Replies to post #246 on Earning Plays

[3xBuBu]

Tuesday, Jan. 29
C.H. Robinson profit rises 19% (5:53 pm ET)
SAN FRANCISCO (MarketWatch) -- C.H. Robinson Worldwide, Inc. (CHRW: news, chart, profile) reported late Tuesday fourth-quarter net income rose to $85.3 million, or 49 cents a share, from $71.8 million, or 41 cents, a year ago. Revenue for the three months ended Dec. 31 rose nearly 19% to $1.95 billion from $1.64 billion. Analysts surveyed by Thomson Financial forecast the trucking and transport company would earn 48 cents a share on $1.83 billion in sales. Shares of the Minneapolis-based company rose 1% to close at $50.81 ahead of the report.
Hercules net income falls; overseas sales rise (5:07 pm ET)
SAN FRANCISCO (MarketWatch) -- Hercules, Inc. (HPC: news, chart, profile) reported late Tuesday net income in the fourth quarter fell to $28.5 million, or 25 cents a share, from $242.1 million, or $2.14 a share, a year ago. The year-ago results included a huge $242 million one-time tax gain. Net income for the quarter from ongoing operations was $35 million, or 31 cents a share, compared with $34.8 million, or 31 cents a share, a year ago. Revenue at the specialty chemicals and materials maker rose 9% to $540.7 million, helped by stronger overseas sales and a 5% gain from favorable exchange rates. Analysts polled by Thomson Financial had forecast a profit of 30 cents on $525.1 million in sales. Shares of the Wilmington, Del. company fell 1.2% to close at $17.03 ahead of the report.
Yahoo posts dip in quarterly profit(4:37 pm ET)
SAN FRANCISCO (MarketWatch) - Yahoo Inc. said Tuesday its fiscal fourth-quarter profit fell compared to the same period a year earlier, amid an ongoing reorganization of the troubled Internet company. Sunnyvale, Calif.-based Yahoo (YHOO: news, chart, profile) said its net income for the period ended in December fell to $205.7 million, or 15 cents a share, from $268.7 million, or 19 cents a share a year earlier. Meanwhile total revenue rose 8% to $1.8 billion. Net sales, which exclude payments Yahoo makes to other Web sites to acquire traffic, rose to $1.4 billion from $1.2 billion. Analysts polled by Thomson Financial had estimated Yahoo would report earnings for the fourth quarter of 11 cents a share, on net sales of $1.4 billion.
Chubb quarterly net slips slightly to $650 million(4:28 pm ET)
SAN FRANCISCO (MarketWatch) -- Chubb Corp. (CB: news, chart, profile) said late Tuesday that fourth-quarter net income came in at $650 million, or $1.68 a share, down slightly from a year earlier when the property and casualty insurer made $654 million, or $1.56 a share. Operating income, which excludes after-tax realized investment gains and losses, was $620 million, or $1.60 a share, the company added. Chubb was expected to earn $1.47 a share in the period, according to the average estimate of 21 analysts in a Thomson Financial survey. Chubb said it expects to generate operating income of $5.70 to $6.10 a share in 2008. Analysts are forecasting full-year profit of $5.87 on average in 2008.
Websense swings to a loss on charges(4:21 pm ET)
SAN FRANCISCO (MarketWatch) -- Websense Inc. (WBSN: news, chart, profile) swung to a loss in the fourth quarter because of charges related to acquisitions and other items. The company reported a net loss of $26.9 million, or 59 cents a share, for the December quarter compared to earnings of $7.8 milion, or 17 cents a share, for the same period the previous year. On a non-GAAP basis, the company said it would have earned $12.8 million, or 28 cents a share. Revenue grew to $61 million from $47.3 million last year. Analysts were expecting earnings of 23 cents a share on revenue of $78.1 million, according to Thomson Financial.
Flextronics reports $774 million loss on acquisition charges(4:17 pm ET)
SAN FRANCISCO (MarketWatch) -- Flextronics International Ltd. (FLEX: news, chart, profile) on Tuesday said it swung to a fiscal third-quarter loss of $774 million as it recorded large charges related to restructuring and its acquisition of Solectron Corp. Flextronics lost 94 cents a share on $9.1 billion in revenue, compared to earning $119 million, or 20 cents a share, on $5.4 billion in the year-ago quarter. Excluding charges and one-time items, Flextronics would have earned 30 cents a share. By that measure, the electronics contract manufacturer topped the estimates of analysts surveyed by Thomson First Call, who forecast a profit of 26 cents a share on $8.6 billion in sales. For its fiscal fourth-quarter, Flextronics estimates it will earn 22 cents to 24 cents a share, excluding one-time items, on revenue in a range of $7.5 billion to $7.9 billion.
Analyst says Valero's earnings a 'clear beat'(12:26 pm ET)
NEW YORK (MarketWatch) -- Natixis Bleichroeder Inc. analyst Roger D. Read on Tuesday said Valero's (VLO: news, chart, profile) recurring earnings amounted to 87 cents a share excluding a tax benefit and other items. The figure is a "clear beat" of the forecast of 59 cents a share. The earnings performance, "was derived mainly from better-than-expected operating performance in the refining segment - driven mostly by the mid-continent and somewhat by the Gulf Coast," Read said. "While the fourth-quarter operating environment was the most difficult of 2007, results benefitted from wide sour crude discounts and regional diversification."
UBS eyes Smith International's rig count, offshore rigs(12:00 pm ET)
NEW YORK (MarketWatch) -- UBS analyst J. David Anderson said in a note to clients that Smith International's (SII: news, chart, profile) weaker-than-expected profit forecast matched an industry trend, with slower offshore growth and a weaker distribution business cutting into earnings. "Similar to Schlumberger (SLB: news, chart, profile) , offshore growth appears limited in near-term as revenue generation from 52 newbuild offshore rigs this year doesn't fully kick in until 2009," Anderson said in a note to clients. "The reduction of rigs in the shallow Gulf of Mexico isn't helping matters either." Shares of Smith International fell $5.97 to $56.07 in recent action.
Occidental draws praise from UBS(11:46 am ET)
NEW YORK (MarketWatch) -- Occidental Petroleum (OXY: news, chart, profile) managed to beat profit targets on lower taxes and higher oil prices, UBS analysts said Tuesday. While fourth-quarter oil production rose 5% to 591,000, the figure fell short of its forecast of 600,000 to 615,000 due to a strike in Argentina, UBS noted. The stock is "even more attractive after (its) recent underperformance," UBS analyst William Featherstone said.
Meritage shares rise in wake of earnings report(11:03 am ET)
BOSTON (MarketWatch) -- Shares of home builder Meritage Homes Corp. (MTH: news, chart, profile) rose more than 7% Tuesday morning after the company reported a fourth-quarter net loss of $129 million, but analysts said the firm is shoring up its balance sheet. Banc of America Securities analyst Daniel Oppenheim said Meritage continues to focus on improving its balance sheet by aggressively pricing speculative homes without a buyer and walking away from options on real estate, "which we view as the right strategy." He also pointed out Meritage plans to pay off the balance on its revolving credit facility, which should help reduce its net debt-to-capital ration. Meritage after Monday's closing bell said it reduced its exposure to joint ventures, and that it believes the "great majority" of impairment charges are behind it. ``Our primary focus in 2008 is to strengthen our balance sheet and maintain liquidity," said Chief Executive Steven Hilton in a statement.
Valero rallies on profit report as energy stocks gain ground(9:51 am ET)
NEW YORK (MarketWatch) -- Valero (VLO: news, chart, profile) jumped 10% to $60.53 after posting a narrower-than-expected drop in net income as earnings took center stage in the energy sector on Tuesday. The sector also caught tailwinds from the overall market, which moved up on a possible interest rate cut. Crude oil for March delivery rose 36 cents at $91.35 a barrel on the New York Mercantile Exchange amid more optimism about the economy. Valero said it was able to take advantage of the wide sour crude discounts during the fourth quarter. Smith International (SII: news, chart, profile) fell 8% to $57.08 after it warned it expects 2008 earnings of $3.70 to $3.80 a share, below the target of $4 a share. Occidental Petroleum (OXY: news, chart, profile) rose 47 cents to $65.04 after it reported fourth-quarter earnings of $1.74 a share, ahead of the forecast of $1.69 a share. The Amex Oil Index (XOI: news, chart, profile) rose 1.3% to 1,366. The Amex Natural Gas Index (XNG: news, chart, profile) rose fractionally at 531.
AMB Property's quarterly funds from operations up 19%(9:40 am ET)
NEW YORK (MarketWatch) -- Global developer and industrial real estate company AMB Property Corp. (AMB: news, chart, profile) said Tuesday that funds from operations per diluted share rose nearly 19% to $1.20 for the fourth quarter. Net income for the period was 92 cents a share compared to 91 cents a year earlier. The company's operating portfolio was 96% occupied at the end of the fourth quarter, a rise of 20 basis points from the previous quarter. AMB pointed to high trade volumes in European and Asian markets as primary sources of growth in the coming year. "Our global customers indicate that the expansion and reconfiguration of the global supply chain should continue to support steady demand," AMB Chairman and CEO Hamid R. Moghadam said in a company announcement. The company expects 2008 FFO of $3.85 to $4.05 a share and earnings of $2.80 to $3.00 a share. Shares of AMB closed Monday at $52.51.
Energizer Holdings first-quarter net falls 16%(9:34 am ET)
NEW YORK (MarketWatch) -- Energizer Holdings Inc.'s (ENR: news, chart, profile) fiscal first-quarter net income fell 16% to $102.6 million, or $1.74 a share, from $122.3 million, or $2.08 a share, a year earlier. Earnings in the recent period were reduced by 39 cents a share by the inclusion of Playtex Products Inc., which the company acquired in October. The St. Louis battery maker's sales rose 24% to $1.19 billion from $959.2 million, a year ago. On average, analysts polled by Thomson Financial expected earnings of $2.20 a share on revenue of $1.12 billion. Sales in the household products unit rose 9% to $789.8 million and sales in the personal care unit rose to $400.1 million.
Builder NVR's profit falls 50%(9:10 am ET)
BOSTON (MarketWatch) -- Residential builder NVR Inc. (NVR: news, chart, profile) Tuesday said fourth-quarter profit fell to $67.3 million, or $11.72 a share, from $135.2 million, or $20.86 a share, in the year-ago period. The Reston, Va.-based company said net income was lowered by about $97 million, or $10.32 a share, as a result of land-deposit impairment charges. New orders in the fourth quarter fell 35% from a year earlier to 1,948 units. The cancellation rate rose to 32% from 27% in the third quarter. "These elevated cancellation levels are largely due to the instability in the mortgage lending market, including the tightening of mortgage underwriting standards," NVR said. The average sales price of new orders in the fourth quarter declined 13% from the previous year, the company said.
