Among the earnings stories for Monday, May 12, from AP Financial News:
Top stories:
WALNUT CREEK, Calif. (AP) _ Mortgage insurer PMI Group Inc. said Monday it swung to a first-quarter loss from year-ago profit, due to hefty payouts on default claims and charges to write off its investment in bond insurer FGIC.
NEW YORK (AP) _ MBIA Inc. swung to a $2.41 billion loss during the first quarter as the bond insurer faced ongoing deterioration in the credit markets and recorded billions in write-downs.
Other stories:
MINNEAPOLIS (AP) _ Valspar Corp., which makes paints and coatings, said Monday its second-quarter profit jumped 4 percent because of higher sales in the company's coatings unit.
COEUR D'ALENE, Idaho (AP) _ Hecla Mining Co., which produces silver in North and South America, said Monday its first-quarter profit jumped 51 percent as higher selling prices and lower costs offset decreased production.
SOUTH SAN FRANCISCO, Calif. (AP) _ Wholesale consumer products distributor Core-Mark Holding Co. said Monday it swung to a loss in its first quarter mainly from higher employee benefit expenses and startup costs for a new division.
CARLSBAD, Calif. (AP) _ Isis Pharmaceuticals Inc. said Monday its first-quarter loss narrowed 73 percent on increased revenue stemming from its research and development partnerships.
SUGAR LAND, Texas (AP) _ Imperial Sugar Co., which processes and markets refined sugar, said Monday it swung to a loss in its second quarter mainly from charges and lost revenue stemming from an explosion at a Georgia sugar refinery.
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