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Thursday, Feb. 7
EOG Resources posts 51% higher profit(5:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Oil and natural gas producer EOG Resources Inc. (EOG: news, chart, profile) late Thursday posted fourth-quarter net income of $358 million, or $1.44 a share, up from $237.2 million, or 96 cents a share, a year ago. The gains built on a 10% rise in natural gas production and 11% rise in crude-oil output. Revenue for the three months ended Dec. 31 rose to $1.25 billion from $931.4 million a year ago. Analysts polled by Thomson Financial had forecast the Houston-based company would earn $1.10 a share on $1.14 billion in revenue. Shares of EOG Resouces rose 2.6% to $90.09 ahead of the report. The stock is up 35% over the past 12 months.
Allegheny Energy profit, sales up(4:45 pm ET)
SAN FRANCISCO (MarketWatch) -- Allegheny Energy Inc. (AYE: news, chart, profile) late Thursday said fourth-quarter net income rose 71% to $110.4 million, or 65 cents a share, compared with net income of $64.6 million, or 38 cents a share, a year ago. For the three months ended Dec. 31, revenue rose 7% to $786.3 million, thanks to higher market prices, higher generation rates in Pennsylvania, and increased retail sales. The electric utility serves over 1.5 million customers in Pennsylvania, West Virginia, Maryland and Virginia.
Genworth quarterly net income drops 52%(4:42 pm ET)
SAN FRANCISCO (MarketWatch) -- Genworth Financial Inc. (GNW: news, chart, profile) said late Thursday that fourth-quarter net income came in at $178 million, or 40 cents a share, down 52% from a year earlier when the insurer made $373 million, or 81 cents a share. Net operating income, which excludes after-tax net investment gains and losses, other adjustments and infrequent or unusual non-operating items, was $314 million, or 71 cents a share, the company reported. Genworth was expected to make 69 cents a share in the period, according to the average estimate of 16 analysts in a Thomson Financial survey.
Aon quarterly net income falls 7%(4:33 pm ET)
SAN FRANCISCO (MarketWatch) -- Aon Corp. (AOC: news, chart, profile) said late Thursday that fourth-quarter net income came in at $207 million, or 64 cents a share, down 7% from a year earlier when the insurance broker made $223 million, or 67 cents a share. Net income from continuing operations, excluding certain items, came in at 69 cents a share, the company reported. Aon was expected to make 66 cents a share, according to the average estimate of 15 analysts in a Thomson Financial survey. The company also said it is combining its worldwide risk and insurance brokerage operations into a single global business.
Real Networks' earnings fall 93%, but sales rise(4:30 pm ET)
SAN FRANCISCO (MarketWatch) -- Real Networks Inc. (RNWK: news, chart, profile) on Thursday reported a fourth-quarter profit of $2.7 million, or 2 cents a share, on revenue of $156.9 million, compared to earnings of $39.3 million, or 22 cents a share, on $125.6 million in sales in the year-ago quarter. Analysts surveyed by Thomson Financial had forecast Real to earn a penny a share on $155 million in revenue. Real's earnings a year ago were positively affected by payments from an antitrust settlement and commercial agreements with Microsoft Corp. (MSFT: news, chart, profile) , and the company received the last of those payments in early 2007. For its 2008 first quarter, Real said it expects to lose as much as 8 cents a share, or earn up to 2 cents a share, with revenue in a range of $139 million to $143 million.
Activision earnings surge 90% in December quarter(4:17 pm ET)
SAN FRANCISCO (Marketwatch) - Activision Inc. saw earnings surge more than 90% during the December quarter thanks to strong sales of its video game titles. For the quarter ended Dec. 31, the video game publisher (ATVI: news, chart, profile) reported net income of $272.2 million, or 86 cents a share, compared to net income of $142.8 million, or 46 cents a share, for the same period last year. Excluding the costs of stock-option expenses, the company said it would have earned $284.9 million, or 90 cents per share, for the recent period. Revenue for the quarter grew 80% to $1.48 billion. Analysts were expecting earnings of 80 cents a share on revenue of $1.36 billion, according to consensus estimates from Thomson Financial.
