DOW JONES NEWSWIRES
Below is a synopsis of major second-quarter releases from
Thursday afternoon:
Margins Propel IBM's Profit; Co Boosts 2009 Earnings View
International Business Machines Corp.'s (IBM) profit grew 12% as
margin improvement offset lower revenue, and the tech giant raised
its full-year outlook in another sign the sector is returning to
more customary conditions. Shares were up 2.1% to $112.93 in
after-hours trading as earnings easily topped Wall Street
estimates, though revenue fell a little short.
Google's Earnings Top Estimates But Revenue Growth Slows
Google Inc.'s (GOOG) earnings rose 19%, again showing the
company's resilience against the economic downturn, but paid clicks
fell from the first quarter and revenue growth continued to slow.
Shares fell 2.9% to $429.76 in after-hours trading; the
search-engine giant's earnings topped analysts' expectations while
revenue was in line.
Tempur-Pedic Profit Slumps Despite Cost Cutting
Tempur-Pedic International Inc.'s (TPX) profit dropped 17% on
lower sales despite a jump in margins, with results coming in
better than Wall Street's expectations. The mattress company has
cut costs to improve margins and offset sales declines in recent
quarters. Shares were up 9.3% at $14.25 in after-hours trading.
Cytec Swings To Loss On Sales Decline, Charges
Cytec Industries Inc. (CYT) swung to a loss as the specialty
chemicals and materials company recorded $34.2 million in
restructuring charges, while sales fell across all specialty
chemicals segments. Chairman and Chief Executive Shane Fleming
attributed the recent sales decline to the weak economy, compounded
by customer destocking activity. Shares rose 5 cents to $20.50 in
after-hours trading as revenue still topped Wall Street's view.