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Wednesday, January 16, 2013 1:21:09 PM
ER: 130116 Banker Day
Charles Schwab Q4 net meets analyst consensus(9:01 am ET)
TEL AVIV (MarketWatch) -- Charles Schwab Corp., (SCHW: news, chart, profile) the San Francisco brokerage and financial-services firm, reported that fourth-quarter net income rose 16% on 9.2% higher revenue. Earnings reached $189 million, or 15 cents a share, from $163 million, or 13 cents, in the year-earlier quarter. Net revenue totaled $1.22 billion compared with $1.11 billion. A survey of analysts by FactSet produced a consensus estimate of 15 cents a share of profit on $1.21 billion of revenue.
Boeing draws Goldman rating cut on 787 woes(8:33 am ET)
NEW YORK (MarketWatch) -- Citing heightened risks to the 787 Dreamliner after an emergency landing of the plane by All Nippon Airways, analysts at Goldman Sachs said Wednesday they're removing Boeing Co. (BA: news, chart, profile) from their conviction buy list and cutting their price target on the aerospace firm to $90 a share from $98 a share. Boeing stock fell 3.7% in premarket trades. Analysts said they're keeping a buy rating on Boeing, however. "There have now been two incidents in a very short window pointing to potential issues related to one part -- lithium ion batteries -- and the concentration and possible overlap of cause within these events heightens the risk of a potentially more meaningful required change to the aircraft and therefore a possible delay in the pace of the production ramp," analysts said.
Goldman Sachs Q4 net nearly tripled; revenue up(7:56 am ET)
TEL AVIV (MarketWatch) -- Goldman Sachs Group Inc., (GS: news, chart, profile) the New York investment bank, reported that fourth-quarter net income nearly tripled on 53% higher revenue. Earnings reached $2.89 billion, or $5.60 a share, from $1.01 million, or $1.84, in the year-earlier quarter. Net revenue reached $9.24 billion from $6.05 billion. A survey of analysts by FactSet produced consensus estimates of $3.71 a share of profit on $7.98 billion of revenue. In a Wednesday statement, Goldman cited revenue increases of 64% in investment banking and 8% in financial advice, and a more than doubling of revenue in underwriting, including increases in both debt and equity underwriting.
Northern Trust profit climbs by 29%(7:56 am ET)
NEW YORK (MarketWatch) -- Northern Trust Corp. (NTSB: news, chart, profile) said Wednesday its fourth-quarter profit increased to $167.7 million, or 69 cents a share, from $130.2 million, or 53 cents a share, in the year-ago period. The current quarter includes restructuring and integration costs of 2 cents a share. Consolidated revenue rose 1% to $969.7 million. Wall Street analysts expected the Chicago-based lender to earn 75 cents a share on revenue of $986 million, according to a survey by FactSet. "Fourth quarter and full year performance continued to reflect solid core trust fee growth amidst a challenging operating environment," the company said.
US Bancorp Q4 net higher; net interest revenue up(7:37 am ET)
TEL AVIV (MarketWatch) -- US Bancorp, (USB: news, chart, profile) the Minneapolis banking concern, on Wednesday reported fourth-quarter net income reached $1.35 billion, or 72 cents a share, from $1.31 billion, or 69 cents a share, in the year-earlier quarter. The latest earnings reflected an $80 million, or 3 cents a share, expense accrual for a regulatory settlement related to mortgage foreclosures. A survey of analysts by FactSet produced a consensus estimate of 74 cents a share of profit for the quarter. In a statement, US Bancorp said revenue from interest on loans rose 4.1% and earnings were helped by lower net charge-offs of loans and smaller provisions for potential bad loans.
