Earning Plays

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Monday, June 15

SMFG opens down following offering announcement(8:04 pm ET)
LOS ANGELES (MarketWatch) -- Sumitomo Mitsui Financial Group Inc. (JP:8316: news, chart, profile) (SMFJ.Y: news, chart, profile) shares opened down 1.23% at 4,000 yen ($40.97) Tuesday, a day after the financial giant said it had priced its new share offering at 3,928 yen, with expectations it will raise up to 923 billion yen. SMFG stock had closed down 6.9% Monday following news reports that its offering would be larger than previously announced. Dow Jones Newswires quoted an unnamed Japanese asset manager as saying concern over dilution for existing investors has now been priced into the shares.

Energy stocks move lower with broad market(9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks gave up ground on Monday as lower oil prices and a weak start in the broad equities market weighed on shares of oil and natural gas producers. The Nymex Arca Oil Index (XOI: news, chart, profile) fell 2% to 969. The Nymex Arca Natural Gas Index (XNG: news, chart, profile) fell 1.7% to 457. The Philadelphia Oil Service Index ($OSX: news, chart, profile) subtracted 2.4% to 180. Crude futures fell 64 cents to $71.40.

Illinois Tool Works lifts guidance(8:24 am ET)
NEW YORK (MarketWatch) -- Illinois Tool Works Inc. (ITW: news, chart, profile) said Monday that it is raising its forecast for second-quarter earnings by 4 cents a share to a range of 29 cents to 41 cents due to better results from its decorative surfaces segment. Analysts polled by FactSet Research estimated, on average, earnings per share of 30 cents in the period.

VTech profit down 34%(7:01 am ET)
LONDON (MarketWatch) -- VTech Holdings [s:hk:303] (VTKHY: news, chart, profile) said Monday that its profit attributable to shareholders for the fiscal year ended March 31 fell 34% to $143.2 million as revenue for the year declined 6.7% to $1.45 billion. As well as the drop in sales, VTech said profit was hit by increased price promotions and unfavorable moves in exchange rates. The group, which makes cordless telephones and electronic learning products for children, said consumer sentiment is expected to remain weak throughout the current year and that top line growth will therefore be very difficult to achieve. It added it is "cautiously optimistic" that profitability will improve as the euro, sterling and Renminbi show stability and raw materials prices decline.

United Technologies affirms 2009 estimates(5:22 am ET)
TEL AVIV (MarketWatch) -- United Technologies Corp., (UTX: news, chart, profile) the Hartford, Conn., building and aerospace giant, said that at a Monday meeting with investors at the Paris Air Show, President and Chief Executive Louis Chenevert and Senior Vice President and Chief Financial Officer Greg Hayes will affirm that in 2009, the company expects to earn $4 to $4.50 a share on revenue of about $55 billion. Cash flow from operations less capital expenditures should equal or exceed net income attributable to common-share holders, UTX said.

Wessanen: Irregularities found in U.S. unit(3:02 am ET)
LONDON (MarketWatch) -- Holland's Wessanen (NL:WES: news, chart, profile) said an investigation has found results at its ABC division were misstated over a number of years, going back to 2006. As a result, equity as at year-end 2008 potentially has been overstated by approximately 10 million euros ($14 million), assuming full tax relief. The investigation is still in its early stages. Wessanen said the CEO and CFO of ABC have left the company and that it has appointed new management. It's holding its outlook for the second quarter excluding the operating result of the North America Branded segment, largely consisting of ABC. The period to review the business case to sell ABC, which the firm announced in February of this year, is extended in light of these developments.

Punch Taverns to raise $573 mln through share sale(2:36 am ET)
LONDON (MarketWatch) -- U.K. pub group Punch Taverns (UK:PUB: news, chart, profile) said Monday that it will raise 350 million pounds ($573 million) through selling new shares as it also said trading has been hit by a significant drop in consumer confidence. The group said existing shareholders will be able to invest in up to half the shares being offered through a so-called "clawback" deal. It intends to use the proceeds of the sale to buy back 275 million pounds of convertible bonds. Punch Taverns said comparable EBITDA on its leased estate was down 11.2% for the 40 weeks to May 30. It added that, although it doesn't anticipate that demand levels will improve in the near term, the group is on track to meet its expectations for the financial year.

Lonmin hit by furnace shutdown(2:21 am ET)
LONDON (MarketWatch) -- Lonmin (UK:LMI: news, chart, profile) , the U.K. producer of platinum group metals, said Monday that it has shut down its No. 1 furnace for repairs that are likely to take around 30 days. The group said it has started up three other furnaces to try and mitigate the impact and will provide guidance on the impact on production and sales once a full inspection has been made.
Friday, June 12

Tech stocks weighed down by Nat Semi(9:41 am ET)
SAN FRANCISCO (MarketWatch) -- Technology stocks slipped in early trading Friday, led down by the broader market as well as by weakness at National Semiconductor (NSM: news, chart, profile) , a chipmaker that reported a large quarterly loss late Thursday. Shares of National Semiconductor fell more than 6% after the opening bell. The tech-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) slipped 0.7% to 1,849, while the Morgan Stanley High-Tech Index (MSH: news, chart, profile) fell 1% to 460. The Philadelphia Semiconductor Index (SOXX: news, chart, profile) was off 2% in early trades.

