Earning Plays

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Thursday, Oct. 9
Prudential: Operating income hurt by market conditions(3:47 pm ET)
SAN FRANCISCO (MarketWatch) -- Prudential Financial Inc. (PRU: news, chart, profile) on Thursday said it expects third-quarter adjusted operating income of 60 cents to 90 cents a share for its financial services unit due to the recent financial market turmoil. The outlook includes a negative pre-tax impact of about $700 million from amortization costs, charges related to investment in fixed income and equity investment funds and other expenses. Prudential also expects third-quarter investment losses of $325 million and $375 million, including losses and impairments on holdings of securities issued by Lehman Brothers and Washington Mutual (WM: news, chart, profile) . At the same time, the company is suspending all buyback of common shares effective Friday. The company said it believes it has the liquidity to meet requirements at the parent company and at all subsidiaries and its fund needs will be modest until the end of the year.
Chico's FAS says September same-store sales tumble 15.6%(8:40 am ET)
NEW YORK (MarketWatch) -- Chico's FAS Inc. (CHS: news, chart, profile) said Thursday that its September sales at stores open at least one year fell 15.6%. Analysts, on average, had expected same-store sales to decline 18.5%, according to Thomson Reuters. Net sales for the five weeks ended Oct. 4 fell 9.3% to $159.5 million. "Our disappointing September sales results reflect the deteriorating macro economic environment," said Chairman and Chief Executive Officer Scott Edmonds. "This, combined with the unstable financial markets, has caused us to essentially withdraw our previous earnings outlook for the second half of this year as predictability of future results is extremely difficult at this time."
RPM International profit up 1.8%, sees tough year ahead(6:43 am ET)
LONDON (MarketWatch) -- Specialty coatings and sealants manufacturer RPM International Inc. (RPM: news, chart, profile) on Thursday reported a 1.8% rise in fiscal first quarter profit as it also said it's likely to face a tougher year than previously anticipated. The group said net profit for the quarter rose to $69.5 million, or 54 cents a share, from $68.3 million, or 53 cents a share a year earlier. Sales for the quarter grew 5.9% to $985.5 million. Analysts polled by FactSet had been expecting earnings of 52 cents a share in the quarter. RPM said the deterioration in the broader economy suggests the remainder of the fiscal year will be more volatile and difficult than previously though. The company said it's expecting earnings for the year of $1.75 to $1.85 a share.
Stage Stores warns as same-store sales slump 13.6%(6:10 am ET)
LONDON (MarketWatch) -- Stage Stores (SSI: news, chart, profile) said comparable store sales tumbled 13.6% in September, leading it to issue a profit warning. Analysts polled by Thomson Reuters had expected a 4% drop. The retailer said because of the anticipated sales shortfall and the increased pressure on gross margin to drive sales, its third quarter earnings will "significantly miss" the low end of its profit view of a one cent per share loss to a 5 cents a share profit. Stage Stores also is going to undertake a review of the carrying value of goodwill that could lead to a charge.
WH Smith profit dips, margin improves(2:58 am ET)
LONDON (MarketWatch) -- U.K. books and stationery retailer WH Smith (UK:SMWH: news, chart, profile) said Thursday that its net profit for the fiscal year ended Aug. 31 fell 1.7% to 59 million pounds from 60 million pounds as revenue rose 4% to 1.35 billion pounds. The group said comparable sales were down 2%, while gross margin improved 1.2 percentage points. The company said that given the current consumer environment it is expecting a "competitive" Christmas trading season and has planned accordingly. It added Finance Director Alan Stewart has indicated his intention to leave the company to pursue other interests and he will be replaced by Robert Moorhead, head of finance for the retail business.
Wood Group says demand has remained high(2:25 am ET)
LONDON (MarketWatch) -- Energy services company John Wood Group Plc (UK:WG: news, chart, profile) said Thursday that demand for its services has remained high despite the significant volatility in financial, commodity and currency markets. "We believe that our oil & gas customers' major development decisions are based on their assessment of longer term oil prices, and they are committed to long term investment programmes," the group said. Wood Group added that its overall funding position remains strong, with bank facilities of around $1 billion committed to July 2010.
Wednesday, Oct. 8
Energy shares retreat ahead of weekly inventory data(9:38 am ET)
NEW YORK (MarketWatch) -- Energy shares fell with the broad market on Wednesday ahead of weekly inventory data and as crude futures fell below $88 a barrel. The Amex Oil Index (XOI: news, chart, profile) fell 1.3% to 947. The Amex Natural Gas Index (XNG: news, chart, profile) gave up 3% to 387. Sector leader Exxon Mobil (XOM: news, chart, profile) rose 43 cents to $76.50. Chevron (CVX: news, chart, profile) , a component of the Dow Jones Industrial Average along with Exxon, rose 3 cents to $73.38. Wall Street expects a 2.2 million barrel increase in petroluem inventories in the past week and an increase of 1.5 million barrels of gasoline, according to estimates reported by Susquehanna Financial.
