AI
Thursday, August 23, 2012 10:01:49 PM
EARNINGSWATCH: Thursday, Aug. 23
Autodesk profit drops, but sales rise(4:23 pm ET)
SAN FRANCISCO (MarketWatch) - Autodesk Inc. (ADSK: news, chart, profile) on Thursday reported a fiscal second-quarter profit of $64.6 million, or 28 cents a share, compared with a profit of $71.2 million, or 30 cents a share, for the year-earlier period. Revenue was $568.7 million, up from $546.3 million. Adjusted profit was 48 cents a share. Analysts were expecting a profit of 49 cents a share, on revenue of $593.5 million, according to a consensus survey by FactSet. For the current quarter, the company expects adjusted profit in the range of 40 cents to 45 cents a share, and revenue in the range of $550 million to $570 million. Analysts were expecting a profit of 50 cents a share, on revenue of $601.3 million.
Salesforce shares fall in after-hours action(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- Salesforce.com Inc. (CRM: news, chart, profile) shares fell as much as 4.6% in after-hours trading Thursday as the on-demand software company gave a fiscal third-quarter earnings forecast that fell short of analysts' estimates. Salesforce said that it expects to lose 26 to 27 cents a share, on revenue in a range of $773 million to $777 million. Excluding one-time items, Salesforce forecast earnings of 31 cents to 32 cents a share. Analysts surveyed by FactSet had earlier estimated Salesforce to earn 34 cents a share on $770 million in revenue.
Salesforce's loss rises to $9.8 million(4:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Salesforce.com Inc. (CRM: news, chart, profile) on Thursday reported a fiscal second-quarter loss of $9.8 million, or 7 cents a share, on revenue of $731.6 million. During the same period a year ago, the on-demand business software company lost $4.3 million, or 3 cents a share, on $46 million in sales. Excluding one-time items, Salesforce would have earned 42 cents a share. Analysts surveyed by FactSet had forecast Salesforce to earn 39 cents a share on $728.4 million in revenue.
Guess shares dive on earnings miss(10:15 am ET)
SAN FRANCISCO (MarketWatch) -- Guess Inc. (GES: news, chart, profile) shares plunged 18.5% to $27.32 in morning trade Thursday as investors reacted to the retailer's worse-than-expected fiscal second-quarter earnings. The clothing retailer's profit declined 29% as revenue fell 6%, mostly due to lower sales in North America and weakness in Europe, though growth did continue in the Asian sector. The Los Angeles-based company cut its full-year outlook for the second time since May. The stock has been down 8% since January and over 18% over the past year.
Big Lots shares hammered on weaker outlook(10:03 am ET)
SAN FRANCISCO (MarketWatch) -- Big Lots (BIG: news, chart, profile) shares led S&P 500 (SPX: news, chart, profile) decliners Thursday morning, plunging 21% to $30.63. Big Lots, a seller of discounted goods ranging from everyday household items to food, slashed its fiscal year profit outlook after its U.S. comparable-store sales fell 1.9% during its fiscal second-quarter. For the year, Big Lots is forecasting its comparable-store sales to decline in the "low single digit range." Ohio-based Big Lots operates 1,463 stores in 48 United States. Its stock is now down 4% over the past 12 months.
H-P stock falls; analyst cites CEO comments(9:45 am ET)
SAN FRANCISCO (MarketWatch) - Shares of Hewlett-Packard (HPQ: news, chart, profile) fell about 6% early Thursday, the worst on the Dow Jones Industrial Average (DJIA: news, chart, profile) after the company posted results that analysts say were "better-than-feared," but also signaled troubles ahead in the personal computer market. Analysts cited Wednesday's earnings call with company executives in which Chief Executive Meg Whitman said the PC market "remains weak and channel inventory is high across the industry. ... The reality is, we're locked in serious competitive battles but we're determined to win." RBC Capital analyst Amit Daryanani identified Lenovo as the main rival H-P was referring to, saying, "I believe the implication is they may sacrifice some margin degradation for PC share." With expected revenue and margin declines in PCs and printers, he added, "There is less clarity in understanding beyond cost savings what can sustain earnings per share higher on a year-over-basis."
