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Friday, May 2

Exxon Mobil's Nigeria production hits 300,000 barrels a day (1:04 pm ET)
NEW YORK (MarketWatch) -- Exxon Mobil (XOM: news, chart, profile) said Friday current levels of production in Nigeria have reached 300,000 barrels a day. The oil giant's upstream affiliates said they're restoring production following the resumption of services by the senior staff union on Thursday.
Energy stocks regain some losses from previous session(9:40 am ET)
NEW YORK (MarketWatch) -- Energy stocks regained some of their losses in the previous session on Friday, as Chevron (CVX: news, chart, profile) reported a better-than-expected increase of 10% in its first-quarter earnings. The Amex Oil Index (XOI: news, chart, profile) rose 0.7% to 1,481. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.9% to 662. Chevron (CVX: news, chart, profile) rose 15 cents to $95.09. Crude futures advanced 63 cents to $113.15.
Walgreen April same-store sales rise 1.6%(9:16 am ET)
NEW YORK (MarketWatch) -- Walgreen Co. (WAG: news, chart, profile) said Friday that its April same-store sales rose 1.6%, while front-end same-store sales fell 3.1%. The company said sales were hurt as a result of the Easter shift to March. The Deerfield, Ill., drug store chain operator said total sales climbed 7.9% to $4.85 billion from $4.49 billion a year earlier. April pharmacy sales increased 10.8%, while same-store pharmacy sales increased 4.2%. The company said same-store pharmacy sales were hurt by generic drug introductions. Walgreen's shares closed Thursday up 84 cents, or 2.4%, at $35.69.
Toro cuts its profit forecast(9:01 am ET)
NEW YORK (MarketWatch) -- Toro Co. (TTC: news, chart, profile) on Friday sliced its second-quarter profit forecast, citing the weak economy, a late spring and cautious customers. The Bloomington, Minn., maker of outdoor maintenance products now expects earnings for the quarter ending May 2 of $1.55 to $1.60 a share, vs. its prior forecast of $1.87 to $1.93. On average, analysts polled by FactSet Research expected earnings of $1.93 a share. For the fiscal year ending Oct. 31, the company said it now expects net earnings per share to be even to down 5% from the prior year's $3.40, on roughly flat revenue. "We are disappointed in having to reduce our earnings outlook, but we believe these market conditions will persist for the remainder of the year," said Michael Hoffman, Toro's chairman and chief executive officer. "We continue to take prudent actions to manage through these challenging times by addressing spending, production adjustments and working capital management." Shares of Toro closed Thursday at $43.30.
Allete's first-quarter profit falls(8:47 am ET)
NEW YORK (MarketWatch) -- Allete Inc. (ALE: news, chart, profile) on Friday said first-quarter net income fell to $23.6 million, or 82 cents a share, from $26.3 million, or 93 cents a share, in the year-earlier quarter. The Duluth, Minn., energy holding company said revenue rose to $213.4 million in the quarter ended March 31 from $205.3 million a year earlier. The company said it was on track to meet its 2008 earnings target of $2.70 to $2.90 a share. Allete's stock closed Thursday at $42.53.
Lubrizol posts higher first-quarter profit(8:10 am ET)
NEW YORK (MarketWatch) -- Lubrizol Corp. (LZ: news, chart, profile) said its first-quarter net income rose to $73.6 million, or $1.06 a share, from $71.3 million, or $1.02 a share, a year earlier, due in part to increased volume and an improvement in the price and product mix. The Cleveland specialty chemical producer incurred after-tax restructuring and impairment charges of $2.9 million, or 4 cents a share, involving its North America coatings facility. Non-GAAP earnings per share were $1.10, up from 99 cents a share in the fourth quarter of 2007. Revenue rose to $1.23 billion from $1.08 billion. A Thomson Reuters survey of analysts, on average, had projected earnings of $1.07 a share on revenue of $1.15 billion. Lubrizol raised its 2008 forecast for earnings per share to between $4.17 and $4.37 and non-GAAP earnings per share of $4.25 to $4.45.
