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Wednesday, Oct. 22
Sallie Mae quarterly 'core earnings' net income slides (5:44 pm ET)
SAN FRANCISCO (MarketWatch) -- SLM Corp. (SLM: news, chart, profile) , more commonly known as Sallie Mae, late Wednesday reported third-quarter "core earnings" net income of $117 million, or 19 cents a share, down from $259 million, or 59 cents a share, in the third quarter of last year. Earnings on a "core" basis exclude the effect of accounting for derivatives. The educational lender reported a net loss of $159 million or 40 cents a share, narrowing from a loss of $344 million or 85 cents a share, in the third quarter of 2007.
Noble Corp. profit rises on strong oil drilling demand (5:24 pm ET)
SAN FRANCISCO (MarketWatch) -- Offshore oil driller and rig owner Noble Corp. (NE: news, chart, profile) reported late Wednesday third-quarter net income rose to $382.5 million, or $1.43 a share from $318.3 million, or $1.18 a share, a year ago. Revenue for the three months ended Sept. 30 rose 16% to $835 million. Analysts surveyed by FactSet had predicted the Sugar Land, Texas-based company would earn $1.38 a share on $866 million in sales. Shares of Noble closed ahead of the report with a 16% loss at $25.59. The stock is down 50% over the past 12 months.
Smurfit-Stone posts profit on tax issue, sales flat(5:15 pm ET)
SAN FRANCISCO (MarketWatch) -- Smurfit-Stone Container Corp. (SSCC: news, chart, profile) , a provider of cardboard boxes and paper packaging, late Wednesday swung to a third-quarter profit of $62 million, or 24 cents a share. The profit was largely helped by resolving Canadian tax issues. A year-earlier, the company lost $96 million, or 38 cents a share. Sales for the quarter ended Sept. 30 were almost unchanged from a year ago at $1.8 billion. Smurfit-Stone, whose shares are down 92% this year, said it's in compliance with all its financial covenants. And despite the global economic slowdown, the company said its fourth-quarter results will be better than the just-ended quarter, driven by higher selling prices and lower costs. Smurfit-Stone shares closed at 87 cents.
Pulte Homes third-quarter loss narrows to $1.11 a share (5:08 pm ET)
SAN FRANCISCO (MarketWatch) -- Pulte Homes Inc. (PHM: news, chart, profile) late Wednesday reported its third-quarter loss narrowed to $280.4 million, or $1.11 a share, from a loss of $787.9 million, or $3.12 a share, in the third quarter of 2007. The quarterly loss includes a $266.6 million pre-tax charges related to inventory impairments and other land-related charges. Revenue decreased to $1.56 billion from $2.47 billion in the same period a year earlier, said the Bloomfield Hills, Mich.-based company. Analysts surveyed by FactSet Research had projected the company to report a loss of 52 cents on revenue of $1.57 billion. Net new home orders for the quarter totaled 3,008 homes, a 34% decline from the same quarter a year ago.
Con-way posts higher profit (5:04 pm ET)
SAN FRANCISCO (MarketWatch) -- Freight and trucking company Con-way Inc. (CNW: news, chart, profile) reported late Wednesday third-quarter net income rose to $38.8 million, or 81 cents a share, from $37.3 million, or 78 cents a share, a year ago. The year-ago profit included a one-time, after-tax charge that trimmed 9 cents a share from the bottom line. Revenue for the three months ended Sept. 30 rose 23% to $1.37 billion from $1.11 billion. Analysts polled by FactSet were looking for earnings of 65 cents a share on revenue of $1.28 billion. Con-way stuck by its earlier full-year earnings estimate of $2.60 to $2.80 a share. Shares of the San Mateo, Calif.-based company closed ahead of the report with a 4% loss at $33.48. The stock is down 23% over the past 12 months.
Amerigroup net up; beats estimates by 23 cents(4:49 pm ET)
LOS ANGELES (MarketWatch) -- Amerigroup Corp. (AGP: news, chart, profile) said after the close Wednesday that third-quarter net income was $39.4 million, or 74 cents a share, compared with $31.2 million, or 58 cents a share, for the same period a year ago. Sales for the Virginia Beach, Va.-based health insurer were $1.12 billion vs. last year's $1.03 billion. Analysts polled by FactSet Research expected the company to earn 51 cents a share during the quarter. The company also raised its operating earnings estimate for the year to a range of $2.58 to $2.63 a share, from $2.30 to $2.40. Its 2009 estimate is now $2.50 to $2.65 a share. Amerigroup shares ended the day down 9.4% to $17.82.
CORRECT: Citrix Systems posts quarterly slip in profits(4:39 pm ET)
SAN FRANCISCO (MarketWatch) -- Citrix Systems Inc. said Wednesday its fiscal third-quarter net income fell to $49.1 million, or 26 cents a share, from $60.7 million, or 33 cents a share in the same period a year earlier. The Fort Lauderdale, Florida-based business software maker said revenue for the period ended Sep. 30 rose to $398.9 million from $349.9 million. Excluding special items, Citrix (CTXS: news, chart, profile) said earnings for the period rose to 43 cents a share. (Corrects revenue figure for the period.)
Torchmark quarterly net income falls 52%(4:37 pm ET)
SAN FRANCISCO (MarketWatch) -- Torchmark Corp. (TMK: news, chart, profile) said late Wednesday that third-quarter net income came in at $63.2 million, or 72 cents a share, down 52% from a year earlier when the insurer made $132.9 million, or $1.41 a share. The company realized losses of $71.4 million on its investments. Operating income, which excludes net realized investment gains and losses, came in at $132.3 million, or $1.51 a share. Torchmark was expected to make $1.50 a share, according to the average estimate of 12 analysts in a FactSet survey.
Ryland third-quarter loss widens to $1.54 a share (4:30 pm ET)
SAN FRANCISCO (MarketWatch) -- The Ryland Group (RYL: news, chart, profile) late Wednesday reported its third-quarter loss widened to $65.7 million, or $1.54 a share, from a net loss of $54.7 million, or $1.30 a share, in the third quarter of 2007. Revenue fell to $543.8 million from $737.2 million in the same period last year. The homebuilder took pretax charges of $60.4 million for inventory valuation adjustments. Analysts surveyed by FactSet Research had forecast the company to lose 77 cents a share on revenue of $491.9 million. Homebuilding revenues slid to $526.2 million from $717.5 million in the year-earlier quarter while new orders decreased 31.6%. The company said its inventory of unsold homes stood at 719 units at the end of September, down 12.6% from the end of 2007.
Allstate reports $923 million quarterly net loss(4:29 pm ET)
SAN FRANCISCO (MarketWatch) -- Allstate Corp. (ALL: news, chart, profile) late Wednesday reported a third-quarter net loss of $923 million, or $1.71 a share, as the property and casualty insurer paid big hurricane-related claims and realized more than $1 billion of pre-tax investment losses. On an operating basis, which excludes net realized investment gains and losses, Allstate said it lost $190 million, or 35 cents a share. Allstate was expected to make 77 cents a share, according to the average estimate of 17 analysts in a FactSet survey.
C.R. Bard profit jumps 9% on improved margins(4:28 pm ET)
SAN FRANCISCO (MarketWatch) -- C.R. Bard, Inc. (BCR: news, chart, profile) late Wednesday reported a third-quarter profit of $111.2 million, or $1.09 a share, up from $102.1 million, or 96 cents a share, a year ago. Revenue rose 13% to $616 million. Analysts polled by FactSet Research were looking for a profit, on average, of $1.08 a share on sales of $611 million. The Murray Hill, N.J.-based medical device company attributed the improvement to increased demand for its broader product portfolio as well as expanded margins.
Amgen reports dramatically higher earnings on charges(4:22 pm ET)
BOSTON (MarketWatch) -- Amgen Inc. (AMGN: news, chart, profile) reported dramatically higher earnings late Wednesday, due largely to higher sales and hefty charges taken in the year-ago period. For the third quarter, Amgen posted net income of $1.16 billion, or $1.09 a share. This compares with $201 million, or 18 cents a share for the same quarter last year, which featured massive charges for acquisitions and restructuring. Excluding such charges, Amgen would had reported adjusted earnings of $1.23 a share versus $1.08 share. Revenue rose 7% to $3.88 billion. A poll of analysts by FactSet Research pegged the biotech giant at reporting earnings per share of $1.09, on revenue of $3.68 billion.
Seagate Technology earnings fall to $60 million(4:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Seagate Technology (STX: news, chart, profile) on Wednesday reported a fiscal first-quarter profit of $60 million, or 12 cents a share, on revenue of $3.03 billion. During the same period a year ago, the hard-disk drive maker earned $355 million, or 64 cents a share, on $3.3 billion in sales. Excluding charges and one-time items of 14 cents a share, Seagate would have earned 26 cents a share. Analysts surveyed by FactSet Research had forecast a profit of 26 cents a share on revenue of $3.17 billion.
Amazon posts quarterly profit, sales gains(4:07 pm ET)
SAN FRANCISCO (MarketWatch) - Amazon.com Inc. said Wednesday its fiscal third-quarter net income rose 48% to $118 million, or 27 cents a share, from $80 million, or 19 cents a share in the same period a year earlier. Revenue for the period ended in September rose 31% to $4.26 billion. Analysts on average had estimated that the online retailer (AMZN: news, chart, profile) would post earnings of 25 cents a share for the quarter, and $4.27 billion in revenue, according to FactSet Research.
Blockbuster comfortable with analysts' third-quarter outlook(3:49 pm ET)
SAN FRANCISCO (MarketWatch) -- Blockbuster Inc. (BBI: news, chart, profile) said Wednesday it is reaffirming its 2008 adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, outlook and expressed "comfort" with analysts' estimates. Analysts surveyed by FactSet Research are forecasting the company to report a loss of 15 cents a share on revenue of $1.27 billion in the third quarter. For 2008, Wall Street is projecting the company to report EBITDA of $304.7 million. Blockbuster also said its domestic same-store revenues rose 5.1% while its domestic same-store rental revenues increased 0.8% in the third quarter. The company is scheduled to release third-quarter results on Nov. 6 after the financial markets close.
Energy stocks fall sharply on lower crude(9:40 am ET)
NEW YORK (MarketWatch) -- Investors in energy stocks shrugged off double-digit earnings gains from ConocoPhillips (COP: news, chart, profile) and Baker Hughes (BHI: news, chart, profile) on Wednesday amid a sell-off tied to sharply lower crude oil futures. The Amex Oil Index (XOI: news, chart, profile) fell back by 5% to 860, led lower by a 17% dip from Repsol (REP: news, chart, profile) . The Amex Natural Gas Index (XNG: news, chart, profile) dropped 5.1% to 398. Crude futures fell $3.26 to $68.92. ConocoPhillips (COP: news, chart, profile) subtracted 5% to $51.26. Baker Hughes (BHI: news, chart, profile) retreated 15.6% to $32.67.
Apple, EMC rise, but most other tech stocks retreat early(9:39 am ET)
SAN FRANCISCO (MarketWatch) -- Technology stocks showed some signs of life in early trading Wednesday, but the overall sector was in the red, due to broad-market fears about the economy. The tech-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) fell 22 points to 1,675, with losses coming from Microsoft Corp. (MSFT: news, chart, profile) , Intel Corp. (INTC: news, chart, profile) and Dell Inc. (DELL: news, chart, profile) . However, some gainers emerged, as Apple Inc. (AAPL: news, chart, profile) rose $7.79 a share, or almost 9%, to $99.57 and EMC Corp. (EMC: news, chart, profile) added 61 cents, or 6.3%, to reach $10.26 following those companies' strong earnings reports.
Genzyme posts higher adjusted profit(9:25 am ET)
NEW YORK (MarketWatch) -- Genzyme Corp. (GENZ: news, chart, profile) said Wednesday that its third-quarter net income fell to $119.6 million, or 42 cents a share, from $159.3 million, or 58 cents a share, in the year-ago period. Results in the most recent quarter reflect a $100 million licensing fee for PTC124, a genetic disease drug in late-stage development. On an adjusted basis, quarterly profit was $1.04 a share. On average, analysts polled by FactSet Research expected earnings of 92 cents a share. Revenue at the biotechnology company rose to $1.16 billion from $960.2 million. Genzyme said it expects adjusted earnings of about $4.70 a share in 2009, rising to about $7.00 a share by 2011.
