8-22-13 10:01 PM EDT | Email Article
 

By MarketWatch

 

Hong Kong, Shanghai stocks rise on U.S. lead

 

Hong Kong and mainland Chinese stocks rose early Friday, tracking overnight advances on Wall Street, with the energy and property sectors leading gains. The Hang Seng Indexrose 0.7% and the Hang Seng China Enterprises Index added 1.2% to 10,082.42. Coal miner China Shenhua Energy Co.(CSUAY)gained 2.3% and Cheung Kong Holdings Ltd.(CHEUY)rose 1%. Kunlun Energy Co.(KLYCY)added 1.5% and Haitong Securities Co.climbed 1.3% after posting half-yearly results, while Henderson Land Development Co.(HLDCY)advanced 2.2% despite a modest decline in its profits. China's Shanghai Compositeadded 0.5% to 2,078.36.

 

Pandora sales climb to $157.4 million

 

Pandora Media Inc.(P)on Thursday reported a fiscal second-quarter loss of $7.6 million, or 4 cents a share, on revenue of $157.4 million. Excluding one-time items, the Internet-radio company would have earned 4 cents a share. Analysts surveyed by FactSet had forecast Pandora to earn 2 cents a share on revenue of $156.3 million. Pandora said its results were led by a 92% increase in mobile revenue, which rose to $116 million from last year's second quarter. However, Pandora's shares fell as much as 13% in after-hours trading as the company forecast third-quarter earnings that fell below Wall Street analysts' forecasts.

 

Autodesk profit falls; stock slips on weak view

 

Autodesk Inc.(ADSK)on Thursday reported fiscal second-quarter profit of $61.7 million, or 27 cents a share, compared with a profit of $64.6 million, or 28 cents a share, for the year-earlier period. Revenue slipped to $561.7 million from $568.7 million. Adjusted profit was 45 cents a share. Analysts polled by FactSet on average were expecting the company to report a profit of 42 cents a share, on revenue of $560.9 million. For the current quarter, the company expects revenue in the range of $540 million to $555 million and adjusted profit in the range of 36 cents a share to 40 cents a share. Analysts were expecting 50 cents a share on revenue of $580 million. Shares of Autodesk were down 6% in after-hours trading.

 

Marvell earnings fall, but beat estimates

 

Marvell Technology Group(MRVL)reported a drop in earnings and revenue for the second fiscal quarter on Thursday afternoon, though the chip maker's results and forecast came in ahead of Wall Street's expectations, giving the shares a lift in after-hours trades. For the period ended Aug. 3, Marvell reported net income of $61.8 million, or 12 cents per share, compared to net income of $93.1 million, or 16 cents per share, for the same period last year. Adjusted earnings came in at 23 cents per share. Revenue slipped by 1% to $807.1 million. Analysts were expecting adjusted earnings of 19 cents per share on revenue of $791.4 million, according to FactSet. Marvell also predicted a revenue range of $850 million-to-$890 million for the current quarter; analysts were expecting $845 million for the period. Marvell shares were trading up 2.2% in after-hours trades following the results.

 

GameStop shares jump on earnings, forecast

 

Shares of GameStop Corp.(GME)jumped more than 10% in pre-market trades on Thursday morning after the videogame retailer beat Wall Street's earnings target for the second fiscal quarter and issued a forecast that was higher than expected. GameStop earned 9 cents per share on sales of $1.38 billion for the period ended Aug. 3; analysts had been expecting earnings of 4 cents per share on sales of $1.37 billion for the period, according to FactSet. For the current quarter, the company projected earnings in a range of 50-55 cents per share compared to the consensus forecast for 35 cents per share in earnings. The third quarter will not include the launch of the newXbox OneandPlayStation 4consoles, but will include high-profile game releases such as "Grand Theft Auto V."

 

Abercrombie shares tumble on earnings drop

 

Abercrombie & Fitch Co.(ANF)reported that its second-quarter profit fell to $11.4 million, or 14 cents a share, from $17.05 million, or 20 cents a share, a year earlier. Revenue fell to $945.7 million from $951.4 million a year earlier, the clothing retailer said Thursday. Comparable-store sales dropped 10% globally and 11% in the U.S. Analysts had expected earnings of 28 cents a share on revenue of $997 million, according to FactSet. Abercrombie said it expects third-quarter earnings in a range between 40 and 45 cents per share given that it projects a continued drop in comparable-store sales, but it. Analysts polled by FactSet had expected $1.07 per share in third-quarter earnings. The company attributed its second-quarter earnings drop to weak traffic and softness in sales to females. Shares of Abercrombie were down 18.6% in premarket trading.

 

Sears loss widens in second quarter; misses views

 

Sears Holdings Corp.(SHLD)on Thursday reported a second-quarter loss of $194 million, or $1.83 per share, compared with a loss of $132 million, or $1.25 a share, in the year-ago period. The adjusted loss per share came in at $1.46 compared with a loss of $1.06 reported last year. Revenue dropped to $8.87 billion from $9.47 billion. Analysts surveyed by FactSet expected Sears to report a loss of $1.10 per share on revenue of $9.01 billion. The retailer said the decline in revenue was mainly due to its having fewer Kmart and Sears Full-line stores in operation. Sears said Kmart comparable-store sales declined 2.1% during the period, while Sears Domestic slipped 0.8% and Sears Canada dropped 2.5%.

-MarketWatch; 415-439-6400; AskNewswires@dowjones.com

 

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(END) Dow Jones Newswires

08-22-13 2201ET

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Copyright 2014 MarketWatch
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Morningstar - 2013/8/22 - UPDATE: Updates, advisories and surprises
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