AI
Tuesday, April 23, 2013 1:24:20 PM
ER 130423 Tuesday
Netflix, Apple lead strong gains for tech stocks(9:40 am ET)
SAN FRANCISCO (MarketWatch) -- Tech stocks rose to strong gains in early trades on Tuesday, lead by a surge at Netflix Inc. and Lexmark and a strong uptick at Apple Inc. Netflix (NFLX: news, chart, profile) shares soared by 24% to $215.69 after the movie streaming firm for the first quarter, along with a strong forecast. Apple (AAPL: news, chart, profile) shares rose nearly 1% to $402 , due after the closing bell. Lexmark (LXK: news, chart, profile) shares jumped more than 10% that were ahead of its previous forecast. The Nasdaq Composite Index (COMP: news, chart, profile) rose 0.7% to 3,257 while the Philadelphia Semiconductor Index (SOX: news, chart, profile) rose by 1% in early trades.
Delta Airlines shares rise after Q1 earnings(8:25 am ET)
NEW YORK (MarketWatch) -- Delta Air Lines Inc. (DAL: news, chart, profile) said Tuesday its first-quarter profit fell 94% to $7 million or 1 cent a share, compared to $124 million or 15 cents a share a year earlier. Net income included special items of $78 million. The airline's revenue was up 1% to $8.5 billion from $8.4 billion from a year-ago quarter. Revenue from passenger revenue grew 1.4% to $1.07 million, from the year before. Wall Street analysts expected the company to earn 6 cents a share on sales of $8.5 billion, according to a survey by FactSet. "We are taking actions to mitigate the decline in close-in demand we saw in the last part of March, and we expect the impact of the sequester, combined with a softening of leisure demand, to result in a 2-3 percent decline in April's unit revenues," said Ed Bastian, Delta's president. Delta shares were up 3.7% in premarket trading.
US Airways Q1 profit falls, revenue rises(8:22 am ET)
NEW YORK (MarketWatch) -- US Airways (LCC: news, chart, profile) on Tuesday reported first-quarter profit of $44 million, or 26 cents per share, down from a net profit of $48 million, or 28 cents per share, for the same period a year earlier. Adjusted for special items, earnings were $55 million or 31 cents per share. Revenue rose 3.5% to $3.38 billion on a 1.3% increase in total available seat miles, or ASM. Revenue per ASM was a record 15.78 cents, up 2.2% from a year earlier, driven by a 2.4 percentage point increase in passenger load factor, the airline said. Analysts had expected earnings of 27 cents per share on revenue of $3.36 billion.
Lockheed earnings increase amid sales decline(8:04 am ET)
NEW YORK (MarketWatch) -- Lockheed Martin Corp. reported earnings of $761 million in the first quarter, up nearly 14% from $668 million in the first quarter of last year. Earnings per share climbed 15% to $2.33 from $2.03 last year. The EPS calculation takes into account a non-cash pension adjustment which revised earnings down by $0.23, charges related to layoffs that reduced it another $0.06, and a tax benefit which revised earnings up by $0.14. Sales fell 2% to $11.07 billion from $11.29 billion the previous year. Analysts projected EPS of $2.04, according to FactSet. The aerospace manufacturer reported that sequestration has had a muted impact but may hit operations at a future date. Annual sales are now expected to fall at the low end of the range in its January outlook, which was between $44.5 billion and $46 billion.
Netflix jumps 24% in premarket post results(7:59 am ET)
MADRID (MarketWatch) -- Shares of Netflix Inc. (NFLX: news, chart, profile) surged 24% in premarket trading on Tuesday after the company and posted better-than-expected gains in its streaming-subscriber base a day prior. The company said results were helped by an positive response to its strategy of original content and its "House of Cards" series. Analysts were quick to update price targets in the wake of those results: Cantor Fitzgerald raised its Netflix target to $230 from $180, Susquehanna lifted its target to $224 from $107 and Lazard upped its Netflix target to $250 from $200.
Travelers Q1 net income rises 11% to $896 million(7:32 am ET)
NEW YORK (MarketWatch) -- Travelers Inc. (TRV: news, chart, profile) said Tuesday its first-quarter profit rose 11% to $896 million or $2.33 per share, compared to $806 million or $2.02 per share a year earlier. The insurance company's revenue fell 1% to $6.33 billion from $6.39 billion from a year-ago quarter. Wall Street analysts expected the company to earn $2.02 a share on sales of $6.23 billion, according to a survey by FactSet. "We are very pleased with the current quarter results and remain committed to our strategy of improving returns through selectively seeking price increases and improved terms and conditions given the continued low interest rates and uncertain weather patterns," said Chairman and Chief Executive Officer Jay Fishman. Travelers shares were down 0.05% in premarket trading.
United Technologies adjusted earnings rise 16%(7:25 am ET)
LONDON (MarketWatch) -- United Technologies Corp. (UTX: news, chart, profile) on Tuesday said first-quarter profit rose to $1.3 billion, or $1.39 a share, up from $1.31 a share in the year-ago period. Adjusted earnings rose 16% to $1.28 a share. Net sales climbed to $14.4 billion, up 16% from $12.4 billion in the same quarter last year. Analysts surveyed by FactSet expected earnings of $1.29 per share on revenue of $14.9 billion. United Technologies further said it continues to expect 2013 earnings per share of $5.85 to $6.15 on sales of $64 billion to $65 billion.