ConocoPhillips net income climbs 41%(8:41 am ET)
NEW YORK (MarketWatch) -- ConocoPhillips (COP: news, chart, profile) said Wednesday third-quarter net income rose to $5.19 billion, or $3.39 a share from $3.67 billion, or $2.23 a share in the year-ago period. The latest period includes adjustments for its 2007 Venezuela impairment. Analysts expected earnings of $3.22 a share, according to a survey by FactSet Research. "Our U.S. operations were impacted by Hurricanes Gustav and Ike during the quarter, but despite these impacts, our overall operating performance was good," said Jim Mulva, chairman and chief executive officer. Revenue rose to $71.4 billion from $47.9 billion. Third-quarter average realized price per barrel of oil rose to $114.20 from $73.01, but fell from $119.24 in the second quarter.
Northern Trust swings to loss after charges(8:28 am ET)
BOSTON (MarketWatch) -- Northern Trust Corp. (NTRS: news, chart, profile) before Wednesday's opening bell said it swung to a third-quarter loss of $129.4 million, or 58 cents a share, from net income of $208.3 million, or 93 cents a share, in the year-earlier quarter. The Chicago-based custody bank and asset manager said the latest quarter's results included after-tax charges of $353.2 million, or $1.59 a share, related to previously disclosed steps to support its clients and investors during the upheaval in credit markets. Total revenue rose 5% to $938.5 million, while analysts polled by Thomson Reuters had forecast revenue of $1.06 billion. The third quarter "represented an extraordinarily challenging period for the financial-services industry and world economy," said Northern Trust Chief Executive Frederick Waddell in the earnings release.
Ryder third-quarter profit rises despite slower sales(8:13 am ET)
NEW YORK (MarketWatch) -- Ryder System Inc. (R: news, chart, profile) said Wednesday its third-quarter profit totaled $70.2 million, or $1.25 a share, from $65.5 million, or $1.11 a share, in the same quarter a year before. Analysts had expected earnings on average of $1.27 a share, according to a FactSet Research survey, compared to adjusted profit of $1.22 a share. Revenue for the quarter, however, fell to $1.626 billion compared to $1.648 billion in the year-ago period. Ryder also cut its full-year 2008 profit forecast to $4.43-$4.53 a share from a previous projection of $4.60-$4.70. For the fourth quarter, it foresees earnings at $1.03-$1.13 a share.
Rohm and Haas net edges up ahead of Dow Chemical acquisition(8:08 am ET)
LONDON (MarketWatch) -- Rohm and Haas (ROH: news, chart, profile) said its third-quarter profit edged up to $131 million, or 67 cents a share, from $129 million, or 61 cents a share, while sales rose 12% to $2.47 billion. Adjusted earnings excluding 24 cents a share of one-time items would have climbed to 90 cents a share, up 3%. The company, which is being bought by Dow Chemical (DOW: news, chart, profile) , was forecast to earn 87 cents a share, according to analysts polled by FactSet Research.
Reynolds American net falls 41%(7:54 am ET)
NEW YORK (MarketWatch) -- Reynolds American Inc. (RAI: news, chart, profile) on Wednesday said third-quarter net income fell 41% to $211 million, or 72 cents a share, from $358 million, or $1.21 a share in the year-ago period. Excluding items, the Winston-Salem, N.C. owner of R.J. Reynolds Tobacco Co. earned $1.29 a share in the latest period. Revenue fell 1% to $2.27 billion. Wall Street analysts expected earnings of $1.20 a share and revenue of $2.26 billion, according to a survey by FactSet Research. Reynolds American said it now expects adjusted 2008 earnings to increase by the low single digits, compared to its earlier projection for an in-line year.
General Dynamics quarterly profit up 16% to $634 million(7:47 am ET)
NEW YORK (MarketWatch) -- General Dynamics (GD: news, chart, profile) said Wednesday its third-quarter profit rose 16.1% to $634 million, or $1.59 a share, from $546 million, or $1.34 a share, in the same quarter a year before. Analysts had expected earnings on average of $1.51 a share, according to a FactSet Research survey. Sales for the quarter was $7.14 billion compared to $6.83 billion in the year-ago period. The Falls Church, Va., company said its total backlog at the end of the quarter was $60.5 billion, compared to $55.3 billion at the end of the previous quarter.
