News Summary

Shares of El Paso Corp EP dropped about 2% after the company reported its Q4 earnings at $62 million, or $0.09 per share, versus $265 million, or $0.36 per share, in the year-earlier period. The company's adjusted net income came in at $0.20 per share. EP's revenue dropped to $984 million from $1.19 billion. However, analysts were expecting earnings of $0.22 per share on revenue of $1.19 billion. El Paso's Q4 production increased 7% to 795 million cubic feet equivalent. Shares of Target Corp TGT gained about 1% after the discounter reported 11% rise in its FQ4 profit. The company's net income came in at $1.04 billion, or $1.45 per share, versus $936 million, or $1.24 per share, in the year-ago period. The company's quarterly results included a tax benefit of $0.07 per share. The company's sales rose 2.8% to $20.3 billion. However, analysts were expecting earnings of $1.39 per share. Target's same-store sales increased 2.4%. Shares of H J Heinz Co HNZ gained about 0.1% after the company projected to report Q3 earnings of about $0.84 per share. However, analysts expected earnings of $0.81 per share. Heinz lifted its full-year earnings guidance to a range of $3.04 to $3.10 per share, versus its previous projections of $2.95 to $3.05 per share. Read more from Benzinga's Markets.