Notable News: Verizon Communications Inc. (NYSE:VZ), Valeant Pharmaceuticals (NYSE:VRX)

Shares of Valeant Pharmaceuticals Intl Inc(NYSE:VRX) fell by 30 cents or 0.53% to $56.46 in the morning session as the company posted a fall by 81% in its third quarter earnings due to acquisition related cost.

For the last quarter ended expenses included $145.3 million in costs tied to acquired, in-process research and development most of which was related to the write-off of a dermatology program asset.

Further the selling and administrative expenses climbed 40% to $188.7 million.

Valeant posted an earnings of $7.6 million, or 2 cents per share for the quarter ended, a fall by 81% in comparison to last year.

Excluding acquisition related cost the company posted adjusted earnings of $1.15 per share which topped the Wall Street expectations and beats the FactSet analyst expectation of $1.12 per share.

Moreover revenue climbed by 47% to $884.1 million in comparison to last year which again beats the analyst expectation of $875.5 million.

Valeant has further revised down its 2012 earnings expectation to $4.60 to $4.65. Forecast of revenue guidance being the same is of $3.4 billion to $3.6 billion.

Analyst expects earnings of $4.52 per share on revenue of $3.51 billion for the fiscal year 2012.

Effects of super storm Sandy on Verizon Communications Inc.(NYSE:VZ)’s fourth quarter earnings could be "significant" says the company.

Downtown Manhattan facilities of Verizon Communications Inc were flooded and are still without power and on Friday the company said that it is working on restoration of communication services for storm affected customers. But this could take some time said the company.

Some of the cell towers that were knocked down by sandy earlier in the week were slowly coming back to life but the current power problem still makes many of them disabled.

The precise impact of Sandy on its fourth quarter results could not be depicted but the company terms it to be significant enough.

Stocks of Verizon Communications Inc slipped by 10 cents or 0.21% to $45.04 in the late morning session.