Tomahawk, WI 8/11/2011 (PennyPayDay) – Information technology and networking giant Cisco (NASDAQ: CSCO) edged Wall Street's earnings expectations Wednesday, but posted a slight drop in profit for its fiscal fourth quarter.Cisco reported adjusted earnings per share of 40 cents on sales of $11.2 billion, above analysts' expectations of earnings per share of 38 cents on sales of $10.98 billion.
Shares were surging 12.2% to $15.40 in premarket trading Thursday.
Food company Sara Lee (NYSE: SLE) reported fourth-quarter profit of 20 cents a share, meeting estimates.
Shares were falling 5% to $16.45.
Global media company News Corp. (NYSE: NWSA) reported better-than-expected fourth-quarter profit, earning 35 cents a share on revenue of $8.96 billion. Analysts were calling for a profit of 30 cents a share on revenue of $8.46 billion.
"While it has been a good quarter from a financial point of view, our company has faced challenges in recent weeks relating to our London tabloid, News of the World," CEO Rupert Murdoch said in a statement, referring to the phone hacking scandal that brought down the tabloid. "We are acting decisively in the matter and will do whatever is necessary to prevent something like this from ever occurring again."
Shares were rising 4.2% to $14.28.
Media company AOL (NYSE: AOL) said Thursday it plans to buy back $250 million of stock over the next 12 months.
Shares were rising 2.5% to $10.47 in premarket trading.
Anheuser-Busch InBev (NYSE: BUD) said Thursday second-quarter profit rose 26% to $1.45 billion, but volume in the U.S., its largest market, slumped.
Analysts were expecting the world's largest brewer to post profit of $1.5 billion in the second quarter.
Shares were tumbling 2.5% to $48.50.
Department store Kohl's (NYSE: KSS) reported second-quarter profit of $1.09 a share vs. the average analyst estimate of $1.08. Shares were rising 2.1% to $45.24.
Bank of America (NYSE: BAC ) has been holding talks with the principal investment funds of Kuwait and Qatar about selling part of its stake in China Construction Bank as it rushes to bolster its mortgage-scarred balance sheet, Reuters reported.
Bank of America shares were rising 0.5% to $6.80.
Department store Nordstrom (NYSE: JWN) is expected to report second-quarter earnings of 74 cents a share after the markets close Thursday vs. last year's earnings of 66 cents a share.
Shares were down 0.4% to $40.
Restaurant company Wendy's (NYSE: WEN) is expected to post second-quarter profit of 5 cents a share before the markets open Thursday vs. last year's earnings of 6 cents a share.
J.C. Penney (NYSE: JCP) is expected to post second-quarter earnings of 7 cents a share before the markets open Friday vs. the average analyst estimate of 6 cents a share a year ago.
There are worries that the department store could face headwinds as forecasts of a slowdown in economic activity persists.
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