Allstate ( ALL) was climbing a day after posting an increase in its second-quarter earnings and again raising its full-year earnings forecast. The Illinois-based insurance provider earned $1.21 billion, or $1.89 a share, in the quarter, up from $1.15 billion, or $1.71 a share, a year earlier. Operating earnings, which exclude realized capital gains and losses, rose to $1.27 billion, or $2 a share, from $1.12 billion, or $1.66 a share. The results topped Thomson First Call's mean analyst estimate of $1.61 a share. Revenue rose 1% to $8.88 billion from $8.79 billion. Additionally, Allstate increased its 2006 operating earnings forecast to $6.70 to $7 a share. The stock was up 97 cents, or 1.7%, to $57.12. Earnings rose at online financial services firm E*Trade ( ET) thanks to gains in commission revenue and interest income. E*Trade earned $156.5 million, or 36 cents a share, including a charge of 1 cent a share for acquisitions, up from $101.6 million, or 27 cents a share, last year. Net revenue surged 58% to $611 million. E*Trade also raised its full-year earnings guidance. Shares of the New York-based company were higher by 29 cents, or 1.3%, to $22.70. City National ( CYN) the parent company of City National Bank, rose following its second-quarter earnings of $58.7 million, or $1.16 a share, a penny ahead of estimates. In the same quarter last year, City earned $57.7 million, or $1.13 a share. Second-quarter revenue totaled $212.6 million, a 6% increase from the same period a year ago. Also, City National repeated its outlook that earnings per share this year should grow between 1% and 4% compared with 2005. Shares of the California-based company were adding $1.01, or 1.6%, to $66.01. First Horizon National ( FHN) topped Wall Street's second-quarter profit estimates, earning $104.3 million, or 82 cents a share. The consensus estimate was 81 cents. In 2005, second-quarter earnings were $100.1 million, or 77 cents a share.
Total revenue for retail and commercial banking increased 10% to $342.5 million for the second quarter, the Tennessee-based company said. Mortgage banking revenue fell to $139.1 million from $155.6 million last year, and capital markets revenue rose to $96.5 million from $90.8 million. Pinnacle Financial Partners ( PNFP) said its board approved a 2-for-1 stock split. The new shares will be distributed around Aug. 11 to shareholders of record at the close of business on July 31. Pinnacle, a Tennessee financial-services firm, saw its shares rise 89 cents, or 2.9%, to $31.94. Odyssey Re ( ORH) slipped following news it would be naming a new chief financial offer. Robert Giammarco, the company's CFO, is resigning effective Aug. 15 to pursue other interests. R. Scott Donovan has been named to fill the post. Shares of the Connecticut reinsurance provider were losing 19 cents, or 0.7%, to $26.30. OceanFirst Financial ( OCFC), the New Jersey-based holding company of OceanFirst Bank, slipped after the company disclosed plans to repurchase some of its shares. The company said it would buy back up to 615,883 shares, or 5% of its stock outstanding, in the open market. Shares of OceanFirst were down 10 cents, or 0.5%, to $22.08.