The corporate news that impacted the market during Tuesday session are: General Motors, Ford Motor, Chrysler Group, Motorola, Motorola Mobility Holdings, Motorola Solutions, and Macy's.
Automakers General Motors Co. (GM), Ford Motor Co. (F) and Chrysler Group LLC on Tuesday reported higher U.S. sales for the month of December on growing consumer demand. The largest U.S. automaker GM said its December U.S. vehicle sales grew 7.5 percent to 224,185 units from last year.
Ford said it sold 190,976 vehicles in December, up 6.7 percent from 179,017 vehicles sold last year. Chrysler Group LLC said its U.S. vehicle sales for December increased 16 percent to 100,702 units.
Mobile phone maker Motorola, Inc. on Tuesday formally split into two independent traded public companies that began trading on the NYSE as Motorola Mobility Holdings, Inc. (MMI), and Motorola Solutions, Inc. (MSI). Motorola was founded as Galvin Manufacturing Corp. in 1928 and went public in 1943 and assumed its current name.
Department store chain operator Macy's, Inc. (M) said it is adding about 725 new positions over the next two years to support the growth of its online businesses, macys.com and bloomingdales.com. Macy's expects to add nearly 3,500 full-time, part-time and seasonal holiday associates in the next two years.
The companies that reported earnings news after the market close are: Sonic, AngioDynamics, Landec, Team, and Mosaic.
Shares of drive-in restaurant chain Sonic Corp. (SONC) gained 0.99 percent to $10.20 in the after-market trading, following its in-line first quarter earnings. Profit was $7.2 million or 12 cents a share, up from $6.2 million or 10 cents a share last year. Results for the latest quarter included a one-time tax benefit of 2 cents a share. Revenue fell 5 percent to $129.2 million. Analysts had expected profit of 10 cents a share on revenue of $128.87 million. Same-store sales declined 2.4 percent. Sonic expects same-store sales to improve sequentially throughout fiscal 2011, on sales-building initiatives despite a slower and volatile season.
Medical devices maker AngioDynamics Inc. (ANGO) reported a marginal increase in second quarter earnings. Profit was $3.3 million or 13 cents a share, compared to $3.1 million or 13 cents a share last year. Sales was $53.4 million, compared to $53.5 million. Analysts had expected profit of 12 cents a share on revenue of $54.37 million. AngioDynamics reiterated its fiscal 2011 earnings guidance of 47 cents to 50 cents a share and sales outlook of $220 million to $225 million, while Street expects profit of 49 cents a share on revenue of $221.75 million.
Shares of specialty polymer products maker Landec Corp. (LNDC) gained 5.41 percent to $6.23 in the after-hours trading, following its in-line second quarter earnings. Profit was $2.1 million or 8 cents a share, up from $1.5 million or 6 cents a share last year. Revenue rose to $70.2 million from $60.9 million. Analysts had expected profit of 8 cents a share on revenue of $68.93 million.
Shares of Team Inc. (TISI) gained 0.31 percent to $24.59 in the after-market trading, following its better-than expected second quarter earnings. Adjusted profit was $8.4 million or 43 cents a share, up from $6.6 million or 34 cents a share last year. Revenue rose to $133.1 million from $123.3 million. Analysts had expected profit of 38 cetns a share on revenue of $130.53 million. Team increased its fiscal 2011 earnings guidance to range of $1.10 to $1.25 a share from previous outlook of $1.00 to $1.15 a share. Analysts expect profit of $1.14 a share.
Shares of fertilizer giant Mosaic Co. (MOS) gained 3.21 percent to $77.41 in the after-market trading, following its better-than expected second quarter earnings. Profit was $1 billion or $2.29 a share, higher than $107.8 million or 24 cents a share last year. Results for the latest quarter included an after-tax gain on sale of its interest in Fosfertil S.A. of $570 million or $1.28 a share. Sales rose 56 percent to $2.7 billion. Analysts had expected profit of 91 cents a share on revenue of $2.44 billion.
Mosaic expects that global phosphate shipments would increase to range of 59 million to 61 million tonnes in calendar 2011. The company estimates global muriate of potash shipments to climb to range of 53 million to 56 million tonnes in calendar 2011. Mosaic lowered its fiscal 2011 capital spending guidance to a range of $1.2 billion to $1.4 billion from its previous forecast of $1.4 billion to $1.6 billion, due to shifting some potash sustaining projects into fiscal 2012.
The companies that reported guidance revision news after the market close are: Mattson Technology, and Trident Microsystems.
Shares of Mattson Technology Inc. (MTSN) fell 14.06 percent to $2.20 in the after-market trading following its cut to fourth quarter guidance due to a delay in shipment of several tools scheduled for DRAM customers.
