Thomas Weisel Partners Group
stumbled as the San Francisco-based investment bank reported second-quarter income below Wall Street's expectations.
The company earned $3.3 million, or 14 cents a share, compared with a loss of $5.8 million. Earnings per share were not available for the year-ago period because it occurred before the company's IPO, which took place in February 2006. Operating income totaled $4.4 million, or 18 cents a share. But the Thomson Financial consensus estimate had the firm earning 21 cents a share. Shares fell $1.48, or 10%, to $12.91.
American International Group
gained even after the New York-based insurance giant reported a 29% drop in second-quarter earnings.
AIG earned $3.19 billion, or $1.21 a share, compared to $4.49 billion, or $1.71 a share, a year earlier. On an operating basis, the company earned $4.16 billion, or $1.58 a share, which exceeded the Thomson Financial consensus estimate of $1.39 a share. Revenues at the company were $26.7 billion, down from $27.9 billion a year ago and significantly lower than the estimated $29.2 billion that analysts expected. Shares climbed $2.01, or 3.44%, to $60.50 recently.
Patriot Capital Funding
gained after the Westport, Conn.-based specialty finance company reported a gain in second-quarter income.
The company reported earnings of $4.6 million, or 36 cents a share, compared with $307,782, or 8 cents a share, in the year-ago period. Analysts were expecting the company to earn 28 cents a share. Net investment income totaled $3.1 million, up from $307,782. Shares gained 23 cents, or 1.98%, to $11.82.
Franklin Street Properties
gained after the Wakefield, Mass.-based real estate investment trust announced the sale of a large warehouse and distribution facility. Gross proceeds from the sale were about $16.1 million, resulting in a net gain of about $6.3 million. Shares gained about 8 cents to $19.13.
Darwin Professional Underwriters
slipped after the Farmington, Conn.-based specialty insurer's earnings came in under Wall Street's expectations.
The company posted second-quarter earnings of $3.4 million, or 10 cents a share, compared with $638,000, or 8 cents a share, a year ago. Wall Street was looking for earnings of 17 cents a share. Gross premiums rose 58.4% to $58.1 million. Revenue totaled $35.7 million compared with $20.9 million. Shares sank 47 cents, or 2.44%, to $18.83.