Comerica Q4 net up, exceeds analyst view(7:17 am ET)
TEL AVIV MarketWatch -- Comerica Inc., (CMA: news, chart, profile) the Dallas banking company, reported fourth-quarter net income reached $130 million, or 68 cents a share, from $96 million, or 48 cents, in the year-earlier quarter. A survey of analysts by FactSet produced a consensus estimate of profit of 65 cents for the quarter. In a Wednesday statement, Comerica attributed the results to stronger revenue from loans and fees combined with expense control. The net interest margin, measuring the difference between what a bank takes in on loans and pays out in deposits, narrowed to 2.87% from 3.19% a year earlier.
Bank of NY Mellon Q4 net meets analyst view(6:57 am ET)
TEL AVIV (MarketWatch) -- Bank of New York Mellon Corp. (BK: news, chart, profile) , the New York banking major, reported fourth-quarter net income rose to $613 million, or 53 cents a share, from $500 million, or 42 cents, in the year-earlier quarter. A survey of analysts by FactSet produced a consensus estimate of earnings of 53 cents a share. The bank cited strong growth in fees in a number of its businesses for the results. The net interest margin, measuring the difference between what a bank takes in on loans and pays out on deposits, narrowed to 1.09% from 1.27% in the quarter.
Chipotle estimates Q4 net below analyst consensus(1:40 am ET)
TEL AVIV (MarketWatch) -- Chipotle Mexican Grill Inc., (CMG: news, chart, profile) the Denver restaurant chain, estimated fourth-quarter net income at $1.92 to $1.97 a share on revenue 17% up from a year earlier at $699.2 million. A survey of analysts by FactSet produced consensus estimates of profit of $2.09 a share on revenue of $690.7 million. In a late Tuesday statement, the company estimated comparable sales for the quarter rose 3.8%. Operating-profit margin at its restaurants narrowed 1.5 percentage points from fourth-quarter 2011 to about 24.6%, Chipotle said before management does a presentation at a conference in Miami Beach on Thursday. The company said it was pleased with the revenue growth. "While food costs driven by underlying inflation increased faster than expected in the fourth quarter, we're optimistic that food inflation will level off in 2013," said Monty Moran, co-chief executive, in the statement.
Tuesday, Jan. 15
Forest Labs down 4.2% following results, outlook(9:18 am ET)
WASHINGTON (MarketWatch) -- Shares of Forest Laboratories Inc. (FRX: news, chart, profile) fell before the bell on Wall Street as investors reacted to the pharmaceutical company's results for the third quarter and a lackluster profit update for fiscal 2013. Earlier Tuesday, New York-based Forest Labs said earnings would be "at the low end" of management's forecast range for the year ending March 31. The update came as the company reported a wider-than-projected loss of 21 cents a share on an adjusted basis for the third quarter as well as a big drop in sales.
Lennar profit quadruples on housing recovery(8:22 am ET)
NEW YORK (MarketWatch) -- Lennar Corp. (LEN: news, chart, profile) said Tuesday its fourth-quarter profit quadrupled to $124.3 million, or 56 cents a share, from $30.3 million, or 16 cents a share, in the year-ago period. Revenue at the home builder rose to $1.35 billion from $952.7 million. Wall Street analysts expected Lennar to earn 44 cents a share on revenue of $1.26 billion, according to a survey by FactSet. "During our fourth quarter, the housing industry took further steps toward a sustained recovery," the company said. "Low mortgage rates, affordable home prices, reduced foreclosures and an extremely favorable 'rent vs. own' comparison continue to drive the recovery." The company ended the quarter with a backlog of 4,053 homes, up 87%.
Monday, Jan. 14
Shares of Websense jump 4% on outlook, new CEO(9:43 am ET)
SAN FRANCISCO (MarketWatch) - Shares of Websense Inc. (WBSN: news, chart, profile) were up 4% at $15.60 early Monday after the network security company said late Sunday that it expects better-than-expected sales for the fourth quarter and named John McCormack as it new chief executive officer, replacing Gene Hodges. "In our opinion, the change at the top will be well received by investors this morning given McCormack's natural transition from his role as president, while we also believe a new CEO was the 'right move at the right time' as it could be the first step in a new strategic direction," FBR Capital analyst Daniel Ives said in a note.
