Friday, Nov. 16
New York Times reports growth in October revenue(9:39 am ET)
NEW YORK (MarketWatch) -- New York Times Co. (NYT: news, chart, profile) said Friday that October revenue from continuing operations rose 1% from a year ago. The New York media company's advertising revenue fell 0.7%. New York Times Co.'s circulation revenue rose 3.4%. Advertising revenue at About Group, which includes About.com, rose 46% on increases in display and cost-per-click advertising and acquisition of ConsumerSearch.com and UCompareHealthCare.com earlier in the year.
Royal Caribbean to implement fuel charge(8:21 am ET)
NEW YORK (MarketWatch) - Royal Caribbean Cruises (RCL: news, chart, profile) said Friday it would implement a $5 per guest per day fuel charge, effective on sailings that depart on or after Feb. 1, in an effort to deal with the sharp increase in fuel prices. "We have gone to great lengths to minimize the impact of rising fuel costs, for example, designing and building more fuel-efficient ships, installing energy-saving lighting, and using air conditioning more efficiently," Chief Financial Officer Brian Rice said in a statement. "Unfortunately, as fuel prices have reached record highs, we are forced to take this extraordinary step to offset those costs." The charge will involve three Royal Caribbean Cruises Ltd. brands: Royal Caribbean International, Celebrity Cruises and Azamara Cruises. Pullmantur Cruises, Royal Caribbean's Madrid-based, subsidiary, has also implemented a fuel charge of euro 50 euros for its tours and cruises that depart on or after Jan. 1. The charge is effective for new and existing North American bookings. The company said it cannot predict the impact of the action on its earnings, as it does not know the number of new or existing bookings that will accept the proposed supplement.
Sony Financial says net profit rose 52% in first fiscal half(4:42 am ET)
HONG KONG (MarketWatch) -- Sony Financial Holdings Inc. (JP:8729: news, chart, profile) said Friday net income for the six months to Sept. 30 rose 51.8%, helped growth in insurance premiums and gains on investments, while its banking business was also strong. Sony Financial, a unit of Sony Corp, said net profit totaled 16.71 billion yen, up from 11.01 billion yen a year earlier. Revenue for the period expanded 14.1% to 404.69 billion yen. The company, which comprises Sony Life Insurance, Sony Assurance and Sony Bank began trading on the Tokyo Stock Exchange last month after the successful debut of the biggest IPO on the Tokyo market this year. The company kept its forecasts for the full fiscal year for revenue of 809 billion yen and group net profit of 21 billion yen. Among challenges, Sony citied Japan's declining population and stiffer competition owing to industry deregulation and new offerings from online insurance providers. Shares of Sony Financial fell 0.5% to 399,000 yen in Tokyo trading Friday, while the benchmark Nikkei 225 Average was down 1.8%. Sony Financial's results were released after the close of trading.
Richemont profit climbs 28% on Cartier, watch demand(2:21 am ET)
LONDON (MarketWatch) -- Luxury goods group Richemont (CH:0011273145: news, chart, profile) said first-half net profit rose a stronger-than-forecast 28% to 824 million euros ($1.21 billion), with sales up 11% to 2.55 billion euros. Outside its holding of nearly a third of British American Tobacco (BTI: news, chart, profile) , the watch maker's profit rose 22%. Profit growth came from Cartier sales in both established markets as well as China and Russia, and it noted 18% growth in specialist watches despite component shortages which may limit sales in the second half. Alfred Dunhill lowered operating losses on improved sales. October sales growth was 11%, or 18% on an underlying basis, and the company expects fiscal year profits to be "comfortably" higher than last year. But it also noted currency movements and a tough comparison with the last Christmas season that will make the second half more testing.
Thursday, Nov. 15
BEA reports 59% jump in profit(4:36 pm ET)
SAN FRANCISCO (MarketWatch) - BEA Systems Inc. (BEAS: news, chart, profile) reported profit of $56 million, or 13 cents per share, compared to profit of $35.1 million, or 8 cents per share for the same quarter last year. The company posted revenue of $384.4 million for the quarter ended Oct. 31, compared to $347.7 million for the year-ago period. On a non-GAAP basis, the company reported earnings per share of 19 cents. Analysts had expected the company to report earnings per share of 13 cents on revenue of $349 million. BEA said it was on target to post a 7% to 11% increase in fourth-quarter revenue.
