SAN FRANCISCO (AFX) - American International Group shares fell during Thursday's late-trading session after the insurance giant said its quarterly profit fell 72%, while Petco Animal Supplies shares jumped after it posted better-than-expected quarterly results and set a share buyback plan.
The Nasdaq-100 After Hours Indicator, which tracks the evening trades of the index's leading shares, edged up 0.58 point to $1,679.63.
American Insurance Group fell 1.9% to $67.90 and Petco Animal rose 3.9% to $22.08 to climb toward the top of the Instinet volume leaders list.
American International Group's fourth-quarter net income fell 72% to $444 million, or 17 cents a share, from $1.61 billion, or 62 cents a share, a year ago. The results included a $1.15 billion charge from previously announced regulatory settlements, as well as a $1.19 billion after-tax charge for increased reserves for losses and loss expenses. Analysts polled by Thomson First Call expected AIG to earn 24 cents a share.
Petco Animal reported fourth-quarter net income of $26.8 million, or 46 cents a share, compared with $26.3 million, or 45 cents a share, last year. Sales were $541.5 million vs. $492.3 million. Excluding one-time charges, the pet supplies retailer would have reported earnings per share of 49 cents.
Analysts polled by Thomson First Call expected Petco to report a profit of 45 cents a share. The company also said its board has authorized a $100 million share buyback program.
Tektronix rose 1.3% to $33 after reporting fiscal third-quarter net earnings of $26.5 million, or 32 cents a share, vs. $26.8 million, or 30 cents a share, last year. There were 83.3 million shares outstanding compared with 90.7 million last year.
Excluding certain items, earnings for the technology measurement products provider would have been 37 cents a share. Revenue at Tektronix rose to $262.1 million from $256.3 million. Analysts had forecast earnings of 33 cents a share on revenue of $263 million.
UTStarcom dropped 7.2% to $5.79 and MEMC Electronic Materials lost 2.6 % to $34.76 after each company said it will delay filing its annual report for 2005. This story was supplied by MarketWatch. For further information see www.marketwatch.com.