IntercontinentalExchange Q1 earnings $1.29 per share(7:26 am ET)
NEW YORK (MarketWatch) -- IntercontinentalExchange, Inc. (ICE: news, chart, profile) said Friday its first-quarter profit totaled $92.3 million, or $1.29 per share, from $55.6 million, or 80 cents per share, in the same quarter a year before. Anaylsts had expected earnings of $1.27 a share, according to a FactSet Research survey. Revenue for the quarter was $207 million compared to $127 million in the year-ago period, for a 64% increase. The Atlanta-based operator of global exchanges and over-the-counter markets said its futures exchanges achieved record volume in the first quarter, increasing 39% to 62.5 million contracts.
NiSource net income falls 8%, as revenue rises(7:21 am ET)
NEW YORK (MarketWatch) -- NiSource (NI: news, chart, profile) said first-quarter operating net income fell 8% to $189.3 million, or 69 cents a share, for the three months ended March 31, from $205.4 million, or 75 cents per share in the year-ago period. The Merrillville, Ind. electric service provider said revenue rose to $3.29 billion from $2.84 billion. The company said the results "are consistent with our business outlook." Analysts surveyed by FactSet forecast earnings of 75 cents a share, on average. NiSource cited non-recoverable purchased power expenses and non-recoverable transmission charges, as well as increased operating and maintenance expenses.
Apartment Investment records loss on less investment gains(7:15 am ET)
NEW YORK (MarketWatch) -- Apartment Investment and Management Co. (AIV: news, chart, profile) said it swung to a first-quarter loss of $38.8 million, or 43 cents a share, after recording less gains from selling real estate and after a year-earlier debt extinguishment gain. The apartment community operator earned $8.9 million in the year-earlier quarter. Revenue rose 6% to $432.6 million and funds from operations edged up to 72 cents a share from 71 cents, with the company citing same-store results and lower-than-anticipated interest rates. Analysts polled by FactSet expected an FFO of 70 cents. The company sees second-quarter FFO between 79 and 83 cents, and for the year sees FFO between $3.22 and $3.38.
Magellan Health's quarterly profit slips 18%; CFO steps down(6:59 am ET)
LONDON (MarketWatch) -- Specialty health-care management company Magellan Health Services, Inc. (MGLN: news, chart, profile) said first-quarter net income fell 18% to $17.2 million, or 43 cents a share, from $21 million, or 55 cents a share, earned in the year-earlier quarter. Consensus forecasts were for earnings of 42 cents a share, according to a survey of six analysts polled by FactSet Research. Sales climbed 33% to $650 million. The company said it now expects 2008 earnings in the range of $1.73 to $2.17 a share. It also announced that Chief Financial Officer Mark Demilio intends to resign and said it has begun a search for its successor.
Intel expects to take $250 mln charge in second quarter(6:54 am ET)
LONDON (MarketWatch) -- Intel Corp. (INTC: news, chart, profile) said in a filing with the Securities and Exchange Commission Friday that it expects to take a restructuring and asset impairment charge of $250 million in the second quarter. The company recorded $329 million of restructuring and impairment charges in the first quarter, including an additional asset impairment charge of $275 million related to flash memory assets sold to Numonyx. Intel said it expects charges as a result of its restructuring program announced in 2006 to decline in the second half of the year.
BorgWarner's first-quarter profit rises 52%(6:52 am ET)
LONDON (MarketWatch) -- BorgWarner, Inc. (BWA: news, chart, profile) , a provider of power-train products for automakers, said first-quarter net profit rose 52% to $88.7 million, or 75 cents a share, from $58.4 million, or 50 cents a share, earned in the year-earlier quarter. Consensus forecasts were for earnings of 75 cents a share, according to a survey of 11 analysts polled by FactSet Research. Sales climbed 17% to $1.5 billion, or 8% excluding the impact of currency fluctuations. The company reaffirmed its outlook for the year.