HP down 5% in premarket; analyst reiterates sell (7:30 am ET)
NEW YORK (MarketWatch) -- Deutsche Bank analysts on Thursday reiterated their sell rating on Hewlett-Packard Co. (HPQ: news, chart, profile) after the computer maker posted its deepest-ever loss. Analysts at the investment bank slashed their price target on HP to $15 a share from $20 and reduced their fourth-quarter profit estimate for the technology company to $1.15 a share from $1.17 a share. For the 2013 fiscal year, Deutsche Bank analysts now expect HP to earn $4 a share, down from their earlier view of $4.10 a share. Hewlett-Packard, which is one of 30 stocks in the Dow Jones Industrial Average ($DJ: news, chart, profile) , fell 5.3% in premarket trades to $18.18 a share.
Wednesday, Aug. 22
H-P better-than-feared, analysts say; shares up(4:31 pm ET)
SAN FRANCISCO (MarketWatch) - Shares of Hewlett-Packard Co. (HPQ: news, chart, profile) were up late Wednesday as the company's generally in-line results - highlighted by a slight beat on adjusted earnings per share and a full-year revenue guidance at the low end of a previous outlook - eased worries over a bad quarter. ISI Group analyst Brian Marshall said people were "expecting a miss" and a cut in guidance, especially following Dell Inc.'s disappointing results and lowered outlook. Sterne Agee's Shaw Wu also said H-P's guidance was "essentially in line with consensus." "To sum it up: better than feared," he added. H-P was last trading up 2.4% after hours, after falling nearly 4% in regular trading.
Krispy Kreme backs outlook even as profit slips(4:27 pm ET)
SAN FRANCISCO (MarketWatch) -- Krispy Kreme (KKD: news, chart, profile) late Wednesday reported a fiscal second-quarter profit of $4.9 million, or 7 cents a share, down from $8.8 million, or 12 cents a share, in last year's period that was boosted by a one-time investment gain and a tax adjustment. Revenue rose 4% to $102 million. Comparable-store sales at company-owned sites increased 5.4%. During the quarter, Krispy Kreme said it bought back 2.858 million shares at an average cost of $6.35 a share. Krispy Kreme backed its fiscal year outlook. In after-hours trade, Krispy Kreme fell 5 cents to $6.90. Shares are up 6% since Jan. 1.
H-P posts loss, but beats view; shares up(4:19 pm ET)
SAN FRANCISCO (MarketWatch) - Hewlett-Packard Co. (HPQ: news, chart, profile) on Wednesday reported a fiscal third-quarter loss of $8.9 billion, or $4.49 a share, compared with a profit of $1.93 billion or 93 cents a share for the year-earlier period. Revenue came in at $29.7 billion, down from $31.2 billion. Adjusted profit was a $1 share. The company's results included after-tax costs of $10.8 billion, or $5.49 a share, related to one-time charges, including the impairment of goodwill within the company's services business. Analysts were expecting an adjusted profit of 98 cents a share on revenue of $30.2 billion, according to a consensus survey by FactSet. For its fiscal year 2012, H-P said it expects adjusted earnings in the range of $4.05 to $4.07, at the low end of its earlier guidance. Shares of H-P were up nearly 1.2% after-hours trading.
Guess posts lower profit, cuts outlook (4:18 pm ET)
SAN FRANCISCO (MarketWatch) -- Guess Inc. (GES: news, chart, profile) , hit by weaker sales in North America and Europe, reported late Wednesday its fiscal 2013 second-quarter profit fell to $42.9 million, or 49 cents a share, from $60.7 million, or 65 cents a share, a year ago. Revenue for the three months ended July 28 fell 6% to $635.4 million from $677.2 million. Analysts polled by FactSet had forecast the Los Angeles-based apparel maker would earn 51 cents a share on $629.9 million in revenue. The company lowered its full-year earnings outlook to $2.15 to $2.30 a share from the $2.50 to $2.65 forecast it offered in May. Guess shares fell as much as 14% to $28.81 on the report in after-hours trade.
