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Reynolds American Inc. reported on Tuesday a third-quarter profit that rose to $781 million, or 46 cents a share, from $505 million, or 44 cents a share, in the same period a year ago. Excluding non-recurring items, such as asset impairment charges, the cigarette seller said adjusted earnings per share came to 55 cents, matching the FactSet consensus. Revenue rose 41% to $3.16 billion, beating the FactSet consensus of $3.08 billion. Domestic cigarette volume increased 30%, boosted by the addition of the Newport brand, while industry cigarette volume declined 2.2%. For the full-year, the company now expects adjusted EPS of $1.94 to $2.00, compared with the FactSet consensus of $1.99. The stock, which was still inactive in premarket trade, has soared 54% year to date, while the S&P 500 has ticked up 0.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Pfizer Inc.’s stock climbed 1.9% in premarket trade Tuesday, after the drug giant reported better-than-expected third-quarter results and raised its full-year outlook. Earnings fell to $2.13 billion, or 34 cents a share, from $2.67 billion, or 42 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 60 cents, beating the FactSet consensus of 51 cents. Revenue slipped 2% to $12.09 billion, but was above the FactSet consensus of $11.56 billion, boosted by strong growth in its innovative products, vaccines and global oncology businesses. The company raised its full-year 2015 outlook for adjusted EPS to a range of $2.16 to $2.20 from $2.04 to $2.10, and for revenue to $47.5 billion to $48.5 billion from $46.5 billion to $47.5 billion. “We have been intently focused on seeking to generate a greater portion of our earnings from increased revenues and I see our product portfolio, product pipeline and recent business development activity as supporting this objective,” said Chief Executive Ian Read. The stock has gained 9.7% year to date, while the Dow Jones Industrial Average has slipped 1.1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Cheesecake Factory Inc. shares slumped late Monday after the restaurant chain reported disappointing quarterly revenue. Cheesecake Factory said third-quarter earnings rose to $26.2 million, or 52 cents a share, from $24.2 million, or 48 cents a share, a year ago. On an adjusted basis, the casual dining company would have earned 59 cents a share, better than the 56 cents a share forecast by analysts in a FactSet survey. Revenue grew to $526.7 million from $499.1 million but fell short of $535 million projected. Shares of Cheesecake Factory slumped 5.8% in after-hours trading.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Network infrastructure provider XTera Communications Inc. will offer 5.5 million shares in its initial public offering, expecting the shares to price between $9 and $11 a piece, according to a filing Monday setting the terms of the previously announced IPO. The company will trade on the Nasdaq under the symbol XCOM. BMO Capital Markets, Cowen & Co. Needham & Co. are among the underwriters.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Trivascular Technologies Inc. shares jumped in the extended session Monday after Endologix Inc. agreed to acquire the medical device company for $211 million in stock and cash. Trivascular shares surged 55% to $7.80, but still fell short of the transaction value of $9.10 a share. Endologix shares were flat at $13.73. Trivascular also said it expects third-quarter revenue of $9.5 million, while analysts surveyed by FactSet expect $9.3 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News