Thursday, Jan. 10
Molycorp shares tumble 22% on weaker outlook(10:07 am ET)
SAN FRANCISCO (MarketWatch) -- Shares of rare earths producer Molycorp Inc. (MCP: news, chart, profile) fell as much as 22% at the open Thursday after the company warned it expects lower cash flow and revenue in 2013 than earlier anticipated. The company also said it would not proceed with the planned next phase of development at its Mountain Pass, Calif., manufacturing complex until it saw an improvement in rare earths demand, prices, and easier access to capital. Rare earths and metals are increasingly used in a variety of high-end electronic and industrial products. However, prices have fallen sharply from highs hit a couple of years ago as demand cooled, especially from manufacturers in China. Molycorp shares have fallen 68% over the past 12 months but are still above their 52-week low of $5.75, hit Nov. 16, 2012.
Nokia shares surge 18% after upbeat fourth quarter(8:55 am ET)
MADRID (MarketWatch) -- Shares of Nokia Corp. (NOK: news, chart, profile) (FI:NOK1V: news, chart, profile) surged nearly 20% in premarket U.S. trading and 16% in Helsinki after the Finnish handset maker released a bullish set of preliminary numbers. Nokia said its Devices & Services unit has "exceeded expectations," reaching underlying profitability in the fourth quarter. One reason was better-than-expected performance from the Mobile Phones unit and Lumia smartphones. Estimated net sales of Lumia smartphones jumped to 4.4 million units in the period from 2.9 million in the prior quarter. Devices & Services net sales in the period were around 3.9 billion euros ($5.1 billion), with total device volumes of 86.3 million units. Nokia expects adjusted operating margin for Devices & Services in the first quarter of 2013 of around negative 2%, plus or minus four percentage points. It said "competitive industry dynamics" would continue to hurt the Smart Devices and Mobile Phones units. Continued ramp up for the new Lumia smartphones is another factor and the fact that the first quarter is a seasonally weak quarter.
http://www.marketwatch.com/news/markets/earningswatch.asp
Charles Schwab Q4 net meets analyst consensus(9:01 am ET)
TEL AVIV (MarketWatch) -- Charles Schwab Corp., (SCHW: news, chart, profile) the San Francisco brokerage and financial-services firm, reported that fourth-quarter net income rose 16% on 9.2% higher revenue. Earnings reached $189 million, or 15 cents a share, from $163 million, or 13 cents, in the year-earlier quarter. Net revenue totaled $1.22 billion compared with $1.11 billion. A survey of analysts by FactSet produced a consensus estimate of 15 cents a share of profit on $1.21 billion of revenue.
Boeing draws Goldman rating cut on 787 woes(8:33 am ET)
NEW YORK (MarketWatch) -- Citing heightened risks to the 787 Dreamliner after an emergency landing of the plane by All Nippon Airways, analysts at Goldman Sachs said Wednesday they're removing Boeing Co. (BA: news, chart, profile) from their conviction buy list and cutting their price target on the aerospace firm to $90 a share from $98 a share. Boeing stock fell 3.7% in premarket trades. Analysts said they're keeping a buy rating on Boeing, however. "There have now been two incidents in a very short window pointing to potential issues related to one part -- lithium ion batteries -- and the concentration and possible overlap of cause within these events heightens the risk of a potentially more meaningful required change to the aircraft and therefore a possible delay in the pace of the production ramp," analysts said.
Goldman Sachs Q4 net nearly tripled; revenue up(7:56 am ET)
TEL AVIV (MarketWatch) -- Goldman Sachs Group Inc., (GS: news, chart, profile) the New York investment bank, reported that fourth-quarter net income nearly tripled on 53% higher revenue. Earnings reached $2.89 billion, or $5.60 a share, from $1.01 million, or $1.84, in the year-earlier quarter. Net revenue reached $9.24 billion from $6.05 billion. A survey of analysts by FactSet produced consensus estimates of $3.71 a share of profit on $7.98 billion of revenue. In a Wednesday statement, Goldman cited revenue increases of 64% in investment banking and 8% in financial advice, and a more than doubling of revenue in underwriting, including increases in both debt and equity underwriting.
