Earning Plays

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Friday, Sept. 26
Solar stocks fall on uncertain outlook for tax credits(2:19 pm ET)
NEW YORK (MarketWatch) -- Solar stocks fell Friday after the U.S. House of Representatives OK'd a measure to extend billions in tax credits for renewable energy, but the measure faces an uncertain future because it differs from the Senate version. The House voted 257-166 to approve legislation to extend a host of expiring tax measures, including credits for wind, solar, geothermal and other forms of renewable energy. "It's about what is going to be enacted into law, and the shelf life on this bill is very, very short," said Rep. Dave Camp, R-Mich., during House floor debate, according to a report from Dow Jones Newswires. First Solar (FSLR: news, chart, profile) fell 7% to $205.90. SunPower (SPWR: news, chart, profile) fell 9% to $86.18. SunTech Power (STP: news, chart, profile) fell 11% to $38.29.
Interactive Brokers to buy back up to eight million shares(1:56 pm ET)
SAN FRANCISCO (MarketWatch) -- Interactive Brokers Group (IBKR: news, chart, profile) said on Friday that it may repurchase up to eight million shares of the brokerage firm. The company also said it expects income before tax and minority interest to be between $325 million and $375 million for the quarter that ends on Sept. 30. Diluted earnings per share will be between 55 cents and 65 cents during the same period, Interactive Brokers added. Shares of the company jumped 16% to $24.62 during afternoon trading on Friday.
Oshkosh raises its fourth-quarter profit forecast(10:19 am ET)
NEW YORK (MarketWatch) -- Oshkosh Corp. (OSK: news, chart, profile) said Friday it expects to report earnings per share for its fiscal fourth quarter at or above the higher end of its previously announced estimate range of 50 cents to 65 cents. "During the last several months, we have improved our cost structure by downsizing our workforce approximately 10% and lowering discretionary spending," said Oshkosh Chairman and Chief Executive Robert Bohn. The specialty vehicle maker also said it expects to reduce its debt to between $2.80 billion and $2.85 billion by the end of the month, compared to its previous expectations of $2.85 billion to $2.90 billion, due to cash flow from earnings and working capital initiatives. , a leading manufacturer of specialty vehicles and vehicle bodies, announced today that it expects to report earnings per share ("EPS") for its fourth fiscal quarter ending September 30, 2008 at or above the higher end of its previously announced EPS estimate range of $0.50 to $0.65. Furthermore, Oshkosh expects to reduce its debt to $2.80 - $2.85 billion at September 30, 2008 compared to its previous expectations of $2.85 - $2.90 billion due to cash flow from earnings and working capital initiatives.
FDIC chair says Washington Mutual open for business Fri.(8:20 am ET)
NEW YORK (MarketWatch) -- Sheila Bair, chairman of the Federal Deposit Insurance Corp., said in an interview Friday that J.P. Morgan Chase's (JPM: news, chart, profile) acquisition of Washington Mutual (WM: news, chart, profile) marked a "huge win" because it protected deposits at the bank and taxpayers. In an interview with CNBC-TV, Bair said J.P. Morgan paid a premium for Washington Mutual's deposit franchise. Faced by severe liquidity issues and banks unwilling to lend to them, Bair said the FDIC stepped in and revoked Washington Mutual's charter. The transaction will allow Washington Mutual to be open for business on Friday, she said.
KB Home's third-quarter loss widens(8:11 am ET)
NEW YORK (MarketWatch) -- KB Home (KBH: news, chart, profile) on Friday reported a third-quarter loss of $144.7 million, or $1.87 a share, compared with a loss of $35.6 million, or 46 cents a share, in the year-ago period. The latest quarter's results included pretax charges of $82.2 million for inventory and joint venture impairments and $58.1 million to record a valuation allowance. The Los Angeles-based residential builder said total revenue fell to $681.6 million from $1.54 billion. "Continued deterioration in new home demand, new and existing home prices, excessive inventories and mortgage credit availability prevailed across most U.S. housing markets in the third quarter," said Jeffrey Mezger, president and chief executive officer. "These difficult conditions have now been exacerbated by the recent, unprecedented turmoil in financial and credit markets, and it is too early to assess whether the federal government's proposed interventions will be effective."
Alpharma rejects offer of $37 a share from King Pharma(7:33 am ET)
NEW YORK (MarketWatch) -- Alpharma Inc. (ALO: news, chart, profile) said Friday it's rejecting a bid from King Pharmaceuticals Inc. (KG: news, chart, profile) because it's inadequate. King Pharmaceuticals Inc. on Sept. 11 raised its bid for Alpharma to $37 a share, valuing the Bridgewater, N.J. firm at about $1.6 billion. In late August, King said Alpharma, a fellow specialty-drug maker, rejected its takeover bid for $33 a share. On Friday, Alpharma said shareholders should not tender shares to King's offer while it continues to pursue its previously announced process to explore all strategic alternatives to maximize shareholder value.
Bank rankings provider Dealogic reports 37% profit fall(2:29 am ET)
LONDON (MarketWatch) -- Dealogic Holdings (UK:DL.: news, chart, profile) , the provider of data and software to investment banks, said first-half profit dropped 37% to $7.74 million, with revenue falling 5% to $43.9 million. Sales were impacted by "a very difficult period for financial markets," and profit fell more quickly than sales due to an increased investment in staff, technology and infrastructure. It's cutting its interim dividend by 11% to 1.7 pence a share. Dealogic said it's difficult to predict how it will perform over the balance of the year because of the decline in investment banking business activity, though it said its business model which combined subscription and transaction license fees to a degree protects it.
Thursday, Sept. 25
CORRECT: Accenture quarterly net income rises 37% (4:51 pm ET)
SAN FRANCISCO (MarketWatch) -- Accenture Ltd. (ACN: news, chart, profile) said late Thursday that fiscal fourth-quarter net income came in at $434.8 million, up 37% from a year earlier when the consulting and outsourcing firm made $316.8 million. Net income per diluted share was 67 cents versus 50 cents. Net revenue rose 17% to $6 billion. New bookings for the quarter rose to $7.67 billion, a quarterly record. Operating income jumped 22% to $785 million, and the company's operating margin expanded by 50 basis points compared with the fourth quarter last year. For its next fiscal year, Accenture forecast net revenue growth of 9% to 12% and earnings per diluted share of $2.85 to $2.93. (Corrects percentage net income gain).