Cisco, AIG, Zumiez Retreat; First Solar Rises: U.S. After-Hours

Cisco Systems Inc., the biggest maker of networking equipment, fell in extended U.S. trading after first-quarter profit failed to exceed analysts' estimates.

Cisco dropped $2.96, or 9 percent, to $29.79 at 6:21 p.m. New York time. Excluding costs such as stock-based compensation, profit was 40 cents, Cisco said. The profit figure included a tax benefit of $162 million, or 3 cents a share. Investors should take out the gain, making the earnings 37 cents, said Brant Thompson, an analyst at Goldman, Sachs & Co. in New York. That would match the average estimate in a Bloomberg survey of analysts.

American International Group Inc. slid $1.90, or 3.3 percent, to $56. The world's largest insurer said third-quarter profit fell 27 percent as the housing recession contributed to losses in its mortgage guarantee and credit protection businesses. Profit excluding realized investment losses and changes in the value of derivative instruments was $1.35 a share, missing by 27 cents the average estimate of 15 analysts compiled by Bloomberg.

Zumiez Inc. fell 27 percent to $28.75. The seller of clothing for skateboarding and snowboarding with 275 stores said it expects third-quarter profit of 27 to 28 cents a share, less than the 33-cent average estimate of analysts surveyed by Bloomberg.

First Solar Inc. jumped $37.88, or 23 percent, to $205. The maker of power-modules whose shares have surged more than eightfold in a year said third-quarter profit soared on demand for its thin-film technology. Net income climbed to 58 cents a share, tripling the 19-cent average estimate of analysts surveyed by Bloomberg.
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