DOW JONES NEWSWIRES 
 

Below is a synopsis of major second-quarter releases from Friday morning:

Chevron 2Q Profit Plunges 71% On Weak Demand

Chevron Corp.'s (CVX) second-quarter earnings plunged 71% on lower commodity prices and weak demand for refined products. Shares, however, recently rose 3 cents to $67.73.

AutoNation 2Q Earnings Off 29% As Sales Woes Persist

AutoNation Inc. (AN), the nation's largest U.S. car dealership chain, said profit dropped 29% on continued weak sales, but higher margins and stronger-than-expected core earnings support suggestions that the downturn may be reaching a bottom. Still, its stock recently fell 3.8% to $19.84.

Calpine In Red On Unrealized Hedging Losses

Calpine Corp. (CPN) swung to a loss on unrealized hedging impacts as the power producer reported an 8.5% drop in output. But the company boosted its earnings and cash-flow targets for the year, with President and Chief Executive Jack Fusco citing Calpine's hedging and cost-cutting efforts. Investors weren't impressed as shares dropped 4.7% to $13.

ITT Results Weaken Less Than Anticipated; View Raised

ITT Corp. (ITT) reported a 9% decline in second-quarter earnings as results didn't drop as much as expected and the defense and industrial company raised its guidance for the year. Shares climbed 5.7% to $51.

Constellation Energy Profit Slumps 95%

Constellation Energy Group Inc.'s (CEG) profit plunged 95% on a loss from divestitures and falling revenue. But the electricity provider boosted its full-year earnings outlook as the second quarter's results smashed expectations. Its stock still fell 1.5% to $28.60 amid potential trouble in getting regulatory approval for its nuclear-business deal with Electricite de France SA (EDF.FR).

MDC Loss Narrows; Orders Up For First Time Since 2005

MDC Holdings Inc.'s (MDC) loss narrowed on a larger year-earlier write-down as new orders increased for the first time since 2005 at the home builder. Shares climbed 3.5% to $35.39.

American Electric Earnings Up 12% On Rate Hikes

American Electric Power Co.'s (AEP) earnings rose 12% as increased rates more than overcame continued waning electricity demand and weakness in wholesale sales. As such, earnings beat expectations. The stock rose 1.2% to $31.01.

Washington Post Returns To Black On Reduced Charges

Washington Post Co. (WPO) reversed a prior-year loss amid fewer restructuring charges and a foreign currency gain, though advertising at its namesake newspaper continued to weaken. The paper's 20% ad revenue drop, however, is a far cry from the 33% plunge seen in the first quarter. Shares rose 3% to $431.45.

Allergan Net Up 23% On Lower Costs; 3Q View Cautious

Allergan Inc.'s (AGN) profit rose 23% on declines in overhead and research costs, but currency changes ate into revenue at the eye- and skin-care products company. While the quarter's results topped analysts' estimates and the Botox maker raised the lower end of its 2009 outlook, it forecast weaker-than-expected earnings for the third quarter. Allergan's shares rose 1.2% to $53.21.

Amerigroup Misses Views Amid Higher Claims Costs

Amerigroup Corp. (AGP) reversed a prior-year loss caused by litigation, while higher medical costs kept the health insurer's profit below analysts' expectations. That impact is expected to continue. Its stock dropped 10% to $25.80.

Manufacturer Kaydon's Profit Slumps 57% On Demand Woes

Kaydon Corp.'s (KDN) earnings slid 57% on sharply lower demand at most of the company, which makes products for the alternative-energy, aerospace and medical industries. Results were below analysts' expectations and shares fell 7.5% to $31.40.