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Friday, April 18
Retail stocks looking good out of the open(9:38 am ET)
CHICAGO (MarketWatch) -- Retail stocks were looking good early Friday as the sector's main indicator rose nearly 3% out of the open. The S&P Retail Index ($RLX: news, chart, profile) gained more than 10 points to touch 404.43. Shares of Talbots (TLB: news, chart, profile) , cut in half over the last two days, swung to the positive, gaining 7% to $8.37. The apparel retailer said before the start of trading that it still expects to report a 2008 loss of 7 to 17 cents a share, compared with a loss of $3.56 a share a year earlier but a profit from continuing operations of 47 to 52 cents a share with top-line growth of about 3%.
NVR's quarterly net income falls 49%(9:17 am ET)
BOSTON (MarketWatch) -- Home builder and mortgage-banking company NVR Inc. (NVR: news, chart, profile) Friday said its first-quarter net income fell to $43.5 million, or $7.42 a share, from $84.8 million, or $12.96 a share, in the year-earlier period. The Reston, Va.-based company said new orders dropped 30% from a year ago to 2,731 units, while the cancellation rate fell to 22% from 32% quarter-over-quarter. Operating income for the mortgage-banking business in the first quarter increased 11% to $11.2 million, NVR said.
Talbots confirms full-year outlook(8:43 am ET)
NEW YORK (MarketWatch) -- Talbots Inc. (TLB: news, chart, profile) said Friday that it still expects to report a 2008 loss of 7 to 17 cents a share, compared with a loss of $3.56 a share a year earlier. The Hingham, Mass., clothing retailer said it is forecasting a 2008 profit from continuing operations of 47 to 52 cents a share and a loss from discontinued operations of 59 to 64 cents a share. Talbots also said it sees top-line growth of about 3% on "slightly negative" same-store sales this year. The retailer said that if it achieves this plan, it will have sufficient liquidity to continue its turnaround. Shares of Talbots closed Thursday at $7.83.
Student Loan Corp. reports drop in first-quarter profit(8:25 am ET)
NEW YORK (MarketWatch) -- Student Loan Corp. (STU: news, chart, profile) said Friday that its first-quarter earnings fell to $15 million, or 76 cents a share, from $44 million, or $2.20 a share, in the year-earlier quarter. The Stamford, Conn., provider of education loans cited a $655 million reduction in loan sales volume for the drop. Net interest income fell to $81.4 million from $93.8 million; after provision for loan losses, net interest income fell to $56.1 million from $83.2 million. Citibank N.A., a subsidiary of Citigroup Inc. (C: news, chart, profile) , holds an 80% interest in Student Loan Corp.
Citi alternative investments hit by SIV charges (7:20 am ET)
NEW YORK (MarketWatch) -- Citigroup said on Friday that its alternative investments business posted a loss of $509 million in the first quarter, and had revenue of negative $358 million at proprietary trading tanked and the nation's largest bank took mark to market losses on its structured investment vehicles. "The net loss was driven by the lower revenues and a $202 million write-down of the multi-strategy hedge fund intangible asset related to Old Lane," Citi said in a press release announcing a $5.1 billion first quarter net loss.
Citi trimmed subprime, CDO exposure in first quarter(7:15 am ET)
NEW YORK (MarketWatch) -- Citigroup (C: news, chart, profile) said Friday that it trimmed its credit exposure to direct subprime securities in the first quarter to just over $29.1 billion from $37.3 billion at the end of 2007. Citi said at the end of the first quarter it had $6.4 billion of gross lending and structuring exposures and about $22.7 billion of net ABS CDO super senior exposures.
Citi U.S. consumer business mostly flat, credit costs jump(7:04 am ET)
NEW YORK (MarketWatch) -- New York-based Citigroup (C: news, chart, profile) , the nation's largest bank, said Friday that revenue at it U.S. consumer business rose 3%, aided by gains from its sale of MasterCard shares and its stake in Visa Inc., which rolled out a successful IPO in the quarter. Revenues grew 3% due to a 4% increase in average deposits, a 9% increase in average managed loans and a $349 million pre-tax gain on Visa shares, offset by lower securitization results in cards, the firm said. Excluding the gain on Visa shares and a $161 million pre-tax gain on the sale of MasterCard shares in the first quarter of 2007, revenues were up 1%. Expenses rose 6% at the unit, while credit costs increased by $2.3 billion. The bank cited higher delinquencies on mortgages, unsecured personal loans, credit cards and auto loans.
Citigroup posts $5 bln loss on more than $10 bln writedown(6:36 am ET)
NEW YORK (MarketWatch) - Citigroup (C: news, chart, profile) , the nation's largest bank, said on Friday that it lost $5.1 billion or $1.02 a share a share in the first quarter, driven by $6 billion of pre-tax write-downs and credit costs on sub-prime related direct exposures. The firm also announced write-downs of $3.1 billion on funded and unfunded highly leveraged finance commitments, a downward credit value adjustment of $1.5 billion related to exposure to monoline insurers, write-downs of $1.5 billion on auction rate securities inventory, and a $3.1 billion increase in credit costs in its global consumer business. The result compares to a profit of $1.01 a share a year ago. Analysts polled by Thomson First Call had expected the firm to report a loss of 95 cents a share, on revenue of $12.8 billion.
Macrovision publishes preliminary results, lifts outlook(6:19 am ET)
LONDON (MarketWatch) -- Macrovision Corp. (MVSN: news, chart, profile) Friday posted preliminary first-quarter adjusted earnings before interest, taxes, deprecitation and amortization on a pro-forma basis of between $36 million and $40 million. Revenue are seen in the range of $150 million and $154 million. Pro-forma results exclude the company's recently sold software and games business and Gemstar-TV Guide's publishing business. The company also revised its outlook for the year, saying it now expects pro-forma adjusted EBITDA of $230 million to $270 million compared to an earlier forecast of $209 million. Sales for the year are seen in the range of $650 million to $700 million compared to $607 million previously.
Global sales boost Caterpillar 1Q profits, stock price
AP - Fri Apr 18, 4:47 PM ET

