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Tuesday, May 12

Applied Materials says net losses will continue(5:01 pm ET)
SAN FRANCISCO (MarketWatch) -- Applied Materials Inc. (AMAT: news, chart, profile) told investors in a conference call Tuesday that it expects revenue for the current quarter to be flat to down 15% from the recently ended second quarter. The implied guidance puts the mid-point of the revenue forecast within the range of expectations exepected by Wall Street analysts for the period. The company said it expects a net loss for the current quarter to come in between 6-14 cents a share; analysts were expecting a loss of 8 cents a share, according to consensus forecasts from FactSet Research.

BMC Software profit slips as sales grow 3%(4:15 pm ET)
SAN FRANCISCO (MarketWatch) - BMC Software Inc. (BMC: news, chart, profile) said Tuesday its fiscal fourth-quarter net income fell to $83 million, or 45 cents a share, from $97 million, or 50 cents a share in the same period a year earlier. Revenue for the period ended in March rose 3% to $479 million, BMC said. Excluding special items, business software maker BMC said earnings for the quarter were 64 cents a share. Analysts on average had estimated that BMC would post earnings excluding special items of 62 cents a share and $487 million in revenue, according to data from Thomson Reuters.

Applied Materials swings to a loss(4:10 pm ET)
SAN FRANCISCO (MarketWatch) - Applied Materials Inc. said Tuesday that it swung to a loss in its second fiscal quarter on a sharp drop in sales of its semiconductor manufacturing gear. For the period ended April 26, Applied Materials (AMAT: news, chart, profile) reported a net loss of $255.4 million, or 19 cents a share, compared to earnings of $302.5 million, or 22 cents a share, for the same period the previous year. Excluding one-time items, the company said it would have lost $136 million, or 10 cents a share, for the recent period. Revenue slid 53% to $1.02 billion. Analysts were expecting a loss of 10 cents a share on revenue of $904.8 million, according to consensus forecasts tabulated by FactSet Research.

Energy shares mixed as oil nears $60 a barrel(9:40 am ET)
NEW YORK (MarketWatch) -- Energy stocks traded mixed in early action Tuesday as crude prices neared the $60 level for the first time in about six months. The Amex Oil Index (XOI: news, chart, profile) rose 0.5$ to 960. The Amex Natural Gas Index (XNG: news, chart, profile) fell 0.5% to 434.

Great Atlantic & Pacific loses $4.15 a share(8:13 am ET)
NEW YORK (MarketWatch) -- The Great Atlantic & Pacific Tea Co. Inc. (GAP: news, chart, profile) said Tuesday that it lost $111 million, or $4.15 a share, in the fourth quarter. In the same period a year ago the grocer lost $62 million, or $1.73 a share. Sales were $2.3 billion compared to $2.2 billion a year ago. Analysts polled by FactSet Research estimated, on average, sales of $2.3 billion.

CORRECT: Julius Baer operating income down 20%(4:30 am ET)
LONDON (MarketWatch) -- Julius Baer Holding (CH:BAER: news, chart, profile) said Tuesday that its operating income in the first four months of the year fell by slightly more than 20%, driven by lower assets under management levels compared to a year earlier. The firm said it achieved a "significant" cut in operating expenses and that its Tier 1 capital ratio was over 14%. Julius Baer said it continued to experience net outflows in its assets management business, though the pace slowed from the final quarter of 2008. In Private banking, the group said it continued to attract new inflows, but at a slower pace from 2008. [Corrects to show the decline is in the group's operating income.]

Imperial Tobacco swings to loss after charges(2:26 am ET)
LONDON (MarketWatch) -- Imperial Tobacco (UK:IMT: news, chart, profile) said Tuesday that it swung to a loss of 149 million pounds ($225 million) in the six months to March 31, from a profit of 233 million pounds a year earlier. Revenue for the period rose 54% to 12.42 billion pounds and cigarette volumes rose 255 to 151.5 billion, including a full six-month contribution from the acquisition of Altadis. The group said the results included a 224 million pound pretax amortization charge and 937 million pounds of fair value losses on derivatives. Adjusted net profit for the year rose 49% to 727 million pounds.

NEC swings to 297 billion yen fiscal-year loss(2:23 am ET)
LOS ANGELES (MarketWatch) -- NEC Corp. (JP:6701: news, chart, profile) reported Tuesday it swung to a fiscal-year loss of 297 billion yen ($3.05 billion) from the previous year's 23 billion yen profit. The result was below expectations for a 294 billion yen loss, according to analysts surveyed by Dow Jones Newswires. The Japanese technology conglomerate posted an operating loss of 6.2 billion yen in the year ended March 31, compared to a 156.8 billion operating profit a year before. For the coming fiscal year, NEC said it will pull in a net income of 10 billion yen, even as it expects to post a 50 billion yen loss in the March-September period, according to Dow Jones Newswires.