Brookfield Properties shares fall on outlook(11:00 am ET)
BOSTON (MarketWatch) -- Shares of Brookfield Properties Corp. (BPO: news, chart, profile) were down 5% after the real estate investment trust reported quarterly earnings and its outlook for 2008 funds from operations, which came in below Wall Street expectations. The REIT said it expects full-year FFO in the range of $1.44 to $1.52 a share, with a mid-point of $1.48. Analysts polled by Thomson Financial were forecasting FFO of $1.70 a share, on average.
Goldman Sachs' first quarter earnings could be a mixed bag, (9:58 am ET)
NEW YORK (MarketWatch) -- Goldman Sachs (GS: news, chart, profile) could continue to struggle during its first quarter ending Feb. 28, Dick Bove, an analyst with Punk Ziegel, wrote in a note to investors Thursday. Bove said he had cut his earnings-per-share estimates on the bank for fiscal 2008 to $18.62 from $21.70 and for fiscal 2009 to $22.30 from $22.61. Despite the turmoil, Bove said he places a hold rating on the stock, as increasing liquidity, lower interest rates and revitalized markets help a newly divested Goldman Sachs rely on its core businesses to stay in good shape. "For the first time in two years, I now believe that Goldman Sachs' book value is understated not overstated, as I have argued in the past," Bove wrote. "If the sentiment indicators prove to be false, and Goldman's holdings continue to pay off, the values in these securities will surface later in the year driving the company's book values higher."
Energy stocks move into the red(9:47 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell Thursday in the face of weakness in the broad market and a dip in crude prices. The Amex Oil Index (XOI: news, chart, profile) retreated 0.5% to 1,289. The Amex Natural Gas Index (XNG: news, chart, profile) fell 0.5% to 532. Apache (APA: news, chart, profile) dipped 7 cents to $94.86 after doubling its fourth-quarter earnings. Power company Calpine (CPN: news, chart, profile) rose 30 cents to $16.75 as it resumed regular trading on the New York Stock Exchange after emerging from bankruptcy. Diamond Offshore (DO: news, chart, profile) subtracted about 5% to trade a $105.14 after posting a 26% drop in earnings. Sunoco (SUN: news, chart, profile) rose 35 cents to $59.05 after it posted a loss. Crude prices fell 59 cents to $86.55.
Dollar Tree Q4 same-store sales slip, reaffirms outlook(9:33 am ET)
NEW YORK (MarketWatch) -- Dollar Tree Stores Inc. (DLTR: news, chart, profile) said Thursday that its fourth-quarter sales at stores open at least one year fell 0.8%. Total fourth-quarter sales were $1.3 billion, up 5% from the comparable 13 weeks of the year-earlier quarter. "Sales for the fourth quarter reflect continuing pressure on the consumer from a generally challenging economic environment," said Bob Sasser, president and CEO. The discount retailer also reaffirmed its earnings forecast of 99 cents to $1.06 a share for the fourth quarter and $2.06 to $2.13 a share for the year, within previous guidance ranges. Analysts, on average, expect fourth-quarter earnings of $1.03 a share and full-year earnings of $2.10 a share, according to Thomson Financial.
AutoNation's fourth-quarter net falls 31%(8:56 am ET)
NEW YORK (MarketWatch) -- AutoNation Inc.'s (AN: news, chart, profile) fourth-quarter net income fell 31% to $51.7 million, or 28 cents a share, from $75.2 million, or 36 cents a share, a year earlier. Earnings from continuing operations were 27 cents a share. The Fort Lauderdale, Fla., automotive retailer said revenue declined 4.1% to $4.21 billion from $4.39 billion. On average, analysts polled by Thomson Financial expected earnings of 31 cents a share on revenue of $4.22 billion.
