Friday, Jan. 11
RF Micro Devices warns on reduced Asia demand(6:39 am ET)
LONDON (MarketWatch) -- RF Micro Devices (RFMD: news, chart, profile) warned that reduced demand from customers in Asia and its top-tier customers that utilize inventory hubs, as well as softness in infrastructure and broadband/consumer markets, will hurt fiscal third-quarter ending Dec. 29 earnings and revenue. It expects a loss of 4 cents to 5 cents a share, or a profit of 6 cents to 7 cents on an adjusted basis, with revenue of $268 million. Analysts polled by Thomson Financial expected earnings of 8 cents a share on sales of $282 million. RF Micro's clients include Motorola (MOT: news, chart, profile) and Nokia (NOK: news, chart, profile) .
Opnext sees third-quarter revenue shortfall(6:12 am ET)
WASHINGTON (MarketWatch) -- Opnext Inc. (OPXT: news, chart, profile) said it expects to report a shortfall in revenue for the third quarter ended Dec. 31. The Eatontown, N.J.-based designer and manufacturer of optical modules and components now sees revenue amounting to about $66.4 million, up from $61.7 million in the year-ago third quarter but down from $76.6 million for the second quarter of fiscal 2008. Management previously had forecast third-quarter of $77 million to $80 million. Without specifying an amount, Opnext also said it anticipates generating revenue for the fourth quarter ending March 31 higher than that now projected for the third quarter. In addition, the company said its board approved the repurchase of up to $20 million in Opnext common stock over the next 24 months.
Bovis Homes sees profit matching expectation as sales slip(2:34 am ET)
LONDON (MarketWatch) -- U.K. home builder Bovis Homes Group (UK:BVS: news, chart, profile) said Friday that pretax profit for 2007 will be broadly in line with the market consensus. The company said it has focused on delivering good margins against a backdrop of declining consumer confidence. It said the number of legal completions fell to 2,930 from 3,123 and the average selling price of those completed sales fell to 179,400 pounds from 183,700 pounds due to an increase of social and partnership housing in the sales mix. But margins should be broadly in line with the previous year. The company added the outlook for 2008 is not clear, though forward sales are 19% lower than a year ago.
Giant write-down seen for Merrill: New York Times(1:14 am ET)
Merrill Lynch, the nation's largest brokerage firm, is expected to report losses of $15 billion stemming from soured mortgage investments, according to a report in the New York Times on Friday. The paper, which cited people who have been briefed on the broker's plans, said the losses have prompted the firm to raise additional capital from an outside investors, and is in discussions with U.S., Asia and Middle East investors, raising about $4 billion in coming days. The broker was expected to report a write-down of $10 to $12 billion next week by some Wall Street analysts.
Thursday, Jan. 10
CORRECT: Infosys Q3 profit jumps better-than-expected 25.2%(11:20 pm ET)
HONG KONG (MarketWatch) -- Indian software major Infosys Technologies (INFY: news, chart, profile) Friday reported a higher-than-expected 25.2% increase in third-quarter net profit on strong growth in revenue from outsourced contracts. Net profit during the October-December period rose to 12.31 billion rupees ($314 million), or 21.54 rupees a share, from a year-ago. Revenue increased 16.9% to 42.71 billion rupees, helped by the addition of 47 new clients. The company raised its full-year earnings forecast to 81.07 rupees, from at least 79.49 rupees previously and increased its revenue projection to a minimum of 166.27 billion rupees, from at least 165.88 billion rupees earlier.
Bank of Beijing 2007 profit up 50% on year: reports(11:08 pm ET)
HONG KONG (MarketWatch) -- Bank of Beijing Co.'s net profit in 2007 jumped 50% from a year earlier, according to reports. The bank, which ranks as the biggest lender by assets among Chinese city banks, made the claim in a statement but did not provide figures, newswires reported. The bank, which listed in Shanghai on Sept. 19, said it made a net profit of 2.14 billion yuan ($294.5 million) in 2006. Shareholders in the bank include ING Groep NV, with a 16% stake, and International Finance Corp., with a 4% stake.
