Shares of Tyson Foods Inc. (NYSE: TSN), producer, distributor and marketer of chicken, beef, pork, prepared foods and related allied products, are down sharply today.
TSN shares fell to a new 52-week low of $14.10 today. The stock was down 7.44% to $14.26 in late trading.
TSN shares tumbled as investors digested the companyâ€™s third-quarter results. TSN, which is U.S.â€™s biggest meat company, reported earnings of $76 million, or $0.21 per share for the third quarter ended June 30, 2012, down from $196 million, or $0.51 per share reported for the same period in the previous year.
Excluding one-time items, TSN reported a profit of $0.50 per share for the quarter, which is below analystsâ€™ forecast of $0.54 per share.
Revenue for the third quarter rose slightly to $8.31 billion, but fell short of analystsâ€™ forecast of $8.72 billion.
Donnie Smith, President and CEO of Tyson Foods, said that TSNâ€™s beef and pork segments have been operating in a very difficult market conditions that will result in the companyâ€™s earnings for fiscal 2012 coming in lower than previously projected. Smith also said that grain costs have been increasing significantly and rapidly and while the company ultimately expects to pass rising input costs, these costs, coupled with ongoing soft demand are likely to put pressure on earnings in 2013.
Shares of Sohu.com Inc. (NASDAQ: SOHU), a Chinese online media, search, gaming, community and mobile service company, are soaring in trading today.
SOHU shares rose to an intra-day high of $41.92 in trading today. The stock was up 19.22% to $41.37 in late trading.
SOHU shares are soaring as the company reported better-than-expected revenue for the second quarter. The China-based company reported second-quarter earnings of $33.8 million, or $0.28 per share, down from $61.6 million, or $1.10 per share reported for the same period in the previous year.
SOHUâ€™s adjusted earnings for the quarter were $0.42 per share. Revenue for the quarter rose 29% to $255.7 million, driven by advertising and online games. SOHUâ€™s revenue beat analystsâ€™ estimate of $249 million.
Sohu.com expects third-quarter revenue to be between $272 million and $277 million, compared to analystsâ€™ estimate of $274.5 million.
Dr. Charles Zhang, Chairman and CEO of Sohu.com, said that SOHU had a solid second-quarter with total revenue rising nearly 30% from last year, despite challenges faced in the companyâ€™s brand advertising business. Zhang said that as Chinaâ€™s economic growth continued to decelerate and the company initiated some operational transitions in its online video business, revenues from brand advertising recorded only a low single-digit year-on-year increase in the second quarter.
Shares of HCA Holdings Inc. (NYSE: HCA), owner and operator of hospitals, are down sharply in trading today.
HCA shares fell to an intra-day low of $23.91 before paring some of the losses. At last check, HCA shares were trading 3.38% lower at $25.70 on above average volume of 9.56 million.
HCS shares slipped after the company reported its second-quarter financial results. HCAâ€™s second-quarter revenue rose 11.9% to $8.112 billion. The companyâ€™s net income was $391 million, or $0.85 per share for the second quarter of 2012, compared to $229 million, or $0.43 per share reported in the second quarter of 2011.
Adjusted EBITDA for the second quarter of 2012 came in at $1.569 billion, compared to $1.420 billion reported for the same period in the previous year.
For the full year, the company continues to expect revenue of $32 billion to $33 billion and adjusted EBITDAA of $6.37 billion to $6.62 billion.