Stocks to watch: Disney, Sirius
The entertainment giant is due to report after the close, and the satellite radio company's result topped expectations.
Walt Disney (DIS) reports fiscal third-quarter results after Tuesday's closing bell and analysts are calling for earnings of 93 cents a share on revenue of $11.30 billion. Shares of Disney, a Dow component, have risen more than 30% since the start of the year.
Sirius XM Radio (SIRI) reported a profit of $3.1 billion, or 48 cents a share, much higher compared to last year's profit of $173.3 million, or 3 cents, helped by a $3 billion income-tax gain. Revenue jumped 13% to $837.5 million, with subscriber revenue up 14%. Net subscriber additions were 622,042, up 38% from a year earlier. The satellite radio company was expected by analysts to post second-quarter earnings of 2 cents a share on revenue of $834.4 million. The company also raised its revenue forecast for the year to about $3.4 billion, from $3.3 billion.
Sirius has topped expectations in four of the past five quarters, and the stock has risen more than 15% in 2012. Shares jumped some 2.7% in pre-market trading Tuesday at last check.
Priceline.com (PCLN) is seen earning $7.36 a share in the June-ended quarter on revenue of $1.35 billion. The online travel reservation company posted year-earlier earnings of $5.49 a share on revenue of $1.10 billion.
Johnson & Johnson (JNJ) and Pfizer (PFE) announced the discontinuation of the development of bapineuzumab intravenous, a proposed treatment for mild-to-moderate Alzheimer's disease, after a disappointing phase III trial.
The two companies were partners on the drug's development as was Elan (ELN), which has a 49.9% interest in Janssen AI, the J&J unit that was working with Pfizer on the drug. Elan said it expects to record a non-cash impairment charge of $117.3 million in the third quarter to write down the entire value of its Janssen AI investment.
CVS (CVS), the drugstore chain, reported second-quarter profit of $966 million, or 75 cents per share, up from $816 million, or 60 cents per share, a year earlier. Excluding one-time items, CVS earned 81 cents per share. Revenue rose 16.3 percent to $30.71 billion. CVS was expected by analysts to post quarterly profit of 79 cents a share on revenue of $31.02 billion. The company also raised its full-year earnings guidance. Shares of CVS rose 2.7% in pre-market trading.
Leap Wireless (LEAP) reported a wider-than-anticipated loss in the second quarter.
The San Diego-based provider of wireless communications services posted a loss Monday of $46 million, or 54 cents a share, on revenue of $786.8 million, missing the average estimate of analysts polled by Thomson Reuters for a loss of 50 cents a share on revenue of $836.3 million.
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