Earning Plays

[3xBuBu]

Friday, Aug. 15
SunPower solar deal draws praise, stock jumps (10:57 am ET)
NEW YORK (MarketWatch) -- SunPower Inc.'s (SPWR: news, chart, profile) announcement of its role in a large solar project from Pacific Gas & Electric makes the solar power maker look less susceptible to concerns about oversupply, an analyst from Jefferies & Co. said. "SunPower's central message for the last two years has been enabling grid parity through 50%-60% cost reductions by 2012," analyst Paul Clegg said in a note to clients. "Signing such a large agreement at apparently very low price levels signals SunPower's high level of confidence that it can sell large volumes of PV systems at prices substantially below current levels and still generate target margins." Shares of SunPower jumped 17% to $91.72 in recent trades.
NRG Energy up after Berkshire Hathaway discloses stake(10:11 am ET)
NEW YORK (MarketWatch) -- NRG Energy (NRG: news, chart, profile) rose 5% to $37.11 in early action on Friday. Berkshire Hathaway Inc. (BRKA: news, chart, profile) disclosed in a filing late Thursday a new 3.24 million share ownership stake in the independent Texas power generator.
Energy shares dip in early action as crude prices weaken(9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks moved into the red in early action on Friday, mirroring the fall of crude prices. The Amex Oil Index (XOI: news, chart, profile) dipped 1.3% to 1,278. The Amex Natural Gas Index (XNG: news, chart, profile) dipped 1.2% to 567. Crude fell $1.74 to $113.27 on the Nymex and Natural Gas dipped 2.5 cents to $8.11.
Illinois Tool works sets forecast(8:29 am ET)
NEW YORK (MarketWatch) -- Illinois Tool Works Inc. (ITW: news, chart, profile) said Friday that it is forecasting a third-quarter earnings per share from continuing operations of 93 cents to 99 cents, assuming a total company revenue growth range of 10% to 14%. The company sees full-year 2008 earnings per share from continuing operations in a range of $3.40 to $3.52, assuming a total company revenue growth range of 9% to 12%. The full-year forecast also reflects a 22 cent after-tax charge to earnings taken in the first quarter due to impairment and European tax charges.
Ping An Insurance posts 2% decline in first-half net profit (7:33 am ET)
HONG KONG (MarketWatch) -- Ping An Insurance (Group) [s hk:2318], China`s second-largest life insurer by premiums, posted a narrower-than-expected decline in first-half net profit, as a sharp rise in premiums helped offset a drop in investment gains. Net profit for the six months ended June 30 totaled 9.49 billion yuan ($1.38 billion), down 2% from 9.69 billion yuan a year earlier. The result exceeded average forecasts of 8.30 billion yuan net profit, according to a poll conducted by Dow Jones Newswires. The insurer's earnings had been expected to be sharply affected by losses on investments from declines in Hong Kong and China equities markets. Ping An said revenue from premiums climbed 24% to 54.19 billion yuan, while net investment income fell 64% to 9.28 billion yuan. HSBC Holdings has a 16.8% stake in Ping An.
Abercrombie & Fitch earnings down 4% in quarter(7:18 am ET)
NEW YORK (MarketWatch) -- Abercrombie & Fitch Co. (ANF: news, chart, profile) said Friday that second-quarter earnings fell to $77.8 million, or 87 cents a share, compared to $81.3 million, or 88 cents a share, in the same period a year ago. Total sales increased 5% to $846 million and same-store sales decreased 4%. Analysts polled by FactSet, on average, had estimated earnings per share of 88 cents on sales of $858 million. For full-year 2008, Abercrombie & Fitch projects earnings per share of $4.95 to $5.00 and, for the second half, a profit of $3.40 to $3.45 a share.
Harmony Gold swings to loss while production rises(4:13 am ET)
JOHANNESBURG (MarketWatch) -- Harmony Gold Mining Co. (HMY: news, chart, profile) (UK:HRM: news, chart, profile) , Africa's third-largest producer of the precious metal, Friday said it swung to a loss in the financial fourth quarter despite a recovery in gold production from the previous three months. The Johannesburg-based company, which has been selling poorer performing assets and cutting jobs since long-standing Chief Executive Bernard Swanepoel unexpectedly resigned a year ago, said it moved to a loss of 71 million rand ($9 million) in the three months to June 30 from a profit of ZAR345 million in the previous three months. Revenue for the period was 12% higher on the quarter at ZAR2.62 billion, while production increased to 375,970 troy ounces from 332,662 ounces in a quarter where mines across the South Africa were disrupted by power shortages. Larger AngloGold Ashanti Ltd. (AU: news, chart, profile) reported a 4.8% increase in output in the three months to the end of June to 1.25 million ounces, while Gold Fields Ltd.'s (GFI: news, chart, profile) production was up 4.6% at 865,000 for the quarter.