Starbucks profit up 36%; trims FY08 forecast(4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Starbucks Corp. (SBUX: news, chart, profile) late Thursday reported its fiscal fourth-quarter net income rose to $159 million, or 21 cents a share, up from $117 million, or 15 cents, in the year-ago period. The Seattle-based coffee provider said total revenue rose 22% to $2.4 billion for the three months ended Sept. 30. The results matched the average forecast of analysts polled by Thomson Financial. Due to softer consumer spending and rising commodity costs, Starbucks trimmed its fiscal 2008 financial targets. Its shares fell in after-hours trading.
Salesforce.com posts sharp increase in third-quarter profit (4:16 pm ET)
SAN FRANCISCO (MarketWatch) - Salesforce.com Inc. said Thursday its fiscal third-quarter profit rose sharply compared to the same period a year earlier, amid strong sales of its software subscriptions. Salesforce.com (CRM: news, chart, profile) , which sells customer management software to businesses, said net income for the period ended in October rose to $6.5 million, or 5 cents a share, compared to $339,000, or break-even in the same period a year earlier. Meanwhile revenue rose 48% to $192.8 million. Analysts polled by Thomson Financial had estimated Salesforce.com would post earnings of 3 cents a share, on revenue of $191 million for the period.
Financials' third-quarter earnings fell 33%: S&P(12:58 pm ET)
BOSTON (MarketWatch) -- Operating earnings in the third quarter for the financials sector of the S&P 500 Index (SPX: news, chart, profile) fell about 33% from a year earlier as banks and other financial institutions were hit by losses related to the turmoil in mortgage and credit markets. With most companies already reporting quarterly results, operating earnings for the S&P 500 overall fell 8.5%, marking the first year-over-year decline since the fourth quarter of 2001, according to Standard & Poor's. The consumer discretionary sector saw profit fall about 39% from a year earlier, driven by losses at General Motors Corp. (GM: news, chart, profile) and home builders. "The third quarter was one the market would soon like to forget," said Howard Silverblatt, S&P senior index analyst, in a statement. "While the majority of these charges are related to the housing industry, in both the construction and related retail areas, the bulk of the aggregate dollar charges remain in the financials sector," he added.
Another Florida home builder seen sliding into bankruptcy(11:51 am ET)
BOSTON (MarketWatch) - Home builder TOUSA Inc.'s (TOA: news, chart, profile) third-quarter results "strongly indicate existing shareholders will be completely wiped out, or at the very least diluted to almost nothing," wrote Morningstar Inc. analyst Eric Landry in a research note Thursday. The troubled company, which operates mostly in Florida, late Wednesday said its quarterly loss widened and that it may be forced to file for Chapter 11 due to the housing slump. Landry estimated the company's book value is now less than zero. Several smaller, private builders have already gone under and last week Levitt and Sons, a unit of Levitt Corp. (LEV: news, chart, profile) , and 37 of its subsidiaries filed for Chapter 11 bankruptcy protection, citing the "sudden and steep" housing pullback in Florida and the Southeast. Shares of TOUSA were off 8 cents, or 32%, to 17 cents Thursday morning.
Hanover Capital Mortgage delays earnings release(8:47 am ET)
NEW YORK (MarketWatch) -- Hanover Capital Mortgage Holdings Inc. (HCM: news, chart, profile) said Thursday that it will file its third-quarter Form 10-Q on Monday. Its earnings announcement and conference call has been rescheduled for Tuesday. "As the Company previously announced November 14, 2007, due to continued turmoil and uncertainty in the capital markets and lack of trading in similar securities, the Company requires more time to arrive at the fair value of certain of its assets for financial statement purposes and certain REIT compliance purposes, including its Master Repurchase Agreement with Ramius and its portfolio of subordinate mortgage-backed securities collateralized by prime mortgage loans," said John Burchett, president and chief executive officer.