Mazda posts fiscal year net loss of $7.4 billion(2:23 am ET)
HONG KONG (MarketWatch) - Mazda Motor Corp. (JP:7261: news, chart, profile) (MZDAY: news, chart, profile) reported Tuesday a net loss of 71.49 billion yen ($7.35 billion), or 52.13 yen a share, for the fiscal year ended March 31, compared to a net profit of 91.84 billion yen, or 65.21 yen a share, in the prior financial year. Revenue fell 27% to 2.54 trillion yen from 3.48 trillion yen.

International Power's profit seen falling(2:19 am ET)
LONDON (MarketWatch) -- International Power (UK:IPR: news, chart, profile) said it's expecting its annual profit to drop unless U.S. and U.K. power prices "significantly" improve. Its financial performance through May 11 is consistent with the company's expectations for the full year. Analysts polled by FactSet expect annual earnings per share to drop 8.1%.

EADS 1st-quarter net off 40%, revenue off 14%(1:57 am ET)
TEL AVIV (MarketWatch) -- European Aeronautic Defense & Space Co., (EADSY: news, chart, profile) the aerospace major, reported that first-quarter net income fell 40% on 14% lower revenue. Net was 170 million euros ($231 million), or 0.21 euro a share, compared with 285 million euros, or 0.35, in the year-earlier quarter. Revenue fell to 8.47 billion euros from 9.85 billion. A survey of analysts by Dow Jones Newswires produced consensus estimates of 239 million euros of profit on 9.63 billion euros of revenue. Earnings before interest and taxes fell to 232 million euros from 769 million, reflecting negative foreign-currency translations and an accounting charge related to the A400M program. Excluding those impacts, EBIT was 400 million euros against 700 million, hurt by weaker pricing, fewer deliveries, and a less profitable product mix, EADS said in a statement on Tuesday. The Dow Jones Newswires survey estimated EBIT pre-exceptional-items at 462 million euros. EADS's Airbus delivered 116 aircraft in the latest period against 123 in first-quarter 2008.
Monday, May 11

MBIA posts hefty profit in first quarter(5:00 pm ET)
SAN FRANCISCO (MarketWatch) -- MBIA Inc. (MBI: news, chart, profile) late Monday reported a first-quarter net income of $701 million, or $3.34 a share, after adjusting for preferred stock dividends of MBIA Insurance Corp. The company saw a net loss of $2.4 billion, or $12.92 a share, in the same quarter last year. Revenue also recovered to $1.9 billion from a loss of $2.9 billion in the same period a year earlier, according to a disclosure submitted by the financial firm. Analysts surveyed by Thomson Reuters had forecast a loss of 33 cents a share for the quarter.

Winn-Dixie posts higher profit; outlook raised(4:31 pm ET)
SAN FRANCISCO (MarketWatch) -- Supermarket-chain Winn-Dixie Stores Inc. (WINN: news, chart, profile) late Monday reported fiscal third-quarter net income of $16.6 million, or 30 cents a share, up from $15 million, or 28 cents a share, in the year-ago period. Sales were almost unchanged at $1.7 billion. Identical store-sales -- a key barometer of retailer health -- increased 0.2%. Looking ahead, Winn-Dixie raised its fiscal 2009 forecast for adjusted earnings before interest, taxes, depreciation and amortization to $145 million to $152 million. Its previous target was $110 million to $125 million. Jacksonville, Fla.-based Winn-Dixie operates 520 retail grocery stores. Its shares closed Monday at $11.47, down 1%.

McDermott profit falls 37% (4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- Engineering and construction company McDermott International, Inc. (MDR: news, chart, profile) reported late Monday first-quarter net income fell to $77.7 million, or 33 cents a share, from $123.2 million, or 54 cents, a year ago. Operating revenue, which excludes one-time items, fell to $131.3 million from $157.1 million. Revenue for the quarter rose 3% to $1.49 billion from $1.45 billion. Analysts polled by Factset Research had predicted the Houston-based company would post earnings of 31 cents a share on $1.53 billion in revenue. McDermott shares closed ahead of the report with a 4-cent gain at $18.45.

Fluor profit jumps 50%; outlook cut(4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Engineering and construction giant Fluor Corp. (FLR: news, chart, profile) on Monday reported a first-quarter profit of $205 million, or $1.12 a share, up from $137 million, or 74 cents a share, a year ago. Revenue jumped 21% to $5.8 billion. Analysts polled by FactSet Research were looking for a profit, on average, of 92 cents a share with sales of $5.65 billion. Despite the better-than-expected results, Fluor cut its 2009 earnings outlook to a range of $3.80 to $4.10 a share from $3.90 to $4.20 a share. Wall Street previously forecast an annual profit of $3.77 a share.

