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Disney profit rises 24% on parks, 'Avengers'
(4:30 PM ET) CHICAGO (MarketWatch) -- Walt Disney Co. DIS +0.32% said Tuesday its fiscal third-quarter profit rose 24% on improved results at its theme parks and box-office results from the Marvel action feature "The Avengers." The company said it earned $1.83 billion, or $1.01 a share, compared with a profit of $1.48 billion, or 77 cents a share, in the same period a year earlier. Revenue rose to $11.09 billion from $10.68 billion. Analysts polled by FactSet were expecting a profit of 93 cents a share on revenue of $11.32 billion.
Priceline shares fall as outlook disappoints
(4:17 PM ET) SAN FRANCISCO (MarketWatch) -- Online travel booking company Priceline.com Inc. PCLN +2.21% saw its share tumble almost 14% in after-hours trading Tuesday. The company said that for its fiscal third quarter, it expects to earn between $11.10 and $12.10 a share, while analysts surveyed by FactSet Research had forecast Priceline to earn $12.82 a share for the quarter. In a statement, Priceline said that "concerns related to sovereign debt and the viability of the euro have negatively impacted historical operating results and are likely to impact future results."
Tenet Healthcare shares advance on profit beat
(10:06 AM ET) SAN FRANCISCO (MarketWatch) -- Tenet Healthcare THC +9.01% shares advanced 6% to $4.94 Tuesday morning, landing its among the top S&P 500 gainers. The hospital operator reported an operating profit of 10 cents a share for the quarter ended June 30, ahead of the 5-cent profit analysts polled by FactSet had forecast. Tenet said patient volume increased, with surgery growth up 4.9% and emergency department visits increasing 5%. Tenet shares are almost unchanged over the last 12 months.
Leap Wireless hits new low on results, downgrades
(9:48 AM ET) SAN FRANCISCO (MarketWatch) -- Leap Wireless International Inc.LEAP -18.66% saw its shares slide more than 18% to $4.50 -- a record low -- after the pre-paid wireless carrier reported disappointing results for the second quarter driven by a net decline in subscribers. The stock was downgraded by Robert W. Baird and Hudson Square Research following the results. Baird analyst William Power wrote that even though the company said it is evaluating all options, "given the challenging industry backdrop, continued free cash flow losses, a levered balance sheet, and a spectrum value that likely won't cover the debt, we are unconvinced that a buyer will step in." He cut his rating to underperform.
Chesapeake Energy up nearly 7%, energy stocks up
(9:44 AM ET) NEW YORK (MarketWatch) -- Chesapeake Energy Corp. CHK +9.44%shares rose nearly 8% on Tuesday as energy stocks moved up. Exxon Mobil Corp.XOM +0.54% and Chevron Corp. CVX +0.57% moved up by 0.5% each. The two oil majors are components of the Dow Jones Industrial Average, which rose 54 points. The Energy Select Sector SPDR Fund XLE +1.50% rose 1.2%. Nexen Inc. NXY +0.43% dipped 0.2%. First Solar Inc. FSLR +8.50% moved up by 6% and Cabot Oil & Gas Corp. COG +5.12%advanced by nearly 5%.
MGM up 3% in premarket on favorable debt outlook
(9:10 AM ET) NEW YORK (MarketWatch) -- MGM Resorts International MGM +7.46%climbed 3% in premarket trades Tuesday after the casino and hotel firm said it expects to refinance some of its long-term capital at "progressively lower rates." MGM lost $145.5 million, or 30 cents a share in the second quarter, compared to year-ago income of $3.44 billion, or $6.22 a share. The latest quarter's results included one-time costs for tax provisions and a non-cash impairment charge of $85 million related to MGM's joint venture investment in Grand Victoria. The prior year quarter included a $3.5 billion gain for the consolidation of MGM China. Revenue increased to $2.3 billion from $1.8 billion. Interest expense increased to $276 million from $270 million. Wall Street analysts expected MGM to report a second-quarter loss of 15 cents a share and revenue of just under $2.4 billion, according to a survey by FactSet.
CVS Caremark hikes 2012 earnings view
(7:40 AM ET) NEW YORK (MarketWatch) -- CVS Caremark CVS -1.74% on Tuesday hiked its 2012 adjusted earnings outlook to a range of $3.32 to $3.38 a share, from its earlier estimate of $3.23 to $3.33 a share. Wall Street analysts expected the retail pharmacy company to earn $3.33 a share on average in 2012, according to data from FactSet. CVS Caremark said it'll book a gain of about 5 cents a share in the second half of 2012 related to the prescription business expected to be retained from the contractual impasse between Walgreen Co. WAG +0.67% and Express Scripts ESRX +0.07% . CVS Caremark's second-quarter profit increased to $967 million, or 75 cents a share, from $814 million, or 60 cents a share, in the year-ago period. Adjusted profit in the latest quarter totaled 81 cents a share. Revenue climbed 16% to $30.7 billion. Analysts estimated earnings of 79 cents a share and revenue of $31 billion, on average, for CVS Caremark's second-quarter results.
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