(Updated from 7:04 p.m. Wednesday)
will likely be under pressure today after a jury in a
Los Angeles Superior Court
on Wednesday ordered the company to pay more than $3 billion in damages to a 56-year-old man who has cancer.
The plaintiff, Richard Boeken, claimed the company failed to warn him of the severe health risks of smoking. Boeken, who has brain and lung cancer, accused the company of fraud, conspiracy and negligence. He was seeking $12.37 million in compensation, plus an additional $100 million to $10 billion in punitive damages.
Earnings/revenue reports and previews
A host of retailers announced their same-store sales for May -- and the results were mixed.
Among the companies ringing up gains compared to last year:
May Department Stores
. Sales at Wal-Mart, the largest retailer, were at the low end of expectations, however.
said its comparable-store sales moved 0.9% higher compared to last May. For the four weeks ended June 2, sales increased 6.9% to $2.7 billion.
said its same-store sales fell 10% and the retailer now expects its second-quarter same-store sales will be lower than expected.
Among other companies that announced lower same-store numbers for May:
said its same-store sales fell 1.2% compared to last year.
After Wednesday's Close
E-finance software provider
reported first-quarter earnings of 6 cents a share, meeting revised analyst estimates. Originally, analysts had forecast a consensus of 9 cents a share but lowered estimates the night before Carreker's earnings were released.
The company said it remains comfortable with its previous 2001 revenue target of $145 million and earnings per share of 88 cents. However, in light of its recent acquisition of
, it now expects revenue of $175 million and earnings of 95 cents a share, excluding charges.
Carreker's shares closed up 87 cents to $11.25 on Wednesday. However, in after-hours trading, the stock jumped to $14.70.
said Wednesday that same-store sales for May declined 2.2%, bringing year-to-date same-store sales down a total of 3.3%. Overall, May sales rose to $437.9 million, an increase of 6% compared with sales of $422.6 million in the year-ago period.
said it will take a second-quarter charge of about $1.13 billion due to writedowns of investments that went awry. Roughly $1.05 billion, or 61 cents a share, of the charge is related to investments in its venture capital portfolio, particularly in technology and telecommunications. The company said previously that it would take a $90 million charge related to the cost of completing acquisitions.
Wells shares traded down 93 cents to $47.84 in the regular-trading session. In after hours, the stock dropped to $47.22.
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