Nortel's first-quarter loss widens(9:22 am ET)
NEW YORK (MarketWatch) -- Nortel Networks Corp. (NRTLQ: news, chart, profile) said Monday that its first-quarter net loss widened to $507 million, or $1.02 a share, from $138 million, or 28 cents a share, in the year-ago quarter. The Toronto-based maker of telecommunications equipment said that revenue dropped to $1.73 billion from $2.76 billion.

Priceline earnings per share up 89%(9:00 am ET)
NEW YORK (MarketWatch) -- Priceline.com Inc. (PCLN: news, chart, profile) said Monday that first-quarter earnings were $25 million, or 53 cents a share, compared to 14 million, or 28 cents, in the same period a year ago. Adjusted earnings per share were $1.09 compared to 76 cents. Revenue rose 15% to $462 million. Analysts polled by FactSet Research estimated, on average, sales of $440 million. For the second quarter Priceline sees adjusted earnings per share of $1.65 to $1.75.

Ambac's quarterly loss narrows(8:44 am ET)
BOSTON (MarketWatch) -- Ambac Financial Services Group Inc. (ABK: news, chart, profile) on Monday reported a first-quarter loss of $392.2 million, or $1.36 a share, compared with a loss of $1.66 billion, or $11.69 a share, in the same period the prior year. The financial guaranty insurer said it swung to positive revenue of $1.13 billion. "The credit environment remains adverse, although perhaps the rate of degradation is slowing," said David Wallis, chief executive, in Ambac's quarterly earnings release.

Conseco posts proifit versus year-ago loss (8:17 am ET)
NEW YORK (MarketWatch) -- Conseco Inc. (CNO: news, chart, profile) on Monday said it earned $24.5 million, or 13 cents a share, compared to a loss of $7.2 million, or 4 cents a share a year ago. The company reported revenue of $1.07 billion in the first quarter, versus $1.03 billion a year ago. Analysts polled by Thomson Reuters had expected the company to earn 20 cents a share in the first quarter.

WellCare posts loss; adjusted net beats estimate(7:27 am ET)
TEL AVIV (MarketWatch) -- WellCare Health Plans Inc., (WCG: news, chart, profile) the Tampa, Fla., provider of managed-health-care services for government-sponsored programs, swung to a first-quarter net loss from a year-earlier profit on 9.7% higher revenue. The net loss was $36.9 million, or 89 cents a share, compared with net income of $1.3 million, or 3 cents, in the year-earlier quarter. On an adjusted basis, WellCare earned 29 cents a share against 52 cents a year earlier. Revenue reached $1.8 billion from $1.64 billion. A survey of analysts by FactSet Research produced a consensus estimate of profit of 15 cents on revenue of $1.75 billion.

Allied Capital first-quarter loss $1.95 a share (7:22 am ET)
NEW YORK (MarketWatch) -- Allied Capital Corp. (ALD: news, chart, profile) said Monday that it lost $348 million, or $1.95 a share in the first quarter. In the same period a year ago Allied lost $41 million, or 25 cents a share. Net investment income was $30 million or 16 cents a share. Analysts polled by FactSet Research estimated, on average, earnings of 14 cents a share.

King Pharmaceuticals swings to loss after charges(7:14 am ET)
LONDON (MarketWatch) -- King Pharmaceuticals Inc. (KG: news, chart, profile) said Monday that it swung to a first-quarter net loss of $10.7 million, or 4 cents a share, from a profit of $85.6 million, or 35 cents a share, a year earlier. Revenue for the quarter fell around 1% to $429.1 million. The company said that excluding one-time costs, adjusted earnings for the quarter were 26 cents a share. Analysts polled by FactSet had been expecting earnings of 13 cents a share. The group said net revenue from branded pharmaceuticals fell 25% to $278 million, primarily due to the market entry of generic substitutes for Altace.

HSBC CEO remains cautious over economy(7:03 am ET)
LONDON (MarketWatch) -- HSBC Holdings (UK:HSBA: news, chart, profile) (HBC: news, chart, profile) CEO Michael Geoghegan said on a conference call Monday that it is too early to talk about "green shoots" of recovery and that there may be more weakness to come in the economy. Geoghegan said loan demand is relatively weak because of the worsening employment figures, though he added the bank is benefiting as customers swap between banks. U.S. impairment figures were slightly better than expected, but it's too early for the bank to make any change to its impairment assumptions, he added.

