China Mobile Ltd. (ADR) (NYSE:CHL) stock fell 5.50% to $55.66 in the opening session after the company said net profit in the first-half of the year rose 1.5% as growing competition and the spread of smartphones hit revenue from third generation mobile services.
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The company said net profit for the six months ended June 30 rose to 62.20 billion yuan from CNY61.28 billion in the same period a year earlier. Analysts forecasted net profit of CNY63.95 billion. China Mobile's operating revenue in the period rose 6.6% to CNY266.53 billion from CNY250.08 billion, worse than the average CNY268.45 billion forecast in the poll.
Ross Stores, Inc. (NASDAQ:ROST) stock declined 2.04% to $67.10 after the company reported second-quarter net earnings of $182.0 million, up 23% from $148.3 million in the prior year. Earnings per share rose to $0.81, from $0.64 last year. Sales for the quarter increased 12% to $2.34 billion from $2.09 billion in the year ago quarter. Analysts expected the company to report earnings of $0.81 per share on revenue estimate of $2.33 billion for the quarter.
Coinstar, Inc. (NASDAQ:CSTR) stock gained 9.50% to $52.76 in the pre-market hour after the company said Gregg Kaplan, the company’s president and interim chief of the Redbox DVD rental unit, plans to leave in March to pursue other opportunities. Anne Saunders, 51, most recently executive vice president of Knowledge Universe, was named president of Redbox, effective Aug. 27.
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Stein Mart, Inc. (NASDAQ:SMRT) posted second-quarter net income of $730 thousand or $0.02 per share, as compared to $1.3 million or $0.03 per share in the same quarter in 2011. Net sales increased 2.3% to $276.40 million from last year's $270.17 million. Analysts expected earnings of $0.02 per share on sales of $275.65 million. Comparable store sales increased 1.6% for the second quarter.
Molycorp, Inc. (NYSE:MCP) stock dropped 2.16% to $11.80 after the company announced that it intends to offer and sell, subject to market and other conditions, $300 million aggregate principal amount of its Convertible Senior Notes due 2017 and $150 million of its common stock in separate registered public offerings. The Company intends to use the net proceeds received from the Notes Offering and the Primary Shares Offering to fund operating expenses, working capital, capital expenditures and any other cash requirements.