Earning Plays

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Thursday, Jan. 31
Bebe Stores profit slips slightly (4:59 pm ET)
SAN FRANCISCO (MarketWatch) -- Bebe Stores Inc. (BEBE: news, chart, profile) reported late Thursday fiscal second quarter net income of $23.4 million, or 26 cents, compared with $24.3 million, or 26 cents, a year ago. Revenue for the three months ended Jan. 5 rose 3.3% to $203.3 million from $196.8 million. Analysts polled by Thomson Financial had predicted the Brisbane, Calif.- based women's apparel retailer would earn 25 cents a share. For its third quarter, Bebe forecast same-store sales to be in the "negative mid-single digit range," resulting in earnings per share of 8-12 cents. Bebe shares rose 2.8% to close at $11.52 ahead of the report.
Callaway Golf fourth-quarter loss widens (4:37 pm ET)
SAN FRANCISCO (MarketWatch) -- Callaway Golf Co. (ELY: news, chart, profile) posted a fourth-quarter loss of $16.2 million, or 25 cents a share, compared with a loss of $10.2 million, or 15 cents, a year ago. Revenue for the quarter fell 3% to $174.4 million from $179.9 million. Analysts surveyed by Thomson Financial had predicted the Carlsbad, Calif.-based golf club maker would post a loss of 19 cents a share on $162.5 million in revenue. The company estimated full-year 2008 earnings in a range of $1.08 to $1.18 a share. Callaway shares closed ahead of the report at $17.99, up 7.4% for the day.
Columbia Sportswear profit up 18%; forecasts weaker earnings(4:31 pm ET)
SAN FRANCISCO (MarketWatch) -- Columbia Sportswear Co. (COLM: news, chart, profile) late Thursday said fourth-quarter net income rose to $45.7 million, or $1.26 a share. The Portland, Ore.-based outdoor sports-goods maker said its profit was helped by a tax-benefit gain of 14 cents. In last year's period, Columbia Sportswear earned $38.4 million, or $1.06 a share. Sales rose 4% to $376.7 million for the three months ended Dec. 31. Looking ahead, Columbia Sportswear said its first quarter earnings will be 51 cents a share, down from 71 cents a share it earned in the same period a year ago.
Safeco quarterly net income falls 33%(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Safeco Corp. (SAF: news, chart, profile) said late Thursday that fourth-quarter net income came in at $144.5 million, or $1.56 a share, down 33% from a year earlier when the property and casualty insurer made $216.4 million, or $1.96 a share. Operating earnings, which exclude the impact of after-tax net realized investment gains, contributions to the Safeco Insurance Foundation, losses on debt repurchases and gains on sales of real estate, were $140.1 million, or $1.51 a share, the company reported. Safeco was expected to make $1.44 a share, according to the average estimate of 18 analysts in a Thomson Financial survey. The combined ratio was 93.6% for the quarter, up from 87.2% a year earlier. The combined ratio measures claims and expenses as a percentage of premiums (the lower the better).
EA swings to a loss in third quarter (4:18 pm ET)
SAN FRANCISCO (MarketWatch) - Electronic Arts Inc. swung to a loss for its third-fiscal quarter thanks to deferred revenue and restructuring charges. For the period ended Dec. 31, the video game publisher (ERTS: news, chart, profile) said net loss was $33 million, or 10 cents a share, compared to earnings of $160 million, or 50 cents a share, for the same period the previous year. The company said it would have earned $290 million, or 90 cents a share, on a non-GAAP basis. Revenue grew 17% to $1.5 billion. About $231 million in revenue was deferred to future periods. Analysts were expecting earnings of 90 cents a share on revenue of $1.74 billion, according to estimates from Thomson Financial. For the March quarter, the company said it expects revenue in teh range of $775 million and $850 million, excluding deferred revenue. Analysts were expecting revenue of $837.9 million.
McKesson third-quarter earnings drop, but sales up(4:16 pm ET)
LOS ANGELES (MarketWatch) - McKesson Corp. (MCK: news, chart, profile) said Thursday that fiscal third-quarter net income was $201 million, or 68 cents a share, for the period ended Dec. 31, compared with $243 million, or 80 cents a share, for the same period a year ago. Sales at the San Francisco-based pharmaceutical distributor were $26.5 billion vs. last year's $23.1 billion. Earnings were hit by an 11-cent per-share charge for various one-time items. Analysts polled by Thomson Financial had predicted, on average, that McKesson's earnings would hit 80 cents a share on sales of $25.3 billion. McKesson shares ended trading down 42 cents to $62.84.