Johnson Controls affirms 2013 earnings guidance(7:24 am ET)
NEW YORK (MarketWatch) - Johnson Controls Inc. (JCI: news, chart, profile) on Tuesday reported profit fell to $148 million, or 21 cents a share, in its fiscal second quarter, from $379 million, or 55 cents a share, a year ago. Adjusted for restructuring and non-recurring items, earnings were 42 cents a share, the company said. Sales fell to $10.43 billion, from $10.6 billion a year earlier. Analysts had expected earnings of 42 cents on revenue of $10.49 billion, according to FactSet. Johnson Controls reaffirmed its previous earnings guidance for the 2013 fiscal year of $2.60 to $2.70 per share. The company had cut its outlook for the first six months of the year in January, citing soft global demand, particularly in Europe.
Coach Inc. third-quarter profit beats estimates(7:18 am ET)
NEW YORK (MarketWatch) -- Coach Inc. (COH: news, chart, profile) said Tuesday its fiscal third-quarter net income rose to $238.9 million, or 84 cents a share, from $225 million, or 77 cents a share, a year ago. Quarterly net sales rose to $1.19 billion from $1.11 billion a year earlier. Analysts polled by FactSet expected earnings of 80 cents a share and revenue of $1.18 billion. "Internationally, our business is growing rapidly, with China in particular continuing to post excellent gains, and is now on course to generate about $425 million in sales this year," said Victor Luis, president and chief commercial officer. Reed Krakoff, president and executive creative director, will leave the company in June 2014, when his contract expires, to focus on his own brand, the press release said. Coach said it will raise its cash dividend by 15 cents a share annually to an annual rate of $1.35 a share beginning in July. Shares rose 8.7% in premarket trade.
DuPont sales rise 2% in first quarter(6:30 am ET)
LONDON (MarketWatch) -- E.I. DuPont de Nemours & Co. (DD: news, chart, profile) said on Tuesday first-quarter net income rose to $3.35 billion, or $3.58 a share, from $1.49 billion, or $1.58 a share in the year-ago period. Earnings from continuing operations came in at $1.47 a share, down from $1.48 in the same quarter last year. Sales increased 2% to $10.4 billion. Earnings from discontinued operations came in at $2.10 a share, up from 10 cents a share in the same quarter last year. Analysts surveyed by FactSet expected earnings of $1.53 a share on revenue of $10.4 billion. The chemicals firm affirmed its outlook for full-year operating earnings to be in the range of $3.85 and $4.05 per share. Additionally, DuPont lifted dividends for the second quarter 5% to 45 cents per share for common stock.
Monday, April 22
TI earnings rise on tax benefit; forecast in line(4:37 pm ET)
SAN FRANCISCO (MarketWatch) - Texas Instruments reported a jump in first-quarter earnings due in large part to a tax benefit, while revenue for the period came roughly in line with Wall Street's estimates. For the period ended March 31, TI (TXN: news, chart, profile) reported net income of $362 million, or 32 cents a share, compared with earnings of $265 million, or 2 cents per share, for the same period last year. Revenue slipped 8% to $2.89 billion. Analysts were expecting adjusted earnings of 31 cents per share on revenue of $2.85 billion, according to consensus estimates from FactSet. The company said it expects revenue for the second quarter to come in the range of $2.93 billion to $3.17 billion, the midpoint of which was in line with Wall Street's estimates.
Netflix earnings beat targets; shares jump (4:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Netflix Inc. (NFLX: news, chart, profile) on Monday reported a first-quarter profit of $3 million, or 5 cents a share, on revenue of $1.02 billion. During the same period a year ago, the video-streaming technology company lost $5 million, or 8 cents a share, on $870 million in sales. Excluding charges related to loss on the "extinguishment of debt", Netflix would have earned 31 cents a share. Analysts surveyed by FactSet had forecast Netflix to earn 18 cents a share on $1.02 billion in revenue for the quarter. Netflix also said that in the first quarter of the year it added 3.05 million new subscribers, to give it a worldwide total of more than 36 million. For its second quarter, Netflix forecast earnings of 23 cents to 48 share. Analysts had previously forecast Netflix to earn 30 cents a share on $1.05 billion sales for the quarter. Netflix's shares surged more than 19% in after-hours trading.
GE shares falling; J.P. Morgan cuts view(11:15 am ET)
NEW YORK (MarketWatch) -- General Electric (GE: news, chart, profile) shares are tumbling Monday as J.P. Morgan & Chase analysts cut their rating to neutral from overweight. The company's stock has fallen over 2.5% on the day to $21.20, making it the worst-performing component of the Dow Jones Industrial Average (DJIA: news, chart, profile) . GE dropped 4% Friday after first-quarter earnings rose 16%, beating Wall Street estimates, but it reported flat revenue growth. J.P. Morgan analysts downgraded GE after three years of giving it an overweight rating, saying they could no longer justify calling it a "safety stock" given slower industrial-earnings growth that makes the pick "dead money near term".
Apple upgraded to buy at BGC, Avondale(10:54 am ET)
SAN FRANCISCO (MarketWatch) -- Apple Inc. (AAPL: news, chart, profile) was upgraded to buy ratings at BGC Partners and Avondale research on Monday morning - one day before the company's second fiscal quarter report. In a note to clients, BGC analyst Collin Gillis noted the sharp decline in Apple's shares and said his move was in part to take advantage of the "weakness" in the stock. He also reduced his estimates for iPhone and iPad sales for the June quarter, and lowered his price target to $500 from $550. "That said, in front of the next product cycle, and any positive news could be a catalyst to move the stock up closer to $500," he wrote. In its report, Avondale wrote "reflects the increasing competitive pressures and tough margin comp in FY13." Apple shares rose about 0.5% to $392.50 in early trades on Monday.
