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 4.1% to $71.40 in moderate volume after the company said it estimates a 13% decline in China's July same-store sales. 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.
Arotech Corp. shares (ARTXD) jumped 26% to $2.26 a share in moderate volume after the defense contractor swung to a 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 $85 million and $87 million.
Avanir Pharmaceuticals Inc. shares (AVNR) rose 7.8% to $4.85 in heavy volume after the biotech said it 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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(END) Dow Jones Newswires
08-12-13 1703ETCopyright (c) 2013 Dow Jones & Company, Inc.
|UPDATE: Yum Brands shares drop on sour China sales ()|
|Yum Brands' Profit Down 68% on China Slump ()|
|Yum! Brands Reports Third-Quarter 2013 EPS Declined 15%, Excluding Special Items; Soft KFC China Sales and Higher Tax Rate Reduce Full-Year EPS Expectations (2013/10/8)|
|Yum! Brands Expects Full-Year 2014 EPS Growth of At Least 20%; Reports Estimated November China Division Same-Store Sales Increased 1%; Will Host Investor Update Meeting on Wednesday, December 4, 2013 (2013/12/2)|
|UPDATE: Yum shares drop on outlook, soft China sales (2013/10/8)|
|Yum shares drop on outlook, soft China sales (2013/10/8)|
|Yum Brands China Same-Store Sales Down 5% in October (2013/11/12)|
|Yum Plans to Unite Businesses by Brands, But Keep India and China Units as Separate Segment (2013/11/20)|
|Yum Brands' 3rd-Quarter Profit Down 68% on China Slump, Write-Down (2013/10/8)|
|Yum! Brands Realigns Business Divisions to Propel Global Growth (2013/11/20)|
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