AI
Thursday, August 16, 2012 11:25:30 AM
EARNINGSWATCH: Wed, Aug. 15
GameStop profit falls 32%(8:42 am ET)
NEW YORK (MarketWatch) -- GameStop Corp. (GME: news, chart, profile) said Thursday its second-quarter profit fell to $21 million, or 16 cents a share, from $30.9 million, or 22 cents a share, in the year-ago period. Sales at the video game retailer dipped to $1.55 billion from $1.74 billion. Wall Street analysts expected GameStop to earn 16 cents a share on sales of $1.6 billion, according to a survey by FactSet. Looking ahead, GameStop expects third-quarter profit of 28 cents to 36 cents a share, below the Wall Street estimate of 40 cents a share.
Cisco up 6%, analyst boost profit target(8:03 am ET)
NEW YORK (MarketWatch) -- Cisco Systems Inc. (CSCO: news, chart, profile) jumped 6% in premarket trades on Thursday after the networking technology maker drew praise for its fourth-quarter profit. Analysts at Sterne Agee hiked their fiscal 2013 estimate for Cisco to $1.95 a share from $1.90 a share and said the company turned in a solid performance. Analysts maintained their buy rating on the stock and said they continue to believe that Cisco "is an underappreciated turnaround story similar to what we have seen with Apple (AAPL: news, chart, profile) , IBM (IBM: news, chart, profile) and EMC (EMC: news, chart, profile) in the past."
Dollar Tree Q3 profit to fall short of estimates(7:52 am ET)
NEW YORK (MarketWatch) -- Dollar Tree (DLTR: news, chart, profile) said Thursday it expects third-quarter profit of 47 cents to 51 cents a share, below the estimate of 52 cents a share in a survey of Wall Street analysts by FactSet. The retailer's second-quarter profit rose to $119.2 million, or 51 cents a share, from $94.9 million, or 39 cents a share, in the year-ago period. Sales increased to $1.7 billion from $1.54 billion. Analysts expected Dollar Tree to earn 47 cents a share on sales of $1.7 billion. For 2012, Dollar Tree expects earnings of $2.45 to $2.54 a share, compared to the estimate of $2.48 a share.
Wal-Mart raises full-year view; profit up 5.7%(7:23 am ET)
NEW YORK (MarketWatch) -- Wal-Mart Stores Inc. (WMT: news, chart, profile) said Thursday its second-quarter profit increased by 5.7%, but shares fell 3% in premarket trades after the company said it could fall slightly short of Wall Street estimates for the third quarter. Wal-Mart's earnings for the three months ended July 31 rose to $4 billion, or $1.18 a share, from $3.8 billion, or $1.09 a share in the year-ago period. Total revenue at the Bentonville, Ark., mass marker retailer increased by 4.5% to $114.3 billion from $109.4 billion. Wall Street analysts expected the world's largest store chain to earn $1.17 a share on revenue of $114.6 billion, according to a survey by FactSet. Looking ahead, Wal-Mart said it expects third-quarter profit of $1.04 to $1.09 a share, compared to the analyst expectation of $1.05 a share. For fiscal 2012, Wal-Mart said it now expects full-year profit of $4.83 to $4.93 a share, up from its earlier view of $4.72 to $4.92 a share. The analyst forecast for the year is $4.93 a share.
Brazil unveils $66 bln stimulus ahead of Olympics(3:16 am ET)
LONDON (MarketWatch) -- Brazilian President Dilma Rousseff late Wednesday unveiled a $66 billion stimulus package aimed at improving the nation's infrastructure and boosting investor confidence, according to a report in The Financial Times, which cited some remarks Rousseff gave to business leaders and politicians in the country. "We are starting with railways and roads but obviously we will take care of airports, ports and waterways," Rousseff said, the FT reported. Brazil's economic growth rate slowed to 2.7% in 2011, a significantly slower pace of expansion than seen in 2010 when the economy expanded 7.5%. Brazil's growth rate is expected to see further slowing in 2012. In 2014, Brazil will host the soccer World Cup. Two years after that it will host the Olympics. Both events are causing the Latin American nation, and BRIC member, to speed up infrastructure-related activities.
China Mobile first half profit up 1.5%(12:44 am ET)
HONG KONG (MarketWatch) -- China Mobile Ltd. (HK:941: news, chart, profile) (CHL: news, chart, profile) announced Thursday first half net income of 62.2 billion yuan ($9.77 billion), a rise of 1.5% from the year earlier period, and kept its dividend payout ratio unchanged at 43%, unveiling a interim divided of HK$1.633 per share. The result was below expections for a profit of 63.95 billion yuan, according to analysts polled by Dow Jones Newswires. China Mobile said its total customer base swelled to 683 million, a rise of 10.7% from a year earlier. China Mobile's Hong Kong traded shares ended the morning session 1% lower ahead of the results announcement.
