The Dow (NYSE:DIA) managed to gain for the 8th consecutive day on Wednesday. Cisco and Whole Foods are moving nearly double digits in after hour trading. How did insurance giants MetLife and Allstate fair? Will these big earnings support or derail the Dow’s streak …
1) Cisco Systems (NASDAQ:CSCO): Shares were slammed 8.67% after the bell due to a 18% decrease in net income for the most recent quarter. Net income fell from $1.9 billion (32 cents per share) last year to $1.5 (27 cents per share) this year. Consumer product sales also declined 15%.
2) Whole Foods (NASDAQ:WFMI): The stock is enjoying a 9.25% pop in after hour trading, as the company reports strong first quarter earnings. Net income raised 61% to $88.7 million (51 cents per share). Analysts only expected about 46 cents per share. The company also raised guidance from $1.61-$1.71 to $1.76-$1.80 for October 2011 fiscal year.
3) MetLife (NYSE:MET): Due to derivatives losses, aka weapons of mass destruction, the company reported a 81% fall in fourth quarter earnings. On a positive note, revenue increased 4%, and shares only slid 1.89% on the bad news.
4) Allstate (NYSE:ALL): Shares are down 4.6% as net income falls 43% in the fourth quarter. The company earned $296 million (55 cents per share), compared to $518 million (96 cents per share) in the same year ago period. A hailstorm in Arizona alone cost the company $355 million in the fourth quarter.
Disclosure: No positions
Profit from Companies like These: Join the winning team of stock pickers with Wall St. Cheat Sheet’s acclaimed premium newsletter >>