Google Misses on Earnings and Revenue and 3 Hot Stocks Buzzing Now
Philip Morris (NYSE:PM), which sells Marlboro and other brands overseas, reported earnings of $2.23 billion ($1.32 a share) which was down from $2.38 billion ($1.35 a share) a year ago. Adjusted earnings were $1.38 a share and missed forecasts by a penny. Revenues fell 5 percent to $7.9 billion against expectations of $8.21 billion. The lukewarm performance also saw cigarette volume decline by 1 percent to 236.5 billion sticks. Forecast for earnings for the full year was trimmed to $5.12 – $5.18 a share compared to previously $5.10 – $5.20 a share.
The scandal over mis-selling insurance policies in Britain has led to British bank Barclays (NYSE:BCS) setting aside an additional 700 million pounds towards compensation claims. The bank had already paid out 1.2 billion pounds by September-end.
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Google’s (NASDAQ:GOOG) Q3 results miss on both earnings and revenue fronts: EPS of $9.03 are short of expectations by $1.62 and revenues of $11.33 billion miss by $530 million, though higher by 51 percent y-on-y.
Russian oil major Rosneft is on track to become the largest listed oil producer in the world after it likely jockeys into the driver’s seat at TNK-BP. It offers BP (NYSE:BP) $28 billion in cash and stock for its half-share in TNK-BP. The offer comes after Rosneft agreed to take over the other 50 percent stake by four Russian oligarchs for a reportedly similar amount of $28 billion.