Google posts 17% profit gain(4:13 pm ET)
SAN FRANCISCO (MarketWatch) - Google Inc. said Thursday its fiscal fourth-quarter profit rose 17% compared to the period a year earlier. Google (GOOG: news, chart, profile) said net income for the period ended in December rose to $1.21 billion, or $3.79 a share, compared to $1.03 billion, or $3.29 a share in the same period a year earlier. Meanwhile revenue rose 51% to $4.83 billion. Excluding special items, Google said earnings for the period were $4.43 a share. Net revenue, or revenue minus payments made to other sites to acquire Internet traffic, came in at $3.39 billion. Analysts polled by Thomson Financial had estimated Google would post earnings excluding special items of $4.44 a share, and net revenue of $3.45 billion.
Analyst sees rocky first quarter for Tesoro(2:27 pm ET)
NEW YORK (MarketWatch) -- Tesoro (TSO: news, chart, profile) missed Wall Street's fourth-quarter target due to larger than expected losses at the company's Hawaii refinery, Soleil analyst Jacques Rosseau said in a note to clients. "We expect weak conditions on the West Coast to lead to another poor quarter in the first quarter," he said. Shares of Tesoro fell 3% to $39.21 in afternoon trades.
MBIA shares rise; bond insurer highlights liquidity(12:16 pm ET)
SAN FRANCISCO (MarketWatch) -- MBIA Inc. shares (MBI: news, chart, profile) rose on Thursday. The bond insurer tried to assure investors and analysts that it has enough liquidity to ride out the meltdown in the mortgage market. The company said in a presentation that it had more than $1.5 billion of liquidity at the end of 2007. That includes cash and investments, bank revolving credit and dividends from its insurance units and investments. MBIA projected that it will have to use about $229 million of that liquidity, leaving it with more than $1.3 billion, according to the presentation. MBIA shares climbed 8% to $15.11 during afternoon trading. Rival Ambac Financial (ABK: news, chart, profile) advanced 11% to $12.04.
NYT: No further comment on potential proxy fight(11:59 am ET)
CHICAGO (MarketWatch) -- New York Times Co. (NYT: news, chart, profile) Chief Executive Janet Robinson said Thursday that the company has no further comment on news that equity firms Firebrand Partners and Harbinger Capital Partners each said that they want to name a slate of four directors to the board. Speaking generally about feedback from shareholders, Robinson told analysts on a conference call: "We have every reason to believe that there are a lot of good ideas out there that we want to hear about, and you will see us continue to do that going forward."
NYT GM: Advertisers not factoring recession into plans(11:47 am ET)
CHICAGO (MarketWatch) -- Scott Heekin-Canedy, general manager of The New York Times, told analysts Thursday that he doesn't believe advertisers have factored a recession into their spending plans, but cautioned that this could change as the media environment is "extremely volatile." The New York Times Co. (NYT: news, chart, profile) reported steep ad revenue declines in December, with little indication that the situation would improve. The flagship newspaper's advertisers hesitated to buy placements during the first couple of weeks of the new year, as they "were taking measure of the economic climate and finalizing their spending plans" for 2008. While Heekin-Canedy said it is difficult to look further into the year to predict trends, he said ad sales in the luxury segment would be up by a mid-to-single-digit percentage, and "entertainment should do modestly well this year, as well."
GreenRoad Tech gets funding from Virgin Green; Benchmark(11:35 am ET)
NEW YORK (MarketWatch) -- GreenRoad Technologies Inc., a specialist in technology and services to improve safety and fuel efficiency of automobile drivers, said Thursday it closed a venture funding round of $14.5 million led by Richard Branson's Virgin Green Fund and Benchmark Capital. Shai Weiss, managing partner of Virgin Green Fund, will join the board of directors of the Redwood Shores, Calif. company.