Illinois Tool Works maintains full-year forecast(8:26 am ET)
NEW YORK (MarketWatch) -- Illinois Tool Works Inc. (ITW: news, chart, profile) on Thursday reported that operating revenue rose 15.6% for the three months ended Oct. 31. The Glenview, Ill., manufacturing company expects earnings of 86 to 90 cents a share in the fourth quarter and $3.36 to $3.40 for the full year. Analysts polled by Thomson Financial, on average, forecast earnings per share of 88 cents for the fourth quarter and $3.38 for the year.
Pitney Bowes to revamp, cut jobs, buy stock, lift payout(8:22 am ET)
TEL AVIV (MarketWatch) -- Pitney Bowes Inc., (PBI: news, chart, profile) the Stamford, Conn., mail-technology provider, announced on Thursday a broad restructuring involving product-line revisions, cost cuts and $300 million to $400 million of charges; 1,500 job cuts, a 4% global workforce reduction; a $500 million stock-buyback authorization; a 6% dividend increase, and an assessment of strategic options for its U.S. management services business. The company revised its earnings estimates in line with the revamping. For the fourth quarter, Pitney Bowes expects results from continuing operations to range from a loss of 17 cents a share to profit of 4 cents. Adjusted earnings from continuing operations are affirmed at an estimated 67 cents to 71 cents. For the year, PBI sees this figure at $1.76 to $1.97 of profit. It affirrmed its year estimate of an adjusted $2.67 to $2.71. Revenue estimates are affirmed at 6% to 9% growth for the quarter and 6% to 8% for the year, Pitney Bowes said.
Rockwell Automation sets 2008 target of $4.25-$4.45 a share(8:17 am ET)
NEW YORK (MarketWatch) - Rockwell Automation (ROK: news, chart, profile) on Thursday reiterated its 2008 earnings target of $4.25-$4.45 a share, compared to the estimate of $4.34 a share in a survey of analysts by Thomson Financial. The Milwaukee-based industrial automation firm is holding an investor day in Chicago.
UBS fourth-quarter write-down in focus(8:06 am ET)
BOSTON (MarketWatch) -- Swiss bank UBS (UBS: news, chart, profile) may face fourth-quarter write-downs on mortgage-related investments as high as 8 billion Swiss francs, or $7.11 billion, The Wall Street Journal reported Thursday, citing an analyst report from Lehman Brothers. However, in a separate press report, UBS has told analysts this week that the bank does not expect to make a large fourth-quarter mark-down on its estimated $39 billion of subprime-related exposure. Chief Financial Officer Marco Suter told analysts the $8 billion write-down figure batted around in the press is not correct, Reuters reported. UBS would spread the losses over several quarters to avoid a dividend cut or raising capital, Suter said, according to the report.
Williams-Sonoma profit slips, sees weak macro environment(7:24 am ET)
NEW YORK (MarketWatch) - Home-goods retailer Williams-Sonoma Inc. (WSM: news, chart, profile) on Thursday said third-quarter net income fell to $27.1 million, or 25 cents a share, from $29.1 million, or 25 cents a share, in the year-ago period. Net revenue rose to $895.1 million from $852.8 million. Analysts, on average, expected it to earn 24 cents a share on revenue of $896 million, according to Thomson Financial. "The home furnishings environment in the third quarter continued to be very challenging, particularly in the areas of the country where housing-related macro issues have had the greatest impact," Chairman and Chief Executive Howard Lester said in a statement. The San Francisco-based company reiterated its fourth quarter revenue and non-GAAP diluted earnings per share target in the ranges of about $1.39 billion to $1.42 billion and $1.20 to $1.26 a share, respectively. "We believe that the macro environment is weakening and that retail traffic is slower than we would have expected at this time in November," Lester said. "Therefore, absent a change in the current environment, we would expect our most likely outcome to be at the low end of our guidance ranges." Analysts polled by Thomson expect it to earn $1.22 on revenue of about $1.4 billion, on average.
