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Monday, May 18

U.S. retail gasoline prices up 8 cents in a week(10:05 am ET)
NEW YORK (MarketWatch) -- Average U.S. retail gasoline prices climbed by eight cents to $2.31 a gallon in the past week, according to the AAA Daily Fuel Gauge Report. A week ago, gasoline sold for $2.23 a gallon. A month ago, it sold for $2.06 a gallon. A year ago, gasoline sold for $3.79 a gallon. In California, gasoline is selling for $2.54 a gallon, while in Arizona, it sells for $2.09 a gallon.

Dr. Reddy's leads drug sector higher(9:44 am ET)
BOSTON (MarketWatch) -- Dr. Reddy's Laboratories (RDY: news, chart, profile) led drug stocks higher early Monday as shares of the India-based generic drugmaker soared in the wake of the release of its fiscal 2009 financial report. The Amex Pharmaceutical Index ($DRG: news, chart, profile) and the Amex Biotechnology Index ($BTK: news, chart, profile) were both up 0.6% at 250.21 and 619.21, respectively. The Dow Jones Industrial Average (DJII: news, chart, profile) advanced about 100 points to 8,365. Shares of Dr. Reddy's were up 12% at $12.62.

Energy stocks move up with equities market(9:38 am ET)
NEW YORK (MarketWatch) -- Energy stocks moved up on higher oil prices, while the broad equities market provided a lift over optimism surrounding India's election. The Amex Oil Index (XOI: news, chart, profile) rose 1.9% to 931. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1.7% to 414. Crude oil futures rose $1.53 to $57.87 a barrel.

State Street plans stock offering (7:19 am ET)
NEW YORK (MarketWatch) -- State Street Corp. (STT: news, chart, profile) on Monday said it expects to raise proceeds of about $1.5 billion and issue senior notes as it set plans to exit the TARP Capital Purchase Program. The financial services giant plans to notify the U.S. Treasury of its intention to repurchase the Treasury's preferred stock and common stock purchase warrant investment in the company.

Volkswagen April deliveries slip 4.7%(6:25 am ET)
LONDON (MarketWatch) -- German car maker Volkswagen (DE:VOW: news, chart, profile) said Monday that its vehicle deliveries in April fell 4.7% to 541,600 from 568,100 a year earlier. The company said the global automotive market was down around 20% in the period. Deliveries of its core Volkswagen brand cars rose 1.3% to 339,500, the firm said. The scrappage bonus available to people buying new cars in Germany continued to support sales, with total group deliveries in the country up 19.9% at 118,200. Volkswagen said the Chinese market also showed signs of a recovery, with deliveries up 21.1% at 121,300 units.

Volvo reaches deal with union over health care(2:53 am ET)
LONDON (MarketWatch) -- Swedish truck maker Volvo (SE:VOLVB: news, chart, profile) and its subsidiary Mack said they have reached a tentative agreement on a new 40-month master plan with the United Auto Workers union. The agreement involves the creation of a trust that would completely eliminate Mack's health care liabilities for retirees and, if approved by UAW members, would reduce Volvo's operating earnings by $110 million in the second quarter of 2009. The trust, known as a voluntary employee beneficiary association, would permanently assume the obligation of providing retiree health benefits. Volvo would fund the program with $525 million in cash, paid in equal installments over a five year period.
Friday, May 15

Statoil Hydro downgraded at HSBC(8:57 am ET)
NEW YORK (MarketWatch) -- Norwegian petroleum producer StatoilHydro ASA (STO: news, chart, profile) drew a downgrade to neutral from overweight at HSBC on Friday. Analysts at HSBC cut their 2009 eanings targets for the company by 9% to reflect currency effects and higher costs in its international exploration and production division.

Abercrombie & Fitch loses 31 cents a share (7:16 am ET)
NEW YORK (MarketWatch) -- Abercrombie & Fitch Co. (ANF: news, chart, profile) said Friday that it lost $27 million, or 31 cents a share, in the first quarter. In the same period last year Abercrombie earned $62 million, or 69 cents a share. Sales decreased 24% to $612 million and comparable-store sales decreased 30%. Analysts polled by FactSet Research estimated, on average, a loss of 10 cents and sales of $612 million. "The first quarter was clearly a difficult one for us," said Chief Executive Mike Jeffries. "With a challenging economic environment, the consumer continues to show a reluctance to spend on premium brands; a price consciousness dictating shopping habits unlike anything I have ever seen."

Sumitomo Mitsui posts loss, sees profit this year(4:29 am ET)
HONG KONG (MarketWatch) -- Japan's Sumitomo Mitsui Financial Group (SMFJY: news, chart, profile) (JP:8316: news, chart, profile) reported Friday a net loss of 373 billion yen ($3.89 billion) in the year ended March 31, hit by losses on its shareholdings and the economic downturn. But the banking giant forecast it will swing back into black this year with a net income of 220 billion yen. The forecast was better than the 199 billion yen median estimate in a FactSet Research survey of analysts.