Netflix, Microsoft pace early tech gains(9:49 am ET)
SAN FRANCISCO (MarketWatch) -- Tech stocks mostly rose in early trading Monday, with gains from Netflix Inc. (NFLX: news, chart, profile) and Microsoft Corp. (MSFT: news, chart, profile) among the sector standouts. Netflix shares rose 4%, to $171.18 , due after the market close. Microsoft climbed as much as 4.5% following a CNBC report that said hedge fund ValueAct will disclose a $2 billion stake in the software giant. Apple Inc. (AAPL: news, chart, profile) shares also added almost 1%, to reach $393.11 by analysts at BGC Partners and Avondale Research. The Nasdaq Composite Index ($COMPQ: news, chart, profile) rose 9 points to 3,215.
Check Point Software shares rise on earnings beat(9:42 am ET)
SAN FRANCISCO (MarketWatch) -- Check Point Software Technologies Ltd. saw its shares rise 2.5% to $46.41 in early trades on Monday after the company reported better-than-expected results for the first quarter. Check Point (CHKP: news, chart, profile) reported net income of $148 million, or 73 cents a share, up from net income of $143.6 million, or 68 cents a share, a year earlier. Excluding items such as stock-based compensation and amortization, earnings rose to 79 cents in the recent quarter. Revenue increased 3.1% to $322.7 million. Analysts were expecting adjusted earnings of 78 cents on revenue of $328 million, according to consensus forecasts from Thomson Reuters. Check Point is .
Caterpillar cuts full-year 2013 outlook(7:53 am ET)
NEW YORK (MarketWatch) -- Caterpillar Inc. (CAT: news, chart, profile) said Monday its first-quarter profit dropped to $880 million or $1.31 a share, from $1.59 billion or $2.37 a share, in the year-ago quarter. The equipment maker's revenue dropped to $13.21 billion from $15.98 billion. Wall Street analysts expected the company to earn $1.36 a share on sales of $13.8 billion. Looking ahead, the company cut its 2013 outlook for EPS to $7 at the middle of the sales and revenues outlook range, from $7-$9 a share, and sales revenues to $57 billion - $61 billion from $60 billion - $68 billion. "In China, first quarter economic growth was slightly less than many expected, but in our view, remains consistent with slow growth in the world economy," said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman. Caterpiller shares were down 0.5% in premarket.
Halliburton swings to Q1 loss of $18 million(7:18 am ET)
NEW YORK (MarketWatch) -- Halliburton Co. swung to a first-quarter loss of $18 million, or 2 cents a share, from a year-ago profit of $627 million, or 68 cents a share. The results included an after-tax charge of $637 million. Halliburton said income from continuing operations was $624 million, or 67 cents a share, excluding the charge. Quarterly revenue rose to $6.97 billion from $6.87 billion a year ago. "For the full year, we continue to expect total international revenue growth in the low teens relative to 2012, and expect full year international margins to average in the upper teens," said Dave Lesar, chief executive officer. He added that the decline in rig count and pricing issues in North America were offset by the international segment.
Friday, April 19
IBM, Dell shares fall while Microsoft, Google rise(9:47 am ET)
SAN FRANCISCO (MarketWatch) - Tech stocks were mixed in early morning trades Friday, with Google and Microsoft making gains following their earnings reports while IBM sold off . IBM (IBM: news, chart, profile) shares fell more than 6% to $194.13 after the company misses Wall Street's forecast for both revenue and earnings. Microsoft (MSFT: news, chart, profile) shares rose more than 4% to $30 after , while Google (GOOG: news, chart, profile) shares picked up 1.5% . Dell (DELL: news, chart, profile) shares slid more than 3% after Blackstone announced it was pulling out of its previously stated plan to submit a takeover bid for the PC maker. The Nasdaq Composite Index (COMP: news, chart, profile) rose 0.3% to 3,176 while the Philadelphia Semiconductor Index (SOX: news, chart, profile) fell by 0.4% in early trades. Apple (AAPL: news, chart, profile) shares fell more than 1% in early trades to $387.
McDonald's Corp. first-quarter profit steady (8:17 am ET)
NEW YORK (MarketWatch) -- McDonald's Corp. (MCD: news, chart, profile) reported first-quarter net income on Friday of $1.27 billion, or $1.26 a share, from $1.266 billion, or $1.23 a share, a year earlier. Quarterly revenue rose to $6.61 billion from $6.55 billion in the year-ago period. Analysts had expected earnings per share of $1.26 and revenue of $6.59 billion. Global comparable sales in the quarter fell 1% and U.S. comparable sales fell 1.2% due in part to "the challenging eating-out environment" in the U.S., according to the press release. "As we move forward, top-line comparisons will begin to ease while the challenging global environment and bottom-line pressures are expected to persist," said Don Thompson, president and chief executive officer of McDonald's. The fast-food chain expects global comparable sales in April to be slightly negative. Shares fell 1.9% in premarket trading.