Wednesday, Aug. 15
Limited Brands net profit slips, lifts outlook (5:02 pm ET)
SAN FRANCISCO (MarketWatch) -- Limited Brands Inc. (LTD: news, chart, profile) , whose apparel lines include Pink and Victoria's Secret, reported late Wednesday its fiscal second-quarter profit fell to $143.6 million, or 49 cents a share, from $231.2 million, or 73 cents, a year ago. Adjusted to exclude one-time items, the company earned 50 cents a share in the latest quarter. Revenue for the three months ended July 28 slipped to $2.4 billion from $2.46 billion. Analysts polled by FactSet had expected the Columbus, Ohio-based company to earn 48 cents a share on $2.4 billion in revenue. The company raised its full-year earmings outlook to $2.73 to $2.88 a share from $2.63 to $2.83 a share. Limited Brands shares slipped 0.7% to $48.65 in after-hours trade. The stock is up 40% the past 12 months.
Agilent shares tumble on results, forecast(4:44 pm ET)
SAN FRANCISCO (MarketWatch) -- Agilent Technologies Inc. saw its shares slide more than 8% in after-hours trading on Wednesday after the maker of high-tech instruments reported lower-than-expected earnings for its third fiscal quarter and issued a disappointing forecast for the current period. Agilent (A: news, chart, profile) said it expects adjusted earnings to come in the range of 80-82 cents per share for the October period, well below the 93 cents per share expected by analysts. Revenue for the period is expected to range between $1.76 billion and $1.78 billion; analysts were expecting $1.87 billion in revenue, according to FactSet. "We have clearly entered an environment of much slower growth, resulting in deals taking longer to close and customers delaying their order deliveries," Agilent president Bill Sullivansaid in a statement.
Agilent earnings fall 26%, missing estimates(4:39 pm ET)
SAN FRANCISCO (MarketWatch) -- Agilent Technologies Inc. reported a 26% drop in earnings for its third fiscal quarter on Wednesday afternoon, with the results missing Wall Street's targets for the period. For the period ended July 31, Agilent (A: news, chart, profile) reported net income of $243 million, or 69 cents a share, compared to net income of $330 million, or 92 cents a share, for the same period last year. Adjusted earnings came in at $278 million, or 79 cents a share, for the recent quarter. Revenue rose by 2% to $1.72 billion. Analysts were expecting adjusted earnings of 83 cents a share on revenue of $1.79 billion, according to consensus estimates from FactSet.
PetSmart boosts profit 31%, shares rise 6%(4:39 pm ET)
SAN FRANCISCO (MarketWatch) -- PetSmart Inc. (PETM: news, chart, profile) reported after the close Wednesday a second-quarter profit of $79 million, or 72 cents a share, up 31% from $61 million, or 54 cents a share, a year ago. The company reported a sales increase of 9% to $1.62 billion from $1.48 billion, but lost $4 million in unfavorable foreign currency fluctuations. Analysts polled by FactSet expected the Phoenix-based specialty pet retailer to gain 65 cents a share on $1.6 billion in sales. PetSmart's comparable store sales grew 7% from a year ago. The share price surged 6% to $71.43 in after-hour trades.
Applied Materials' shares down on weak forecast(4:32 pm ET)
SAN FRANCISCO (MarketWatch) -- Applied Materials Inc. (AMAT: news, chart, profile) saw its shares fall more than 3% in after-hours trading on Wednesday after the maker of semiconductor manufacturing tools issued a forecast for the current fourth fiscal quarter that was well below Wall Street's estimates. The company projected earnings to come in the range of 0-6 cents per share for the October period; analysts had been expecting earnings of 12 cents a share. The company also said sales were expected to fall between 25% and 40% from the July period; Wall Street had been projecting a 16% decline. Applied CEO Mike Slinter said in a statement that "economic uncertainty is weighing on top of a seasonal pullback to produce weaker near-term demand."
Applied Materials' earnings drop 54% as sales fall(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Applied Materials Inc. reported a 54% drop in earnings for its third fiscal quarter on Wednesday afternoon, though the results were largely in line with an earlier forecast from the company. For the period ended July 29, Applied Materials (AMAT: news, chart, profile) reported net income of $218 million, or 17 cents a share, compared to net income of $476 million, or 36 cents a share, for the same period last year. Adjusted earnings came in at $431 million, or 24 cents a share, for the recent quarter. Revenue fell 16% to $2.34 billion. Analysts were expecting earnings of 22 cents a share on revenue of $2.3 billion, according to consensus estimates from FactSet.