Avery Dennison fourth-quarter net falls 24%(8:51 am ET)
NEW YORK (MarketWatch) -- Avery Dennison Corp.'s (AVY: news, chart, profile) fourth-quarter net income declined 24% to $79.4 million, or 81 cents a share, from $104.7 million, or $1.04 a share, a year earlier, hurt by restructuring and asset impairment charges and costs from the integration of Paxar Corp. Excluding restructuring and asset impairment, earnings were $1.08 a share for the latest period. Sales grew 21% to $1.71 billion from $1.41 billion. On average, analysts polled by Thomson Financial expected earnings of 96 cents a share on revenue of $1.68 billion. The Pasadena, Calif., maker of pressure sensitive labeling materials and office products expects 2008 earnings of $3.80 to $4.20 a share on revenue growth of 9.5% to 12.5%. Excluding restructuring and asset impairment charges and Paxar integration costs, earnings are expected between $4.15 to $4.55 a share.
Polaris posts rise in fourth-quarter income(8:48 am ET)
NEW YORK (MarketWatch) -- Polaris Industries Inc. (PII: news, chart, profile) Tuesday said its fourth-quarter net income increased 16% to $37.7 million, or $1.06 a share, from $32.4 million, or 83 cents a share, in the year-earlier period. Net income from continuing operations was $38 million, or $1.07 a share, up from $36.1 million, or 93 cents a share, a year ago. The Minneapolis producer of snowmobiles and all-terrain vehicles said sales for the quarter ended Dec. 31 rose 21% to $541.4 million, from $448.6 million. Analysts surveyed by Thomson Financial expected, on average, earnings of $1.04 a share and revenue of $505 million. Looking ahead, Polaris sees first-quarter earnings of 39 cents to 44 cents a share and sales growth of 12% to 14%. Wall Street projects first-quarter earnings of 37 cents a share. For 2008, Polaris expects full-year earnings of $3.28 to $3.40 a share, while analysts project $3.43 a share. The company estimates 2008 sales to increase 3% to 5% from 2007 levels.
USG swings to 4th-quarter loss on 7.3% lower sales(8:47 am ET)
NEW YORK (MarketWatch) -- USG Corp., (USG: news, chart, profile) the Chicago building-products company, swung to a fourth-quarter loss from a year-earlier profit on 7.3% lower sales. The loss was $28 million, or 28 cents a share, compared with net income of $100 million, or $1.11, in the year-earlier period. Shares outstanding rose 10% to 99 million. Sales were $1.2 billion against $1.29 billion. A survey of analysts by Thomson Financial produced consensus estimates of a loss of 12 cents a share on revenue of $1.16 billion. The loss reflects a nickel a share of charges for staff cuts, site closings and asset impairments. "High inventories of unsold homes, tighter mortgage-lending standards and a decline in residential repair and remodeling activity caused wallboard shipments and prices to fall throughout 2007," Chairman and CEO William C. Foote said in a statement. The downturn in residential construction should continue through 2008 while non-residential building stays stable, USG said. Meantime, reduced demand for its products will continue to hurt sales and profit, USG said.
Carpenter Tech net income up on international business(8:43 am ET)
NEW YORK (MarketWatch) -- Carpenter Technology Corp. (CRS: news, chart, profile) on Tuesday said second-quarter net income rose to $56.1 million, or $1.14 a share, from $48.1 million, or 91 cents a share in the year-ago period. Net income from continuing operations rose to $1.17 a share from 91 cents a share. Revenue climbed to $446 million from $421 million. Analysts surveyed by Thomson Financial forecast earnings of $1.10 a share, on average. "We continued to experience strong demand from the energy market, which also contributed to the 33% jump in our international sales," the Wyomissing, Pa. alloys maker said. "Growth in these markets helped offset domestic weakness in our economically sensitive markets, including automotive, consumer, and industrial."
Gentex fourth-quarter net income up 3%(8:37 am ET)
NEW YORK (MarketWatch) -- Automotive industry harbinger Gentex Corp. (GNTX: news, chart, profile) reported Tuesday that 2007 net income increased 12% to $122.1 million, with fourth-quarter net income up 3% to $31.8 million. Earnings per diluted share for the quarter were flat at 22 cents, missing the average analyst estimate for earnings of 23 cents a share, according to a survey by Thomson Financial. The company said its results were hurt by the cost of a $2.9 million pretax litigation judgment related to a lawsuit from rival automotive mirror maker Muth Mirror Systems LLC. Gentex said it expected more growth in 2008 "despite the issues related to reduced vehicle production levels at the traditional 'Big Three' automakers in North America," Gentex Chairman and Chief Executive Officer Fred Bauer said in a company statement. Shares of Gentex closed Monday at $16.56.
Countrywide takes $704 mln charge for home equity issues (8:34 am ET)
NEW YORK (MarketWatch) -- Countrywide Financial Corp CFC said on Tuesday that it took a $704 million charge to cover its costs for home equity lines of credit it has extended but may not be repaid for. Countrywide said under the terms of its securitized home equity credit lines, the company is required to advance the credit to the customer, but is not the first in line to receive payment. Instead, the cash flows from the securitization fund Countrywide's reimbursement, but the owners of the securitized lines are first in line for repayment. "This status, known as rapid amortization, has the effect of extending the time period for which the company advances are outstanding, and may result in Countrywide not receiving reimbursement for all of the funds advanced," Countrywide said in a press release.
Valero's fourth-quarter net falls 49%(8:21 am ET)
NEW YORK (MarketWatch) -- Valero Energy Corp.'s (VLO: news, chart, profile) fourth-quarter net income fell 49%, as an inability to pass the rising cost of crude oil on to consumers resulted in slimmer margins. Shares traded up in the pre-market, however, rising to $58 from Monday's closing price of $54.90, as earnings beat estimates. The nation's largest oil refiner reported net income of $567 million, or $1.02 a share, compared with $1.11 billion, or $1.80 a share, a year earlier. Year-earlier results included a divestiture gain of 21 cents a share and 6 cents a share in earnings from discontinued operations. Revenue increased 52% to $28.67 billion. The mean estimates of analyst polled by Thomson Financial were for earnings of 64 cents a share on revenue of $24.23 billion.
Imperial Sugar 1st-quarter net fell 22%, sales fell 5.1%(8:21 am ET)
NEW YORK (MarketWatch) -- Imperial Sugar Co., (IPSU: news, chart, profile) Sugar Land, Texas, reported fiscal first-quarter net income fell 22% on 5.1% lower sales. For the quarter ended Dec. 31, Imperial earned $12.3 million, or $1.04 a share, compared with $15.7 million, or $1.37, in the year-earlier period. Sales slipped to $215.5 million from $227 million. The sales drop was "driven primarily by 11.4% lower domestic sales prices," Imperial said in a statement on Tuesday. Pricing was pressured "across all market channels, resulting from prospects of an oversupplied market from a historically large beet crop." Gross-profit margin fell to 7.9% from 17.1%. Also affecting the comparison, Imperial said, were unusually high market prices for refined sugar in the past two years because of bad weather.
Countrywide reports $422 mln quarterly loss(8:12 am ET)
BOSTON (MarketWatch) -- Troubled mortgage lender Countrywide Financial Corp. (CFC: news, chart, profile) , which is in a deal to be acquired by Bank of America Corp. (BAC: news, chart, profile) , Tuesday said it swung to a fourth-quarter loss of $422 million, or 79 cents a share. Provision for credit losses totaled $924 million, down from $937 million in the third quarter. Countrywide has reduced its headcount by about 11,000 since July 2007. The company declared a 15-cent dividend on its common shares.
JetBlue swings to fourth-quarter loss(7:53 am ET)
NEW YORK (MarketWatch) -- JetBlue Airways Corp. (JBLU: news, chart, profile) said Tuesday that it swung to a fourth-quarter loss of $4 million, or 2 cents a share, from a year-earlier profit of $17 million, or 10 cents a share. The New York-based airline said operating revenue for the quarter rose 17% to $739 million from $633 million. On average, analysts polled by Thomson Financial expected a loss of 5 cents a share on revenue of $731 million. Fourth-quarter traffic rose 7.1% and capacity rose 11.5%.
T. Rowe Price profit rises on advisory revenue gain (7:48 am ET)
NEW YORK (MarketWatch) -- Asset manager T. Rowe Price (TROW: news, chart, profile) said Tuesday that its fourth quarter profit of $190.7 million, or 68 cents a share compared to $148.9 million, or 53 cents a share a year ago. Net revenues at the firm rose to $597.8 million from $489.1 million a year ago. Investment advisory fees climbed to $506.6 million from $409.7 million in the year-ago quarter. Analysts polled by Thomson First Call had expected the firm to earn 63 cents a share in the quarter.
Trane's fourth-quarter sales rise(7:43 am ET)
NEW YORK (MarketWatch) -- Trane Inc.'s (TT: news, chart, profile) fourth-quarter earnings from continuing operations fell to 32 cents a share from 36 cents a share a year earlier. The Piscataway, N.J., maker of heating and ventilation equipment said adjusted earnings from continuing operations for the quarter increased to 33 cents a share from 26 cents a share a year ago. A Thomson Financial survey of analysts, on average, projected earnings of 29 cents a share for the quarter. Analysts' estimates usually exclude items. Sales rose to $1.82 billion from $1.6 billion a year ago. The company expects 2008 sales growth of 5% to 6% and income from continuing operations of $473.5 million to $503.5 million. Trane also sees 2008 adjusted income from continuing operations of $490 million to $520 million. For first quarter, Trane expects sales to increase 6% to 8% with income from continuing operations of $54.5 million to $60.5 million.
Consol Energy net income down, revenue beats target(7:41 am ET)
NEW YORK (MarketWatch) -- Consol Energy (CNX: news, chart, profile) on Tuesday said fourth-quarter net income fell to $6.8 million, or 4 cents a share, from $115.3 million, or 62 cents a share in the year-ago period. The company cited a $31 million cost of a roof fall in its Buchanan Mine. Revenue fell to $918.6 million from $954 million. Analysts surveyed by Thomson Financial forecast earnings of 34 cents a share and revenue of $899.5 million. "The idling of the Buchanan Mine for the entire quarter significantly capped fourth quarter earnings," said J. Brett Harvey, president and chief executive officer. "However, now that we have reentered the mine, I expect this event to move quickly to conclusion with the result that financial performance should improve substantially."
Zimmer Holdings fourth-quarter net rises (7:39 am ET)
NEW YORK (MarketWatch) -- Zimmer Holdings Inc.'s (ZMH: news, chart, profile) fourth-quarter net income rose 7.8% to $263.8 million, or $1.12 a share, from $244.7 million, or $1.02 a share, a year earlier. Adjusted earnings for the period rose 16% to $1.18 a share, from the prior-year period. The Warsaw, Ind., health products company said net sales rose 15% to $1.07 billion from $933.6 million a year ago. On average, analysts polled by Thomson Financial expected earnings of $1.04 a share on revenue of $1.03 billion. Zimmer expects 2008 net sales to grow 10% to 11%. The company expects adjusted earnings for 2008 to be $4.20 to $4.25 a share.
