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Wednesday, Feb. 13
Nvidia earnings surge 57% in fourth quarter(4:54 pm ET)
SAN FRANCISCO (MarketWatch) -- Nvidia Corp. reported that net income jumped 57% for the fourth quarter thanks to strong demand for its graphics chips. The semiconductor firm (NVDA: news, chart, profile) reported earnings of $257 million, or 42 cents a share, compared to earnings of $163.5 million, or 27 cents a share, for the same period last year. On a non-GAAP basis, the company said earnings would have come in at $292.6 million, or 49 cents a share. Revenue rose 37% to $1.2 billion. Analysts were expecting earnings of 47 cents a share on revenue of $1.19 billion, according to consensus forecasts from Thomson Financial.
ThinkEquity reiterates buy rating on First Solar(3:25 pm ET)
NEW YORK (MarketWatch) -- ThinkEquity Partners LLC reiterated its buy rating on First Solar (FSLR: news, chart, profile) following the thin film solar module maker's better-than-expected earnings. "We expect strong fourth-quarter earnings for most of the operating solar companies in our coverage universe to reignite interest in the solar space," analysts Jonathan Hoopes and Budong Peng said in a note to clients.
Energy shares rise as Exxon Mobil advances(9:40 am ET)
NEW YORK (MarketWatch) -- Exxon Mobil (XOM: news, chart, profile) rose 60 cents to $81.14 as Wall Street shrugged off a move by Venezuealan president Hugo Chavez to halt oil sales to the petroleum giant. The Amex Oil Index (XOI: news, chart, profile) rose nearly 1% to 1,365. The Amex Natural Gas Index (XNG: news, chart, profile) advanced 1.3% to 580. Crude prices subtracted 41 cents to $92.37. The energy sector is awaiting data showing an increase of 2.375 million barrels in U.S. crude inventories. Gasoline inventories are seen rising 1.5 million barrels.
Oppenheimer downgrades Morgan Stanley(9:25 am ET)
Oppenheimer & Co. said Wednesday it is downgrading Morgan Stanley (MS: news, chart, profile) on fears that massive declines in levered loan valuations could crush earnings for the first quarter. Analyst Meredith Whitney slashed her first-quarter earnings per share estimate to 65 cents from $1.47, and full year earnings per share to $5.40 from $6.80. Analysts had expected earnings of $1.43 per share for the quarter, according to Thomson Financial. Oppenheimer also warned that weakening equity issuance and a sluggish M&A environment could hurt the bank in the first quarter. "Fixed income issuance continues to be anemic in all categories but plain vanilla high grade debt," Oppenheimer wrote in a note to investors. Investors may be smart to take notice: Whitney made headlines last year when she made a prescient decision to downgrade Citigroup, causing a sweeping fire sale of bank stocks worldwide.
Belo swings to fourth-quarter loss on write-downs(9:17 am ET)
NEW YORK (MarketWatch) -- Belo Corp. (BLC: news, chart, profile) swung to a fourth-quarter loss on a write-down of two newspapers and a television station amid continued weakness at the print business, which was spun off last week. Belo, which still owns 20 television stations, reported a net loss of $333.4 million, or $3.26 a share, compared to year-earlier net income of $51.3 million, or 50 cents a share. The write-down totaled $3.58 a share. Revenue decreased 6.8% to $406.7 million. The mean estimates of analysts surveyed by Thomson Financial were for earnings of 37 cents a share on revenue of $403.8 million. Shares were flat in premarket trading at $13.45.
Hospitality Properties Trust's fourth-quarter income up(9:14 am ET)
NEW YORK (MarketWatch) -- Hotel real estate investment trust Hospitality Properties Trust (HPT: news, chart, profile) said Wednesday that its fourth-quarter net income rose to $76 million, or 81 cents a share, from $60 million, or 79 cents a share, a year earlier. Funds from operations for the quarter also increased to $108.2 million, or $1.15 a share, from $75.6 million, or $1 a share. Analysts had expected earnings of 79 cents a share and FFO of $1.11 a share, according to Thomson Financial. Shares of Hospitality Properties Trust closed Tuesday at $34.51.
Hess launches power monitoring program(8:41 am ET)
NEW YORK (MarketWatch) -- Hess Corp. (HES: news, chart, profile) on Wednesday launched Hess Demand Response, which will offer energy audits, installation of metering equipment and access to an online energy monitoring system. Hess Energy Marketing division will pay customers monthly to commit to reducing electricity usage during times of peak demand.
