Earning Plays

[3xBuBu]

Thursday, May 7
B. of A. to sell 1.25 billion common shares(6:47 pm ET)
SAN FRANCISCO (MarketWatch) -- Bank of America (BAC: news, chart, profile) Chief Financial Officer Joe Price said late Thursday that the company will sell 1.25 billion new common shares as the lender tries to raise capital to meet requirements from the government's stress test. Price said the stock will be sold through an "ATM program," in which securities are sold through "normal stock trading," he explained. "We would access the market over time, with the goal of optimizing pricing and timing and price execution," Price added. Bank of America also plans on generating roughly $10 billion in gains from sales of businesses including First Republic, Columbia Management and a through a joint venture. "That leaves us with approximately $7 billion or so, which we think can be satisfied by our actual financial performance over the next six months," Price said. The government said earlier on Thursday that Bank of America needs to raise $33.9 billion in new capital.
CBS CEO: CBS to benefit from NBC's Leno move(4:53 pm ET)
CHICAGO (MarketWatch) -- CBS Corp. (CBS: news, chart, profile) Chief Executive Les Moonves said Thursday that the network will benefit from a series of positive trends when it sells commercial time for the upcoming season, including NBC's (GE: news, chart, profile) (FR:012777: news, chart, profile) decision to showcase comedian Jay Leno at 10 p.m. five nights a week in the fall. CBS's ratings are up strongly among key audiences, Moonves said on a conference call, and advertising dollars and rates will follow that growth. "In addition, we think we can increase the shift of dollars, to CBS, because of NBC's decision to exit scripted programming at 10:00. Even if total volume is down at the upfront, we're confident that we will take share and maintain or increase our revenue," Moonves told analysts during a conference call.
Pepco Holdings earnings fall by half (4:53 pm ET)
SAN FRANCISCO (MarketWatch) -- Power and gas provider Pepco Holdings Inc. (POM: news, chart, profile) reported late Thursday first-quarter earnings fell to $45 million, or 21 cents a share, from $99 million, or 49 cents a share, a year ago. Lower earnings from its Connectiv Energy power generating unit and higher operating and maintenance costs were blamed for the decline. Excluding one-time items, the company earned $37 million, or 17 cents a share, in the first quarter. Revenue for the three months ended March 31 fell to $2.52 billion from $2.64 billion. Analysts surveyed by FactSet Research had predicted the Washington D.C.-based utility company would earn 31 cents a share on $2.46 billion in revenue. Pepco shares closed with a 31-cent gain at $13.03 ahead of the report. The stock is down 47% from where it was trading a year ago.
AIG reports $1.98 a share loss in first quarter(4:49 pm ET)
SAN FRANCISCO (MarketWatch) -- American International Group (AIG: news, chart, profile) late Thursday reported a first-quarter net loss of $4.35 billion, or $1.98 a share, narrowing from a net loss of $7.81 billion, or $3.09 a share, in the same quarter last year. The insurer blamed several billions in restructuring and market disruption-related charges and accounting charges related to taxes for its quarterly loss. The results also included $2.63 billion of net realized capital losses. On an adjusted basis, AIG reported a loss of $1.6 billion compared with a loss of $3.56 billion a year earlier.
CORRECT: CBS swings to loss on ad weakness(4:47 pm ET)
CHICAGO (MarketWatch) -- CBS Corp. (CBS: news, chart, profile) said Thursday that it swung to a first-quarter loss on plunging advertising revenues at its television stations, radio stations and outdoor displays. CBS said it lost $55.3 million, or 8 cents a share, in the latest quarter. It posted a profit of $244 million, or 36 cents a share, in the same quarter a year ago, including a one-time benefit from the company's international self-distribution of its "CSI" drama franchise. Revenue fell 13% to $3.16 billion. Analysts polled by Thomson Reuters were expecting revenue of $3.26 billion. (Removes reference to DVD sales.)
VeriSign swings to profit in first quarter(4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- VeriSign Inc. (VRSN: news, chart, profile) late Thursday reported a first-quarter net income of $65 million, or 34 cents a share, compared with a net loss of $8.1 million, or 4 cents a share in the same quarter last year. Excluding items, the company would have earned 32 cents a share. Revenue increased to $255 million from $235.3 million a year ago, said the Internet infrastructure services company. Analysts surveyed by FactSet Research had forecast earnings of 29 cents a share on revenue of $248.6 million.
Activision earnings beat targets for first quarter(4:08 pm ET)
SAN FRANCISCO (MarketWatch) - Activision Blizzard Inc. beat Wall Street's earnings targets for the first quarter on strong sales of its video game franchises. For the quarter ended March 31, the company (ATVI: news, chart, profile) reported net income of $189 million, or 14 cents a share. Revenue came in at $981 million. Comparisons to last year's first quarter are not available, as the company had yet to consummate its reverse merger with Vivendi's video game unit. Excluding revenue deferred from online-enabled games, the company said it earned 8 cents a share on revenue of $724 million. Analysts were expecting earnings of 5 cents a share on revenue of $598.5 million for the period, according to consensus estimates from FactSet Research.
