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Monday, July 20

Boston Scientific posts higher quarterly profit(5:46 pm ET)
SAN FRANCISCO (MarketWatch) -- Boston Scientific Corp. (BSX: news, chart, profile) late Monday reported a second-quarter net income of $158 million, or 10 cents a share, compared with a net income of $98 million, or 7 cents a share, a year earlier. Excluding items, the medical device maker said it would have earned 20 cents a share. Net sales rose marginally to $2.07 billion from $2.02 billion. Analysts, on average, had expected Boston Scientific to post earnings of 13 cents a share on revenue of $2.04 billion, according to FactSet Research. The company forecasted net sales of $2 billion to $2.1 billion and earnings of 8 cents to 13 cents a share in the third quarter. On an adjusted basis, it sees earnings of 17 cents and 21 cents a share.

Bemis to offer 7.5 mln in common shares(4:29 pm ET)
SAN FRANCISCO (MarketWatch) -- Bemis Co. (BMS: news, chart, profile) said late Monday it is offering 7,500,000 of common shares. The company will grant the underwriters an option for 30 days to purchase up to 1.1 million additional shares to cover over-allotments. Bemis plans to use the proceeds from the equity offering to fund a portion of its purchase of Alcan Packaging Food Americas, a business unit of Rio Tinto (RTP: news, chart, profile) .

Zions reports quarterly loss of $40.7 million(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Zions Bancorporation (ZION: news, chart, profile) reported a second-quarter loss of $40.7 million, or 35 cents a share, late Monday. That compares to a profit of $69.7 million, or 65 cents a share, a year earlier. Zions said it set aside $762.7 million in provisions for loan losses during the second quarter, up from $297.6 million for the first quarter of 2009 and $114.2 million in the second quarter of 2008. Zions was expected to lose $1.02 a share in the latest period, according to 14 analysts polled by Thomson Reuters.

Legg Mason earnings improve in first quarter(4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Legg Mason Inc. (LM: news, chart, profile) late Monday reported first-quarter earnings of $50.1 million, or 35 cents a share, recovering from a loss of $36.1 million, or 26 cents a share, a year earlier. Operating revenue decreased to $613.1 million from $1.1 billion in the same period last year. Analysts surveyed by FactSet Research had forecast earnings of 21 cents a share on revenue of $612.1 million in the quarter. Assets under management at the end of the quarter were up 4% to $656.9 billion from $632.4 billion at the end of the fourth quarter of fiscal 2009, and $948.5 billion at the end of the first quarter of fiscal 2009, the asset manager said.

M&T Bank second-quarter net income down 68%(8:25 am ET)
NEW YORK (MarketWatch) -- M&T Bank Corp. (MTB: news, chart, profile) announced Monday that it earned $51.2 million, or 36 cents a share, in the second-quarter ending June 30, compared with net income of $160.3 million, or $1.45 a share, in the year-ago period. Analysts polled by FactSet Research, on average, expected the Buffalo, N.Y.-based bank to earn 61 cents a share in the second-quarter. Certain expenses associated with the completed acquisition of Provident Bankshares Corp. during the quarter cost M&T $40 million, or 35 cents a share, the company said. Also, M&T incurred a $32.5 million special assessment from the Federal Deposit Insurance Corp., lowering after-tax earnings per share by 17 cents.

Entergy to fall short of earnings target(7:52 am ET)
NEW YORK (MarketWatch) -- Entergy Corp. (ETR: news, chart, profile) on Monday warned its second-quarter net income would fall below Wall Street estimates as the power company made planned and unplanned outages at its nuclear plants. The New Orleans firm also cited recognition of an impairment for decommissioning trust investments. Entergy expects second-quarter operating earnings of $1.22 a share, compared to the Wall Street estimate of $1.50 a share in a survey of analysts by FactSet Research. In the year-ago period, Entergy posted operating earnings of $1.46 a share. Entergy said it expects 2009 operating earnings of $6.20 to $6.80 per share, lower than its earlier view of $6.70 to $7.30 a share.

Halliburton net income down 48%(7:21 am ET)
NEW YORK (MarketWatch) -- Halliburton Co. (HAL: news, chart, profile) said Monday second-quarter net income fell 48% to $262 million, or 29 cents a share, from $504 million, or 55 cents a share in the year-ago period. The Houston-based oil service firm's adjusted net income totaled 30 cents a share excluding employee separation costs of $12 million, or a penny a share. Revenue dropped to $3.5 billion from $3.9 billion. Wall Street analysts expected earnings of 27 cents a share and revenue of $3.45 billion, according to a survey by FactSet Research. "Weak global demand and volatility in the commodity markets continue to weigh on the oilfield services industry," Halliburton said. "The worldwide average rig count decreased 25% sequentially, further weakening industry fundamentals during the second quarter."

Eaton cuts guidance as profit falls 91%(7:21 am ET)
LONDON (MarketWatch) -- Diversified industrial manufacturer Eaton Corp. (ETN: news, chart, profile) said Monday that its second-quarter net profit fell 91% to $29 million, or 17 cents a share, from $333 million, or $2.03 a share, as it also lowered its guidance for the year. Net sales for the quarter fell 32% to $2.9 billion. Excluding charges for the integration of acquisitions, operating earnings in the quarter were 23 cents a share. Analysts polled by FactSet had been expecting earnings of 18 cents a share on revenue of $3.03 billion. Eaton said significant destocking had continued in virtually all its segments during the quarter and added end markets are now expected to be considerably weaker than it had forecast. The group cuts its net earnings guidance for the year to a range of $1.65 to $1.85 a share. It had previously forecast earnings per share of $2.10 to $2.60. For the third quarter the group expects earnings of 80 cents to 90 cents a share.

Weatherford net income falls 89%, below estimates(7:12 am ET)
NEW YORK (MarketWatch) -- Weatherford International Ltd. (WFT: news, chart, profile) on Monday said second-quarter net income fell 89% to $42 million, or 6 cents a share, from $371 million, or 54 cents a share in the year-ago period. The oil service firm said adjusted net income in the latest period totaled 10 cents a share. The Geneva, Switzerland-based company cited record low seasonal activity in Canada and greater-than-anticipated pricing declines in both the United States and Canada. Revenue fell 11% to $2 billion. Wall Street analysts expected earnings of 16 cents a share on revenue of $2.18 billion, according to a survey by FactSet Research.

Hasbro profit up 5%; firm lowers JV cost estimate(6:38 am ET)
LONDON (MarketWatch) -- Toy maker Hasbro (HAS: news, chart, profile) said its second-quarter net profit rose 5% to $39.3 million, or 26 cents a share, with revenue up 1% to $792.2 million. Reduced expenses also helped increase the profit for the maker of G.I. Joe and Transformers toys. The quarter included a 6 cents a share hit from investing in a joint venture with Discovery Communications and financing costs. Analysts polled by FactSet expected earnings of 24 cents a share. The company now sees a smaller dilution from the Discovery venture, expecting a 15-to-20 cents a share hit this year and a 25-to-30 cent hit next year, compared to previous guidance of a 25-to-30 cents hit in 2009 and a 30-to-35 cents negative impact in 2010.

Boliden profit up 82% on revaluation(6:21 am ET)
LONDON (MarketWatch) -- Swedish miner Boliden (SE:BOL: news, chart, profile) reported a 82% improvement in second-quarter profit to 432 million krona ($55 million), helped by a revaluation of smelters' process stocks. Excluding that, its operating profit fell 10% to 477 million krona, with revenue down 18% to 6.44 billion krona. China's increased demand for base metals had a positive effect on price trends during the quarter, and European demand improved slightly toward the end in part due to stockpiling by customers. Cast zinc production fell 11% and copper production fell 20%.

SEB swings to loss after Baltic write-offs(2:31 am ET)
LONDON (MarketWatch) -- Sweden's Skandinaviska Enskilda Banken (SE:SEBA: news, chart, profile) said Monday that it swung to a second-quarter net loss of 193 million kronor ($24.8 million) from a profit of 2.81 billion kronor a year earlier, due to a goodwill write-off and rising loan impairments. The group said provisions for credit losses jumped to 3.57 billion kronor from 448 million kronor a year earlier, with the Baltic countries accounting for 2.64 billion kronor of the provisions. It also wrote off 2.32 billion kronor of goodwill from acquisitions in the Baltic countries due to the economic situation in the region. Analysts polled by Dow Jones Newswires had been expecting a net profit of around 638 million kronor. The group said operating income increased by 27% to 13.17 billion kronor.
Friday, July 17

CIT soars on report of financing talks with banks(12:49 pm ET)
SAN FRANCISCO (MarketWatch) -- CIT Group Inc. (CIT: news, chart, profile) shares soared during Friday afternoon trading after Reuters reported that the troubled lender is in talks with J.P. Morgan Chase (JPM: news, chart, profile) and Goldman Sachs (GS: news, chart, profile) for short-term financing of $2 billion to $3 billion. CIT shares jumped 40 cents to 81 cents in afternoon action on Friday. A CIT spokesman didn't immediately respond to a phone call and email seeking comment.

Wilmington Trust warns of lower Q2 earnings (11:26 am ET)
LOS ANGELES (MarketWatch) -- Wilmington Trust Corp. (WL: news, chart, profile) on Friday warned of lower second-quarter earnings, citing an increase in the provision for loan losses, among other items. The company expects the provision for loan losses to rise to $54 million from $29.5 million in the first quarter primarily because of an increase in nonperforming loans and an expected rise in net charge-offs to $36 million from the first quarter. Analysts polled by Thomson Reuters currently expect second-quarter earnings of 9 cents a share. Wilmington Trust also said the quarterly results will show that the company remains well-capitalized.

Citi CEO: growth in consumer losses moderating(11:23 am ET)
SAN FRANCISCO (MarketWatch) -- Citigroup Inc. (C: news, chart, profile) Chief Executive Vikram Pandit said Friday that consumer losses at the financial-services giant may be growing more slowly. Credit card and mortgage losses are "elevated" because of the deep recession, but "it seems as though the rate of growth in these consumer losses may be moderating," Pandit said during a conference call with analysts. That "has implications for future additions to reserves," he added.

Energy stocks retreat at the open(9:40 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell back on Friday after recent gains. The Amex Oil Index (XOI: news, chart, profile) fell 0.7% to 912. The Amex Natural Gas Index (XNG: news, chart, profile) fell 0.9% to 419. The Philadelphia Oil Service Index ($OSX: news, chart, profile) dropped 1.6% to 162.

B. of A., Citi results propel banking sector(9:32 am ET)
NEW YORK (MarketWatch) -- Second-quarter earnings results from two leading financial firms, Bank of America Corp. (BAC: news, chart, profile) and Citigroup Inc. (C: news, chart, profile) , were enough to lift the broader sector higher Friday, as both companies topped Wall Street's consensus estimates. Shares of B. of A. and Citi were up 0.2% and nearly 4%, respectively. The sector's benchmark exchange-traded fund, Financial Select Sector SPDR Fund (XLF: news, chart, profile) , was up 0.25% to 12.25.

Bemis earnings inch higher to 47 cents a share(8:20 am ET)
NEW YORK (MarketWatch) -- Bemis Co. (BMS: news, chart, profile) said Friday that it earned $49 million, or 47 cents a share, compared to $46 million, or 45 cents a share, in the same period a year ago. Results were affected by a 3 cent a share charge primarily for acquisition-related costs. Net sales were $866 million, an 11.6% decrease from $980 million a year earlier. Analysts polled by Fact Set Research estimated, on average, earnings per share of 45 cents and sales of $894 million. For the third quarter, the Neenah, Wis.-based packaging company sees earnings per share in the range of 38 cents to 43 cents a share.

Citigroup posts profit after Smith Barney gains(8:05 am ET)
NEW YORK (MarketWatch) -- Citigroup Inc (C: news, chart, profile) said on Friday that it posted a second quarter profit of $4.3 billion, or 49 cents a share, which includes an $11 billion pre-tax gain from its joint venture with Smith Barney, which closed on June 1. Analysts polled by Thomson Reuters had expected the company to lose 37 cents a share in the quarter. Revenue in the quarter was $30 billion. Last year, the company said it lost $2.5 billion, or 55 cents a share in the second quarter.

Marathon sells stake to Chinese for $1.3 billion(7:20 am ET)
NEW YORK (MarketWatch) -- Marathon Oil (MRO: news, chart, profile) on Friday said it's selling a 20% interest in the Angola Block 32 field off the coast of Africa to Chinese oil giants CNOOC International Ltd. (CEO: news, chart, profile) and Sinpoec (SNP: news, chart, profile) for $1.3 billion. Marathon will continue to hold a 10% stake in Block 32, where the company has announced 11 successful exploration wells. Other stakeholders in the area include Total SA (TOT: news, chart, profile) Sonangol, Esso Exploration and Production Angola and Petrogal.

First Horizon posts $123.2 mln second-quarter loss(7:08 am ET)
LONDON (MarketWatch) -- First Horizon National Corp. (FHN: news, chart, profile) on Friday said its second quarter net loss totaled $123.2 million, or 58 cents a share, compared to a loss of $19.1 million, or 10 cents a share, in the same period last year. Analysts surveyed by FactSet Research produced a consensus forecast of a loss of 31 cents a share. The Memphis-based regional bank said total revenue fell 23% from the second quarter of last year to $491.4 million. First Horizon CEO Bryan Jordan, in a news release, said the long-term earnings power of the bank's core franchises remained solid and were capable of delivering 15% to 20% returns on equity.

Vopak rises on prediction of 'robust' profit(3:29 am ET)
LONDON (MarketWatch) -- Tank terminal operator Vopak (NL:VPK: news, chart, profile) climbed in early Amsterdam trade as the company said it expects a "robust" operator profit of close to 100 million euros ($140 million) for the second quarter. First half adjusted operating profit will be around 185 million euros, up 18% from the prior period. All divisions except for chemicals in Europe, Middle East and Africa drove the improvement. The firm cited high occupancy rates and "healthy" demand for storage and handling services.

Accor shares slump after 9% sales drop(3:24 am ET)
LONDON (MarketWatch) -- French hotels group Accor (FR:AC: news, chart, profile) dropped sharply in early Paris trade after reporting a 9% drop in second-quarter revenue, to 1.79 billion euros, with comparable sales down 10.1%. It said the global economic situation is "still extremely depressed," that prepaid services comparable revenue will be "slightly positive" as interest income will drop by more than 25% in the second half and said there was low visibility in the hotels business.
Thursday, July 16

IBM reports earnings rise 12%(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- IBM Corp. (IBM: news, chart, profile) on Thursday reported a second-quarter profit of $3.1 billion, or $2.32 a share, on revenue of $23.3 billion. Analysts surveyed by FactSet Research had forecast IBM to earn $2.01 a share on $23.56 billion in sales. During the same period a year ago, IBM earned $2.8 billion, or $1.97 a share, on revenue of $26.8 billion. IBM also raised its full-year earnings forecast to at least $9.70 a share from $9.20 a share.

Google tops views with second-quarter profit(4:05 pm ET)
SAN FRANCISCO (MarketWatch) - Google Inc. (GOOG: news, chart, profile) on Thursday said its second-quarter net income rose to $1.48 billion, or $4.66 a share, from $1.25 billion, or $3.92 a share in the same period a year earlier. Net revenue in the period ended in June rose to $4.07 billion from $3.9 billion, Google said. Excluding special items, earnings were $5.36 a share. Wall Street analysts had expected Google to post earnings excluding special items of $5.09 a share, and $4.06 billion in net revenue, according to data from Thomson Reuters.

CDC Software files $62 million IPO(9:33 am ET)
NEW YORK (MarketWach) -- CDC Software Corp. on Thursday filed to raise up to $62.4 million in an initial public offering of 4.8 million American depositary shares at an estimated price range of $11-$13 each. The Hong Kong-based maker of business software will remain a unit of CDC Corp. (CHINA: news, chart, profile) after the offering. CDC Software expects to trade on the Nasdaq under the symbol CDCS. Lazard Capital Markets and JMP Securities are underwriting the deal.

Genuine Parts posts lower quarterly profit(9:19 am ET)
NEW YORK (MarketWatch) -- Genuine Parts Co. (GPC: news, chart, profile) said Thursday that its second-quarter profit fell to $103 million, or 65 cents a share, from $133 million, or 81 cents a share, in the year-earlier period. Sales at the distributor of automotive-replacement parts fell to $2.54 billion from $2.87 billion. "We are not satisfied with our results for the second quarter and first half of 2009, but feel that they reflect the realities of a difficult economy," said Thomas Gallagher, the company's chairman and chief executive officer, in a statement.

J.P. Morgan first half provisions doubled vs 2008 (8:35 am ET)
NEW YORK (MarketWatch) -- J.P. Morgan Chase (JPM: news, chart, profile) has set aside $16.63 billion for credit loss provisions since the beginning of the year, according to the firm's Thursday earnings report for the second quarter. The company said it set aside $8.03 billion in loss provisions in the second quarter, after putting away $8.60 billion in the first quarter. In the first half of 2008, J.P. Morgan set aside $7.88 billion for loan losses.

PPG net income falls 42%; sales hit by currency(8:14 am ET)
NEW YORK (MarketWatch) -- PPG Industries (PPG: news, chart, profile) said Thursday second-quarter net income fell to $146 million, or 89 cents a share, from $250 million, or $1.52 a share in the year-ago period. Adjusted net income at the Pittsburgh-based maker of paints, optical products and coatings said adjusted net income for the quarter totaled 91 cents a share. Sales dropped 30% to $3.1 billion. Currency conversion accounted for more than 40%of the sales decline, and the company also realized lower volumes in the automotive refinish business. Analysts expected earnings of 74 cents a share on revenue of $3.28 billion, according to a survey by FactSet Research. "Looking ahead to the third quarter, we expect overall market demand to improve, but only mildly," the company said. "We expect sequential improvement in the U.S. automotive original equipment manufacturing market, but we expect the opposite for commodity chemicals."

Biogen Idec earnings per share drop to 49 cents(7:42 am ET)
NEW YORK (MarketWatch) -- Biogen Idec Inc. (BIIB: news, chart, profile) said Thursday that second-quarter earnings fell to $143 million, or 49 cents a share, compared to $207 million, or 71 cents, in the same period a year ago. Revenue was $1.1 billion, compared to $993 million. Adjusted earnings per share were 75 cents. Analysts polled by FactSet Research estimated, on average, earnings per share of 79 cents and sales of $1.1 billion. Biogen sees revenue growth in the high single digits in 2009 and adjusted earnings per share above $3.85.