Shares of Archer-Daniels-Midland Co. dropped 3.7 percent early Tuesday. The company’s second quarter profit decreased to $80 million (12 cents per share), compared to $732 million ($1.14 per share) a year earlier.
United Parcel Service Inc. shares gained more than 1 percent, despite reporting a 29 percent drop in fourth quarter earnings due to pension accounting methods.” Looking to 2012, our expectations are for mixed economic growth around the world, with modest improvement in the U.S,” said Chief Financial Officer Kurt Kuehn. FedEx Corp. shares also edged higher.
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Exxon Mobil Corp. shares slipped about 1 percent after reporting fourth quarter profits. Net income increased to $9.4 billion ($1.97 per share), compared to $9.25 billion ($1.85 per share) a year earlier. Shares of Chevron and ConocoPhillips climbed higher Tuesday morning.
Shares of Mattel Inc. surged more than 5 percent as fourth quarter earnings jumped 14 percent on higher margins. The company reported earnings of $1.07 per share, while analysts were only expecting $1.01.
Despite reporting a 50 percent drop in fourth quarter earnings, shares of Pfizer Inc. are edged slightly higher. The earnings beat estimates, but the company also cuts its estimate for 2012 from $2.25-$2.35 to $2.20-$2.30 per share. Shares of Eli Lilly and Bristol Myers Squibb also climbed higher.
International Business Machines edged slightly lower after it announced it will be buying Worklight, an Israeli tech firm that provides mobile software for smartphones.
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RadioShack Corp. shares plummeted 29 percent morning trading. The company announced it beat fourth quarter revenue expectations, but will miss profit estimates due to selling smartphones at lower prices. The Shack explained, “The Company’s results for the fourth quarter are due in large part to the underperformance of the Sprint postpaid wireless business and reflect further unanticipated changes in Sprint’s customer and credit models.” CEO Jim Gooch said the company is moving towards more profitable sales from Verizon and AT&T .
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