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Monday, February 18, 2013 10:04:48 PM
ER: Friday, Feb. 15 LOGM A ANGI BRRY CSCO WFM
LogMeIn downgraded on forecast; shares slide(9:41 am ET)
SAN FRANCISCO (MarketWatch) -- Shares of LogMeIn Inc. (LOGM: news, chart, profile) slid 25% to $17.75 on Friday morning after the provider of remote-access services issued a disappointing forecast for the current quarter and fiscal year, prompting several brokerage downgrades on the stock. J.P. Morgan, Oppenheimer and Wunderlich all cut their ratings on the stock to neutral. "We continue to believe that LogMeIn's Gravity platform positions it well in its markets, but we are frustrated by our lack of visibility into the momentum of the business and management's seeming difficulty to provide the same," wrote John DiFucci of J.P. Morgan in a note to clients. LogMeIn issued the forecast as part of its fourth-quarter earnings report on Thursday afternoon.
Smucker earnings rise 32%(7:32 am ET)
NEW YORK (MarketWatch) -- J.M. Smucker Co. said Friday fiscal third-quarter earnings rose to $154.2 million, or $1.42 per share, from $116.8 million, or $1.03 per share, a year earlier. Net income excluding special project costs was $159.4 million, or $1.47 a share, compared with $138.3 million, or $1.22 a share, in the year-ago quarter. Quarterly net sales rose to $1.56 billion from $1.47 billion a year earlier. "The consumer response to our tactical adjustments over the last few quarters has been positive and we are well positioned for continued profitable growth," said Richard Smucker, chief executive officer. The food retailer, which owns K-cups, said it expects net sales to rise more than 6% in fiscal year 2013.
Kraft Foods misses views, raises 2013 forecast(7:04 am ET)
LONDON (MarketWatch) -- Kraft Foods Group Inc. (KRFT: news, chart, profile) on Friday said net earnings for the fourth-quarter fell to $89 million, or 15 cents a share, from $319 million, or 54 cents a share, in the same period last year. Operating income slumped 49% to $260 million, with the result impacted by post-employment benefits as well as restructuring charges. Revenue declined 11% to $4.49 billion from $5.03 billion in the comparable period in the prior year, partly due to an extra week of sales in 2011. Analysts polled by FactSet expected earnings of 23 cents a share on revenue of $4.75 billion. For 2013, the Northfield, Ill.-based company raised its guidance and now expects earnings per share of $2.75, up from an earlier forecast of $2.60. It further said the restructuring costs for 2013 are expected to come in around $300 million, or 33 cents a share.
Thursday, Feb. 14
LogMeIn shares crash on forecast(4:35 pm ET)
SAN FRANCISCO (MarketWatch) -- Shares of LogMeIn Inc. (LOGM: news, chart, profile) crashed nearly 20% to $19 in after-hours trading on Thursday after the provider of remote-access services reported fourth-quarter results that included a disappointing forecast for the current quarter and fiscal year. Revenue for the fourth quarter grew 14% to $37 million -- in line with expectations. But the company predicted a revenue range of $36 million to $36.5 million for the current quarter, with earnings-per-share in the 9-10 cents range. Analysts had been expecting earnings of 18 cents a share on revenue of $38.2 million, according to Thomson Reuters. For the full 2013 year, revenue is expected to come in between $154 million and $157 million, below the $164 million expected by analysts, with an EPS range of 43-49 cents compared to the Street forecast of 81 cents.
CBS Corp. posts 6% higher profit(4:23 pm ET)
SAN FRANCISCO (MarketWatch) -- CBS Corp. (CBS: news, chart, profile) reported Thursday its fourth-quarter net earnings rose to $393 million, or 60 cents a share, from $370 million, or 55 cents a share a year ago. Revenues topped $3.70 billion for the quarter, up 2% from $3.61 billion a year ago. Analysts polled by FactSet expected per-share earnings of 69 cents. A 3% rise in advertising revenues, reflecting higher political and network advertising, led the growth, CBS said. CBS also said Thursday it will accelerate a share buyback program by $1 billion this year. The company bought back $1.15 billion worth of shares in 2012, at an average cost of $33 a share. Shares of CBS declined 0.8% in after-hours trading.
