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Wednesday, May 27

TiVo swings to loss(4:20 pm ET)
CHICAGO (MarketWatch) -- Digital video recorder pioneer TiVo Inc. (TIVO: news, chart, profile) said it swung to a loss in its fiscal first quarter as paid subscriptions declined against the backdrop of the economic downturn. The company said it lost $4.13 million, or 4 cents a share, in the latest three months. In the first fiscal quarter a year earlier, it posted a profit of $3.6 million, or 4 cents a share. Service and technology revenues fell to $48.5 million from $54.9 million. Analysts polled by Thomson Reuters were expecting a loss of 5 cents a share on service and technology revenues of $48.6 million. In its second fiscal quarter, TiVo expects to take a loss in the range of $6 million to $8 million on service and technology revenues of $47 million to $49 million.

Tech stocks mixed in early trading(9:43 am ET)
SAN FRANCISCO (MarketWatch) - Technology stocks opened to mixed trading Wednesday, with gains in the chip sector offsetting weakness in IT hardware. The Nasdaq Composite Index ($COMPQ: news, chart, profile) was down 0.3% while the Morgan Stanley High Tech 35 Index (MSH: news, chart, profile) was down 0.2%. The Philadelphia Semiconductor Index ($SOX: news, chart, profile) was up 1.1%. Shares of SanDisk (SNDK: news, chart, profile) jumped more than 15% on the news that the flash memory maker renewed a key licensing deal with Samsung.

Energy stocks rise as oil moves past $63 a barrel(9:38 am ET)
NEW YORK (MarketWatch) -- Energy stocks moved into the green despite mild losses in the broad market, as oil prices strengthened. The Amex Oil Index (XOI: news, chart, profile) rose 0.3% to 951. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.5% to 426. Royal Dutch Shell (RDSA: news, chart, profile) fell 1.3% to $52.08 after it announced a realignment of its business units. Exxon Mobil (XOM: news, chart, profile) rose 2 cents to $69.83 ahead of its annual meeting. Chevron (CVX: news, chart, profile) rose 3 cents to $65.69. Oil futures rose 69 cents to $63.14, its highest level in about six months.

Zale loss widens(9:02 am ET)
CHICAGO (MarketWatch) -- Jewelry retailer Zale Corp. (ZLC: news, chart, profile) said its fiscal third-quarter loss widened as sales at stores open at least a year dropped 20%. Sales in the prior year benefited from a clearance initiative that reduced inventory by $100 million. Zale said it lost $23.2 million, or 73 cents a share, compared with a loss of $17.4 million, or 42 cents a share, in the third quarter of 2008. Excluding items, the company said it would have lost 72 cents a share in the latest three months. Revenue fell 20.5% to $379 million. ""While we have taken important steps to creating a more efficient business model, we are up against difficult same store sales comparisons due to the clearance initiative through September 2009," said Neal Goldberg, the company's chief executive, in a statement.

Dollar Tree profit jumps 39%(8:26 am ET)
CHICAGO (MarketWatch) -- Retailer Dollar Tree Inc. (DLTR: news, chart, profile) said Wednesday that its first-quarter profit increased 39% as stores open at least a year posted a 9.2% increase in sales. Dollar Tree said it earned $60.4 million, or 66 cents a share, compared with a profit of $43.6 million, or 48 cents a share, in the first quarter of 2008. Net sales rose to $1.20 billion from $1.05 billion. On average, analysts polled by Thomson Reuters were expecting a profit of 60 cents a share on sales of $1.19 billion. In the second quarter, Dollar Tree expects to earn 47 cents to 51 cents a share on revenue in the range of $1.17 billion to $1.20 billion, as same-store sales grow by a "low-to mid-single digit" percentage. Respondents to the Thomson Reuters survey were expecting a profit of 46 cents a share in the second quarter, on net sales of $1.18 billion. Dollar Tree also said it expects full-year earnings in the range of $2.75 to $2.90 a share on sales of $5.05 billion to $5.15 billion.

