Earnings Roundup: GMAC, Molson Coors
Among the earnings stories for Wednesday, Nov. 4, from AP Financial News:
GMAC Financial Services, the main lender for General Motors Co. and Chrysler Group LLC, said its loss narrowed to $767 million in the third quarter, as its auto lending unit made money while its home mortgage unit reported another loss.
Brewer Molson Coors said its third-quarter profit rose 37 percent as consumers bought less of the company's beer but paid higher prices for it.
Shares of Vivus Inc. fell sharply after the drug developer reported a third-quarter loss, though analysts maintained their focus on the company's potential obesity treatment Qnexa.Lumber Liquidators Inc., which sells hardwood flooring, said profit rose in the third quarter as sales at stores open at least a year turned positive and it gained market share. Baker Hughes Inc. said its third-quarter profit fell 87 percent on continuing price decreases, discounting and extra costs in a company reorganization. Neutral Tandem Inc., which provides services that connect phone networks between providers, said its third-quarter profit jumped 80 percent, as the company expanded its reach and carried more minutes over its networks. Offshore drilling contractor Transocean Ltd. said its third-quarter profit fell by one-third, hurt by special charges and a slowdown in drilling.
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