Agilent Technologies' earnings fall 22%(4:15 pm ET)
SAN FRANCISCO (MarketWatch) -- Agilent Technologies Inc. (A: news, chart, profile) saw its shares fall more than 9% in after-hours trading Thursday following the company's fiscal first-quarter results. Agilent said it earned $179 million, or 51 cents a share, on revenue of $1.68 billion for the quarter ended Jan. 31. During the same period a year ago, Agilent earned $230 million, or 65 cents a share, on $1.64 billion in sales. Excluding one-time items, Agilent would have earned 63 cents a share. Analysts surveyed by FactSet had forecast Agilent to earn 67 cents a share on $1.69 billion in revenue. For its fiscal second quarter, Agilent expects to earn 64 cents to 70 cents a share, excluding one-time items, on sales in a range of $1.74 billion to $1.77 billion, while analysts had forecast earnings of 74 cents a share on $1.8 billion in revenue.
Brocade swings to loss, but results beat Street(4:14 pm ET)
SAN FRANCISCO (MarketWatch) - Brocade Communications (BRCD: news, chart, profile) on Thursday reported a fiscal first-quarter loss of $21.26 million, or 5 cents a share, compared with a profit of $58.58 million, or 12 cents a share, for the year-earlier period. Revenue rose to $588.73 million, from $560.64 million. On an adjusted basis, the company reported a profit of 21 cents a share. Analysts polled by FactSet on average were expecting the company to report a profit of 16 cents a share, on revenue of $575.55 million. Brocade shares shed 1% in after-hours trading.
EOG Resources shares up 2.5% on earnings beat(9:58 am ET)
SAN FRANCISCO (MarketWatch) -- EOG Resources Inc. (EOG: news, chart, profile) shares advanced 2.5% on Thursday, among the top 10 gainers in the S&P 500 (SPX: news, chart, profile) as the energy company late Wednesday reported fourth-quarter adjusted earnings of $1.61 a share, compared with analyst consensus around $1.37 a share. EOG swung to a loss due to impairment charges of $505 million in the fourth quarter, or $1.88 a share, versus profit of $121 million, or 45 cents a share, a year ago. The company raised dividends by 10% to 19 cents a share and said it expects production growth of 4% this year. "EOG continues to show improved operating performance" in key shale oil-and-gas areas in Texas and North Dakota, analysts at Oppenheimer said in a note to clients Thursday.
Angie's List shares soar 30% in wake of results(9:49 am ET)
SAN FRANCISCO (MarketWatch) -- Angie's List Inc. (ANGI: news, chart, profile) shares surged more than 30%, to $17.81 Thursday, in the wake of the online professional services recommendation company's upbeat quarterly results and forecast. Late Wednesday, Angie's List reported a fourth-quarter profit of $2.4 million, or 4 cents a share, on revenue of $46.2 million for the quarter ended Dec. 31. During the same period a year ago, Angie's List lost $5.9 million, or 14 cents a share, on $27.4 million in sales. Analysts surveyed by FactSet had forecast Angie's List to lose 2 cents a share on $46 million in revenue. Aaron Kessler, of Raymond James, raised his rating on Angie's List to strong buy from outperform, citing improvements in the company's operating leverage.
BlackBerry, Cisco weigh down tech stocks(9:46 am ET)
SAN FRANCISCO (MarketWatch) -- Tech stocks mostly fell in early trades on Thursday, weighed down by sell-offs on BlackBerry Inc. and Cisco Systems. BlackBerry (BBRY: news, chart, profile) shares fell more than 4% after a filing by Jim Balsillie that showed the former co-CEO had sold all of his shares of the smartphone maker. Cisco (CSCO: news, chart, profile) shares fell more than 2% after the network giant reported a small sales gains for its second fiscal quarter and issued a forecast that was in line with Wall Street's estimates. The Nasdaq Composite (COMP: news, chart, profile) slipped by 0.3% to 3,187 while the Philadelphia Semiconductor Index (SOX: news, chart, profile) fell 0.2%. One notable gainer was Angie's List (ANGI: news, chart, profile) , which surged nearly 30% following strong results and a positive forecast.