Occidental net income up 56%(7:36 am ET)
NEW YORK (MarketWatch) -- Occidental Petroleum (OXY: news, chart, profile) on Tuesday said fourth-quarter net income rose 56% to $1.45 billion, or $1.74 a share, from $930 million, or $1.09 a share in the year-ago period. The Los Angeles oil giant was expected to earn $1.69 a share, according to a survey of analysts by Thomson Financial. "While high commodity prices clearly have boosted earnings throughout the industry, Oxy has consistently produced top-quartile results in capturing the value from higher prices on an equivalent barrel basis and delivering it to the bottom line," the company said. Occidental said it replaced 116% of its 2007 production.
Pepsi Bottling's fourth-quarter income falls(7:35 am ET)
NEW YORK (MarketWatch) -- Pepsi Bottling Group Inc.'s (PBG: news, chart, profile) fourth-quarter net income dropped 39% to $81 million, or 35 cents a share, from $133 million, or 55 cents a share, a year earlier. Results from the latest quarter included restructuring charges, an asset disposal charge and tax items totaling 5 cents a share, while year-earlier results included a gain of 22 cents a share related to the reversal of tax reserves. Revenue grew 7.2% to $4.04 billion from $3.77 billion. On average, analysts polled by Thomson Financial expected earnings of 38 cents a share on revenue of $4.03 billion. For 2008, the Somers, N.Y., beverage company expects comparable earnings of $2.30 to $2.38 a share, operating profit growth of 4% to 6% and an increase in revenue of 6% to 7%.

[3xBuBu]

Wednesday, Jan. 30
Fidelity National reports quarterly net loss of $44.9 mln(5:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Fidelity National Financial (FNF: news, chart, profile) reported a fourth-quarter loss late Wednesday after the title insurer set aside money to pay claims. The net loss was $44.9 million, or 21 cents a share. That compares to net income of $71.2 million, or 34 cents a share, a year earlier, Fidelity National said. The results include a $135.7 million charge to strengthen the company's reserves for paying claims. Excluding that charge, Fidelity National said it would have made a profit of $59.1 million, or 28 cents a share. The company was expected to earn 18 cents a share, according to the average estimate of four analysts in a Thomson Financial survey.
Everest Re quarterly net income drops 94%(4:32 pm ET)
SAN FRANCISCO (MarketWatch) -- Everest Re Group (RE: news, chart, profile) said late Wednesday that fourth-quarter net income came in at $12.2 million, or 19 cents a share, down 94% from a year earlier when the Bermuda-based reinsurer made $206.4 million, or $3.15 a share. Operating income, which excludes realized capital gains and losses, was $63.2 million, or $1 a share, the company added. Everest Re was expected to make $1.19 a share, according to the average estimate of 14 analysts in a Thomson Financial survey. The combined ratio, claims and expenses as a percentage of premiums, came in at 108.4%, up from 92.9% a year earlier. Claims and expenses rose because the reinsurer said it experienced a net adverse development on prior accident year loss reserves of $211.6 million in the quarter.
Starbucks posts slim profit; plans to close 100 U.S. stores(4:18 pm ET)
SAN FRANCISCO (MarketWatch) -- Starbucks (SBUX: news, chart, profile) late Wednesday reported its quarterly profit rose slightly from a year ago as the coffee-shop chain seeks to restructure its operations to improve growth. Starbucks also said it will close 100 underperforming U.S stores and expects "low double-digit" earnings-per-share growth in 2008. The Seattle-based company reported fiscal first-quarter net income of $208.1 million, or 28 cents a share, compared with net income of $205 million, or 26 cents a share, a year ago. Sales for the three months ended Dec. 30 rose 17% to $2.8 billion. This month, founder Howard Schultz returned as CEO, pledging to slow the pace of U.S. store openings, close underperforming stores, and accelerate global expansion.
Amazon earnings double in fourth quarter(4:05 pm ET)
SAN FRANCISCO (MarketWatch) -- Amazon.com saw its earnings more than double in the fourth quarter thanks to strong holiday sales. For the quarter ended Dec. 31, Amazon (AMZN: news, chart, profile) reported earnings of $207 million, or 48 cents a share, compared to earnings of $98 million, or 23 cents a share, for the same period the previous year. Revenue grew 42% to $5.67 billion. Analysts were expecting earnings of 48 cents a share on revenue of $5.37 billion, according to consensus forecasts from Thomson Financial. For the first quarter, the company said it expects revenue to come in between $3.95 billion and $4.15 billion - ahead of the $3.92 billion predicted by analysts.
CORRECT: Constellation's adjusted earnings up 37%(12:57 pm ET)
LONDON (MarketWatch) -- Constellation Energy (CEG: news, chart, profile) said fourth-quarter net income fell to $258 million, or $1.42 a share, from $405 million, or $2.22 a share, a year earlier. Excluding exceptional items, adjusted earnings came in at $1.48 a share compared to $1.08 a share earned in the same period in 2006. Sales climbed 15% to $5.35 billion. Constellation reaffirmed its 2008 guidance for earnings in the range of $5.25 to $5.75 a share and said it expects to be in the middle to upper end of the range. In 2009, the company expects to grow earnings 15% to 20% from 2008. Constellation also raised its dividend by 10%. (Corrects stock symbol.)
Hess draws praise on upstream business(12:09 pm ET)
NEW YORK (MarketWatch) -- Hess (HES: news, chart, profile) beat Wall Street expectations on strength in its exploration and production results and higher oil prices, but missed its refining targets, Friedman Billings Ramsey analyst Eitan Bernstein said in a note to clients. During 2008, management at Hess expects production to range between 380,000 and 390,000 barrels of oil equivalent a day, up 1% to 4%. The company's reserve additions were "significant," Bernstein said. Hess shares fell 51 cents to $90.60 in recent action.
Centex says mortgage turmoil affecting home pricing(12:06 pm ET)
BOSTON (MarketWatch) -- Executives at Centex Corp. (CTX: news, chart, profile) Wednesday said the builder is lowering home prices to reflect the new reality in the shaken U.S. mortgage market. The company wants to "attract the right kind of buyers, those who can afford the mortgage and the payment," said Cathy Smith, chief financial officer, during a conference call. "Essential to selling homes is finding the right price where buyers can qualify for a mortgage. The average selling price will continue to decline ... in the near term, reflecting our aggressive response to the tighter credit standards," the CFO said. "We need to get back to pricing that is reflective of value," said Centex Chief Executive Tim Eller during the call. "It's also important to do that for financing reasons because right now what people can qualify for is generally a Fannie Mae, a Freddie Mac or increasingly only FHA, so it's important to have a price that reflects the values that attract the customers that can qualify for those mortgages."
CORRECT: Pinnacle West profit slips(11:39 am ET)
NEW YORK (MarketWatch) -- Pinnacle West Capital said Wednesday it earned $2.9 million, or 3 cents a share in the fourth quarter, compared to $18.5 million, or 18 cents a share in the year-ago period. Analysts polled by Thomson Financial had expected the firm to post an 8 cents a share loss. The firm reported fourth quarter revenue of $759.1 million compared to $730.1 million. (Corrects Thomson First Call stimate.)
Centex says has exited Ohio housing market(11:34 am ET)
BOSTON (MarketWatch) -- Centex Corp. (CTX: news, chart, profile) Chief Executive Tim Eller during a quarterly conference call Wednesday said the home builder has exited the Ohio housing market. "We're focusing resources and investment to provide the best opportunities for the highest future returns. This means exiting some markets that lack those characteristics," Eller said. "During the quarter, we exited our Ohio markets by selling virtually all of our assets there." Dallas-based Centex after Tuesday's closing bell reported a $975 million quarterly loss.
Oil stocks retreat ahead of inventory data, Fed move(9:41 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell along with the broad market Wednesday on weak Gross Domestic Product data, as earnings from Baker Hughes (BHI: news, chart, profile) weighed on the stock and Hess (HES: news, chart, profile) rose on fatter profit. The Amex Oil Index (XOI: news, chart, profile) fell 0.2% to 1,372 ahead of weekly inventory data. The Amex Natural Gas Index (XNG: news, chart, profile) rose fractionally to 532. Crude oil rose 46 cents to $92.10. Hess gained 1.3% to $92.29, but Baker Hughes subtracted 6% to $68.93. The market is keeping its eye on the Federal Reserve, which is expected to cut interest rates in the afternoon.
Allergan fourth-quarter net rises 17%(9:34 am ET)
NEW YORK (MarketWatch) -- Allergan Inc. (AGN: news, chart, profile) said fourth-quarter earnings rose about 17% to $160.3 million, or 52 cents a share, from $136.8 million, or 45 cents a share, a year earlier. Adjusted earnings from continuing operations were $185.1 million, or 60 cents a share, compared with $156.5 million, or 51 cents a share, a year ago. The Irvine, Calif., drug manufacturing company's total revenue rose to $1.09 billion from $829..1 million. Total specialty pharmaceuticals net sales rose 25% and total core medical devices net sales rose 70%. On average, analysts polled by Thomson Financial expected adjusted earnings from continuing operations of 58 cents a share on revenue of $1 billion. The company also said it would close its breast implant manufacturing facility at Arklow, Ireland, and transfer production to its plant in Costa Rica. The company expects to incur related restructuring costs of $60 million to $65 million, beginning in the first quarter of 2008 and continuing through 2009. For the first quarter, Allegan expects adjusted earnings of 50 cents to 51 cents a share and total product net sales of $1.04 billion to $1.07 billion. For 2008, Allergan expects adjusted earnings of $2.54 to $2.58 a share and total product net sales of $4.4 billion and $4.58 billion.
NCR's net income slips(8:46 am ET)
NEW YORK (MarketWatch) -- NCR Corp. (NCR: news, chart, profile) on Wednesday said fourth-quarter net income fell to $79 million, or 43 cents a share, from $174 million, or 96 cents a share, in the year-ago period. Excluding items, the company said it earned 52 cents a share vs. 52 cents a share a year earlier. Revenue rose to $1.52 billion from $1.35 billion. Analysts, on average, expected it to earn 52 cents a share on revenue of $1.48 billion, according to Thomson Financial. NCR expects 2008 earnings from continuing operations to be in the range of $1.48 to $1.55 a share and revenue growth from continuing operations to be in the range of 3% to 5%. Analysts polled by Thomson expect it to earn $1.48 a share for 2008 on revenue of $4.97 billion, on average.
Affiliated Managers Group fourth-quarter income rises(8:35 am ET)
NEW YORK (MarketWatch) -- Asset management firm Affiliated Managers Group (AMG: news, chart, profile) on Tuesday reported fourth-quarter net income of $60.9 million, up from $49 million during the same period last year. Revenue for the quarter totaled $383 million, higher than the expected $376 million. Cash earnings per share for the fourth quarter were up 20% to $2.15, also a little higher than the $2.10 estimate given by analysts surveyed by Thomson Financial earlier this week. AMG manages equity investments in a suite of boutique investment management firms, but stressed that in 2008 it will use new investment strategies that will not depend solely on equity markets. Shares of AMG closed Tuesday at $98.15.
United Parcel Service swings to fourth-quarter loss(8:27 am ET)
NEW YORK (MarketWatch) -- United Parcel Service Inc. (UPS: news, chart, profile) swung to a fourth-quarter loss of $2.58 billion, or $2.46 a share, from a profit of $1.13 billion, or $1.04 a share. The Atlanta package-delivery company said adjusted net income rose to $1.2 billion, or $1.13 a share, from $1.13 billion, or $1.04 a share, a year earlier. A Thomson Financial survey of analysts, on average, projected earnings of $1.13 for the quarter. Analysts' projections exclude certain items. The company said it paid $6.1 billion to withdraw about 45,000 employees from the Central States multi-employer pension plan. Total revenue rose to $13.39 billion from $12.63 billion a year ago. The company said it expects a difficult first-quarter with earnings of 94 cents to 98 cents a share. For all of 2008, UPS sees earnings of $4.30 a share to $4.50 a share. The company said it remains "focused and confident" that it will grow its global business even with the uncertainty of the economy.
Sealed Air fourth-quarter net down 4.3%(7:57 am ET)
NEW YORK (MarketWatch) -- Sealed Air Corp.'s (SEE: news, chart, profile) fourth-quarter net income decreased 4.3% to $79.7 million, or 43 cents a share, from $83.3 million, or 45 cents a share, a year earlier. Excluding items, including reversal of tax accruals and global manufacturing restructuring charges, earnings were 45 cents a share, compared with 46 cents a share a year ago. The Saddle Brook, N.J., packaging materials maker said net sales rose to $1.25 billion from $1.15 billion a year earlier. On average, analysts polled by Thomson Financial expected earnings of 44 cents a share on revenue of $1.22 billion. For 2008, Sealed Air expects earnings of $1.64 to $1.74 a share, which includes charges of 11 cents a share related to the company's global manufacturing strategy. Excluding the charges, Sealed Air expects 2008 earnings of $1.75 to $1.85 a share. On average, analysts polled by Thomson Financial expect 2008 earnings of $1.79 a share. Analyst estimates typically exclude items.
Imation swings to fourth-quarter loss (7:47 am ET)
NEW YORK (MarketWatch) -- Imation Corp. (IMN: news, chart, profile) swung to a fourth-quarter loss of $74.1 million, or $1.91 a share, from a year-earlier profit of $24.4 million, or 69 cents, as results were hurt by goodwill impairment and restructuring charges totaling $2.55 a share. Excluding items, earnings were 64 cents a share. The Oakdale, Minn., developer of removable data-storage products said revenue jumped 53% to $701.8 million from $459 million. Imation said the TDK Recording Media and Memcorp acquisitions, which closed during the third quarter, contributed $252.5 million to fourth quarter revenue. On average, analysts polled by Thomson Financial expected earnings of 44 cents a share on revenue of $674 million. For 2008, Imation expects earnings of $1.51 to $1.68 a share, and $1.59 to $1.76 a share, excluding items. Revenue is projected at about $2.4 billion. The company said it projects earnings in the second half of 2008 to be stronger than the first half, and expects the first quarter to have a difficult comparison with the year-earlier period.
Southern Co. net income rises 8%(7:43 am ET)
NEW YORK (MarketWatch) -- Southern Co. (SO: news, chart, profile) said Wednesday fourth-quarter net income rose 8% to $204.1 million, or 27 cents a share, from $188.4 million, or 25 cents a share in the year-ago period. Excluding the impact of synthetic fuel investments, Southern Company earned 26 cents a share, up from 25 cents a share. Fourth-quarter revenue climbed 6% to $3.34 billion, from $3.15 billion. Analysts surveyed by Thomson Financial expected the Atlanta-based utility giant to earn 24 cents a share, on average.
Hess Corp. net income up 42% on production boost(7:38 am ET)
NEW YORK (MarketWatch) -- Hess Corp. (HES: news, chart, profile) on Wednesday said fourth-quaret net income rose 42% to $510 million, or $1.59 a share, from $359 million, or $1.13 a share in the year-ago period. The latest period included an after-tax charge of $56 million for asset impairments at two mature fields in the U.K. North Sea, income of $24 million on the partial sale of inventories and a charge of $25 million related to litigation. Analysts surveyed by Thomson Financial forecast earnings of $1.64 a share, on average. Exploration and production earnings rose to $583 million from $350 million, but refining earnings fell to $31 million from $67 million.
NiSource net income gains, revenue tops $2.2 bln(7:27 am ET)
NEW YORK (MarketWatch) -- NiSource Inc. (NI: news, chart, profile) on Wednesday said fourth-quarter earnings rose to $118.5 million, or 43 cents a share, from $116.9 million, or 43 cents a share in the year-ago period. The Merrillville, Ind. natural gas and electricity giant said GAAP net income fell to $74.9 million, or 28 cents a share, compared with $92.4 million, or 34 cents a share, in the year-ago period. Results in the latest period included a $40.6 million loss on early extinguishment of debt. Operating income rose to $258 million, compared with $243.2 million. Revenue rose to $2.26 billion from $2.06 billion. Analysts survyed by Thomson Financial forecast earnings of 39 cents a share and revenue of $1.97 billion, on average.
Kraft Foods fourth-quarter net down 6.3% (7:24 am ET)
NEW YORK (MarketWatch) -- Kraft Foods Inc.'s (KFT: news, chart, profile) fourth-quarter net income fell 6.3% to $585 million, or 38 cents a share, from $624 million, or 38 cents a share, a year earlier, due in part to high input costs. Excluding items, earnings fell 18% to $698 million, or 44 cents a share, from $842 million, or 51 cents a share, a year ago. The Northfield, Ill., food and beverage company said revenue rose 11% to $10.4 billion from $9.37 billion in the year-ago period. On average, analysts polled by Thomson Financial expected earnings of 44 cents a share on revenue of $10.05 billion. Kraft expects 2008 earnings of at least $1.56 a share, and non-GAAP earnings of about $1.90 a share.
Lazard 4th-quarter net up; extends pact with Wasserstein(7:22 am ET)
NEW YORK (MarketWatch) -- Lazard Ltd., (LAZ: news, chart, profile) the New York investment bank, reported fourth-quarter net income rose 62% on 26% higher operating revenue and 24% higher net revenue. Earnings reached $59.1 million, or $1.04 a share, from $36.6 million, or 78 cents, in the year-earlier period. Shares outstanding rose 7% to 118.5 million. Total revenue rose 26% to $ $626.3 million. Operating revenue also rose 26%, to $617.6 million. And net revenue rose 24% to $585.1 million. A survey of analysts by Thomson Financial produced a consensus estimate of 98 cents of profit for the quarter. Separately, Lazard extended Chairman and Chief Executive Bruce Wasserstein's contract with the firm through the end of 2012. His pact had been set to expire in May 2008. And late on Tuesday, the firm said it lifted the quarterly dividend 11% to 10 cents from 9 cents, payable Feb. 29 to holders of record Feb. 8.
Legg Mason net income falls, names new CEO(7:08 am ET)
NEW YORK (MarketWatch) -- Legg Mason (LM: news, chart, profile) said Wednesday third-quarter net income fell to $154.6 million, or $1.07 a share, from $174.6 million, $1.21 a share in the year-ago period. The latest period included costs of 16 cents a share. Cash income for the quarter was $1.42 a share. Revenue climbed 5% to $1.19 billion. Analysts surveyed by Thomson Financial forecast earnings of $1.11 a share and revenue of $1.16 billion, on average. The company also named Mark R. Fetting and CEO. Raymond A. "Chip" Mason, the company's founder and long-time chairman, president and CEO, will continue to serve as non-executive chairman.
Dominion Resources profit jumps, guides on 2008(6:50 am ET)
LONDON (MarketWatch) -- Energy producer Dominion Resources Inc. (D: news, chart, profile) said Wednesday that its fourth-quarter net profit jumped to $299 million, or 52 cents a share, from $31 million, or 4 cents a share, a year ago. Operating earnings for the quarter were 52 cents compared to 38 cents a year earlier. Analysts polled by Thomson Financial had forecast earnings of 55 cents a share. The rise in operating profit was largely due to higher contributions from the group's merchant generation business. For 2008 Dominion said it expects to report operating earnings of $3.05 a share to $3.15 a share and for 2009 it sees earnings in the range of $3.25 to $3.40 a share.
Dover profit jumps 56%, sees further growth in 2008(6:18 am ET)
LONDON (MarketWatch) -- Dover Corp. (DOV: news, chart, profile) said Wednesday that its fourth-quarter net profit rose 56% to $185.4 million, or 94 cents a share, from $118.5 million, or 58 cents a share, a year ago. The company, which makes specialized industrial equipment, said earnings from continuing operations were 86 cents a share compared to 75 cents a share a year earlier and added revenue rose 11% to $1.86 billion. Analysts polled by Thomson Financial had expected earnings of 82 cents a share on revenue of $1.82 billion. The company said it was pleased with the result as it was accomplished in the face of headwinds in its electronic technologies and industrial products segments. Given a reasonably stable global economy in 2008, Dover expects to grow earnings per share by 10% or more.
Baker Hughes profit climbs 23%(5:14 am ET)
LONDON (MarketWatch) -- Oil services firm Baker Hughes (BHI: news, chart, profile) reported a 23% profit rise in the fourth quarter to $400.5 million, or $1.26 a share, with revenue up 12% to $2.74 billion. Analysts polled by Thomson Financial were looking for earnings of $1.28 on revenue of $2.79 billion.
United Utilities see trading in line with expectations(2:47 am ET)
LONDON (MarketWatch) -- U.K. water and waste management group United Utilities (UK:UU: news, chart, profile) said Wednesday that current trading is in line with the group's expectations. The company said it's benefiting from allowed price increases of 8.3% to help invest in its network and added it remains on target to meet leakage limits for 2007/08.
BNP Paribas sees profit falling 42%(2:42 am ET)
LONDON (MarketWatch) -- French bank BNP Paribas (FR:013110: news, chart, profile) said Wednesday that it expects fourth quarter profit to fall around 42% to 1 billion euros in the face of a "deepening crisis" for the sector. The bank said all its core businesses contributed to the profit. The corporate and investment banking arm generated revenue of around 1.4 billion euros after a deduction of 589 million euros from its exposure to the bond insurance industry. Unlike rivals such as UBS (UBS: news, chart, profile) , which reported a big loss Wednesday, BNP Paribas has very limited exposure to subprime mortgages.
