NEW YORK (CNN/Money) -
Investors will look to several large earnings releases and three pieces of economic data with hope that Wednesday's late day rally will continue over into Thursday morning.
MetLife Inc (MET: Research, Estimates)., the largest life insurer in the United States, Wednesday said it was being audited by the Internal Revenue Service as it reported a rise in quarterly earnings.
The company said the IRS was auditing its results for the years 1997 to 1999. MetLife said it anticipates the audit to be completed by the time it files its quarterly report with the U.S. Securities and Exchange Commission. It said it believes the results of the audit will require it to upwardly revise its second-quarter earnings.
The New York-based company said its second-quarter net income was $842 million, or $1.11 per share, compared with $580 million, or 79 cents, a year earlier.
Electronic Data Systems Corp., the world's second-largest computer services company, posted a higher quarterly net profit on Wednesday, in line with its preliminary report, and said it has reached an amicable agreement to terminate a large commercial contract.
EDS, based in Plano, Texas, reported second-quarter net income of $270 million, or 54 cents a share, higher than a year-ago profit of $88 million, or 18 cents a share. The company affirmed its full-year earnings view, but said its third-quarter profit will be lower than analysts had expected.
EDS (EDS: Research, Estimates) shares were up more than 4 percent in after-hours trading to $18.
JDS Uniphase Corp., which makes fiber-optic components, on Wednesday posted a smaller quarterly loss than a year ago amid improving demand in the communications industry.
JDS (JDSU: Research, Estimates) shares were up more than 7 percent to $3.22 in after-hours trading.
The San Jose, California-based company reported a net loss in its fiscal fourth quarter ended June 30 of $24.3 million, or 2 cents a share, compared with a net loss in the year-earlier quarter of $61.6 million, or 4 cents a share.
Companies releasing earnings before the bell Thursday include Aetna (AET: Research, Estimates), Bristol-Myers (BMY: Research, Estimates), Caremark Rx (CMX: Research, Estimates), Dow Chemical (DOW: Research, Estimates), Duke Energy (DUK: Research, Estimates), Georgia-Pacific (GP: Research, Estimates), Gillette (G: Research, Estimates), Liz Claiborne (LIZ: Research, Estimates), Metro-Goldwyn-Mayer (MGM: Research, Estimates), NCR Corp (NCR: Research, Estimates)., Northrop Grumman (NOC: Research, Estimates), Raytheon (RTN: Research, Estimates) and Waste Management (WMI: Research, Estimates).
Analysts expect earnings per share of 39 cents at Bristol-Myers, 67 cents at Dow and 74 cents at Northrop Grumman, according to Briefing.com.
Economic data set for release Friday include the employment cost index, initial claims and the help wanted index.
According to Reuters Estimates, analysts expect the employment cost index for the second quarter, to be released at 8:30, to be up 0.9 percent compared with a 1.1 percent rise in the first quarter.
Initial claims for the week ending July 23, also expected at 8:30, are thought to come in at 340,000, up from 339,000 the week prior.
And the help wanted index for June will be released at 10 a.m. The index, compiled from help-wanted ads in several newspapers, is expected to come in at 40, one above May's reading of 39.
In other afterbell news Wednesday, Whole Foods Market Inc. on Wednesday said quarterly profit jumped 15 percent as the lure of its natural and organic fare drew more customers and sales rose 22 percent.
However, shares in Whole Foods (WFMI: Research, Estimates) fell in after-hours trading by almost 6 percent to $81.11.
The Austin, Texas-based retailer said profit rose to $32.9 million, or 50 cents a share, in the fiscal third quarter ended July 4. That was in line with analysts' estimates and compares with $28.7 million, or 45 cents a share, a year earlier.
Internet media company RealNetworks Inc (RNWK: Research, Estimates). said on Wednesday its loss narrowed as revenue rose on increased sales to consumers, but added that litigation costs in its antitrust case against Microsoft Corp (MSFT: Research, Estimates). continued to weigh on its bottom line.
Its shares were up almost 4 percent to $5.79 after the bell.
The Seattle-based company, which makes software used to send and receive audio-visual content over the Web, said its net loss was $4.6 million, or 3 cents per share, for the second quarter, compared with a loss of $9.6 million, or 6 cents per share, a year earlier.
Revenue rose to $65.5 million from $49.6 million.
Trump Hotels & Casino Resorts Inc. on Wednesday reported a larger net loss for the second quarter, citing increased competition in Atlantic City and rising gas prices among other factors.
Trump Hotels (DJT: Research, Estimates) posted a net loss of $17.6 million, or 59 cents per share, compared to a year-earlier net loss of $10 million, or 46 cents per share. Consolidated net revenues fell to $293.2 million from $306.9 million a year earlier.
Overnite Corp. on Wednesday said quarterly earnings jumped as the leading U.S. road hauler reported broad business gains from an expanding U.S. economy.
Overnite's (OVNT: Research, Estimates) shares were up more than 3 percent after the bell to $30.20.
Overnite, which was spun off last year by Union Pacific Corp (UNP: Research, Estimates)., said second-quarter profit was $16.8 million, or 60 cents a share. A year earlier, when it had no publicly traded shares, the company had a pro-forma profit of $10.6 million, or 38 cents a share.
Starbucks Corp (SBUX: Research, Estimates). on Wednesday said sales at stores open at least a year rose 10 percent in July, the ninth straight month of double-digit gains for the world's largest coffee-shop chain.
Its shares were up slightly after the bell to $47.97.
Revenue rose to $409 million for the four weeks ended July 25, up 27 percent from the same period a year earlier.
Parmalat Finanziaria SpA settled civil charges in one of the largest financial frauds in history, the U.S. Securities and Exchange Commission said.
Parmalat consented to a permanent injunction without admitting or denying the SEC allegations and agreed to undertake changes once it reorganizes, the SEC said.
And Tyson Foods Inc (TSN: Research, Estimates)., the largest U.S. meat company, on Wednesday said Chief Financial Officer Steve Hankins has retired, effective immediately.
Tyson said its treasurer and senior vice president of finance, Dennis Leatherby, will serve as interim CFO while a search for Hankins' successor is conducted.
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