Marvell Technology (MRVL):
The Santa Clara, Calif.-based chip maker reported adjusted earnings of $142 million, or 24 cents a share, in its fiscal second quarter on revenue of $816.1 million, missing the average estimate of analysts polled by Thomson Reuters for a profit of 26 cents a share on revenue of $852.7 million.
Marvell said its performance was held back by the weak macro-economic environment, which hurt its storage and mobile end markets.
Shares of Marvell closed Thursday at $12.28, and fell nearly 9% in after-hours action.J.M. Smucker (SJM - Get Report): The Orrville, Ohio-based food products company reported adjusted earnings of $129.3 million, or $1.17 a share, for its fiscal first quarter ended in July on revenue of $1.37 billion. The average estimate of analysts polled by Thomson Reuters was for a profit of $1 per share on revenue of $1.30 billion. "We are pleased with the solid start to the fiscal year with growth in volume, sales, and cash flow," said Richard Smucker, the company's CEO, in a press release. "While the environment remains challenging, we continue to drive long-term growth through brand-building, product innovation, acquisitions, and productivity initiatives while maintaining a healthy balance between volume, market share, and profitability. Our results demonstrate the strength and resiliency of our iconic brands, our ability to adjust rapidly in the marketplace, and the commitment of our team to our strategy." For fiscal 2013, J.M. Smucker backed its forecast for non-GAAP earnings of $5 to $5.10 a share with sales expected to rise 7%, and said it sees earnings at the top end of its projected range based on current expectations. Walgreens (WAG): Morgan Stanley upgraded the drugstore operator to equal-weight from underweight and removed its $31 price target. "Express Scripts overhang removed, but risks remain: The resolution of the Express Scripts dispute removes the risk of further script losses and opens the door for Walgreens to start winning back lost customers," the firm said. "However, investors must now contemplate 1) the level of couponing required to lure back customers; 2) lingering front-end weakness from lost Express customer traffic; 3) margins under the new Express-Medco contract; and 4) risk that the Express-related cost cutting may have affected service levels for other customers." The stock closed Thursday at $35.52, up more than 3% in the past year. -- Written by Michael Baron in New York.
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