The Federal Agricultural Mortgage Corporation (NYSE:AGM) reported third quarter earnings of a dollar 74 per share, up from its loss in Q3 of 2008 of ten dollars and 55 cents per share. The company's capital surplus reached 126 million at quarter end, continuing its recovery from just 13 million at the end of 2008. FarmerMac shares were off more than 13%.
Shares of MBIA (NYSE:MBI) fell 18%, after the company reported a third quarter loss of 3 dollars and 50 cents per share, compared to a loss of 3 dollars and 42 cents in the same quarter last year. MBIA said insurance losses were higher than expected, a reminder that the recession continues to be felt throughout the economy.
Childrens apparel company Carters (NYSE:CRI) announced more details surrounding its third quarter earnings delay. The company said there was a dispute regarding margin support for a particular wholesale customer, which ultimately prompted the audit committee to begin a review. As a result of the review, Carters said its financial statements from its fiscal 2004 through 2008 years will now have to be restated. Shares of Carters fell more than 12 and a half percent.
And shares of Pike Electric Corporation (NYSE:PIKE) fell 20%, after posting an 8 cent loss for the quarter, compared to earnings of 54 cents in the same quarter last year. The company blamed the weak economy, less storm restoration work, and a longer than expected deferral of maintenance spending by its customers for the weak report.
For MarketNewsVideo.com, I'm Angela Salvucci.