AngloGold Ashanti back to profit(3:52 am ET)
LONDON (MarketWatch) -- South African gold miner AngloGold Ashanti (AU: news, chart, profile) swung to a 1 million rand ($117,000) profit during the first quarter as it received 25% more for gold than it did during the fourth quarter. The company said its adjusted headline earnings were $150 million, or 42 cents a share, after losing $17 million, or 5 cents a share, in the year-earlier period. Analysts polled by FactSet had expected a profit of 53 cents a share. Production fell 13% to 1.103 million ounces, which the company said was in line with a warning made in April.

Mizuho hits $6.2 billion loss, to issue new shares(3:43 am ET)
LOS ANGELES (MarketWatch) -- Mizuho Financial Group Inc. (MFG: news, chart, profile) (JP:8411: news, chart, profile) reported Friday it swung to a net loss of 588.8 billion yen ($6.2 billion) for the fiscal year ended March, from a 311.2 billion yen profit the year before. It also said it would issue 600 billion yen in new shares to bolster its capital position and was cutting its cash dividend for the year to 10 yen from 10,000 yen in the previous year. However, Japan's second largest bank said it expects to return to profit in the current fiscal year, forecasting a net group income of 200 billion yen.

Panasonic fiscal-year net loss $3.95 billion(2:59 am ET)
HONG KONG (MarketWatch) -- Panasonic Corp. (JP:6752: news, chart, profile) reported Friday a fiscal-year net loss of 379 billion yen ($3.95 billion), compared to a 281.88 billion yen profit in the prior year. The Japanese electronics giant said it expects a net loss of 195 billion yen in the current year business year ending March 2010. The Osaka-based company also said it will cut its year-end dividend to 7.5 yen a share, bringing the combined dividend payouts to 30 yen a share.

Ladbrokes profit down 34%(2:55 am ET)
LONDON (MarketWatch) -- U.K. bookmaker Ladbrokes (UK:LAD: news, chart, profile) said that group profit for the four months ended April 30 fell 34%, due to a particularly tough March, when many of its customers had a winning month. The group said the rate of decline in profit is not representative of its expectations for the year and has already given way to more normal trends in May.

Petrofac sees strong growth in 2009, backlog rises(2:42 am ET)
LONDON (MarketWatch) -- Oil and gas service provider Petrofac (UK:PFC: news, chart, profile) said Friday that it expects 2009 to be a year of strong growth after its engineering and construction arm secured $5 billion of new contracts in the first quarter. The group added, however, that it is starting to see some early evidence of customers adjusting their discretionary spending in the lower oil price environment. The group said its backlog at the end of April was around $8.2 billion, compared to $4 billion at the end of December.

H&M same-store sales rise 8%(2:37 am ET)
LONDON (MarketWatch) -- Swedish fashion retailer Hennes & Mauritz (SE:HMB: news, chart, profile) said Friday that its same-store sales rose 8% in April, while sales in local currencies rose 19% from a year earlier. The group said it had 1,804 stores, compared to 1,560 a year earlier.

Resona Holdings annual profit beats estimates(2:31 am ET)
LOS ANGELES (MarketWatch) -- Resona Holdings Inc. (JP:8308: news, chart, profile) (RSNHF: news, chart, profile) said Friday its net income totaled 123.9 billion yen ($1.25 billion) for the fiscal year ended March 31, down 59% from the previous year's 302.8 billion yen. The results for Resona -- one of Japan's "big six" financial groups -- were slightly above expectations for a 120.8 billion yen profit, according to a FactSet Research survey. For the current fiscal year, the company said it expects net income to total 100 billion yen, which would mark a further 19% drop in profit.
Thursday, May 14

Blockbuster CEO: Record box office hurt rentals(4:58 pm ET)
CHICAGO (MarketWatch) -- A highly successful first quarter for theatrical films had a negative impact on video rentals at Blockbuster Inc. (BBI: news, chart, profile) , the company's chief executive said Thursday. Speaking during a conference call, CEO Jim Keyes noted that theatrical attendance is up 14% so far in 2009, with six films surpassing the $100 million mark. These films, including "Watchmen" and "Paul Blart: Mall Cop," have pulled traffic away from Blockbuster's stores, "especially on important weekend nights," Keyes told analysts. Competitors Redbox (CSTR: news, chart, profile) and Netflix (NFLX: news, chart, profile) also took a toll during the period, Keyes said, but "non-competitive" factors accounted for most of the reason why Blockbuster's U.S. same store sales declined 11% in the quarter. The CEO also said the worst economic environment in decades played a role, "as existing customers pull back on their discs per visit."

