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Monday, May 4
MGM Mirage profit dips slightly, bolstered by sale(6:14 pm ET)
SAN FRANCISCO (MarketWatch) -- MGM Mirage (MGM: news, chart, profile) late Monday reported a first-quarter profit of $105.2 million, or 38 cents a share, down from $118.3 million, or 41 cents a share, a year earlier. Excluding a one-time gain of 44 cents a share relating to the sale of its Treasure Island casino, the company would have lost 6 cents a share. Analysts polled by FactSet Research were looking for a loss, on average, of 7 cents a share. Revenue fell 20% to $1.5 billion due to increased convention cancellations and less spending in the casinos.
EOG posts $158.7M profit(5:22 pm ET)
SAN FRANCISCO (MarketWatch) -- EOG Resources (EOG: news, chart, profile) reported late Monday first-quarter net income fell to $158.7 million, or 63 cents a share, down from $240.5 million, or 96 cents a share, in the same period last year. The provider of oil and natural gas posted revenue of $1.15 billion compared to $1.13 billion. Looking forward, EOG boosted its 2009 production growth target to 5.5% based on stronger crude oil and gas demand. EOG said it believes oil prices will rise later this year. It plans to resume full oil production in the North Dakota Bakken Parshall Field by July. EOG shares closed at $72.04 ahead of the report.
D.R. Horton narrows loss in second quarter(5:00 pm ET)
SAN FRANCISCO (MarketWatch) -- D.R. Horton Inc. (DHI: news, chart, profile) late Monday reported it lost $108.6 million, or 34 cents a share in the second quarter, narrowing from a loss of $1.31 billion, or $4.14 a share in the same quarter last year. Revenue slid to $775.3 million from $1.62 billion. Analysts polled by FactSet Research had forecast, on average, a loss of 31 cents a share on revenue of $812.9 million. The quarterly results included $48.1 million in pre-tax charges. "We saw a seasonal increase in sales activity in the March quarter, with our net sales increasing 50% from our December quarter. However, market conditions in the homebuilding industry are still challenging, characterized by rising foreclosures, high inventory levels of both new and existing homes, increasing unemployment, tight credit for homebuyers and eroding consumer confidence," said Donald Horton, chairman of the board.
Chesapeake Energy loss deepens on big write down (4:36 pm ET)
SAN FRANCISCO (MarketWatch) -- Chesapeake Energy Corp. (CHK: news, chart, profile) reported late Monday a first-quarter net loss of $5.75 billion, or $9.63 a share. A year ago it posted a net loss of $142 million, or 29 cents a share. The loss includes a $6 billion write down in the value of its oil and natural gas properties to reflect sharply lower energy prices. Excluding one-time items, the company had earnings of $277 million, or 46 cents a share. Revenue for the three months ended March 31 rose to $2 billion from $1.61 billion. Analysts polled by FactSet Research had predicted the company would earn 50 cents a share on $1.85 billion in revenue. Chesapeake shares rose 9.2% ahead of the report to close at $22.82.
McKesson profit dips slightly, sales stay flat(4:27 pm ET)
SAN FRANCISCO (MarketWatch) -- Health-care services company McKesson Corp. (MCK: news, chart, profile) on Monday reported a fourth-quarter profit of $281 million, or $1.01 a share, down from $307 million, or $1.05 a share, a year ago. The most recent results included a one-time, non-cash charge of $63 million. Revenue remained flat at $26.2 billion. Analysts polled by FactSet Research were looking for a profit, on average, of $1.14 a share on sales of $27.33 billion. The company is looking for a 2010 profit of $3.90 to $4.05 a share. Wall Street previously forecast a profit of $3.95 a share.
Principal Financial profit falls (4:11 pm ET)
NEW YORK (MarketWatch) -- Principal Financial Group (PFG: news, chart, profile) said on Monday that its first quarter profit slipped to $121 million, or 43 cents a share, compared to $182.4 million, or 67 cents a share a year ago. The firm said total revenue was $2.19 billion in the latest quarter, compared to $2.50 billion a year ago.
Energy stocks rise as oil moves above $53 a barrel(9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose in early action on Monday as oil prices advanced past the $53 a barrel level. The Amex Oil Index (XOI: news, chart, profile) rose 0.5% to 910. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1.4% to 408, with component Chesapeake Energy (CHK: news, chart, profile) up 2.2% ahead of its earnings update later on Monday. Crude futures rose 31 cents to $53.51.