Rio Tinto swings to loss, cuts capex to $13 bln(1:26 am ET)
SYDNEY (MarketWatch) -- Anglo-Australian mining giant Rio Tinto Ltd. (AU:RIO: news, chart, profile) (RIO: news, chart, profile) said Thursday that it swung to a 2012 net loss of $3 billion, from a profit of $5.8 billion in the year-ago period. On an adjusted basis, profit came in at $9.3 billion, down 40% from $15.5 billion last year. Rio Tinto said that it took impairment charges of $14.4 billion in the year, primarily relating to its aluminium businesses, as well as coal assets in Mozambique. Rio Tinto said that it's now targeting cumulative cash cost savings of more than $5 billion by the end of 2014, and will reduce capital expenditure on approved and sustaining projects to approximately $13 billion in 2013. In 2012, Rio Tinto's capital expenditure totaled $17.4 billion. The firm also lowered its expected 2013 exploration and evaluation spending by $750 million.
Wednesday, Feb. 13
Cisco's earnings guidance in line with forecasts(8:07 pm ET)
SAN FRANCISCO (MarketWatch) - Cisco Systems Inc. (CSCO: news, chart, profile) predicted a revenue range for its third fiscal quarter in line with Wall Street analyst expecations. The firm's guided earnings-per-share range was in line with prior forecasts. The forecast was given on Wednesday afternoon during a conference call to discuss the company's fiscal second-quarter results. Cisco said it expects revenue in the current period to grow within a range of 4%-6% from the same period last year. Analysts were expecting growth of 5.3% for the period. Earnings per share, on an adjusted basis, is expected to come in the range of 48-50 cents a share; analysts had been expecting earnings of 49 cents a share for the period, according to consensus estimates from FactSet.
MetLife posts lower profit after derivatives loss(5:33 pm ET)
SAN FRANCISCO (MarketWatch) -- MetLife Inc. (MET: news, chart, profile) reported Wednesday a fourth-quarter net profit of $127 million, or 9 cents a share, compared with a profit of $959 million, or 90 cents a share, a year ago, after heavy derivatives losses. Total operating revenues topped $18.4 billion, from $16.3 billion in the same quarter in 2011. Shares of MetLife were down 0.1% in after-hours trading. Superstorm Sandy impacted results by $70 million, or $0.06 per share, after taxes, the company said. The Sandy losses were above the company's quarterly plan provision, but were partly offset by $13 million in favorable claim development in prior years.
Whole Foods down 5% on weaker same-store sales (4:38 pm ET)
SAN FRANCISCO (MarketWatch) -- Whole Foods Market (WFM: news, chart, profile) Wednesday missed the fiscal first-quarter consensus estimate for sales at its existing stores, sending the stock down 5% in late trades. Whole Foods said comparable-store sales rose 7.2% for the quarter ended Jan. 20. Moreover, the natural-foods chain said same-store sales grew 6.4% from Jan. 21 through Feb. 12 -- a slower rate than the first several weeks of recent quarters. Whole Foods maintained its full-year profit forecast for earnings of $2.83 to $2.87 a share. However, the grocer said its expects its gross margin to slip, partly due to its ongoing price-cutting strategy. For its fiscal first quarter, Whole Foods posted a profit of $146 million, or 78 cents a share, up from $118 million, or 65 cents a share, in the year-ago period. Sales rose 14% to $3.9 billion. In after-hours trade, Whole Foods stock was at $92.18. Since Jan.1, the stock is up 6%; its 52-week high is $101.87.
Nvidia profit rises on strong sales(4:30 pm ET)
SAN FRANCISCO (MarketWatch) - Nvidia Corp. (NVDA: news, chart, profile) on Wednesday reported a fourth-quarter profit of $173.97 million, or 28 cents a share, compared with a profit of $116.03 million, or 19 cents a share, for the year-earlier period. Revenue rose to $1.11 billion, from $953.19 million. Adjusted profit was 35 cents a share. Analysts polled by FactSet on average were expecting the chip maker to post a profit of 24 cents a share, on revenue of $1.10 billion. For the current quarter, Nvidia expects revenue of $940 million, plus or minus 2%. Analysts were expecting revenue of $1.07 billion, according to data from FactSet. Nvidia shares were up a fraction in after-hours trading.