Kimberly-Clark reports Q1 earnings of $531 million(7:53 am ET)
NEW YORK (MarketWatch) -- Kimberly-Clark (KMB: news, chart, profile) announced diluted earnings per share Friday of $1.36 on net income of $531 million. Diluted EPS increased 15% over the first quarter of 2012 while net income increased 13%. Wall Street analysts had projected EPS of $1.33 on net income of $527 million. The consumer products manufacturer reported $5.3 billion in revenues, an increase of 1% over the first quarter of 2012.
Thursday, April 18
Google profit rises, beats estimates(4:21 pm ET)
SAN FRANCISCO (MarketWatch) - Google Inc. (GOOG: news, chart, profile) on Thursday reported a first-quarter profit of $3.35 billion, or $9.94 a share, compared with a profit of $2.89 billion, or $8.75 a share, for the year-earlier period. Adjusted revenue, minus traffic acquisition costs, was $11.01 billion, compared with $8.14 billion in the same quarter the previous year. Adjusted profit was $11.58 a share. Analysts polled by FactSet on average were expecting the Mountain View, Calif.-based company to report a profit of $10.65 a share, on revenue of $11.12 billion.
Chipotle shares surge on profit beat(4:18 pm ET)
SAN FRANCISCO (MarketWatch) -- Chipotle (CMG: news, chart, profile) posted a first-quarter profit that blew past Wall Street's estimate and backed its 2013 forecast for sales at its existing restaurants, sending its shares up 8% in late trade. Profit was $76.6 million, or $2.45 a share. Analysts polled by FactSet had forecast a profit of $2.13 a share. Revenue rose 13% to $726.8 million, just ahead of consensus. Comparable store sales growth was 1% -- the burrito chain's slowest growth rate since going public in 2006. Chipotle shares are up 11% for the year. Chipotle shares shot up to $353.50 in after-hours trade.
IBM earnings miss estimates; shares fall(4:14 pm ET)
SAN FRANCISCO (MarketWatch) - International Business Machines Corp. reported a 3% rise in first-quarter operating earnings on Thursday afternoon, despite a drop in revenue for the period, missing Wall Street's estimates. For the period ended March 31, IBM (IBM: news, chart, profile) posted net income of $3 billion, or $2.70 per share, compared to net income of $3.8 billion, or $2.61 per share, for the same period last year. Adjusted operating earnings came in at $3.4 billion, or $3 per share, for the recent period. Revenue slipped 5% to $23.4 billion. Analysts were expecting adjusted earnings of $3.05 per share on revenue of $24.65 billion, according to consensus estimates from FactSet. IBM also maintained its full-year adjusted EPS target of $16.70 per share. IBM's shares were down nearly 4% in after-hours trading following the report.
Microsoft earnings rise; CFO Klein to leave(4:07 pm ET)
SAN FRANCISCO (MarketWatch) -- Microsoft Corp. (MSFT: news, chart, profile) on Thursday reported a fiscal third-quarter profit of $6.06 billion, or 72 cents a share, on revenue of $20.5 billion, compared with earnings of $5.1 billion, or 61 cents a share, on $17.4 billion in sales in the year-ago period. Analysts surveyed by FactSet had forecast Microsoft to earn 68 cents a share on $20.53 billion in revenue. Separately, Microsoft said Chief Financial Officer Peter Klein will leave the company at the end of its current fiscal year. Microsoft will name a new CFO from its finance leadership team in the next few weeks.
EBay falls more than 5% on outlook concerns(9:46 am ET)
SAN FRANCISCO (MarketWatch) -- EBay Inc. (EBAY: news, chart, profile) shares posted one of the biggest declines in the tech sector Thursday, with the online retailer's stock falling 5.5%, to $53.05 a share. The main cause of the selloff was reaction to eBay's second-quarter forecast, which fell shy of Wall Street analysts' estimates. Macquarie Equities Research analyst Ben Schachter cut his rating on eBay to neutral from outperform, saying that the company's second-quarter outlook now puts more pressure on eBay to meet its full-year forecasts.
Morgan Stanley reports Q1 profit of $984 million(8:17 am ET)
NEW YORK (Morgan Stanley) -- Morgan Stanley (MS: news, chart, profile) said Thursday its first-quarter profit increased to $984 million, or 50 cents a share, from a loss of $94 million or 6 cents per share in the first-quarter in 2012. Total revenue for the firm rose to $8.2 billion from $6.9 billion a year earlier. Earnings per share from continuing operations was 51 cents per share, compared with a loss of 5 cents a year earlier. Earnings per share excluding accounting charges tied to the firm's own debt, was 61 cents a share. Analysts surveyed by FactSet expected the firm to report earnings of 57 cents a share on revenue of $8.35 billion. "Looking forward, while the global environment continues to have moments of fragility, we believe the broad economic outlook for the next several years is stronger than in the recent past," said Morgan Stanley Chief Executive James Gorman in a statement. Morgan Stanley shares were down 1.7% in premarket trading.
Verizon Q1 profit up 15.8% to $1.95 billion(7:53 am ET)
NEW YORK (MarketWatch) -- Verizon Communications Inc. (VZ: news, chart, profile) reported first-quarter net profit rose 15.8% to $1.95 billion, or 68 cents per share, from $1.69 billion, or 59 cents per share, a year earlier. Revenue rose 4.2% to $29.42 billion from $28.24 billion, the company said Thursday. Analysts had expected profit of 66 cents a share on revenue of $29.55 billion. The company said it added a net 677,000 retail postpaid customers, up 35% from a year earlier, and had a 1.01% churn rate for that category. Verizon shares were higher in premarket trading.