NetApp expects gains in current quarter(4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- NetApp Inc. (NTAP: news, chart, profile) on Wednesday said that it expects to earn 45 cents to 50 cents a share, excluding one-time items, on revenue between $1.5 billion and $1.6 billion for its current, fiscal second quarter. Analysts surveyed by FactSet Research had earlier forecast NetApp to earn 46 cents a share on $1.54 billion in revenue for the quarter. Following the forecast, which also came with NetApp's first-quarter results, the company's shares rose as much as 7% in after-hours trading before giving up most of those gains.
Cisco shares rise as dividend hiked by 75%(4:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Cisco Systems Inc. (CSCO: news, chart, profile) said Wednesday afternoon that it has raised its quarterly dividend by 75% to 14 cents per share. The dividend will be payable on Oct. 24 to shareholders of record as of the close of business on Oct. 4. "Cisco has the financial strength and flexibility to effectively invest in our business, pursue strategic opportunities, such as acquisitions, as well as return a minimum of 50% of our free cash flow annually through dividends and share repurchases to our shareholders," CFO Frank Calderoni said in a statement. Shares of Cisco were up nearly 3% in after-hours trading Wednesday following the announcement, which also included the company's results for the fourth fiscal quarter.
Cisco posts 56% profit jump, beats Street views(4:12 pm ET)
SAN FRANCISCO (MarketWatch) - Cisco Systems (CSCO: news, chart, profile) on Wednesday reported a fiscal fourth-quarter profit of $1.92 billion, or 36 cents a share, compared with a profit of $1.23 billion, or 22 cents a share, for the year-earlier period. Revenue was $11.7 billion, up from $11.2 billion. Adjusted profit was 47 cents a share. Analysts were expecting the networking gear maker to post a profit of 45 cents a share, on revenue of $11.62 billion, according to consensus survey by FactSet. Shares of Cisco were up 3% in after-hours trading.
NetApp reports better-than-expected earnings(4:07 pm ET)
SAN FRANCISCO (MarketWatch) -- NetApp Inc. (NTAP: news, chart, profile) on Wednesday reported a fiscal first-quarter profit of $64 million, or 17cents a share, on revenue of $1.45 billion, compared with earnings of $140 million, or 34 cents a share, on $1.49 billion in the same period a year ago. Excluding one-time items, the data-storage technology company would have earned $156 million, or 42 cents a share. Analysts surveyed by FactSet Research had forecast NetApp to earn 38 cents a share on $1.46 billion in sales.
Staples shares drop 14% on lower outlook(10:28 am ET)
SAN FRANCISCO (MarketWatch) -- Staples Inc. (SPLS: news, chart, profile) saw its shares drop over 14% Wednesday to $11.55 a share after announcing fiscal second-quarter earnings fell 32%, prompting the company to trim its full-year outlook. The move made the Framingham, Mass.-based office-supply chain the top decliner on the S&P 500 (SPX: news, chart, profile) . Target Corp. (TGT: news, chart, profile) also released quarterly results before the bell and despite flat second-quarter earnings, the Minneapolis-based retailer raised its full-year forecast helping the stock gain almost 2% to $64.46 a share.
Abercrombie & Fitch surges 10% to lead S&P 500 (10:14 am ET)
SAN FRANCISCO (MarketWatch) -- Abercrombie & Fitch (ANF: news, chart, profile) shares led S&P 500 (SPX: news, chart, profile) gainers Wednesday morning after the teen apparel retailer said it boosted its share repurchase program by 10 million shares and is making progress shrinking its inventory. Shares surged 10% to $35.63. Abercrombie, which is coping with a sales slowdown worldwide and shuttering stores, said it expects to earn between $2.50 to $2.75 a share in fiscal 2012. Analysts polled by FactSet are looking for $2.54 a share. Ohio-based Abercrombie runs 1,055 stores across the world. Its stock is down 50% over the past 12 months.
Target profit flat, firm raises outlook (7:46 am ET)
NEW YORK (MarketWatch) -- Target Corp. (TGT: news, chart, profile) said on Wednesday that its second-quarter profit was $704 million, or $1.06 a share, compared to $704 million, or $1.03 a share a year ago. Adjusted earnings per share were $1.12 in the second quarter, up from $1.07 a year ago. The firm had 662.9 million outstanding shares in the latest quarter, compared to 685.1 million a year ago. Target's revenue rose to $16.78 billion in the quarter, from $15.90 billion a year ago. Analysts polled by FactSet Research had expected the company to earn $1.01 a share on revenue of $16.45 billion. The company also said on Wednesday that it expects to earn $4.65 to $4.85 a share in 2012, compared to analysts current $4.30 estimate.
