Market Focus


AIG reported disappointing results after the bell. The insurance giant saw its profit slide, hurt by weak performance in its corporate category. The company did announce a buy back about $2.5 billion worth of shares, which adds to the nearly $5 billion in stock it bought back last year. It also declared a dividend of about 12 cents a share that has a yield of around one percent. After the bell shares were volatile. Before the close, the stock was up 20 cents to $52.45.


It was the opposite story for CBS, which also reported after the close. The Tiffany network reported better-than-expected revenue on higher ad sales, helped by Thursday night football and ads for the midterm elections. That sent shares initially higher in after-hours trading. Before the close, shares were up nearly two percent to $57.77.


Inflation in Brazil and a stronger dollar took a bite out of Avon’s overseas revenue. The cosmetics maker’s results missed analysts estimates on both the top and bottom lines. It said those currency fluctuations will continue to weigh on performance this year, as it does most of its business outside the U.S. But Avon also told investors it expects its North American business to turn profitable for the first time in three years. Shares rose more than one percent to $8.69.


Kellogg still has the breakfast blues. The Corn Flakes maker posted a big quarterly loss and cut its forecast for long-term annual revenue growth, as cereal sales continue to be sluggish. Shares fell 4.5 percent to $63.30.


Apache also posted a quarterly loss as it wrote down the value of its oil and gas assets. Revenue missed expectations also and it announced it is slashing its rig count by more than a third in response to crumbling crude prices. The stock was down slightly to $64.58.

Time Inc.

Time Inc. gave investors a weak sales outlook for 2015, which weighed on shares in today’s trade. This as the publisher of magazines like People and Sports Illustrated reported a lower-than-expected quarterly profit, as it has been dealing with falling circulation and advertising revenue. Shares slumped almost two percent to $24.49.

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