News Summary

Shares of ConocoPhillips COP gained about 0.4% after the company reported 54% y/y rise in its Q4 profit. The company's profit came in at $1.39 per share, versus $0.86 per share, in the year-ago quarter. The company's adjusted earnings increased to $1.32 per share from $1.20 per share. COP reported its revenue at $53.2 billion. However, analysts were expecting earnings of $1.29 per share. Shares of Abbott Laboratories ABT fell about 0.3% after the company's Q4 net income dropped 6.4% y/y to $1.44 billion, or $0.92 per share. Excluding one-time items, Abbott reported its net income at $1.30 per share. The company's revenue advanced 13% to $9.97 billion. However, analysts were expecting earnings of $1.30 per share on revenue of $9.87 billion. Abbott projects its 2011 earnings of $4.54 to $4.64 per share, excluding expected one-time charges of $0.78 per share. However, analysts expected 2011 earnings of $4.64 per share. ABT also announced its plans to lay off 1,900 jobs, or around 2% of its workforce. Shares of US Airways Group Inc LCC surged about 4% after the company swung to Q4 profit. The company reported earnings of $0.17 per share, from a loss of $0.49 per share, in the year-ago quarter. However, analysts were expecting earnings of $0.06 per share. LCC's operating revenue surged about 11% y/y to $2.91 billion. Read more from Benzinga's Markets.