International Business Machines Corp. (NYSE:IBM) shares dropped 2.3 percent after the closing bell on Tuesday. The company announced net income in the first quarter of $3.07 billion ($2.61 per share), compared to $2.86 billion ($2.31 per share) a year earlier.
Shares of Intel Corp. (NASDAQ:INTC) fell almost 3 percent in late market trading after reporting first quarter results. Net income for the chip maker came in at $2.74 billion (53 cents per share), compared to $3.16 billion (56 cents per share) a year earlier. “The first quarter was a solid start to what’s expected to be another growth year for Intel,” said Paul Otellini, Intel president and CEO. “In the second quarter we’ll see the first Intel-based smartphones in the market, ship products based on 22nm tri-gate technology in high volume, and accelerate the ramp of our best server product ever, providing a tremendous foundation for growth in 2012 and beyond.”
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After reporting a 28.4 percent increase in first quarter net income, shares of Yahoo! Inc. (NASDAQ:YHOO) popped 2 percent in extended trading. The internet company earned 23 cents per share, beating expectations of 17 cents per share. “In the first quarter, Yahoo!’s results came in at the high end of our guidance range and beat consensus on revenue and profits,” said Scott Thompson, CEO of Yahoo.
CSX Corp. (NYSE:CSX) shares jumped 2.58 percent after the closing bell. The railroad company reported a rise in quarterly profits for the third consecutive quarter. Net income in the first quarter increased 13.7 percent to $449 million (43 cents per share). “CSX is off to a fast start in a year that will be dynamic and challenging,” said Michael J. Ward, chairman, president and chief executive officer. “A significant majority of our transportation markets are performing very well and our operations are delivering excellent results.”
Shares of Berkshire Hathaway Inc. (NYSE:BRKA) declined 1.5 percent in late trading. Warren Buffett, Berkshire’s CEO, announced that he has been diagnosed with Stage 1 prostate cancer. “The good news is that I’ve been told by my doctors that my condition is not remotely life-threatening or even debilitating in any meaningful way,” he said in a letter to shareholders. “I received my diagnosis last Wednesday. I then had a CAT scan and a bone scan on Thursday, followed by an MRI today. These tests showed no incidence of cancer elsewhere in my body.” The Class B shares (NYSE:BRKB) also declined.
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