CORRECT: VeraSun net income falls(7:13 am ET)
NEW YORK (MarketWatch) -- Ethanol maker VeraSun Energy (VSE: news, chart, profile) late Wednesday said third-quarter net income for the three months ended Sept. 30 fell to $7.8 million, or 9 cents a share, from $32 million, or 40 cents a share in the year-ago period. The latest period includdes a $2.4 million income tax benefit. The company's effective tax rate declined to 19.8% from its previous estimate of 35% due to a reduction in estimated income for the year caused by rising corn prices and lower ethanol prices and an increase in the estimated tax exempt interest income. Revenue jumped 49.7%, to $221.9 million. Analsyts surveyed by Thomson Financial forecast earnings of 15 cents a share and revenue of $217 million, on average. (Corrects day of earnings announcement.)
Ralcorp pegs adjusted profit growth for fiscal 2008 at 5%(6:53 am ET)
WASHINGTON (MarketWatch) -- Ralcorp Holdings Inc. (RAH: news, chart, profile) said it anticipates that the "significant increases" in costs of raw materials that hurt the company's fourth-quarter results will "remain at elevated levels in fiscal 2008 compared to fiscal 2007 levels." Specifically, Ralcorp now expects to incur a net year-over-year increase in unit costs for ingredients, packaging and transportation of more than $75 million. However, the packaged-foods company noted that the effects of any efforts to offset the impact of higher costs, such as pricing changes and spending reductions, could be delayed, citing the nature of its private-label business. Accordingly, "results of operations could be negatively affected, especially in the short run." At the same time, Ralcorp management said earnings per share for fiscal 2008 will be 5% or so above the $3.27 a share reported for fiscal 2007. This forecast is based on current company forecasts and excludes the effects of any gains or losses on forward-sale contracts, Ralcorp said.
Ralcorp posts lower profit as quarterly sales rise 25%(6:43 am ET)
WASHINGTON (MarketWatch) -- Ralcorp Holdings Inc. (RAH: news, chart, profile) reported net income of $12.2 million, or 46 cents a share, for the fourth quarter ended Sept. 30, down from $14.5 million, or 53 cents, earned in the year-earlier period. Quarterly sales reached $608.2 million from the prior year's $485.1 million, reflecting acquisitions, improved pricing and volumes in most base businesses, and a favorable product mix. However, "significant increases in raw-material costs reduced profit margins," the St. Louis-based maker of packaged foods said. Excluding the impact of noncash losses taken on forward-sale contracts regarding its shares of Vail Resorts Inc. (MTN: news, chart, profile) , Ralcorp's profit for the latest quarter would have been 59 cents a share. Analysts, on average, had been looking for earnings of 62 cents a share on revenue of nearly $588.6 million, according to estimates compiled by Thomson Financial.
Tyco Intl 4th-quarter net fell 85%; adjusted profit higher(6:21 am ET)
TEL AVIV (MarketWatch) -- Tyco International, (TYC: news, chart, profile) the Pembroke, Bermuda, company with interests in security, fire-prevention, and valves, controls and other industrial products, reported fiscal fourth-quarter net income dropped 85% on 8.9% higher revenue. For the quarter ended Sept. 28, earnings fell to $181 million, or 36 cents a share, from $1.25 billion, or $2.45, in the year-earlier period. Earnings from continuing operations were 42 cents against 64 cents or an adjusted 57 cents against 47 cents. Revenue reached $5.03 billion from $4.62 billion. A survey of analysts by Thomson Financial produced consensus estimates of 55 cents of profit on $4.98 billion of revenue.