PMI Group narrows 1st-quarter net loss(6:35 am ET)
TEL AVIV (MarketWatch) -- PMI Group Inc., (PMI: news, chart, profile) the Walnut Creek, Calif., provider of mortgage insurance, reported a narrower first-quarter loss. The net loss was $115.3 million, or $1.41 a share, compared with $274 million, or $3.37, in the year-earlier quarter. Continuing operations generated a loss of $1.41 a share compared with $3.77 a year earlier. Net premiums written fell 13% to $184.8 million. Consolidated losses and LAE -- including paid claims, loss-adjustment expenses, and additions to reserve for losses -- fell 31% to $382.9 million. Consolidated reserve for losses and LAE at March 31 was $2.9 billion compared with $2.7 billion at year's end and $1.6 billion at March 31, 2008.

Dish Network profit climbs while subs fall(6:18 am ET)
LONDON (MarketWatch) -- Dish Network Corp. (DISH: news, chart, profile) said first-quarter net income rose 21% to $312.7 million, or 70 cents a share, while revenue rose 2% to $2.9 billion. Dish Network said it lost approximately 94,000 net subscribers during the quarter ended March 31, giving the company approximately 13.584 million subscribers. But the cost to add subscribers dropped by 22%. Analysts polled by FactSet had expected earnings of 56 cents a share.

HSBC profit climbs after $6.6 bln gain on own debt(4:32 am ET)
LONDON (MarketWatch) -- Banking group HSBC Holdings (UK:HSBA: news, chart, profile) (HBC: news, chart, profile) said Monday that its first-quarter underlying pretax profit was well ahead of the equivalent period a year earlier, driven by $6.6 billion of gains on the fair value of its own issued debt. Excluding those gains, pretax profit declined but was still higher than in the fourth quarter of 2008, the bank said. The global banking and markets division generated record results due to an improved market share and margins in a number of areas. The group said its personal financial services business remained profitable outside the U.S., though profits declined due to lower deposit spreads, reduced fee income and rising loan impairment charges. In the U.S., the HSBC Finance exit portfolio was managed down to $96 billion from $100 billion. Loan impairment charges on the portfolio were $2.4 billion, a decline of $600 million from the final quarter of 2008.

G4S operating profit up 48%(2:44 am ET)
LONDON (MarketWatch) -- U.K. security firm G4S Plc (UK:GFS: news, chart, profile) said Monday that its operating profit in the first three months of 2009 rose 48%, or around 24% excluding the impact of movements in exchange rates. The group said revenue was up 36% overall, and that organic growth in the quarter was around 6%. "Despite the fact that some of our businesses are facing tough market conditions, we have had a strong start to the year. We remain confident that we can deliver a strong performance in 2009 whilst continuing to put in place essential building blocks for future growth," the firm said.

TUI swings to profit, helped by asset sale(2:37 am ET)
LONDON (MarketWatch) -- German travel company TUI AG (DE:TUI1: news, chart, profile) on Monday said it swung to a first-quarter profit of 415 million euros ($566 million), or 2.18 euros a share, from a loss of 279 million euros, or 0.69 euro a share, in the year-earlier period. The results in the latest quarter were helped by a one-time gain of 990 million euros from the sale of its shipping business. For the year as a whole TUI said it expects to post a substantial improvement in profit, driven by lower expenses and the booking of a gain from the sale of its container-shipping business.

Takeda Pharma annual net income falls 34%(1:11 am ET)
TOKYO (MarketWatch) - Takeda Pharmaceutical (JP:4502: news, chart, profile) (TKPHF: news, chart, profile) reported Monday that its net income for the fiscal year fell 34.1%, though the result was more than the company expected and included an 11% rise in sales. Takeda, Japan's largest pharmaceutical firm, posted a net income of 234.4 billion yen ($2.4 billion) for the fiscal year ended in March 2009, down from net income of 355.5 billion yen reported a year ago. On average, analysts had been looking for a net profit of 206.5 billion yen for the year ended March 31, according to data from FactSet Research. In November, the company said it was expecting to report net income of 195 billion yen for the fiscal year, along with sales of 1.56 trillion yen.

HSBC said to have lost $5 billion in Household(1:03 am ET)
HONG KONG (MarketWatch) -- HSBC Holdings (UK:HSBA: news, chart, profile) (HK:5: news, chart, profile) is expected Monday to reveal losses at its U.S. subprime lending unit Household of up to $5 billion in the first quarter, amid higher write-downs in its credit-card business and continuing trouble in its mortgage business, according to a report in the U.K.'s Sunday Telegraph. In spite of the loss, the bank will likely indicate its overall operations remain profitable, as revenues from investment banking operations offset rising bad debts in the U.S., U.K. and Europe, the report said, citing unnamed sources.