Netflix, Apple lead strong gains for tech stocks(9:40 am ET)
SAN FRANCISCO (MarketWatch) -- Tech stocks rose to strong gains in early trades on Tuesday, lead by a surge at Netflix Inc. and Lexmark and a strong uptick at Apple Inc. Netflix (NFLX: news, chart, profile) shares soared by 24% to $215.69 after the movie streaming firm for the first quarter, along with a strong forecast. Apple (AAPL: news, chart, profile) shares rose nearly 1% to $402 , due after the closing bell. Lexmark (LXK: news, chart, profile) shares jumped more than 10% that were ahead of its previous forecast. The Nasdaq Composite Index (COMP: news, chart, profile) rose 0.7% to 3,257 while the Philadelphia Semiconductor Index (SOX: news, chart, profile) rose by 1% in early trades.
Delta Airlines shares rise after Q1 earnings(8:25 am ET)
NEW YORK (MarketWatch) -- Delta Air Lines Inc. (DAL: news, chart, profile) said Tuesday its first-quarter profit fell 94% to $7 million or 1 cent a share, compared to $124 million or 15 cents a share a year earlier. Net income included special items of $78 million. The airline's revenue was up 1% to $8.5 billion from $8.4 billion from a year-ago quarter. Revenue from passenger revenue grew 1.4% to $1.07 million, from the year before. Wall Street analysts expected the company to earn 6 cents a share on sales of $8.5 billion, according to a survey by FactSet. "We are taking actions to mitigate the decline in close-in demand we saw in the last part of March, and we expect the impact of the sequester, combined with a softening of leisure demand, to result in a 2-3 percent decline in April's unit revenues," said Ed Bastian, Delta's president. Delta shares were up 3.7% in premarket trading.
US Airways Q1 profit falls, revenue rises(8:22 am ET)
NEW YORK (MarketWatch) -- US Airways (LCC: news, chart, profile) on Tuesday reported first-quarter profit of $44 million, or 26 cents per share, down from a net profit of $48 million, or 28 cents per share, for the same period a year earlier. Adjusted for special items, earnings were $55 million or 31 cents per share. Revenue rose 3.5% to $3.38 billion on a 1.3% increase in total available seat miles, or ASM. Revenue per ASM was a record 15.78 cents, up 2.2% from a year earlier, driven by a 2.4 percentage point increase in passenger load factor, the airline said. Analysts had expected earnings of 27 cents per share on revenue of $3.36 billion.
Lockheed earnings increase amid sales decline(8:04 am ET)
NEW YORK (MarketWatch) -- Lockheed Martin Corp. reported earnings of $761 million in the first quarter, up nearly 14% from $668 million in the first quarter of last year. Earnings per share climbed 15% to $2.33 from $2.03 last year. The EPS calculation takes into account a non-cash pension adjustment which revised earnings down by $0.23, charges related to layoffs that reduced it another $0.06, and a tax benefit which revised earnings up by $0.14. Sales fell 2% to $11.07 billion from $11.29 billion the previous year. Analysts projected EPS of $2.04, according to FactSet. The aerospace manufacturer reported that sequestration has had a muted impact but may hit operations at a future date. Annual sales are now expected to fall at the low end of the range in its January outlook, which was between $44.5 billion and $46 billion.
Netflix jumps 24% in premarket post results(7:59 am ET)
MADRID (MarketWatch) -- Shares of Netflix Inc. (NFLX: news, chart, profile) surged 24% in premarket trading on Tuesday after the company and posted better-than-expected gains in its streaming-subscriber base a day prior. The company said results were helped by an positive response to its strategy of original content and its "House of Cards" series. Analysts were quick to update price targets in the wake of those results: Cantor Fitzgerald raised its Netflix target to $230 from $180, Susquehanna lifted its target to $224 from $107 and Lazard upped its Netflix target to $250 from $200.
Travelers Q1 net income rises 11% to $896 million(7:32 am ET)
NEW YORK (MarketWatch) -- Travelers Inc. (TRV: news, chart, profile) said Tuesday its first-quarter profit rose 11% to $896 million or $2.33 per share, compared to $806 million or $2.02 per share a year earlier. The insurance company's revenue fell 1% to $6.33 billion from $6.39 billion from a year-ago quarter. Wall Street analysts expected the company to earn $2.02 a share on sales of $6.23 billion, according to a survey by FactSet. "We are very pleased with the current quarter results and remain committed to our strategy of improving returns through selectively seeking price increases and improved terms and conditions given the continued low interest rates and uncertain weather patterns," said Chairman and Chief Executive Officer Jay Fishman. Travelers shares were down 0.05% in premarket trading.
United Technologies adjusted earnings rise 16%(7:25 am ET)
LONDON (MarketWatch) -- United Technologies Corp. (UTX: news, chart, profile) on Tuesday said first-quarter profit rose to $1.3 billion, or $1.39 a share, up from $1.31 a share in the year-ago period. Adjusted earnings rose 16% to $1.28 a share. Net sales climbed to $14.4 billion, up 16% from $12.4 billion in the same quarter last year. Analysts surveyed by FactSet expected earnings of $1.29 per share on revenue of $14.9 billion. United Technologies further said it continues to expect 2013 earnings per share of $5.85 to $6.15 on sales of $64 billion to $65 billion.