Deere & Co. earnings rise 11%; drought in focus(7:32 am ET)
LONDON (MarketWatch) -- Deere & Co. (DE: news, chart, profile) on Wednesday reported an 11% rise in third-quarter earnings to a record $788 million, or $1.98 a share, from $712.3 million, or $1.69 a share, in the year-ago-period. Worldwide sales and revenues increased 15% to $9.59 billion. Analysts surveyed by FactSet expected earnings of $2.31 a share on revenue of $9.614 billion. "Although a strong quarter, we are not satisfied that sales fell short of our expectations due to weakening in certain international markets and short-term manufacturing inefficiencies," said Samuel R. Allen, chairman and chief executive officer, in the earnings release. For full-year profit the Moline, Ill.-based company expects net income to land around $3.1 billion, but said global economic conditions and dryness in key markets may warrant caution in coming months. "However, this year's drought could positively influence our outlook as it spotlights the need for John Deere's highly productive agricultural equipment," Allen said.
Tuesday, Aug. 14
Elpida may start rebuilding in October: report(8:04 pm ET)
LOS ANGELES (MarketWatch) -- Bankrupted Japanese chip maker Elpida Memory Inc. plans to submit its restructuring plans to court next Tuesday and to start rebuilding as early as October under its new owner Micron Technology Inc. (MU: news, chart, profile) , the Nikkei said in an unsourced report Wednesday. Micron agreed to buy the DRAM maker in July. However, 20 bondholders, including foreign investment funds, have offered to provide Elpida a credit line and time to find a new sponsor, saying the company is worth more than Micron is paying, the report said.
JDSU swings to loss, but results beat Street(4:20 pm ET)
SAN FRANCISCO (MarketWatch) - JDSU (JDSU: news, chart, profile) on Tuesday reported a fiscal fourth-quarter loss of $24.3 million, or 10 cents a share, compared with a profit of $9.3 million, or 4 cents a share, for the year-earlier period. Revenue was $439.3 million, down from $471.8 million. Adjusted profit was 15 cents a share. Analysts were expecting a profit of 12 cents a share, on revenue of $421.6 million, according to a consensus survey by FactSet. For the current quarter, the company is expecting adjusted revenue in the range of $415 million to $435 million. Analysts were expecting $426.1 million, according to FactSet. Shares of JDSU were up more than 5% in after-hours trading.
JDSU slated to report results after hours (3:34 pm ET)
LOS ANGELES (MarketWatch) -- JDS Uniphase (JDSU: news, chart, profile) is expected to release fiscal fourth-quarter earnings late Tuesday. The optical networking gear maker is forecast to report a 48% fall in earnings to 12 cents a share, on a 10% revenue decline to $421.6 million, according to a FactSet poll of analysts. Wall Street will also look for the release of quarterly equity-holdings reports from institutional investment managers.
Sears mulling sale of Lands End: report(11:30 am ET)
BOSTON (MarketWatch) -- Sears Holdings Corp. (SHLD: news, chart, profile) may sell off its Lands End unit as part of a vast ongoing restructuring, the New York Post reported early Tuesday. According to the Post, Sears Holdings Chairman Eddie Lampert has been meeting with investors to discuss the divestiture of Lands End, a major revenue generator for the troubled retailer. Sears will release its fiscal second quarter earnings on Aug. 16.
Angie's List, Yelp down; social media stocks fall (11:06 am ET)
SAN FRANCISCO (MarketWatch) -- Several social-media stocks tumbled into the red Tuesday in the wake of Groupon Inc.'s (GRPN: news, chart, profile) disappointing quarterly revenue results and forecast. Groupon shares fell more than 23% to a new low of $5.83. Also losing ground were Angie's List Inc. [s; angi], down 17% at $11.04; Facebook Inc. (FB: news, chart, profile) , which saw its shares fall more than 3%, to $20.91 and Yelp Inc. (YELP: news, chart, profile) , off by 3% to trade at $23.19.
Estee Lauder, Michael Kors lead retail sector (10:50 am ET)
SAN FRANCISCO (MarketWatch) -- Retailers saw sizeable share price moves in trade Tuesday after reporting earnings before the open. Estee Lauder Cos. (EL: news, chart, profile) reported a 25% fiscal fourth-quarter profit spike in line with Wall Street estimates. The New York-based beauty product manufacturer saw its share price rise 9% to $59.96 a share. Designer clothing and accessories manufacturer Michael Kors Holdings Ltd. (KORS: news, chart, profile) reported their fiscal first-quarter profits nearly tripled. The move helped shares jump over 14% to $48.38 a share. Pittsburg-based Dick's Sporting Goods Inc. (DKS: news, chart, profile) saw share prices fall over 3% to $48.82 a share after reporting a second-quarter profit decline. The moves made the S&P 500 Index's (SPX: news, chart, profile) consumer discretionary sector the index's top gainer, advancing 0.4%.
http://www.marketwatch.com/news/markets/earningswatch.asp
GameStop profit falls 32%(8:42 am ET)
NEW YORK (MarketWatch) -- GameStop Corp. (GME: news, chart, profile) said Thursday its second-quarter profit fell to $21 million, or 16 cents a share, from $30.9 million, or 22 cents a share, in the year-ago period. Sales at the video game retailer dipped to $1.55 billion from $1.74 billion. Wall Street analysts expected GameStop to earn 16 cents a share on sales of $1.6 billion, according to a survey by FactSet. Looking ahead, GameStop expects third-quarter profit of 28 cents to 36 cents a share, below the Wall Street estimate of 40 cents a share.