Family Dollar December same-store sales down 0.7%(9:03 am ET)
NEW YORK (MarketWatch) -- Family Dollar Stores Inc. (FDO) said net sales for the five weeks ended Jan. 5 increased 2.5% to $816.6 million from $796.7 a year earlier. December sales were strongest in the consumables category, primarily food. The Matthews, N.C., discount retailer said same-store sales decreased 0.7%. Analysts surveyed by Thomson Financial, on average, were looking for same-store sales to decline 1.7%. Family Dollar said it expects same-store sales for January will be flat. Shares of Family Dollar Stores closed Wednesday down 5 cents at $16.14.
Kohl's December same-store sales fell 11.4%(9:02 am ET)
NEW YORK (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) said Thursday December same-store sales fell 11.4% due in part to an aggressive clearance strategy and deeper discounts affecting gross margin. Analysts, on average, were expecting the company's same-store sales to drop 8.4%, according to a survey by Thomson Financial. The Menomonee Falls, Wis., department store operator now expects fourth-quarter earnings of $1.30 to $1.34 a share, below Wall Street's mean view of $1.47 a share. Kohl's said on a calendar-adjusted basis, comparable-store sales fell 0.7%. Total sales for the five week period ending Jan. 5 fell 3.4% to $2.67 billion from $2.77 billion a year earlier.
Eddie Bauer fourth-quarter same-store sales rise (8:56 am ET)
NEW YORK (MarketWatch) -- Eddie Bauer Holdings Inc. (EBHI: news, chart, profile) said Thursday fourth-quarter same-store sales grew 4.8%. The Redmond, Wash., specialty retailer said same-store retail sales grew 8.6% and same-store outlet sales fell 1.9%. The company also announced plans to cut costs in 2008, expecting to take $25 million to $30 million out of the operating cost structure of the business.
Ethan Allen to consolidate some operations(8:54 am ET)
NEW YORK (MarketWatch) -- Ethan Allen Interiors Inc. (ETH: news, chart, profile) plans to consolidate the operations of about 12 of its retail design centers and two service centers. The Danbury, Conn., home furnishing company said of the roughly 175 full and part-time positions affected by the plan, about half are expected to transfer into nearby operations. The company said in the second half of its fiscal year ending June 30, it expects to record pretax restructuring, impairment, and other related charges of roughly $9.5 million to $10.5 million. Ethan Allen said the majority of charges will be noncash and equal an after-tax charge of $6 million to $6.6 million, or 20 cents to 22 cents a share. The company expects about half of the charges to be booked in its fiscal third quarter and the remainder in the fiscal fourth quarter. The company also said sale of certain properties, which is expected over the next 12 to 15 months, is expected to generate pretax gains of $4 million to $5 million. Ethan Allen said the consolidation will improve operating profits by about $3 million to $4 million annually starting in fiscal 2009. In addition, the company is expecting to report earnings for the second-quarter ended Dec. 31 of 68 cents to 70 cents a share on sales of about $260 million.
BJ's Wholesale December same-store sales up 3% (8:52 am ET)
NEW YORK (MarketWatch) -- BJ's Wholesale Club Inc.'s (BJ: news, chart, profile) December same-store sales rose 3%. On average, analysts polled by Thomson Financial expected a same-store sales increase of 3.5%. BJ's said same-store sales were negatively impacted by severe snow storms in the Northeast. The Natick, Mass., warehouse retailer said December sales, or sales for the five weeks ended Jan. 5, rose 6.2% to $1.03 billion from the year-ago period. For January, the company expects same-store merchandise sales, excluding the impact of gasoline and pharmacy, to increase 1% to 3%. BJ's expects fourth-quarter earnings of 70 cents to 74 cents a share. On average, analysts polled by Thomson Financial expect fourth-quarter earnings of 73 cents.
