial services company reported net income in the quarter fell 47% to $576 million or 32 cents per diluted share compared to net income of $1.10 billion or 62 cents per share, a year ago.

The Western Union Company ((WU)) lost 15.6% or $3.18 to $17.25 after the global money transfer service provider reported third quarter revenues rose 10% to $1.38 billion from $1.26 billion a year ago. Net income in the quarter rose 11% to $241 million or 33 cents per diluted share compared to net income of $216.3 million or 28 cents per share, a year ago.

The company narrowed its earnings guidance for the year between $1.23 and $1.25 a share compared to earlier forecast of $1.22 to $1.26 a share.