11/14/2007 5:15:08 PM SINA Corp. (SINA) announced third quarter net income of $17.15 million or $0.28 per share, compared to $10.72 million or $0.19 per share in the corresponding quarter prior year. On average, 7 analysts polled by First Call/Thomson Financial expected the company to report earnings of $0.28 per share for the quarter.
The company reported net revenues of $64.3 million, compared to $56.1 million in the same period last year. Ten Wall Street analysts had consensus revenue estimate of $64.57 million for the quarter.
Moving ahead, the company expects total revenues for the fourth quarter to be between $68.0 million and $70.0 million. Ten Wall Street analysts have consensus revenue estimate of $69.56 million for the quarter. #msg-22592839
Charlotte Russe Says 1Q Profit to Fall Charlotte Russe Sees Lower Fiscal 1st-Quarter Profit, Declining Same-Store Sales November 14, 2007: 06:25 PM EST
NEW YORK (Associated Press) - Clothing retailer Charlotte Russe Holding Inc. said Wednesday it expects fiscal first-quarter profit to decline from last year in part due to weak consumer spending.
The company expects to report earnings from continuing operations in the range of 47 cents to 50 cents, down from 55 cents per share for the first quarter in fiscal 2007.
Analysts, polled by Thomson Financial, are forecasting earnings of 48 cents per share.
Charlotte Russe said investors should expect flat to low single-digit decline in same-store sales in its fiscal first quarter.
Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones.
Shares of Charlotte Russe added $2.31, or 16.2 percent, to $16.60 in after-hours trading, after falling 6 cents to close at $14.29
Network Appliance Sales Top Estimates; Shares Surge (Update3)
By Connie Guglielmo
Nov. 14 (Bloomberg) -- Network Appliance Inc., the maker of data-storage computers for the U.S. Army, reported second-quarter revenue that topped estimates and forecast earnings that exceeded analysts' projections. The shares surged as much as 13 percent.
Sales rose 21 percent to $792.2 million in the quarter ended Oct. 26, the Sunnyvale, California-based company said today in a statement. That beat the average analyst projection of $759.7 million in a Bloomberg survey. Network Appliance had forecast revenue of as much as $768 million.
Sales to the U.S. government and customers in Europe and Asia helped compensate for ``continued sluggishness' in U.S. business spending, Chief Executive Officer Daniel Warmenhoven said. The company forecast third-quarter profit, excluding some costs, of 33 cents to 34 cents a share on revenue of at least $872 million. Analysts had anticipated profit of 32 cents on $856.1 million in sales.
``We have a very healthy backlog position going into the quarter,' Chief Financial Officer Steven Gomo said in an interview. ``With our international business and our healthy pipeline, we should be in pretty good shape.'
Network Appliance rose as much as $3.37 to $29.98 in extended trading after dropping 34 cents to $26.61 today on the Nasdaq Stock Market. The shares have declined 32 percent this year.
Net income fell 3.7 percent to $83.8 million, or 23 cents a share, from $86.9 million, or 22 cents, a year earlier.
The company plans to cut prices this quarter on some products offered through its partners to boost market share, a move that will weigh on margins, Gomo said. Network Appliance also anticipates adding 300 to 350 employees to expand its sales force, he said.
Applied Materials outlook disappoints, shares fall Applied Materials Inc (AMAT.O: Quote, Profile, Research), the largest supplier of tools for making microchips, gave a profit forecast far below Wall Street expectations, stirring concerns about holiday-season sales and sending its shares down 5 percent.
The estimate came after Applied Materials reported on Wednesday a 6 percent drop in net income, matching a similar drop in revenue, for its fiscal fourth quarter ended October 28, amid a cyclical industry downturn.
Chief Executive Mike Splinter said he expected a continued pullback in spending on dynamic random access memory (DRAM), used in personal computers, but ongoing strength in flash memory, found in many consumer electronic devices, would help.
"We see the first part of fiscal 2008 as challenging," Splinter said on a conference call. "We expect foundries will remain cautious until their demand picture regains clarity."
Applied Materials' results and outlook come amid uncertainty on Wall Street about how much the U.S. credit crisis would hurt demand for technology products and services.
Tech shares tanked last week after Cisco Systems Inc (CSCO.O: Quote, Profile, Research) reported dramatic decreases in orders from U.S. banks. But tech shares snapped their losing streak on Tuesday as investors hunted for bargains as the end-of-year holiday season -- the busiest for consumer electronics sales -- approached.
Applied Materials saw the current quarter's profit at between 16 cents and 20 cents per share, with revenue falling a sequential 13 percent to 18 percent from the fourth quarter.
Wall Street analysts, on average, were looking for a first-quarter profit excluding items of 27 cents, and roughly flat revenue of $2.32 billion, according to Reuters Estimates.
NovaStar reports $598 million quarterly loss Subprime mortgage lender says shares may be de-listed from NYSE #msg-22599191 NovaStar Financial Inc. reported a $598 million quarterly net loss late Wednesday and said that its shares may be de-listed from the New York Stock Exchange. NovaStar stock slumped 37% to $2.90 during after-hours trading on Wednesday. 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. NovaStar (NFI) has been hit hard by rising delinquencies on subprime mortgages, which are offered to less creditworthy borrowers. It was a top-20 subprime mortgage lender last year, originating more than $10 billion in loans, according to industry publication Inside Mortgage Finance. The company has lost more than 95% of its market value so far this year. NovaStar said on Wednesday that subprime lending fundamentals and the secondary mortgage market have continued to deteriorate. "As the mortgage environment has grown progressively worse through 2007, we have greatly reduced our business activity and simplified our organization," NovaStar Chief Executive Scott Hartman said in a statement. "Going forward, our strategy is to manage the cash flows from our portfolio of mortgage-backed securities and operate our retail brokerage operations." 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. A decision from the NYSE is expected on Dec. 5, the company noted. http://www.marketwatch.com/news/story/novastar-reports-598-mln-quarterly/story.aspx?guid=%7B593500FC-9544-4F10-BEEC-72387D67BE03%7D
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