Dell losses lead weakness in tech stocks(9:47 am ET)
SAN FRANCISCO (MarketWatch) -- Tech stocks were mostly in the red Wednesday, led by losses from Dell Inc. (DELL: news, chart, profile) . The PC maker's shares fell more than 5%, to $11.66, after Dell reported mixed second-quarter results and gave a disappointing quarterly and fiscal-year outlook. Dell's results also kept investors on edge regarding Hewlett-Packard Co.'s (HPQ: news, chart, profile) quarterly report, due after the market close. H-P's shares were off by 2%. The Nasdaq Composite Index ($COMPQ: news, chart, profile) fell 10 points to 3,057, while the Philadelphia Semiconductor Index ($SOX: news, chart, profile) gave up 1%.
Dell profit view surprisingly weak: analyst(9:03 am ET)
NEW YORK (MarketWatch) -- Dell Inc. (DELL: news, chart, profile) fell 5.4% in premarket trades on Wednesday after the computer maker's second-quarter earnings fell 18% in the face of lower revenue from personal computer sales. Analysts at Sterne Agee said the company's profit outlook was "surprisingly weak" despite already low expectations. "With key competitors Apple (AAPL: news, chart, profile) , IBM (IBM: news, chart, profile) and Cisco (CSCO: news, chart, profile) posting better results, one can't help but wonder if Dell is simply losing share," the analysts said.
American Eagle up 6% in premarket(8:50 am ET)
NEW YORK (MarketWatch) -- American Eagle Outfitters Inc. (AEO: news, chart, profile) rose 6% in premarket trades on Wednesday after the Pittsburgh retailer said it will meet or beat Wall Street's earnings target for the third quarter. American Eagle forecast third-quarter earnings from continuing operations of 37 cents to 38 cents a share, compared to the analyst estimate of 37 cents a share in a survey by FactSet Research. For the full year, American Eagle expects earnings from continuing operations of $1.33 to $1.36 a share, compared to the estimate of $1.33 a share.
ConocoPhillips booking $400 mln gain after sale(8:35 am ET)
NEW YORK (MarketWatch) -- ConocoPhillips (COP: news, chart, profile) said it'll book an after-tax gain of about $400 million for the sale of its indirect, 30% interest in NaryanMarNefteGaz and related assets to Russia's Lukoil. Terms of the sale weren't disclosed. The Houston oil and gas firm said the deal marks an "important component of our divestiture program for 2012."
Dell CFO: BRIC sales down; slower emerging market(4:36 pm ET)
SAN FRANCISCO (MarketWatch) - Dell Inc. (DELL: news, chart, profile) saw a dramatic shift in demand in emerging markets, particularly in the so-called BRIC countries where the company saw a 15% decline in sales, the company's Chief Financial Officer Brian Gladden told MarketWatch. "That's been part of our business that's been growing double-digits," he said, adding, "The PC business is in a tough environment." But Gladden said the company expects to see "good growth" in its enterprise business in the second half. Dell shares were down more than 3% after the company also cut its full-year forecast.
La-Z-Boy profit falls on loss of year-ago gain (4:33 pm ET)
SAN FRANCISCO (MarketWatch) -- La-Z-Boy Inc. (LZB: news, chart, profile) reported late Tuesday its fiscal 2013 first-quarter profit fell to $4.7 million, or 8 cents a share, from $45.9 million, or 85 cents a share, a year ago. The year-ago results included a one-time gain of 81 cents a share. Revenue for the quarter ended July 28 rose 7.6% to $301.5 million from $280.1 million, with same-store sales up 9.2%. Analysts surveyed by FactSet had predicted the Monroe, Mich.-based furniture maker would earn 8 cents a share on $290.5 million in revenue. La-Z-Boy shares closed at $13.50, an 88% advance over the past 12 months.
