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Market Update

U.S. Movers: AES, Prudential Financial, Scripps Networks, Western Digital


Author: Mukesh Buch
ticker.com
Last Update: 11:11 AM ET August 08 2013

11:05 AM New York AES net jumped but revenue was flat. Beam Inc net plummeted 27%. Markel Corp net plunged 69%. Prudential Financial net swung to a loss. Scripps Networks net climbed 12%. Western Digital net plunged 40%.

The AES Corporation (AES) gained 2.4% or 31 cents to $13.17 after the electric utility provider stated total revenue in the second quarter ending in June nearly flat to $4.07 billion. Net income in the quarter jumped 19% to $167 million or 22 cents a diluted share compared to $140 million or 18 cents.

For the year, the company expects adjusted earnings per share in the range of $1.24 to $1.32.

Beam Inc. (BEAM) increased 2.9% or $1.88 to $66.31 after the distilleries maker reported net sales in the second quarter ending in June advanced 7% to $637.6 billion. Net income in the quarter plummeted 27% to $74.3 million or 46 cents a diluted share compared to $101.1 million or 62 cents.

The company added, gross profit in the second quarter climbed 8% to $374.1 million and operating income jumped 27% to $160.1 million.

Concho Resources Inc. (CXO) rose 2 cents to $94.02 after the oil and gas explorer said sales in the second quarter ending in June surged 40% to $562.8 million. Net income in the quarter tumbled 73% to $84.7 million or 81 cents a diluted share compared to $319.3 million or $3.07.

Markel Corporation (MKL) gained 27 cents to $530.87 after the insurance company reported total operating revenue in the second quarter ending in June soared 49% to $1.03 billion. Net income in the quarter plunged 69% to $27.8 million or $1.49 a diluted share compared to $89.7 million or 74 cents.

OGE Energy Corp. (OGE) rose 29 cents to $37.78 after the energy services provider said total operating revenue in the second quarter ending in June slipped 14% to $734.2 million. Net income in the quarter fell 2% to $91.7 million or 46 cents a diluted share compared to $93.9 million or 47 cents.

For the year, the company expects net income in the range of $335 million to $360 million and diluted earnings per share between $1.68 and $1.80.

Prudential Financial, Inc (PRU) increased 52 cents to $79.88 after the financial services provider stated total revenue in the second quarter ending in June rose 4% to $11.7 billion. Net in the quarter swung to a loss $524 million or $1.13 a diluted share compared to a profit of $2.23 billion or $4.69.

Scripps Networks Interactive, Inc (SNI) jumped 1.2% or 88 cents to $74.93 after the broadcasting company reported total revenue in the second quarter ending in June jumped 11% to $665.1 million. Net income in the quarter climbed 12% to $159.7 million or $1.08 a diluted share compared to $142.4 million or 93 cents.

Operating income in the second quarter advanced 12% to $289.6 million.

Western Digital Corporation (WD) climbed 2.4% or $1.54 to $65.16 after the storage devices provider total revenue in the fourth quarter ending on June 28 dropped 23% to $3.7 billion. Net income in the quarter plunged 40% to $416 million or $1.71 a diluted share compared to $745 million or $2.87.

Gross profit in the fourth quarter slipped 29% to $1.05 billion and operating income declined 43% to $460 million.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc