Evening Update: IDT Falls Short; McCormick Tops Estimates

Jump to Sections Below
Earnings/revenue Miscellany

Telecommunications company IDT (IDTC) posted a third-quarter operating loss of 12 cents a share, well below the two-analyst estimated profit of 8 cents and the year-ago earnings of 7 cents. The loss came despite a year-over-year jump in revenue (revenue did decline sequentially), while net income benefited from an investment gain. See The Night Watch for more on IDT, which gained ground in after-hours trading.

Major Indices INDEX CHANGE % VALUE YR TO DATE Dow 66.11 0.62% 10,687.95 -7% S&P 500 1.10 0.08% 1470.58 +0.1% Nasdaq 53.65 -1.39% 3797.41 -6.7% Russell 2000 4.08 -0.79% 509.67 -1% TSC Internet 14.95 -1.64% 898.68 -22.2% NOTE CHANGE PRICE YIELD 10-Year Treasury 15/32 103 8/32 6.050%

In other postclose news (earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews

McCormick (MKC) posted second-quarter earnings of 35 cents a share, better than the 10-analyst estimate of 32 cents and the year-ago 8 cents.

Back to top

Miscellany

Coca-Cola (KO) reached a tentative deal to settle a racial discrimination lawsuit filed by a group of black workers more than a year ago, a lawyer for the plaintiffs told Reuters.

ExxonMobil (XOM) said new environmental regulations, pipeline disruptions and fuel patents have made it difficult to supply the Midwest with gasoline. The company said Midwest supplies are "extremely tight" and that it is experiencing spot outages of gasoline in the Midwest. ExxonMobil said it can only supply clients with a percentage of what they used to get.

Back to top

>To order reprints of this article, click here: Reprints