Dell profit falls on lower sales, shares down(4:11 pm ET)
SAN FRANCISCO (MarketWatch) - Dell Inc. (DELL: news, chart, profile) on Tuesday reported a fiscal second-quarter profit of $732 million, or 42 cents a share, compared with a profit of $890 million, or 48 cents a share, for the year-earlier period. Revenue was $14.5 billion, down from $15.7 billion. Adjusted profit was 50 cents a share. Analysts were expecting the Round Rock, Texas-based technology company to report a profit of 45 cents a share, on revenue of $14.7 billion, according to a consensus survey by FactSet. For the current quarter, Dell said it expects revenue to be down 2% to 5% from the second quarter. The company also said it is revising its full-year adjusted earnings outlook to at least $1.70 a share. Analysts were expecting a full-year profit of $1.90 a share, according to data from FactSet. Dell shares were down about 4% in after-hours trading.
Urban Outfitters shares jump on earnings beat(10:15 am ET)
SAN FRANCISCO (MarketWatch) -- Urban Outfitters Inc. (URBN: news, chart, profile) stock hit a 52-week high in early trade Tuesday to $37.65 a share. The share price move helped the retailer dominate the S&P 500 Index (SPX: news, chart, profile) . The Philadelphia-based retailer, which also operates the Anthropologie and Free People brands in addition to its namesake store, said Monday its fiscal second-quarter earnings rose 8.1% and revenue increased 11%, beating analyst estimates. Same-store sales jumped for Urban Outfitters and Free People, but were flat for Anthropologie. The share price is up 39% from a year ago and 31% since January. The stock is currently up 16% at $36.29 a share.
Best Buy shares extend losses on earnings report(10:00 am ET)
SAN FRANCISCO (MarketWatch) -- Best Buy (BBY: news, chart, profile) shares faced heavy selling pressure for a second consecutive day, sliding 6% to $16.98 Tuesday morning to led S&P 500 (SPX: news, chart, profile) decliners. The consumer electronics retailer missed Wall Street's adjusted profit forecast by 11 cents a share for the second quarter. Best Buy also suspended its outlook and its share repurchase program. In a statement, the company said it isn't providing a forecast due to the "uncertainty associated with several key product launches" later this year as well as the appointment of new chief executive Hubert Joly. Best Buy expects to generate free cash flow of $1.25 billion to $1.5 billion this fiscal year. Best Buy shares are now down 17% since Aug. 17, also hit by a breakdown in negotiations with its founder Richard Schulze who is seeking to buy the retailer.
Barnes & Noble narrows loss, shares up 5%(8:52 am ET)
NEW YORK (MarketWatch) -- Barnes & Noble Inc. (BKS: news, chart, profile) said Tuesday its first-quarter loss narrowed to $41 million, or 78 cents a share, from a loss of $56.6 million, or 99 cents a share, in the year-ago period. Revenue at the book retailer rose 2.5% to $1.45 billion. The company said its results were boosted by consolidation in the market as well as strong sales of the Fifty Shades series. Wall Street analysts expected the New York company to lose 94 cents a share, according to a survey by FactSet. Sales of the company's Nook unit remained flat from the year-ago level at $192 million. Prices of the Nook device fell, while digital content sales increased by 46%. The company said its Glowlight product is seeing unmet demand due to production scaling issues. Shares of Barnes & Noble rose 5% in premarket trades.
Best Buy drops 9% after earnings fall short(8:18 am ET)
NEW YORK (MarketWatch) -- Best Buy Co. (BBY: news, chart, profile) dropped 9% in premarket trades on Tuesday after the electronics retailer's earnings missed Wall Street estimates. The Minneapolis store chain's second-quarter profit dropped 87% to $33 million, or 4 cents a share, from $260 million, or 39 cents a share, in the year-ago period. Adjusted profit dropped to 20 cents a share from 39 cents a share. Revenue fell 3% to $10.55 billion. Wall Street analysts expected Best Buy to earn 31 cents a share on revenue of $10.65 billion, according to a survey by FactSet. The earnings miss comes a day after Best Buy named Hubert Joly as its new chief executive. He is expected to join the company in early September. Best Buy declined to provide detailed profit forecasts for 2013, but said it expects to generate free cash flow in the range of $1.25 billion to $1.5 billion.
Autodesk profit drops, but sales rise(4:23 pm ET)
SAN FRANCISCO (MarketWatch) - Autodesk Inc. (ADSK: news, chart, profile) on Thursday reported a fiscal second-quarter profit of $64.6 million, or 28 cents a share, compared with a profit of $71.2 million, or 30 cents a share, for the year-earlier period. Revenue was $568.7 million, up from $546.3 million. Adjusted profit was 48 cents a share. Analysts were expecting a profit of 49 cents a share, on revenue of $593.5 million, according to a consensus survey by FactSet. For the current quarter, the company expects adjusted profit in the range of 40 cents to 45 cents a share, and revenue in the range of $550 million to $570 million. Analysts were expecting a profit of 50 cents a share, on revenue of $601.3 million.
Salesforce shares fall in after-hours action(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- Salesforce.com Inc. (CRM: news, chart, profile) shares fell as much as 4.6% in after-hours trading Thursday as the on-demand software company gave a fiscal third-quarter earnings forecast that fell short of analysts' estimates. Salesforce said that it expects to lose 26 to 27 cents a share, on revenue in a range of $773 million to $777 million. Excluding one-time items, Salesforce forecast earnings of 31 cents to 32 cents a share. Analysts surveyed by FactSet had earlier estimated Salesforce to earn 34 cents a share on $770 million in revenue.
Salesforce's loss rises to $9.8 million(4:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Salesforce.com Inc. (CRM: news, chart, profile) on Thursday reported a fiscal second-quarter loss of $9.8 million, or 7 cents a share, on revenue of $731.6 million. During the same period a year ago, the on-demand business software company lost $4.3 million, or 3 cents a share, on $46 million in sales. Excluding one-time items, Salesforce would have earned 42 cents a share. Analysts surveyed by FactSet had forecast Salesforce to earn 39 cents a share on $728.4 million in revenue.
Guess shares dive on earnings miss(10:15 am ET)
SAN FRANCISCO (MarketWatch) -- Guess Inc. (GES: news, chart, profile) shares plunged 18.5% to $27.32 in morning trade Thursday as investors reacted to the retailer's worse-than-expected fiscal second-quarter earnings. The clothing retailer's profit declined 29% as revenue fell 6%, mostly due to lower sales in North America and weakness in Europe, though growth did continue in the Asian sector. The Los Angeles-based company cut its full-year outlook for the second time since May. The stock has been down 8% since January and over 18% over the past year.
Big Lots shares hammered on weaker outlook(10:03 am ET)
SAN FRANCISCO (MarketWatch) -- Big Lots (BIG: news, chart, profile) shares led S&P 500 (SPX: news, chart, profile) decliners Thursday morning, plunging 21% to $30.63. Big Lots, a seller of discounted goods ranging from everyday household items to food, slashed its fiscal year profit outlook after its U.S. comparable-store sales fell 1.9% during its fiscal second-quarter. For the year, Big Lots is forecasting its comparable-store sales to decline in the "low single digit range." Ohio-based Big Lots operates 1,463 stores in 48 United States. Its stock is now down 4% over the past 12 months.
H-P stock falls; analyst cites CEO comments(9:45 am ET)
SAN FRANCISCO (MarketWatch) - Shares of Hewlett-Packard (HPQ: news, chart, profile) fell about 6% early Thursday, the worst on the Dow Jones Industrial Average (DJIA: news, chart, profile) after the company posted results that analysts say were "better-than-feared," but also signaled troubles ahead in the personal computer market. Analysts cited Wednesday's earnings call with company executives in which Chief Executive Meg Whitman said the PC market "remains weak and channel inventory is high across the industry. ... The reality is, we're locked in serious competitive battles but we're determined to win." RBC Capital analyst Amit Daryanani identified Lenovo as the main rival H-P was referring to, saying, "I believe the implication is they may sacrifice some margin degradation for PC share." With expected revenue and margin declines in PCs and printers, he added, "There is less clarity in understanding beyond cost savings what can sustain earnings per share higher on a year-over-basis."
