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Earnings Analysis: 
UnionBanCal Rises; Albemarle, Astec Fall
Author: 123jump.com Staff
123jump.com
Last Update: 10:37 AM ET July 21 2008

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Speicalty chemical maker Albemarle Corporation reported second quarter revenue rise of 9.2% to $621 million and earnings increased 12.6% to $61.7 million or 67 per share. Road construction equipment maker Astec fell after it reported second quarter revenue increase of 23% to $277 million and net income rise of 14% to $21 million or 93 cents per share. Union BanCal rose nearly 9% on 12% rise in second quarter revenue and 17.5% rise in earnings.

 
Weatherford International Ltd, an oil field services company reported second quarter revenues rose 23% to $2.23 billion from $1.82 billion a year ago. Net income in the quarter rose 55.44% to $371 million or 53 cents per diluted share compared to net income of $165.3 million or 24 cents per share, a year ago.

Weatherford fell $1.75 to $39.01 in the morning trading. Weatherford International Ltd (WFT: chart) in the last one year traded as high as $49.98 in June 2008 and as low as $24.32 in August 2007. Based on the Friday’s closing price the company has a market cap of $27.65 billion.
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