Shares of LKQ Corporation (NASDAQ: LKQX) gained about 0.2% after the company announced its plans to buy the US paint distribution business, including 40 stores, from AkzoNobel Coatings Inc. The transaction is likely to close by May 27. Financial details of the deal were not disclosed.
Wal-Mart Stores Inc (NYSE: WMT) reported its Q1 profit at $3.4 billion, or $0.97 per share, up from $3.3 billion, or $0.87 per share, in the year-ago period. Its sales increased 4.4% to $103.4 billion, while membership and other income surged 8.4% to $774 million. However, analysts were expecting earnings of $0.94 per share on sales of $102.8 billion. The retailer projects its Q2 earnings of $1.05 to $1.10 per share, versus analysts' estimates of $1.08 per share.
Shares of Hewlett-Packard Co (NYSE: HPQ) dropped about 6.7% after the company issued lowered its projections for the third quarter and full fiscal year. The company reported its Q2 profit at $2.3 billion, or $1.05 per share, up from $2.2 billion, or $0.91 per share, in the year-earlier period. Its adjusted earnings surged to $1.24 per share from $1.09 per share. The company's revenue rose around 3% to $31.63 billion, from $30.85 billion. However, analysts were expecting earnings of $1.21 per share on revenue of $31.6 billion. The company lowered its projections for the third quarter and full fiscal year. It projects Q3 net income of around $0.90 per share and adjusted profit of around $1.08 per share, on revenue of $31.1 billion to $31.3 billion. However, analysts were expecting earnings of $1.23 per share on revenue of $31.9 billion. H-P now projects 2011 net earnings of at least $4.27 per share and adjusted earnings of at least $5 per share, on revenue of $129 billion to $130 billion. However, analyst expected adjusted earnings of $5.24 per share on revenue of $130.5 billion.
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