Mattson lowered its fourth quarter revenue outlook to about $41 million from previous forecast of $46 million to $50 million. The company now expects loss to be significantly greater than the previous guidance range of 4 cents loss to breakeven a share. Analysts expects loss of 1 cent a share on revenue of $49.08 million.
Shares of semiconductor solutions provider Trident Microsystems, Inc. (TRID) lost 17.8 percent to $1.57 in the after-market trading, following its cut to fourth quarter revenue guidance due to order cancellations and weaker demand for set-top box products. The company is scheduled to release its fourth quarter results on February 3.
Trident lowered its fourth quarter revenue outlook to range of $115 million to $120 million from previous forecast of $130 million to $140 million. The company widened its fourth quarter adjusted operating loss guidance to range of $18 million to $22 million from previous range of $4 million to $8 million.
The top companies that reported corporate news after the market close are: Education Realty Trust, Anadys Pharmaceuticals, Hatteras Financial, CenturyLink, Qwest Communications, NeuroMetrix, Continental Airlines, Schnitzer Steel Industries, Rosetta Resources, Alaska Air Group, and Republic Airways Holdings.
Shares of Education Realty Trust Inc. (EDR) fell 3.88 percent to $7.43 in the after-hours trading, following its plan to sell 9.5 million common shares in an underwritten public offering. The company plans to use the net proceeds to repay debt, fund its development pipeline, fund future acquisitions and for general corporate purposes.
Anadys Pharmaceuticals Inc. (ANDS) said it has began the planned Phase IIb study of its direct-acting antiviral ANA598 in combination with pegylated interferon and ribavirin for treatment of hepatitis C. Patient screening has begun and patient dosing is expected to commence within the next several weeks.
Shares of real estate investment firm Hatteras Financial Corp. (HTS) fell 1.92 percent to $29.10 in the after-hours trading, following its commencement of an underwritten public offering of 9 million commons shares pursuant to an effective registration statement filed with the Securities and Exchange Commission.
Nebraska Public Service Commission (PSC) has approved CenturyLink Inc.'s (CTL) proposed purchase of Qwest Communications International Inc. (Q) for $10.6 billion stock-swap deal. This approval leaves CenturyLink with regulatory hurdles to clear in five other states in addition to the Federal Communications Commission. As part of the approval process, CenturyLink and Qwest agreed to invest $10 million over the next five years in Nebraska's broadband infrastructure.
Shares of medical device maker NeuroMetrix Inc. (NURO) gained 8.11 percent to $0.64 in the after-hours trading, following its intention to shift business focus to diabetes specifically detection and monitoring of diabetic neuropathy which is a common complication of the disease.
NeuroMetrix said it will cut its workforce by 27 percent and take a related charge of about $2.2 million as part of a restructuring process. The company said it is prioritizing its large installed base of active accounts, restructuring its organization to support current accounts, and shifting to third party distribution for new account acquisition.
Continental Airlines, a subsidiary of United Continental Holdings (UAL), said it has reached a tentative agreement on a new labor contract with the International Association of Machinists and Aerospace Workers (IAM) representing Continental flight attendants. The IAM is expected to hold a ratification vote in the coming weeks. The agreement covers about 9,300 Continental flight attendants located throughout the United States.
Shares of Schnitzer Steel Industries, Inc. (SCHN) fell 0.51 percent to $67.38 in the after-hours trading, following its agreement to buy substantially all of the assets of State Line Scrap Co., Inc. and certain of its affiliates for an undisclosed term.
Independent oil and gas company Rosetta Resources Inc. (ROSE) said its board has approved a 2011 capital budget of $360 million, of which about 90 percent or $325 million will be spent for activities in the liquids-rich window of the Eagle Ford shale in South Texas. The company will fund the capital expenditure program from a combination of internally generated cash flow plus proceeds from planned sales of assets in the DJ Basin and California.
Airline company Alaska Air Group, Inc. (ALK) reported December operational results for its subsidiaries, Alaska Airlines and Horizon Air. Alaska Airlines December traffic rose to 1.8 billion revenue passenger miles from 1.6 billion, while capacity grew to 2.1 billion available seat miles from 1.9 billion. Passenger load factor of Alaska Airlines rose to 85.6 percent from 83.6 percent.
Horizon Air December traffic declined to 206 million revenue passenger miles from 211 million, while capacity fell to 262 million available seat miles from 278 million. Passenger load factor of Horizon Air rose to 78.6 percent from 75.9 percent.
Airline company Republic Airways Holdings Inc. (RJET) said its December traffic declined 2 percent to 1.64 billion revenue passenger miles, while its capacity fell 3 percent to 2.14 billion available seat miles. Load factor rose 1 percentage point to 76 percent from 75 percent.
Frontier Airlines, a subsidiary of Republic Airways, said its December traffic rose 2 percent to 976.3 million revenue passenger miles, while capacity declined 1 percent to 1.22 billion available seat miles. Load factor rose to 80 percent from 77 percent.