Hartford Financial Services
were among the
winners Friday, rising 7% after the financial services company posted better-than-expected first-quarter earnings and boosted its full-year outlook.
The company earned $728 million, or $2.34 a share, on revenue of $6.5 billion. Excluding items, earnings were $797 million, or $2.56 a share. Analysts polled by Thomson First Call expected earnings of $2.11 a share. During the year-earlier quarter, Hartford earned $666 million, or $2.21 a share, on revenue of $6 billion. Excluding items, the company earned $582 million, or $1.93 a share, during the year-earlier quarter. "Our results for the quarter reflect The Hartford's leadership in key markets and the diversification and scale of our life operations," the company said.
Looking ahead, Hartford now sees 2006 earnings of $8.80 to $9.10 a share, up from an earlier view of $8.20 to $8.50 a share. Analysts project earnings of $8.53 a share. Shares were trading up $6.33 to $93.22.
rose 8% after the company's first-quarter results topped forecasts. The industrial-equipment maker earned $155.9 million, or 83 cents a share. Excluding items, the company earned $118.1 million, or 63 cents a share, beating Wall Street expectations by 2 cents. Revenue totaled $1.89 billion, compared with analysts' forecast of $1.86 billion. During the year-earlier quarter, the company earned $116.5 million, or 62 cents a share, on revenue of $1.77 billion.
ITT raised its 2006 earnings projection to $2.91 to $2.97 a share from an earlier range of $2.89 to $2.96. The company now predicts revenue of $7.9 billion to $8.01 billion, up from an earlier forecast of $7.82 billion to $7.97 billion. Analysts project earnings of $2.95 a share on revenue of $7.94 billion. Shares were up $4.32 to $57.43.
sank 9% after the women's clothing retailer's fiscal fourth-quarter guidance fell short of analysts' expectation. For the third quarter ended April 1, Bebe posted earnings of $13.3 million, or 14 cents a share, up from $11.1 million, or 12 cents a share, a year earlier. The earnings per share matched analysts' mean estimate. Sales rose to $132.8 million from $116.9 million, while same-store sales increased 4.7%.
Bebe projects fourth-quarter earnings of 18 cents to 22 cents a share, including 2 cents in stock-based compensation costs. Analysts predict earnings of 23 cents a share, including the stock-option costs. The company anticipates same-store sales will rise in the low-single-digit percentage. Shares were down $1.70 to $18.10.
jumped 10% after the toolmaker reported a better-than-expected first-quarter profit. The company earned $22.1 million, or 37 cents a share, up from $17.9 million, or 31 cents a share, a year earlier. Revenue fell to $593.5 million from $598.7 million. The earnings handily beat analysts' forecast of 28 cents a share, though revenue fell short of Wall Street's $608.3 million projection. "We are making progress against our strategic priorities and see substantial long-term opportunity for profitable growth," the company said. Shares were trading up $3.59 to $41.06.
American Axle and Manufacturing Holdings
fell 7% after the auto parts maker posted disappointing first-quarter results. The car-parts maker earned $8.6 million, or 17 cents a share, on revenue of $834.8 million. The results included a favorable tax adjustment of $3.1 million, or 6 cents a share, and a $10.4 million increase in non-cash expenses. Analysts expected earnings of 19 cents a share on revenue of $855.6 million. A year earlier, the company earned $13.3 million, or 26 cents a share, on revenue of $818.9 million.
Looking ahead, American Axle sees 2006 earnings of $1.20 to $1.30 a share, above analysts' projection of $1.14 a share. Shares recently changed hands at $18.54, down $1.50.
slid 7% after the online closeout retailer posted first-quarter results that missed expectations. The company reported a loss of $15.9 million, or 82 cents a share, on revenue of $180.2 million. Analysts expected a loss of 64 cents a share and revenue of $186.3 million. A year earlier, the company recorded a loss of $4.3 million, or 22 cents a share, on revenue of $165.9 million.
Looking ahead, Overstock.com said that second-quarter results would look similar to first-quarter results. "I anticipate Q2 will look about the same, before we start climbing out of this hole in the second half of 2006," Chief Executive Patrick Byrne said in a statement. "Our theme for this year is to slow growth during the first half of the year so we can work on improving internal business processes in preparation for stronger performance in Q4 and beyond." Analysts project a second-quarter loss of 67 cents a share and revenue of $171.2 million. Shares were down $2.11 to $26.61.
NYSE volume leaders included
, up $1.65 to $49.80;
( LU), down 4 cents to $2.76;
, down 12 cents to $6.98;
, up $1.38 to $45.33;
Bank of America
, up 90 cents to $49.94;
, up $1.60 to $38.60;
, up 13 cents to $17.49; and
, up 22 cents to $34.65.
volume leaders included
, down $3.07 to $24.18;
, down 1 cent to $20.07;
, down 35 cents to $3.52;
, up 2 cents to $3.53;
, down 2 cents to $14.91;
, up 3 cents to $4.98;
, up 44 cents to $26.38; and
, up 22 cents to $21.20.