Radar Movers: KBR Sinks 6%, American Express to Cut 5,400 Jobs
Shares of KBR (NYSE:KBR) plunged more than 6 percent in late afternoon trading. Due to higher-than-expected charges, the company reduced its 2012 earnings forecast. It now expects earnings per share between $1.95 and $2.10, compared to its previous forecast of $2.60 to $2.80 a share.
American Express (NYSE:AXP) shares increased nearly 1 percent after announcing preliminary fourth quarter results. The credit card issuer said adjusted net income came in at $1.09 per share, 3 cents higher than expectations. American Express also said it is planning 5,400 job cuts.
Shares of Herbalife (NYSE:HLF) continues to edge lower in late afternoon hours. Shares dropped nearly 2 percent on Thursday, despite the company giving a presentation to stave off short-selling attacks from the likes of Bill Ackman. Herbalife CEO Michael Johnson also said he made a mistake by claiming 90 percent of the company’s sales are outside of its distribution network.
Nokia (NYSE:NOK) shares surged 18 percent on Thursday and continue to attract attention in late afternoon hours. The company announced it shipped 4.4 million Lumia devices in the fourth quarter. The new device boosted its total smartphone shipments to 6.6 million, the first increase in a year. Other smartphone players such as Apple (NASDAQ:AAPL) and Research in Motion (NASDAQ:RIMM) also climbed higher, as Nokia expects a negative first quarter for 2013 with an operating loss equivalent to 2 percent of sales.