Johnson Controls affirms 2013 earnings guidance(7:24 am ET)
NEW YORK (MarketWatch) - Johnson Controls Inc. (JCI: news, chart, profile) on Tuesday reported profit fell to $148 million, or 21 cents a share, in its fiscal second quarter, from $379 million, or 55 cents a share, a year ago. Adjusted for restructuring and non-recurring items, earnings were 42 cents a share, the company said. Sales fell to $10.43 billion, from $10.6 billion a year earlier. Analysts had expected earnings of 42 cents on revenue of $10.49 billion, according to FactSet. Johnson Controls reaffirmed its previous earnings guidance for the 2013 fiscal year of $2.60 to $2.70 per share. The company had cut its outlook for the first six months of the year in January, citing soft global demand, particularly in Europe.
Coach Inc. third-quarter profit beats estimates(7:18 am ET)
NEW YORK (MarketWatch) -- Coach Inc. (COH: news, chart, profile) said Tuesday its fiscal third-quarter net income rose to $238.9 million, or 84 cents a share, from $225 million, or 77 cents a share, a year ago. Quarterly net sales rose to $1.19 billion from $1.11 billion a year earlier. Analysts polled by FactSet expected earnings of 80 cents a share and revenue of $1.18 billion. "Internationally, our business is growing rapidly, with China in particular continuing to post excellent gains, and is now on course to generate about $425 million in sales this year," said Victor Luis, president and chief commercial officer. Reed Krakoff, president and executive creative director, will leave the company in June 2014, when his contract expires, to focus on his own brand, the press release said. Coach said it will raise its cash dividend by 15 cents a share annually to an annual rate of $1.35 a share beginning in July. Shares rose 8.7% in premarket trade.
DuPont sales rise 2% in first quarter(6:30 am ET)
LONDON (MarketWatch) -- E.I. DuPont de Nemours & Co. (DD: news, chart, profile) said on Tuesday first-quarter net income rose to $3.35 billion, or $3.58 a share, from $1.49 billion, or $1.58 a share in the year-ago period. Earnings from continuing operations came in at $1.47 a share, down from $1.48 in the same quarter last year. Sales increased 2% to $10.4 billion. Earnings from discontinued operations came in at $2.10 a share, up from 10 cents a share in the same quarter last year. Analysts surveyed by FactSet expected earnings of $1.53 a share on revenue of $10.4 billion. The chemicals firm affirmed its outlook for full-year operating earnings to be in the range of $3.85 and $4.05 per share. Additionally, DuPont lifted dividends for the second quarter 5% to 45 cents per share for common stock.
Monday, April 22
TI earnings rise on tax benefit; forecast in line(4:37 pm ET)
SAN FRANCISCO (MarketWatch) - Texas Instruments reported a jump in first-quarter earnings due in large part to a tax benefit, while revenue for the period came roughly in line with Wall Street's estimates. For the period ended March 31, TI (TXN: news, chart, profile) reported net income of $362 million, or 32 cents a share, compared with earnings of $265 million, or 2 cents per share, for the same period last year. Revenue slipped 8% to $2.89 billion. Analysts were expecting adjusted earnings of 31 cents per share on revenue of $2.85 billion, according to consensus estimates from FactSet. The company said it expects revenue for the second quarter to come in the range of $2.93 billion to $3.17 billion, the midpoint of which was in line with Wall Street's estimates.
Netflix earnings beat targets; shares jump (4:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Netflix Inc. (NFLX: news, chart, profile) on Monday reported a first-quarter profit of $3 million, or 5 cents a share, on revenue of $1.02 billion. During the same period a year ago, the video-streaming technology company lost $5 million, or 8 cents a share, on $870 million in sales. Excluding charges related to loss on the "extinguishment of debt", Netflix would have earned 31 cents a share. Analysts surveyed by FactSet had forecast Netflix to earn 18 cents a share on $1.02 billion in revenue for the quarter. Netflix also said that in the first quarter of the year it added 3.05 million new subscribers, to give it a worldwide total of more than 36 million. For its second quarter, Netflix forecast earnings of 23 cents to 48 share. Analysts had previously forecast Netflix to earn 30 cents a share on $1.05 billion sales for the quarter. Netflix's shares surged more than 19% in after-hours trading.
GE shares falling; J.P. Morgan cuts view(11:15 am ET)
NEW YORK (MarketWatch) -- General Electric (GE: news, chart, profile) shares are tumbling Monday as J.P. Morgan & Chase analysts cut their rating to neutral from overweight. The company's stock has fallen over 2.5% on the day to $21.20, making it the worst-performing component of the Dow Jones Industrial Average (DJIA: news, chart, profile) . GE dropped 4% Friday after first-quarter earnings rose 16%, beating Wall Street estimates, but it reported flat revenue growth. J.P. Morgan analysts downgraded GE after three years of giving it an overweight rating, saying they could no longer justify calling it a "safety stock" given slower industrial-earnings growth that makes the pick "dead money near term".
Apple upgraded to buy at BGC, Avondale(10:54 am ET)
SAN FRANCISCO (MarketWatch) -- Apple Inc. (AAPL: news, chart, profile) was upgraded to buy ratings at BGC Partners and Avondale research on Monday morning - one day before the company's second fiscal quarter report. In a note to clients, BGC analyst Collin Gillis noted the sharp decline in Apple's shares and said his move was in part to take advantage of the "weakness" in the stock. He also reduced his estimates for iPhone and iPad sales for the June quarter, and lowered his price target to $500 from $550. "That said, in front of the next product cycle, and any positive news could be a catalyst to move the stock up closer to $500," he wrote. In its report, Avondale wrote "reflects the increasing competitive pressures and tough margin comp in FY13." Apple shares rose about 0.5% to $392.50 in early trades on Monday.