Polo Ralph Lauren's fourth-quarter profit falls(8:22 am ET)
NEW YORK (MarketWatch) -- Polo Ralph Lauren Corp. (RL: news, chart, profile) said Wednesday that its fourth-quarter net income dropped to $45 million, or 44 cents a share, from $104 million, or $1.00 a share, in the year-earlier quarter. Adjusted to exclude charges, earnings would have been 86 cents a share in the latest period. On average, analysts polled by FactSet Research were expecting earnings of 42 cents a share. Net revenue at the New York-based apparel and household-product designer slipped to $1.22 billion from $1.24 billion. For fiscal 2010, the company said it expects consolidated net revenue to decline by a high-single-digit rate, but said it will not provide an earnings-per-share forecast because of continuing economic uncertainty.

Monsanto lowers earnings-per-share view(8:18 am ET)
NEW YORK (MarketWatch) -- Monsanto Co. (MON: news, chart, profile) said Wednesday that it now expects 2009 earnings per share of about $4.40, the lowest point in its previously announced range of $4.40 to $4.50 due to strong competition in its Roundup herbicide business. The results would translate to approximately 20% growth year over year, and the fifth consecutive year of 20% or greater earnings growth. Monsanto shares fell 3.5% on Tuesday.

Chico's FAS net income rises 14%(7:33 am ET)
NEW YORK (MarketWatch)-- Chico's FAS Inc. (CHS: news, chart, profile) said Wednesday first-quarter net income rose 14% to $14.5 million, or 8 cents a share, from $12.7 million, or 7 cents a share, in the year-ago period. Excluding charges, net income in the latest period totaled 11 cents a share. Sales at the Fort Myers, Fla., retailer rose to $410.6 million from $409.6 million. Wall Street analysts expected earnings of 7 cents a share, according to a survey by FactSet Research.

AutoZone earnings per share up 26%(7:16 am ET)
NEW YORK (MarketWatch) -- AutoZone Inc. (AZO: news, chart, profile) said Wednesday that third-quarter earnings were $174 million, or $3.13 a share, compared to $159 million, or $2.49 a share, in the same period a year ago. Sales rose to $1.66 billion from $1.52 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of $2.89 and sales of $1.61 billion.

Zale Corp. names Mathew Appel as CFO(7:15 am ET)
NEW YORK (MarketWatch) - Zale Corp. (ZLC: news, chart, profile) on Wednesday named Matthew Appel as chief financial officer. Appel, 53, had worked as chief financial officer of ExlService Holdings Inc. (EXLS: news, chart, profile) . He replaces Interim CFO Cindy Gordon, who will continue as controller.
Tuesday, May 26

Borders' loss deepens in first quarter(6:01 pm ET)
SAN FRANCISCO (MarketWatch) -- Borders Group (BGP: news, chart, profile) late Tuesday reported its first-quarter loss widened to $86 million, or $1.44 a share adjusted, from a loss of $31.7 million, or 50 cents a share adjusted, in the same quarter last year. The quarterly loss includes $1.17 a share of non-operating charges, the book retailer said. "We continued to strengthen the financial structure of the company by making further improvements to cash flow, debt and adjusted EBITDA," said Chief Executive Ron Marshall in a statement. "At the same time, we know that we cannot save our way to prosperity. Our long-term success will come from doing a much better job of driving sales and that's where our focus is right now," he added. Revenue totaled $650.2 million, down from $735.8 million a year earlier.

Take-Two swings to a loss in second quarter(4:04 pm ET)
SAN FRANCISCO (MarketWatch) - Take-Two Interactive Software Inc. said Tuesday that it swung to a loss for the second fiscal quarter on a sharp drop in video game sales stemming from a tough comparison. For the quarter ended April 30, Take-Two (TTWO: news, chart, profile) reported a net loss of $10.1 million, or 13 cents a share, compared to earnings of $98.2 million, or $1.29 per share, for the same period the previous year. Excluding charges related to stock-option expenses and some one-time items, the company said it would have lost $2.9 million, or 4 cents a share, in the recent quarter. Revenue fell 57% to $229.7 million. Analysts were expecting a loss of 13 cents a share on revenue of $218.3 million, according to consensus estimates from Thomson Reuters.

