Company News Briefs: General Motors Selling Hummer Brand To Chinese Company

Valero Energy (VLO) announced plans to offer 40 million common shares with the option for an additional 6 million shares

China’s Tengzhong (GMGMQ.PK) and General Motors (GM) affirmed talks regarding sale of the Hummer brand

Aetna (AET) lowered its 2009 earnings forecast, citing higher medical costs from its commercial plans and lower-than-estimated revenues from its Medicare business. The firm dropped its 2009 operating earnings guidance to $3.55 to $3.70 a share, from its prior view of $3.85 to $3.95 a share.

Williams-Sonoma (WSM) reported a fiscal first quarter loss of 14 cents per share, beating estimates by 7 cents a share, as revenues plunged 21.7% year-over-year to $612 million. The firm issued inline revenue guidance of $2.81 billion to $2.93 billion, versus the Street estimates of $2.87 billion

Joy Global (JOYG) reported fiscal second quarter earnings of $1.17 per share, beating estimates by 28 cents, as revenues jumped 9.6% year-over-year to $924 million. The firm issued upside guidance of $3.80 to $4.00 per share, but lowered its 2009 revenue view to $3.5 billion to $3.6 billion

Morgan Stanley (MS) upgraded JP Morgan (JPM) shares, raising the 2009 earnings estimate to $1.79 a share from $1.74 and versus the Street’s $1.50, as well as for 2010 to $3.81 from $3.63, compared to consensus estimates of $2.73

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