HP down 5% in premarket; analyst reiterates sell (7:30 am ET)
NEW YORK (MarketWatch) -- Deutsche Bank analysts on Thursday reiterated their sell rating on Hewlett-Packard Co. (HPQ: news, chart, profile) after the computer maker posted its deepest-ever loss. Analysts at the investment bank slashed their price target on HP to $15 a share from $20 and reduced their fourth-quarter profit estimate for the technology company to $1.15 a share from $1.17 a share. For the 2013 fiscal year, Deutsche Bank analysts now expect HP to earn $4 a share, down from their earlier view of $4.10 a share. Hewlett-Packard, which is one of 30 stocks in the Dow Jones Industrial Average ($DJ: news, chart, profile) , fell 5.3% in premarket trades to $18.18 a share.
Wednesday, Aug. 22
H-P better-than-feared, analysts say; shares up(4:31 pm ET)
SAN FRANCISCO (MarketWatch) - Shares of Hewlett-Packard Co. (HPQ: news, chart, profile) were up late Wednesday as the company's generally in-line results - highlighted by a slight beat on adjusted earnings per share and a full-year revenue guidance at the low end of a previous outlook - eased worries over a bad quarter. ISI Group analyst Brian Marshall said people were "expecting a miss" and a cut in guidance, especially following Dell Inc.'s disappointing results and lowered outlook. Sterne Agee's Shaw Wu also said H-P's guidance was "essentially in line with consensus." "To sum it up: better than feared," he added. H-P was last trading up 2.4% after hours, after falling nearly 4% in regular trading.
Krispy Kreme backs outlook even as profit slips(4:27 pm ET)
SAN FRANCISCO (MarketWatch) -- Krispy Kreme (KKD: news, chart, profile) late Wednesday reported a fiscal second-quarter profit of $4.9 million, or 7 cents a share, down from $8.8 million, or 12 cents a share, in last year's period that was boosted by a one-time investment gain and a tax adjustment. Revenue rose 4% to $102 million. Comparable-store sales at company-owned sites increased 5.4%. During the quarter, Krispy Kreme said it bought back 2.858 million shares at an average cost of $6.35 a share. Krispy Kreme backed its fiscal year outlook. In after-hours trade, Krispy Kreme fell 5 cents to $6.90. Shares are up 6% since Jan. 1.
H-P posts loss, but beats view; shares up(4:19 pm ET)
SAN FRANCISCO (MarketWatch) - Hewlett-Packard Co. (HPQ: news, chart, profile) on Wednesday reported a fiscal third-quarter loss of $8.9 billion, or $4.49 a share, compared with a profit of $1.93 billion or 93 cents a share for the year-earlier period. Revenue came in at $29.7 billion, down from $31.2 billion. Adjusted profit was a $1 share. The company's results included after-tax costs of $10.8 billion, or $5.49 a share, related to one-time charges, including the impairment of goodwill within the company's services business. Analysts were expecting an adjusted profit of 98 cents a share on revenue of $30.2 billion, according to a consensus survey by FactSet. For its fiscal year 2012, H-P said it expects adjusted earnings in the range of $4.05 to $4.07, at the low end of its earlier guidance. Shares of H-P were up nearly 1.2% after-hours trading.
Guess posts lower profit, cuts outlook (4:18 pm ET)
SAN FRANCISCO (MarketWatch) -- Guess Inc. (GES: news, chart, profile) , hit by weaker sales in North America and Europe, reported late Wednesday its fiscal 2013 second-quarter profit fell to $42.9 million, or 49 cents a share, from $60.7 million, or 65 cents a share, a year ago. Revenue for the three months ended July 28 fell 6% to $635.4 million from $677.2 million. Analysts polled by FactSet had forecast the Los Angeles-based apparel maker would earn 51 cents a share on $629.9 million in revenue. The company lowered its full-year earnings outlook to $2.15 to $2.30 a share from the $2.50 to $2.65 forecast it offered in May. Guess shares fell as much as 14% to $28.81 on the report in after-hours trade.