Vonage narrows fourth-quarter loss(8:16 am ET)
NEW YORK (MarketWatch) -- Vonage Holdings Corp. (VG: news, chart, profile) narrowed its fourth-quarter loss as it continues to cut costs, but the rate of customer defections remains high. The Holmdel, N.J., pioneer of Internet phone service reported a loss of $13 million, or 10 cents a share, narrowing a year-earlier loss of $64.6 million, or 42 cents a share. Revenue rose to $216 million from $181.5 million a year ago, although the average revenue per user fell 6 cents to $28.19. Analysts had an average estimate of a loss of 10 cents a share and revenue of $219 million. Customer turnover was 3%, unchanged from the third quarter. The company added 56,000 net new subscribers, compared with 166,000 from a year ago and 78,000 in the third quarter.
MGIC swings to $1.5 billion loss after reserve(7:50 am ET)
NEW YORK (MarketWatch) -- Troubled private mortgage insurer MGIC Investment Corp. (MTG: news, chart, profile) said Wednesday its fourth quarter loss soared to $1.5 billion after it set aside more than $1 billion to cover a reserve deficiency as home values fall and clients default on their home loans. The company posted a net loss of $1.47 billion, or $18.17 a share, compared to a profit of $121.5 million, or $1.47 a share. Revenue rose to $399.1 million, from $367.2 million last year. The comp[any said it took a $1.2 billion reserve for likely losses ahead, and an additional $33 million charge related to losses at its C-Bass joint venture. The Milwaukee-based firm said it is hiring an adviser to help it evaluate it capital-raising options and added it does not expect to earn a profit in 2008.
Jones Apparel fourth-quarter loss narrows(7:42 am ET)
NEW YORK (MarketWatch) -- Jones Apparel Group Inc.'s (JNY: news, chart, profile) fourth-quarter loss narrowed to $89.8 million, or $1.06 a share, from $269.5 million, or $2.51 a share, a year earlier. Excluding the results of the sale of Barney's New York, the impact of activities related to restructuring and other items, earnings fell to 9 cents a share. The Bristol, Pa., apparel and footwear company said revenue for the period fell to $839 million from $1.01 billion a year ago, due in part to the disappointing holiday retail season and the overall macroeconomic environment. On average, analysts polled by Thomson Financial expected earnings of 7 cents a share on revenue of $875 million. Analysts' estimates typically exclude items. For 2008, the company expects adjusted earnings from continuing operations of $1.25 to $1.50 a share, compared with 2007 adjusted earnings from continuing operations of $1.26. The wide guidance reflects the current uncertainty in general economic conditions, said Jones Apparel Group. Jones Apparel also said Wal-Mart (WMT: news, chart, profile) will begin carrying the l.e.i. brand for juniors, junior plus and girls Wal-Mart stores nationwide this summer.
First Solar Inc. profit jumps as production rises(7:17 am ET)
NEW YORK (MarketWatch) -- First Solar Inc. (FSLR: news, chart, profile) on Wednesday said fourth-quarter net income climbed to $62.9 million, or 77 cents a share, from $8 million or 11 cents a share in the year-ago period. Profit rose about 50% from the third quarter. The Phoenix-based thin film solar cell maker said revenue climbed to $201 million from $52.7 million in the year-ago period. Analysts surveyed by Thomson Financial forecast earnings of 53 cents a share and revenue of $180 million, on average. During the fourth quarter, First Solar said it benefited from the full capacity of its new Frankfurt/Oder plant.
Agrium swings to 4th-quarter net; sales up 58%(6:47 am ET)
TEL AVIV (MarketWatch) -- Agrium Inc., (AGU: news, chart, profile) the Calgary, Alberta, retailer and provider of agricultural products, services and technologies, swung to fourth-quarter net income from a year-earlier net loss on 58% higher sales. Earnings were US$172 million, or US$1.24 a share, compared with a loss of $62 million, or 47 cents, in the year-earlier period. Sales rose to $1.49 billion from $944 million. A survey of analysts by Thomson Financial produced a consensus estimate of 88 cents of earnings for the latest quarter. "Prices for virtually all major row crops are at record high levels, providing growers with a strong incentive to optimize use of crop inputs," President and Chief Executive Mike Wilson said in a statement. The company's statement on Wednesday also said: "The outlook for global and North American agricultural markets remains strong."
Genesee & Wyoming profit dips 3%(6:17 am ET)
LONDON (MarketWatch) -- Railroad operator Genesee & Wyoming Inc. (GWR: news, chart, profile) said Wednesday that its fourth quarter net profit slipped 3% to $13.9 million after it made fewer gains on the sale of assets than a year ago. Earnings per share, however, rose to 38 cents from 34 cents due to a reduction in the number of shares. Revenue for the period rose 14% to $134.5 million due to an increase in the average revenue per carload, partly offset by lower overall volumes. Analysts polled by Thomson Financial had expected earnings of 34 cents a share on revenue of $126 million.
