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Monday, Feb. 11
Fidelity's brokerage units post record assets, volume(9:53 am ET)
BOSTON (MarketWatch) -- Fidelity Investments on Monday said its brokerage business saw clients assets touch a record $1.99 trillion in the fourth quarter, up 17% from a year earlier. The Boston-based financial-services giant said daily average commissionable trades rose 30% from the previous year to record levels. Fidelity's net new client assets rose 32% to $58.5 billion, and total client accounts rose 5% to 18 million in the fourth quarter.
Energy stocks rise as Chevron set to join DJIA(9:37 am ET)
NEW YORK (MarketWatch) -- Chevron (CVX: news, chart, profile) rose 91 cents to $80.17 on Monday after the announcement that the No. 2 U.S. oil giant will join the 30 stocks in the Dow Jones Industrial Average ($DJ: news, chart, profile) on Feb. 19. Chevron has been in the industrial average twice before, according to Dow Jones. The first time, as Standard Oil Co. of California, was from February 1924 to August 1925. The company re-joined The Dow in 1930, but was replaced on Nov. 1, 1999. The Chevron name was adopted in 1984. The Amex Oil Index (XOI: news, chart, profile) rose 0.4% to 1,336. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.4% to 559. Among movers, Exxon Mobil (XOM: news, chart, profile) rose 0.9% to $82.47.
CNA Financial 4Q EPS 60 cents vs $1.22 (8:45 am ET)
CNA Financial Corp.'s (CNA: news, chart, profile) fourth-quarter net income fell to $164 million, or 60 cents a share, from $329 million or $1.22 a share, a year earlier, hurt in part by lower net investment income and decreased current accident year underwriting results in it Standard Lines and Specialty Lines units. The Chicago insurance holding company's operating earnings fell to 82 cents a share from 91 cents a share a year earlier.
Carlisle Q4 earnings 69 cents per share vs $1.25(8:21 am ET)
Carlisle Cos. (CSL) on Monday reported fourth-quarter net income of $42.9 million, or 69 cents a share, down from $78.1 million, or $1.25 a share, in the fourth quarter of 2006. The Charlotte, N.C., manufacturer said in a Securities and Exchange Commission filing that net sales for the most recent quarter rose 11% to $675.5 million from $608.7 million a year earlier. Carlisle reported cash from operations of $259.3 million in 2007 compared with $19.9 million in 2006. The company's shares closed Friday at $33.05, down 80 cents, or 2.4%.
PNM Resources profit drops, misses view(6:22 am ET)
LONDON (MarketWatcH) -- PNM Resources (PNM: news, chart, profile) said fourth-quarter net income dropped to $18.1 million, or 23 cents a share, from $35.3 million, or 48 cents a share, hurt by rates at its New Mexico utility being well below the cost of providing service and absence of a fuel-adjustment clause. On an adjusted basis, it earned 11 cents a share, compared to Thomson Financial-compiled analyst estimates of 28 cents a share.
Boardwalk profit up 10%, revenue edges lower(5:29 am ET)
LONDON (MarketWatch) -- Natural gas transportation and storage group Boardwalk Pipeline Partners (BWP: news, chart, profile) said Monday that its fourth-quarter net profit rose 10.4% to $72.1 million from $65.3 million a year ago. Operating revenue for the period was down 0.9% at $169.9 million. The group said higher transportation and storage revenue were offset by lower parking and lending revenues. Net income per limited partner unit fell to 54 cents from 55 cents following a significant increase in the number of units. Analysts polled by Thomson financial had expected earnings of 58 cents per unit on revenue of $181 million.
SocGen to raise $8 bln through discounted offer(2:29 am ET)
LONDON (MarketWatch) -- French bank Societe Generale (FR:013080: news, chart, profile) , reeling from a trading scandal that cost it $7.1 billion, on Monday said it's launching a 5.5 billion euro capital increase at 47.50 euros a share, a 39% discount to Friday's close. For every four shares currently held, SocGen will offer investors the right to buy one discounted share. It also estimated it will earn 947 million euros in 2007, down 82%, as the "fraud" as well as write-downs from the subprime mortgage and bond insurance downturn offset "very good" performances in retail banking, financial services, private banking and securities services.
Friday, Feb. 8
Energy stocks rise, picking up from previous session(9:40 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose on positive momentum from the previous session, as earnings reports continue to stream in and crude prices gained. The Amex Oil Index (XOI: news, chart, profile) rose 0.6% to 1,316. Exxon Mobil (XOM: news, chart, profile) rose a quarter point to $82.14 after it cleared a legal hurdle in its battle with Venezuela on expropriated oil field assets. EOG (EOG: news, chart, profile) rose 2% to $91.88 after it reported fourth-quarter earnings of $1.29 a share, ahead of the forecast of $1.10 a share expected by analysts. EOG also raised its quarterly dividend to 12 cents a share. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1.3% to 547.