Dell losses lead weakness in tech stocks(9:47 am ET)
SAN FRANCISCO (MarketWatch) -- Tech stocks were mostly in the red Wednesday, led by losses from Dell Inc. (DELL: news, chart, profile) . The PC maker's shares fell more than 5%, to $11.66, after Dell reported mixed second-quarter results and gave a disappointing quarterly and fiscal-year outlook. Dell's results also kept investors on edge regarding Hewlett-Packard Co.'s (HPQ: news, chart, profile) quarterly report, due after the market close. H-P's shares were off by 2%. The Nasdaq Composite Index ($COMPQ: news, chart, profile) fell 10 points to 3,057, while the Philadelphia Semiconductor Index ($SOX: news, chart, profile) gave up 1%.
Dell profit view surprisingly weak: analyst(9:03 am ET)
NEW YORK (MarketWatch) -- Dell Inc. (DELL: news, chart, profile) fell 5.4% in premarket trades on Wednesday after the computer maker's second-quarter earnings fell 18% in the face of lower revenue from personal computer sales. Analysts at Sterne Agee said the company's profit outlook was "surprisingly weak" despite already low expectations. "With key competitors Apple (AAPL: news, chart, profile) , IBM (IBM: news, chart, profile) and Cisco (CSCO: news, chart, profile) posting better results, one can't help but wonder if Dell is simply losing share," the analysts said.
American Eagle up 6% in premarket(8:50 am ET)
NEW YORK (MarketWatch) -- American Eagle Outfitters Inc. (AEO: news, chart, profile) rose 6% in premarket trades on Wednesday after the Pittsburgh retailer said it will meet or beat Wall Street's earnings target for the third quarter. American Eagle forecast third-quarter earnings from continuing operations of 37 cents to 38 cents a share, compared to the analyst estimate of 37 cents a share in a survey by FactSet Research. For the full year, American Eagle expects earnings from continuing operations of $1.33 to $1.36 a share, compared to the estimate of $1.33 a share.
ConocoPhillips booking $400 mln gain after sale(8:35 am ET)
NEW YORK (MarketWatch) -- ConocoPhillips (COP: news, chart, profile) said it'll book an after-tax gain of about $400 million for the sale of its indirect, 30% interest in NaryanMarNefteGaz and related assets to Russia's Lukoil. Terms of the sale weren't disclosed. The Houston oil and gas firm said the deal marks an "important component of our divestiture program for 2012."
Dell CFO: BRIC sales down; slower emerging market(4:36 pm ET)
SAN FRANCISCO (MarketWatch) - Dell Inc. (DELL: news, chart, profile) saw a dramatic shift in demand in emerging markets, particularly in the so-called BRIC countries where the company saw a 15% decline in sales, the company's Chief Financial Officer Brian Gladden told MarketWatch. "That's been part of our business that's been growing double-digits," he said, adding, "The PC business is in a tough environment." But Gladden said the company expects to see "good growth" in its enterprise business in the second half. Dell shares were down more than 3% after the company also cut its full-year forecast.
La-Z-Boy profit falls on loss of year-ago gain (4:33 pm ET)
SAN FRANCISCO (MarketWatch) -- La-Z-Boy Inc. (LZB: news, chart, profile) reported late Tuesday its fiscal 2013 first-quarter profit fell to $4.7 million, or 8 cents a share, from $45.9 million, or 85 cents a share, a year ago. The year-ago results included a one-time gain of 81 cents a share. Revenue for the quarter ended July 28 rose 7.6% to $301.5 million from $280.1 million, with same-store sales up 9.2%. Analysts surveyed by FactSet had predicted the Monroe, Mich.-based furniture maker would earn 8 cents a share on $290.5 million in revenue. La-Z-Boy shares closed at $13.50, an 88% advance over the past 12 months.
