Stocks to watch: McDonald's, Onyx
The fast-food giant reports lower net income, and the pharmaceutical company reports an experimental caner drug failed in trials.
McDonald's (MCD), reported that second-quarter net income fell 4.5% to $1.35 billion, or $1.32 a share, from $1.41 billion, or $1.35, in the year-earlier period. Revenue was about flat at $6.92 billion compared with $6.91 billion. The fast-food giant, was expected by analysts Monday to post second-quarter profit of $1.38 a share on sales of $6.94 billion.
Shares fell about 2% in pre-market trading at last check.
Germany's Bayer and Onyx Pharmaceuticals (ONXX) said Monday that Tarceva, a jointly produced drug, in combination with Nexavar tablets for the treatment of hepatocellular carcinoma, a type of liver cancer, failed in further improvement of overall survival.
NRG Energy (NRG) said Sunday it reached a deal to buy GenOn Energy (GEN) for $1.7 billion in stock. The merger creates the largest U.S. independent power producer.
Halliburton (HAL) posted a relatively flat in second-quarter profit of $737 million, or 79 cents a share, down from $739 million, or 80 cents, a year ago. Excluding special items, it earned 80 cents a share. Revenue increased 22% to $7.23 billion from $5.94 billion. Analysts expected earnings of 75 cents a share on revenue of $6.93 billion.
Shares of Halliburton traded 0.25% lower in pre-market action.
Chipmaker Texas Instruments (TXN), according to analysts, will post second-quarter profit of 41 cents a share on revenue of $3.35 billion. Texas Instruments posts numbers after Monday's closing bell.
Hasbro's (HAS) second-quarter profit fell 25% to $43.4 million, or 33 cents a share, down from a year-ago profit of $58.1 million, or 42 cents a share. Revenue dropped 11% to $811.5 million. Analysts expected the toy maker to post quarterly earnings on Monday of 24 cents a share on revenue of $832 million.
Hasbro shares were 1.2% higher in pre-market trading.
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After enjoying a smooth rise in stock prices since May, investors are about to be hit with another bout of volatility.
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