CHICAGO - Caterpillar Inc. parlayed an increased reliance on international markets to surprisingly strong sales and a 13 percent jump in first-quarter profits, impressing investors who expected the heavy equipment maker to be slowed more by the weak U.S. economy and dollar.
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* Honeywell Int'l 1Q profit rises on increased revenue AP - Fri Apr 18, 4:35 PM ET

NEWARK, N.J. - Diversified manufacturer Honeywell International Inc. on Friday reported that first-quarter profit rose 22 percent on higher sales, beating Wall Street forecasts.
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A customer enters a Citibank branch Friday, April 18, 2008, in downtown Boston. Citigroup Inc. said it will eliminate about 9,000 more jobs after poor bets on defaulting loans and the tumultuous credit markets lopped $14 billion in value from its investments during the first quarter. (AP Photo/Bill Sikes)
Citigroup cuts value of investments by $14B in 1Q AP - Fri Apr 18, 4:30 PM ET

NEW YORK - Citigroup's 9,000 job cuts and $14 billion in write-downs suggest that even if the worst of the credit market volatility is over, the industry is now in a conservative, cost-cutting mode.
* Bad weather drags on Schlumberger 1Q, but profit up 14 pct AP - Fri Apr 18, 4:25 PM ET

HOUSTON - Schlumberger Ltd., the world's largest oilfield services company, reported a nearly 14 percent rise in first-quarter income Friday, but results missed Wall Street forecasts and were seen as largely lackluster.
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A worker inspects a Honeywell engine in a handout photo. (Handout/Reuters)
Honeywell profit beats forecast Reuters - Fri Apr 18, 11:54 AM ET