Saks sees same store sales drop more than 10%(8:46 am ET)
NEW YORK (MarketWatch) -- Saks Inc. (SKS: news, chart, profile) said Wednesday that same store sales for the five weeks ending Oct. 4 dropped 10.9%. Total sales for the period dropped 11.1%, to $273.2 million. "Sales for September were below management's expectations," said Saks in a statement. "Management anticipates the extremely challenging economic environment will continue for the balance of the fiscal year and that comparable store sales for the second half of the fiscal year will fall below its previous expectation of flat to a low-single digit decline."
J.C. Penney posts same-store sales decline, cuts profit view(8:39 am ET)
NEW YORK (MarketWatch) -- J.C. Penney Co. (JCP: news, chart, profile) said Wednesday that its September sales at stores open at least one year fell 12.4%. Analysts, on average, had expected same-store sales to fall 9.9%, according to Thomson Reuters. Total company sales in September fell 10.9%. The retailer cut its third-quarter profit forecast to a range of 50 to 60 cents a share, from its previous view of 70 to 75 cents a share. Analysts polled by FactSet Research were, on average, expecting the company to report a profit of 74 cents a share.
Kohl's Corp. September same-store sales fall 5.5%(8:34 am ET)
NEW YORK (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) said September same-store sales fell 5.5%, compared to the Thomson Reuters estimate for a fall of 6.1%. Total sales rose 0.6%. The Menomonee Falls, Wis. retailer said it expects third-quarter net income at the low end of its forecast of 51 cents to 56 cents a share.
Monsanto reports jump in annual net income(8:32 am ET)
NEW YORK (MarketWatch) -- Monsanto Company (MON: news, chart, profile) reported on Wednesday a near-doubling of its net income in 2008, to $2 billion. The firm had 2007 net income of $993 million. Earnings per share for 2008 were $3.62 on an as-reported basis and $3.64 on an ongoing basis. Earnings per share for 2007 were $1.79. Monsanto said it had record sales of $11.4 billion in 2008, 36% higher than 2007. Monsanto also reported a fourth quarter net loss of $172 million Wednesday, compared to a net loss of $210 million for the fourth quarter of 2007. Loss per share for the fourth quarter was 31 cents on an as-reported basis and 3 cents on an ongoing basis. In the fourth quarter of 2007, loss per share was 39 cents.
The Wet Seal Sept. same-store sales off 7.5%(7:08 am ET)
NEW YORK (MarketWatch) -- The Wet Seal (WTSLA: news, chart, profile) said Wednesday that September same-store sales fell 7.5%. Total sales dipped 3.2% to $51 million. Analysts surveyed by Thomson Financial forecast a loss of 7.3% in September same-store sales. The Foothill Ranch, Calif. retailer continues to expect third-quarter net income of 5 cents a share to 7 cents a share.
Mothers Work widens loss estimate, reports sales fall(6:07 am ET)
LONDON (MarketWatch) -- Mothers Work (MWRK: news, chart, profile) said September same-store sales fell 1.3%, or up 2.7% when adjusting for calendar shift, and warned its fourth-quarter loss would be more than previously forecast. Overall sales fell 6% to $43.7 million. The company noted a fall in Sears leased department sales after closing them all in June as well as closures from Hurricanes Ike and Gustav. It says it will lose between 77 cents and 83 cents a share during the fourth quarter, including a 26-cents per share hit on the retirement of Dan Matthias as CEO, or an adjusted loss between 42 cents and 48 cents a share. It previously guided to an adjusted loss between 23 cents and 39 cents a share.
Costco's profit and sales rise(3:43 am ET)
HONG KONG (MarketWatch) - Costco Wholesale Corp. (COST: news, chart, profile) said Wednesday its fiscal fourth-quarter net income rose to $397.8 million, or 90 cents a share, from $372.4 million, or 83 cents a share, in the year-ago period. The results for the most recent quarter ended Aug. 31 included 7 cents a share in charges, and the year-earlier figure included 8 cents a share in charges, the company said. Net sales rose to $22.63 billion from $20.09 billion. Total revenue, which includes membership fees, rose to $23.1 billion from $20.48 billion. Analysts, on average, expected the warehouse club-operator to earn 92 cents a share, according to FactSet Research. For the month of September, Costco said sales at stores open at least one year rose 7% for the total company, with an 8% gain in the U.S. and a 2% increase internationally. Analysts polled by Thomson Reuters expected same-store sales for the month to rise 7.5%, on average.