General Motors (NYSE:GM): GM is planning to introduce the next Spark compact car in the first half of 2015, though the launch of its revamped Aveo (known as Sonic in the U.S.) will be postponed to 2016, according to what a South Korean labor union spokesman told Reuters. GM briefed union officials on the changes and scheduling during contract negotiations last week.
Martha Stewart Living Omnimedia (NYSE:MSO): Shares of Martha Stewart are down slightly despite beats on both revenue and earnings. Earnings per share of -2 cents came in 7 cents better than expectations, while revenue of $42.2 million also beat, by $1.59 million. Growth in merchandising revenues was offset by lower revenues from publishing and broadcasting as a result of the company’s strategic decisions to cease the publication of two print titles and exit live television programming production.
Spirit Airlines (NASDAQ:SAVE): Shares are down over 6 percent after the company’s chairman, William Franke, announced his intentions to sell his stake in the company and resign following a recent announcement from Republic Airways that said it sold its Frontier Airlines unit to an undisclosed third party. A downgrade on Spirit from Citigroup and a new price target of $37 isn’t helping the stock, either.
Merck & Co Inc. (NYSE:MRK): Second quarter EPS of 84 cents beat estimates by 1 cent, while revenues of $11 billion just missed expectations by $0.22 billion. Worldwide revenue fell 11 percent over the same period last year. CEO Ken Frazier says the company plans to “aggressively manage” costs while supporting key brands and drug research projects moving forward.
Alcatel-Lucent (NYSE:ALU): Shares are ripping over 10 percent as the company announced its second quarter results. Although the company’s net loss opened to 885 million euros from 254 million euros last year, substantial cost-cutting measures have taken effect as sales rose 1.9 percent to 3.61 billion euros, beating estimates. U.S.-based Qualcomm (NASDAQ:QCOM) also announced that it took up a position in the company, which is in more talks for further shareholder interest.