DOW JONES NEWSWIRES
Below is a synopsis of major quarterly releases from Friday
night and Monday morning:
Priceline 2Q Results Jump; 3Q View Tops Views
Priceline.com Inc. (PCLN) second-quarter earnings rose 35% amid
increased bookings and the company predicted third-quarter results
above Wall Street's views. That and the latest quarter's results
topping estimates sent shares up 12% to $147.42. The stock has now
doubled this year.
Freddie Posts Profit, Eschews More Aid For Now
Freddie Mac (FRE) late Friday said it swung to a profit on
accounting adjustments and gains while the mortgage financier said
it did not need more federal funds at this time. Shares soared 78%
to $1.32.
Triad Loss Widens On Surging Claims Costs
Triad Guaranty Inc.'s (TGIC) loss widened on increased
loss-adjustment expenses, while revenue climbed slightly and net
settled claims more than doubled. Shares slumped 23% to $1.05 as
the mortgage insurer reported its eighth-straight quarterly
loss.
Dish Network Earnings Sink; EchoStar Soars
DISH Network Corp.'s (DISH) earnings plunged 81% despite its
first subscriber gain in a year, as incomes missed expectations,
while former unit EchoStar Corp.'s (SATS) profit more than doubled
on lower expenses. Both companies' stocks were up about 4% and 5%,
respectively.
E.W. Scripps Posts Profit; Newspaper Ad Revenue Down 29%
E.W. Scripps Co. (SSP) reversed a second-quarter loss owing to
prior-year write-downs of its newspaper businesses and
partnerships, and though print advertising continued to slide,
falling 29%, the results exceeded Wall Street's views. Shares
jumped 15% to $6.29.
Dynegy Loss Widens; Inks Divestiture Deal With LS Power
Dynegy Inc. (DYN) posted a wider loss as it confirmed fellow
power generator LS Power Associates LP will buy nine U.S. power
plants from its one-time development partner for $1.03 billion plus
stock. Results missed expectations. Shares slipped 1.6% to
$1.90.
Sysco Earnings Down 5.6% On Falling Revenue
Sysco Corp.'s (SYY) fiscal fourth-quarter earnings fell 5.6% on
declining revenue and increased bad-debt expense as lower demand
from the struggling restaurant industry continues. Its stock fell
1.5% to $24.47.
Maguire Properties Loss Widens, To Give Up Properties
Maguire Properties Inc.'s (MPG) loss widened on write-downs as
the company plans to hand over control of seven buildings with some
$1.06 billion in debt to creditors. Shares slid 9% to 81 cents.
Allied Capital Loss Narrows On Gain, Misses Estimates
Allied Capital Corp.'s (ALD) loss narrowed on a debt-repurchase
gain and lower investment losses as the lender posted its sixth
straight quarter of red ink. Shares dropped 8% to $3.56 as results
fell short of analysts' estimates.
Quicksilver Resources Falls To Red On Write-Downs
Quicksilver Resources Inc. (KWK) swung to loss, its fourth in a
row, amid $70.6 million in asset write-downs as sharply lower
prices offset a 40% production boost. But earnings excluding
write-downs topped analysts' expectations. Its stock was flat at
$11.82 a share.
Houston Wire Earnings Slump 76% On Weak Prices, Demand
Houston Wire & Cable Co.'s (HWCC) profit tumbled 76% as
copper prices fell and industrial demand weakened, pushing results
well short of Wall Street's expectations. Shares fell 3.8% to
$10.16. The stock has lost half its value the past year.