Earning Plays

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Tuesday, Dec. 23
American Greetings swings to third-quarter loss on charges(7:45 am ET)
NEW YORK (MarketWatch) -- American Greetings (AM: news, chart, profile) said Tuesday that it swung to a third-quarter loss of $193.3 million, or $4.25 a share, from a profit of $29 million, or 52 cents a share, in the year-earlier period. In the latest quarter, goodwill and other asset-impairment charges reduced earnings by $4.46 a share. Revenue for the company declined to $454.1 million from $485.8 million. The Cleveland, Ohio-based greeting-card company said it cannot provide an earnings forecast for the rest of the fiscal year, citing the possibility of more store closings as one contributing factor.
Old Dominion Freight lowers 2008 profit forecast(7:03 am ET)
WASHINGTON (MarketWatch) -- Old Dominion Freight Line Inc. (ODFL: news, chart, profile) , citing "difficult" economic conditions, has revised lower its 2008 profit range. As revised, the Thomasville, N.C.-based less-than-truckload carrier said it sees earnings for the year in a range of $1.73 to $1.76 a share. Old Dominion has previously pegged 2008 profit to come within a range of $1.90 to $1.95 a share; the consensus analyst estimate as compiled by FactSet Research stands at $1.87 a share. Earl Congdon, the company's executive chairman, pointed to weakness in tonnage, competitive pricing pressures and harsh weather seen recently in parts of the U.S. as factors behind the revision.
Monday, Dec. 22
Unisys to lay off 1,300 in cost-cutting move(7:09 pm ET)
SAN FRANCISCO (MarketWatch) -- Unisys Corp. (UIS: news, chart, profile) said Monday evening that it plans to take "agressive actions" to reduce costs, which will include laying off about 1,300 workers. In a statement, the IT services company said it will also seek reductions in third-party expenses, facility consolidations and a suspension of company matching contributions to the U.S. 401(k) plan. The company also said it will forgo 2009 salary increases in most of its markets. Unisys said it will take a restructuring charge of $80 million to $85 million in the fourth quarter as a result of the cost reductions.
Red Hat earnings grow nearly 20% in third quarter(4:12 pm ET)
SAN FRANCISCO (MarketWatch) -- Red Hat Inc. (RHT: news, chart, profile) said Monday afternoon that earnings for the third fiscal quarter grew nearly 20% despite a hit to revenue from unfavorable exchange rates. For the period ended Nov. 30, the company reported net income of $24.3 million, or 12 cents per share, compared to earnings of $20.3 million, or 10 cents per share, for the same period last year. Excluding stock-based compensation and other charges, the company said it would have earned $48.4 million, or 24 cents a share, for the recent period. Revenue grew 22% to $165.3 million. Analysts were expecting earnings of 18 cents a share on revenue of $166.4 million, according to estimates from Thomson Reuters.