Wal-Mart Stores Inc. dropped 3 percent after announcing fourth quarter profit declined 15 percent. The retailer earned $5.16 billion ($1.50 per share), compared to $6.06 billion ($1.70 per share) a year earlier.
Shares of Saks Inc. jumped more than 4 percent in early trading. The company reported fourth quarter earnings of $36.9 million (21 cents per share), compared to $24.9 million (14 cents per share) a year earlier.
Don’t Miss: Food Inflation Hits Consumers in the Wallet and Stomach.
Macy’s Inc. increased 3.4 percent before the closing bell. The company reported a 12 percent increase in fourth quarter income. The company earned $745 million ($1.74 per share), compared to $667 million ($1.55 per share) a year earlier.
Home Depot Inc. shares rose 3 percent after releasing fourth quarter results. The home improvement company earned $774 million (50 cents per share), compared to $587 million (36 cents per share) a year earlier.
Hecla Mining Co. shares surged 4.5 percent after reporting fourth quarter profits of $18.6 million (7 cents per share), compared to a net loss of $9.7 million (5 cents per share) a year earlier. “Hecla faced significant challenges in 2011; however, what is different today than at any other time in our history is that our financial position, asset base, and growth opportunities are the strongest they have ever been,” said Hecla’s President and Chief Executive Officer, Phillips S. Baker, Jr.
Shares of Kraft Inc. edged .80 percent higher in morning trading. The food company reported fourth quarter net earnings of $830 million (47 cents per share), compared to $540 million (31 cents per share) a year earlier.
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Food Inflation Hits Consumers in the Wallet and Stomach.
To contact the reporter on this story: Eric McWhinnie at staff.writers@wallstcheatsheet.com
To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com
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