Natural gas falls after intentories down more than expected(10:47 am ET)
SAN FRANCISCO(MarketWatch) -- Natural-gas futures fell Thursday after a government report showed U.S. natural gas inventories dropped more than expected last week. Natural gas for March delivery lost 8.1 cents, or 1%, to $7.964 per million British thermal units. U.S. natural gas inventories lost 274 billion cubic feet to 2,262 billion cubic feet in the week ending Jan. 25, Energy Information Administration reported on Thursday. Analysts at Global Insight were expecting a drop of 260 billion cubic feet.
Brunswick posts fourth-quarter profit(9:40 am ET)
NEW YORK (MarketWatch) -- Brunswick Corp. (BC: news, chart, profile) said Thursday that it swung to a fourth-quarter profit of $6.8 million, or 8 cents per share, from a loss of $53.2 million, or 57 cents per share, in the same quarter a year before. Excluding tax-related benefits, earnings from continuing operations for the period were 9 cents a share, down from the year-ago's 22 cents. Analysts polled Thomson Financial had expected earnings of 10 cents per share. The Lake Forest, Ill., company reported net sales for the quarter of $1.44 billion compared with $1.37 billion a year ago.
Energy stocks retreat with overall market(9:41 am ET)
NEW YORK (MarketWatch) -- Energy stocks sank along with the overall market on Thursday, with oil shares weighing on the sector after weak quarterly updates from Tesoro (TSO: news, chart, profile) and Marathon Oil (MRO: news, chart, profile) . The Amex Oil Index (XOI: news, chart, profile) fell 2.2% to 1,338. The Amex Natural Gas Index (XNG: news, chart, profile) fell 1.7% to 527. Tesoro declined 7% to $37.62. Marathon Oil gave up about 5% to $48.54. Peabody Coal (BTU: news, chart, profile) fell 10% to $49.92 after it lowered its profit outlook for the first quarter. Cameron International (CAM: news, chart, profile) dropped 11% to $38.56 after it said it would miss its first-quarter earnings target.
Tesoro swings to a loss on refinery outage, lower margins(8:44 am ET)
NEW YORK (MarketWatch) -- Tesoro Corp. (TSO: news, chart, profile) on Thursday said it lost $40 million, or 29 cents a share in the fourth quarter, compared to a gain of $158 million, or $1.14 per share, in the year-ago period. The San Antonio, Texas company cited weak profit margin in its refining business, higher operating expenses and poor marketing margins. Tesoro also cited an unplanned outage at a refinery's reformer unit, which impacted results by $30 million. Benchmark margins versus last year were lower by 23% on the West Coast, 36% in the Pacific Northwest, and 7% in the Midwest, the company said. Analysts surveyed by Thomson Financial forecast earnings of 2 cents a share, on average.
Allis-Chalmers misses forecasts, blames Gulf weakness(8:26 am ET)
LONDON (MarketWatch) -- Houston oil services firm Allis-Chalmers Energy (ALY: news, chart, profile) said it expects to earn $5.6 million, or 16 cents a share, on revenue of $147 million in the fourth quarter. Fourth-quarter results were impacted by weakness in demand for drill pipe in the Gulf of Mexico due to the hurricane season, severe flooding in Villahermose and labor strikes in Argentina. Analysts polled by Thomson Financial expected the firm to earn 35 cents a share on revenue of $145 million. Allis-Chalmers also said that it's agreed to invest $40 million in cash in BCH in the form of a 15% convertible subordinated secured debenture. It expects 2008 earnings per share between $1.35 to $1.45 on revenue between $655 million to $670 million. Analysts expected earnings of $1.92 a share for 2008.
Western Union fourth-quarter income rises(8:21 am ET)
NEW YORK (MarketWatch) -- Western Union Co.'s (WU: news, chart, profile) net income rose to $243.3 million, or 32 cents a share, from $217.2 million, or 28 cents, a year earlier, due in part to strong performance within the international consumer-to-consumer business. A Thomson Financial survey of analysts, on average, projected earnings of 31 cents a share for the quarter. The provider of money transfer services said revenue rose to $1.31 billion from $1.17 billion a year earlier. The company expects 2008 revenue growth of 9% to 11%, earnings of $1.24 to $1.28 a share and cash flow from operations of about $1.2 billion. Western Union said it expects strong margins in 2008, consistent with 2007.