Cisco up 6%, analyst boost profit target(8:03 am ET)
NEW YORK (MarketWatch) -- Cisco Systems Inc. (CSCO: news, chart, profile) jumped 6% in premarket trades on Thursday after the networking technology maker drew praise for its fourth-quarter profit. Analysts at Sterne Agee hiked their fiscal 2013 estimate for Cisco to $1.95 a share from $1.90 a share and said the company turned in a solid performance. Analysts maintained their buy rating on the stock and said they continue to believe that Cisco "is an underappreciated turnaround story similar to what we have seen with Apple (AAPL: news, chart, profile) , IBM (IBM: news, chart, profile) and EMC (EMC: news, chart, profile) in the past."
Dollar Tree Q3 profit to fall short of estimates(7:52 am ET)
NEW YORK (MarketWatch) -- Dollar Tree (DLTR: news, chart, profile) said Thursday it expects third-quarter profit of 47 cents to 51 cents a share, below the estimate of 52 cents a share in a survey of Wall Street analysts by FactSet. The retailer's second-quarter profit rose to $119.2 million, or 51 cents a share, from $94.9 million, or 39 cents a share, in the year-ago period. Sales increased to $1.7 billion from $1.54 billion. Analysts expected Dollar Tree to earn 47 cents a share on sales of $1.7 billion. For 2012, Dollar Tree expects earnings of $2.45 to $2.54 a share, compared to the estimate of $2.48 a share.
Wal-Mart raises full-year view; profit up 5.7%(7:23 am ET)
NEW YORK (MarketWatch) -- Wal-Mart Stores Inc. (WMT: news, chart, profile) said Thursday its second-quarter profit increased by 5.7%, but shares fell 3% in premarket trades after the company said it could fall slightly short of Wall Street estimates for the third quarter. Wal-Mart's earnings for the three months ended July 31 rose to $4 billion, or $1.18 a share, from $3.8 billion, or $1.09 a share in the year-ago period. Total revenue at the Bentonville, Ark., mass marker retailer increased by 4.5% to $114.3 billion from $109.4 billion. Wall Street analysts expected the world's largest store chain to earn $1.17 a share on revenue of $114.6 billion, according to a survey by FactSet. Looking ahead, Wal-Mart said it expects third-quarter profit of $1.04 to $1.09 a share, compared to the analyst expectation of $1.05 a share. For fiscal 2012, Wal-Mart said it now expects full-year profit of $4.83 to $4.93 a share, up from its earlier view of $4.72 to $4.92 a share. The analyst forecast for the year is $4.93 a share.
Brazil unveils $66 bln stimulus ahead of Olympics(3:16 am ET)
LONDON (MarketWatch) -- Brazilian President Dilma Rousseff late Wednesday unveiled a $66 billion stimulus package aimed at improving the nation's infrastructure and boosting investor confidence, according to a report in The Financial Times, which cited some remarks Rousseff gave to business leaders and politicians in the country. "We are starting with railways and roads but obviously we will take care of airports, ports and waterways," Rousseff said, the FT reported. Brazil's economic growth rate slowed to 2.7% in 2011, a significantly slower pace of expansion than seen in 2010 when the economy expanded 7.5%. Brazil's growth rate is expected to see further slowing in 2012. In 2014, Brazil will host the soccer World Cup. Two years after that it will host the Olympics. Both events are causing the Latin American nation, and BRIC member, to speed up infrastructure-related activities.
China Mobile first half profit up 1.5%(12:44 am ET)
HONG KONG (MarketWatch) -- China Mobile Ltd. (HK:941: news, chart, profile) (CHL: news, chart, profile) announced Thursday first half net income of 62.2 billion yuan ($9.77 billion), a rise of 1.5% from the year earlier period, and kept its dividend payout ratio unchanged at 43%, unveiling a interim divided of HK$1.633 per share. The result was below expections for a profit of 63.95 billion yuan, according to analysts polled by Dow Jones Newswires. China Mobile said its total customer base swelled to 683 million, a rise of 10.7% from a year earlier. China Mobile's Hong Kong traded shares ended the morning session 1% lower ahead of the results announcement.
Wednesday, Aug. 15
Limited Brands net profit slips, lifts outlook (5:02 pm ET)
SAN FRANCISCO (MarketWatch) -- Limited Brands Inc. (LTD: news, chart, profile) , whose apparel lines include Pink and Victoria's Secret, reported late Wednesday its fiscal second-quarter profit fell to $143.6 million, or 49 cents a share, from $231.2 million, or 73 cents, a year ago. Adjusted to exclude one-time items, the company earned 50 cents a share in the latest quarter. Revenue for the three months ended July 28 slipped to $2.4 billion from $2.46 billion. Analysts polled by FactSet had expected the Columbus, Ohio-based company to earn 48 cents a share on $2.4 billion in revenue. The company raised its full-year earmings outlook to $2.73 to $2.88 a share from $2.63 to $2.83 a share. Limited Brands shares slipped 0.7% to $48.65 in after-hours trade. The stock is up 40% the past 12 months.
Agilent shares tumble on results, forecast(4:44 pm ET)
SAN FRANCISCO (MarketWatch) -- Agilent Technologies Inc. saw its shares slide more than 8% in after-hours trading on Wednesday after the maker of high-tech instruments reported lower-than-expected earnings for its third fiscal quarter and issued a disappointing forecast for the current period. Agilent (A: news, chart, profile) said it expects adjusted earnings to come in the range of 80-82 cents per share for the October period, well below the 93 cents per share expected by analysts. Revenue for the period is expected to range between $1.76 billion and $1.78 billion; analysts were expecting $1.87 billion in revenue, according to FactSet. "We have clearly entered an environment of much slower growth, resulting in deals taking longer to close and customers delaying their order deliveries," Agilent president Bill Sullivansaid in a statement.
Agilent earnings fall 26%, missing estimates(4:39 pm ET)
SAN FRANCISCO (MarketWatch) -- Agilent Technologies Inc. reported a 26% drop in earnings for its third fiscal quarter on Wednesday afternoon, with the results missing Wall Street's targets for the period. For the period ended July 31, Agilent (A: news, chart, profile) reported net income of $243 million, or 69 cents a share, compared to net income of $330 million, or 92 cents a share, for the same period last year. Adjusted earnings came in at $278 million, or 79 cents a share, for the recent quarter. Revenue rose by 2% to $1.72 billion. Analysts were expecting adjusted earnings of 83 cents a share on revenue of $1.79 billion, according to consensus estimates from FactSet.
PetSmart boosts profit 31%, shares rise 6%(4:39 pm ET)
SAN FRANCISCO (MarketWatch) -- PetSmart Inc. (PETM: news, chart, profile) reported after the close Wednesday a second-quarter profit of $79 million, or 72 cents a share, up 31% from $61 million, or 54 cents a share, a year ago. The company reported a sales increase of 9% to $1.62 billion from $1.48 billion, but lost $4 million in unfavorable foreign currency fluctuations. Analysts polled by FactSet expected the Phoenix-based specialty pet retailer to gain 65 cents a share on $1.6 billion in sales. PetSmart's comparable store sales grew 7% from a year ago. The share price surged 6% to $71.43 in after-hour trades.
Applied Materials' shares down on weak forecast(4:32 pm ET)
SAN FRANCISCO (MarketWatch) -- Applied Materials Inc. (AMAT: news, chart, profile) saw its shares fall more than 3% in after-hours trading on Wednesday after the maker of semiconductor manufacturing tools issued a forecast for the current fourth fiscal quarter that was well below Wall Street's estimates. The company projected earnings to come in the range of 0-6 cents per share for the October period; analysts had been expecting earnings of 12 cents a share. The company also said sales were expected to fall between 25% and 40% from the July period; Wall Street had been projecting a 16% decline. Applied CEO Mike Slinter said in a statement that "economic uncertainty is weighing on top of a seasonal pullback to produce weaker near-term demand."
Applied Materials' earnings drop 54% as sales fall(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Applied Materials Inc. reported a 54% drop in earnings for its third fiscal quarter on Wednesday afternoon, though the results were largely in line with an earlier forecast from the company. For the period ended July 29, Applied Materials (AMAT: news, chart, profile) reported net income of $218 million, or 17 cents a share, compared to net income of $476 million, or 36 cents a share, for the same period last year. Adjusted earnings came in at $431 million, or 24 cents a share, for the recent quarter. Revenue fell 16% to $2.34 billion. Analysts were expecting earnings of 22 cents a share on revenue of $2.3 billion, according to consensus estimates from FactSet.
