Northern, WI 8/12/2011 (PennyPayDay) – Chipmaker Nvidia swung to a profit, posting solid second-quarter numbers Thursday and delivering robust guidance.Excluding items, Nvidia earned 32 cents a share in the June-ended period, compared to earnings of 8 cents a share in the prior year's quarter. Analysts surveyed by Thomson Reuters were looking for earnings of 25 cents a share.
For the third quarter, Nvidia expects sales between $1.06 billion and $1.08 billion, above Wall Street's estimate of $1.05 billion.
Shares were surging 10.4% to $14.81 in premarket trading Friday.
AT&T hired Bank of America to advise it on asset sales as it seeks government approval of its planned acquisition of T-Mobile USA, according to a Wall Street Journal report.
AT&T shares were rising 0.2% to $28.50 and Bank of America shares were up 0.6% to $7.29.
Department store J.C. Penney posted second-quarter earnings of 7 cents a share, in line with estimates.
J.C. Penney shares were rising 4.3% to $26.83.
Department store Nordstrom reported second-quarter earnings of 80 cents a share vs. 66 cents a share last year. The Wall Street consensus target was for earnings of 74 cents a share.
The company projected earnings of $2.95 to $3.10 a share, up from $2.80 to $2.95 a share for the year. Analysts, on average, have been expecting earnings per share of $3.05.
Nordstrom shares were up 5% to $44.40.
Red Robin Gourmet Burgers reported an adjusted profit of $7.5 million, or 48 cents a share, for the three months ended June 30 with revenue up 7.2% year over year to $215.8 million. The average estimate of analysts polled by Thomson Reuters was for a profit of 36 cents a share in the June period on revenue of $213.3 million.
Red Robin shares were climbing 12% to $33.85.
Bank of New York Mellon was sued Thursday by Virginia and Florida over allegations the bank mishandled foreign exchange transactions for the states' pension funds.
Reinsurer Validus has sued Transatlantic to force Transatlantic into considering its takeover offer over a deal with Allied World Assurance.
Validus is arguing that Transatlantic is "arbitrarily" snubbing it despite the higher value of its offer over Allied's.
Wal-Mart is discussing the possibility of buying the Brazilian unit of French retailer Carrefour two years after a previous attempt at striking a deal failed due to a disagreement on pricing, The Wall Street Journal reported, citing sources familiar with the situation.
UBS is advising Wal-Mart on a potential offer, which could be between $6 billion and $8 billion, the Journal reported.
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