Dow component and beverage giant Coca-Cola said fourth-quarter earnings soared to $5.77 billion, or $2.46 a share, from $1.54 billion, or 66 cents a share, a year earlier. On an adjusted basis, earnings per share were 72 cents. Fourth quarter net revenue rose 40% to $10.49 billion from $7.51 billion a year earlier. Analysts, on average, were expecting earnings of 72 cents a share on revenue of $9.75 billion. Shares of Coca-Cola rose 1.2% to $63.65 during premarket trading Wednesday.Insurer American International Group said Wednesday it expects to record a fourth-quarter charge of $4.1 billion to boost loss reserves in its Chartis property and casualty insurance units. Shares of the insurer rose 0.3% to $42.50.
Cisco Systems is due to report earnings after the market closes Wednesday. Last quarter, Cisco disappointed but it didn't prompt a wider selloff among tech stocks. Wall Street is calling for the tech bellwether to report a fiscal second-quarter profit of 35 cents a share on revenue of $10.23 billion. Shares of Cisco fell 0.2% to $21.95 in premarket trading Wednesday.
Sanofi-Aventis, the French drugmaker, said fourth-quarter earnings fell 64% to €437 million ($596.5 million) as it recorded €880 million in restructuring charges in the quarter. Shares of the company were down 1.5% to $34.44.
Entertainment giant Walt Disney reported Tuesday that first-quarter earnings rose more than 50% from the same period last year, driven by a 10% gain in revenue. Shares of the company popped 4.7% to $43.10 in premarket trading.
3M announced Tuesday a dividend increase and a fresh $7 billion buyback. The stock rose 0.6% to $90.
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