NetApp expects gains in current quarter(4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- NetApp Inc. (NTAP: news, chart, profile) on Wednesday said that it expects to earn 45 cents to 50 cents a share, excluding one-time items, on revenue between $1.5 billion and $1.6 billion for its current, fiscal second quarter. Analysts surveyed by FactSet Research had earlier forecast NetApp to earn 46 cents a share on $1.54 billion in revenue for the quarter. Following the forecast, which also came with NetApp's first-quarter results, the company's shares rose as much as 7% in after-hours trading before giving up most of those gains.
Cisco shares rise as dividend hiked by 75%(4:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Cisco Systems Inc. (CSCO: news, chart, profile) said Wednesday afternoon that it has raised its quarterly dividend by 75% to 14 cents per share. The dividend will be payable on Oct. 24 to shareholders of record as of the close of business on Oct. 4. "Cisco has the financial strength and flexibility to effectively invest in our business, pursue strategic opportunities, such as acquisitions, as well as return a minimum of 50% of our free cash flow annually through dividends and share repurchases to our shareholders," CFO Frank Calderoni said in a statement. Shares of Cisco were up nearly 3% in after-hours trading Wednesday following the announcement, which also included the company's results for the fourth fiscal quarter.
Cisco posts 56% profit jump, beats Street views(4:12 pm ET)
SAN FRANCISCO (MarketWatch) - Cisco Systems (CSCO: news, chart, profile) on Wednesday reported a fiscal fourth-quarter profit of $1.92 billion, or 36 cents a share, compared with a profit of $1.23 billion, or 22 cents a share, for the year-earlier period. Revenue was $11.7 billion, up from $11.2 billion. Adjusted profit was 47 cents a share. Analysts were expecting the networking gear maker to post a profit of 45 cents a share, on revenue of $11.62 billion, according to consensus survey by FactSet. Shares of Cisco were up 3% in after-hours trading.
NetApp reports better-than-expected earnings(4:07 pm ET)
SAN FRANCISCO (MarketWatch) -- NetApp Inc. (NTAP: news, chart, profile) on Wednesday reported a fiscal first-quarter profit of $64 million, or 17cents a share, on revenue of $1.45 billion, compared with earnings of $140 million, or 34 cents a share, on $1.49 billion in the same period a year ago. Excluding one-time items, the data-storage technology company would have earned $156 million, or 42 cents a share. Analysts surveyed by FactSet Research had forecast NetApp to earn 38 cents a share on $1.46 billion in sales.
Staples shares drop 14% on lower outlook(10:28 am ET)
SAN FRANCISCO (MarketWatch) -- Staples Inc. (SPLS: news, chart, profile) saw its shares drop over 14% Wednesday to $11.55 a share after announcing fiscal second-quarter earnings fell 32%, prompting the company to trim its full-year outlook. The move made the Framingham, Mass.-based office-supply chain the top decliner on the S&P 500 (SPX: news, chart, profile) . Target Corp. (TGT: news, chart, profile) also released quarterly results before the bell and despite flat second-quarter earnings, the Minneapolis-based retailer raised its full-year forecast helping the stock gain almost 2% to $64.46 a share.
Abercrombie & Fitch surges 10% to lead S&P 500 (10:14 am ET)
SAN FRANCISCO (MarketWatch) -- Abercrombie & Fitch (ANF: news, chart, profile) shares led S&P 500 (SPX: news, chart, profile) gainers Wednesday morning after the teen apparel retailer said it boosted its share repurchase program by 10 million shares and is making progress shrinking its inventory. Shares surged 10% to $35.63. Abercrombie, which is coping with a sales slowdown worldwide and shuttering stores, said it expects to earn between $2.50 to $2.75 a share in fiscal 2012. Analysts polled by FactSet are looking for $2.54 a share. Ohio-based Abercrombie runs 1,055 stores across the world. Its stock is down 50% over the past 12 months.
Target profit flat, firm raises outlook (7:46 am ET)
NEW YORK (MarketWatch) -- Target Corp. (TGT: news, chart, profile) said on Wednesday that its second-quarter profit was $704 million, or $1.06 a share, compared to $704 million, or $1.03 a share a year ago. Adjusted earnings per share were $1.12 in the second quarter, up from $1.07 a year ago. The firm had 662.9 million outstanding shares in the latest quarter, compared to 685.1 million a year ago. Target's revenue rose to $16.78 billion in the quarter, from $15.90 billion a year ago. Analysts polled by FactSet Research had expected the company to earn $1.01 a share on revenue of $16.45 billion. The company also said on Wednesday that it expects to earn $4.65 to $4.85 a share in 2012, compared to analysts current $4.30 estimate.