Barnes' quarterly profit rises 21%(6:46 am ET)
LONDON (MarketWatch) -- Barnes Group, Inc. (B: news, chart, profile) , a manufacturer and distributor of aerospace and industrial components, said first-quarter net profit rose 21% to $33.4 million, or 60 cents a share, from $27.7 million, or 50 cents a share, earned in the year-earlier quarter. Consensus forecasts were for earnings of 61 cents a share, according to a poll of three analysts conducted by FactSet Research. Sales climbed 8% to $388.6 million. The company raised its earnings outlook, based on current market conditions, to the range of $2.30 to $2.39 a share from an earlier forecast of $2.20 to $2.30 a share.
Northwest Natural's quarterly profit falls 10%(6:27 am ET)
LONDON (MarketWatch) -- Northwest Natural Gas (NWN: news, chart, profile) said net profit for the three months through March 21 fell 10% to $43.2 million, or $1.63 a share, from $48.1 million, or $1.76 a share, earned in the year-earlier quarter. The company said the decrease was mainly due to a small commodity cost loss in the 2008 period compared with a record commodity cost benefit in the year-earlier quarter. Consensus forecasts were for earnings of $1.65 a share, according to a poll of five analysts conducted by FactSet Research. The group reaffirmed its guidance for earnings of $2.48 to $2.63 a share this year.
KBR profit jumps after arbitration award gain(6:22 am ET)
LONDON (MarketWatch) -- Engineering and construction group KBR (KBR: news, chart, profile) said Friday that its first-quarter net income jumped to $98 million, or 58 cents a share, from $28 million, or 17 cents a share, a year earlier. Revenue for the quarter rose 24% to $2.52 billion. The company said its $154 million operating income in the quarter benefited from a $51 million gain on a favorable arbitration award, partially offset by a $12 million charge related to a U.S. embassy project in Macedonia. Analysts polled by FactSet had been expecting earnings of 33 cents a share.
Nortel's first-quarter loss widens, sales rise 11%(6:19 am ET)
LONDON (MarketWatch) -- Canadian telecommunications-equipment firm Nortel Networks Corp. (NT: news, chart, profile) (CA:NT: news, chart, profile) said its first-quarter net loss widened to $138 million, or 28 cent a share, from a loss of $103 million, or 23 cents as share, posted in the year-earlier quarter. The results in first quarter of 2008 included special charges of $88 million for restructurings, a loss of $19 million on currency fluctuations and a $12 million charge related to the settlement of a lawsuit. It also included an exceptional gain of $16 million from mark-to-market gains on interest rate swaps. Consensus forecasts were for a net loss of $55 million, according to a poll of 11 analysts conducted by FactSet Research. Sales climbed 11% to $2.76 billion. The company reiterated its outlook for 2008 revenue growth in the low single digits compared to 2007.
Wing Lung Bank posts Q1 loss after $61 million subprime loss(5:57 am ET)
HONG KONG (MarketWatch) -- Hong Kong-listed Wing Lung Bank Ltd. (HK:96: news, chart, profile) Friday reported a first-quarter net loss, owing to a HK$477 million ($61 million) subprime related provision. The small-sized lender said it suffered a net loss of HK$82.5 million, compared to a HK$376.23 million profit a year earlier. The bank, which is the focus of a takeover bid, said it wrote-down HK$192.3 million in collateralized debt obligations and booked an impairment loss of HK$284.4 million for investments held in a special investment vehicle. The bank reported the remaining assets in its SIV portfolio and holdings of CDOs totaled HK$566.6 million as of March 31.
Mitsui & Co. fiscal 2007 net income up 36% to $3.9 billion(3:21 am ET)
HONG KONG (MarketWatch) -- Trading house Mitsui & Co. (JP:8031: news, chart, profile) said Friday net income rose 36% in the fiscal year ended March 31, helped by gains from operations in energy and mineral resources. Mitsui reported net income rose to 410.06 billion yen ($3.91 billion), up from 301.50 billion yen a year earlier. Mitsui, Japan's second-largest trading firm, said it expects group net income of 460.00 billion yen in the current fiscal year.