Hutchison Telecommunications says 3Q net income up 42%(5:13 am ET)
HONG KONG (MarketWatch) -- Hutchison Telecommunications International Ltd. (HTX: news, chart, profile) (HK:2332: news, chart, profile) said net income climbed 42% to HK$146 million in the third quarter from a year earlier, with strong subscriber growth in Israel among other markets, although Vietnam lagged expectations. The company, a cellular-phone services unit of Hutchison Whampoa Ltd. (HK:13: news, chart, profile) , said operations in Israel signed 63,000 net subscribers during the quarter, taking its customer base to 2.8 million. Hong Kong and Macau operations added 51,000 net subscribers to 2.3 million, and Sri Lanka added 183,000 to 1 million users. Hutchison Telecom saw its entire subscriber base grow to 9.06 million, up from 6.82 million at the June-ended quarter, according to wire reports. Shares of Hutchison Telecom added 1.9% to HK$11.64 in Hong Kong trading ahead of the results announcement.
Carlyle Capital swings to 3rd-quarter loss vs 2nd-period net(4:12 am ET)
TEL AVIV (MarketWatch) -- Carlyle Capital Corp., (NL:86522: news, chart, profile) the Guernsey, Channel Islands, fixed-income-investment affiliate of Carlyle Group, swung to a third-quarter loss from a second-quarter profit. Carlyle Group is the Washington private-equity firm. Carlyle Capital, formed at the end of August 2006, reported a third-quarter loss of $34.2 million, or 74 cents a Class B share, compared with net income of $21.8 million, or 73 cents, in the second quarter. Carlyle Capital's current $22.2 billion investment portfolio "is comprised exclusively of AAA-rated floating-rate-capped residential-mortgage-backed securities issued by Fannie Mae (FNM: news, chart, profile) and Freddie Mac," the company said in a statement on Thursday. Carlyle Capital said it has paid back a $100 million loan it took from Carlyle Group and entered a $100 million revolving-credit accord with the Group. Carlyle Capital said that two repurchase-agreement counterparties had agreed to provide financial of as much as $3 billion for the company's investments. And it said that at Nov. 13, it had cash, cash equivalents, unencumbered AAA-rated mortgage-backed securities, and borrowings committed by Carlyle Group totaling $90.8 million.
Bjorn Borg AB 3rd-quarter net doubled; sales up 59%(3:37 am ET)
TEL AVIV (MarketWatch) -- Bjorn Borg AB, (BORG: news, chart, profile) the Stockholm company that develops the brand based on the former tennis great's name, reported third-quarter net income more than doubled on 59% higher sales. The fashion and accessories designer and retailer reported profit of 35.2 million Swedish kronor ($5.5 million), or 1.41 kronor a share, compared with 17.3 million, or 0.74 krona, in the year-earlier period. Sales reached 148.6 million kronor from 93.4 million. Gross-profit margin for the period widened to 54.6% from 46.9%. The company is expanding geographically, having reached an agreement in Spain and having decided to establish operations in the U.S., President Nils Vinberg said in a statement on Thursday.
Arkema profit up 68% on margin gains, price rises(2:48 am ET)
LONDON (MarketWatch) -- Arkema (FR:AKE: news, chart, profile) , the chemicals group spun off of French oil giant Total, said third-quarter net income rose 68% to 37 million euros, while sales fell 0.5% to 1.38 billion euros. The company said its operating margin rose to 9.2% from 7.3%, and said it now sees 2008 operating margins at 10%. Currencies and disposals led to lower sales despite increased volumes, and margins increased on productivity plans as well as price rises. Operating profit for the year should be around 510 million euros, after nine-month profit of 411 million euros, up 23% from last year.
LSE operating profit up 41% on volume, new issue growth(2:37 am ET)
LONDON (MarketWatch) -- The London Stock Exchange (UK:LSE: news, chart, profile) , in results that have yet to reflect its merger with Borsa Italiana, said first-half operating profit rose 41% to 114.7 million pounds ($237 million), slightly beating forecasts, with revenue up 24% to 203 million pounds. It's hiking its interim dividend by 33% to 8 pence a share. Growing volumes on its SETS platforms, and 89% increase in main market new issues and growing terminal uses drove the profit increase, the LSE said.
