Valero Energy (VLO: 18.40 -3.98 -17.78%) announced plans to offer 40 million common shares with the option for an additional 6 million shares
China’s Tengzhong (GMGMQ.PK: 0.615 +0.005 +0.82%) and General Motors (GM) affirmed talks regarding sale of the Hummer brand
Aetna (AET: 26.00 -1.27 -4.66%) lowered its 2009 earnings forecast, citing higher medical costs from its commercial plans and lower-than-estimated revenues from its Medicare business. The firm dropped its 2009 operating earnings guidance to $3.55 to $3.70 a share, from its prior view of $3.85 to $3.95 a share.
Williams-Sonoma (WSM: 13.50 -1.20 -8.16%) reported a fiscal first quarter loss of 14 cents per share, beating estimates by 7 cents a share, as revenues plunged 21.7% year-over-year to $612 million. The firm issued inline revenue guidance of $2.81 billion to $2.93 billion, versus the Street estimates of $2.87 billion
Joy Global (JOYG: 36.11 +0.685 +1.93%) reported fiscal second quarter earnings of $1.17 per share, beating estimates by 28 cents, as revenues jumped 9.6% year-over-year to $924 million. The firm issued upside guidance of $3.80 to $4.00 per share, but lowered its 2009 revenue view to $3.5 billion to $3.6 billion
Morgan Stanley (MS: 29.72 -0.37 -1.23%) upgraded JP Morgan (JPM: 33.98 -0.52 -1.51%) shares, raising the 2009 earnings estimate to $1.79 a share from $1.74 and versus the Street’s $1.50, as well as for 2010 to $3.81 from $3.63, compared to consensus estimates of $2.73
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