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Nokia Shares Plummet on Missed Earnings; "The World" Developer Posts Quadrupled Annual Profits; Google Beats Estimates; Capital One Profit Drops 19%; TD Ameritrade Gets a Boost; Societe General Chief Steps Down; Avant Soars on Pfizer Deal; Southwest Ekes Out Profit
- Nokia Corp.'s (NOK) first-quarter earnings missed analysts' estimates, causing the company's stock to nosedive 13.98% to close at $28.98 in trading yesterday (Thursday). Net income for the world's biggest maker of mobile phones rose 25% to $1.95 billion and sales increased 28%. About half of Nokia's revenue is in dollars or closely linked currencies, Bloomberg reported.
- Nakheel PJSC, the state-own developer planning "The World" archipelago in Dubai, said its 2007 profit more than quadrupled. "We can only start recording earnings from a project after we've got 40% the way through construction," Nakheel's Chief Financial Officer Kar Tung Quek, told Bloomberg. Translation: "The World" is going to be a gold mine.
- Google Inc. (GOOG), owner of the most popular search engine, reported a 30% increase in first-quarter profit after international expansion countered a slowdown in U.S. advertising spending. Net income jumped to $1.31 billion from $1 billion a year earlier, the company said today in a statement.
- Capital One Financial Corp. (COF) said yesterday (Thursday) that profit fell 19% in the first quarter, as higher credit costs outweighed an increase in revenue, the . The company reported earnings of $548.5 million, or $1.47 per share, for the January-March period, and $3.87 billion in revenue.
- Online brokerage TD Ameritrade Holding Corp. (AMTD) said yesterday (Thursday) that second-quarter profit jumped 32% on strong trading activity and growth in its asset-based revenue, the . The company earned $186.7 million in the quarter that ended March 31, up from $141.1 million a year ago.
- Societe Generale SA (OTC: SCGLY), the French bank still reeling from a multi-billion dollar rogue trader scandal, announced yesterday (Thursday) that its Chief Executive, Daniel Bouton, would step down, but remains on as non-executive chairman. Frédéric Oudea, the chief financial officer, will succeed Bouton, The New York Times reported.
- Avant Immunotherapeutics Inc. (AVAN) inked a deal with Pfizer Inc. (PFE) valued at $50 million to develop a potential brain cancer treatment, MSN Money reported. Avant has the potential to earn an additional $390 million if it meets certain development and commercialization milestones. Avant shares soared 16% with a $1.67 gain to close at $11.72 yesterday (Thursday).
- Southwest Airlines Co. (LUV) profit fell 63% in the first quarter, but the carrier was still able to show a profit of $34 million for a quarter where other major airlines are posting losses due to record-high fuel costs. Southwest shares gained 11 cents, a 0.88% increase, to close at $12.61.