By Wallace Witkowski, MarketWatch
SAN FRANCISCO (MarketWatch) -- Yum Brands Inc. shares dropped in the extended session Tuesday after KFC and Taco Bell operator's quarterly results were light and the company cut its outlook for the year on soft China sales.
Yum (YUM) shares fell 7.5% to $66.28 in heavy volume after the company reported adjusted third-quarter earnings of 85 cents a share on revenue of $3.47 billion. Analysts surveyed by FactSet estimated consensus earnings of 93 cents on revenue of $3.54 billion.
Yum also said it is unlikely same-store sales in China will be positive in the fourth quarter and now sees a high single-digit to low double-digit decline in earnings per share for the quarter, compared with a previous outlook of a low single-digit decline.
Alcoa Inc. (AA) shares rose 1.8% to $8.08 in heavy volume after the aluminum producer topped the Wall Street consensus in its quarterly results. Alcoa reported adjusted third-quarter earnings of 11 cents a share on revenue of $5.77 billion. Analysts surveyed by FactSet expected consensus earnings of 5 cents on revenue of $5.64 billion.
Shares of Callidus Software Inc. (CALD) jumped nearly 15% to $9.85 on moderate volume after the sales and marketing software producer raised its revenue estimates for the third quarter.
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com
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10-08-13 1716ETCopyright (c) 2013 Dow Jones & Company, Inc.
|UPDATE: Yum shares drop on outlook, soft China sales (2013/10/8)|
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