Deere & Co. earnings rise 11%; drought in focus(7:32 am ET)
LONDON (MarketWatch) -- Deere & Co. (DE: news, chart, profile) on Wednesday reported an 11% rise in third-quarter earnings to a record $788 million, or $1.98 a share, from $712.3 million, or $1.69 a share, in the year-ago-period. Worldwide sales and revenues increased 15% to $9.59 billion. Analysts surveyed by FactSet expected earnings of $2.31 a share on revenue of $9.614 billion. "Although a strong quarter, we are not satisfied that sales fell short of our expectations due to weakening in certain international markets and short-term manufacturing inefficiencies," said Samuel R. Allen, chairman and chief executive officer, in the earnings release. For full-year profit the Moline, Ill.-based company expects net income to land around $3.1 billion, but said global economic conditions and dryness in key markets may warrant caution in coming months. "However, this year's drought could positively influence our outlook as it spotlights the need for John Deere's highly productive agricultural equipment," Allen said.
Tuesday, Aug. 14
Elpida may start rebuilding in October: report(8:04 pm ET)
LOS ANGELES (MarketWatch) -- Bankrupted Japanese chip maker Elpida Memory Inc. plans to submit its restructuring plans to court next Tuesday and to start rebuilding as early as October under its new owner Micron Technology Inc. (MU: news, chart, profile) , the Nikkei said in an unsourced report Wednesday. Micron agreed to buy the DRAM maker in July. However, 20 bondholders, including foreign investment funds, have offered to provide Elpida a credit line and time to find a new sponsor, saying the company is worth more than Micron is paying, the report said.
JDSU swings to loss, but results beat Street(4:20 pm ET)
SAN FRANCISCO (MarketWatch) - JDSU (JDSU: news, chart, profile) on Tuesday reported a fiscal fourth-quarter loss of $24.3 million, or 10 cents a share, compared with a profit of $9.3 million, or 4 cents a share, for the year-earlier period. Revenue was $439.3 million, down from $471.8 million. Adjusted profit was 15 cents a share. Analysts were expecting a profit of 12 cents a share, on revenue of $421.6 million, according to a consensus survey by FactSet. For the current quarter, the company is expecting adjusted revenue in the range of $415 million to $435 million. Analysts were expecting $426.1 million, according to FactSet. Shares of JDSU were up more than 5% in after-hours trading.
JDSU slated to report results after hours (3:34 pm ET)
LOS ANGELES (MarketWatch) -- JDS Uniphase (JDSU: news, chart, profile) is expected to release fiscal fourth-quarter earnings late Tuesday. The optical networking gear maker is forecast to report a 48% fall in earnings to 12 cents a share, on a 10% revenue decline to $421.6 million, according to a FactSet poll of analysts. Wall Street will also look for the release of quarterly equity-holdings reports from institutional investment managers.
Sears mulling sale of Lands End: report(11:30 am ET)
BOSTON (MarketWatch) -- Sears Holdings Corp. (SHLD: news, chart, profile) may sell off its Lands End unit as part of a vast ongoing restructuring, the New York Post reported early Tuesday. According to the Post, Sears Holdings Chairman Eddie Lampert has been meeting with investors to discuss the divestiture of Lands End, a major revenue generator for the troubled retailer. Sears will release its fiscal second quarter earnings on Aug. 16.
Angie's List, Yelp down; social media stocks fall (11:06 am ET)
SAN FRANCISCO (MarketWatch) -- Several social-media stocks tumbled into the red Tuesday in the wake of Groupon Inc.'s (GRPN: news, chart, profile) disappointing quarterly revenue results and forecast. Groupon shares fell more than 23% to a new low of $5.83. Also losing ground were Angie's List Inc. [s; angi], down 17% at $11.04; Facebook Inc. (FB: news, chart, profile) , which saw its shares fall more than 3%, to $20.91 and Yelp Inc. (YELP: news, chart, profile) , off by 3% to trade at $23.19.
Estee Lauder, Michael Kors lead retail sector (10:50 am ET)
SAN FRANCISCO (MarketWatch) -- Retailers saw sizeable share price moves in trade Tuesday after reporting earnings before the open. Estee Lauder Cos. (EL: news, chart, profile) reported a 25% fiscal fourth-quarter profit spike in line with Wall Street estimates. The New York-based beauty product manufacturer saw its share price rise 9% to $59.96 a share. Designer clothing and accessories manufacturer Michael Kors Holdings Ltd. (KORS: news, chart, profile) reported their fiscal first-quarter profits nearly tripled. The move helped shares jump over 14% to $48.38 a share. Pittsburg-based Dick's Sporting Goods Inc. (DKS: news, chart, profile) saw share prices fall over 3% to $48.82 a share after reporting a second-quarter profit decline. The moves made the S&P 500 Index's (SPX: news, chart, profile) consumer discretionary sector the index's top gainer, advancing 0.4%.
http://www.marketwatch.com/news/markets/earningswatch.asp
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