SAP expects software revenue to climb up to 27%, margin rise(2:33 am ET)
LONDON (MarketWatch) -- German software giant SAP (SAP: news, chart, profile) (DE:716460: news, chart, profile) said it expects software revenue outside a write-down related to Business Objects to climb 24% to 27% after 13% growth in 2007, and adjusted operating margins to be in a range of 27.5% to 28% after 27.3% margins in 2007. The company had earlier guided on fourth-quarter results, with net income down 6% to 756 million euros, while revenue grew 10% to 3.24 billion euros. For 2008, SAP
UBS to post $11.4 bln loss as write-downs climb(2:30 am ET)
LONDON (MarketWatch) -- Swiss banking group UBS (UBS: news, chart, profile) warned Wednesday that it will report a net loss of around 12.5 billion Swiss francs ($11.4 billion) for the fourth quarter, after higher-than-expected write-downs from its U.S. mortgage exposure. The group said write-downs in the quarter will total around $14 billion, with $12 billion coming from positions related to the U.S. subprime market and the rest from other holdings linked to U.S. residential mortgages. UBS had previously said it would write down around $10 billion in the quarter. The result will lead to a loss of 4.4 billion Swiss francs for the year. The bank had previously said it may report a loss for the full year.

[3xBuBu]

Thursday, Jan. 31
Bebe Stores profit slips slightly (4:59 pm ET)
SAN FRANCISCO (MarketWatch) -- Bebe Stores Inc. (BEBE: news, chart, profile) reported late Thursday fiscal second quarter net income of $23.4 million, or 26 cents, compared with $24.3 million, or 26 cents, a year ago. Revenue for the three months ended Jan. 5 rose 3.3% to $203.3 million from $196.8 million. Analysts polled by Thomson Financial had predicted the Brisbane, Calif.- based women's apparel retailer would earn 25 cents a share. For its third quarter, Bebe forecast same-store sales to be in the "negative mid-single digit range," resulting in earnings per share of 8-12 cents. Bebe shares rose 2.8% to close at $11.52 ahead of the report.
Callaway Golf fourth-quarter loss widens (4:37 pm ET)
SAN FRANCISCO (MarketWatch) -- Callaway Golf Co. (ELY: news, chart, profile) posted a fourth-quarter loss of $16.2 million, or 25 cents a share, compared with a loss of $10.2 million, or 15 cents, a year ago. Revenue for the quarter fell 3% to $174.4 million from $179.9 million. Analysts surveyed by Thomson Financial had predicted the Carlsbad, Calif.-based golf club maker would post a loss of 19 cents a share on $162.5 million in revenue. The company estimated full-year 2008 earnings in a range of $1.08 to $1.18 a share. Callaway shares closed ahead of the report at $17.99, up 7.4% for the day.
Columbia Sportswear profit up 18%; forecasts weaker earnings(4:31 pm ET)
SAN FRANCISCO (MarketWatch) -- Columbia Sportswear Co. (COLM: news, chart, profile) late Thursday said fourth-quarter net income rose to $45.7 million, or $1.26 a share. The Portland, Ore.-based outdoor sports-goods maker said its profit was helped by a tax-benefit gain of 14 cents. In last year's period, Columbia Sportswear earned $38.4 million, or $1.06 a share. Sales rose 4% to $376.7 million for the three months ended Dec. 31. Looking ahead, Columbia Sportswear said its first quarter earnings will be 51 cents a share, down from 71 cents a share it earned in the same period a year ago.
Safeco quarterly net income falls 33%(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Safeco Corp. (SAF: news, chart, profile) said late Thursday that fourth-quarter net income came in at $144.5 million, or $1.56 a share, down 33% from a year earlier when the property and casualty insurer made $216.4 million, or $1.96 a share. Operating earnings, which exclude the impact of after-tax net realized investment gains, contributions to the Safeco Insurance Foundation, losses on debt repurchases and gains on sales of real estate, were $140.1 million, or $1.51 a share, the company reported. Safeco was expected to make $1.44 a share, according to the average estimate of 18 analysts in a Thomson Financial survey. The combined ratio was 93.6% for the quarter, up from 87.2% a year earlier. The combined ratio measures claims and expenses as a percentage of premiums (the lower the better).
EA swings to a loss in third quarter (4:18 pm ET)
SAN FRANCISCO (MarketWatch) - Electronic Arts Inc. swung to a loss for its third-fiscal quarter thanks to deferred revenue and restructuring charges. For the period ended Dec. 31, the video game publisher (ERTS: news, chart, profile) said net loss was $33 million, or 10 cents a share, compared to earnings of $160 million, or 50 cents a share, for the same period the previous year. The company said it would have earned $290 million, or 90 cents a share, on a non-GAAP basis. Revenue grew 17% to $1.5 billion. About $231 million in revenue was deferred to future periods. Analysts were expecting earnings of 90 cents a share on revenue of $1.74 billion, according to estimates from Thomson Financial. For the March quarter, the company said it expects revenue in teh range of $775 million and $850 million, excluding deferred revenue. Analysts were expecting revenue of $837.9 million.
McKesson third-quarter earnings drop, but sales up(4:16 pm ET)
LOS ANGELES (MarketWatch) - McKesson Corp. (MCK: news, chart, profile) said Thursday that fiscal third-quarter net income was $201 million, or 68 cents a share, for the period ended Dec. 31, compared with $243 million, or 80 cents a share, for the same period a year ago. Sales at the San Francisco-based pharmaceutical distributor were $26.5 billion vs. last year's $23.1 billion. Earnings were hit by an 11-cent per-share charge for various one-time items. Analysts polled by Thomson Financial had predicted, on average, that McKesson's earnings would hit 80 cents a share on sales of $25.3 billion. McKesson shares ended trading down 42 cents to $62.84.
Google posts 17% profit gain(4:13 pm ET)
SAN FRANCISCO (MarketWatch) - Google Inc. said Thursday its fiscal fourth-quarter profit rose 17% compared to the period a year earlier. Google (GOOG: news, chart, profile) said net income for the period ended in December rose to $1.21 billion, or $3.79 a share, compared to $1.03 billion, or $3.29 a share in the same period a year earlier. Meanwhile revenue rose 51% to $4.83 billion. Excluding special items, Google said earnings for the period were $4.43 a share. Net revenue, or revenue minus payments made to other sites to acquire Internet traffic, came in at $3.39 billion. Analysts polled by Thomson Financial had estimated Google would post earnings excluding special items of $4.44 a share, and net revenue of $3.45 billion.
Analyst sees rocky first quarter for Tesoro(2:27 pm ET)
NEW YORK (MarketWatch) -- Tesoro (TSO: news, chart, profile) missed Wall Street's fourth-quarter target due to larger than expected losses at the company's Hawaii refinery, Soleil analyst Jacques Rosseau said in a note to clients. "We expect weak conditions on the West Coast to lead to another poor quarter in the first quarter," he said. Shares of Tesoro fell 3% to $39.21 in afternoon trades.
MBIA shares rise; bond insurer highlights liquidity(12:16 pm ET)
SAN FRANCISCO (MarketWatch) -- MBIA Inc. shares (MBI: news, chart, profile) rose on Thursday. The bond insurer tried to assure investors and analysts that it has enough liquidity to ride out the meltdown in the mortgage market. The company said in a presentation that it had more than $1.5 billion of liquidity at the end of 2007. That includes cash and investments, bank revolving credit and dividends from its insurance units and investments. MBIA projected that it will have to use about $229 million of that liquidity, leaving it with more than $1.3 billion, according to the presentation. MBIA shares climbed 8% to $15.11 during afternoon trading. Rival Ambac Financial (ABK: news, chart, profile) advanced 11% to $12.04.
NYT: No further comment on potential proxy fight(11:59 am ET)
CHICAGO (MarketWatch) -- New York Times Co. (NYT: news, chart, profile) Chief Executive Janet Robinson said Thursday that the company has no further comment on news that equity firms Firebrand Partners and Harbinger Capital Partners each said that they want to name a slate of four directors to the board. Speaking generally about feedback from shareholders, Robinson told analysts on a conference call: "We have every reason to believe that there are a lot of good ideas out there that we want to hear about, and you will see us continue to do that going forward."
NYT GM: Advertisers not factoring recession into plans(11:47 am ET)
CHICAGO (MarketWatch) -- Scott Heekin-Canedy, general manager of The New York Times, told analysts Thursday that he doesn't believe advertisers have factored a recession into their spending plans, but cautioned that this could change as the media environment is "extremely volatile." The New York Times Co. (NYT: news, chart, profile) reported steep ad revenue declines in December, with little indication that the situation would improve. The flagship newspaper's advertisers hesitated to buy placements during the first couple of weeks of the new year, as they "were taking measure of the economic climate and finalizing their spending plans" for 2008. While Heekin-Canedy said it is difficult to look further into the year to predict trends, he said ad sales in the luxury segment would be up by a mid-to-single-digit percentage, and "entertainment should do modestly well this year, as well."
GreenRoad Tech gets funding from Virgin Green; Benchmark(11:35 am ET)
NEW YORK (MarketWatch) -- GreenRoad Technologies Inc., a specialist in technology and services to improve safety and fuel efficiency of automobile drivers, said Thursday it closed a venture funding round of $14.5 million led by Richard Branson's Virgin Green Fund and Benchmark Capital. Shai Weiss, managing partner of Virgin Green Fund, will join the board of directors of the Redwood Shores, Calif. company.
Natural gas falls after intentories down more than expected(10:47 am ET)
SAN FRANCISCO(MarketWatch) -- Natural-gas futures fell Thursday after a government report showed U.S. natural gas inventories dropped more than expected last week. Natural gas for March delivery lost 8.1 cents, or 1%, to $7.964 per million British thermal units. U.S. natural gas inventories lost 274 billion cubic feet to 2,262 billion cubic feet in the week ending Jan. 25, Energy Information Administration reported on Thursday. Analysts at Global Insight were expecting a drop of 260 billion cubic feet.
Brunswick posts fourth-quarter profit(9:40 am ET)
NEW YORK (MarketWatch) -- Brunswick Corp. (BC: news, chart, profile) said Thursday that it swung to a fourth-quarter profit of $6.8 million, or 8 cents per share, from a loss of $53.2 million, or 57 cents per share, in the same quarter a year before. Excluding tax-related benefits, earnings from continuing operations for the period were 9 cents a share, down from the year-ago's 22 cents. Analysts polled Thomson Financial had expected earnings of 10 cents per share. The Lake Forest, Ill., company reported net sales for the quarter of $1.44 billion compared with $1.37 billion a year ago.