Oil tanker operator Frontline reports 75% profit fall(2:34 am ET)
LONDON (MarketWatch) -- Frontline (FRO: news, chart, profile) , the fuel tanker operator said third-quarter net income fell 75% to $24.2 million, with revenue down 32% to $276 million, which it said reflected a weaker spot market market. The tanker market is still weak in the fourth quarter, the company said, as the crude forward price being in backwardation has led to inventory drawdown rather than stock building. Reduced refinery margins also have led to lower import volumes of crude oil. Its profit from operations in the fourth quarter should be in line with the third quarter, though net income will rise on $92 million in stock sales.
Wednesday, Nov. 14
NovaStar reports $598 mln loss; says shares may be de-listed(6:28 pm ET)
SAN FRANCISCO (MarketWatch) -- NovaStar Financial Inc. (NFI: news, chart, profile) reported a $598 million quarterly net loss late Wednesday and said that its shares may be de-listed from the New York Stock Exchange. The subprime mortgage lender said it lost $64.05 per common share in the third quarter. The results compare to net income of $25.3 million, or $2.91 per common share, a year earlier. The company said subprime lending fundamentals and the secondary mortgage market have continued to deteriorate. Since the end of the third quarter, NovaStar said it sold some of its mortgage-servicing rights and $364.3 million of home loans. NovaStar's board has also decided to suspend payment of the next dividend on its Series C Preferred Stock and Series D-1 Preferred Stock. The lender also warned that there's a "high likelihood" that its securities will be de-listed from the NYSE. Trading in the future will probably take place on the over-the-counter bulletin board, it added.
Network Appliance reports $83.8 million profit(4:31 pm ET)
SAN FRANCISCO (MarketWatch) -- Network Appliance Inc. (NTAP: news, chart, profile) on Wednesday reported a fiscal second-quarter profit of $83.8 million, or 23 cents a share, on $792 million in sales, compared to earnings of $86.9 million, or 22 cents a share, on revenue of $652.5 million a year ago. Excluding one-time items, the storage-technology company would have earned $116.4 million, or 32 cents a share, to top the estimates of analysts surveyed by Thomson Financial, who forecast a profit of 26 cents a share on $759 million in sales.
Applied Materials reports a 6% drop in fourth-quarter profit(4:30 pm ET)
SAN FRANCISCO (MarketWatch) - Applied Materials Inc. (AMAT: news, chart, profile) reported net profit of $421.8 million, or 30 cents per share, on revenue of $2.37 billion for the quarter ended Oct. 28., compared to income of $449 million, or 30 cents per share, on revenue of $2.52 billion for the year-ago period. Analysts had expected the company to report earnings per share of 29 cents on revenue of $2.38 billion, according to Thomson Financial.
Chevron to pay $30 mln in Iraqi oil for food case(9:58 am ET)
NEW YORK (MarketWatch) -- U.S. Attorney Michael J. Garcia said Wednesday that Chevron Corp. (CVX: news, chart, profile) agreed to pay $30 million in a settlement related to the Iraqi oil for food program. "According to the Agreement, Chevron obtained Iraqi oil under the program from third parties that paid secret, illegal surcharges to the former government of Iraq, in violation of United States wire fraud statutes and administrative regulations that prohibited transactions with the former Government of Iraq," the U.S. Attorney said in a statement. Chevron shares rose $1.45 to $87.70.
Energy stocks rise in early action as oil recovers (9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks opened higher for the second straight session on Wednesday as oil prices rose. Traders will wait until Thursday for key inventory data, due out a day later than usual because of the Veteran's Day holiday. The Amex Oil Index (XOI: news, chart, profile) rose 0.2% to 1,440. The Amex Natural Gas Index (XNG: news, chart, profile) added 0.7% to 547. Crude futures rose $1.50 to $92.67 on the Nymex. BP (BP: news, chart, profile) rose 74 cents to $74.39 after it announced a big gas discovery in Azerbaijan that could double production from the largest natural gas development in the Caspian Sea. Exploration and production firm EOG Resources Inc. (EOG: news, chart, profile) advanced 4% to $89.14 after it was upgraded to hold from sell at Citigroup. Quicksilver Resources (KWK: news, chart, profile) jumped 5% to $54.86 after it was upgraded to buy from hold at Citigroup.
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