SAN FRANCISCO (MarketWatch) - General Motors slumped on ominous words
from Standard & Poor's during Monday's extended session while Sabre Holdings
surged on a bullish look to 2006.
The Nasdaq-100 After Hours Indicator, which tracks the evening action of
the tech-heavy index's leading stocks, slipped fractionally to 1,697 points.
Earlier, the Dow Jones Industrial Average lost 11 points to close at
10,768, while the Nasdaq Composite ended slightly higher, up 4 points at
2,261.
GM shares were uncharacteristically busy in late trading, falling 2% after
Standard & Poor's pushed the automaker's debt deeper into junk and piqued
bankruptcy fears.
Elsewhere, Sabre Holdings Corp. forecast a 2006 profit in excess of $1.20
a share on revenue approaching $3 billion. The Southlake, Texas-based travel
services company also pegged adjusted income for the year of greater than
$1.70 a share, and for cash flow from operations to reach $440 million.
Analysts polled by Thomson First Call had previously forecast 2006
earnings of $1.59 a share, on average. The stock jumped more than 6% to
$23.45.
Insmed led all percentage advancers, surging 39% to $2.07. The Food and
Drug Administration approved its Iplex drug to treat growth failure in
children with severe primary IGF-1 deficiency or with growth hormone gene
deletion who have developed neutralizing antibodies to growth hormones.
Topping most actives, Intel fell 17 cents to $26.45. The chipmaker
announced plans to offer $1.4 billion in notes due 2035. Intel said it plans
to use the offering's proceeds for general corporate purposes, and may use a
portion to purchase shares of its common stock concurrently with pricing of
the debentures.
Earnings roll in
CKE Restaurants Inc. reported a third-quarter profit of $15.8 million, or
23 cents a share, compared with $13.1 million, or 20 cents a share, in the
year-earlier period. Analysts surveyed by Thomson First Call had expected the
restaurant operator to report earnings of 21 cents. Shares traded up 1.6% to
$13.12 in light after-hours action.
Separately, Cooper Cos. posted a profit of $10.8 million, or 22 cents a
share, vs. $29.2 million, or 79 cents a share, during the same period a year
ago. Excluding charges, earnings were 83 cents a share, 2 cents below analyst
targets.
Shares of Source Interlink Companies fell almost 7% to $10.68 after the
company reported third-quarter net earnings of $6.08 million, or 11 cents a
share, vs. restated net earnings of $4.38 million, or 18 cents a share, in the
year-ago period. Adjusted earnings came in at 17 cents a share vs. 16 cents a
share a year ago. Analysts had targeted a profit of 16 cents a share.
Shawn Langlois is a reporter for MarketWatch, and the editor of its
community message boards.
This MarketWatch news update is provided to you courtesy of Thomson
Financial. The information herein is believed to be true and accurate. We take
no responsibility for inaccurate information and reserve the right to update
our reports. If you have any questions please e-mail James Sang at
james.sang@thomson.com or call 646.822.6233. For more information about
Thomson Financial visit us at http://www.thomson.com/financial.
SOURCE Thomson Financial Corporate Group
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