Wesco International's fourth-quarter net rises (8:18 am ET)
NEW YORK (MarketWatch) -- Wesco International Inc.'s (WCC: news, chart, profile) fourth-quarter net income rose 4.8% to $61.1 million, or $1.34 a share, from $58.3 million, $1.10 a share, a year earlier. The Pittsburgh maintenance products holding company said sales increased 8.2% to $1.49 billion from $1.38 billion. On average, analysts polled by Thomson Financial expected earnings of $1.16 a share on revenue of $1.48 billion.
PetroQuest Energy sees Q4 production near mid-range(8:19 am ET)
NEW YORK (MarketWatch) -- PetroQuest Energy Inc. (PQ: news, chart, profile) said Thursday it expects fourth-quarter production of 85.3 millions of cubic feet equivalent (MMcfe) a day, near the middle of its forecast of 83-89 MMcfe a day.
FDA OKs priority review of Schering's Peginterferon Alfa-2b(8:08 am ET)
NEW YORK (MarketWatch) -- Schering-Plough Corp. (SGP: news, chart, profile) said Thursday the U.S. Food and Drug Administration has accepted the peginterferon alfa-2b supplemental Biologics License Application for review and has granted priority review status for the adjuvant treatment of patients with Stage III melanoma. Schering-Plough submitted its application to the agency in the fall of 2007. The application will be discussed by the FDA Oncology Drugs Advisory Committee on March 12.
Celgene 4th-period net tripled on 51% higher revenue(7:56 am ET)
NEW YORK (MarketWatch) -- Celgene Inc., (CELG: news, chart, profile) the Summit, N.J., the biopharmaceutical company focused on cancer and inflammatory diseases, reported fourth-quarter net income more than tripled on 51% higher revenue. Earnings reached $75.3 million, or 18 cents a share, from $22.9 million, or 6 cents, in the year-earlier period. Adjusted earnings were 31 cents against 18 cents. Shares outstanding rose 3.5% to 419.3 million. Revenue increased to $414.6 million from $275 million. A survey of analysts by Thomson Financial produced consensus estimates of 31 cents a share of profit on revenue of $391 million. The company noted that in the quarter, sales of Revlimid -- which treats myeloma patients who have received at least one prior therapy -- doubled to $247.4 million.
Wyeth 4Q net rises 19% (7:56 am ET)
NEW YORK (MarketWatch) -- Wyeth's (WYE: news, chart, profile) fourth-quarter net income rose 19% to $1.02 billion, or 75 cents a share, from $855.4 million, or 63 cents a share, a year earlier, benefiting from lower research spending and administrative expenses, among other factors. The Madison, N.J., drug and healthcare products company said non-GAAP earnings, excluding charges of $63.8 million for productivity initiatives, rose to $1.06 billion, or 78 cents a share, from $903.5 million, or 66 cents a share. Wyeth's revenue rose 10% to $5.76 billion from $5.22 billion as a result of strong unit growth. On average, analysts polled by Thomson Financial expected per-share earnings of 79 cents on revenue of $5.61 billion. Analyst estimates usually exclude items. The company expects 2008 earnings excluding items of $3.35 to $3.49 a share, down 1% to 5% from 2007. Wyeth projects revenue in 2008 comparable with 2007 revenue of $22.4 billion. Wyeth shares closed Wednesday at $39.70, down $1.34, or 3.3%.
Harsco posts rise in fourth-quarter income(7:54 am ET)
NEW YORK (MarketWatch) -- Harsco Corp. (HSC: news, chart, profile) on Thursday posted fourth-quarter net income of $91.4 million, or $1.08 a share, compared to the year-earlier $52.5 million, or 62 cents a share. Earnings from continuing operations for the quarter were 74 cents a share. A Thomson Financial survey of analysts, on average, projected earnings of 70 cents a share for the quarter. The Pennsylvania industrial services company's quarterly sales climbed 21% to $975 million from $804 million. The company also raised its forecast for 2008 earnings from continuing operations to a range of $3.40 to $3.50 a share, from the prior range of $3.35 to $3.45.
