Shares of Advanced Micro Devices (NYSE:AMD) are edging .50% higher in late trading after the company announces plans to cut 1,400 workins in an effort to reduce expenses. The company estimates the move to save $10 million in operational cost savings. “Reducing our cost structure and focusing our global workforce on key growth opportunities will strengthen AMD’s competitiveness and allow us to aggressively pursue a balanced set of strategic activites designed to accelerate future growth,” said CEO Rory Read. Competitors include: Intel (NASDAQ:INTC), IBM (NYSE:IBM), and NVIDIA (NASDAQ:NVDA).
American International Group (NYSE:AIG) is down more than 2% in extended hours after reporting a third quarter loss of $4.1 billion ($2.16 per share), compared to a loss of $2.5 billion ($18.53 per share) last year. Other financials to keep an eye on include: Bank of America (NYSE:BAC), JP Morgan (NYSE:JPM), and Morgan Stanley (NYSE:MS).
Starbucks (NASDAQ:SBUX) is trading 3% higher after reporting a 28% surge in fiscal fourth quarter earnings. The company also hiked its divided by 31%. The company earned $358.5 million (47 cents per share), compared to $278.9 million (37 cents per share) last year. “Fiscal 2011 was an extraordinary year in which Starbucks reported record earnings every quarter, and for the full year, and very strong comp store sales growth all around the world,” said Howard Schultz, chairman, president and CEO. Competitors include: McDonald’s (NYSE:MCD), Green Mountain Coffee Roasters (NASDAQ:GMCR), Peet’s Coffee (NASDAQ:PEET), and Panera Bread Company (NASDAQ:PNRA).
Despite reporting a 38% rise in third quarter profits, shares of CBS (NYSE:CBS) are trading 2% lower after the closing bell. The company cited the earnings increase from international sales, advertising sales, and streaming video licensing fees from Netflix (NASDAQ:NFLX) and Amazon (NASDAQ:AMZN).
LinkedIn (NYSE:LNKD) fell more than 10% in late trading after reporting third quarter results and a plan to offer $100 million in more stock. The company reported a loss of $1.6 million or 2 cents a share. In the same quarter a year ago, the company had a profit of $915,000 or 2 cents a share. Competitors to watch include: Yahoo! (NASDAQ:YHOO), Apple (NASDAQ:AAPL), and Microsoft (NASDAQ:MSFT).
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