Gerdau Ameristeel 4th-period net doubles; special payout set(6:15 am ET)
TEL AVIV (MarketWatch) -- Gerdau Ameristeel Corp., (GNA: news, chart, profile) the Tampa, Fla., steel producer, reported fourth-quarter earnings more than doubled on 67% higher revenue. Earnings reached $141.4 million, or 37 cents a share, from $66.7 million, or 22 cents, in the year-earlier period. Sales reached $1.73 billion from $1.04 billion. Gerdau Ameristeel also declared a special dividend of 25 cents a share, payable March 13 to stock of record Feb. 28. According to its Website, the company is held 66.5% by Gerdau SA, the Brazilian steelmaker.
Bradford & Bingley profit down 48% after charges(2:50 am ET)
LONDON (MarketWatch) -- U.K. mortgage bank Bradford & Bingley (UK:BB: news, chart, profile) said Wednesday that its 2007 net profit fell 48% to 93.2 million pounds ($181.5 million). Excluding a treasury asset impairment of 94.4 million pounds for the year as well as losses on the sale of commercial and housing association portfolios and other one-time items, underlying pretax profit rose 5% to 351.6 million pounds. The group said its policy of pre-funding its mortgage lending and its decision to dispose of non-core mortgage portfolios had helped it weather the liquidity crisis in financial markets. The group said it's now pre-funded its maturing term financing into 2009 as well as generating additional new business capacity.
British Energy profit down 17% as costs rise(2:43 am ET)
LONDON (MarketWatch) -- U.K. electric utility British Energy (UK:BGY: news, chart, profile) said Wednesday that its fiscal third-quarter net profit fell 18% to 140 million pounds ($273 million), as realized prices slipped and operating costs rose. Revenue edged up 2% to 768 million pounds. Total output for the first nine months of the fiscal year rose to 45.7TWh from 44Twh, reflecting fewer small unplanned losses and fewer statutory outages, which was partially offset by issues with its generators in Hartlepool and Heysham and reduced load limits at its Hinkley Point and Hunterston facilities.
Thyssenkrupp profit down 34%(2:33 am ET)
LONDON (MarketWatch) -- German steel maker Thyssenkrupp (DE:750000: news, chart, profile) said Wednesday that its fiscal first-quarter net income fell 34% to 435 million euros from 661 million euros. Revenue for the period was 12.27 billion euros, broadly level with the 12.33 billion euros reported a year ago. The group said the performance was in line with expectations and noted the year-ago quarter benefited from strong demand and high base prices for stainless steel. For the year the group forecast pretax earnings of over 3 billion euros and sales of 53 billion euros.
Dassault 4th-period net off 2%; sees '08 adjusted profit up(2:11 am ET)
TEL AVIV (MarketWatch) -- Dassault Systemes, (DASTY: news, chart, profile) (FR:013065: news, chart, profile) the French software producer, reported fourth-quarter net income fell 2% on 3.9% higher revenue. Earnings fell to 76.6 million euros, or 0.64 euro a share, from 78.2 million, or 0.66, in the year-earlier period. Adjusted net rose 8% to 0.78 euro a share. Dassault's revenue reached 363.1 million euros from 349.4 million. Dassault projected adjusted earnings at 0.4 to 0.42 euro a share for the first quarter and 2.17 to 2.22 euros -- up 10% to 12% -- for all of 2008. And the company allocated 35 million euros for stock buybacks this year.
ArcelorMittal 4th-quarter net up 2.7%, sales up 21%(1:54 am ET)
TEL AVIV (MarketWatch) -- Arcelor Mittal, (MT: news, chart, profile) the world's No. 1 steelmaker, reported on Tuesday that fourth-quarter net income rose 2.7% on 21% higher sales. Earnings reached $2.44 billion from the pro forma $2.37 billion in the year-earlier period. Diluted earnings per share were flat at $1.71 a share ($1.72 basic) owing to a 2.7% rise in shares outstanding. Sales reached $27.99 billion from the pro-forma $23.2 billion. The year 2007 was the first full year during which Arcelor and Mittal operated together. In 2008, the Luxembourg company plans dividends totaling $2.1 billion and stock buybacks totaling $1 billion. And for the first quarter, the company expects overall performance in line with that of the fourth quarter. ArcelorMittal said it sees first-quarter earnings before interest, taxes, depreciation and amortization of $4.7 billion to $5 billion, compared with $4.3 billion in the year-earlier period.
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.