Teradata profit rises (10:23 am ET)
NEW YORK (MarketWatch) -- Teradata Corp (TDC: news, chart, profile) said Thursday that its first quarter net income was $45 million, or 26 cents a share, compared to $42 million, or 23 cents a share a year ago. Total revenue for the period dipped to $367 million from $375 million last year. The company also said its board has authorized a $300 million increase to its general open market share repurchase program. (Corrects company name and latest quarter revenue figure.)
Telecom Italia's quarterly profit slips 5%(10:08 am ET)
LONDON (MarketWatch) -- Telecom Italia (IT:TI: news, chart, profile) on Thursday said first-quarter net income fell 5% to 463 million euros ($615 million) from 485 million euros earned in the year-earlier period. Sales fell 7% to 6.8 billion euros. The group confirmed its outlook for 2009.
Drug stocks mixed as broader market moves higher(9:54 am ET)
BOSTON (MarketWatch) -- Drug stocks were mixed in trading early Thursday as the broader market gained ahead of the scheduled release of "stress test" results for many of the nation's leading financial institutions. The Dow Jones Pharmaceutical Index ($DRG: news, chart, profile) was down nominally at 241.98 while the Amex Biotechnology Index ($BTK: news, chart, profile) climbed 0.9% to 623.57. The Dow Jones Industrial Average (DJII: news, chart, profile) was up about 60 points at 8,573. Perrigo Co. (PRGO: news, chart, profile) was the a notable mover amongst the mid-cap biopharmaceutical companies, with shares jumping 4% to $46.23. Earlier Thursday, Perrigo raised its fiscal 2009 forecast for income from continuing operations to $1.80 to $1.90 as share, up from $1.75 to $1.90 a share. The company also reported improved fiscal third-quarter earnings.
Cablevision Systems posts profit(9:52 am ET)
CHICAGO (MarketWatch) -- Cable operator Cablevision Systems Corp. (CVC: news, chart, profile) said Thursday that it moved to a first-quarter profit from a year-ago quarter that included a loss on the sale of derivative contracts, as operating income at its cable systems and networks improved. Cablevision said net income attributable to Cablevision shareholders was $20.2 million, or 7 cents a share, in the quarter ended March 31. In the same period last year, it took a loss of $31.6 million, or 11 cents a share. Revenue rose to $1.9 billion from $1.72 billion. Analysts polled by Thomson Reuters were expecting revenue of $1.9 billion.
DirecTV profit declines 46% as costs rise(9:44 am ET)
CHICAGO (MarketWatch)-- DirecTV Group (DTV: news, chart, profile) said its first-quarter profit declined 46% on higher expenses in the U.S. and Latin America. The satellite TV provider said it earned $201 million, or 20 cents a share, compared with a profit of $371 million, or 32 cents a share, a year earlier. Revenue rose to $4.9 billion from $4.6 billion. Analysts polled by Thomson Reuters were expecting a profit of 33 cents a share on sales of $4.96 billion. Net subscriber additions were 460,000, a 67% increase from the first quarter of 2008, due to "more competitive customer promotions and higher demand" for high-definition and digital video recorder services. DirecTV ended the latest three months with 18.1 million subscribers.
Energy stocks rise in early action(9:40 am ET)
NEW YORK (MarketWatch) -- Emergy stocks rose with the broad market in early action on Thursday. The Amex Oil Index (XIO: news, chart, profile) rose 2.2% to 974. The Amex Natural Gas Index (XNG: news, chart, profile) rose 2.5% to 445. Driller Rowan Cos. (RDC: news, chart, profile) rose 6.5% to $19.51. Anadarko Petroleum (APC: news, chart, profile) rose 5.5% to $50.94.
Thomson Reuters operating profit down 17%(9:21 am ET)
NEW YORK (MarketWatch) -- Thomson Reuters Corp. (TRI: news, chart, profile) , (TRIN: news, chart, profile) said Thursday first-quarter operating profit fell 17% to $374 million from $452 million. GAAP operating profit rose to $374 million, or 27 cents a share from $216 million, or 30 cents a share in the year-ago period. Adjusted earnings rose to 40 cents a share from 44 cents a share. GAAP revenue rose to $3.12 billion from $1.83 billion. Revenue from ongoing operations fell to $3.12 billion from $3.25 billion. Analysts expected earnings of 33 cents a share on revenue of $3.19 billion, according to a survey by FactSet Research. Based on the current environment in the markets it serves, Thomson Reuters reaffirms its previous outlook that revenues are expected to grow in 2009 and underlying operating margin and free cash flow (adjusted for certain timing-related items) will be comparable to 2008, supported by revenue growth and the expected savings from integration programs
Cablevision mulls Madison Square Garden spinoff(9:17 am ET)
CHICAGO (MarketWatch) -- Cable operator Cablevision Systems Corp. (CVC: news, chart, profile) said Thursday its board of directors has authorized a possible spinoff of its Madison Square Garden unit, which includes the storied New York venue of the same name, the New York Knicks, the New York Rangers, the MSG regional sports network, and other assets.
