(By Salman - iStockAnalyst Writer)Advanced Micro Devices Inc. (NYSE: AMD) on Thursday reported that its fourth quarter loss narrowed to $1.42 billion, or $2.34 a share from a loss of $1.77 billion, or $3.06 a share in the prior year quarter. Revenue dropped 35% to $1.16 billion from $1.74 billion in the same period a year ago. Excluding items, the company would have reported loss of $418 million, compared to $90 million in the same quarter last year. Analysts on average expected a loss of 54 cents a share on revenue of $1.23 billion. “Although industry visibility is poor, our priorities remain clear and achievable,” said CEO Dirk Meyer.” In light of the current macroeconomic conditions, very limited visibility and continued corrections in the supply chain, AMD expects first quarter 2009 revenue to decrease from the fourth quarter 2008," the company said. Shares of AMD plunged 23 cents or 10.22% in regular trade on Thursday.

Capital One Financial (NYSE: COF) swung to a fourth-quarter loss of $1.4 billion, or $3.74 a common share compared to net income of $226.6 million, or 60 cents a common share, in the same quarter last year. Consensus expectations were for earnings of 33 cents a share. Revenue decreased 19% to $3.17 billion. The company added $1 billion to its allowance for loan losses in anticipation of increasing charge-offs in 2009. "The economic downturn was the key driver of our fourth quarter ... and we expect that the recession will continue to impact our results throughout 2009," said Richard Fairbank, Capital One's Chairman and CEO, in a statement. Capital One plunged over 7% in evening trade.

City National Corp. (NYSE: CYN) said fourth quarter net income tumbled 86% to $6.5 million or 13 cents a share from $46.9 million or 96 cents a share in the same period a year ago. Excluding one time charges, the company earned $24.5 million or 50 cents a share, better than the Wall Street consensus of 62 cents a share. Net interest income, or money earned from deposits, dropped 4% to $149 million, from $154 million. The bank doubled its allowance for credit losses to $40 million, from $20 million a year ago. "Even in this extremely challenging economy, and with interest rates dropping to record lows, City National completed its 16th consecutive year of profitability with assets and loans at record levels, and deposits strong," said Russell Goldsmith, President and Chief Executive Officer of City National Corporation. "We expect the economy to remain very challenging in 2009. Nonetheless, with a stronger level of capital, robust loan loss reserves, a rigorous cost-control program and no subprime or brokered mortgages and no credit card, consumer or auto debt to be concerned about, City National is well-positioned to remain profitable this year, and we fully expect its fundamental earning power to become even more apparent again in the years ahead." City National retreated $2.59 or 7.33% to $32.76 on Thursday.

Biopharmaceutical firm Cubist Pharmaceuticals Inc. (NASDAQ: CBST) registered a profit of $123.04 million or $1.82 a share in the fourth quarter, compared with $8.03 million or 14 cents a share in the year ago quarter. The latest results include a tax benefit of about $127.8 million and impairment charge of $49.2 million. Quarterly revenue jumped 53% to $131.16 million from $85.58 million in the period.