Tiffany's sets 2008 earnings target of $2.50-$2.55(8:20 am ET)
NEW YORK (MarketWatch) -- Tiffany (TIF: news, chart, profile) said Friday it expects 2008 earnings of $2.50-$2.55 a share. Wall Street analysts expect year-end earnings of $2.28 a share, according to a survey by Thomson Financial.
Corning affirms Q1 target(8:04 am ET)
NEW YORK (MarketWatch) -- Corning Inc. (GLW: news, chart, profile) said Friday it continues to expect first-quarter earnings of 41 to 43 cents a share, excluding special items. Analysts surveyed by Thomson Financial forecast earnings of 41 cents a share, on average.
Windstream Q4 earnings $1.25 per share vs 25 cents(7:24 am ET)
NEW YORK (MarketWatch) -- Windstream Corporation (WIN: news, chart, profile) said Friday its fourth-quarter profit totaled $583.6 million, or $1.25 per share, from $117.7 million, or 25 cents per share, in the same quarter a year before. The Little Rock, Ark.-based company said revenue for the quarter was $827.8 million, almost flat from the $827.6 million recorded a year ago. Analysts polled by Thomson Financial were expecting on average, earnings of 24 cents per share on revenue of $823 million. Windstream said it expects 2008 revenue to total $3.16 billion to $3.29 billion, compared with the 2007 result of $3.26 billion. Windstream also said its board of directors adopted a $400 million share repurchase plan that will expire at the end of 2009.
Aimco swings to a loss, but gains on FFO(7:19 am ET)
NEW YORK (MarketWatch) -- Apartment Investment and Management Company (Aimco) (AIV: news, chart, profile) on Friday said it swung to a fourth-quarter loss of $26.6 million, or 27 cents a share, from $66.1 million, or 66 cents a share in the year-ago period. Funds from operations before impairment and preferred redemption charges was 88 cents a share, the mid-point of the company's targets. Non-GAAP adjusted FFO fell to 62 cents a share from 70 cents a share. Analysts surveyed by Thomson Financial forecast 92 cents a share in funds from operations.
Coventry Health Care meets estimates with 18% profit rise(7:00 am ET)
LONDON (MarketWatch) -- Coventry Health Care (CVN: news, chart, profile) said fourth-quarter net income rose 18% to $184.3 million, or $1.18 a share, with revenue up 44% to $2.79 billion. For the first quarter, it expects earnings between 85 cents and 87 cents a share on revenue between $2.9 billion and $3.1 billion, and annual earnings between $4.42 to $4.58 on revenue between $12.35 billion and $12.9 billion. Analysts polled by Thomson Financial expected the company to earn $1.18 a share for the fourth quarter and $4.55 a share for 2008.
Vitran's quarterly profit drops as revenue rises 13%(6:51 am ET)
WASHINGTON (MarketWatch) -- Vitran Corp. (VTNC: news, chart, profile) (CA:VTN: news, chart, profile) reported fourth-quarter net income of $1.7 million, or 12 cents a share, down from $5 million, or 37 cents, earned in the final three months of 2006. The mean profit estimate for the Toronto-based trucking and logistics company, as compiled by FactSet Research, was 24 cents a share. Quarterly revenue reached $174.3 million, up from the prior year's $153.8 million. Pressure continued on margins as the North American trucking industry grapples with the soft economic environment, said CEO Rick Gaetz. Operating ratio in Vitran's less-than-truckload segment increased to 98.5 in the latest quarter from 93.9 a year earlier, but shipments and tonnage fell.
Sirona Dental operating profit up 4%(6:25 am ET)
LONDON (MarketWatch) -- Medical equipment manufacturer Sirona Dental Systems Inc. (SIRO: news, chart, profile) said Friday that its fiscal first-quarter net profit jumped to $17 million, or 31 cents a share, from $2.3 million, or 4 cents a share, a year ago. Revenue for the quarter rose 14.5% to $200.1 million. Operating income, which excludes a $21.1 million charge in the year-ago quarter, rose 4% to $27.2 million from $26.1 million. The company said revenue growth was helped by strong overseas sales in Japan, Australia and Italy.
Centene lays out first-quarter, full year financial targets(6:26 am ET)
WASHINGTON (MarketWatch) -- Centene Corp. (CNC: news, chart, profile) said it anticipates generating earnings of 59 cents to 64 cents a share for the first quarter, on revenue of $785 million to $795 million. And for 2008, the managed-care provider pegged earnings in a range of $2.04 to $2.14 a share, on projected revenue of $3.37 billion to $3.47 billion. Analysts' mean profit estimates as compiled by FactSet Research stand at 37 cents a share for the first quarter and $1.82 a share for all of 2008. The forecasts, the company said, reflect recently implemented premium rate increases in Ohio, Indiana and Wisconsin, as well as the retroactive impact of a July 1, 2007, rate increase in Georgia, among other factors.