Energy stocks retreat as oil falls below $60 (9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks retreated as oil fell below $60 a barrel on Tuesday ahead of a key meeting this week of the Organization of Petroleum Exporting Countries. The cartel is expected to keep production stable. The Amex Oil Index (XOI: news, chart, profile) fell 1.4% to 918. The Amex Natural Gas Index (XNG: news, chart, profile) fell 2.5% to 404. Exxon Mobil (XOM: news, chart, profile) dropped 1.2% to $68.02 ahead of its annual meeting on Wednesday.
Friday, May 22

Yingly Green Energy loses $21 million in quarter(8:35 am ET)
NEW YORK (MarketWatch) -- Yingly Green Energy Holding Co. (YGE: news, chart, profile) on Friday said it lost $21 million, or 16 cents a share in its first quarter. Adjusted loss for the period totaled 9 cents a share. Revenue fell 37% from the year-ago period to $146.3 million. Negative factors in the quarter included a weaker euro, substantially lower shipment volume and lower average selling price as a result of difficult macroeconomic conditions globally, the company said. The photovoltaic module maker also cited tighter credit for system project financing, worse-than-normal winter weather conditions in Germany and changes in the feed-in tariff policy in Spain. Analysts expected net income of 2 cents a share on revenue of $200.9 million, according to a survey by FactSet Research.

Gasoline prices rise ahead of Memorial Day weekend(7:11 am ET)
NEW YORK (MarketWatch) -- Average retail U.S. gasoline prices rose 3 cents to $2.39 a gallon on Friday, ahead of the 2009 Memorial Day weekend, according to the AAA Daily Fuel Gauge Report. A day ago, gasoline sold for $2.36 a gallon. A week ago, gas cost $2.29 a gallon. A month ago, it sold for $2.06 a gallon. Gas prices have been moving up with oil futures, which broke through the $60-a-barrel mark this week and held the level.

China Resources first-quarter net income falls 35%(5:04 am ET)
HONG KONG (MarketWatch) -- China Resources Enterprise Ltd. (HK:291: news, chart, profile) said Friday its first-quarter net income totaled HK$417 million ($53.5 million), or 17 Hong Kong cents per share, compared to HK$639 million, or 27 Hong Kong cents a share, a year earlier. Revenue rose 8.2% to HK$17.17 billion from HK$15.87 billion.
Thursday, May 21

Campbell Soup profit exceeds estimates(4:46 pm ET)
SAN FRANCISCO (MarketWatch) -- Campbell Soup (CPB: news, chart, profile) late Thursday posted net income of $174 million, or 49 cents a share, for its fiscal third quarter. In the year-earlier period, the soup maker earned $532 million, or $1. 40 a share, when its profit was bolstered by the sale of the Godiva chocolate business. On a comparable basis, the soup giant said it earned 48 cents compared to 43 cents in the same period last year. Sales fell 10% to $1.7 billion, hurt by lower volume shipments and the stronger dollar. Analysts pegged Campbell to earn 42 cents a share on sales of $1.8 billion, according to FactSet Research. Looking ahead, Campbell said adjusted earnings will now grow 5% to 7% over fiscal 2008.

Foot Locker posts sharp profit increase(4:38 pm ET)
SAN FRANCISCO (MarketWatch) -- Foot Locker Inc. (FL: news, chart, profile) said Thursday its first-quarter net income rose sharply to $31 million, or 20 cents a share, compared to $3 million, or 2 cents a share in the same period last year. The apparel and footwear retailer said revenue for the period ended in early May fell 7.1% to $1.2 billion. Foot Locker said its first-quarter 2008 results had been impacted by an impairment charge.

