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Friday, August 17, 2012 2:33:26 PM
EARNINGSWATCH: Thursday, Aug. 16
Aeropostale shares drop on profit forecast(4:29 pm ET)
SAN FRANCISCO (MarketWatch) -- Aeropostale (ARO: news, chart, profile) late Thursday issued a weak-than-expected profit forecast for the current quarter, driving its shares down 7% to $12.70 in after-hours trading. The teen-apparel retailer projected a profit of 25 cents to 30 cents a share. Analysts polled by FactSet were looking for 38 cents. During the quarter ended July 28, Aeropostale said it made $71,000, down from $2.9 million in the same 2011 period that was boosted by a one-time tax benefit. Sales rose 4% to $485 million. Comparable-store sales fell 1%. "While we were encouraged by the customer response to our fashion offering, we were disappointed by our overall financial performance for the second quarter. Our core basics business experienced significant pricing pressure due to the highly promotional and competitive retail landscape," CEO Thomas Johnson said in a statement. Aeropostale runs 1,085 stores. Its shares are down 10% year-to-date.
Gap posts 29% higher profit, lifts outlook(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- The Gap Inc. (GPS: news, chart, profile) clothing company, whose brands include Banana Republic and Old Navy, reported late Thursday its second-quarter profit rose to $243 million, or 49 cents a share, from $189 million, or 35 cents a share, a year ago. Revenue for the quarter ended July 28 rose 5.6% to $3.58 billion from $3.39 billion. Analysts polled by FactSet had expected the San Francisco-based retailer to earn 47 cents a share on $3.58 billion in revenue. The company raised its full-year earnings outlook to $1.95 to $2 a share, which is slightly lower than the $2.09 analysts were looking for. Gap shares fell 0.7% to $34.10 in after-hours trade. Gap shares are up 108% over the past 12 months.
Marvell earnings slide 52%; shares fall on miss(4:12 pm ET)
SAN FRANCISCO (MarketWatch) -- Marvell Technology Group Ltd. reported a 52% drop in earnings for its second-fiscal quarter on Thursday afternoon, with results missing Wall Street's estimates as the chip-maker cited a "soft near-term demand environment." For the period ended July 28, Marvell (MRVL: news, chart, profile) reported net income of $93 million, or 16 cents per share, compared to net income of $192 million, or 31 cents a share, for the same period last year. Adjusted earnings came in at $142 million, or 24 cents a share, for the recent period. Revenue slipped by 9% to $816 million. Analysts were expecting adjusted earnings of 27 cents a share on revenue of $851.7 million, according to consensus estimates from FactSet. Marvell shares were down more than 6.5% in after-hours trading on Thursday following the report.
Perrigo drops 8% after earnings, worst of S&P 500(11:00 am ET)
BOSTON (MarketWatch) -- Shares of Perrigo Co. (PRGO: news, chart, profile) dropped 8% Thursday, making it the worst performer of the S&P 500 Index (SPX: news, chart, profile) . Perrigo shares slid to $107.80 after the pharmaceutical and nutritional-products maker posted fiscal fourth-quarter sales below most Wall Street estimates. The stock has fallen 6% over the past 30 days, but has climbed 10% since the beginning of the year.
Treasury move to entrench Fannie, Freddie
Fannie, Freddie portfolios to be cut by 15% a year
The Treasury Department’s announcement that it is changing the terms of its four-year-old financial backing for Fannie Mae and Freddie Mac is a boon for mortgage originators, homebuilders and Treasury bonds as it delays reform of the two giant government-seized firms, experts said Friday.
The Treasury Department on Friday announced a set of steps to change its financial backing of Fannie FNMA -13.22% and Freddie FMCC -18.33% .
http://www.marketwatch.com/story/treasury-move-to-entrench-fannie-freddie-2012-08-17
Aeropostale shares drop on profit forecast(4:29 pm ET)
SAN FRANCISCO (MarketWatch) -- Aeropostale (ARO: news, chart, profile) late Thursday issued a weak-than-expected profit forecast for the current quarter, driving its shares down 7% to $12.70 in after-hours trading. The teen-apparel retailer projected a profit of 25 cents to 30 cents a share. Analysts polled by FactSet were looking for 38 cents. During the quarter ended July 28, Aeropostale said it made $71,000, down from $2.9 million in the same 2011 period that was boosted by a one-time tax benefit. Sales rose 4% to $485 million. Comparable-store sales fell 1%. "While we were encouraged by the customer response to our fashion offering, we were disappointed by our overall financial performance for the second quarter. Our core basics business experienced significant pricing pressure due to the highly promotional and competitive retail landscape," CEO Thomas Johnson said in a statement. Aeropostale runs 1,085 stores. Its shares are down 10% year-to-date.
Gap posts 29% higher profit, lifts outlook(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- The Gap Inc. (GPS: news, chart, profile) clothing company, whose brands include Banana Republic and Old Navy, reported late Thursday its second-quarter profit rose to $243 million, or 49 cents a share, from $189 million, or 35 cents a share, a year ago. Revenue for the quarter ended July 28 rose 5.6% to $3.58 billion from $3.39 billion. Analysts polled by FactSet had expected the San Francisco-based retailer to earn 47 cents a share on $3.58 billion in revenue. The company raised its full-year earnings outlook to $1.95 to $2 a share, which is slightly lower than the $2.09 analysts were looking for. Gap shares fell 0.7% to $34.10 in after-hours trade. Gap shares are up 108% over the past 12 months.
Marvell earnings slide 52%; shares fall on miss(4:12 pm ET)
SAN FRANCISCO (MarketWatch) -- Marvell Technology Group Ltd. reported a 52% drop in earnings for its second-fiscal quarter on Thursday afternoon, with results missing Wall Street's estimates as the chip-maker cited a "soft near-term demand environment." For the period ended July 28, Marvell (MRVL: news, chart, profile) reported net income of $93 million, or 16 cents per share, compared to net income of $192 million, or 31 cents a share, for the same period last year. Adjusted earnings came in at $142 million, or 24 cents a share, for the recent period. Revenue slipped by 9% to $816 million. Analysts were expecting adjusted earnings of 27 cents a share on revenue of $851.7 million, according to consensus estimates from FactSet. Marvell shares were down more than 6.5% in after-hours trading on Thursday following the report.
Perrigo drops 8% after earnings, worst of S&P 500(11:00 am ET)
BOSTON (MarketWatch) -- Shares of Perrigo Co. (PRGO: news, chart, profile) dropped 8% Thursday, making it the worst performer of the S&P 500 Index (SPX: news, chart, profile) . Perrigo shares slid to $107.80 after the pharmaceutical and nutritional-products maker posted fiscal fourth-quarter sales below most Wall Street estimates. The stock has fallen 6% over the past 30 days, but has climbed 10% since the beginning of the year.
Treasury move to entrench Fannie, Freddie
Fannie, Freddie portfolios to be cut by 15% a year
The Treasury Department’s announcement that it is changing the terms of its four-year-old financial backing for Fannie Mae and Freddie Mac is a boon for mortgage originators, homebuilders and Treasury bonds as it delays reform of the two giant government-seized firms, experts said Friday.
The Treasury Department on Friday announced a set of steps to change its financial backing of Fannie FNMA -13.22% and Freddie FMCC -18.33% .
http://www.marketwatch.com/story/treasury-move-to-entrench-fannie-freddie-2012-08-17
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