Aug 5, 2013

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Stocks in the Spotlight: CVS Caremark Corp. (NYSE:CVS) and PNM Resources Inc. (NYSE:PNM)

Stocks in the Spotlight: CVS Caremark Corp. (NYSE:CVS) and PNM Resources Inc. (NYSE:PNM)

PNM Resources Inc.’s (NYSE:PNM) reported that its second quarter profit jumped up 29%, as both of the utility operator’s huge units reported enhanced results.

PNM, which manages utilities in the Southwest, has declared varied results in the latest quarters. The firm also nearly completely moved out from the merchant-generator business, when it sold its First Choice Power and Optim Energy holdings in late 2011.

Merchant generators that contend for business have been affected by low prices, mainly as a consequence of declining natural-gas prices.

PNM Resources declared a profit of $27.7 million, or 34 cents per share, higher as compared to $21.5 million, or 27 cents per share, a year ago. Omitting hedging impact and other items, ongoing earnings were higher at 38 cents, as compared to 33 cents.

Analysts surveyed by Thomson Reuters most lately estimated revised earnings of 33 cents.

CVS Caremark Corp. (NYSE:CVS) decided to pay a $20 million civil penalty to settle Securities and Exchange Commission accusations associated to public disclosures it made regarding its October 2008 Longs Drug Stores acquisition.

CVS reported that the fine has been completely held in its financial statements and the settlement would not need any earnings restatements. Shares ended on Thursday at $62.17 and were flat during the premarket session. The stock has increased 29% so far this year.

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