Tesoro (TSO) announced a 78 percent increase in profit during the second quarter, mainly due to increased margins in its west cost refining business. Earnings were $387 million, or $2.75 per share, versus $218 million, or $1.52 per share during the same quarter in 2011.
From Fnno.com, you’re watching the Financial News Network. Tyco International (NYSE:TYC) gaining on news of its third quarter earnings. The company reported an adjusted EPS of $1.01, ex-items, above analyst estimates of $0.93. Revenues in the quarter rose 3.9% to $4.46 billion, just below estimates of $4.54 billion. The mixed results is due to the breaking up of the company which is due next month. Current CEO Ed Breen will be leaving once Tyco merges its pipe and valve business with Pentair and spin of its ADT security business into a separate company. George Oliver, president of the fire and security segment of the company, will become Tyco’s new chief executive.Despite the mixed earnings, solid sales and profit growth were seen by investors. Tyco stock is up close to 3% midday at $55.35. For more financial news and analysis, follow us on Twitter @FNNOnline, or check out our website at fnno.com
From Fnno.com, you’re watching the Financial News Network. Another oil company posting disappointing earnings for the second quarter. British Petroleum (NYSE:BP) posting earnings of $3.68 billion or $1.16 a share, below the analyst estimate of $1.38.The biggest hit BP took in the quarter was impairment losses totaling to $4.8 billion. These losses were related to the write-off of certain refineries, U.S. shale gas assets, and the decision to suspend the Liberty project in Alaska. This was in addition to the already lower U.S. oil and natural gas prices that has hit mostly every energy company in the industry. Currently, BP stock is falling almost 4% to $40.15. For more financial news and analysis, follow us on Twitter @FNNOnline, or check out our website at fnno.com
From Fnno.com, this is the Financial News Network, your source for the latest business news. Here’s a few things to watch for in the financial world today August 1.Comcast Corporation (NASDAQ:CMCSA) beat analyst estimates on its second quarter results. The media conglomerate posted a 32% increase in profit, with an EPS of $0.50 on revenue of $15.2 billion. The positive results were due to a boost in subscriber growth and a decrease in video customer losses.Harley Davidson (NYSE:HOG) also showed signs of continuing growth in the second quarter. The motorcycle maker posted an EPS of $1.07 on revenue of $1.73 billion, a 29.7% increase from a year ago. Analysts were expecting earnings to come in at $1.05 a share. Increased sales in Latin America led to the positive results but the company says it sees a lower amount of shipments in the third quarter.Finally, another sign the video game industry is still in a downward trend. Take Two Interactive (NASDAQ:TTWO) reported a net loss of $110.8 million in the second quarter. And, excluding some items, the loss in earnings came out to $1.16 per share, almost double the analyst estimate of $0.66. The biggest factor to the negative results was the company’s sales, which fell 32% from a year ago. Those were a few things to watch out for here on the Financial News Network. For more coverage and analysis of the business world follow us on twitter @FNNOnline or check out our website at fnno.com. I’m Chuck Pierce.
Concho Resources (CXO) was upgraded by Wells Forgo to outperform from market perform, as the company should continue to experience growth in the Permian basin. Shares are higher by about 2.75 percent.
The markets were lower today following a statement from the Federal Reserve which indicated no new stimulus and pledged to take measures if the job market fails to improve. On the economic front, the private sector added 163,000 jobs in July, according to the ADP employment report.
The Daily Ticker’s Aaron Task talks to Jessica Caldwell about the auto sector.
The Daily Ticker’s Aaron Task and Henry discuss the latest Wall Street scandal.
As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy — they expect to make money. So let’s look at two noteworthy recent insider buys.
In trading on Wednesday, diagnostics shares were relative leaders, up on the day by about 10.1%. Leading the group were shares of China Cord Blood (CO), up about 150.6% and shares of Laboratory American (LH) up about 5.2% on the day.