Angie's List swings to a $2.4 million profit(4:29 pm ET)
SAN FRANCISCO (MarketWatch) -- Angie's List Inc. (ANGI: news, chart, profile) on Wednesday reported a fourth-quarter profit of $2.4 million, or 4 cents a share, on revenue of $46.2 million, compared with a loss of $5.9 million, or 14 cents a share, on $27.4 million in sales in the year-ago quarter. Analysts surveyed by FactSet had forecast the online professional-services recommendation company to lose 2 cents a share on revenue of $46 million. For its first-quarter, Angie's List estimates revenue of $51 million to $52 million, while analysts had forecast sales of $49.5 million. Angie's List shares climbed as much as 9% in after-hours trading following the release of its results.
Applied profit falls, but results beat Street(4:10 pm ET)
SAN FRANCISCO (MarketWatch) - Applied Materials Inc. (AMAT: news, chart, profile) on Wednesday reported a fiscal first-quarter profit of $34 million, or 3 cents a share, compared with a profit of $117 million, or 9 cents a share, for the year-earlier period. Revenue dropped to $1.57 billion, from $2.19 billion. Adjusted profit was 6 cents a share. Analysts polled by FactSet on average were expecting the chip equipment maker to report a profit of 3 cents a share, on revenue of $1.56 billion. For the current quarter, Applied expects revenue to rise 15% to 25% from the previous quarter, and adjusted profit in the range of 9 cents to 15 cents a share. Analysts were expecting a profit of 11 cents a share, on revenue of $1.81 billion, according to data from FactSet. Shares of Applied were up 1.3% in after-hours trading.
Cisco earnings rise, beating Street views(4:09 pm ET)
SAN FRANCISCO (MarketWatch) - Cisco Systems Inc. (CSCO: news, chart, profile) reported a small gain in adjusted earnings for its second fiscal quarter on Wednesday, helped by growing sales of its networking and corporate IT gear. For the quarter ended Jan. 26, Cisco reported net income of $3.1 billion, or 59 cents a share, compared to net income of $2.2 billion, or 40 cents a share, for the same period the previous year. Adjusted earnings came in at $2.7 billion, or 51 cents a share. Revenue rose 5% to $12.1 billion. Analysts were expecting adjusted earnings of 48 cents a share on revenue of $12.07 billion, according to consensus estimates from FactSet.
NetApp earnings rise almost 32%(4:08 pm ET)
SAN FRANCISCO (MarketWatch) -- NetApp Inc. (NTAP: news, chart, profile) on Wednesday reported a fiscal third-quarter profit of $158 million, or 43 cents a share, on $1.63 billion in sales. During the same period a year ago, the data-storage technology company earned $120 million, or 32 cents a share, on revenue of $1.57 billion. Excluding one-time items, NetApp would have earned $243 million, or 67 cents a share. Analysts surveyed by FactSet had forecast NetApp to earn 56 cents a share on $1.62 billion in revenue. For its fiscal fourth-quarter, NetApp forecast earnings excluding one-time items of 65 cents to 70 cents a share on revenue in a range of $1.7 billion to $1.8 billion.
Deere first-quarter earnings rise 22%(7:55 am ET)
NEW YORK (MarketWatch) - Deere & Company (DE: news, chart, profile) said Wednesday its first-quarter profit ending January 31, was $649.7 million or $1.65 a share, up from $532.9 million, or $1.30 per share, from a year earlier. The equipment and tool maker's revenue was up 10% to $7.42 billion compared to $6.77 billion the year before. Net equipment sales were $6.80 billion compared to $6.12 billion a year earlier. This was the eleventh consecutive quarter of record earnings for the company, Chairman and Chief Executive Samuel R. Allen said in a statement. For 2013, the company expects equipment sales for fiscal 2013 to be up 6% and up 4% for the second-quarter versus the year-ago period. Net income is expected to be close to $3.3 billion for the fiscal year.