Energy stocks retreat with overall market(9:41 am ET)
NEW YORK (MarketWatch) -- Energy stocks sank along with the overall market on Thursday, with oil shares weighing on the sector after weak quarterly updates from Tesoro (TSO: news, chart, profile) and Marathon Oil (MRO: news, chart, profile) . The Amex Oil Index (XOI: news, chart, profile) fell 2.2% to 1,338. The Amex Natural Gas Index (XNG: news, chart, profile) fell 1.7% to 527. Tesoro declined 7% to $37.62. Marathon Oil gave up about 5% to $48.54. Peabody Coal (BTU: news, chart, profile) fell 10% to $49.92 after it lowered its profit outlook for the first quarter. Cameron International (CAM: news, chart, profile) dropped 11% to $38.56 after it said it would miss its first-quarter earnings target.
Tesoro swings to a loss on refinery outage, lower margins(8:44 am ET)
NEW YORK (MarketWatch) -- Tesoro Corp. (TSO: news, chart, profile) on Thursday said it lost $40 million, or 29 cents a share in the fourth quarter, compared to a gain of $158 million, or $1.14 per share, in the year-ago period. The San Antonio, Texas company cited weak profit margin in its refining business, higher operating expenses and poor marketing margins. Tesoro also cited an unplanned outage at a refinery's reformer unit, which impacted results by $30 million. Benchmark margins versus last year were lower by 23% on the West Coast, 36% in the Pacific Northwest, and 7% in the Midwest, the company said. Analysts surveyed by Thomson Financial forecast earnings of 2 cents a share, on average.
Allis-Chalmers misses forecasts, blames Gulf weakness(8:26 am ET)
LONDON (MarketWatch) -- Houston oil services firm Allis-Chalmers Energy (ALY: news, chart, profile) said it expects to earn $5.6 million, or 16 cents a share, on revenue of $147 million in the fourth quarter. Fourth-quarter results were impacted by weakness in demand for drill pipe in the Gulf of Mexico due to the hurricane season, severe flooding in Villahermose and labor strikes in Argentina. Analysts polled by Thomson Financial expected the firm to earn 35 cents a share on revenue of $145 million. Allis-Chalmers also said that it's agreed to invest $40 million in cash in BCH in the form of a 15% convertible subordinated secured debenture. It expects 2008 earnings per share between $1.35 to $1.45 on revenue between $655 million to $670 million. Analysts expected earnings of $1.92 a share for 2008.
Western Union fourth-quarter income rises(8:21 am ET)
NEW YORK (MarketWatch) -- Western Union Co.'s (WU: news, chart, profile) net income rose to $243.3 million, or 32 cents a share, from $217.2 million, or 28 cents, a year earlier, due in part to strong performance within the international consumer-to-consumer business. A Thomson Financial survey of analysts, on average, projected earnings of 31 cents a share for the quarter. The provider of money transfer services said revenue rose to $1.31 billion from $1.17 billion a year earlier. The company expects 2008 revenue growth of 9% to 11%, earnings of $1.24 to $1.28 a share and cash flow from operations of about $1.2 billion. Western Union said it expects strong margins in 2008, consistent with 2007.
Wesco International's fourth-quarter net rises (8:18 am ET)
NEW YORK (MarketWatch) -- Wesco International Inc.'s (WCC: news, chart, profile) fourth-quarter net income rose 4.8% to $61.1 million, or $1.34 a share, from $58.3 million, $1.10 a share, a year earlier. The Pittsburgh maintenance products holding company said sales increased 8.2% to $1.49 billion from $1.38 billion. On average, analysts polled by Thomson Financial expected earnings of $1.16 a share on revenue of $1.48 billion.
PetroQuest Energy sees Q4 production near mid-range(8:19 am ET)
NEW YORK (MarketWatch) -- PetroQuest Energy Inc. (PQ: news, chart, profile) said Thursday it expects fourth-quarter production of 85.3 millions of cubic feet equivalent (MMcfe) a day, near the middle of its forecast of 83-89 MMcfe a day.
FDA OKs priority review of Schering's Peginterferon Alfa-2b(8:08 am ET)
NEW YORK (MarketWatch) -- Schering-Plough Corp. (SGP: news, chart, profile) said Thursday the U.S. Food and Drug Administration has accepted the peginterferon alfa-2b supplemental Biologics License Application for review and has granted priority review status for the adjuvant treatment of patients with Stage III melanoma. Schering-Plough submitted its application to the agency in the fall of 2007. The application will be discussed by the FDA Oncology Drugs Advisory Committee on March 12.
Celgene 4th-period net tripled on 51% higher revenue(7:56 am ET)
NEW YORK (MarketWatch) -- Celgene Inc., (CELG: news, chart, profile) the Summit, N.J., the biopharmaceutical company focused on cancer and inflammatory diseases, reported fourth-quarter net income more than tripled on 51% higher revenue. Earnings reached $75.3 million, or 18 cents a share, from $22.9 million, or 6 cents, in the year-earlier period. Adjusted earnings were 31 cents against 18 cents. Shares outstanding rose 3.5% to 419.3 million. Revenue increased to $414.6 million from $275 million. A survey of analysts by Thomson Financial produced consensus estimates of 31 cents a share of profit on revenue of $391 million. The company noted that in the quarter, sales of Revlimid -- which treats myeloma patients who have received at least one prior therapy -- doubled to $247.4 million.
Wyeth 4Q net rises 19% (7:56 am ET)
NEW YORK (MarketWatch) -- Wyeth's (WYE: news, chart, profile) fourth-quarter net income rose 19% to $1.02 billion, or 75 cents a share, from $855.4 million, or 63 cents a share, a year earlier, benefiting from lower research spending and administrative expenses, among other factors. The Madison, N.J., drug and healthcare products company said non-GAAP earnings, excluding charges of $63.8 million for productivity initiatives, rose to $1.06 billion, or 78 cents a share, from $903.5 million, or 66 cents a share. Wyeth's revenue rose 10% to $5.76 billion from $5.22 billion as a result of strong unit growth. On average, analysts polled by Thomson Financial expected per-share earnings of 79 cents on revenue of $5.61 billion. Analyst estimates usually exclude items. The company expects 2008 earnings excluding items of $3.35 to $3.49 a share, down 1% to 5% from 2007. Wyeth projects revenue in 2008 comparable with 2007 revenue of $22.4 billion. Wyeth shares closed Wednesday at $39.70, down $1.34, or 3.3%.
Harsco posts rise in fourth-quarter income(7:54 am ET)
NEW YORK (MarketWatch) -- Harsco Corp. (HSC: news, chart, profile) on Thursday posted fourth-quarter net income of $91.4 million, or $1.08 a share, compared to the year-earlier $52.5 million, or 62 cents a share. Earnings from continuing operations for the quarter were 74 cents a share. A Thomson Financial survey of analysts, on average, projected earnings of 70 cents a share for the quarter. The Pennsylvania industrial services company's quarterly sales climbed 21% to $975 million from $804 million. The company also raised its forecast for 2008 earnings from continuing operations to a range of $3.40 to $3.50 a share, from the prior range of $3.35 to $3.45.
Timken net income rises on industrial business(7:50 am ET)
NEW YORK (MarketWatch) -- The Timken Co. (TKR: news, chart, profile) said Thursday fourth-quarter net income climbed to $48.3 milion, or 50 cents a share, from $35.35 million, or 37 cents a share in the year-ago period. Adjusted net income rose to 51 cents a share from 30 cents a share. Revenue climbed to $1.34 billion from $1.23 billion. Analysts surveyed by Thomson Financial forecast earnings of 55 cents a share and revenue of $1.28 billion, on average. "Strong sales in industrial markets and the favorable impact of currency were partially offset by the impact of the strategic divestment of the company's automotive steering and European steel tube manufacturing operations," Timken said. The industrial firm said it expects first-quarter earnings to be 70-80 cents a share, excluding items. Analysts expected earnings of 73 cents a share, on average.
Hologic fiscal Q1 loss $3.31 per share vs 30 cent gain(7:50 am ET)
NEW YORK (MarketWatch) -- Hologic, Inc. (HOLX: news, chart, profile) said Thursday its fiscal first-quarter loss totaled $359 million, or $3.31 per share, from a profit of $16 million, or 30 cents per share, in the same quarter a year before. A Thomson Financial poll of analysts had shown expectations for a loss of 4 cents per share. The Bedford, Mass. medical technology company said its revenue for the quarter was $371 million, up from the year-ago revenue of $163 million.
Cameron net climbs 30% on fatter revenue(7:39 am ET)
NEW YORK (MarketWatch) -- Cameron (CAM: news, chart, profile) said Thursday fourth-quarter net income climbed to $125.9 million, or 54 cents a share, from $96.5 million, or 42 cents a share in the year-ago period. Excluding charges, earnings were 61 cents a share. Revenue at the Houston-based oil services firm rose to $1.34 billion from $1.08 billion. Analysts surveyed by Thomson Financial forecast earnings of 60 cents a share and revenue of $1.24 billion, on average. Cameron said it expects first quarter earnings of 50 to 53 cents a share. The analyst estimate for the period is 59 cents a share. Cameron expects 2008 earnings of $2.45 to $2.55 a share, excluding charges, compared to the Wall Street target of $2.63 a share.
PPL net more than doubles on sale of unit, margin growth(7:26 am ET)
NEW YORK (MarketWatch) -- PPL Corp. (PPL: news, chart, profile) on Thursday said fourth-quarter net income rose to $439 million, or $1.17 a share, from $178 million, or 46 cents a share in the year-ago period. Earnings from continuing operations rose to 60 cents a share from 46 cents a share. Revenue climbed to $1.6 billion from $1.5 billion. Analysts surveyed by Thomson Financial forecast earnings of 55 cents a share, on average. The Allentown, Pa. electrical services firm cited gains from the sale of its Latin American delivery businesses and improved margins from its unregulated energy supply business. PPL targeted 2008 earnings of $2.35 a share to $2.45 a share.
ImClone Q4 loss 23 cents per share vs 53 cent profit(7:22 am ET)
NEW YORK (MarketWatch) -- ImClone Systems Inc. (IMCL: news, chart, profile) said Thursday its fourth-quarter loss totaled $19.9 million, or 23 cents per share, down from a profit of $46.6 million, or 53 cents per share, in the same quarter a year before. A poll of analysts by Thomson Financial had tipped earnings per share at 25 cents. Total revenue for the recent quarter was $151 million compared to $132 million a year earlier.
