Tuesday, April 14
CSX Corp. first-quarter profit slides to 62 cents a share (4:30 pm ET)
SAN FRANCISCO (MarketWatch) -- CSX Corp. (CSX: news, chart, profile) late Tuesday reported its first-quarter net income fell to $246 million, or 62 cents a share, from $351 million, or 85 cents a share, a year earlier. Revenue decreased 17% to $2.2 billion. Analysts polled by FactSet Research had forecast earnings of 54 cents a share on revenue of $2.26 billion. The transportation company also said it "right-sized" its train network and implemented a number of productivity measures which resulted in a 17% decline in operating expenses.
Drug stocks retrench with broader market; J&J gains (9:52 am ET)
BOSTON (MarketWatch) -- Drug stocks retrenched in early action Tuesday as the broader market slumped on disappointing retail sales figures for the month of March. The Amex Pharmaceutical Index ($DRG: news, chart, profile) declined 0.4% to 236.41 and the Amex Biotechnology Index ($BTK: news, chart, profile) fell 1.6% to 621.37. The Dow Jones Industrial Average (DJII: news, chart, profile) gave up over 120 points to rest at 7,932. Industry heavyweight Johnson & Johnson (JNJ: news, chart, profile) defied the downward trend, with shares climbing 2% to $51.90. While the healthcare conglomerate reported moderately lower first-quarter earnings, due in part to a strong U.S. dollar overseas, it stuck by its previously-issued 2009 financial forecast.
Tech stocks fall in early trading ahead of Intel report(9:36 am ET)
SAN FRANCISCO (MarketWatch) - Tech stocks fell in early trading Tuesday on a broad market sell-off. The Nasdaq Composite Index ($COMPQ: news, chart, profile) dropped 1.1% to 1,635 while the Morgan Stanley High Tech 35 Index (MSH: news, chart, profile) was down 0.9%. The Dow Jones Industrial Average was off 85 points, or 1%. Shares of Intel Corp. (INTC: news, chart, profile) were up slightly after the opening bell. The chip-making giant is slated to kick off the earnings season for high-tech with its first-quarter report after the closing bell.
J&J reports moderately lower first-quarter earnings(8:15 am ET)
BOSTON (MarketWatch) -- Johnson & Johnson (JNJ: news, chart, profile) reported moderately lower first-quarter earnings early Tuesday. For the quarter ended March 31, J&J posted a profit of $3.5 billion, or $1.26 a share, compared with $3.6 billion, or $1.26 a share, for the same quarter last year. Revenue came in at $15 billion, down 7% from $16 billion last year, due in part to a stronger U.S. dollar abroad. A poll of analysts by FactSet pegged the healthcare conglomerate at posting earnings of $1.23 a share, on revenue of $15.47 billion. J&J is a component of the Dow Jones Industrial Average (DJII: news, chart, profile) . J&J also confirmed its 2009 adjusted earnings forecast of $4.45 to $4.55 a share.
Grainger first quarter profit slides (8:15 am ET)
NEW YORK (MarketWatch) -- Grainger Inc (GWW: news, chart, profile) said Tuesday that its first quarter profit fell to $96.4 million, or $1.25 a share in the first quarter, from $114.2 million, or $1.41 a share a year ago. Net sales for the quarter fell to $1.47 billion from $1.66 billion last year.
Fastenal earnings per share fall 28% in quarter(8:07 am ET)
NEW YORK (MarketWatch) -- The Fastenal Co. (FAST: news, chart, profile) said Tuesday that first-quarter earnings were $49 million, or 33 cents a share, compared to $68 million, or 46 cents a share, in the same period a year ago. Sales fell to $489 million compared to $566 million. Analysts polled by FactSet Research estimated, on average, earnings per share of 34 cents and sales of $498 million for the Winona, Minn. industrial-supply company.
Aeon Co. posts larger-than-expected loss for the year(3:54 am ET)
TOKYO (MarketWatch) -- Aeon Co. Ltd. reported on Tuesday a net loss of 2.76 billion yen ($27.7 million) for the fiscal year, or a loss of 3.61 per share, blaming a drop in consumer spending, according to Dow Jones. Median market expectations were for a loss of 2 billion yen, according to an estimate provided by FactSet Research. In the same period a year ago, Aeon (JP:8267: news, chart, profile) saw a net income of 43.9 billion yen, or 55.75 yen per share.
Philips raises cost cutting target(2:53 am ET)
LONDON (MarketWatch) -- Dutch conglomerate Philips Electronics (PHG: news, chart, profile) on Tuesday lifted its target for annual cost savings to 500 million euros ($668 million) from 400 million euros. Chief financial officer Pierre-Jean Sivignon told reporters on a conference call that the company will start seeing some of the benefits of its cost cutting in the second quarter and added the firm has nothing further to announce in terms of job cuts having previously said it would cuts its workforce by around 6,000.
Philips reports loss as sales drop 17%(1:17 am ET)
LONDON (MarketWatch) -- Philips Electronics (PHG: news, chart, profile) , the Dutch conglomerate, reported a first-quarter loss of 59 million euros as sales dropped 17% to 5.1 billion euros. It saw further deterioration in its markets, most strongly in activities that cater to the consumer market and to the construction and automotive industries, but also in healthcare. It doesn't expect a material change in the second quarter.
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