LogMeIn downgraded on forecast; shares slide(9:41 am ET)
SAN FRANCISCO (MarketWatch) -- Shares of LogMeIn Inc. (LOGM: news, chart, profile) slid 25% to $17.75 on Friday morning after the provider of remote-access services issued a disappointing forecast for the current quarter and fiscal year, prompting several brokerage downgrades on the stock. J.P. Morgan, Oppenheimer and Wunderlich all cut their ratings on the stock to neutral. "We continue to believe that LogMeIn's Gravity platform positions it well in its markets, but we are frustrated by our lack of visibility into the momentum of the business and management's seeming difficulty to provide the same," wrote John DiFucci of J.P. Morgan in a note to clients. LogMeIn issued the forecast as part of its fourth-quarter earnings report on Thursday afternoon.
Smucker earnings rise 32%(7:32 am ET)
NEW YORK (MarketWatch) -- J.M. Smucker Co. said Friday fiscal third-quarter earnings rose to $154.2 million, or $1.42 per share, from $116.8 million, or $1.03 per share, a year earlier. Net income excluding special project costs was $159.4 million, or $1.47 a share, compared with $138.3 million, or $1.22 a share, in the year-ago quarter. Quarterly net sales rose to $1.56 billion from $1.47 billion a year earlier. "The consumer response to our tactical adjustments over the last few quarters has been positive and we are well positioned for continued profitable growth," said Richard Smucker, chief executive officer. The food retailer, which owns K-cups, said it expects net sales to rise more than 6% in fiscal year 2013.
Kraft Foods misses views, raises 2013 forecast(7:04 am ET)
LONDON (MarketWatch) -- Kraft Foods Group Inc. (KRFT: news, chart, profile) on Friday said net earnings for the fourth-quarter fell to $89 million, or 15 cents a share, from $319 million, or 54 cents a share, in the same period last year. Operating income slumped 49% to $260 million, with the result impacted by post-employment benefits as well as restructuring charges. Revenue declined 11% to $4.49 billion from $5.03 billion in the comparable period in the prior year, partly due to an extra week of sales in 2011. Analysts polled by FactSet expected earnings of 23 cents a share on revenue of $4.75 billion. For 2013, the Northfield, Ill.-based company raised its guidance and now expects earnings per share of $2.75, up from an earlier forecast of $2.60. It further said the restructuring costs for 2013 are expected to come in around $300 million, or 33 cents a share.
Thursday, Feb. 14
LogMeIn shares crash on forecast(4:35 pm ET)
SAN FRANCISCO (MarketWatch) -- Shares of LogMeIn Inc. (LOGM: news, chart, profile) crashed nearly 20% to $19 in after-hours trading on Thursday after the provider of remote-access services reported fourth-quarter results that included a disappointing forecast for the current quarter and fiscal year. Revenue for the fourth quarter grew 14% to $37 million -- in line with expectations. But the company predicted a revenue range of $36 million to $36.5 million for the current quarter, with earnings-per-share in the 9-10 cents range. Analysts had been expecting earnings of 18 cents a share on revenue of $38.2 million, according to Thomson Reuters. For the full 2013 year, revenue is expected to come in between $154 million and $157 million, below the $164 million expected by analysts, with an EPS range of 43-49 cents compared to the Street forecast of 81 cents.
CBS Corp. posts 6% higher profit(4:23 pm ET)
SAN FRANCISCO (MarketWatch) -- CBS Corp. (CBS: news, chart, profile) reported Thursday its fourth-quarter net earnings rose to $393 million, or 60 cents a share, from $370 million, or 55 cents a share a year ago. Revenues topped $3.70 billion for the quarter, up 2% from $3.61 billion a year ago. Analysts polled by FactSet expected per-share earnings of 69 cents. A 3% rise in advertising revenues, reflecting higher political and network advertising, led the growth, CBS said. CBS also said Thursday it will accelerate a share buyback program by $1 billion this year. The company bought back $1.15 billion worth of shares in 2012, at an average cost of $33 a share. Shares of CBS declined 0.8% in after-hours trading.