Alliant Techsystems net exceeds estimate; outlook lifted(7:12 am ET)
NEW YORK (MarketWatch) -- Alliant Techsystems, (ATK: news, chart, profile) the Minneapolis weapons- and space-systems company, reported fiscal third-quarter net income rose 14% on 17% higher sales. For the quarter ended Dec. 30, earnings rose to $58.3 million, or $1.65 a share, from $51.2 million, or $1.53, in the year-earlier period. Sales reached $1.05 billion from $903.8 million. A survey of analysts by Thomson Financial produced consensus estimates of $1.59 of profit on $1.03 billion of sales. ATK raised its estimate of fiscal 2008 earnings to a range of $6.25 to $6.35 from $6.20 to $6.30. The company affirmed its full-year sales estimate of $4.1 billion. Thomson's survey is looking for $6.34 a share and $4.13 billion.

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Friday, Feb. 1
Exxon Mobil eyes Brazil, Iraq, record profit impact(12:45 pm ET)
NEW YORK (MarketWatch) -- Exxon Mobil (XOM: news, chart, profile) vice president Henry Hubble said the oil and gas giant has been developing 19 new projects to boost future production. Exxon is actively looking for oil and gas reserves in Brazil in the wake of a big find by Petrobras (PBR: news, chart, profile) . "We're in the same area," he said. Exxon said it's been in talks with officials in Iraq, but that any development in the country is, "a ways down the road." Asked about scrutiny from politicians about its record-setting profit, Hubble said, "Our industry has always been the focus of attention and I doubt that will change. What we hope is people will focus on the challenge that not only our commpany but the industry is facing. Demand is expeted to increase 30% over the next two decades. The challenge is how do we meet that demand."
Chevron reiterates production target despite '08 blip(12:14 pm ET)
NEW YORK (MarketWatch) -- Chevron (CVX: news, chart, profile) on Friday said it expects to produce about 2.65 million barrels of oil equivalent in 2008, down from its earlier projection of 2.8 million barrels. About 95,000 to 100,000 barrels of the reduction comes from capital project delays such as the Tahiti project in the Gulf of Mexico. Chevron stood by its 2005-2010 forecast of increasing its production by an annual rate of 3%. "We're very confident that over the next couple of years, we're going to be able to increase production and achieve that production growth rate," Chevron CFO Steve Crowe said on an analyst conference call.
Exxon eyes Venezuela talks, Gulf discovery, Africa projects(11:58 am ET)
NEW YORK (MarketWatch) -- Exxon Mobil (XOM: news, chart, profile) vice president Henry Hubble said the oil giant hopes to return to the table with the Venezuelan government to talk about oil production, but for now the oil giant is awaiting arbitration proceedings over the issue, he said on a conference call with analysts. He declined to give a production outlook for 2008 at this time, but said updates will be issued to Wall Street in coming weeks. He said the oil giant expects to assess the size of a discovery at the Julia project in the Gulf of Mexico in the first quarter and that projects in Angola and Qatar remain on schedule. Exxon continues to focus on more efficient drilling, which has reached about $4 billion in spending, he said.
CORRECT: Agilysys third-quarter net tumbles 90%(11:54 am ET)
NEW YORK (MarketWatch) -- Agilysys Inc. (AGYS: news, chart, profile) said third-quarter net income fell 90% to $1.96 million, or 7 cents a share, from $20 million, or 64 cents, a year earlier, due in part to unanticipated one-time expenses associated with acquisitions. The Boca Raton, Fla., enterprise computer systems provider, said revenue for the quarter ended Dec. 31 rose to $250.1 million from $151.5 million a year earlier. Analysts polled by Thomson Financial, on average, projected earnings of 20 cents a share on revenue of $214 million. Agilysys backed its guidance for annual sales of $780 million to $800 million. Full-year gross margin is expected to remain at about 23.5% of sales. (Corrects company location and description.)
Horizon Lines fourth-quarter earnings rise(9:45 am ET)
NEW YORK (MarketWatch) -- Horizon Lines Inc.'s (HRZ) fourth-quarter net income rose to $10.7 million, or 32 cents a share, from $10.6 million, or 31 cents a share, a year earlier, due in part to managing costs and introducing complementary services to customers. A Thomson Financial survey of analysts, on average, predicted earnings of 31 cents a share for the quarter. Analysts' predictions exclude certain items. The Charlotte, N.C., container shipping company said operating revenue rose to $316 million from $287.5 million a year ago. The company said fourth-quarter earnings were in line with expectations. Horizon Lines expects 2008 operating revenue of $1.35 billion to $1.37 billion, and anticipates earnings of $2.01 to $2.26 a share.
Public Service Enterprise swings to fourth-quarter profit (9:43 am ET)
NEW YORK (MarketWatch) -- Public Service Enterprise Group Inc. (PEG: news, chart, profile) swung to a fourth-quarter profit of $224 million, 88 cents a share, from a year-earlier loss of $47 million, or 18 cents a share. Income from continuing operations grew 67% to $226 million, or 89 cents a share, from $135 million, or 54 cents a share, a year earlier. On average, analysts polled by Thomson Financial expected earnings of 91 cents a share. The Newark, N.J., energy company also backed its 2008 operating earnings guidance of $5.60 to $6.10 a share.
Energy stocks move lower after Exxon, Chevron earnings(9:38 am ET)
NEW YORK (MarketWatch) -- Energy stocks dipped along with the Dow Jones Industrial Average ($DJ: news, chart, profile) as traders weighed earnings increases from Exxon (XOM: news, chart, profile) and Chevron (CVX: news, chart, profile) , a buyout offer for Yahoo (YHOO: news, chart, profile) , a weak jobs report and lower oil prices. Exxon (XOM: news, chart, profile) fell 26 cents to $86.14 after posting a 14% profit increase. Chevron (CVX: news, chart, profile) dipped 20 cents to $83.05. Crude oil for March delivery dropped 79 cents to $90.96 a barrel on the New York Mercantile Exchange. The Amex Oil Index (XOI: news, chart, profile) fell 0.2% to 1,367. The Amex Natural Gas Index (XNG: news, chart, profile) subtracted 0.2% to 543.
Exxon Mobil, Chevron up in pre-market trades after earnings(9:03 am ET)
NEW YORK (MarketWatch) -- Exxon Mobil (XOM: news, chart, profile) rose 1.6% to $87.82 in pre-market trades Friday after the No. 1 oil giant beat Wall Street forecasts with a 14% jump in fourth-quarter net income. Chevron (CVX: news, chart, profile) gained 2% to $84.95 after it reported a 29% higher profit.
MF Global's adjusted third-quarter income rises(8:25 am ET)
NEW YORK (MarketWatch) -- Exchange-listed futures and options broker MF Global Ltd. (MF: news, chart, profile) reported Friday that its third-quarter net income fell to $31.2 million, or 26 cents a share, from $55.4 million, or 53 cents a share, a year ago. Adjusted third-quarter net income increased 62% to $46.7 million from $28.9 million, or 37 cents per share, in the third quarter of 2007. Third-quarter volume jumped 47% year-over-year to 495.8 million contracts, with net revenue up 29% to $418 million from the same period last year. "Global market volatility caused by economic and financial uncertainty continues to benefit MF Global across all of our asset classes including interest rates, equities, commodities, fixed income and foreign exchange," Chief Executive Officer Kevin Davis said in a company statement.
Beazer Homes shuts mortgage unit, end building in 5 markets(8:24 am ET)
NEW YORK (MarketWatch) -- Beazer Homes USA Inc., (BZH: news, chart, profile) the Atlanta homebuilder, said it would stop writing mortgages through a unit, stop building homes in five markets, and enter marketing partnerships with Countrywide Financial Corp. (CFC: news, chart, profile) and St. Joe Co. (JOE: news, chart, profile) Beazer will discontinue mortgage-origination services through Beazer Mortgage Corp. And it will end its relationship with Homebuilders Financial Network LLC. Instead, it will market Countrywide, the Calabasas, Calif., mortgage company, to buyers of Beazer homes as the preferred mortgage provider. Beazer will take charges, which it can't yet calculate, as it ends the Beazer Mortgage operation. After reviewing its markets to determine where best to put its resources, Beazer said, the company will exit home-building operations in Charlotte, N.C., Cincinnati/Dayton and Columbus, Ohio, Columbia, S.C., and Lexington, Ky. It said it will complete all homes that it's currently building in those markets and will determine how to dispose of its land holdings there. At June 30, 2007, Beazer had committed some 5% of its home-building assets in those markets. It'll take charges for closing these operations as well. And Beazer said it will enter the Northwest Florida market in cooperation with St. Joe, the Jacksonville, Fla., real-estate company. The companies already work together, with St. Joe selling home sites to Beazer.
Nymex fourth-quarter income rises(7:12 am ET)
NEW YORK (MarketWatch) -- Nymex Holdings Inc. (NMX: news, chart, profile) said Friday that fourth-quarter net income rose to $63.5 million, or 67 cents a share, from $42.3 million, or 48 cents a share, a year earlier. Operating revenue rose to $172.6 million from $124.8 million. On average, analysts surveyed by Thomson Financial forecast earnings of 66 cents a share and revenue of $171.9 million. The parent company of the New York Mercantile Exchange said that average daily volume in the fourth quarter was 1.54 million contracts, up 28% from a year ago.
Ingersoll Rand to postpone Q4 earnings report until Feb 14(7:08 am ET)
NEW YORK (MarketWatch) -- Ingersoll-Rand Co. (IR: news, chart, profile) said Friday it plans to delay the release of its 2007 fourth-quarter and full-year earnings results until Feb. 14. The Bermuda-based company said the delay was primarily caused by year-end closing activity associated with the Nov. 30 divestiture of its Compact Equipment business and that the extended reporting schedule is required to complete the preparation of year-end financial statements.
Ericsson net drops 42%, to cut 1,000 jobs(2:39 am ET)
LONDON (MarketWatch) -- Telefon AB LM Ericsson (ERIC: news, chart, profile) Friday said net profit plunged 42% to SEK5.64 billion ($886.7 million) in the three months ended Dec. 31 from SEK9.73 billion in 2006, meeting analyst expectations of SEK5.60 billion, and said it sees a "flattish" mobile infrastructure market in 2008. The Sweden-based company also said it targets some SEK4 billion in annual savings to take full effect in 2009, while one-time charges will be SEK4 billion to be booked as changes are made. Also in attempt to trim costs and regain profitability, some 1,000 workers would be cut in Sweden.
Greene King comparable sales edge down 0.1%(2:32 am ET)
LONDON (MarketWatch) -- U.K. pub operator and brewer Greene King (UK:GNK: news, chart, profile) said Friday that, as it had predicted, the recent trading environment has become more challenging for the pub and beer industry. The group said comparable sales at its managed pubs were down 0.1% for the 38 weeks to Jan 20. Comparable sales at its tenanted and leased pubs rose 0.2%. The group said its own-brewed beer volumes grew 6.5% and group margins remain ahead of last year.
