Shares of Alliance Bernstein fell over 14% after the company reported earnings of 7 cents per share, down 92% year over year, and slashed its dividend by a comparable 92% to 7 cents. Assets under management declined by 51 billion dollars, or 11%, after negative investment returns decreased assets by 31 billion dollars, and outflows totaled 20 billion dollars. CEO Peter Kraus stated, "Despite a rally in March, returns in the first quarter of 2009 were negative across most global equity markets. With sharply reduced revenue only partially offset by expense reductions, our financial results suffered."
Shares of Astoria Financial lost over 19% after reporting it earned 10 cents per share in the quarter, down from 32 cents in the same quarter of last year. Results were impacted by higher unemployment and continued weakness in housing, contributing to higher loan delinquencies.
Global agribusiness company Bunge is down about 12% after posting a quarterly loss of 1 dollar 76 cents per share. Soft demand, high cost inventories and aggressive pricing by competitors pressured fertilizer margins.
Torchmark Corporation reported quarterly earnings of 91 cents per share, down from 1 dollar 29 cents per share a year ago. The lower results were driven by an impairment charge. Insurance underwriting income was higher year over year, as was net operating income. Torchmark shares were trading lower by over 13% this morning.
Encore Wire Corporation, manufacturer of copper electrical wire products, reported earnings of 20 cents per share for the quarter, down from 58 cents per share in the same quarter of last year. The company cited the slump in the overall U.S. economy, and the slowdown in construction activity, as contributing to the decline. Shares were down over 12% this morning.
Blue-collar staffing business TrueBlue posted a loss of 12 cents per share for the quarter, versus earnings of 20 cents per share in the same quarter of last year. The company closed 40 of its branches during the quarter. Shares were down 12% in early trading today.
Quidel Corporation, a provider of diagnostic tests, was trading lower by about 19% this morning after posting a loss of 9 cents for the quarter. Global revenues declined 59 percent year-over-year.
Virtualization solutions company VMware, which is majority-owned by EMC Corporation, reported first quarter results today. The company earned 18 cents per share, up from 11 cents per share in the same quarter of last year. Revenue grew by 7%, and operating cash flow was up 95%. Shares of VMware were trading lower this morning by 18%.
Toy company JAKKS Pacific reported a net loss of 40 cents per share for the quarter, sending shares down over 17%. Results were impacted by closeout sales that affected gross margins and by higher overhead costs.
Medical technology company CONMED reported quarterly earnings of 15 cents per share, as compared to 35 cents in the same quarter of last year. Results were hurt by adverse foreign currency exchange rates and lower sales as hospitals tightened their spending. Shares of CONMED were trading lower by about 13%.
National Oilwell Varco reported earnings of 1 dollar and 13 cents per share, despite a sharp downturn in drilling activity and available credit to the company's customers. Although new orders have slowed, the company believes investment in drilling equipment will recover. Shares were lower by about 11%.
Shares of Reliance Steel & Aluminum Company were off over 11% after the company posted quarterly earnings of 27 cents per share, compared with earnings of 1 dollar 46 cents per share in the same quarter of last year. The company saw their average price per ton sold fall 16% year over year, and reported that business remains difficult across all products, evidenced by weak demand and soft prices.
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