Salesforce.com profit rises as sales jump 23%(4:14 pm ET)
SAN FRANCISCO (MarketWatch) - Salesforce.com Inc. said Thursday its fiscal first-quarter net income rose to $18.4 million, or 15 cents a share, from $9.6 million, or 8 cents a share in the same period a year earlier. The San Francisco-based provider of Internet-hosted business software (CRM: news, chart, profile) said revenue for the period ended in April rose 23% to $304.9 million. Wall Street analysts had estimated Salesforce.com would post earnings of 11 cents a share, and $304.7 million in revenue, according to data from Thomson Reuters.

Gap profit falls nearly 14%(4:12 pm ET)
CHICAGO (MarketWatch)-- Across the board geographic weakness dragged down Gap Inc.'s first-quarter profit, the apparel retailer said Thursday. After the close of trading, Gap (GPS: news, chart, profile) said that it earned $215 million, or 31 cents a share, down from $249 million, or 34 cents a share, in the same quarter a year ago. Sales fell to $3.13 billion from $3.38 billion as same-store sales - those at outlets open at least a year -- were off 8%. The average estimate of analysts polled by FactSet Research had been for the company to earn 30 cents a share on sales of $3.13 billion. Shares of Gap ended the regular session up slightly at $16.02.

Patterson Companies net income falls 15%(8:52 am ET)
NEW YORK (MarketWatch) -- Patterson Companies Inc. (PDCO: news, chart, profile) said Thursday fourth-quarter net income fell by about 15% to $54 million, or 46 cents a share, from $63.2 million, or 51 cents a share in the year-ago period. The St. Paul, Minn. dental supply firm said sales remained flat at $778.4 million. "The positive impact of acquisitions was largely offset by weaker than forecasted sales brought on by the recession and the effect of a stronger U.S. dollar on foreign operations," the company said. Analysts expected earnings of 50 cents a share, according to a survey by FactSet Research. The company expects 2010 earnings of $1.70 to $1.80 a share, below the Wall Street view of $1.85 a share.

GameStop net climbs 13%, issues Q2 warning(8:41 am ET)
NEW YORK (MarketWatch) -- GameStop Corp. (GME: news, chart, profile) said Thursday first-quarter net income rose 13% to $70.4 million, or 42 cents a share, from $62.1 million, or 37 cents a share in the year-ago period. The latest quarter included debt retirement costs of $2.9 million. First-quarter sales rose 9.2% to $1.98 billion. First-quarter comparable store sales were lower than expected, declining slightly by 1.5%, the Grapevine, Texas company said. Wall Street analysts expected earnings of 41 cents a share on revenue of $2 billion, according to a survey by FactSet Research. The video game retailer forecast second-quarter earnings of 28 to 33 cents, below the analyst target of 40 cents a share.

MF Global loss widens, revs fall by nearly half(7:17 am ET)
NEW YORK (MarketWatch) -- MF Global Ltd. (MF: news, chart, profile) said Thursday fourth-quarter net loss widened to $111.7 million, or 98 cents a share, from a loss of $83.1 million, or 69 cents a share in the year-ago period. Adjusted loss fell to 5 cents a share from net income of 39 cents a share. Excluding items, adjusted net income totaled 4 cents a share in the latest period. Net revenue at the New York-based derivatives trading firm dropped to $256.7 milion from $407.9 million. A non-cash expense of $82.0 million was recognized in the fourth quarter as a result of the company's analysis of intangibles and goodwill impairment. Analysts expected earnings of 7 cents a share, according to a survey by FactSet Research.

Brocade swings to loss(7:14 am ET)
NEW YORK (MarketWatch) -- Technology company Brocade Communications Systems Inc. (BRCD: news, chart, profile) announced Thursday a loss of $63.1 million, or 16 cents a share, for its fiscal second quarter ending May 2, compared to a profit of $91.4 million, or 23 cents a share, in the year-ago period. Analysts surveyed by FactSet Research had expected, on average, profit of 8 cents a share. Total revenues for the quarter were up 43% compared to the same period last year, to $506.3 million, a record.

