By Wallace Witkowski, MarketWatch
SAN FRANCISCO (MarketWatch) -- Yum Brands Inc. shares declined in the extended session Monday after the fast-food-chain operator said sales in China were still being hurt by a poultry scare in that country.
Shares of Yum (YUM) fell 4% to $71.55 in moderate volume after the company said it estimates a 13% decline in July same-store sales in China. That includes a 16% decline in KFC sales and a 3% gain in Pizza Hut sales. Yum said it expects same-store sales to recover over the course of the year and to be positive in the fourth quarter.
Sales at Yum KFCs in China have been declining for the year, which hit second-quarter earnings, following a government investigation into potential safety violations from chicken suppliers and an outbreak of bird flu in the spring.
Shares of Sina Corp. (SINA) rose 6.2% to $85.30 in moderate volume after the Chinese online media company's second-quarter results topped Wall Street estimates.
Arotech Corp. shares (ARTXD) jumped 37% to $2.45 a share in moderate volume after the defense contractor swung to an operating profit of 9 cents a share from a loss of 9 cents a share in the year-ago period, on revenue of $22.4 million.
Arotech also said it expects full-year revenue of $87 million to $89 million, up from a previous range of between $85 million and $87 million.
Avanir Pharmaceuticals Inc. shares (AVNR) rose 6.7% to $4.80 in heavy volume after the biotech said it had reached an exclusive agreement to market Merck & Co.'s (MRK) Januvia diabetes drug in long-term-care institutional settings.
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com
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08-12-13 1722ETCopyright (c) 2013 Dow Jones & Company, Inc.
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