Dow Suffers Triple-Digit Loss
In corporate news, shares of coffee giant Starbucks (SBUX) surged more than 9% after it reported strong quarterly earnings, lifted its profit forecast for fiscal 2013, and boosted its dividend by more than 20%.
Ralph Lauren (RL) shares tacked on more than 1% after the apparel company reported better-than-expected quarterly earnings. However, the company cut its full-year sales outlook as it continues to shutter stores in China and decides to discontinue American Living amid ongoing uncertainties about the global economy.
Insurance company AIG (AIG) posted third-quarter earnings on Thursday of $1.86 billion, or $1.13 a share, for the September-ended quarter. AIG reported a year-ago loss of $4 billion. The company's operating income came in at $1, which was above analysts' expectations of 87 cents. The stock lost more than 7%.
Beam (BEAM) shares advanced by more than 2.5% after the spirits company announced third-quarter earnings and revenue that surpassed Wall Street estimates.LinkedIn's (LNKD) stock closed flat despite the business social networker reporting third-quarter adjusted earnings that beat forecasts as revenue leaped 81%. Shares of Cooper Tire & Rubber (CTB) gained more than 13% after the company reported a rise in income to $74.1 million, or $1.17 a share. Analysts were looking for 87 cents a share. Technology research firm Gartner (IT) said net income rose to $31.4 million, or 33 cents a share, against a year-earlier result of $30.5 million, or 31 cents a share. Analysts were looking for 34 cents a share. The stock lost more than 8%. Huntsman (HUN) saw shares rise more than 4% Friday despite falling short of analysts' expectations on the top and bottom line. The company's $116 million profit in the quarter reversed a year-earlier loss. Media company Washington Post (WPO) posted a third-quarter profit of some $94 million versus a year-over-year loss of about $6 million. The preferred dividend for its fiscal third-quarter rose to $12.64 a share, up from a year-ago 82-cent loss. Shares popped more than 5%. -- Written by Joe Deaux and Andrea Tse in New York. >Contact by Email. Follow @JoeDeaux
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