Public Service earnings steady at 88 cents a share(9:00 am ET)
NEW YORK (MarketWatch) -- Public Servic Enterprises Group (PEG: news, chart, profile) said Monday that first-quarter earnings were $444 million, or 88 cents a share, compared to $448 million, or 88 cents a share, in the same period a year ago. Earnings from continuing opertations were 88 cents versus 85 cents a year ago. Analysts polled by FactSet Research estimated, on average, earnings per share of 80 cents. The utility sees 2009 operating earnings per share in the range of $3.00 to $3.35.
Brookfield Homes loss lessens (8:14 am ET)
NEW YORK (MarketWatch) -- Homebuilder Brookfield Home (BHS: news, chart, profile) said on Monday that it lost $10 million, or 39 cents a share in the first quarter, compared to a loss of $12 million, or 47 cents a share a year ago. Total revenue fell to $37 million from $69 million. New home orders fell to 153 in the first quarter, from 231 a year ago.
Sysco net income falls 6%(8:11 am ET)
NEW YORK (MarketWatch) -- Sysco Corp. (SYY: news, chart, profile) said Monday third-quarter net income fell 6% to $226.2 million, or 38 cents a share, from $240.9 million, or 40 cents a share in the year-ago period. Sales fell 4.5% to $8.7 billion from $9.15 billion. The Houston food service giant was expected to earn 38 cents a share, according to a survey of analysts by FactSet Research. Sales were $8.7 billion, a decrease of 4.5% from $9.1 billion
Tyson loses 28 cents a share in quarter(7:45 am ET)
NEW YORK (MarketWatch) -- Tyson Foods Inc. (TSN: news, chart, profile) said Monday that it lost $104 million, or 28 cents a share in the second quarter. In the same period last year, Tyson lost $5 million, or 2 cents. Sales were steady at $6.3 billion. Analysts polled by Fact Set Research estimated, on average, a loss of 4 cents a share and sales of $6.5 billion. "Our loss of 24 cents per share from continuing operations in the second quarter includes 17 cents from a change in the method we used to recognize interim income taxes and 2 cents from a one-time charge for a prepared foods plant closure," said Leland Tollett, interim president and CEO of Tyson Foods, in a statement. "It is too soon to predict the impact of the H1N1 outbreak." he added.
E.W. Scripps Co. loses $220 million (7:45 am ET)
NEW YORK (MarketWatch) -- The E.W. Scripps Co. (SSP: news, chart, profile) said it lost $220.7 million, or $4.12 a share in its fiscal first quarter. In the year-ago period, the Cincinnati media firm earned $84 million, or $1.55 a share. Scripps' operating loss totaled 24 cents a share in the latest period. Operating revenue fell 20% to $205.4 million. The company booked a non-cash impairment charge of $192 million to write down the carrying value of the goodwill and other intangible assets at Scripps television stations. It also took operating losses and wind-down costs at the company's newspapers of $13.3 million.
Loews turns to $1.49 loss a share in quarter(7:19 am ET)
NEW YORK (MarketWatch) -- Loews Corp. (L: news, chart, profile) said Monday that it lost $647 million, or $1.49 a share, in the first quarter. In the same period a year ago Loews earned $662 million, or $1.05 a share. Revenue fell to $$3.02 billion from $3.61 billion. Loews loss from continuing operations was $647 million, or $1.49 a share, as compared to income from continuing operations of $409 million, or 77 cents. Results for 2009 reflect a non-cash impairment charge of $1 billion ($660 million after tax) related to the carrying value of HighMount's natural gas and oil properties. This charge reflects declines in commodity prices.
Entergy net income falls 24%(7:16 am ET)
NEW YORK (MarketWatch) -- Entergy Corp. (ETR: news, chart, profile) said Monday first-quarter earnings fell 24% to $235.3 million, or $1.20 per share, from $308.7 million, or $1.56 per share, a year ago. Operating earnings fell to $1.29 a share from $1.56 a share. Analysts expected earnings of $1.36 a share, according to a survey by FactSet Research. Revenue fell to $2.8 billion from $2.9 billion. Entergy expects 2009 operating income of $6.70 to $7.30 per share. "While we cannot predict what will come next in these times, we will be relentless in seeking value and managing risk, and we are prepared to seize opportunities that add value for our stakeholders," Chairman and CEO Wayne Leonard said in a statement. Shares of Entergy rose 3% to $66.90 on Friday.
Sprint Nextel loss grows 18%(7:16 am ET)
NEW YORK (MarketWatch) -- Sprint Nextel Corp (S: news, chart, profile) said on Monday that its first quarter loss grew by 18%, to $594 million, or 21 cents a share, from $505 million, or 18 cents a share a year ago. Net operating revenue fell 12%, to $8.21 billion from $9.33 billion a year ago.
