Stocks Up After Earnings: Walgreen (NYSE:WAG) and Conagra (NYSE:CAG)

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Walgreen Company (NYSE:WAG) rose 1.50% to $37.25 in the opening session after the company reported stronger than expected Q1 results. The company said net income rose 20% to $489 million, or 49 cents a share, from $408 million, or 41 cents a share in the year-ago period. Excluding a restructuring charge of 3 cents a share, the Deerfield, Ill. retailer earned 52 cents a share. Revenue rose to $16.36 billion from $14.95 billion. Analysts expected Walgreen to earn 48 cents a share, with revenue of $16.24 billion, according to a survey by FactSet Research.

Conagra Foods, Inc. (NYSE:CAG) also jumped 3% to $22.81 after making a new 52-week high of $23.13 earlier in the session. Today, the company posted a better than expected earnings and raised its FY2010 guidance.

During the quarter, Conagra Foods reporting earnings of 55 cents a share, compared to 38 cents, in a year-ago period. This is higher than the analyst estimate of 47 cents a share.

However, revenue for the quarter fell 2.4% to $3.2 billion from $3.3 billion, lower than the street’s estimates of $3.40 billion.

Conagra Foods also provided a better than the estimated outlook for 2010. Now, it projected profit outlook to $1.73 a share against its previous guidance of $1.70. The Wall Street consensus was for 2010 earnings of $1.70 a share.

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