Earning Plays

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Tuesday, Sept. 23
Energy stocks edge up in early action(9:36 am ET)
NEW YORK (MarketWatch) -- Energy stock edged up in early action on Tuesday along with the broad market. The Amex Oil Index (XOI: news, chart, profile) rose 0.1% 1,256. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.5% to 562. Crude futures fell 77 cents to $108.60.
ArvinMeritor raises full-year earnings forecast(9:19 am ET)
NEW YORK (MarketWatch) -- ArvinMeritor Inc. (ARM: news, chart, profile) on Tuesday raised its forecast for full-year earnings from continuing operations to a range of $1.55 to $1.65 a share, excluding items. The Troy, Mich.-based auto-parts supplier had previously said in its third-quarter earnings report that it expected a profit of $1.40 to $1.60 a share for the year. Shares of ArvinMeritor closed Monday at $14.76.
Update: Lennar shrinks loss; margin wider, costs cut(6:35 am ET)
TEL AVIV (MarketWatch) -- Lennar Corp., (LEN: news, chart, profile) the Miami home builder, narrowed its fiscal third-quarter net loss on 53% lower revenue. For the quarter ended Aug. 31, the loss was $89 million, or 56 cents a share, compared with $513.9 million, or $3.25 a share, in the year-earlier period. Revenue fell to $1.11 billion from $2.34 billion. A survey of analysts by FactSet Research produced consensus estimates of a loss of 55 cents a share on $1.3 billion of revenue. The company widened its adjusted gross-profit margin on home sales by 4 percentage points from a year earlier to 18%, and halved its selling, general and administrative expense. (Adds FactSet estimates.)
Air Products lowers view on Korean fire, hurricanes, Europe(6:07 am ET)
LONDON (MarketWatch) -- Industrial gases firm Air Products and Chemicals (APD: news, chart, profile) lowered its fourth-quarter earnings view, citing a fire at a Korean facility, the impact from Hurricanes Gustav and Ike, the strengthening of the dollar vs. the U.K. pound and the euro, a slowdown in both semiconductor foundry and liquid crystal display manufacturing and a weakening of the manufacturing environment in Europe, which was partly offset by a favorable tax rate. It now sees fourth-quarter earnings per share from continuing operations between $1.24 and $1.26, down from $1.37 to $1.42 that it previously expected. Analysts polled by FactSet Research had expected a profit of $1.40 a share.
Unitrin updates estimates of storm, investment losses(3:34 am ET)
TEL AVIV (MarketWatch) -- Unitrin Inc., (UTR: news, chart, profile) the Chicago insurance- and auto-finance-services provider, estimated its after-tax losses from Hurricane Ike at $35 million to $45 million. The figures take reinsurance into account, Unitrin said. And the company affirmed that its after-tax losses from Hurricane Gustav, after reinsurance, should total $10 million to $15 million. Unitrin also said it would post losses on its investments in the mortgage firms Fannie Mae (FNM: news, chart, profile) and Freddie Mac, (FRE: news, chart, profile) the failed investment bank Lehman Brothers (LEHMQ: news, chart, profile) and insurer American International Group Inc. (AIG: news, chart, profile) The company has said that at June 30 it held $16.3 million of Fannie Mae preferred stock and $21.5 million of Freddie Mac preferred. It said in a statement late on Monday that its combined investments in Lehman and AIG securities totaled less than $12 million at June 30. How much of a loss on the securities Unitrin will report depends on factors including the investments' fair value at Sept. 30 or as of the date the company divested them, Unitrin said.
InterContinental Americas performance steady in August(2:36 am ET)
LONDON (MarketWatch) -- InterContinental Hotels Group (UK:IHG: news, chart, profile) (IHG: news, chart, profile) said Tuesday that revenue per available room in the Americas was flat in August compared to a year ago, as growth at its InterContinental hotels was offset by a decline at Holiday Inn. For the first eight months of the year revenue per available room was up 2% for the Americas, the company added.
Severn Trent sees performance in line, though costs rising(2:32 am ET)
LONDON (MarketWatch) -- U.K. water utility Severn Trent (UK:SVT: news, chart, profile) said Tuesday that it expects to report a first-half performance that is "consistent with" its expectations for the year as a whole. The group said its objective remains to deliver 3% annual outperformance against the regulator's determination for operating costs, however it added there remains continued volatility in chemical and other commodity prices. The company said its rate of expenditure on infrastructure maintenance is gradually increasing throughout the year and it expects net debt at the half year to be around 3.5 billion pounds ($6.4 billion).