strengthened Thursday after Lehman Brothers raised its price target to $350 from $275, citing strong returns in its paid-search business. Lehman raised its estimate of Google's second-quarter earnings by 6 cents to $1.28 a share, excluding various expenses. The Thomson First Call consensus is $1.20 a share. On the top line, Lehman sees second-quarter revenue of $861 million, up from $844 million. The consensus is $841 million. Google was recently up $7.14, or 2.4%, to $306.
said it earned $12.7 million, or 17 cents a share, for the second quarter ended June 30, versus $8.6 million, or 11 cents a share, a year ago. The biopharmaceutical company reported revenue for the quarter of $67.2 million. The company posted pro forma earnings of $8.8 million, or 12 cents a share. On that basis, analysts expected earnings of 17 cents a share on revenue of $67.8 million. For the year, the company expects operating income of $62 million on revenue of $285 million. The stock was down 30 cents, or 1.24%, to $23.80 in after-hours trading.
XM Satellite Radio
announced that it will acquire WCS Wireless, a private entity, for 5.5 million common shares. Closely held WCS Wireless controls radio frequencies in the 2.3 gigahertz spectrum in 15 of the nation's top 20 cities, says XM. The stock was up 19 cents, or 0.19%, to $35.81 in after-hours trading.
Advanced Micro Devices
beat second-quarter estimates, reporting earnings of $11 million, or 3 cents a share, for the second quarter compared with $32.2 million, or 9 cents a share, a year ago. Revenue for the quarter was $1.26 billion. Analysts expected a loss of 5 cents a share on sales of $1.2 billion. "Our microprocessor business delivered another record quarter driven by increased demand for AMD server and mobile processors from our largest global OEM customers," said Robert J. Rivet, CFO at AMD. The stock was up 56 cents, or 2.91%, to $19.81 in after-hours trading.
said it earned $187 million, or 62 cents a share, for the second quarter ended June 11, versus $178 million, or 58 cents a share, a year ago. The restaurant operator reported revenue of $2.15 billion. Analysts expected earnings of 57 cents a share on revenue of $2.15 billion, according to Thomson First Call. Looking ahead, the company expects to earn 70 cents a share for the third quarter and 77 cents a share for the fourth quarter. Both are slightly below Wall Street forecasts. The stock was down 29 cents, or 0.56%, to $51.42 in after-hours trading.