Agilent Technologies' earnings fall 22%(4:15 pm ET)
SAN FRANCISCO (MarketWatch) -- Agilent Technologies Inc. (A: news, chart, profile) saw its shares fall more than 9% in after-hours trading Thursday following the company's fiscal first-quarter results. Agilent said it earned $179 million, or 51 cents a share, on revenue of $1.68 billion for the quarter ended Jan. 31. During the same period a year ago, Agilent earned $230 million, or 65 cents a share, on $1.64 billion in sales. Excluding one-time items, Agilent would have earned 63 cents a share. Analysts surveyed by FactSet had forecast Agilent to earn 67 cents a share on $1.69 billion in revenue. For its fiscal second quarter, Agilent expects to earn 64 cents to 70 cents a share, excluding one-time items, on sales in a range of $1.74 billion to $1.77 billion, while analysts had forecast earnings of 74 cents a share on $1.8 billion in revenue.
Brocade swings to loss, but results beat Street(4:14 pm ET)
SAN FRANCISCO (MarketWatch) - Brocade Communications (BRCD: news, chart, profile) on Thursday reported a fiscal first-quarter loss of $21.26 million, or 5 cents a share, compared with a profit of $58.58 million, or 12 cents a share, for the year-earlier period. Revenue rose to $588.73 million, from $560.64 million. On an adjusted basis, the company reported a profit of 21 cents a share. Analysts polled by FactSet on average were expecting the company to report a profit of 16 cents a share, on revenue of $575.55 million. Brocade shares shed 1% in after-hours trading.
EOG Resources shares up 2.5% on earnings beat(9:58 am ET)
SAN FRANCISCO (MarketWatch) -- EOG Resources Inc. (EOG: news, chart, profile) shares advanced 2.5% on Thursday, among the top 10 gainers in the S&P 500 (SPX: news, chart, profile) as the energy company late Wednesday reported fourth-quarter adjusted earnings of $1.61 a share, compared with analyst consensus around $1.37 a share. EOG swung to a loss due to impairment charges of $505 million in the fourth quarter, or $1.88 a share, versus profit of $121 million, or 45 cents a share, a year ago. The company raised dividends by 10% to 19 cents a share and said it expects production growth of 4% this year. "EOG continues to show improved operating performance" in key shale oil-and-gas areas in Texas and North Dakota, analysts at Oppenheimer said in a note to clients Thursday.
Angie's List shares soar 30% in wake of results(9:49 am ET)
SAN FRANCISCO (MarketWatch) -- Angie's List Inc. (ANGI: news, chart, profile) shares surged more than 30%, to $17.81 Thursday, in the wake of the online professional services recommendation company's upbeat quarterly results and forecast. Late Wednesday, Angie's List reported a fourth-quarter profit of $2.4 million, or 4 cents a share, on revenue of $46.2 million for the quarter ended Dec. 31. During the same period a year ago, Angie's List lost $5.9 million, or 14 cents a share, on $27.4 million in sales. Analysts surveyed by FactSet had forecast Angie's List to lose 2 cents a share on $46 million in revenue. Aaron Kessler, of Raymond James, raised his rating on Angie's List to strong buy from outperform, citing improvements in the company's operating leverage.
BlackBerry, Cisco weigh down tech stocks(9:46 am ET)
SAN FRANCISCO (MarketWatch) -- Tech stocks mostly fell in early trades on Thursday, weighed down by sell-offs on BlackBerry Inc. and Cisco Systems. BlackBerry (BBRY: news, chart, profile) shares fell more than 4% after a filing by Jim Balsillie that showed the former co-CEO had sold all of his shares of the smartphone maker. Cisco (CSCO: news, chart, profile) shares fell more than 2% after the network giant reported a small sales gains for its second fiscal quarter and issued a forecast that was in line with Wall Street's estimates. The Nasdaq Composite (COMP: news, chart, profile) slipped by 0.3% to 3,187 while the Philadelphia Semiconductor Index (SOX: news, chart, profile) fell 0.2%. One notable gainer was Angie's List (ANGI: news, chart, profile) , which surged nearly 30% following strong results and a positive forecast.