Netflix, Microsoft pace early tech gains(9:49 am ET)
SAN FRANCISCO (MarketWatch) -- Tech stocks mostly rose in early trading Monday, with gains from Netflix Inc. (NFLX: news, chart, profile) and Microsoft Corp. (MSFT: news, chart, profile) among the sector standouts. Netflix shares rose 4%, to $171.18 , due after the market close. Microsoft climbed as much as 4.5% following a CNBC report that said hedge fund ValueAct will disclose a $2 billion stake in the software giant. Apple Inc. (AAPL: news, chart, profile) shares also added almost 1%, to reach $393.11 by analysts at BGC Partners and Avondale Research. The Nasdaq Composite Index ($COMPQ: news, chart, profile) rose 9 points to 3,215.
Check Point Software shares rise on earnings beat(9:42 am ET)
SAN FRANCISCO (MarketWatch) -- Check Point Software Technologies Ltd. saw its shares rise 2.5% to $46.41 in early trades on Monday after the company reported better-than-expected results for the first quarter. Check Point (CHKP: news, chart, profile) reported net income of $148 million, or 73 cents a share, up from net income of $143.6 million, or 68 cents a share, a year earlier. Excluding items such as stock-based compensation and amortization, earnings rose to 79 cents in the recent quarter. Revenue increased 3.1% to $322.7 million. Analysts were expecting adjusted earnings of 78 cents on revenue of $328 million, according to consensus forecasts from Thomson Reuters. Check Point is .
Caterpillar cuts full-year 2013 outlook(7:53 am ET)
NEW YORK (MarketWatch) -- Caterpillar Inc. (CAT: news, chart, profile) said Monday its first-quarter profit dropped to $880 million or $1.31 a share, from $1.59 billion or $2.37 a share, in the year-ago quarter. The equipment maker's revenue dropped to $13.21 billion from $15.98 billion. Wall Street analysts expected the company to earn $1.36 a share on sales of $13.8 billion. Looking ahead, the company cut its 2013 outlook for EPS to $7 at the middle of the sales and revenues outlook range, from $7-$9 a share, and sales revenues to $57 billion - $61 billion from $60 billion - $68 billion. "In China, first quarter economic growth was slightly less than many expected, but in our view, remains consistent with slow growth in the world economy," said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman. Caterpiller shares were down 0.5% in premarket.
Halliburton swings to Q1 loss of $18 million(7:18 am ET)
NEW YORK (MarketWatch) -- Halliburton Co. swung to a first-quarter loss of $18 million, or 2 cents a share, from a year-ago profit of $627 million, or 68 cents a share. The results included an after-tax charge of $637 million. Halliburton said income from continuing operations was $624 million, or 67 cents a share, excluding the charge. Quarterly revenue rose to $6.97 billion from $6.87 billion a year ago. "For the full year, we continue to expect total international revenue growth in the low teens relative to 2012, and expect full year international margins to average in the upper teens," said Dave Lesar, chief executive officer. He added that the decline in rig count and pricing issues in North America were offset by the international segment.
Friday, April 19
IBM, Dell shares fall while Microsoft, Google rise(9:47 am ET)
SAN FRANCISCO (MarketWatch) - Tech stocks were mixed in early morning trades Friday, with Google and Microsoft making gains following their earnings reports while IBM sold off . IBM (IBM: news, chart, profile) shares fell more than 6% to $194.13 after the company misses Wall Street's forecast for both revenue and earnings. Microsoft (MSFT: news, chart, profile) shares rose more than 4% to $30 after , while Google (GOOG: news, chart, profile) shares picked up 1.5% . Dell (DELL: news, chart, profile) shares slid more than 3% after Blackstone announced it was pulling out of its previously stated plan to submit a takeover bid for the PC maker. The Nasdaq Composite Index (COMP: news, chart, profile) rose 0.3% to 3,176 while the Philadelphia Semiconductor Index (SOX: news, chart, profile) fell by 0.4% in early trades. Apple (AAPL: news, chart, profile) shares fell more than 1% in early trades to $387.
McDonald's Corp. first-quarter profit steady (8:17 am ET)
NEW YORK (MarketWatch) -- McDonald's Corp. (MCD: news, chart, profile) reported first-quarter net income on Friday of $1.27 billion, or $1.26 a share, from $1.266 billion, or $1.23 a share, a year earlier. Quarterly revenue rose to $6.61 billion from $6.55 billion in the year-ago period. Analysts had expected earnings per share of $1.26 and revenue of $6.59 billion. Global comparable sales in the quarter fell 1% and U.S. comparable sales fell 1.2% due in part to "the challenging eating-out environment" in the U.S., according to the press release. "As we move forward, top-line comparisons will begin to ease while the challenging global environment and bottom-line pressures are expected to persist," said Don Thompson, president and chief executive officer of McDonald's. The fast-food chain expects global comparable sales in April to be slightly negative. Shares fell 1.9% in premarket trading.
