Earning Plays

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Wednesday, Oct. 1
Mosaic first-quarter net income jumps to $2.65 a share (5:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Mosaic Co. (MOS: news, chart, profile) late Wednesday reported its fiscal first-quarter net income rose to $1.18 billion, or $2.65 a share, from $305.5 million, or 69 cents a share, in the first quarter of last year. Foreign currency transaction gains totaled 13 cents a share in the quarter, compared with a loss of 3 cents a share a year earlier. Mosaic also said net unrealized mark-to-market derivative losses impacted gross margin by 18 cents a share, compared to net unrealized derivative losses of 5 cents a share a year ago. Revenue increased to $4.32 billion from $2 billion in the same period in 2007, said the Plymouth, Minn.-based fertilizer and feed company. Analysts surveyed by FactSet Research had forecasted the company to earn $2.83 a share on $4.05 billion in revenue.
Nabors sees quarterly profit of 65 cents to 68 cents a share(4:56 pm ET)
SAN FRANCISCO (MarketWatch) -- Nabors Industries (NBR: news, chart, profile) late Wednesday forecasted third-quarter earnings of 65 cents to 68 cents a share even after accounting for higher than expected operating income. The company is expecting a non-cash charge to its investment income of about $22 million, or 7 cents a share, before taxes, said Nabors. It projected another 5 cents a share charge for property losses from Hurricane Gustav and Hurricane Ike and a tax adjustment of nearly 6 cents a share as North American income exceeds earlier forecast. Analysts surveyed by FactSet Research are predicting the drilling contractor to earn 80 cents a share in the third quarter.
Immucor first-quarter net income rises to 28 cents a share (4:26 pm ET)
SAN FRANCISCO (MarketWatch) -- Immucor Inc. (BLUD: news, chart, profile) said late Wednesday that fiscal first-quarter profit rose to $20 million, or 28 cents a share, from $17.8 million, or 25 cents a share, a year ago. Revenue increased to $73.2 million from $63.6 million last year. Analysts surveyed by FactSet Research had forecast the company to earn 23 cents a share on revenue of $70.9 million. The medical test maker expects earnings to range from 94 cents to 98 cents a share and revenue of $292 million to $300 million in fiscal 2009. It projected a gross margin of 70% to 71%. Wall Street is forecasting the company to report earnings of 93 cents a share on revenue of $296.7 million.
Micron sees losses deepen on inventory, pricing charges(4:10 pm ET)
SAN FRANCISCO (MarketWatch) -- Micron Technology Inc. (MU: news, chart, profile) said its net loss deepened during its fourth fiscal quarter thanks mostly to charges related to inventory write-downs and price adjustments. For the period ended Aug. 28, the maker of memory chips reported a net loss of $344 million, or 45 cents a share, compared to a loss of $158 million, or 21 cents a share, for the same period last year. Excluding certain charges, the company said it would have lost $209 million, or 27 cents a share, for the recent quarter. Revenue rose slightly to $1.45 billion. Analysts were expecting a loss of 23 cents a share on revenue of $1.55 billion, according to consensus estimates from FactSet Research.
General Electric shares drop 9% on GE Capital concerns(11:15 am ET)
SAN FRANCISCO (MarketWatch) -- General Electric Co. (GE: news, chart, profile) shares fell 9% in midmorning trading Wednesday as Deutsche Bank lowered its expectations on the industrial conglomerate. Deutsche Bank shaved GE's stock-price target to $26, from $28. The broker also cut its 2008 earnings forecast to $2 a share, from $2.20. "Our adjustments largely reflect deterioration at GE Capital-driven by tighter credit markets, asset shrinkage and debt pay-down," wrote analyst Nigel Coe. In recent action, GE shares traded at $23.23, down $2.28. The stock, a component of the Dow Jones Industrial Average, is down 37% so far this year. By comparision, the Dow is down 20%.
Pritchard Capital trims Schlumberger view on hurricane costs(10:12 am ET)
NEW YORK (MarketWatch) -- Pritchard Capital on Wednesday reduced its third-quarter earnings target for Schlumberger (SLB: news, chart, profile) to reflect costs from Hurricanes Ike and Gustav after the oil services bellwether's meeting with investors. Pritchard now expects profit of $1.23 a share, down a nickel. Schlumberger stuck to its operating earnings forecasts as it takes aim at the beginning of a new stage of growth characterized by offshore exploration around the world, analysts noted.
Energy stocks fall with broad market(9:33 am ET)
NEW YORK (MarketWatch) -- Energy stocks felll with the broad market on Wednesday. The Amex Oil Index (XOI: news, chart, profile) subtracted 1.4% to 1,140. The Amex Natural Gas Index (XNG: news, chart, profile) fell 1.6% to 497. Investors are looking toward the latest weekly petroleum inventory in the wake of hurricanes Ike and Gustav.
ConocoPhillips promotes CFO to COO, names new CFO(8:42 am ET)
NEW YORK (MarketWatch) -- ConocoPhillips (COP: news, chart, profile) on Wednesday named John Carrig, currently executive vice president, Finance, and chief financial officer, as president and chief operating officer. He will continue to report to CEO Jim Mulva. Sig Cornelius, currently senior vice president, Planning, Strategy & Corporate Affairs, will become senior vice president, Finance, and chief financial officer of the oil major.
Petrohawk Energy trims capital budget by $500 million(7:11 am ET)
NEW YORK (MarketWatch) -- Petrohawk Energy Corp. (HK: news, chart, profile) said it's reducing its capital budget by 33% to $1 billion in 2009, as the Houston-based natural gas producer zeroes in on projects in the Haynesville and Fayetteville Shales. The company reiterated its third-quarter production estimate of 310 to 320 million cubic feet a day, and said it's considering the sale of fields in West Texas and Southeastern New Mexico.
Wolverine lifts outlook as profit climbs 6%(6:47 am ET)
LONDON (MarketWatch) -- Footwear company Wolverine World Wide Inc. (WWW: news, chart, profile) said Wednesday that its third-quarter net profit rose 5.8% to $31.2 million, or 62 cents a share, from $29.5 million, or 54 cents a share, as it also raised its earnings forecast for the year. Wolverine, which owns brands including Merrell and Hush Puppies, said revenue in the quarter ended Sept. 6 rose 2.8% to $318.9 million. Analysts polled by FactSet were expecting earnings of 60 cents a share in the latest quarter. Wolverine said it benefited from strong sales growth for Merrell as well as an improved margin across the group. based on the strength of the third quarter, the company said it has raised its earnings guidance for the year to a range of $1.87 to $1.92 a share.
Pediatrix Medical warns on third, fourth quarter earnings(6:10 am ET)
LONDON (MarketWatch) -- Pediatrix Medical Group (PDX: news, chart, profile) issued a profit warning for the third and fourth quarters, citing a shift in reimbursement for patient care from commercial payors to government payors and same-unit neonatal intensive care unit patient volume at the lower end of a predicted drop between 1% and 4%. It now sees third-quarter earnings per share between 81 cents and 83 cents a share and said it can't confirm its fourth-quarter view of 84 cents to 87 cents a share. Pediatrix had predicted third-quarter earnings of 84 cents a share.