Thursday, Jan. 31
Bebe Stores profit slips slightly (4:59 pm ET)
SAN FRANCISCO (MarketWatch) -- Bebe Stores Inc. (BEBE: news, chart, profile) reported late Thursday fiscal second quarter net income of $23.4 million, or 26 cents, compared with $24.3 million, or 26 cents, a year ago. Revenue for the three months ended Jan. 5 rose 3.3% to $203.3 million from $196.8 million. Analysts polled by Thomson Financial had predicted the Brisbane, Calif.- based women's apparel retailer would earn 25 cents a share. For its third quarter, Bebe forecast same-store sales to be in the "negative mid-single digit range," resulting in earnings per share of 8-12 cents. Bebe shares rose 2.8% to close at $11.52 ahead of the report.
Callaway Golf fourth-quarter loss widens (4:37 pm ET)
SAN FRANCISCO (MarketWatch) -- Callaway Golf Co. (ELY: news, chart, profile) posted a fourth-quarter loss of $16.2 million, or 25 cents a share, compared with a loss of $10.2 million, or 15 cents, a year ago. Revenue for the quarter fell 3% to $174.4 million from $179.9 million. Analysts surveyed by Thomson Financial had predicted the Carlsbad, Calif.-based golf club maker would post a loss of 19 cents a share on $162.5 million in revenue. The company estimated full-year 2008 earnings in a range of $1.08 to $1.18 a share. Callaway shares closed ahead of the report at $17.99, up 7.4% for the day.
Columbia Sportswear profit up 18%; forecasts weaker earnings(4:31 pm ET)
SAN FRANCISCO (MarketWatch) -- Columbia Sportswear Co. (COLM: news, chart, profile) late Thursday said fourth-quarter net income rose to $45.7 million, or $1.26 a share. The Portland, Ore.-based outdoor sports-goods maker said its profit was helped by a tax-benefit gain of 14 cents. In last year's period, Columbia Sportswear earned $38.4 million, or $1.06 a share. Sales rose 4% to $376.7 million for the three months ended Dec. 31. Looking ahead, Columbia Sportswear said its first quarter earnings will be 51 cents a share, down from 71 cents a share it earned in the same period a year ago.
Safeco quarterly net income falls 33%(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Safeco Corp. (SAF: news, chart, profile) said late Thursday that fourth-quarter net income came in at $144.5 million, or $1.56 a share, down 33% from a year earlier when the property and casualty insurer made $216.4 million, or $1.96 a share. Operating earnings, which exclude the impact of after-tax net realized investment gains, contributions to the Safeco Insurance Foundation, losses on debt repurchases and gains on sales of real estate, were $140.1 million, or $1.51 a share, the company reported. Safeco was expected to make $1.44 a share, according to the average estimate of 18 analysts in a Thomson Financial survey. The combined ratio was 93.6% for the quarter, up from 87.2% a year earlier. The combined ratio measures claims and expenses as a percentage of premiums (the lower the better).
EA swings to a loss in third quarter (4:18 pm ET)
SAN FRANCISCO (MarketWatch) - Electronic Arts Inc. swung to a loss for its third-fiscal quarter thanks to deferred revenue and restructuring charges. For the period ended Dec. 31, the video game publisher (ERTS: news, chart, profile) said net loss was $33 million, or 10 cents a share, compared to earnings of $160 million, or 50 cents a share, for the same period the previous year. The company said it would have earned $290 million, or 90 cents a share, on a non-GAAP basis. Revenue grew 17% to $1.5 billion. About $231 million in revenue was deferred to future periods. Analysts were expecting earnings of 90 cents a share on revenue of $1.74 billion, according to estimates from Thomson Financial. For the March quarter, the company said it expects revenue in teh range of $775 million and $850 million, excluding deferred revenue. Analysts were expecting revenue of $837.9 million.
McKesson third-quarter earnings drop, but sales up(4:16 pm ET)
LOS ANGELES (MarketWatch) - McKesson Corp. (MCK: news, chart, profile) said Thursday that fiscal third-quarter net income was $201 million, or 68 cents a share, for the period ended Dec. 31, compared with $243 million, or 80 cents a share, for the same period a year ago. Sales at the San Francisco-based pharmaceutical distributor were $26.5 billion vs. last year's $23.1 billion. Earnings were hit by an 11-cent per-share charge for various one-time items. Analysts polled by Thomson Financial had predicted, on average, that McKesson's earnings would hit 80 cents a share on sales of $25.3 billion. McKesson shares ended trading down 42 cents to $62.84.
Google posts 17% profit gain(4:13 pm ET)
SAN FRANCISCO (MarketWatch) - Google Inc. said Thursday its fiscal fourth-quarter profit rose 17% compared to the period a year earlier. Google (GOOG: news, chart, profile) said net income for the period ended in December rose to $1.21 billion, or $3.79 a share, compared to $1.03 billion, or $3.29 a share in the same period a year earlier. Meanwhile revenue rose 51% to $4.83 billion. Excluding special items, Google said earnings for the period were $4.43 a share. Net revenue, or revenue minus payments made to other sites to acquire Internet traffic, came in at $3.39 billion. Analysts polled by Thomson Financial had estimated Google would post earnings excluding special items of $4.44 a share, and net revenue of $3.45 billion.
Analyst sees rocky first quarter for Tesoro(2:27 pm ET)
NEW YORK (MarketWatch) -- Tesoro (TSO: news, chart, profile) missed Wall Street's fourth-quarter target due to larger than expected losses at the company's Hawaii refinery, Soleil analyst Jacques Rosseau said in a note to clients. "We expect weak conditions on the West Coast to lead to another poor quarter in the first quarter," he said. Shares of Tesoro fell 3% to $39.21 in afternoon trades.
MBIA shares rise; bond insurer highlights liquidity(12:16 pm ET)
SAN FRANCISCO (MarketWatch) -- MBIA Inc. shares (MBI: news, chart, profile) rose on Thursday. The bond insurer tried to assure investors and analysts that it has enough liquidity to ride out the meltdown in the mortgage market. The company said in a presentation that it had more than $1.5 billion of liquidity at the end of 2007. That includes cash and investments, bank revolving credit and dividends from its insurance units and investments. MBIA projected that it will have to use about $229 million of that liquidity, leaving it with more than $1.3 billion, according to the presentation. MBIA shares climbed 8% to $15.11 during afternoon trading. Rival Ambac Financial (ABK: news, chart, profile) advanced 11% to $12.04.
NYT: No further comment on potential proxy fight(11:59 am ET)
CHICAGO (MarketWatch) -- New York Times Co. (NYT: news, chart, profile) Chief Executive Janet Robinson said Thursday that the company has no further comment on news that equity firms Firebrand Partners and Harbinger Capital Partners each said that they want to name a slate of four directors to the board. Speaking generally about feedback from shareholders, Robinson told analysts on a conference call: "We have every reason to believe that there are a lot of good ideas out there that we want to hear about, and you will see us continue to do that going forward."
NYT GM: Advertisers not factoring recession into plans(11:47 am ET)
CHICAGO (MarketWatch) -- Scott Heekin-Canedy, general manager of The New York Times, told analysts Thursday that he doesn't believe advertisers have factored a recession into their spending plans, but cautioned that this could change as the media environment is "extremely volatile." The New York Times Co. (NYT: news, chart, profile) reported steep ad revenue declines in December, with little indication that the situation would improve. The flagship newspaper's advertisers hesitated to buy placements during the first couple of weeks of the new year, as they "were taking measure of the economic climate and finalizing their spending plans" for 2008. While Heekin-Canedy said it is difficult to look further into the year to predict trends, he said ad sales in the luxury segment would be up by a mid-to-single-digit percentage, and "entertainment should do modestly well this year, as well."
GreenRoad Tech gets funding from Virgin Green; Benchmark(11:35 am ET)
NEW YORK (MarketWatch) -- GreenRoad Technologies Inc., a specialist in technology and services to improve safety and fuel efficiency of automobile drivers, said Thursday it closed a venture funding round of $14.5 million led by Richard Branson's Virgin Green Fund and Benchmark Capital. Shai Weiss, managing partner of Virgin Green Fund, will join the board of directors of the Redwood Shores, Calif. company.
Natural gas falls after intentories down more than expected(10:47 am ET)
SAN FRANCISCO(MarketWatch) -- Natural-gas futures fell Thursday after a government report showed U.S. natural gas inventories dropped more than expected last week. Natural gas for March delivery lost 8.1 cents, or 1%, to $7.964 per million British thermal units. U.S. natural gas inventories lost 274 billion cubic feet to 2,262 billion cubic feet in the week ending Jan. 25, Energy Information Administration reported on Thursday. Analysts at Global Insight were expecting a drop of 260 billion cubic feet.
Brunswick posts fourth-quarter profit(9:40 am ET)
NEW YORK (MarketWatch) -- Brunswick Corp. (BC: news, chart, profile) said Thursday that it swung to a fourth-quarter profit of $6.8 million, or 8 cents per share, from a loss of $53.2 million, or 57 cents per share, in the same quarter a year before. Excluding tax-related benefits, earnings from continuing operations for the period were 9 cents a share, down from the year-ago's 22 cents. Analysts polled Thomson Financial had expected earnings of 10 cents per share. The Lake Forest, Ill., company reported net sales for the quarter of $1.44 billion compared with $1.37 billion a year ago.
Energy stocks retreat with overall market(9:41 am ET)
NEW YORK (MarketWatch) -- Energy stocks sank along with the overall market on Thursday, with oil shares weighing on the sector after weak quarterly updates from Tesoro (TSO: news, chart, profile) and Marathon Oil (MRO: news, chart, profile) . The Amex Oil Index (XOI: news, chart, profile) fell 2.2% to 1,338. The Amex Natural Gas Index (XNG: news, chart, profile) fell 1.7% to 527. Tesoro declined 7% to $37.62. Marathon Oil gave up about 5% to $48.54. Peabody Coal (BTU: news, chart, profile) fell 10% to $49.92 after it lowered its profit outlook for the first quarter. Cameron International (CAM: news, chart, profile) dropped 11% to $38.56 after it said it would miss its first-quarter earnings target.
Tesoro swings to a loss on refinery outage, lower margins(8:44 am ET)
NEW YORK (MarketWatch) -- Tesoro Corp. (TSO: news, chart, profile) on Thursday said it lost $40 million, or 29 cents a share in the fourth quarter, compared to a gain of $158 million, or $1.14 per share, in the year-ago period. The San Antonio, Texas company cited weak profit margin in its refining business, higher operating expenses and poor marketing margins. Tesoro also cited an unplanned outage at a refinery's reformer unit, which impacted results by $30 million. Benchmark margins versus last year were lower by 23% on the West Coast, 36% in the Pacific Northwest, and 7% in the Midwest, the company said. Analysts surveyed by Thomson Financial forecast earnings of 2 cents a share, on average.

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ER Week 08-02-04
ER Week 08-01-28 #msg-26313124
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