Applied Biosystems first-quarter profit jumps to $77 million(7:22 am ET)
NEW YORK (MarketWatch) -- Applied Biosystems Inc. (ABI: news, chart, profile) said Wednesday its first-quarter profit totaled $77.2 million, or 44 cents a share, from $61.7 million, or 32 cents a share, in the same quarter a year before. The company said its prior results were restated to reflect the spin-off of its Celera Group into a separately traded company in July. Analysts had expected earnings on average of 40 cents a share, according to a FactSet Research survey. Revenue for the quarter was $533 million compared to $501 million in the year-ago period.
EMC posts lower third-quarter profit(7:19 am ET)
NEW YORK (MarketWatch) -- EMC Corp. (EMC: news, chart, profile) said Wednesday that its third-quarter net income fell to $411.3 million, or 20 cents a share, from $492.9 million, or 23 cents a share, in the year-earlier period. Adjusted to exclude items, earnings were 25 cents a share, up from the year-earlier 22 cents. On average, analyst polled by FactSet Research expected earnings of 20 cents a share. The Hopkinton, Mass., data systems company said quarterly consolidated revenue grew to $3.72 billion from $3.3 billion a year ago. EMC said it expects fourth-quarter earnings of 23 cents to 24 cents a share. Excluding items, it projects a profit of 30 cents to 31 cents in the period. Wall Street is looking for 25 cents a share, according to FactSet.
Wachovia posts $24 billion loss ahead of Wells Fargo deal(7:17 am ET)
NEW YORK (MarketWatch) -- Wachovia Corp. (WB: news, chart, profile) on Wednesday said it swung to a third-quarter loss of $4.8 billion, or $2.23 a share, excluding impairment and expenses. Total third-quarter loss totaled $23.9 billion, or $11.09 a share. In the year-ago period, Wachovia posted a net income of $1.7 billion, or 90 cents a share. The Charlotte, N.C. lender said it's on track to close its sale to Wells Fargo (WFC: news, chart, profile) . "We believe that it was prudent for Wachovia to put these losses behind them," said Wells Fargo's Chief Financial Officer Howard Atkins. "The asset write-downs, reserve build, and other items are consistent with our acquisition assumptions."
First Midwest profit down 11% as loan loss provisions rise(7:10 am ET)
LONDON (MarketWatch) -- First Midwest Bancorp. (FMBI: news, chart, profile) said Wednesday that its third-quarter net profit fell 11% to $24.2 million, or 50 cents a share, from $27.2 million, or 55 cents a share, a year earlier. Total interest income for the quarter fell around 15% to $101.5 million. Excluding a $1.7 million write-off and a tax gain of $2.5 million, earnings in the latest quarter were 47 cents a share. Analysts polled by FactSet were expecting earnings of 51 cents a share. The group said the lower profit was largely due to higher loan loss provisions, which rose to $13 million from $470,000.
Philip Morris third-quarter net income up 21%, affirms view(7:08 am ET)
LONDON (MarketWatch) -- Tobacco giant Philip Morris International, Inc. (PM: news, chart, profile) said third-quarter earnings rose 21% to $2.08 billion, or $1.01 a share, from $1.73 billion, or 82 cents a share, earned in the year-earlier quarter. Adjusted earnings came in at 93 cents a share, beating consensus forecasts of 90 cents a share, according to a poll of 11 analysts surveyed by FactSet Research. Sales rose 17.5% to $6.95 billion, helped by favorable currency fluctuations. The company affirmed its outlook for 2008 adjusted earnings per share in the range of $3.32 to $3.38. Philip Morris increased its quarterly dividend by 17.4% to 54 cents a share.
Glaxo profit drops 21.5%, won't buy back stock in 2009(7:07 am ET)
LONDON (MarketWatch) -- GlaxoSmithKline (GSK: news, chart, profile) (UK:GSK: news, chart, profile) , Europe's largest drugmaker, said third-quarter net income fell 21.5% to 1.06 billion pounds ($1.72 billion), while revenue rose 7% to 5.88 billion pounds. Glaxo said sales growth in vaccines, emerging markets and consumer healthcare helped offset impact of generic competition to U.S. pharmaceuticals. It's upping its third-quarter dividend by 8% to 14 pence a share but said it doesn't plan to make stock buybacks in 2009. Glaxo said it's only seen a modest impact on its consumer products in certain territories from the global economy "changes" and said there are around 30 assets in late-stage development.