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Tuesday, Feb. 12
Sigma-Aldrich profit rises 19%, raises outlook (5:00 pm ET)
SAN FRANCISCO (MarketWatch) -- Biomedical device maker Sigma-Aldrich Corp. (SIAL: news, chart, profile) reported late Tuesday fourth-quarter net income of $84.9 million, or 64 cents a share, up from $71.6 million, or 53 cents, a year ago. Revenue for the three months ended Dec. 31 rose nearly 15% to $532.1 million from $464.5 million. Analysts surveyed by Thomson Financial had predicted the St. Louis-based company would post earnings of 61 cents a share on $523.6 million in revenue. The company, citing strong sales, raised its 2008 earnings estimate to $2.52 to $2.62 a share, up 7.7% to 12% from its previous range. Shares of Sigma-Aldrich rose 0.4% to close at $52.07 ahead of the report.
Wynn resorts swings to gain in fourth quarter(4:21 pm ET)
LOS ANGELES (MarketWatch) -- Wynn Resorts Inc. (WYNN: news, chart, profile) reported fourth-quarter net income of $65.5 million, or 57 cents a share, for the period ended Dec. 31. A year ago, the company lost $55.4 million, or 55 cents a share. Sales for the most recent quarter were $711.3 million vs. last year's $563.6 million. Non-GAAP adjusted arnings for the quarter amounted to 72 cents a share, the Las Vegas-based resort operator said. Analysts polled by Thomson Financial had expected the company to earn 68 cents a share. Shares ended the day down 4 cents to $119.84.
Molson Coors fourth-quarter net climbs 74%(9:51 am ET)
NEW YORK (MarketWatch) -- Molson Coors Brewing Co.'s (TAP: news, chart, profile) fourth-quarter net income climbed 74% to $173.2 million, or 95 cents a share, from $99.2 million, or 57 cents a share, a year earlier, as results were helped by a tax benefit. Results from the latest quarter included a $60.4 million tax benefit, and pretax special charges totaling $23.2 million, including a $11.9 million charge related to its proposed MillerCoors joint venture with Miller Brewing Co. and a charge of $6.7 million for a Coors employee-retention program. Earnings from continuing operations were 98 cents a share, compared with 65 cents a share in the year-earlier period. Excluding items, earnings from continuing operations were 73 cents a share, compared with 62 cents a share a year earlier. The Denver beer company said sales increased 4.5% to $1.6 billion from $1.53 billion. On average, analysts polled by Thomson Financial expected earnings of 65 cents a share on revenue of $1.55 billion.
Energy stocks extend gains, despite oil price dip(9:38 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose along with the broader market as the sector extended gains from the previous session. The Amex Oil Index (XOI: news, chart, profile) rose 0.4% to 1,356. The Amex Natural Gas Index (XNG: news, chart, profile) advanced 0.1% to 575. Crude oil futures fell 54 cents to $93.05 on talk of an OPEC production boost. Schlumberger (SLB: news, chart, profile) rose 1.2% to $81.46 after it was upgraded to outperform from peer perform at Bear Stearns. Alpha Natural (ANR: news, chart, profile) fell 1.6% to $35.86 after it said fourth-quarter net income fell 91%. XTO Energy (XTO: news, chart, profile) rose 30 cents to $56.83 after it posted higher fourth-quarter earnings.
XTO Energy beats Q4 target, buys $1 bln in properties(8:46 am ET)
NEW YORK (MarketWatch) -- XTO Energy (XTO: news, chart, profile) on Tuesday said fourth-quarter net income climbed to $464 million, or 95 cents a share, from $429 million, or 92 cents a share in the year-ago period. Adjusted earnings in the latest period were 96 cents a share. Revenue rose to $1.59 billion, up 33%. The Fort Worth, Texas natural gas producer was expected to earn 92 cents a share on revenue of $1.54 billion, according to the average in a survey of analysts by Thomson Financial. Separately, XTO Energy said it would pay about $1 billion to buy a series of producing properties and leases. It also scrapped plans for a master limited partnership. XTO Energy said proved natural gas resources rose 32% to 11.29 trillion cubic feet equivalent in 2007. The company targeted 15 trillion cubic feet of reserves by the end of 2009.
Alpha Natural Resources fourth-quarter net falls 91%(8:44 am ET)
NEW YORK (MarketWatch) -- Alpha Natural Resources Inc.'s (ANR: news, chart, profile) fourth-quarter net income fell 91% to $5.69 million, or 9 cents a share, from $63.3 million, or 98 cents a share, a year earlier. The Abingdon, Va., energy company said 2007 results include a $5.5 million aftertax gain from OTC coal purchase contracts, while 2006 results include a $55.6 million income tax benefit. Alpha's revenue rose to $508.9 million from $456.9 million, while coal revenue increased to $437.6 million from $405.5 million. On average, analysts polled by Thomson Financial expected per-share earnings of 12 cents, excluding some items, on revenue of $462 million. Alpha expects U.S. thermal coal exports to increase in 2008 as a result of a weak U.S. dollar and disruptions in operations in competing coal-producing countries. The company projects 2008 capital expenditures of $165 million to $175 million.
Omnicom Group fourth-quarter net grows 13% (7:59 am ET)
NEW YORK (MarketWatch) -- Omnicom Group Inc.'s (OMC: news, chart, profile) fourth-quarter net income rose 13% to $313.9 million, or 96 cents a share, from $277.2 million, or 81 cents a share, a year earlier. The New York marketing company said revenue increased 13% to $3.63 billion from $3.22 billion.