Kimberly-Clark reports Q1 earnings of $531 million(7:53 am ET)
NEW YORK (MarketWatch) -- Kimberly-Clark (KMB: news, chart, profile) announced diluted earnings per share Friday of $1.36 on net income of $531 million. Diluted EPS increased 15% over the first quarter of 2012 while net income increased 13%. Wall Street analysts had projected EPS of $1.33 on net income of $527 million. The consumer products manufacturer reported $5.3 billion in revenues, an increase of 1% over the first quarter of 2012.
Thursday, April 18
Google profit rises, beats estimates(4:21 pm ET)
SAN FRANCISCO (MarketWatch) - Google Inc. (GOOG: news, chart, profile) on Thursday reported a first-quarter profit of $3.35 billion, or $9.94 a share, compared with a profit of $2.89 billion, or $8.75 a share, for the year-earlier period. Adjusted revenue, minus traffic acquisition costs, was $11.01 billion, compared with $8.14 billion in the same quarter the previous year. Adjusted profit was $11.58 a share. Analysts polled by FactSet on average were expecting the Mountain View, Calif.-based company to report a profit of $10.65 a share, on revenue of $11.12 billion.
Chipotle shares surge on profit beat(4:18 pm ET)
SAN FRANCISCO (MarketWatch) -- Chipotle (CMG: news, chart, profile) posted a first-quarter profit that blew past Wall Street's estimate and backed its 2013 forecast for sales at its existing restaurants, sending its shares up 8% in late trade. Profit was $76.6 million, or $2.45 a share. Analysts polled by FactSet had forecast a profit of $2.13 a share. Revenue rose 13% to $726.8 million, just ahead of consensus. Comparable store sales growth was 1% -- the burrito chain's slowest growth rate since going public in 2006. Chipotle shares are up 11% for the year. Chipotle shares shot up to $353.50 in after-hours trade.
IBM earnings miss estimates; shares fall(4:14 pm ET)
SAN FRANCISCO (MarketWatch) - International Business Machines Corp. reported a 3% rise in first-quarter operating earnings on Thursday afternoon, despite a drop in revenue for the period, missing Wall Street's estimates. For the period ended March 31, IBM (IBM: news, chart, profile) posted net income of $3 billion, or $2.70 per share, compared to net income of $3.8 billion, or $2.61 per share, for the same period last year. Adjusted operating earnings came in at $3.4 billion, or $3 per share, for the recent period. Revenue slipped 5% to $23.4 billion. Analysts were expecting adjusted earnings of $3.05 per share on revenue of $24.65 billion, according to consensus estimates from FactSet. IBM also maintained its full-year adjusted EPS target of $16.70 per share. IBM's shares were down nearly 4% in after-hours trading following the report.
Microsoft earnings rise; CFO Klein to leave(4:07 pm ET)
SAN FRANCISCO (MarketWatch) -- Microsoft Corp. (MSFT: news, chart, profile) on Thursday reported a fiscal third-quarter profit of $6.06 billion, or 72 cents a share, on revenue of $20.5 billion, compared with earnings of $5.1 billion, or 61 cents a share, on $17.4 billion in sales in the year-ago period. Analysts surveyed by FactSet had forecast Microsoft to earn 68 cents a share on $20.53 billion in revenue. Separately, Microsoft said Chief Financial Officer Peter Klein will leave the company at the end of its current fiscal year. Microsoft will name a new CFO from its finance leadership team in the next few weeks.
EBay falls more than 5% on outlook concerns(9:46 am ET)
SAN FRANCISCO (MarketWatch) -- EBay Inc. (EBAY: news, chart, profile) shares posted one of the biggest declines in the tech sector Thursday, with the online retailer's stock falling 5.5%, to $53.05 a share. The main cause of the selloff was reaction to eBay's second-quarter forecast, which fell shy of Wall Street analysts' estimates. Macquarie Equities Research analyst Ben Schachter cut his rating on eBay to neutral from outperform, saying that the company's second-quarter outlook now puts more pressure on eBay to meet its full-year forecasts.
Morgan Stanley reports Q1 profit of $984 million(8:17 am ET)
NEW YORK (Morgan Stanley) -- Morgan Stanley (MS: news, chart, profile) said Thursday its first-quarter profit increased to $984 million, or 50 cents a share, from a loss of $94 million or 6 cents per share in the first-quarter in 2012. Total revenue for the firm rose to $8.2 billion from $6.9 billion a year earlier. Earnings per share from continuing operations was 51 cents per share, compared with a loss of 5 cents a year earlier. Earnings per share excluding accounting charges tied to the firm's own debt, was 61 cents a share. Analysts surveyed by FactSet expected the firm to report earnings of 57 cents a share on revenue of $8.35 billion. "Looking forward, while the global environment continues to have moments of fragility, we believe the broad economic outlook for the next several years is stronger than in the recent past," said Morgan Stanley Chief Executive James Gorman in a statement. Morgan Stanley shares were down 1.7% in premarket trading.
Verizon Q1 profit up 15.8% to $1.95 billion(7:53 am ET)
NEW YORK (MarketWatch) -- Verizon Communications Inc. (VZ: news, chart, profile) reported first-quarter net profit rose 15.8% to $1.95 billion, or 68 cents per share, from $1.69 billion, or 59 cents per share, a year earlier. Revenue rose 4.2% to $29.42 billion from $28.24 billion, the company said Thursday. Analysts had expected profit of 66 cents a share on revenue of $29.55 billion. The company said it added a net 677,000 retail postpaid customers, up 35% from a year earlier, and had a 1.01% churn rate for that category. Verizon shares were higher in premarket trading.
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