NEW YORK (
after Thursday's closing bell as the Internet search giant reported a much stronger than anticipated profit for its fourth quarter and announced a shake-up in the C-suite.
of $2.85 billion, or $8.75 per share, for the three months ended Dec. 31, ahead of Wall Street's consensus view of $8.07 a share. Revenue came in at $6.37 billion for the December quarter, beating the average analysts' estimate of $6.05 billion.
The bigger news, however, may be that
. Page will move into the role in April, replacing Eric Schmidt, who will assume the executive chairman role.
Google said paid clicks -- the number of times that users clicked on advertising to generate revenue for the company -- increased 18% year-over-year and 11% over the third quarter.
The stock was last quoted at $638.75, up 2%, on volume of 1.65 million, according to
. The shares have appreciated roughly 9% in the past 52 weeks, and hit a 52-week high of $642.96 on Wednesday.
slumped in late trades after the New York City-based maker of fashion apparel and accessories gave a disappointing profit outlook for the fourth quarter, saying the retail environment was "more promotional than anticipated, particularly in footwear," which hurt its gross margins.
The stock was last quoted at $13.35, down 3%, on volume of roughly 23,000. Shares finished the regular session at $13.78, bouncing slightly after plumbing a new 52-week low of $13.54 on Thursday. In the past 52 weeks, the stock is down more than 17% with much of that move coming since the start of 2011 as it's lost more than 12% year-to-date.
The company said it now sees adjusted earnings of 2 cents a share for its fiscal fourth quarter ended Dec. 31, well below the average estimate of analysts polled by
for a profit of 11 cents a share in the three-month period.
Jones Group also cited rising costs and a soft market for excess inventory as culprits in its below-consensus performance, and took a cautious view of 2011.
"The performance of our brands has been consistently strong, even in a challenging environment, and for 2011, we believe that our brands are positioned to achieve net revenue growth in mid-single digits," said Wesley Card, the company's CEO, in a statement. "That said, the strength in consumer spending and acceptance of price increases in 2011 remain uncertain."
( DNBK) jumped in late trades after the Danvers, Mass.-based bank holding company agreed to be acquired by
People's United Financial
for nearly $500 million in cash and stock.
The stock surged 29.3% to $22 on volume of around 24,000. The deal calls for Danvers Bancorp shareholders to receive either $23 per share in cash or else 1.624 People's United shares for each share with the expected breakdown of the consideration to be 55% stock and 45% cash.
People's United said it expects the transaction to immediately add to earnings with the closing of the deal anticipated late in the second quarter. People's United shares closed Thursday's regular session at $13.69, down 2%.
Shares of Danvers Bancorp were up 31% in the past year before the deal was announced. The $23 per share consideration represents a premium of 27.3% above its 52-week high of $18.07 on Dec. 22.
looks to have gotten its mojo back with its latest quarterly report. The maker of the da Vinci robotic surgery system, whose stock had a rough time in 2010,
after the closing bell.
Sunnyvale, Calif.-based Intuitive Surgical reported a profit of $121 million, or $3.02 a share, for the three months ended Dec. 31, up from year-ago equivalent earnings of $78 million, or $1.95 a share, and 34.4% ahead of the average estimate of analysts polled by Thomson Reuters for earnings of $2.25 a share.
Revenue rose 21% year-over-year to $389.3 million in the December period, beating a consensus estimate of $370 million. The company cited "continued robotic procedure adoption and higher da Vinci Surgical System sales" for the revenue growth.
Intuitive Surgical said it saw a 35% increase in procedures performed with its da Vinci system, sparking growth of 33% in its instruments and accessories revenue to $151 million in the latest quarter from $113 million last year. Systems revenue increased 10% to $178 million in the quarter, while service revenue swelled 27% to $61 million.
The stock was last quoted at $323, up 11.4%, on volume of around 275,000 in after-hours action, according to
. The shares are down about 6% in the past 52 weeks but based on Thursday's regular session close at $289.83 were off more than 26% since hitting a 52-week high of $393.92 on April 15.
Written by Michael Baron in New York.
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