Compuware fourth-quarter profit slips(4:38 pm ET)
SAN FRANCISCO (MarketWatch) - Compuware Corp. (CPWR: news, chart, profile) said Thursday its fiscal fourth-quarter net income fell to $48.4 million, or 20 cents a share, from $61.2 million, or 23 cents a share in the same period a year earlier. The Detroit-based information technology company said revenue in the period ended in March fell to $253.4 million from $338.9 million. Analysts on average had estimated Compuware would post earnings of 19 cents a share on $268 million in revenue, according to data from Thomson Reuters.

Blockbuster profit declines 39% on items(4:16 pm ET)
CHICAGO (MarketWatch) -- Home video rental chain Blockbuster Inc. (BBI: news, chart, profile) said its first-quarter profit declined 39% on costs related to store closures, job cuts and other items, as well as decreased sales at its U.S. stores. Blockbuster said it earned $27.7 million, or 12 cents a share in the first quarter of 2009. In the same quarter a year earlier, it posted a profit of $45.4 million or 20 cents a share. Excluding items, the company would have earned $41.3 million, or 19 cents a share, in the latest three months. Revenue fell to $1.12 billion from $1.39 billion. Analysts polled by FactSet Research were expecting a profit, excluding items, of 15 cents a share on revenue of $1.29 billion. The company reiterated its forecast for 2009 adjusted earnings before interest, taxes, depreciation and amortization in a range of $305 million to $325 million. Blockbuster's first-quarter sales at U.S. stores open at least a year fell 11%, compared with an increase of 2.9% in the same quarter a year ago. Worldwide same-store sales fell nearly 10%.

Nordstrom posts lower profit, raises outlook(4:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Nordstrom, Inc. (JWN: news, chart, profile) on Thursday reported a first-quarter profit of $81 million, or 37 cents a share, down from $119 million, or 54 cents a share, a year earlier. Excluding a gain related to the company's 2007 tax return audit, earnings would have come in at 31 cents a share. Revenue fell 9.2% to $1.71 billion. Analysts polled by FactSet Research had expected the department store chain to post a profit, on average, of 26 cents a share on sales of $1.71 billion. Nordstrom said it expects to report a 2009 profit of $1.25 to $1.50 a share, up from a range of $1.10 to $1.40 a share. Wall Street previously forecast earnings of $1.25 a share.

Vivendi's profit fell 14%, outlook confirmed(12:02 pm ET)
LONDON (MarketWatch) -- French telecoms, media and gaming giant Vivendi SA (FR:VIV: news, chart, profile) on Thursday posted a 14% drop in first-quarter net income to 477 million euros, or 0.40 euro a share, from 555 million euros, or 0.47 euro a share, earned in the year-earlier quarter. Adjusted net income fell 7% to 649 million euros. Revenue climbed 24% to 6.53 billion euros. The group reiterated its outlook for strong growth in earnings before interest, taxes and amortization in 2009.

Lear loses $3.42 a share in quarter(7:19 am ET)
NEW YORK (MarketWatch) -- Lear Corp. (LEA: news, chart, profile) said Thursday that it lost $265 million, or $3.42 a share, in the first quarter. A year ago, Lear earned $78 million, or $1.00 a share, in the period. Sales at the car-seat and accessory maker fell to $2.2 billion from $3.9 billion. Analysts polled by FactSet Research estimated, on average, a loss per share of $1.52 and sales of $2.6 billion.

Kohl's Corp. net income falls 10%(7:16 am ET)
NEW YORK (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) said first-quarter net income fell 10% to $137 million, or 45 cents a share, from $153 million, or 49 cents a share in the year-ago period. Sales rose 0.4% to $3.6 billion. Comparable store sales for the quarter dropped 4.2%. Analysts expected earnings of 44 cents a share, according to a survey by FactSet Research. Kohl's expects second-quarter net income of 56 to 64 cents a share.

Brigham Exploration posts big loss on impairments(6:57 am ET)
WASHINGTON (MarketWatch) -- Brigham Exploration Co. (BEXP: news, chart, profile) reported a first-quarter net loss of $119.1 million, or $2.60 a share, a reversal from the prior year's net profit of $1.5 million, or 3 cents a share. The Austin, Texas-based energy company generated quarterly revenue of $18.5 million, down from $25.1 million in the same period last year, as higher production volumes couldn't offset lower oil prices. Brigham Exploration's quarterly loss stemmed mostly from impairment of oil and natural-gas properties, the quarterly results showed. If adjusted to exclude various one-time items including hedging losses, the company said it would have had a quarterly profit of 1 cent a share. The consensus of 11 analysts surveyed by FactSet Research had been for a loss of 10 cents a share. Separately, Brigham Exploration said it plans to sell 30 million common shares under a shelf registration, with the option of offering underwriters up to 4.5 million additional shares if demand warrants.