Northern Trust profit climbs by 29%(7:56 am ET)
NEW YORK (MarketWatch) -- Northern Trust Corp. (NTSB: news, chart, profile) said Wednesday its fourth-quarter profit increased to $167.7 million, or 69 cents a share, from $130.2 million, or 53 cents a share, in the year-ago period. The current quarter includes restructuring and integration costs of 2 cents a share. Consolidated revenue rose 1% to $969.7 million. Wall Street analysts expected the Chicago-based lender to earn 75 cents a share on revenue of $986 million, according to a survey by FactSet. "Fourth quarter and full year performance continued to reflect solid core trust fee growth amidst a challenging operating environment," the company said.
US Bancorp Q4 net higher; net interest revenue up(7:37 am ET)
TEL AVIV (MarketWatch) -- US Bancorp, (USB: news, chart, profile) the Minneapolis banking concern, on Wednesday reported fourth-quarter net income reached $1.35 billion, or 72 cents a share, from $1.31 billion, or 69 cents a share, in the year-earlier quarter. The latest earnings reflected an $80 million, or 3 cents a share, expense accrual for a regulatory settlement related to mortgage foreclosures. A survey of analysts by FactSet produced a consensus estimate of 74 cents a share of profit for the quarter. In a statement, US Bancorp said revenue from interest on loans rose 4.1% and earnings were helped by lower net charge-offs of loans and smaller provisions for potential bad loans.
Comerica Q4 net up, exceeds analyst view(7:17 am ET)
TEL AVIV MarketWatch -- Comerica Inc., (CMA: news, chart, profile) the Dallas banking company, reported fourth-quarter net income reached $130 million, or 68 cents a share, from $96 million, or 48 cents, in the year-earlier quarter. A survey of analysts by FactSet produced a consensus estimate of profit of 65 cents for the quarter. In a Wednesday statement, Comerica attributed the results to stronger revenue from loans and fees combined with expense control. The net interest margin, measuring the difference between what a bank takes in on loans and pays out in deposits, narrowed to 2.87% from 3.19% a year earlier.
Bank of NY Mellon Q4 net meets analyst view(6:57 am ET)
TEL AVIV (MarketWatch) -- Bank of New York Mellon Corp. (BK: news, chart, profile) , the New York banking major, reported fourth-quarter net income rose to $613 million, or 53 cents a share, from $500 million, or 42 cents, in the year-earlier quarter. A survey of analysts by FactSet produced a consensus estimate of earnings of 53 cents a share. The bank cited strong growth in fees in a number of its businesses for the results. The net interest margin, measuring the difference between what a bank takes in on loans and pays out on deposits, narrowed to 1.09% from 1.27% in the quarter.
Chipotle estimates Q4 net below analyst consensus(1:40 am ET)
TEL AVIV (MarketWatch) -- Chipotle Mexican Grill Inc., (CMG: news, chart, profile) the Denver restaurant chain, estimated fourth-quarter net income at $1.92 to $1.97 a share on revenue 17% up from a year earlier at $699.2 million. A survey of analysts by FactSet produced consensus estimates of profit of $2.09 a share on revenue of $690.7 million. In a late Tuesday statement, the company estimated comparable sales for the quarter rose 3.8%. Operating-profit margin at its restaurants narrowed 1.5 percentage points from fourth-quarter 2011 to about 24.6%, Chipotle said before management does a presentation at a conference in Miami Beach on Thursday. The company said it was pleased with the revenue growth. "While food costs driven by underlying inflation increased faster than expected in the fourth quarter, we're optimistic that food inflation will level off in 2013," said Monty Moran, co-chief executive, in the statement.
