NEW YORK (TheStreet) -- Time Warner (TWX), the media giant, said fourth-quarter net income rose 22% to $769 million, or 68 cents a share, from $631 million, or 53 cents a share, a year earlier.

On an adjusted basis, earnings in the quarter were 67 cents a share.

Revenue rose about 8% to $7.81 billion from $7.21 billion.

The Wall Street consensus called for earnings of 62 cents a share on revenue of $7.48 billion.

The stock was up 3.5% to $33.45.


Hershey Foods ( HSY - Get Report) said fourth-quarter net income increased about 7% to $135.5 million, or 59 cents a share, from $126.8 million, or 55 cents a share, a year earlier.

On an adjusted basis, earnings were 61 cents a share.

Net sales increased about 5% to $1.48 billion from $1.41 billion the year before.

Analysts, on average, expected earnings of 61 cents a share on revenue of $1.48 billion.

Shares of the company were unchanged at $47.14 in premarket trading Wednesday.


Mattel ( MAT - Get Report) said fourth-quarter net income fell about 1% to $325.2 million, or 89 cents a share, from $328.4 million, or 89 cents, a year earlier.

Net sales rose 9% to $2.12 billion from $1.96 billion.

Analysts, on average, expected Mattel to report earnings of 86 cents a share on revenue of $2.09 billion.

Mattel shares rose 1.5% to $24.50 in early trading.


Whirlpool ( WHR - Get Report), the appliance maker, said fourth-quarter earnings jumped 80% despite a dip in sales in North America.

Whirlpool shares fell 4.5% to $81.61 in premarket trading Wednesday.


Borders Group ( BGP) could file for bankruptcy protection as soon as next week, according to Bloomberg.

Shares of Borders were falling 14.9% to 40 cents in premarket trading Wednesday.


NaviSite ( NAVI - Get Report) agreed to be acquired by Time Warner Cable ( TWC) for $230 million.

NaviSite shares surged 32.5% to $5.47 in premarket trading Wednesday. Time Warner cable finished the previous trading session at $68.73, up 1.3%.

GlaxoSmithKline ( GSK - Get Report) said Wednesday it sold its entire stake in Quest Diagnostics ( DGX - Get Report) for $1.7 billion.

Quest Diagnostics was flat at $56.95 in premarket trading. GlaxoSmithKline was down 1% to $37 early Wednesday.


Yum! Brands ( YUM - Get Report) is scheduled to report quarterly earnings after the markets close Wednesday. The company is expected to have a difficult conference call because of the recent Taco Bell lawsuit claiming its taco beef is only 35% beef and the rest is fillers.

Yum! stock was up 0.9% to $47.83 in premarket trading.


Visa ( V - Get Report) reports its quarterly results after the closing bell. The current average estimate of analysts polled by Thomson Reuters is for a profit of $1.21 a share on revenue of $2.23 billion in the December period. The credit card issuer has beat Wall Street's profit expectations in the past eight quarters.

The stock was up 0.4% to $71 in premarket trading.


Amazon ( AMZN - Get Report) is working towards a film streaming service that would put it in direct competition with Netflix ( NFLX - Get Report), according to the Financial Times.

Shares of Amazon were down 0.2% to $171.80 during premarket trading, while Netflix fell 1.3% to $210.20.

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-- Written by Andrea Tse in New York.

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