Yum! Brands, Inc.(NYSE:YUM) on Tuesday reported a 23 percent rise in its income for the third quarter buoyed by demand in the United States and in China.
The company, which owns Taco Bell, Pizza Hut and KFC, reported net income of $471 million, or $1 per share, in the three months ended Sept. 8, up from $383 million, or 80 cents per share, a year ago.
Excluding one-time items, Yum's earnings were 99 cents per share for the quarter. Revenue rose 9 percent to $3.57 billion from $3.27 billion.
Analysts had expected earnings of 97 cents per share on revenue of $3.66 billion.
Its operating profit from U.S. operations rose 13 percent in the quarter helped by a new menu for Taco Bell created by celebrity chef Lorena Garcia.
In China, its operating profit rose 22 percent, helped by the fact that costs grew lower than revenues.
"In China, our category-leading brands and competitive positions are stronger than ever," said Yum Chairman and CEO David C. Novak in a statement.
Shares of YUM soared over 8% to $71.00.
Shares in Vringo, Inc. (AMEX:VRNG) rose on Wednesday early trades as a court-ordered settlement talks with Google started on Tuesday.
The court told Google to produce to Vringo "data that has not been produced as to Google's revenue for its properties based in the United States and AUTHORIZES the Plaintiff to supplement the report of its damages expert, Dr. Stephen L. Becker, within two days thereafter. Furthermore, the Defendants may not cross-examine Dr. Becker on the omission in his initial report of Google, Inc.'s, revenue for its properties based in the United States."
Shares in Vringo were trading up 5.62 percent. The stock has already gained 63% and yesterday came off an all time high of $5.73. The recent move was driven by multiple news last week, the court had ordered Google Inc (NASDAQ:GOOG) to negotiate with VRNG related to ongoing patent war, where the former was sued by later for infringement of a patent. Well, this off course is positive news for VRNG’s shareholders and the soared 58% last week. However, on the stock retreated on Friday after the company announced that it raised $45 million in a direct offering to five of its existing institutional investors at $4.35 a share.
Well, the latest fight is yet to end, the company has decided to sue another company for patent infringement as on Monday the company said it was suing the UK subsidiary of ZTE Corporation for infringement.