Huntington Bancshares sees fourth-quarter loss(8:50 am ET)
NEW YORK (MarketWatch) -- Huntington Bancshares Inc. (HBAN: news, chart, profile) expects a fourth-quarter loss of $239 million, or 65 cents a share. The Columbus, Ohio, holding company attributed the expected loss to charges and provisions totaling $1.00 a share in the latest period. The largest of the charges is $275 million, or 75 cents, related the company's decision to restrcuture its lending relationship with sub-prime mortgage lender Franklin Credit Management Corp., cutting Franklin's debt by about $300 million.
Ikon cuts first-quarter outlook(8:48 am ET)
NEW YORK (MarketWatch) -- Ikon Office Solutions Inc. (IKN: news, chart, profile) cut first-quarter earnings guidance to the range of 15 cents to 17 cents a share from a previous projection of 22 cents to 24 cents a share. The Malvern, Pa., office technology company said the lower outlook is due to lower-than-anticipated equipment revenue and a higher-than-expected tax rate. For the quarter, revenue is expected to decline 1% year over year on lower sales and productivity.
Ross Stores December sales rise; boosts forecast(8:41 am ET)
NEW YORK (MarketWatch) - Ross Stores Inc. (ROST: news, chart, profile) said Thursday its December sales at stores open at least one year rose 3%. Analysts, on average, had expected its same-store sales to rise 0.9%, according to Thomson Financial. Total sales for the five weeks ended Jan. 5 rose 12% to $755 million. Based on favorable sales and margin trends quarter-to-date, the off-price retailer raised its earnings per share target for the quarter to a range of 68 cents to 69 cents, compared to the previous guidance of 62 cents to 68 cents. Analysts, on average, expect it to earn 66 cents a share for the fourth quarter, according to Thomson Financial. The updated fourth quarter forecast assumes a 1% to 3% rise in January same store sales.
M/I Homes' quarterly contracts fall(8:42 am ET)
BOSTON (MarketWatch) -- M/I Homes Inc. (MHO: news, chart, profile) Thursday said its fourth-quarter contracts fell to 322 from 353 the previous year. The residential builder said it delivered 1,042 homes during the quarter, down 24% from a year earlier. The company recently said it was exiting the West Palm Beach market in Florida due to poor performance. "Conditions continue to be challenging in our markets and are expected to remain so throughout 2008," said Chief Executive Robert Schottenstein in a statement. M/I Homes is scheduled to report full fourth-quarter results on Feb. 7.
Abercrombie & Fitch December same-store sales slip(8:11 am ET)
NEW YORK (MarketWatch) - Abercrombie & Fitch (ANF: news, chart, profile) said Thursday its December sales at stores open at least one year fell 2%. Analysts, on average, had expected its same-store sales to fall 0.8%, according to Thomson Financial. Net sales for the five weeks ended Jan. 5 rose 9% to $657 million.
Signet December same-store sales down 6.8%(8:10 am ET)
LONDON (MarketWatch) -- Signet Group (SIG: news, chart, profile) (UK:SIG: news, chart, profile) , the operator of Kay Jewelers in the U.S. and H. Samuel in the U.K., said December same-store sales fell 6.8%, with a 8.1% drop in the U.S. and a 3.1% fall in the U.K. It expects annual profit before tax to range between $330 million and $340 million. Signet separately said it may become a domestic issuer for U.S. Securities and Exchange Commission purposes because of the growth in U.S ownership, which would trigger additional U.S. reporting and accounting obligations.
Bon-Ton sales slip; lowers forecast(7:50 am ET)
NEW YORK (MarketWatch) - Bon-Ton Stores Inc. (BONT: news, chart, profile) said Thursday its combined Carson's and Bon-Ton December sales at stores open at least one year fell 11.3%. Carson's same-store sales fell 9.5% and Bon-Ton's tumbled 14.2%. Analysts, on average, had expected same-store sales to fall 9%, according to Thomson Financial. Total sales for the five weeks ended Jan. 5 fell 13% to $558.2 million. The department-store operator said December sales were more challenging than expected, reflecting continued weakness in traffic trends. Bon-Ton said it expects lower December sales and margin results to reduce our fiscal 2007 EBITDA guidance by about $27 million and its fiscal year profit forecast by about $1.
