DOW JONES NEWSWIRES
Below is a synopsis of major second-quarter releases from
Tuesday night and Wednesday morning:
Abbott Earnings Off 2.6%; Sales Miss Views
Abbott Laboratories' (ABT) profit fell 2.6% on restructuring and
acquisition costs while revenue fell short of expectations amid
currency and patent-loss impacts. The maker of drugs and medical
devices also gave a cautious earnings forecast for the current
quarter, helping push the stock down 2.7% premarket at $45.24.
Gannett Rallies As Earnings Top Estimates
Gannett Co. (GCI) reversed a prior-year loss caused by $2.8
billion in write-downs, but operational results continue to weaken
sharply as publishing advertising revenue tumbled 32%. Still,
shares were up 18% at $4.13 as earnings handily topped analysts'
expectations and print ads rose from the first quarter. The stock,
though, is still down 46.8% this year.
Janus Slides On Results, CEO Departure, Capital Raise
Janus Capital Group Inc. (JNS) announced a 76% profit swoon as
revenue fell by one-third. Shares fell 6.6% to $10.43 as the
mutual-fund operator announced Chief Executive Gary Black resigned
and disclosed plans to sell $300 million in stock and convertible
notes and offer to repurchase $400 million in debt.
AMR's Red Ink Narrows As Fuel Costs Tumble
AMR Corp.'s (AMR) loss narrowed amid prior-year write-downs as
the American Airlines parent saw a key measure of revenue fall. Its
stock rose 2.2% to $4.27 as the red ink was narrower than analysts
expected. Shares are off 60% in 2009.
Grainger Tops Views As Profit Down 18%
W.W. Grainger Inc.'s (GWW) earnings fell 18% as the
industrial-supplies company continued to see weak sales and no end
to the woes, but results topped analysts' expectations. Shares
added 1.2% to $83.56 amid the market's broad early rally.
Adtran Earnings Fall 16%, Still Beat Estimates
Adtran Inc. (ADTN) reported a 16% profit drop on lower revenue
as the telecommunications-network provider continues to be hurt by
a constrainted capital-spending environment. But results topped
expectations, helping send the stock up 4.2% to $22.66.