Dell profit falls on lower sales, shares down(4:11 pm ET)
SAN FRANCISCO (MarketWatch) - Dell Inc. (DELL: news, chart, profile) on Tuesday reported a fiscal second-quarter profit of $732 million, or 42 cents a share, compared with a profit of $890 million, or 48 cents a share, for the year-earlier period. Revenue was $14.5 billion, down from $15.7 billion. Adjusted profit was 50 cents a share. Analysts were expecting the Round Rock, Texas-based technology company to report a profit of 45 cents a share, on revenue of $14.7 billion, according to a consensus survey by FactSet. For the current quarter, Dell said it expects revenue to be down 2% to 5% from the second quarter. The company also said it is revising its full-year adjusted earnings outlook to at least $1.70 a share. Analysts were expecting a full-year profit of $1.90 a share, according to data from FactSet. Dell shares were down about 4% in after-hours trading.
Urban Outfitters shares jump on earnings beat(10:15 am ET)
SAN FRANCISCO (MarketWatch) -- Urban Outfitters Inc. (URBN: news, chart, profile) stock hit a 52-week high in early trade Tuesday to $37.65 a share. The share price move helped the retailer dominate the S&P 500 Index (SPX: news, chart, profile) . The Philadelphia-based retailer, which also operates the Anthropologie and Free People brands in addition to its namesake store, said Monday its fiscal second-quarter earnings rose 8.1% and revenue increased 11%, beating analyst estimates. Same-store sales jumped for Urban Outfitters and Free People, but were flat for Anthropologie. The share price is up 39% from a year ago and 31% since January. The stock is currently up 16% at $36.29 a share.
Best Buy shares extend losses on earnings report(10:00 am ET)
SAN FRANCISCO (MarketWatch) -- Best Buy (BBY: news, chart, profile) shares faced heavy selling pressure for a second consecutive day, sliding 6% to $16.98 Tuesday morning to led S&P 500 (SPX: news, chart, profile) decliners. The consumer electronics retailer missed Wall Street's adjusted profit forecast by 11 cents a share for the second quarter. Best Buy also suspended its outlook and its share repurchase program. In a statement, the company said it isn't providing a forecast due to the "uncertainty associated with several key product launches" later this year as well as the appointment of new chief executive Hubert Joly. Best Buy expects to generate free cash flow of $1.25 billion to $1.5 billion this fiscal year. Best Buy shares are now down 17% since Aug. 17, also hit by a breakdown in negotiations with its founder Richard Schulze who is seeking to buy the retailer.
Barnes & Noble narrows loss, shares up 5%(8:52 am ET)
NEW YORK (MarketWatch) -- Barnes & Noble Inc. (BKS: news, chart, profile) said Tuesday its first-quarter loss narrowed to $41 million, or 78 cents a share, from a loss of $56.6 million, or 99 cents a share, in the year-ago period. Revenue at the book retailer rose 2.5% to $1.45 billion. The company said its results were boosted by consolidation in the market as well as strong sales of the Fifty Shades series. Wall Street analysts expected the New York company to lose 94 cents a share, according to a survey by FactSet. Sales of the company's Nook unit remained flat from the year-ago level at $192 million. Prices of the Nook device fell, while digital content sales increased by 46%. The company said its Glowlight product is seeing unmet demand due to production scaling issues. Shares of Barnes & Noble rose 5% in premarket trades.
Best Buy drops 9% after earnings fall short(8:18 am ET)
NEW YORK (MarketWatch) -- Best Buy Co. (BBY: news, chart, profile) dropped 9% in premarket trades on Tuesday after the electronics retailer's earnings missed Wall Street estimates. The Minneapolis store chain's second-quarter profit dropped 87% to $33 million, or 4 cents a share, from $260 million, or 39 cents a share, in the year-ago period. Adjusted profit dropped to 20 cents a share from 39 cents a share. Revenue fell 3% to $10.55 billion. Wall Street analysts expected Best Buy to earn 31 cents a share on revenue of $10.65 billion, according to a survey by FactSet. The earnings miss comes a day after Best Buy named Hubert Joly as its new chief executive. He is expected to join the company in early September. Best Buy declined to provide detailed profit forecasts for 2013, but said it expects to generate free cash flow in the range of $1.25 billion to $1.5 billion.
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