Suntech profit falls 95% as shipments, prices drop(6:23 am ET)
LONDON (MarketWatch) -- Solar panel maker Suntech Power Holdings (STP: news, chart, profile) said Thursday that its first-quarter net profit fell 95% to $2.1 million, or 1 cent a share, from $45.3 million, or 27 cents a share, a year earlier. Revenue for the quarter fell 27% to $315.7 million. The company said the drop in revenue was due to both lower shipments and a drop in selling prices as the economy weakened. Analysts polled by FactSet were expecting a loss of 6 cents a share in the latest quarter on sales of $355.4 million.

Lenovo fiscal-year net loss of $226.4 million(5:34 am ET)
HONG KONG (MarketWatch) -- Lenovo Group Ltd. (HK:992: news, chart, profile) (LNVGY: news, chart, profile) reported Thursday a fiscal-year net loss of $226.4 million, or 2.56 U.S. cents per share, compared to a year-earlier net income of $483.3 million, or 7.85 U.S. cents per share. Revenue for the 12-months ended March 31 totaled $14.9 billion, down 8.9% from the $16.4 billion a year earlier. Lenovo said it had a net loss of $264 million for the fiscal fourth quarter, compared to a year earlier net income of $140 million.

Daily Mail swings to loss as advertising declines(2:51 am ET)
LONDON (MarketWatch) -- U.K. newspaper publisher Daily Mail & General Trust (UK:DMGT: news, chart, profile) said Thursday that it swung to a net loss for the six months ended March 29 of 172.9 million pounds ($272.8 million) from a profit of 58.5 million pounds a year earlier as revenue for the period fell 7% to 1.09 billion pounds. Adjusted pretax profit fell 47% to 77 million pounds, but was still ahead of the consensus forecast of 67 million pounds. The group said its business-to-business operations were resilient, helped by currency gains, but that the overall results were badly affected by the impact of the recession on its consumer media advertising revenue. The group said it expects results for the year to be in line with the market consensus and said its focus remains on delivering revenue and cost initiatives, which are now expected to be around 150 million pounds.

Mitchells & Butlers loss narrows, CEO resigns(2:40 am ET)
LONDON (MarketWatch) -- U.K. pub and restaurant operator Mitchells & Butlers (UK:MAB: news, chart, profile) said Thursday that its net loss for the 28 weeks ended April 11 narrowed to 6 million pounds ($9.5 million) from 87 million pounds as it also said CEO Tim Clarke has resigned. Adam Fowle, the group's chief operating officer, will take over as CEO on an acting basis. Revenue for the period rose 3% to 1.02 billion pounds. The group said Clarke resigned following the crystallization of 69 million pounds of losses from an interest rate swap deal. The group said the outlook for consumer spending looks set to remain weak for the rest of 2009, though it added it has seen some signs that the previous rate of decline has moderated. Along with lower energy costs and reduced inflation in food prices, this should help relieve pressure on operating margins in the fiscal second half, the company said.

Scottish & Southern profit drops 87%(2:28 am ET)
LONDON (MarketWatch) -- Scottish & Southern Energy (UK:SSE: news, chart, profile) said that its net profit for the fiscal year ending March 31 fell 87% to 112.3 million pounds ($177.2 million), while revenue rose 67% to 25.42 billion pounds. Excluding around 800 million pounds of one-off items, mainly due to the movement of derivative valuations, the group said its underlying profit rose 4.2% to 913.2 million pounds. Adjusted pretax profit rose 2% to 1.25 billion pounds and was slightly below the consensus forecast of 1.27 billion pounds. The dividend payout for the full year rose 9.1% to 66 pence a share.
Wednesday, May 20

Mitsubishi UFJ to end earnings forecasts: report(7:47 pm ET)
LOS ANGELES (MarketWatch) -- Mitsubishi UFJ Financial Group (JP:8306: news, chart, profile) (MTU: news, chart, profile) plans to stop issuing earnings forecasts this fiscal year, switching instead to releasing informal profit goals, the Nikkei reported Thursday. The megabank, Japan's largest, judged that there are too many causes of uncertainty to make projections, the report said.