Shares of J.B. Hunt Transport Services, Inc.(NASDAQ:JBHT) jumped 6.53% in Friday’s session after the company reported better than estimated third quarter earnings despite a weakness in its trucking business, which was easily set off by other areas.
Third quarter profit for the trucking and Logistics Company rose almost 14 percent with the set off in trucking business being offset by growth in other areas.
For the latest quarter, the company posted net income of $78.2 million, or 65 cents a share, up 14% from a year ago profit of $68.7 million, or 57 cents a share.
Moreover, revenue during the same quarter grew 11% year over year to $1.3 billion, from $1.17 billion in the corresponding quarter.
The results easily topped analysts’ estimates of 66 cents a share on revenue of $1.28 billion.
The company’s intermodal unit, which contributes the highest share, saw an increase of 15% to $794 million, while operating income climbed 25% to $97.9 million.
On the other hand, revenue from Trucking saw some pressure with revenue slid 8% year over year to $117 million, with operating income down 41 percent to $4 million.
STMicroelectronics N.V. (ADR)(NYSE:STM) shares were up 36 cents or 6.4 percent to $6.00 on a report stating that the company is evaluating a break-up plan leading to sale of its mobile-phone chip business.
With Bloomberg News reporting the break-up evaluation the shares jumped as much as 19 percent in Paris the biggest intraday gain since its starting.
People familiar with the matter cited that the company may split its analog business, which makes chips and sensors used in products from cars to video-game consoles, from its digital assets, which focus on semiconductors used in set-top boxes, televisions and handsets.
The market value for STMicroelectronics is 4.3 billion Euros or $5.6 billion.
It has been dragged down by the decline in sale of some key customers such as Nokia, Research In Motion and Alcatel-Lucent.
STMicroelectronics said it denies “the existence of initiatives which can compromise the unity of the company.” It plans to announce third-quarter earnings on Oct. 23 as planned.