Target's January same-store sales fall 1.1%(8:55 am ET)
NEW YORK (MarketWatch) -- Target Corp.'s (TGT: news, chart, profile) January same-store sales fell 1.1% from a year earlier, hurt in part by weaker lawn and garden and jewelry sales. A Thomson Financial survey of analysts, on average, predicted same-store sales would fall 0.6%. The Minneapolis retailer said net retail sales for the four weeks ended Feb. 2 increased 5.4% compared to the four weeks ended Jan. 27, 2007. On a fiscal month basis, net retail sales for the four weeks ended Feb. 2, decreased 16.1% to $4.11 billion from $4.9 billion for the five-week period ended Feb. 3, 2007. Looking forward, Target is forecasting February same-store sales down 1% to up 1%.
Millennium Pharma fourth-quarter net rises (8:53 am ET)
NEW YORK (MarketWatch) -- Millennium Pharmaceuticals Inc.'s (MLNM: news, chart, profile) fourth-quarter net income rose to $41.1 million, or 13 cents a share, from $8.27 million, or 3 cents a share, a year earlier, helped by an increase in Velcade myeloma and lymphoma drug sales and royalties. The Cambridge, Mass., biopharmaceutical company posted non-GAAP earnings of $55.6 million, or 17 cents a share. Millennium's revenue rose 29% to $181.2 million from $140.1 million. On average, analysts polled by Thomson Financial expected per-share earnings of 12 cents, excluding some items, on revenue of $159 million. Millennium expects 2008 net income of $10 million to $25 million and non-GAAP earnings of $80 million to $95 million.
Dillard's January total sales fell 12%(8:52 am ET)
NEW YORK (MarketWatch) -- Dillard's Inc.'s (DDS: news, chart, profile) January total and comparable store sales fell 12% from the four weeks ended Feb. 2 compared with the four weeks ended Jan. 27 a year earlier. A Thomson Financial survey of analysts, on average, projected sales to fall 5.3%. The Little Rock, Ark., regional group of department stores said sales in the Central region were slightly above its average sale performance trend for the period, and sales were slightly below trend in the Eastern and Western regions.
Gap January same-store sales down 2%(8:50 am ET)
NEW YORK (MarketWatch) -- Gap Inc. (GPS: news, chart, profile) said January same-store sales fell 2% from a year earlier, hurt in part by Gap North America and Old Navy North America sales. The San Francisco retailer said net sales for the four weeks ended Feb. 2 were $932 million, compared with $1.19 billion for the five weeks ended Feb. 3, 2007. The company said due to a fifty-third week in fiscal year 2006, January same-store sales are compared with the four-week period ended Feb. 3, 2007. Gap expects earnings per share for the fourth quarter in the range of 33 cents to 35 cents a share. For fiscal year 2007, Gap expects earnings in the range of $1.03 to $1.05 a share.
Ross Janaury sales rise; sets buyback and boosts dividend(8:47 am ET)
NEW YORK (MarketWatch) - Ross Stores Inc. (ROST: news, chart, profile) said Thursday its January sales at stores open at least one year rose 1%. Analysts, on average, had expected same-store sales to rise 2.3%, according to Thomson Financial. Total sales for the four weeks ended Feb. 2 rose 9% to $350 million. The off-price retailer said it set a $600 million stock buyback plan and raised its dividend 27% to 9.5 cents a share payable on or about March 31, to stockholders of record as of Feb. 22. Based on favorable gross margin and expense trends, Ross now estimates that fiscal fourth-quarter earnings will be 69 cents to 70 cents a share, up from its previous guidance of 68 cents to 69 cents. For fiscal 2008, it expects to earn $1.89 to $1.90 a share. For fiscal 2009 it's forecasting same-store sales gains of 1% to 2% and earnings per share in the range of $2.10 to $2.20. For the fiscal first quarter it is targeting same-store sales of flat to up 1% and earnings per share of 52 cents to 54 cents a share.
Saks reports 4.1% rise in January same-store sales(8:41 am ET)
NEW YORK (MarketWatch) -- Saks Inc. (SKS: news, chart, profile) said Thursday its January sales at stores open at least one year rose 4.1%. Analysts, on average, had expected same-store sales to rise 2.2%, according to Thomson Financial. In a press release, the company noted that it "continues to experience a more challenging macroeconomic and competitive environment, and consistent with trends commencing in the third quarter, customers have continued to shift more of their spending to promotional events."
