Allstate (ALL) was climbing a day after posting an increase in its second-quarter earnings and again raising its full-year earnings forecast. The Illinois-based insurance provider earned $1.21 billion, or $1.89 a share, in the quarter, up from $1.15 billion, or $1.71 a share, a year earlier.
Operating earnings, which exclude realized capital gains and losses, rose to $1.27 billion, or $2 a share, from $1.12 billion, or $1.66 a share. The results topped Thomson First Call's mean analyst estimate of $1.61 a share. Revenue rose 1% to $8.88 billion from $8.79 billion. Additionally, Allstate increased its 2006 operating earnings forecast to $6.70 to $7 a share. The stock was up 97 cents, or 1.7%, to $57.12.
Earnings rose at online financial services firm E*Trade (ET - Get Report) thanks to gains in commission revenue and interest income. E*Trade earned $156.5 million, or 36 cents a share, including a charge of 1 cent a share for acquisitions, up from $101.6 million, or 27 cents a share, last year. Net revenue surged 58% to $611 million.
E*Trade also raised its full-year earnings guidance. Shares of the New York-based company were higher by 29 cents, or 1.3%, to $22.70.City National (CYN - Get Report) the parent company of City National Bank, rose following its second-quarter earnings of $58.7 million, or $1.16 a share, a penny ahead of estimates. In the same quarter last year, City earned $57.7 million, or $1.13 a share. Second-quarter revenue totaled $212.6 million, a 6% increase from the same period a year ago. Also, City National repeated its outlook that earnings per share this year should grow between 1% and 4% compared with 2005. Shares of the California-based company were adding $1.01, or 1.6%, to $66.01. First Horizon National (FHN - Get Report) topped Wall Street's second-quarter profit estimates, earning $104.3 million, or 82 cents a share. The consensus estimate was 81 cents. In 2005, second-quarter earnings were $100.1 million, or 77 cents a share.