By Andrea Tse, TheStreet

 

Updated at 8:52 a.m.

 

Netflix (NFLX) shares were plummeting 33% to $79.20 Tuesday after the online movie rental company said it lost more customers than expected in the third quarter. Netflix said its subscribers would likely shrink in its current quarter, and predicted a loss in the first quarter of 2012. The company expects earnings of 36 cents to 70 cents a share for the fourth quarter, less than the average estimate of $1.08 of analysts polled by Thomson Reuters. JPMorgan (JPM) cut its rating on the stock to “neutral” from “overweight.”

 

Products maker 3M (MMM) said its third-quarter profit fell 1% year-over-year to $1.52 a share. Analysts, on average, were expecting earnings of $1.61 a share. The company expects full-year earnings in the range of $5.85 to $5.95, down from the previous outlook of $6.10 to $6.25. Shares were tumbling 5.1% to $78.

 

DuPont (DD) posted an adjusted profit of 69 cents a share, beating the 56-cent average estimate of analysts surveyed by Thomson Reuters. Sales jumped 32% to $9.24 billion, surpassing forecasts for $8.79 billion. The chemical maker raised the bottom of the range of earnings expectations for 2011. Shares were rising 2.8% to $47.40.

 

Delta Air Lines (DAL) reported quarterly results that narrowly missed estimates after fuel expenses increased by $1 billion. Excluding items, the carrier reported net income of $765 million, or 91 cents a share. Analysts surveyed by Thomson Reuters had estimated 93 cents. Revenue rose 10% to $9.8 billion; analysts had estimated $9.7 billion. Shares were falling 2.3% to $8.90.

 

Drug maker Amgen (AMGN) reported a third-quarter profit of $1.40 a share, beating the average analyst estimate of $1.29 a share, and increased it full-year earnings forecast to $5.15 to $5.30 a share. Shares were little changed at $58.95.

 

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United Parcel Service (UPS) said it earned $1.06 a share in the third quarter, surpassing the average estimate of $1.05 a share and last year's 99-cent profit. Revenue rose 8% to $13.2 billion, in line with estimates. While its domestic operating margin improved, its international operating margin shrank to 13.4% from 15.7%. Shares were falling 1.4%.

 

Texas Instruments (TXN) said it expects earnings of 28 cents to 36 cents a share for its fourth quarter on revenue of $3.26 billion to $3.54 billion. The forecast includes acquisition-related costs of 15 cents a share. Excluding those costs, the chip maker’s results may be less than the 52 cents on $3.37 billion analysts surveyed by Thomson Reuters forecast.

 

BP (BP) earned $4.9 billion in the third quarter, up from $1.8 billion a year earlier, and raised its asset divestiture plan by $15 billion, from $30 billion to $45 billion. The company also said it hopes to increase its dividend -- slashed after the Gulf of Mexico disaster -- in 2012. BP's revenue rose 31% to $97.6 billion as the price of crude oil rose substantially from last year. BP said replacement cost profit was $5.14 billion in the quarter, up from $1.9 billion a year earlier. BP shares were rising more than 3%.

 

Fortinet (FTNT), the computer security software company, said it earned 11 cents per share in its third quarter, beating last year's 9-cent profit and analysts' estimates for 9 cents. Fortinet's revenue rose from $85 million last year to $116.4 million in the current year third quarter, ahead of analyst expectations for revenue of $103.6 million.

 

Communications equipment maker Tellabs (TLAB) reported third-quarter revenue of $314 million, less than the average estimate of $335 million. Shares were tumbling 5.3% to $4.44.

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Oil well services and equipment company Weatherford International (WFT) reported third-quarter earnings of 26 cents a share, meeting estimates.