Earning Plays

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Thursday, Sept. 18
Genworth highlights cash, liquidity after stock swoon(4:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Genworth Financial (GNW: news, chart, profile) said on Thursday that it has roughly $900 million in cash and cash equivalents at its holding company and said it doesn't depend on the commercial paper market for short-term funding. Genworth made the comments after the life and mortgage insurer's shares lost more than half their value earlier on Thursday. The stock rebounded in late action to close at $9.15, off 7%. Genworth has been hit hard this week by concerns about its mortgage exposure in the wake of the collapse of American International Group (AIG: news, chart, profile) . Genworth also said it's bought reinsurance to free up capital and is comfortable with the capital position of its mortgage insurance business. Genworth has $158 million of commercial paper outstanding and the company stressed that it has more than enough cash to pay this short-term debt off if it can't refinance.
CORRECT: Palm net loss deepens while revenue gains(4:16 pm ET)
SAN FRANCISCO (MarketWatch) -- Palm Inc. saw its net losses grow for its first fiscal quarter, though revenue showed a surprise gain. For the period ended Aug. 31, the maker of smart phone devices (PALM: news, chart, profile) reported a net loss of $41.9 million, or 39 cents a share, compared to a net loss of $841,000, or 1 cent per share, for the same period last year. Revenues grew to $366.9 million compared to $360.8 million last year. Analysts were expecting a loss of 20 cents a share on revenue of $329.9 million, according to consensus estimates from FactSet Research. (Corrects net loss figure for prior year.)
Oracle tops estimates with first-quarter profit(4:07 pm ET)
SAN FRANCISCO (MarketWatch) - Oracle Corp. said Thursday its fiscal first-quarter net income rose to $1 billion, or 21 cents a share, from $840 million, or 16 cents a share in the same period a year earlier. The business software maker (ORCL: news, chart, profile) said revenue in the period ended in August rose to $5.3 billion from $4.5 billion. Excluding special items, Oracle said earnings for the period were 29 cents a share. Analysts on average had been estimating Oracle would post earnings excluding special items of 27 cents a share, and $5.4 billion in revenue, according to FactSet Research.
Energy shares snap back from losses(9:41 am ET)
NEW YORK (MarketWatch) -- Energy shares snapped back with generous gains in early action Thursday as crude oil continued moving up. The Amex Natural Gas Index (XNG: news, chart, profile) rose 3.7% to 540. The Amex Oil Index (XOI: news, chart, profile) advanced 3.5% to 1,190. Crude oil futures vaulted $3.49 to $100.65 on a falling dollar. PetroChina (PTR: news, chart, profile) rose 5.2% to $97.60 after it drew an upgrade to outperform from neutral at Credit Suisse. Holly Corp. (HOC: news, chart, profile) was upgraded to buy from neutral at Goldman Sachs. Shares rose 7.7% to $32.77.
Carnival's third-quarter profit falls(9:29 am ET)
NEW YORK (MarketWatch) -- Carnival Corp. (CCL: news, chart, profile) (CUK: news, chart, profile) said Thursday that its third-quarter net income was $1.33 billion, or $1.65 a share, compared to $1.38 billion, or $1.67 a share, in the year-earlier period. The cruise operator said revenue for the quarter ended Aug. 31 increased to $4.81 billion from $4.32 billion a year ago. The company now sees 2008 earnings of $2.79 to $2.81 a share, compared to its prior view of $2.70 to $2.80 a share. For the fourth quarter, Carnival expects earnings of 36 cents to 38 cents a share, down from 44 cents a share a year ago.
TECO Energy reaffirms 2008 per-share profit forecast(7:47 am ET)
NEW YORK (MarketWatch) -- TECO Energy (TE: news, chart, profile) said Thursday it is reaffirming its previously updated 2008 earnings forecast for a range between 80 cents and 90 cents a share, excluding any charges or gains. It said the projections assume a continued weak Florida economy and housing market and include the effects of mild and rainy summer weather, which reduced energy sales at Tampa Electric.
ConAgra posts first-quarter profit, lowers 2009 view(7:42 am ET)
NEW YORK (MarketWatch) -- ConAgra Foods Inc. (CAG: news, chart, profile) said Thursday that its first-quarter net income rose to $442.4 million, or 94 cents a share, from $175.4 million, or 36 cents a share, in the year-ago period. Income from continuing operations fell to 23 cents a share from 27 cents a share; excluding items, the current-period results would have been 27 cents a share. Revenue climbed 17% to $3.1 billion. Analysts surveyed by FactSet forecast earnings of 24 cents a share and revenue of $2.87 billion, on average. The Omaha, Neb., food giant expects fiscal 2009 earnings from continuing operations, excluding items impacting comparability, to be at least $1.50 a share, lower than its previous guidance.
Pier 1 imports loss narrows, comparable sales dip(6:14 am ET)
LONDON (MarketWatch) -- Pier 1 Imports Inc. (PIR: news, chart, profile) said Thursday that its fiscal second-quarter net loss narrowed to $30.2 million, or 34 cents a share, from a year-earlier loss of $43.4 million, or 49 cents a share. Analysts polled by FactSet had forecast a loss of 23 cents a share. Revenue for the quarter ended Aug. 30 fell 7% to $320.5 million mainly due to a decreased store count and reduced ancillary businesses, the company said. Comparable sales were down 1.7%. The group had previously said merchandise margin was lower than it had hoped for in the quarter. It said Thursday that as a result of its efforts to clear seasonal inventory, results from the start of the third quarter show margins returning to expectations.
Wednesday, Sept. 17
Comtech fourth-quarter net income falls to 61 cents a share (4:49 pm ET)
SAN FRANCISCO (MarketWatch) -- Comtech Telecommunications Corp.'s (CMTL: news, chart, profile) fourth-quarter net income fell to $17 million, or 61 cents a share, from $17.1 million, or 63 cents a share, a year earlier, according to a 10-K filing from the company Wednesday. Revenue increased to $126.5 million from $117.8 million a year ago, said the Melville, N.Y.-based telecommunications company. Analysts polled by FactSet Research had forecast revenue of $125.2 million.