IndyMac swings to $509 mln loss, suspends dividend(7:24 am ET)
NEW YORK (MarketWatch) -- IndyMac (IMB: news, chart, profile) on Tuesday posted a loss of $509 million, or $6.43 a share, compared to a gain of $72.2 million, 97 cents a share in the year-ago period. The lender finished out a troubling year in the real estate credit markets with $863 million in pre-tax credit provisions, which weighed on its results. IndyMac suspended its common dividend, "in light of current financial performance." The Pasadena, Calif. company said it remains "well capitalized" and that it expects to post a profit of $13 million in 2008, including charges in the first quarter. IndyMac said it expects to raise an additional $400 Million of capital in 2008. IndyMac said it would tighten requirements both for some ARM loans and limited documentation loans.
Taubman Centers 4th-period net up 20%, FFO up 2.4%(7:00 am ET)
TEL AVIV (MarketWatch) -- Taubman Centers Inc., (TCO: news, chart, profile) the Bloomfield Hills, Mich., real estate investment trust, reported fourth-quarter net income rose 20% and funds from operations rose 2.4%. Net income before preferred-stock dividends reached $25.1 million from $20.9 million. Net per share allocable to common-share holders rose 25% to 40 cents from 32 cents. Funds from operations per share rose 4.8% to 87 cents from 83 cents. A survey of three analysts by Thomson Financial produced a consensus estimate of 39 cents of profit. Taubman increased its estimate of 2008 funds from operations to a range $3.05 to $3.12. It expects net for the year of 60 cents to 83 cents.
Marsh & McLennan 4th-quarter net off 62%(6:45 am ET)
TEL AVIV (MarketWatch) -- Marsh & McLennan Cos., (MMC: news, chart, profile) the New York insurer and management consultant, reported fourth-quarter net income fell 62% on 8.1% higher revenue. Earnings fell to $85 million, or 16 cents a share, from $226 million, or 40 cents, in the year-earlier period. Earnings from continuing operations were 17 cents against 30 cents. Special items reduced the latest profit by 7 cents a share and added a penny to the year-earlier figure. The latest share number also was cut by 2 cents of costs tied to the departure of MMC's former CEO. Shares outstanding declined 6.4% to 525 million. Revenue reached $2.93 billion from $2.71 billion. A survey of analysts by Thomson Financial produced consensus estimates of 31 cents of profit on revnue of $2.82 billion.
Nordic American Tanker net falls, misses view(6:35 am ET)
LONDON (MarketWatch) -- Nordic American Tanker Shipping (NAT: news, chart, profile) said fourth-quarter net income fell to $1.675 million, or 6 cents a share, from $13.7 million, or 52 cents a share, as net voyage revenue dropped to $26.86 million from $34.27 million. The company, however, was profitable after a third quarter in which it lost $1.18 million. During the fourth quarter, it took 16 cents a share in drydocking and non-cash pension costs. Analysts polled by Thomson Financial expected the firm to earn 28 cents a share. In January, its vessels achieved about $45,000 per day, up from $27,000 during the fourth quarter. It's going to pay a 50 cents a share dividend for the fourth quarter, up from 40 cents in the third quarter.
Macerich 4th-quarter net off 74%, FFO increases(6:21 am ET)
TEL AVIV (MarketWatch) -- Macerich Co., (MAC: news, chart, profile) the Santa Monica, Calif., real estate investment trust, reported that fourth-quarter net income fell 74% and funds from operations rose 7%. Net fell to $38.4 million, or 53 cents a share, from $147.9 million, or $1.98, in the year-earlier period. FFO rose to $1.45 a share from $1.36. The earnings reflected gains on asset sales of $8 million in the latest period and $132.7 million a year earlier. A survey of four analysts by Thomson Financial produced a consensus estimate of 59 cents of net income.
Teva 4th-quarter net up 24% on 13% higher sales(1:27 am ET)
TEL AVIV (MarketWatch) -- Teva Pharmaceutical Industries Ltd., (TEVA: news, chart, profile) Jerusalem, reported fourth-quarter earnings rose 24% on 13% higher sales. net income reached $570 million, or 69 cents a share, from $460 million, or 56 cents, in the year-earlier period. Adjusted per-share profit was 69 cents against 53 cents. A survey of analysts by Thomson Financial produced a consensus estimate of 66 cents of profit. Sales reached $2.58 billion from $2.28 billion. Sales of copaxone, the company's treatment for multiple sclerosis, rose 15% in the quarter to $436 million. Overall gross-profit margin for the quarter widened to 52.3% from 48.4%.
Monday, Feb. 11
Acer shares trade weaker after fourth-quarter results(9:45 pm ET)
HONG KONG (MarketWatch) -- Shares of Acer Inc. (TW:2353: news, chart, profile) were down slightly in Taipei trading Tuesday following the release of its fourth quarter financial results. The world's third-largest personal-computer vendor by market share reported late Monday net profit in the October to December period totaled NT$2.3 billion ($71.88 million), up 77% from the corresponding period a year earlier, but down from NT$2.92 billion in the third quarter. The result was below consensus expectations for a net profit of NT$2.46 billion in the quarter. Acer said Monday it expects notebook PC shipments to rise 40% and its total PC shipments to increase up to 35% this year. Acer completed its $710 million acquisition of Gateway Inc. in October. Shares of Acer fell 2.2%, declining NT$1.10 to NT$49.00 in morning trading in Taipei. Taiwan's benchmark Weighted Price Index was down 1.9% to 7,532.27.
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.