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Below is a synopsis of major quarterly releases from Thursday morning:
Exxon Earnings Slump 66%, Missing Views
Exxon Mobil Corp.'s (XOM) second-quarter profit tumbled a larger-than-projected 66% on weak demand, falling margins and slumping prices. International operations were especially weak, said Credit Suisse. Shares dropped 1.4% to $70.43.
MasterCard Rallies As Spending Volume Holds Up
MasterCard Inc. (MA) reversed a prior-year loss caused by its antitrust settlement with American Express Co. (AXP). MasterCard saw higher processed transactions and muted spending declines. MasterCard's stock climbed 9.4% to $206.45.
Dow Chemical In Black Excluding Rohm & Haas Charges
Dow Chemical Co. (DOW) swung to a loss on costs related to its purchase of rival chemical maker Rohm & Haas, yet results improved for the first quarter and the company posted a surprise profit excluding the charges. Shares gained 8.1% to $21.92.
Motorola Stays In Black On Gains, Tops Views
Motorola Inc. (MOT) remained profitable in the second quarter on one-time items, masking continued weakness companywide, as the bottom-line results beat the company's estimates. Its beaten-down stock jumped 13% to $7.44.
Colgate Income Up Despite Volume Decline
Colgate-Palmolive Co.'s (CL) earnings rose 14% amid prior-year restructuring costs as well as higher margins resulting from cost cutting and higher prices. But its shares fell 4.4% to $72.48 as volume dropped 1.5% and revenue fell slightly short of analysts' expectations.
Cablevision Profit Down 2.4%; OKs MSG Spinoff
Cablevision Systems Corp.'s (CVC) income fell 2.4% on hedging losses, more than offsetting rising sales. Meanwhile, its board approved going ahead with plans to spin off its Madison Square Garden and related assets by year's end. Its stock rose 8.2% to $20.47.
Tyco Earnings Down 40% On Metals Woes; Beat Views
Tyco International Ltd.'s (TYC) fiscal third-quarter profit dropped 40% amid sliding revenue as the company reported particular weakness in its electrical and metal-products business. But earnings excluding charges were well above expectations, helping send its stock up 4% to $29.95.
Kellogg Income Up 14% On Cost Easing
Kellogg Co.'s (K) profit rose 14% on cost cutting. The U.S.'s largest cereal maker also got some relief from last year's surging prices for grain and other ingredients. The results exceeded Wall Street estimates and the packaged food company now sees 2009 earnings at the high end of its target. Shares were little changed.
Travelers Earnings Down 21% As Claims Rise
Travelers Cos.' (TRV) income fell 21% on lower revenue and higher claims costs. But the commercial and personal-insurance provider still raised its full-year earnings outlook. Its stock was flat.
Rubbermaid Margins Grow; Earnings View Boosted
Newell Rubbermaid Inc.'s (NWL) second-quarter earnings rose 14% on lower restructuring costs as well as higher margins stemming from changes in its product lineup and easing commodities prices. The consumer-goods maker also raised its 2009 earnings forecast, sending its shares up 4.4% to $12.80.
OfficeMax Struggles, But Tops Estimates
OfficeMax Inc.'s (OMX) loss narrowed on a year-ago write-down while sales and margins continued to fall. But the results still topped analysts' views, pushing its ailing stock up 14% to $8.17.