Digest: Carmike's Q3 up; Yahoo slides
EmptyCarmike's Q3 up
Carmike Cinemas on Tuesday reported third-quarter net income of $2 million compared with a net loss of $1 million a year ago. Revenue was $135.3 million, up from $130.3 million a year ago. Shares of Carmike, which has an interest in 2,369 screens in 37 states, slipped fractionally during regular trading to $15.34 and kept sliding after hours.
Yahoo shares slide
Yahoo shares fell 4.6% on Tuesday to $29.93 as two top executives defended the company's role in the jailing of Chinese journalist Shi Tao, who was sent to jail for 10 years for engaging in prodemocracy efforts after Yahoo turned over information about his online activities requested by the communist government. "This was inexcusably negligent behavior at best, and deliberately deceptive behavior at worst," House Foreign Affairs Committee chairman Tom Lantos, D-Calif., told Yahoo CEO Jerry Yang and general counsel Michael Callahan.
Imax loses in restatements
Imax filed restated financial results for 2006 and the first and second quarters of this year to correct accounting errors, the giant screen operator said Tuesday. Imax took a charge of about $5.5 million-$6.5 million and, for 2006, the company accordingly restated its loss at $16.8 million. For the second quarter, Imax said its restated loss was $4.5 million. For the first quarter, the company's restated loss totaled $4.7 million. Imax shares fell 1.5% on Tuesday to $4.76.
XM rockets as merger may be close
Shares of XM Satellite Radio jumped 11.7% on Tuesday to $14.82 after federal regulators asked for more information on its proposed merger with Sirius Satellite Radio, and Bear Stearns analyst Robert Peck said the FCC request hints that the Department of Justice might be close to approving the merger. "If the DOJ were close to denying the deal, the need for such detailed information would not have arisen in the first place," Peck said. Both companies have until Nov. 16 to respond to the request.