Tuesday, Jan. 15
Forest Labs down 4.2% following results, outlook(9:18 am ET)
WASHINGTON (MarketWatch) -- Shares of Forest Laboratories Inc. (FRX: news, chart, profile) fell before the bell on Wall Street as investors reacted to the pharmaceutical company's results for the third quarter and a lackluster profit update for fiscal 2013. Earlier Tuesday, New York-based Forest Labs said earnings would be "at the low end" of management's forecast range for the year ending March 31. The update came as the company reported a wider-than-projected loss of 21 cents a share on an adjusted basis for the third quarter as well as a big drop in sales.
Lennar profit quadruples on housing recovery(8:22 am ET)
NEW YORK (MarketWatch) -- Lennar Corp. (LEN: news, chart, profile) said Tuesday its fourth-quarter profit quadrupled to $124.3 million, or 56 cents a share, from $30.3 million, or 16 cents a share, in the year-ago period. Revenue at the home builder rose to $1.35 billion from $952.7 million. Wall Street analysts expected Lennar to earn 44 cents a share on revenue of $1.26 billion, according to a survey by FactSet. "During our fourth quarter, the housing industry took further steps toward a sustained recovery," the company said. "Low mortgage rates, affordable home prices, reduced foreclosures and an extremely favorable 'rent vs. own' comparison continue to drive the recovery." The company ended the quarter with a backlog of 4,053 homes, up 87%.
Monday, Jan. 14
Shares of Websense jump 4% on outlook, new CEO(9:43 am ET)
SAN FRANCISCO (MarketWatch) - Shares of Websense Inc. (WBSN: news, chart, profile) were up 4% at $15.60 early Monday after the network security company said late Sunday that it expects better-than-expected sales for the fourth quarter and named John McCormack as it new chief executive officer, replacing Gene Hodges. "In our opinion, the change at the top will be well received by investors this morning given McCormack's natural transition from his role as president, while we also believe a new CEO was the 'right move at the right time' as it could be the first step in a new strategic direction," FBR Capital analyst Daniel Ives said in a note.
Thursday, Jan. 10
Molycorp shares tumble 22% on weaker outlook(10:07 am ET)
SAN FRANCISCO (MarketWatch) -- Shares of rare earths producer Molycorp Inc. (MCP: news, chart, profile) fell as much as 22% at the open Thursday after the company warned it expects lower cash flow and revenue in 2013 than earlier anticipated. The company also said it would not proceed with the planned next phase of development at its Mountain Pass, Calif., manufacturing complex until it saw an improvement in rare earths demand, prices, and easier access to capital. Rare earths and metals are increasingly used in a variety of high-end electronic and industrial products. However, prices have fallen sharply from highs hit a couple of years ago as demand cooled, especially from manufacturers in China. Molycorp shares have fallen 68% over the past 12 months but are still above their 52-week low of $5.75, hit Nov. 16, 2012.
Nokia shares surge 18% after upbeat fourth quarter(8:55 am ET)
MADRID (MarketWatch) -- Shares of Nokia Corp. (NOK: news, chart, profile) (FI:NOK1V: news, chart, profile) surged nearly 20% in premarket U.S. trading and 16% in Helsinki after the Finnish handset maker released a bullish set of preliminary numbers. Nokia said its Devices & Services unit has "exceeded expectations," reaching underlying profitability in the fourth quarter. One reason was better-than-expected performance from the Mobile Phones unit and Lumia smartphones. Estimated net sales of Lumia smartphones jumped to 4.4 million units in the period from 2.9 million in the prior quarter. Devices & Services net sales in the period were around 3.9 billion euros ($5.1 billion), with total device volumes of 86.3 million units. Nokia expects adjusted operating margin for Devices & Services in the first quarter of 2013 of around negative 2%, plus or minus four percentage points. It said "competitive industry dynamics" would continue to hurt the Smart Devices and Mobile Phones units. Continued ramp up for the new Lumia smartphones is another factor and the fact that the first quarter is a seasonally weak quarter.
http://www.marketwatch.com/news/markets/earningswatch.asp
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