Digest: Tribune shares slow
EmptyTribune Co. shares fell 1.1% on Thursday to $32.26 after published reports said bids for the media company were lower than expected, which might lead the company to sell off individual pieces. The company put itself on the auction block in September, and statements from CEO Dennis FitzSimons at the time made it clear that he would prefer to sell the entire company but that the board will keep their options open.
Shares of Electronic Arts Inc. surged as much as 7% in after-hours trading Thursday after the world's largest video game maker posted quarterly financial results that beat Wall Street's estimates. Fiscal second-quarter net income was $22 million, compared with $51 million a year ago. Analysts had expected a net loss. Revenue rose 16% to $784 million, beating analysts' predictions of $676.5 million, and the company raised its fiscal-2007 revenue estimate to a range of $2.95 billion-$3.13 billion.
Gemstar-TV Guide International Inc. said Thursday that its third-quarter earnings fell sharply from a year-ago period that included a hefty tax gain, but results easily beat Wall Street expectations and shares rose as much as 9% in after-hours trading. Net income slid from $51 million a year ago to $17.5 million on revenue that dipped from $152.5 million to $148.9 million. Analysts estimated $135.9 million in revenue.
Video game developer Midway Games Inc. said Thursday that its third-quarter net loss narrowed despite lower sales as royalty, product development and other costs declined. The company posted a net loss of $22.2 million, compared with a loss of $29.1 million a year ago. Revenue slid 7% to $27.4 million. Midway, controlled by Sumner Redstone, said it expects fourth-quarter revenue of about $86 million and net income of about $2 million. Midway shares fell fractionally Thursday to $8.22 and slid as much as 3% in after-hours trading.