Nash Finch net up 36% on 13% higher sales(6:00 am ET)
TEL AVIV (MarketWatch) -- Nash Finch Co., (NAFC: news, chart, profile) the Minneapolis food distributor, reported on Monday that first-quarter net income rose 36% on 13% higher sales. Earnings reached $14.4 million, or $1.08 a share, from $10.6 million, or 80 cents, in the year-earlier quarter. Special items added 46 cents a share to the latest quarter and 21 cents to the year-earlier quarter. Sales rose to $1.14 billion from $1 billion. Comparable sales, excluding acquisitions, rose 2.4%. Adjusting in addition for the shift of Easter to the second quarter in 2009 from the first quarter in 2008, comparable sales rose 3.2%.
Saturday, May 2
Berkshire quarterly operating profit falls (2:25 pm ET)
OMAHA, Neb. (MarketWatch) -- Berkshire Hathaway's first-quarter profit fell slightly versus a year ago as many of the company's businesses suffered from the recession, Chairman Warren Buffett said Saturday. Berkshire (BRKA: news, chart, profile) (BRKB: news, chart, profile) generated first-quarter operating earnings of $1.7 billion, down from $1.9 billion a year earlier. Book value per share declined 6% in the latest quarter, mostly because of a decline in the value of Berkshire's investments. Berkshire ended the quarter with $22.7 billion in cash and cash equivalents. The company made a $3 billion investment the following day, so that left it with less than $20 billion in cash, Buffett said.
Friday, May 1
Drug stocks, broader market inch into red(9:46 am ET)
BOSTON (MarketWatch) -- Drug stocks echoed the broader market and inched into the red early Friday. The Amex Pharmaceutical Index ($DRG: news, chart, profile) and the Amex Biotechnology Index ($BTK: news, chart, profile) both moved marginally lower to 235.97 and 636.31, respectively. The Dow Jones Industrial Average (DJII: news, chart, profile) slipped 25 points to 8,141. Shares of Botox-maker Allergan Inc. (AGN: news, chart, profile) fell almost 4% to $44.89 after the company reported lackluster first-quarter earnings.
Energy stocks start month in the plus column(9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks kicked off the month of May with gains in early action on Friday, despite flat-to-lower action in the broad market. The Amex Oil Index (XOI: news, chart, profile) rose 0.7% to 883. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.6% to 390. Chevron (CVX: news, chart, profile) dipped 13 cents to $65.97 after it said its net income fell by more than 60%. Crude prices provided a lift to the sector, with futures on the New York Mercantile Exchange rising 30 cents to $51.42.
Con Ed earnings down 41%(9:30 am ET)
NEW YORK (MarketWatch) -- Consolidated Edison Inc. (ED: news, chart, profile) said Friday that first-quarter earnings were $180 million, or 66 cents a share, compared to $303 million, or $1.11 a share, in the same period a year ago. Excluding items, earnings from ongoing operations were $214 million or 78 cents a share compared with $237 million or 87 cents a share in 2008. Analysts polled by FactSet Research estimated, on average, earnings per share of 86 cents.
Allergan reports lower first-quarter profit(9:30 am ET)
BOSTON (MarketWatch) -- Allergan Inc. (AGN: news, chart, profile) reported earnings of $44.7 million, or 15 cents a share, compared with $107.7 million, or 35 cents a share. Excluding various items, Allergan would have posted adjusted earnings of 55 cents a share versus 53 cents. Revenue for the quarter slipped to $1.01 billion from $1.08 billion. Analysts polled by FactSet were expecting earnings per share of 54 cents, on revenue of $1.01 billion. Allergan now sees second-quarter adjusted 2009 earnings per share coming in betweeen 66 cents and 68 cents, with net product sales of $1.05 billion to $1.1 billion. According to FactSet, Wall Street is expecting earnings of 68 cents, on revenue of $1.08 billion.
Software maker SolarWinds sets IPO price range(8:50 am ET)
NEW YORK (MarketWatch) -- Software maker SolarWinds Inc. on Friday said it plans to offer 12.1 million shares at an estimated price range of $9.50 to $11.50 a share in a bid to raise about $130 million in its upcoming initial public offering. The Austin, Texas-based maker of software tools for network specialists plans to trade on the New York Stock Exchange under the symbol SWI. J.P. Morgan (JPM: news, chart, profile) , Goldman Sachs (GS: news, chart, profile) , Morgan Stanley (MS: news, chart, profile) and Jefferies & Co. (JEF: news, chart, profile) are underwriting the IPO.