Tower Semi narrows loss on flat revenue(6:54 am ET)
TEL AVIV (MarketWatch) -- Tower Semiconductor Ltd., (TSEM: news, chart, profile) the Migdal ha'Emek, Israel, chip foundry, narrowed its first-quarter net loss on about flat revenue. The loss was $27.6 million, or 17 cents a share, compared with $29.6 million, or 24 cents, in the year-earlier quarter. Adjusted earnings were $4.4 million against $4.2 million. Shares outstanding rose 29% to 160 million. Revenue rose 0.8% to $58.1 million from $57.6 million. Cost cuts from the merger with Jazz have exceeded expectations, reaching an annual run rate of $80 million, Tower reported.

Gildan profit falls 83%(6:41 am ET)
LONDON (MarketWatch) -- Clothing maker Gildan Activewear Inc. (GIL: news, chart, profile) said Thursday that its fiscal second-quarter net profit fell 83% to $7.1 million, or 6 cents a share, from $42.1 million, or 35 cents a share, a year earlier. The group said the decline was largely due to lower unit sales volumes and significantly lower gross margins. Net sales in the quarter fell 16.7% to $244.8 million. Analysts polled by FactSet had been expecting earnings of 11 cents a share on revenue of $227.4 million.

Emmis 4th-quarter loss widened, revenue off 20%(6:25 am ET)
TEL AVIV (MarketWatch) -- Emmis Communications Corp., (EMMS: news, chart, profile) the Indianapolis media company, reported that its fiscal fourth-quarter loss widened on 20% lower revenue. For the quarter ended Feb. 28, the net loss widened to $156.3 million from $15.8 million in the year-earlier quarter. The loss available to common-share holders was $158.4 million, or $4.32 a share, compared with $18.1 million, or 51 cents, a year earlier. Revenue fell to $68.5 million from $85.4 million. The latest loss reflects a non-cash impairment charge of $163.2 million, a valuation allowance for deferred tax assets of $29.4 million, and lower net revenue, Emmis said. "Across our properties, we see signs that the operating environment is slowly improving," Chairman and Chief Executive Jeff Smulyan said in a statement on Thursday.

Urban Outfitters' quarterly net drops 28%(6:16 am ET)
WASHINGTON (MarketWatch) -- Urban Outfitters Inc. (URBN: news, chart, profile) reported net income of $30.8 million, or 18 cents a share, in the first quarter ended April 30, down from $42.6 million, or 25 cents, earned in the same period last year. The Philadelphia-based specialty retailer generated quarterly sales of $384.8 million, down 2% from the prior year's $394.3 million. Analysts, on average, had been looking for Urban Outfitters to post a profit of 17 cents a share for the latest quarter, according to estimates compiled by FactSet Research. Gross margin narrowed to 37.2% from 40.2%, reflecting in part markdowns on seasonal merchandise. Urban Outfitters is "well positioned to show improvement over the next several quarters," said CEO Glen Senk.

Credit Agricole profit drops 77%(2:56 am ET)
LONDON (MarketWatch) -- Credit Agricole (FR:ACA: news, chart, profile) said Thursday that its first-quarter net profit fell 77% to 202 million euros from 892 million euros as net banking income slipped 1.2% to 4.06 billion euros. Analysts polled by Dow Jones Newswires had been expecting the bank to earn 283.5 million euros in the latest quarter. It said that excluding a year-ago capital gain of 882 million euros on the sale of Suez shares, net banking income would have increased by 25.8%. Operating expenses fell 7.5% to 2.98 billion euros. The bank said its Tier 1 capital ratio at the end of the quarter was 8.8%.

Thomas Cook losses widen, but upbeat on outlook(2:55 am ET)
MADRID (MarketWatch) -- U.K. travel group Thomas Cook (UK:TCG: news, chart, profile) on Thursday said first half pretax losses widened to 280.4 million pounds ($425.1 million), against losses of 233.2 million pounds in the same period a year ago. The group said revenue in the period rose 13% to 3.48 billion pounds, against 3.1 billion pounds in the same period a year ago. Its first-half operating loss narrowed to 110.9 million pounds, versus losses of 131.4 million pounds a year ago. A Reuters poll of three analysts was expecting an operating loss between 116 and 119 million pounds. The group said it remains "confident" it will meet full-year expectations, noting that current trading for summer 2009 is "robust" with selling prices up and margin in line with expectations. "Customers continue to book nearer to departure, however, load factors remain strong with bookings trending towards our capacity levels."