Wendy's/Arby's loses 2 cents a share(9:02 am ET)
NEW YORK (MarketWatch) -- Wendy's/Arby's Group (WEN: news, chart, profile) said Thursday that in the first-quarter it lost $10.9 million, or 2 cents a share. In the same period a year ago it lost $67 million, or 73 cents a share. Revenue rose to $864 million from $303 million, reflecting the merger with Arby's. Analysts polled by FactSet Research estimated, on average, earnings per share of 7 cents and sales of $892 million.
Ross Stores same-store sales up 6%, lifts view(8:53 am ET)
NEW YORK (MarketWatch) -- Ross Stores (ROST: news, chart, profile) on Thursday said April same-store sales rose 6%, ahead of the forecast for a rise of 4% in a survey of analysts by Thomson Reuters. Ross Stores expects first-quarter earnings of 71-72 cents a share, ahead of the Wall Street target of 67 cents a share in a survey of analysts by FactSet Research.
TJX Apriil same-store sales up 3%, beats view(8:44 am ET)
NEW YORK (MarketWatch) -- The TJX Companies Inc. (TJX: news, chart, profile) said April same-store sales rose 3%. Analysts expected same-store sales at the Framingham, Mass. retailer to fall 1.6%, according to a survey by FactSet Research. Total sales rose 1% to $1.43 billion. "We are very pleased that customer traffic has continued to increase significantly across virtually all of our brands, which led to April comparable store sales increasing by 3%, above our expectations," the company said.
Saks Inc. same-store sales (8:38 am ET)
NEW YORK (MarketWatch) -- Saks Inc. (SKS: news, chart, profile) said Thursday April same-store sales fell 32%. Analysts expected the retailer to post a loss of 30.5% in April same-store sales, according to a survey by Thomson Reuters. Total sales fell to $238.7 million from $347.5 million.
Kohl's same store sales down 6.2%, boosts view(8:35 am ET)
NEW YORK (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) said Thursday April same-store sales fell 6.2%. Analysts expected same-store sales to fall 7.5%, according to a survey by FactSet Research. Analyts expected the Menomonee Falls, Wis. retailer to report a drop of 6.4% in same-store sales, according to a survey by Thomson Reuters. Kohl's expects first-quarter net income of 43 to 44 cents a share, ahead of its earlier view of 27 to 34 cents a share. Analysts expected earnings of 35 cents a share, according to a survey by FactSet Research.
Rowan Cos. net income rises 34%(8:30 am ET)
NEW YORK (MarketWatch) -- Rowan Companies Inc. (RDC: news, chart, profile) said Thursday first-quarter net income rose to $131.7 million or $1.16 per share, from $98.6 million or 88 cents a share in the year-ago period. Revenue rose to $494.8 million from $485.5 million. The latest quarter included a gain of 2 cents a share for asset disposals. Analysts expected the drilling company to earn 94 cents a share on revenue of $514 million, according to a survey by FactSet Research. "We are very pleased with the strong performance of both our drilling and manufacturing operations," the company said. "This is an area of considerable focus for Rowan, especially as weakening demand for drilling services and equipment continues to put downward pressure on our revenues."
Sirius XM's loss narrows as revenue rises(8:25 am ET)
TEL AVIV (MarketWatch) -- Sirius XM Radio (SIRI: news, chart, profile) , the New York provider of subscription-based satellite radio service, reported a first-quarter net loss that narrowed as revenue rose. The net loss was $50.4 million against $104.1 million in the year-earlier quarter. The net loss attributable to common-stock holders was $236.6 million, or 7 cents a share, compared with $104.1 million, or 7 cents, in the year-earlier quarter. Shares outstanding were 3.52 billion against 1.48 billion. On an adjusted basis, the company reported a quarterly profit from operations of $108.8 million compared with a loss from operations of $70.2 million a year earlier. Sirius XM's pro-forma net loss narrowed to $62.9 million from $233.4 million in the year-earlier period. Pro-forma revenue was $605.5 billion, up 5% from $578.8 million. The cost of acquiring subscribers improved 26% to an average $61 from $82. The company ended the first quarter with 18.6 million subscribers, up 3% from the year-earlier 18 million opn a pro-forma basis. First-quarter adjusted average revenue per subscriber was $10.43, compared with $10.48 a year-earlier.
