Con-way Inc. (CNW) reported earnings of 64 cents per share; that's down from a dollar 2 per share in the same quarter last year, but investors cheered the company's return to profitability, and were encouraged by month to month improvements in volumes within the quarter. Con-way shares up over 12 and a half percent in early trading Friday.
SVB Financial Group (SIVB), parent company of Silicon Valley Bank, reported a profit of 24 cents per share for the second quarter; that's down from earnings of 61 cents per share in the same quarter last year, but a sharp improvement over a first quarter loss of 36 cents per share. Deposits grew 6.4%, to 8.4 billion dollars. SVB shares up 12 and a half percent Friday morning.
Horizon Lines (HRZ) reported a loss of a dollar and 2 cents per share for its second quarter, which included a charge for settling a class action lawsuit. Excluding special items, earnings would have been 13 cents per share. Horizon said it expects EBITDA for the year to be above levels that would jeopardize compliance with financial covenants in the company's credit agreement. Illustrating its confidence surrounding the company's financial stability, Horizon Lines maintained its quarterly dividend of 11 cents per share; on an annualized basis, that's a nearly 9% yield on the current trading price. Horizon shares up over 24% in early trading Friday.
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