Thursday, May 1
Sony to post big operating profit gain in fiscal 07: Nikkei(9:19 pm ET)
HONG KONG (MarketWatch) -- Sony Corp. (JP:6758: news, chart, profile) is expected to report a 430% rise in group operating profit for the financial year ended March 31, helped by strong demand for digital cameras and other electronics, according to a Japanese media report. The electronics giant will reap the benefits of its strategy to focus on Bravia liquid-crystal display televisions and the PlayStation 3 game console, as an expected 60% and 170% rise in sales in these respective categories should lift group operating profit to 380 billion ($3.6 billion) yen, the Nikkei newspaper reported Friday without saying where it got the information. Sony's group wide sales are expected to rise 8% to 8.98 trillion yen, the report said. Sony is due to report results for the 2007 fiscal year May 14.
CORRECT: Chesapeake swings to loss on energy hedges (5:23 pm ET)
SAN FRANCISCO (MarketWatch) -- Chesapeake Energy Corp. (CHK: news, chart, profile) reported late Thursday a first-quarter loss of $143 million, or 29 cents a share. A year ago the company posted net income of $232 million, or 50 cents a share. Excluding a $704 million one-time loss from mark-to-market oil and gas hedges, the company's adjusted net income for the quarter was $561 million, or $1.09 a share, up from $425 million, or 87 cents, a year ago. Revenue for the three months ended March 31 totaled $1.61 billion. Analysts polled by FactSet had expected the Oklahoma City, Okla.-based natural gas producer to report earnings of 92 cents a share. Analysts typically exclude one-time items. Chesapeake shares fell 1.5% ahead of the report to close at $50.93. (Corrects year-ago results.)
Fairfax quarterly net surges on credit market bets(5:16 pm ET)
SAN FRANCISCO (MarketWatch) -- Fairfax Financial Holdings (FFH: news, chart, profile) reported a surge in quarterly net income late Thursday after credit market bets by the insurer paid off. First-quarter net earnings were $631.8 million, or $33.78 a share, up strongly from $110.9 million, or $5.88 a share, in the same period a year earlier, the company reported. Net gains on investments in the first quarter of 2008 were $1.09 billion, compared to $98.8 million a year earlier. During the latest quarter, Fairfax said it sold credit default swap positions with a notional value of $3.8 billion for proceeds of $885 million.
Sun Micro to cut between 1,500 and 2,500 jobs(4:59 pm ET)
SAN FRANCISCO (MarketWatch) -- Sun Microsystems Inc. (JAVA: news, chart, profile) said Thursday it plans to cut between 1,500 and 2,500 jobs and take a charge in a range of $130 million to $220 million in its fiscal fourth quarter. Sun Chief Financial Officer Mike Lehman made the announcement on a conference call to discuss the results of Sun's third-quarter, in which the company lost $34 million, or 4 cents a share, on $3.27 billion in sales. Lehman said the job cuts would lower Sun's operating expenses between $100 million and $150 million annually.
EOG Resources boosts profit on higher output (4:50 pm ET)
SAN FRANCISCO (MarketWatch) -- Natural gas producer EOG Resources, Inc. (EOG: news, chart, profile) reported late Thursday first-quarter net income of $240.5 million, or 96 cents a share, up from $216.8 million, or 88 cents, a year ago. Revenue for the three months ended March 31 rose to $1.1 billion from $871 million, helped by a 38% rise in overall energy production. Analysts surveyed by FactSet had predicted the Houston-based company would turn in earnings of $1.51 a share on $1.33 billion in revenue. EOG Resources shares closed with a 3.6% loss ahead of the report at $126.85.