Arrow Electronics posts lower net; sales rise(8:32 am ET)
BOSTON (MarketWatch) -- Arrow Electronics Inc. (ARW: news, chart, profile) Thursday said its fourth-quarter net income fell to $114 million, or 92 cents a share, from $128.1 million, or $1.04 a share, in the same period last year. Sales rose 26% to $4.42 billion. The company forecast first-quarter sales between about $3.93 and $4.23 billion. Earnings per share, excluding any charges and including estimated amortization of intangible assets, are expected to be in the range of 81 cents to 87 cents a share, the company said.
Abercrombie & Fitch January same-store sales flat (8:33 am ET)
NEW YORK (MarketWatch) -- Abercrombie & Fitch (ANF: news, chart, profile) said Thursday its January sales at stores open at least one year were flat compared with results from a year ago. Analysts, on average, had also expected the same-store sales to come in flat, according to Thomson Financial. Net sales for the four weeks ended Feb. 2 totaled $219.7 million, down from $252.3 million in January 2007.
AGCO 4Q EPS 82 cents vs $1.41 loss a year ago(8:30 am ET)
NEW YORK (MarketWatch) -- AGCO Corp. (AG: news, chart, profile) said Thursday it earned $81.1 million, or 82 cents a share. A year ago AGCO lost $128.5 million, or $1.41 a share due to a non-cash goodwill impairment charge of approximately $171.4 million. Net sales were $2.2 billion, an increase of approximately 32.9% compared to the fourth quarter of 2006. AGCO's said net sales for the full year of 2008 are expected to increase between 11% and 13%
CORRECT: BJ's same-store sales up 8%(8:28 am ET)
NEW YORK (MarketWatch) -- BJ's Wholesale (BJ: news, chart, profile) said Thursday January same-store sales rose 7.8%. Analysts surveyed by Thomson Financial forecast a rise of 4.6%, on average. BJ's said total sales increased to $652 million from $586 million. (Corrects same-store sales figure.)
Aeropostale same-store sales up 4.7%(8:27 am ET)
NEW YORK (MarketWatch) -- Aeropostale (ARO: news, chart, profile) on Thursday said January same-store sales rose 4.7%. Analysts surveyed by Thomson Financial forecast a rise of 3%, on average.
Pacific Sunwear posts lower January sales, updates outlook(8:19 am ET)
NEW YORK (MarketWatch) -- Pacific Sunwear of California, Inc. (PSUN: news, chart, profile) said Thursday its January same-store sales fell 7.4%. Analysts, on average, had expected same-store sales to rise 1.2%, according to Thomson Financial. The Anaheim, Calif., clothing retailer said total sales for the four weeks ended Feb. 2 were down 3.7% to $66.3 million. Pacific Sunwear said it expects fourth-quarter earnings of 13 to 16 cents a share, or 29 cents to 32 cents a share on an adjusted basis. Analysts had been expecting earnings of 29 cents per share.
Arch Chemicals swings to profit(8:14 am ET)
BOSTON (MarketWatch) -- Arch Chemicals Inc. (ARJ: news, chart, profile) Thursday reported fourth-quarter net income of $10.5 million, or 42 cents a share, compared with a loss of $28.3 million, or $1.18 a share, the prior year. Quarterly sales rose to $344.2 million from $307.3 million. The Norwalk, Conn.-based company said it expects full-year sales to increase about 4% to 6%, while earnings per share from continuing operations before special items are forecast to be in the range of $2.55 to $2.65 a share. For the first quarter, the company sees earnings per share from continuing operations between 10 cents and 15 cents a share. "We expect 2008 to be another year of double-digit earnings improvement, despite the very challenging macroeconomic environment in the U.S. combined with continued pressures from raw material costs," said Chief Executive Michael Campbell in a statement.
