Earnings watch: AOL, Cisco
The Internet media company beats Wall Street expectations. The computer networking giant will report after the close.
Updated at 8:54 a.m. ET
AOL (AOL) on Wednesday reported first-quarter net income of $21.1 million, or 22 cents a share, up from year-earlier earnings of $4.7 million, or 4 cents. Revenue fell 4% to $529.4 million. Analysts were expecting 7 cents a share on revenue of $526.48 million.
Cisco (CSCO) will report fiscal-third-quarter earnings after the close, and analysts expect a profit of 47 cents a share on revenue of $11.57 billion. The world's largest maker of computer networking equipment is expected to reveal more evidence of its turnaround.
Walt Disney (DIS) posted fiscal-second-quarter revenue Tuesday of $9.63 billion, up 6% from last year and ahead of Wall Street's consensus view of $9.56 billion. Earnings excluding items came in at 58 cents a share, 3 cents ahead of analysts' estimates.
"We're incredibly optimistic about our future, given the strength of our core brands, Disney, Pixar, Marvel, ESPN, and ABC, and our extraordinary ability to grow franchises across our businesses, such as 'The Avengers,' which shattered domestic box office records with a $207.1 million opening weekend for a global performance of more than $702 million to date," said Robert Iger, the company's chairman and CEO.
Social media company Demand Media (DMD) on Tuesday reported first-quarter adjusted earnings of $5.9 million, or 7 cents a share, on revenue of $82.9 million, topping analysts' estimates of 5 cents a share on revenue of $79.7 million.
GlaxoSmithKline (GSK) is going hostile with its $2.6 billion bid for biopharmaceutical company Human Genome Sciences (HGSI). The offer is equivalent to about $13 a share. Shares of Human Genome Sciences ticked down 3 cents, or 0.21%, to $14.59 in premarket trading Wednesday.
Macy's (M) reported quarterly earnings of 44 cents a share, up 38% from a year ago and topping analysts' estimates of 40 cents a share. Sales were in line with expectations at $6.14 billion. The company reiterated its full-year profit forecast of $3.25 to $3.30 a share, which fell short of the $3.39 analysts were looking for.
Priceline.com (PCLN), the online travel company, is expected to earn $3.95 a share in the first quarter on revenue of $1.04 billion, according to analysts. Priceline's report is expected after the markets close Wednesday.
Green Mountain Coffee Roasters (GMCR) on Tuesday announced the replacement of its chairman, Robert Stiller, and lead director, William Davis, after the executives were forced to sell roughly 5.5 million Green Mountain shares because of margin calls. The company called the sales "inconsistent" with its internal trading policies.
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