Aeropostale same-store sales up 20%(8:22 am ET)
NEW YORK (MarketWatch) -- Aeropostale Inc. (ARO: news, chart, profile) said same-store sales jumped 20% in April. Analysts expected a rise of 8.5% in same-store sales, according to a survey by Thomson Reuters. Aeropostale expects to report first-quarter earnings of 46 cents a share, including a charge of 2 cents a share. Analysts expect earnings of 32 cents a share, according to a survey by FactSet Research.
Gap Inc. same-store sales fall less than forecast(8:16 am ET)
NEW YORK (MarketWatch) -- Gap Inc. (GPS: news, chart, profile) said Thursday April same-store sales fell 4%. Analysts expected Gap same-store sales to fall 7.8%, according to a survey of analysts by Thomson Reuters. Gap expects to report first-quarter earnings of 29-30 cents a share, compared to the Wall Street target of 24 cents a share.
Macy's same store salls fall 9.1% in April(8:12 am ET)
NEW YORK (MarketWatch) -- Macy's Inc. (M: news, chart, profile) said Thursday April same-store sales fell 9.1% in April. Analysts expected same-store sales to fall 7.5%, according to a survey by Thomson Reuters. Total sales fell 9.4% to $1.69 billion. Macy's expects to report a first-quarter loss of 19 cents to 21 cents a share, compared to the estimate for a loss of 27 cents a share in a survey of analysts by FactSet Research.
BJ's April sales fall (8:11 am ET)
NEW YORK (MarketWatch) -- Retailer BJ's Wholesale Club (BJ: news, chart, profile) said Thursday that its same-store sales for April fell 4.9% from year -ago levels. Analysts polled by Thomson Reuters had expected same-store sales to fall 7.5%. The company also updated its full year 2009 earnings outlook to $2.42 a shares to $2.52 a share.
Sara Lee net income up 8%, sales dip(7:50 am ET)
NEW YORK (MarketWatch) -- Sara Lee Corp. (SLE: news, chart, profile) said Thursday third-quarter net income rose to $262 million, or 24 cents a share, from $242 million, or 30 cents a share in the year-ago period. Diluted earnings excluding significant items rose to 25 cents a share from 22 cents a share. Sales fell to $3.03 billion from $3.24 billion. Analysts expected earnings of 19 cents a share on revenue of $3.10 billion, according to a survey by FactSet Research. Sara Lee expects adjusted 2009 earnings of 73-79 cents a share, compared to the Wall Street target of 80 cents a share. "We continue to achieve meaningful bottom-line growth and see positive trends in the face of a very difficult global economy," the company said.
Cameron International net income falls 7%(7:33 am ET)
NEW YORK (MarketWatch) -- Cameron International Inc. (CAM: news, chart, profile) said Thursday first-quarter net income fell to $114.6 million, or 52 cents a share, from $123 million, or 53 cents a share in the year-ago period. The Houson oil services equipment firm said the latest quarter's results include a pretax charge of $22 million ,or 7 cents a share for severance costs. Analysts expected earnings of 58 cents a share for Cameron, according to a survey by FactSet Research. Revenue fell 6% to $1.26 billion. Cameron expects second-quarter earnings of 45-48 cents a share, compared to the Wall Street target of 47 cents a share.
GM loses $6 billion in first quarter(7:22 am ET)
NEW YORK (MarketWatch) -- General Motors Corp. (GM: news, chart, profile) on Thursday reported a loss of $6 billion, or $9.78 a share, from a loss of $3.3 billion, or $5.80 a share in the year-ago period. Excluding items, adjusted net loss totaled $9.66 a share compared to a year-ago loss of 67 cents a share. Wall Street analysts expected a loss of $11.39 a share, according to a survey by FactSet Research. Revenue at the Detroit auto maker fell by about half to $22.4 billion from $42.4 billion. GM said its latest results reflect continued global economic pressures and low auto industry volumes worldwide, with industry sales volume down 21% in the first quarter, leading to significantly reduced volume and revenue.
Children's Place April same-store sales up 5%(7:12 am ET)
TEL AVIV (MarketWatch) -- Children's Place Retail Stores Inc., (PLCE: news, chart, profile) the Secaucus, N.J., retailer of children's clothing and products, reported that April same-store sales rose 5% while total sales also climbed 5%, to $135 million from $128.7 million in the year-earlier month. Same-store sales rose 4% in the U.S. and declined 4% in Canada, Children's Place reported. Online sales leaped 40%. For the first quarter, same-store sales rose 1% while total sales were about flat at $401.9 million against $400.2 million in the year-earlier quarter.