Family Dollar Jan. same-store sales break even(8:11 am ET)
NEW YORK (MarketWatch) -- Family Dollar Stores Inc. (FDO: news, chart, profile) said Thursday January same-store sales remained flat. Analysts surveyed by Thomson Financial forecast a dip of 0.4%, on average. Total sales rose 2.9% to $482.3 million.
Gymboree posts quarterly sales, boosts profit forecast(8:03 am ET)
NEW YORK (MarketWatch) - Gymboree Corp. (GYMB: news, chart, profile) on Thursday said fourth-quarter sales rose 16% to $275.5 million. Same-store sales, or sales at stores open at least one year, rose 10% in the quarter. The children's clothing retailer expects to earn 93 cents a share to 95 cents a share in the fiscal fourth quarter, up 5 cents a share from its prior forecast. For the fiscal year it expects to earn $2.69 to $2.71 a share. For the fiscal first quarter and fiscal 2009, Gymboree expects low single-digit same-stores sales growth. In addition, the company plans to open about 100 stores in 2008 consisting of 20 Gymboree stores, 40 Gymboree Outlets, 20 Janie and Jack shops and 20 Crazy 8 stores. The company expects income from operations for the fiscal first quarter to be in the range of 73 cents to 75 cents a share, and profit for the year in a range of $3 to $3.05 a share. Analysts polled by Thomson Financial expect it to earn 90 cents a share in the fourth quarter, 78 cents a share in the first quarter and $2.65 for fiscal 2008 and $2.99 for fiscal 2009.
Laboratory Corporation 4Q EPS 98 cents vs 81 cents(7:50 am ET)
NEW YORK (MarketWatch) -- Laboratory Corporation of America Holdings (LH: news, chart, profile) said Thursday fourth-quarter earnings were $114.4 million, or 98 cents a share, compared to $103.7 million, or 81 cents a share, in the year-ago period. Fourth-quarter sales were $1.0 billion, compared to $896.6 million a year ago.
Terra Industries quarterly profit up sixfold(7:51 am ET)
NEW YORK (MarketWatch) -- Terra Industries Inc. (TRA: news, chart, profile) said Thursday fourth-quarter net income climbed to $69.7 milion, or 66 cents a share from $11.6 million, or 11 cents a share in the year-ago period. Revenue rose 27% to $570.2 million from $449.5 million. Analysts surveyed by Thomson Financial forecast earnings of 64 cents a share, on average. The Sioux City, Iowa provider of nitrogen products to the agricultural industry said nitrogen prices should remain strong through the 2008 planting season, but natural gas prices "will significantly affect" its product costs. "As we look to the first half of 2008, we anticipate continued strong demand for our products as supported by the record level of customer prepayments we have accepted for delivery. Grain prices continue to be robust, providing ample incentive for growers to optimize yields."
Spirit Aerosystems Q4 earnings 54c per share vs 58c loss(7:49 am ET)
NEW YORK (MarketWatch) -- Spirit AeroSystems Holdings, Inc. (SPR: news, chart, profile) said Thursday its fourth-quarter profit totaled $76 million, or 54 cents per share, from a loss of $69 million, or 58 cents per share, in the same quarter a year before. Revenue for the period was $980 million, compared with $852 million a year earlier. A Thomson Financial poll of analysts had shown an average profit expectation of 56 cents per share on revenue of $1.06 billion. The Wichita, Kans., aviation manufacturer said it projects 2008 earnings to come in between $2.30 and $2.40 per share.
Nordstrom January same-store sales fall 6.6%(7:46 am ET)
NEW YORK (MarketWatch) -- Nordstrom Inc. (JWN: news, chart, profile) said Thursday that its January sales at stores open at least one year fell 6.6%. Analysts, on average, had expected same-store sales to fall 0.7%, according to Thomson Financial. Preliminary sales for the four weeks ended Feb. 2 fell 20.3% to $486.3 million. Excluding an extra week of sales in January 2006, January 2007 total sales fell 1.2%, but that adjustment does not affect same-store-sales calculations.