Rio Tinto swings to loss, cuts capex to $13 bln(1:26 am ET)
SYDNEY (MarketWatch) -- Anglo-Australian mining giant Rio Tinto Ltd. (AU:RIO: news, chart, profile) (RIO: news, chart, profile) said Thursday that it swung to a 2012 net loss of $3 billion, from a profit of $5.8 billion in the year-ago period. On an adjusted basis, profit came in at $9.3 billion, down 40% from $15.5 billion last year. Rio Tinto said that it took impairment charges of $14.4 billion in the year, primarily relating to its aluminium businesses, as well as coal assets in Mozambique. Rio Tinto said that it's now targeting cumulative cash cost savings of more than $5 billion by the end of 2014, and will reduce capital expenditure on approved and sustaining projects to approximately $13 billion in 2013. In 2012, Rio Tinto's capital expenditure totaled $17.4 billion. The firm also lowered its expected 2013 exploration and evaluation spending by $750 million.
Wednesday, Feb. 13
Cisco's earnings guidance in line with forecasts(8:07 pm ET)
SAN FRANCISCO (MarketWatch) - Cisco Systems Inc. (CSCO: news, chart, profile) predicted a revenue range for its third fiscal quarter in line with Wall Street analyst expecations. The firm's guided earnings-per-share range was in line with prior forecasts. The forecast was given on Wednesday afternoon during a conference call to discuss the company's fiscal second-quarter results. Cisco said it expects revenue in the current period to grow within a range of 4%-6% from the same period last year. Analysts were expecting growth of 5.3% for the period. Earnings per share, on an adjusted basis, is expected to come in the range of 48-50 cents a share; analysts had been expecting earnings of 49 cents a share for the period, according to consensus estimates from FactSet.
MetLife posts lower profit after derivatives loss(5:33 pm ET)
SAN FRANCISCO (MarketWatch) -- MetLife Inc. (MET: news, chart, profile) reported Wednesday a fourth-quarter net profit of $127 million, or 9 cents a share, compared with a profit of $959 million, or 90 cents a share, a year ago, after heavy derivatives losses. Total operating revenues topped $18.4 billion, from $16.3 billion in the same quarter in 2011. Shares of MetLife were down 0.1% in after-hours trading. Superstorm Sandy impacted results by $70 million, or $0.06 per share, after taxes, the company said. The Sandy losses were above the company's quarterly plan provision, but were partly offset by $13 million in favorable claim development in prior years.
Whole Foods down 5% on weaker same-store sales (4:38 pm ET)
SAN FRANCISCO (MarketWatch) -- Whole Foods Market (WFM: news, chart, profile) Wednesday missed the fiscal first-quarter consensus estimate for sales at its existing stores, sending the stock down 5% in late trades. Whole Foods said comparable-store sales rose 7.2% for the quarter ended Jan. 20. Moreover, the natural-foods chain said same-store sales grew 6.4% from Jan. 21 through Feb. 12 -- a slower rate than the first several weeks of recent quarters. Whole Foods maintained its full-year profit forecast for earnings of $2.83 to $2.87 a share. However, the grocer said its expects its gross margin to slip, partly due to its ongoing price-cutting strategy. For its fiscal first quarter, Whole Foods posted a profit of $146 million, or 78 cents a share, up from $118 million, or 65 cents a share, in the year-ago period. Sales rose 14% to $3.9 billion. In after-hours trade, Whole Foods stock was at $92.18. Since Jan.1, the stock is up 6%; its 52-week high is $101.87.
Nvidia profit rises on strong sales(4:30 pm ET)
SAN FRANCISCO (MarketWatch) - Nvidia Corp. (NVDA: news, chart, profile) on Wednesday reported a fourth-quarter profit of $173.97 million, or 28 cents a share, compared with a profit of $116.03 million, or 19 cents a share, for the year-earlier period. Revenue rose to $1.11 billion, from $953.19 million. Adjusted profit was 35 cents a share. Analysts polled by FactSet on average were expecting the chip maker to post a profit of 24 cents a share, on revenue of $1.10 billion. For the current quarter, Nvidia expects revenue of $940 million, plus or minus 2%. Analysts were expecting revenue of $1.07 billion, according to data from FactSet. Nvidia shares were up a fraction in after-hours trading.
