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Toyota Motor Corp. (NYSE: TM) said it racked up a loss of 164.7 billion yen ($1.81 billion), down sharply from the 458.6 billion yen profit it had the same period the previous year as quarterly sales plunged 28.4%. The world's largest automaker said it was heading for its first annual net loss since 1950 because of plunging global sales and the strong yen. TM shares declined 4.9% in premarket trade.News Corp. (NYSE: NWS) shares sank over 9% in pre-market trading after it reported Thursday after the close its biggest quarterly loss. While most of it was due to a writedown, it still missed the 19 cents expected earnings per share when it reported earnings of 12 cents per share excluding items. Revenue declined 8.4%, also missing estimates.
Hartford Financial Group (NYSE: HIG) declined over 20% in premarket trading after it reported Thursday afternoon an $806 million quarterly loss and cut its dividend. The insurer also issued 2009 earnings guidance mostly below Wall Street's expectations.
Bank of America Corp. (NYSE: BAC) is leading the financials higher, including Citigroup Inc. (NYSE: C) and Morgan Stanley (NYSE: MS), after the U.S. government said it will unveil its plan to stabilize the financial markets. Treasury Secretary Timothy Geithner is set to unveil on Monday how the Obama administration plans to use the second portion of the TARP. BAC shares gained over 7% in premarket trading, Citi's shares 4.5% and MS shares 2.2%.
JDS Uniphase Corp. (NASDAQ: JDSU) shares retreated around 7% after it reported a fiscal second-quarter loss of $705.3 million, or $3.28 a share. Revenue fell 10.5% to $357 million. Excluding items, JDS Uniphase would have earned $24.8 million, or 11 cents a share, inline with estimates, but it issued a sales forecast that came short of analysts' estimates.
Costco Wholesale Corp. (NASDAQ: COST) was upgraded to Buy from Neutral by UBS. Shares gained over 1% in premarket trade.
JDS Uniphase Corp. (NASDAQ: JDSU) shares retreated around 7% after it reported a fiscal second-quarter loss of $705.3 million, or $3.28 a share. Revenue fell 10.5% to $357 million. Excluding items, JDS Uniphase would have earned $24.8 million, or 11 cents a share, inline with estimates, but it issued a sales forecast that came short of analysts' estimates.
Costco Wholesale Corp. (NASDAQ: COST) was upgraded to Buy from Neutral by UBS. Shares gained over 1% in premarket trade.
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