BOSTON (Reuters) - Diversified manufacturer Honeywell International Inc on Friday posted profit that topped Wall Street's expectations, as strong growth outside the United States overshadowed weak demand for consumer products such as thermostats and antifreeze.
* Xerox swings to 1Q loss on litigation charge AP - Fri Apr 18, 10:33 AM ET

HARTFORD, Conn. - Xerox Corp. said Friday a litigation charge left it with a loss of $244 million in the first quarter, but its results excluding the one-time item matched Wall Street expectations.
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Traders deal crude oil options at the New York Mercantile Exchange on Wednesday, April 16, 2008 in New York. Oil prices are surging to record highs as the weakening U.S. dollar drives investments into commodities. (AP Photo/Jin Lee)
Wall Street jumps as investors weigh Citi, Google results AP - Fri Apr 18, 5:28 PM ET

NEW YORK - Wall Street topped off a strong week with a big rally Friday, after results from companies like Citigroup Inc. and Google Inc. helped ease investor anxiety about the health of corporate profits.
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The Google booth at the RSA convention in San Francisco is shown Tuesday, April 8, 2008. Google Inc. reports earnings for the first quarter after the market closes on Thursday, April 17, 2008. (AP Photo/Paul Sakuma)
Google sagging stock soars after strong 1Q showing AP - Fri Apr 18, 9:48 AM ET

SAN FRANCISCO - Investors appear ready to embrace Google Inc. again after weeks of hand wringing over whether the faltering U.S. economy would bog down the Internet search leader's moneymaking machine.
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A Xerox copier is seen in a handout photo. (Handout/Reuters)
Xerox posts loss on litigation charge Reuters - Fri Apr 18, 9:27 AM ET

NEW YORK (Reuters) - Xerox Corp , the leading provider of digital printers and document management services, on Friday reported a quarterly loss as a $491 million litigation charge overshadowed solid sales growth.
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Caterpillar construction machines sit parked the Patten Cat dealership in Hammond, Indiana, October 20, 2006. (Joshua Lott/Reuters)
Caterpillar profit beats expectations Reuters - Fri Apr 18, 9:17 AM ET

CHICAGO (Reuters) - Caterpillar Inc reported a better-than-expected quarterly profit on Friday as strong international sales more than offset what the company characterized as a "recessionary storm in the United States."
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People walk past the London Stock Exchange. European stocks have rallied with banks in the spotlight as traders digested quarterly results from US banking giant Citigroup amid hopes that the worst of the global credit crunch could be over.(AFP/File/Shaun Curry)
European stocks jump after Citigroup earnings AFP - Fri Apr 18, 8:11 AM ET

LONDON (AFP) - European stocks rallied Friday with banks in the spotlight as traders digested quarterly results from US banking giant Citigroup amid hopes that the worst of the global credit crunch could be over.
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Advanced Micro Devices CEO Hector Ruiz gestures during a talk in San Francisco, Nov. 12, 2007. Advanced Micro Devices Inc. is expected to report first-quarter financial results after the market closes Thursday, April 17, 2008. (AP Photo/Paul Sakuma)
Advanced Micro Devices' 1Q loss matches analysts' estimates AP - Fri Apr 18, 5:15 AM ET

SAN JOSE, Calif. - Bracing for more bad news from Advanced Micro Devices Inc., investors were relieved the slumping chip maker posted a first-quarter loss no worse than what Wall Street expected.
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People leave the headquarters of Merrill Lynch & Co. in New York in this Nov. 14, 2007 file photo. Merrill Lynch & Co., the world's largest brokerage, on Thursday, April 17, 2008 said it would cut 4,000 jobs after more than $6 billion fresh write-downs pushed it to a loss for the first quarter. (AP Photo/Jin Lee, file)
Merrill Lynch posts steep first-quarter loss on write-downs AP - Fri Apr 18, 4:54 AM ET

NEW YORK - Merrill Lynch & Co., the world's largest brokerage, on Thursday said it would cut another 3,000 jobs after more than $6.5 billion of fresh write-downs pushed it to a loss for the first quarter.