Merrill Lynch books $29 billion loss through U.K. unit(3:05 am ET)
HONG KONG (MarketWatch) -- Investment banking giant Merrill Lynch (ML: news, chart, profile) is unlikely to pay U.K corporate tax for many years after booking $29 billion in losses to its London-based subsidiary, according to a media report Friday. The investment bank may cut its U.K. tax bill by as much as $8 billion, as it offsets losses against future profits, the Financial Times reported Friday, using a calculation based on a 28% corporate tax rate. The report said regulatory filings show Merrill had a U.K. operating loss of about $29 billion booked though its U.K. subsidiary Merrill Lynch International. The losses arose from investments linked to collateralized debt obligations, complex debt securities backed often backed by U.S. subprime mortgages.
Vestas Wind Systems profit climbs 27%(2:45 am ET)
LONDON (MarketWatch) -- Wind turbine company Vestas Wind Systems (DE:913769: news, chart, profile) said its second quarter net profit rose 27% to 65 million euros ($96 million) as revenue rose 2.5% to 1.09 billion euros. The group said its order backlog jumped 67% to 7.2 billion euros and it reaffirmed its forecasts for 2008, including that more than two-thirds of revenue for the year will come in the second half. The group said its improvement in profitability is due to both higher selling prices and improved operational efficiency.
Thursday, Aug. 14
Japanese banks report surge in quarterly bad-loan charges(9:24 pm ET)
HONG KONG (MarketWatch) -- Japanese banks reported charges and write-offs for nonperforming loans surged in the April-to-June quarter from a year earlier, fueled by financial difficulties suffered by firms in the construction and real estate sectors, according to a Japanese media report. Japan's six major banks booked about 240 billion yen ($2.18 billion) in costs related to bad loans, up about 50% from a year earlier, while regional banks reported 160 billion in bad-loan-related charges, more than double last year's rate, according to the Nikkei newspaper, which cited earnings data for the recently-ended quarter released by firms Thursday. The report said the large number of bankruptcies prompted banks to book the write-downs well ahead of their normal period for such losses, at the fiscal year ending March 31.
Autodesk earnings flat while revenue climbs(4:26 pm ET)
SAN FRANCISCO (MarketWatch) -- Autodesk Inc. said Thursday that earnings for the second quarter stayed largely flat despite better-than-expected revenue. For the quarter ended July 31, the software maker (ADSK: news, chart, profile) reported earnings of $89.8 million, or 39 cents per share, compared to earnings of $91.6 million, or 38 cents a share, for the same period last year. Excluding charges related to stock-options and other items, the company said it would have earned $130.3 million, or 56 cents a share, for the recent period. Revenue rose nearly 18% to $619.5 million. Analysts were expecting earnings of 52 cents a share on revenue of $606.6 million, according to consensus estimates from FactSet Research.
Nordstrom profit falls, trims earnings outlook (4:21 pm ET)
SAN FRANCISCO (MarketWatch) -- Nordstrom, Inc. (JWN: news, chart, profile) reported late Thursday fiscal second-quarter net income fell to $143 million, or 65 cents a share, from $180 million, or 71 cents, a year ago. Revenue for the three months ended Aug. 2 slipped 4.3% to $2.29 billion. Analysts polled by FactSet Research had predicted the upscale Seattle-based department store would earn 64 cents a share on $2.23 billion in sales. Nordstrom, citing a tough market, trimmed its full-year earnings outlook to $2.55 to $2.65 a share from its previous estimate of $2.65 to $2.80. Nordstrom shares closed ahead of the report with a 1.8% gain at $30.22.
Kohl's profit slips 12%; retailer lifts profit target(4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) , operator of discount department stores, late Thursday reported its quarterly profit fell 12% from a year ago as consumers spent less on clothes and other apparel. But the retailer lifted its fiscal year profit forecast. Kohl's posted fiscal second-quarter net income of $236 million, or 77 cents a share, compared with net income of $269.2 million, or 83 cents a share, in thee year-earlier period. For the quarter ended Aug.2, sales rose almost 4% to $3.7 billion. Same-store sales, or sales at stores open at least one year, fell 4.6%. Looking ahead, Kohl's pegged its fiscal 2008 profit between $3.02 and $3.18 a share, up from its previous target of $2.95 to $3.15. Based in Menomonee Falls, Wis., Kohl's operates 957 stores in 47 states. Its stock rose almost 2% in late trading.