Gasoline prices rise a penny to $2.64 a gallon(7:28 am ET)
NEW YORK (MarketWatch) -- Average U.S. retail gasoline prices rose a penny to $2.64 a gallon on Friday, up a penny from the previous day, according to the AAA Daily Fuel Gauge Report. A week ago, gasoline sold for $2.59 a gallon. A month ago, it sold for $2.27 a gallon. A year ago, gasoline cost $4.06 a gallon, on average.
Thursday, June 11

National Semiconductor swing to $63.7 million loss(4:10 pm ET)
SAN FRANCISCO (MarketWatch) -- National Semiconductor Corp. (NSM: news, chart, profile) on Thursday reported a fiscal fourth-quarter loss of $63.7 million, or 28 cents a share, on revenue of $281 million. Analysts surveyed by Thomson Reuters had forecast National Semi to lose 38 cents a share on $273 million in sales. During the same period a year ago, the analog chip maker earned $83.2 million, or 34 cents a share, on revenue of $462 million. For its fiscal first quarter, the company estimates sales will be between $285 mililon and $305 million.

Palm, Qualcomm highlight early tech trading action(9:42 am ET)
SAN FRANCISCO (MarketWatch) -- Palm Inc. (PALM: news, chart, profile) and Qualcomm Inc. (QCOM: news, chart, profile) were in the tech-sector spotlight in early trading Thursday, as the tech sector tried to turn around from the previous session's losses. Palm rose 36 cents a share, or 3%, to $12.35 after the smart phone maker named Jon Rubenstein as its new CEO, while Qualcomm gave up 58 cents a share to trade at $45.47 after the company raised its third-quarter revenue and earnings forecasts, but said it is still cautious about the weak global economy. The tech-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) rose 5 poinst to 1,858.

Qualcomm boosts third-quarter outlook (9:11 am ET)
NEW YORK (MarketWatch) -- Qualcomm Inc. (QCOM: news, chart, profile) on Thursday boosted its third-quarter revenue outlook to $2.67 billion to $2.77 billion, based on demand for high-end phone chips. The tech firm's earlier revenue view was $2.4 billion to $2.6 billion. Qualcomm now expects third-quarter operating profit of $830 million to $880 million, up sharply from its earlier estimate of $550 million to $650 million. "We are very pleased to raise our fiscal third quarter guidance, reflecting the strong worldwide demand for wireless broadband powered by 3G CDMA," the company said. Shares rose 1% to $46.59 in pre-market trades.

GE Energy inks $500 million power plant pact (8:13 am ET)
NEW YORK (MarketWatch) -- GE Energy, a unit of General Electric Co. (GE: news, chart, profile) , said Thursday it inked $500 million in contracts to equip Al Dur Independent Water and Power Project, the largest power plant in the Kingdom of Bahrain. GE will supply gas turbines and other gear for the plant, which will provide 1,250 megawatts of power and provide about 30% of the kingdom's existing electricity output, as well as 48 million imperial gallons of desalinated water a day. GE also signed a 20-year contractual service agreement contract for the project, which will support the long-term operability and performance of the turbines.

Clorox hikes quarterly dividend 9% (7:55 am ET)
NEW YORK (MarketWatch) -- The Clorox Co. (CLX: news, chart, profile) said its board declared a quarterly dividend of 50 cents a share, payable Aug. 14 to stockholders of record on July 27. The amount represents an increase of 4 cents a share, or 9%, in the company's quarterly dividend. Clorox confirms 2010 earnings per share in the $4.00-to-$4.15 range and 1% to 2% sales growth. FactSet Research analysts estimate, on average, earnings per share of $4.18 for the period. Clorox also said it sees sales growth through fiscal 2013 of 3% to 5% annually.

Genesee & Wyoming cuts earnings forecast(6:51 am ET)
LONDON (MarketWatch) -- Railroad operator Genesee & Wyoming Inc. (GWR: news, chart, profile) on Thursday warned its second-quarter earnings will be below previous expectations after a decline in railroad traffic. The group said it's expecting second-quarter earnings from continuing operations of 35 cents to 37 cents a share on revenue of $130 million. It had previously forecast earnings of around 45 cents a share on revenue of $140 million to $145 million. Genesee & Wyoming said traffic in the second quarter through May was down 5.5% compared to a year ago and same-railroad traffic has slumped 21.4%. The group said it has reduced its active locomotive fleet by 17 units since the end of the first quarter and put an additional 70 employees on leave.