Children's Place comp sales rise; exploring options(7:14 am ET)
NEW YORK (MarketWatch) - Children's Place Retail Stores (PLCE: news, chart, profile) said Thursday its December sales at stores open at least one year rose 2%. Analysts, on average, had expected its same-store sales to rise 3.4%, according to Thomson Financial. Total sales for the five weeks ended Jan. 5 fell 1% to $314.6 million. The Secaucus, N.J.-based retailer said that in December it hired a retail consulting firm to help identify operational improvements. The board and management team are also in the process of assessing a variety of options to improve the business and competitive position, including a long-term strategy to realize the "full potential" for the Disney Store brand. Separately, the company said that it will not be able to hold its fiscal 2006 shareholder meeting by the Feb. 3, 2008 deadline required by the Nasdaq Stock Market due to the delayed filing of its annual report. It will instead request an extension to the meeting deadline from Nasdaq and expects to hold the meeting in the spring of 2008.
Finlay Enterprises' same-store sales drop 5.9%; cuts outlook(6:56 am ET)
LONDON (MarketWatch) -- Jewelry story operator Finlay Enterprises, Inc. (FNLY: news, chart, profile) on Thursday said sales the two-month period including November and December at stores opened at least a year fell 5.9%. Total sales for the period rose 27% to $349 million. As a result of the lower-than-expected sales, the company said it now expects fourth-quarter adjusted earnings in the range of $1.50 to $1.60 a share compared with an earlier forecast of $2.15 to $2.30 a share based on same-store sales growth of 1.5% to 2.5%.
GSI Tech sees quarterly revenue topping guidance range(6:34 am ET)
LONDON (MarketWatch) -- GSI Technology (GSIT: news, chart, profile) on Thursday said that on the basis of preliminary financial results, it expects its third-quarter revenue to top its previous guidance range of $12.6 million to $13.4 million provided early in the quarter. GSI added that sales to its largest cutomer, Cisco Systems (CSCO: news, chart, profile) , are expected to reach roughly $4.2 million in the quarter compared to $3.7 million a year earlier.
Mothers Work sees quarterly loss on weak December sales(6:13 am ET)
WASHINGTON (MarketWatch) -- Mothers Work Inc. (MWRK: news, chart, profile) said Thursday that December sales at stores open at least one year fell 7.6%. Analysts, on average, had expected same-store sales to fall 0.5%, according to Thomson Financial. Net sales decreased 9.6% to $50.3 million, the Philadelphia-based specialty retailer said. In addition, Mothers Work revised its forecast for the first quarter ended Dec. 31 and now sees a loss of 4 cents to 8 cents a share, as opposed to a previously projected profit of 11 cents to 25 cents a share.
Big 5 Sporting Goods same-store sales drop, updates guidance(6:12 am ET)
LONDON (MarketWatch) -- Big 5 Sporting Goods Corp. (BGFV: news, chart, profile) on Thursday said fourth-quarter sales slipped to $232 million from $234.5 million in the year-earlier period. Same-store sales declined 4.7%, due to a decline in customer traffic and the impact of macroeconomic issues. The company said it now expects fourth-quarter earnings in the range of 25 cents to 28 cents a share and full-year earnings of between $1.22 and $1.25 a share.