Endurance Specialty quarterly net income falls 24%(4:42 pm ET)
SAN FRANCISCO (MarketWatch) -- Endurance Specialty Holdings (ENH: news, chart, profile) said late Thursday that first-quarter net income came in at $77.8 million, or $1.15 a share, down 24% from a year earlier when the reinsurer made $101.8 million, or $1.36 a share. Operating income, which excludes net realized investment gains and losses and other items, was $89.5 million, or $1.33 a share, after the payment of dividends on preferred securities, Endurance reported. The company was expected to make $1.54 a share, according to the average estimate of nine analysts in a FactSet survey.
NetSuite posts a narrowed first-quarter loss(4:33 pm ET)
SAN FRANCISCO (MarketWatch) -- NetSuite Inc. said Thursday it saw a narrowed loss during its first fiscal quarter. San Mateo, Calif.-based NetSuite (N: news, chart, profile) , which provides software to businesses hosted on the Internet, said its net loss for the period ended in March narrowed to $2.03 million, or 3 cents a share, compared to $9.28 million, or $1.24 a share in the same period a year earlier. Meanwhile revenue rose 47% to $34.1 million. Excluding special items, NetSuite said its net loss for the period was a penny a share. Analysts have been estimating NetSuite would post a loss of 2 cents a share for the quarter, and $33.5 million in revenue, according to FactSet Research.
Metlife quarterly net income falls 36%(4:30 pm ET)
SAN FRANCISCO (MarketWatch) -- Metlife Inc. (MET: news, chart, profile) said late Thursday that first-quarter net income came in at $648 million, down 36% from a year earlier when the life insurer made $1.02 billion. Net income available to common shareholders was 84 cents a share versus $1.28 a share in the same period last year, the company reported. Operating earnings, which exclude net realized investment gains and losses and other items, were $1.11 billion, or $1.52 a share. The company was expected to make $1.48 a share, according to the average estimate of 17 analysts in a FactSet survey.
Wynn net income drops in first quarter; sales up(4:22 pm ET)
LOS ANGELES (MarketWatch) -- Wynn Resorts Ltd. (WYNN: news, chart, profile) said Thursday that first-quarter net income was $46.7 million, or 41 cents a share, compared with $58.4 million, or 54 cents a share, for the same period a year ago. Reporting after the close, the Las Vegas-based casino and resort operator said sales jumped to $778.7 million from last year's $635.3 million, primarily due to a 61.4% jump in revenue at its Wynn Macau facility. The company said adjusted net income was 69 cents a share for the quarter, in line with estimates from analysts polled by FactSet Research. Shares ended the day higher by 2.7% to $108.19.
Aon quarterly net income rises 2%(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- Aon Corp. (AOC: news, chart, profile) said late Thursday that first-quarter net income came in at $218 million, or 68 cents a share, up 2% from a year earlier when the insurance broker made $213 million, or 66 cents a share. Net income from continuing operations increased 8% to $179 million, or 56 cents a share. Excluding certain items, net income from continuing operations jumped 25% to 71 cents a share, Aon reported. The company was expected to make 61 cents a share, according to the average estimate of 12 analysts in a FactSet survey.
Sun Microsystems swings to loss of $34 million (4:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Sun Microsystems Inc. (JAVA: news, chart, profile) on Thursday reported a fiscal third-quarter loss of $34 million, or 4 cents a share, on revenue of $3.27 billion. During the same period a year ago, Sun earned $67 million, or 7 cents a share, on sales of $3.28 billion. Excluding a charge of 4 cents a share related to Sun's acquisition of MySql, Sun would have broke even on a per-share basis. Analysts surveyed by FactSet Research had forecast Sun to earn 18 cents a share on $3.38 billion in revenue. The company didn't give any earnings or sales forecast for its fourth quarter.
Retail gasoline holds steady at $3.62 a gallon(12:04 pm ET)
NEW YORK (MarketWatch) -- The U.S. national average for a gallon of unleaded gasoline held steady in the last day at $3.62 a gallon at the pump, according to the Daily Fuel Gauge report from AAA. A month ago, the price was $3.29 a gallon, and a year ago it was $2.98 a gallon.