Centene posts lower quarterly net, higher revenue(6:19 am ET)
WASHINGTON (MarketWatch) -- Centene Corp. (CNC: news, chart, profile) reported fourth-quarter net income of $1.5 million, or 3 cents a share, down from $13.8 million, or 31 cents, earned in the final three months of 2006. Financial results for the St. Louis-based managed-care provider show a loss from discontinued operations of 4 cents a share in the latest quarter, as well as earnings from discontinued operations of 10 cents a share in the year-earlier period. Earnings excluding restructuring charges came in 20 cents a share for the latest quarter, as opposed to 21 cents a year earlier. Analysts' mean estimate as compiled by FactSet Research was for Centene to earn 48 cents a share. Quarterly revenue hit $777.4 million, up from the prior year's $617.8 million, in what the company said was mainly a reflecton of membership growth in Texas and Ohio. Centene also said that its inability to recognize until the first quarter of 2008 a Georgia rate increase that took effect July 1 affected the results.
Uti Worldwide cuts earnings outlook, sets cost cuts(6:09 am ET)
LONDON (MarketWatch) -- UTI Worldwide (UTIW: news, chart, profile) , which provides shipping services and logistics, on Friday cuts its internal earnings estimates and set several measures to trim costs. The company now expects to report earnings for fiscal 2008 of between 98 cents and $1.02 per diluted share, excluding restructuring charges. Including restructuring charges, the company expects to report earnings of between 90 cents and 94 cents per diluted share. "Uti has grown significantly in the past five years. This rapid expansion has led to increases in expenses that have outpaced net revenue growth. Our past efforts have not been as successful as we expected in reversing this trend. In addition, pressure on yields, particularly in airfreight, and underperforming operations were worse than expected. On top of this, we are facing a slowdown in our clients' businesses," CEO Roger MacFarlane said in a Friday press release.
Fujifilm Holdings posts April to Dec net profit of $965 mln(5:15 am ET)
HONG KONG (MarketWatch) -- Fujifilm Holdings Corp. (JP:4901: news, chart, profile) reported Friday net profit in the first three fiscal quarters more than doubled as its information solutions business offset shrinking color film sales. Fujifilm said net profit in the April to December period totaled 103.9 billion yen ($965.3 million), up from 43.4 billion yen a year earlier. Sales increased 3.3% to 2.137 trillion yen from 2.068 trillion yen and group operating profit was up 178 billion yen compared to 121.46 billion yen. Shares of Fujifilm fell 3.4% in Tokyo trading ahead of the after-hours' release.
Sega Sammy posts net loss of $147 million in April to Dec.(5:13 am ET)
HONG KONG (MarketWatch) -- Sega Sammy Holdings Inc. (JP:6460: news, chart, profile) posted a net loss of 15.77 billion yen ($146.5 million) in the nine months ending December 31, and said it now expects a net loss for the fiscal year ending March 31. The Tokyo-based game maker, which derives about one third of revenue from its pachinko game business, posted a 49.38 billion yen profit in the nine-month period a year earlier. Sega forecasts a net loss of 26 billion yen for the current fiscal year, down from its earlier forecast for a 1 billion yen profit. Sega Sammy said sales in the nine month period fell 15.4% on year to 342.09 billion yen. The company reportedly cut its dividend forecast to 45 yen per share from 60 yen. Shares of Sega fell 5.9% in Tokyo trading ahead Friday ahead of the after-hours earnings' release.
Anglo American to earn $239 mln from De Beers stake(2:45 am ET)
LONDON (MarketWatch) -- Mining group Anglo American (UK:AAL: news, chart, profile) (AAUK: news, chart, profile) said Friday that it will report underlying earnings of $239 million from its stake in diamond producer De Beers in 2007. The group said De Beers reported underlying earnings of $483 million in 2007, a 14% increase from the previous year as tight cost controls offset the impact of slightly lower sales.
Compass group sees profit slightly ahead of expectations(2:33 am ET)
LONDON (MarketWatch) -- Catering company Compass Group (UK:CPG: news, chart, profile) said Friday that operating profit in the first quarter of fiscal 2008 was slightly ahead of expectations as a focus on cost savings has helped boost margins. In its North America business Compass said increased participation in healthy-eating program has helped drive growth at its education business. In the U.K. the education business has made steady progress after losing ground last year. The company also said its exchanged contracts with partner Accor to acquire their 50% stake in the firms' Brazilian joint venture for around 88 million pounds ($173 million).
Japan Airlines posts Q3 net profit of $121.7 million(2:25 am ET)
HONG KONG (MarketWatch) -- Japan Airlines Corp. (JP:9205: news, chart, profile) posted a net profit of 13.1 billion yen ($121.7 million) in the third fiscal quarter, helped by cost cuts, fleet reductions and a strategic emphasis towards more profitable routes. Last year, the firm posted a net loss of 10.8 billion yen. Revenue for the period fell 4.4% to 558.26 billion yen. The airline said part of the drop in revenue was related the partial sale of its stake in Jalux Inc., which operates retail outlets in Japanese airports. The airline left its full year net profit forecasts unchanged at 7 billion yen on revenue of 2.238 trillion yen. Shares of Japan Airlines climbed 2.7% ahead of the after-hours earnings' release.
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.