Timken net income rises on industrial business(7:50 am ET)
NEW YORK (MarketWatch) -- The Timken Co. (TKR: news, chart, profile) said Thursday fourth-quarter net income climbed to $48.3 milion, or 50 cents a share, from $35.35 million, or 37 cents a share in the year-ago period. Adjusted net income rose to 51 cents a share from 30 cents a share. Revenue climbed to $1.34 billion from $1.23 billion. Analysts surveyed by Thomson Financial forecast earnings of 55 cents a share and revenue of $1.28 billion, on average. "Strong sales in industrial markets and the favorable impact of currency were partially offset by the impact of the strategic divestment of the company's automotive steering and European steel tube manufacturing operations," Timken said. The industrial firm said it expects first-quarter earnings to be 70-80 cents a share, excluding items. Analysts expected earnings of 73 cents a share, on average.
Hologic fiscal Q1 loss $3.31 per share vs 30 cent gain(7:50 am ET)
NEW YORK (MarketWatch) -- Hologic, Inc. (HOLX: news, chart, profile) said Thursday its fiscal first-quarter loss totaled $359 million, or $3.31 per share, from a profit of $16 million, or 30 cents per share, in the same quarter a year before. A Thomson Financial poll of analysts had shown expectations for a loss of 4 cents per share. The Bedford, Mass. medical technology company said its revenue for the quarter was $371 million, up from the year-ago revenue of $163 million.
Cameron net climbs 30% on fatter revenue(7:39 am ET)
NEW YORK (MarketWatch) -- Cameron (CAM: news, chart, profile) said Thursday fourth-quarter net income climbed to $125.9 million, or 54 cents a share, from $96.5 million, or 42 cents a share in the year-ago period. Excluding charges, earnings were 61 cents a share. Revenue at the Houston-based oil services firm rose to $1.34 billion from $1.08 billion. Analysts surveyed by Thomson Financial forecast earnings of 60 cents a share and revenue of $1.24 billion, on average. Cameron said it expects first quarter earnings of 50 to 53 cents a share. The analyst estimate for the period is 59 cents a share. Cameron expects 2008 earnings of $2.45 to $2.55 a share, excluding charges, compared to the Wall Street target of $2.63 a share.
PPL net more than doubles on sale of unit, margin growth(7:26 am ET)
NEW YORK (MarketWatch) -- PPL Corp. (PPL: news, chart, profile) on Thursday said fourth-quarter net income rose to $439 million, or $1.17 a share, from $178 million, or 46 cents a share in the year-ago period. Earnings from continuing operations rose to 60 cents a share from 46 cents a share. Revenue climbed to $1.6 billion from $1.5 billion. Analysts surveyed by Thomson Financial forecast earnings of 55 cents a share, on average. The Allentown, Pa. electrical services firm cited gains from the sale of its Latin American delivery businesses and improved margins from its unregulated energy supply business. PPL targeted 2008 earnings of $2.35 a share to $2.45 a share.
ImClone Q4 loss 23 cents per share vs 53 cent profit(7:22 am ET)
NEW YORK (MarketWatch) -- ImClone Systems Inc. (IMCL: news, chart, profile) said Thursday its fourth-quarter loss totaled $19.9 million, or 23 cents per share, down from a profit of $46.6 million, or 53 cents per share, in the same quarter a year before. A poll of analysts by Thomson Financial had tipped earnings per share at 25 cents. Total revenue for the recent quarter was $151 million compared to $132 million a year earlier.
Alliant Techsystems net exceeds estimate; outlook lifted(7:12 am ET)
NEW YORK (MarketWatch) -- Alliant Techsystems, (ATK: news, chart, profile) the Minneapolis weapons- and space-systems company, reported fiscal third-quarter net income rose 14% on 17% higher sales. For the quarter ended Dec. 30, earnings rose to $58.3 million, or $1.65 a share, from $51.2 million, or $1.53, in the year-earlier period. Sales reached $1.05 billion from $903.8 million. A survey of analysts by Thomson Financial produced consensus estimates of $1.59 of profit on $1.03 billion of sales. ATK raised its estimate of fiscal 2008 earnings to a range of $6.25 to $6.35 from $6.20 to $6.30. The company affirmed its full-year sales estimate of $4.1 billion. Thomson's survey is looking for $6.34 a share and $4.13 billion.