Earning Plays

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Monday, Jan. 5
LDK cuts fourth-quarter revenue outlook on slower demand(4:57 pm ET)
SAN FRANCISCO (MarketWatch) -- LDK Solar Co. (LDK: news, chart, profile) late Monday cut its fourth-quarter revenue outlook to $425 million to $435 million from $555 million to $565 million previously forecast on slower demand. The manufacturer of multicrystalline solar wafers said clients requested delays in shipments until 2009 due to the current economic crisis and tight credit markets. It expects gross margin to drop to 10% to 13% from 18% to 21% previously projected. The company sees revenue of $2.3 billion to $2.5 billion and a gross margin of 22% to 27% in fiscal 2009.
Energy stocks rise with crude prices (9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose with oil prices on Monday. The Amex Oil Index (XOI: news, chart, profile) rose 26 cents to $46.60. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1% to 399. Crude futures advanced 26 cents to $46.60.
Pepco Energy wins $5 billion government contract(9:34 am ET)
NEW YORK (MarketWatch) -- Pepco Energy Services, a unit of Pepco Holdings Inc. (POM: news, chart, profile) , said it won a five year contract worth up to $5 billion from the U.S. Department of Energy. Pepco Energy Services conducts comprehensive energy audits and identifies improvements that will save energy at government facilities. In consultation with agency customers, Pepco Energy Services will design and construct projects that meet the agency's needs and arranges financing to pay for it. These improvements are projected to generate savings sufficient to pay for the project over the term of the contract.
Borders same-store holiday sales drop more than 14%(9:03 am ET)
NEW YORK (MarketWatch) -- Borders Group (BGP: news, chart, profile) said Monday that sales at Borders superstores open more than a year fell 14.4% during the holiday season, as compared to the same period in 2007. The group's total consolidated sales were $868.8 million, an 11.7% decline during the nine weeks ended Jan. 3 from the year before. Total sales for just the Borders superstore segment were $652.6 million, a 13.6% decrease. Borders.com sales for the holiday period were $20.3 million. "Overall, holiday sales started slow and improved during the latter part of the season," the books and music retailer said.
Progress Energy sees adjusted profit of $2.95-$3.10 a share(8:53 am ET)
NEW YORK (MarketWatch) -- Progress Energy Inc. (PGN: news, chart, profile) said Monday it expects adjusted 2009 earnings of $2.95 to $3.15 a share, compared to the latest Wall Street estimate of $3.10 a share in a survey of analysts by FactSet Research. The Raleigh, N.C. utility also plans to cut its capital spending plans by $250 million. "In the midst of a global economic slowdown, our company is continuing to deliver superior service for our customers, create value for our shareholders and control our costs," the company said.
Apple chief Steve Jobs afflicted with 'hormone imbalance'(8:35 am ET)
NEW YORK (MarketWatch) -- Apple (AAPL: news, chart, profile) CEO Steve Jobs said Monday he's been afflicted by a hormone imbalance that has caused weight loss. "The remedy for this nutritional problem is relatively simple and straightforward, and I've already begun treatment," Jobs said in an open letter to the Apple community. "But, just like I didn't lose this much weight and body mass in a week or a month, my doctors expect it will take me until late this Spring to regain it. I will continue as Apple's CEO during my recovery." Apple's board of directors said in a separate statement it supports his actions.
Truck maker Navistar sees '09 profit of $5.10-$5.60 a share(7:11 am ET)
NEW YORK (MarketWatch) -- Navistar International Corp. (NAV: news, chart, profile) said Monday it expects 2009 earnings of $5.10 to $5.60 a share. Analysts had expected earnings of $6.45 a share from the Warrenville, Ill. truck maker. Navistar said its forecast is based on current market conditions. "Our profitability in 2008 in turbulent economic conditions demonstrates our ability to grow outside our core North American business by growing beyond the cyclicality of our traditional markets into other profitable businesses," Navistar said.
U.K. regulator probing profit warning wave: report(2:42 am ET)
LONDON (MarketWatch) -- The U.K. Financial Services Authority is probing leading companies over possible failure to disclose key information to the stock market, according to a report in the Financial Times that cited a former prosecutor and unnamed lawyers for big companies. The FSA's inquiries have led to an increase in cases referred to its enforcement department for full investigation, people familiar with the matter told the newspaper. Firms that have been probed include Rentokil Initial (UK:RTO: news, chart, profile) and Rok (UK:ROK: news, chart, profile) , the newspaper added. Rentokil said it had received no sanction, and Rok said it was told the regulator's approach was not unusual.
Friday, Jan. 2
Dynegy dissolving greenfield joint venture with LS Power(9:18 am ET)
NEW YORK (MarketWatch) -- Dynegy Inc (DYN: news, chart, profile) said Friday it would dissolves a joint venture with LS Power Associates, L.P. LS Power will receive $19 million in cash during the first quarter to reflect the relative value of assets exchanged. Dynegy said it would record a loss in 2009 related to the transaction. LS Power will acquire full ownership and developmental rights associated with various "greenfield" projects under consideration in Arkansas, Georgia, Iowa, Michigan and Nevada.
Sunoco Inc. draws downgrade at Soleil Securities (7:23 am ET)
NEW YORK (MarketWatch) -- Sunoco Inc. (SUN: news, chart, profile) drew a downgrade to hold from buy at Soleil Securities on Friday, amid concerns over rising distillate inventories. Despite a positive outlook for Sunoco's Coke and Logistics units, the Philadelphia petroleum refining firm could face more depressed refining margins, noted analyst Jacques Rousseau. Sunoco's share price has risen 25% since Dec. 15, ahead of the 15% gain for its peer group, and well ahead of the 4% rise in the S&P 500.
Wednesday, Dec. 31
Petroleum shares ending year with modest losses(9:42 am ET)
NEW YORK (MarketWatch) -- Energy stocks began the last trading day of 2008 with modest losses. The Amex Oil Index (XOI: news, chart, profile) fell 0.3% to 966.6. The Amex Natural Gas Index (XNG: news, chart, profile) traded flat at 371.
GMAC to issue $11.6 billion in new notes(8:25 am ET)
NEW YORK (MarketWatch) -- GMAC said Wednesday it will issue $11.9 billion in new GMAC senior guaranteed notes of various series and approximately $2.6 billion aggregate liquidation preference of new GMAC cumulative perpetual preferred stock. The financing arm owned by Cerberus Capital Management L.P. and General Motors Corp. (GM: news, chart, profile) consumated private exchange offers and cash tender offers to purchase or exchange its debt.