Tomahawk, WI 10/4/2011 (PennyPayDay) – Acme Packet, a Bedford, Mass.-based provider of network services, gave a disappointing third-quarter forecast, citing a delay in securing a deal with a large customer in North America.
The company said it now sees non-GAAP earnings of 20 cents to 22 cents a share in the third quarter on revenue of around $70 million, well below the average estimate of analysts polled by Thomson Reuters for a profit of 30 cents a share on revenue of $82.8 million.
Shares were plunging 16.1% to $35.94 in premarket trading Wednesday.
New York Attorney General Eric Schneiderman and the city of New York are suing Bank of New York Mellon for nearly $2 billion, for allegedly defrauding clients in foreign currency exchange transactions.
Shares were tumbling 3.8% to $18.11.
Shares of Advanced Micro Devices were tumbling 2.1% to $4.62 after the chipmaker was downgraded to market perform from outperform at Sanford C. Bernstein.
Yum! Brands reiterated its full-year earnings-per-share forecast for growth of at least 12% after meeting quarterly profit expectations as continued strong performance in China drove year-over-year revenue growth of more than 14%.
The parent company of Taco Bell, KFC and Pizza Hut said it earned $383 million, or 80 cents a share, in its third quarter, up 7.3% from a year-earlier profit of $357 million, or 74 cents. Excluding one-time items, earnings came in at 83 cents a share, in line with analysts' consensus call.
Shares were down 1.9% to $48.48.
Internet services provider Akamai Technologies may finally be cheap enough to lure International Business Machines or Verizon Communications as the most speculated U.S. takeover target since 2005 approaches its lowest valuation on record, Bloomberg reported.
Akamai shares were rising 1.9% to $20.95.
Samsung, a day after Apple unveiled the new iPhone 4S , is seeking to block the sale of the new device in France and Italy. Samsung is alleging the iPhone 4S infringes its patents on wireless technology.
Apple shares were falling 1.3% to $367.52.
Internet search giant Google has been downgraded to hold from buy at Stifel Nicolaus.
Shares were down 0.8% to $498.
Bank of America could face fraud claims after its Countrywide unit submitted faulty borrower data for federally-insured mortgages, according to Bloomberg.
Shares were down 0.4% to $5.74.
Costco, the warehouse retailer, said net income in the fourth quarter rose about 10.6% as sales jumped 17%.
Net income in the fourth quarter was $478 million, or $1.08 a share, compared with $432 million, or 97 cents, a year earlier. Analysts surveyed by Thomson Reuters expected Costco to earn $1.10 a share.
Shares were trading sideways at $81.70.
Shares of Monsanto were rising 2% to $64.50 after the agricultural products company forecast mid-teens earnings growth for the new fiscal year and reported a fourth-quarter loss of 22 cents a share vs. the Wall Street consensus target of a loss of 27 cents.