Angie's List swings to a $2.4 million profit(4:29 pm ET)
SAN FRANCISCO (MarketWatch) -- Angie's List Inc. (ANGI: news, chart, profile) on Wednesday reported a fourth-quarter profit of $2.4 million, or 4 cents a share, on revenue of $46.2 million, compared with a loss of $5.9 million, or 14 cents a share, on $27.4 million in sales in the year-ago quarter. Analysts surveyed by FactSet had forecast the online professional-services recommendation company to lose 2 cents a share on revenue of $46 million. For its first-quarter, Angie's List estimates revenue of $51 million to $52 million, while analysts had forecast sales of $49.5 million. Angie's List shares climbed as much as 9% in after-hours trading following the release of its results.
Applied profit falls, but results beat Street(4:10 pm ET)
SAN FRANCISCO (MarketWatch) - Applied Materials Inc. (AMAT: news, chart, profile) on Wednesday reported a fiscal first-quarter profit of $34 million, or 3 cents a share, compared with a profit of $117 million, or 9 cents a share, for the year-earlier period. Revenue dropped to $1.57 billion, from $2.19 billion. Adjusted profit was 6 cents a share. Analysts polled by FactSet on average were expecting the chip equipment maker to report a profit of 3 cents a share, on revenue of $1.56 billion. For the current quarter, Applied expects revenue to rise 15% to 25% from the previous quarter, and adjusted profit in the range of 9 cents to 15 cents a share. Analysts were expecting a profit of 11 cents a share, on revenue of $1.81 billion, according to data from FactSet. Shares of Applied were up 1.3% in after-hours trading.
Cisco earnings rise, beating Street views(4:09 pm ET)
SAN FRANCISCO (MarketWatch) - Cisco Systems Inc. (CSCO: news, chart, profile) reported a small gain in adjusted earnings for its second fiscal quarter on Wednesday, helped by growing sales of its networking and corporate IT gear. For the quarter ended Jan. 26, Cisco reported net income of $3.1 billion, or 59 cents a share, compared to net income of $2.2 billion, or 40 cents a share, for the same period the previous year. Adjusted earnings came in at $2.7 billion, or 51 cents a share. Revenue rose 5% to $12.1 billion. Analysts were expecting adjusted earnings of 48 cents a share on revenue of $12.07 billion, according to consensus estimates from FactSet.
NetApp earnings rise almost 32%(4:08 pm ET)
SAN FRANCISCO (MarketWatch) -- NetApp Inc. (NTAP: news, chart, profile) on Wednesday reported a fiscal third-quarter profit of $158 million, or 43 cents a share, on $1.63 billion in sales. During the same period a year ago, the data-storage technology company earned $120 million, or 32 cents a share, on revenue of $1.57 billion. Excluding one-time items, NetApp would have earned $243 million, or 67 cents a share. Analysts surveyed by FactSet had forecast NetApp to earn 56 cents a share on $1.62 billion in revenue. For its fiscal fourth-quarter, NetApp forecast earnings excluding one-time items of 65 cents to 70 cents a share on revenue in a range of $1.7 billion to $1.8 billion.
Deere first-quarter earnings rise 22%(7:55 am ET)
NEW YORK (MarketWatch) - Deere & Company (DE: news, chart, profile) said Wednesday its first-quarter profit ending January 31, was $649.7 million or $1.65 a share, up from $532.9 million, or $1.30 per share, from a year earlier. The equipment and tool maker's revenue was up 10% to $7.42 billion compared to $6.77 billion the year before. Net equipment sales were $6.80 billion compared to $6.12 billion a year earlier. This was the eleventh consecutive quarter of record earnings for the company, Chairman and Chief Executive Samuel R. Allen said in a statement. For 2013, the company expects equipment sales for fiscal 2013 to be up 6% and up 4% for the second-quarter versus the year-ago period. Net income is expected to be close to $3.3 billion for the fiscal year.
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