South Korea's Posco reports Q4 net profit down 20% on year(4:07 am ET)
HONG KONG (MarketWatch) - South Korean steel maker Posco (PKX: news, chart, profile) said net profit in the fourth quarter declined 20% on year owing to a fall in stainless steel sales and declining production. Posco, Asia's largest steel marker by market capitalization, said net profit for the December-ending quarter fell to 713 billion won ($762 million) from 895 billion won a year ago. The result was below average analyst forecasts for a net profit of 842 billion won, according to newswires. Sales for the fourth quarter totaled 5.434 trillion won, up 0.4% from a year ago. The steelmaker reduced stainless steel product prices by 400,000 won to 3.40 million won per ton on Dec. 17 amid slowing demand from customers. The price cuts follow production cuts. In the July to September quarter, Posco reportedly reduced its stainless steel output by 135,000 metric tones. Global prices for nickel, a key ingredient in stainless steel, have fallen to $29,100 per ton, about 43% below record highs in May
Costco's Dec. same-store sales rise 7%; top forecasts(3:49 am ET)
LONDON (MarketWatch) -- Costco Wholesale Corp. (COST: news, chart, profile) said Thursday that its December sales at stores open at least one year rose 7%. Analysts, on average, had expected its same-store sales to rise 5.7%, according to Thomson Financial. Total sales rose 10% to $7.55 billion. Excluding gasoline price inflation, U.S. same store sales improved 4%.
Redrow sales decline as market weakens(2:41 am ET)
LONDON (MarketWatch) -- U.K. home builder Redrow Plc (UK:RDW: news, chart, profile) said Thursday that group forward sales at the end of December represented 1,694 homes, down from 1,871 a year ago amid significantly more challenging market conditions. Legal completions fell to 2,111 from 2,.214 and the company said operating margin in its homes division will be lower than previously expected due to lower land sales profits. "Consumer confidence and the availability of mortgage finance will be the key factors in determining the strength of the critical Spring housing market," the company said.
Man Group funds under management reach $71.7 bln(2:34 am ET)
LONDON (MarketWatch) -- U.K. hedge fund manager Man Group (UK:EMG: news, chart, profile) said Thursday that its funds under management reached $71.7 billion at the end of December, up from $68.6 billion at the end of September. Sales in the three months totalled $4.2 billion, with $2.6 billion coming from institutional sales and the rest from sales to private customers. Total redemptions were $3.6 billion, with performance adding $1.5 billion and currency translation and other adjustments contributing $1 billion. By division its AHL funds showed a positive performance of 5.1% while its global strategies unit lost 0.8%.
Hays quarterly comparable sales up 23%; sees opportunities(2:29 am ET)
LONDON (MarketWatch) -- British specialist recruitment firm Hays (UK:HAS: news, chart, profile) on Thursday said comparable sales for the quarter ended Dec. 31 rose 23%, driven by strong growth in Asia and Europe. The company said it sees good opportunities to strengthen its position in the U.K. and exceptional opportunities for "rapid and sustainable" growth in its international markets. Hays said it would discuss these opportunities at its investment day on April 17 and reiterated that whilst mindful of the current economic uncertainties, it's confident in its outlook for the year.
Premier Foods second-half pro-forma sales rise 3%(2:23 am ET)
LONDON (MarketWatch) -- Premier Foods (UK:PFD: news, chart, profile) , the U.K.'s top supplier of groceries, on Thursday said pro-forma sales rose 3% in the second half as a good performance from it cake and customer partnership businesses offset disappointing retailer branded sales. The company, which acquired Campbell's U.K. and Irish businesses last year, said it managed to implement bread price increases to offset wheat price inflation but said inflation would remain a factor in 2008. Premier Foods said it expects full-year profit to be in line with expectations even as the market remains "highly competitive" in 2008.
Capital One 2007 earnings to fall short of forecast(2:04 am ET)
HONG KONG (MarketWatch) -- Capital One Financial Corp. (COF: news, chart, profile) Thursday said it expects 2007 earnings to fall more than 20% short of its earlier forecast, due to higher provision expenses and additional legal reserves established during the fourth quarter. The McLean, Va., credit-card company expects full year diluted earnings of $3.97 a share, compared with its projection of $5 a share. The company said its fourth-quarter provision for loan losses was about $1.9 billion, including approximately $1.3 billion in charge-offs and an allowance build of about $650 million.
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