Thursday, April 10
Genentech reports 12% boost in first-quarter profit(4:18 pm ET)
BOSTON (MarketWatch) -- Genentech Inc. (DNA: news, chart, profile) reported a 12% boost in its bottom-line late Thursday, due largely to increased sales for its cancer medications. For the quarter ended March 31, Genentech posted net income of $790 million, compared with $706 million for the previous year's quarter. Earnings per share including stock options were 74 cents versus 66 cents. Excluding stock options and other items, Genentech would have reported adjusted earnings per share of 84 cents. Operating revenue increased to $3.06 billion. A poll of analysts by FactSet pegged Genentech at reporting earnings of 76 cents a share, adjusted earnings of 82 cents a share and revenue of $3.12 billion.
CORRECT: Bank of America's profit seen hit by CDOs, loans(4:12 pm ET)
BOSTON (MarketWatch) -- Lehman Brothers analyst Jason Goldberg in a note to clients Thursday said he expects Bank of America Corp.'s (BAC: news, chart, profile) first-quarter earnings "to continue to be weighed down by collateralized debt obligation-related write-downs, as well as a heightened loan loss provision," while IPO gains should only provide a modest offset. Other headwinds include pressured fee income, higher expenses, credit quality deterioration and no share repurchases, according to the note. "Fee income should continue to be adversely impacted by weak trading due to CDO marks and pressured private equity," Goldberg said. "Investment banking should be pressured, hurt by its recent downsizing, while mortgage, service charges and card show seasonal weakness." The analyst expects Bank of America, which is scheduled to hold its first-quarter earnings conference call on April 21, to report profit of 65 cents a share, but still above the consensus estimate of 41 cents. (Corrects analyst consensus forecast.)
Senate passes housing aid package, 84-to-12(12:03 pm ET)
WASHINGTON (MarketWatch) -- In a bid to help the housing market, the Senate passed a package of tax breaks and funds for foreclosure counseling on Thursday, a day after the White House took separate action to expand a federal program to allow more homeowners to refinance mortgages. By a vote of 84-to-12, senators approved a package including funds for housing counseling, $4 billion for local communities to buy and redevelop foreclosed homes and a provision that allows losses incurred by businesses to be applied retroactively for four years.
Retailers gain even after downbeat March sales results(9:43 am ET)
CHICAGO (MarketWatch)-- Retail stocks were holding up fairly well in early Thursday action even after generally disappointing March same-store results - especially among those chains reliant on discretionary purchases. The sector's main indicator -- the S&P Retail Index ($RLX: news, chart, profile) -- rose a couple points to 390.37 while sector titans including Wal-Mart (WMT: news, chart, profile) , Target (TGT: news, chart, profile) and Macy's (M: news, chart, profile) all had modest gains out of the open.
Energy stocks mixed in early action (9:41 am ET)
NEW YORK (MarketWatch) -- Natural gas stocks moved higher Thursday in early action in the energy sector. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.5% to 645. The Amex Oil Index (XOI: news, chart, profile) dipped 0.3% to 1,414. Crude futures fell 7 cents to $110.80.
Tween Brands cuts first-quarter earnings view(9:28 am ET)
NEW YORK (MarketWatch) -- Tween Brands Inc. (TWB: news, chart, profile) on Thursday cut its fiscal first-quarter earnings forecast to 12 cents to 17 cents a share from 35 to 40 cents a share. The New Albany, Ohio, specialty retailer said the expected earnings shortfall is due to Limited Too's projected 7% to 9% decline in same-store sales in the first quarter, as well a charge of 4 cents a share from severance costs that were not factored into the previous forecast. The company said Justice same-store sales are expected to increase in line with the previous forecast of mid- to high-teens growth.
Hayes Lemmerz narrows fourth-quarter loss(8:54 am ET)
NEW YORK (MarketWatch) -- Hayes Lemmerz International Inc. (HAYZ: news, chart, profile) said Thursday that its fiscal fourth-quarter loss narrowed to $29.3 million from $62.8 million the year before. The Northville, Mich., auto parts maker said sales for the period ended Jan. 31 increased 20% to $529 million from $442 million the previous year. Hayes Lemmerz reported a loss of $2.41 a share for 2007 compared to a loss of $4.35 a share the year before. For fiscal 2008, the company forecast sales of $2.1 billion to $2.3 billion and capital expenditures of $95 million to $105 million.
Saks same-store sales for March fell 2.9%(8:53 am ET)
NEW YORK (MarketWatch) -- Retailer Saks Incorporated (SKS: news, chart, profile) said Thursday its March sales at stores open at least one year fell 2.9%. Analysts, on average, had expected same-store sales to rise 3.5%, according to Thomson Financial. Owned sales for the five weeks ended April 5 fell 2.9% to $276.2 million.
Target sees April comp sales up in mid-single digits(8:52 am ET)
NEW YORK (MarketWatch) - Target Corp. said Thursday it expects April sales at stores open at least one year to rise in the mid single digits. For the combined March and April periods, the discount retailer expects same-store sales to be at the low end of a range of a 1% decline to a 1% rise. Shares fell 1% in premarket trading.
Ross Stores lifts profit view on same-store sales beat(8:51 am ET)
NEW YORK (MarketWatch) -- Ross Stores Inc. (ROST: news, chart, profile) on Thursday lifted its first-quarter profit view to 56-58 cents a share from 52-54 cents a share. The Pleasanton, Calif. retailer said March same-store sales fell 2%. Analysts surveyed by Thomson Financial forecast a loss of 4.3%.
Ikon raises fiscal second-quarter forecast(8:44 am ET)
BOSTON (MarketWatch) -- Ikon Office Solutions (IKN: news, chart, profile) raised it fiscal second-quarter guidance early Thursday, citing better-than-expected sales from its equipment division. The company said it now sees quarterly earnings per share to come in between 22 cents and 24 cents, up from its previously-issued forecast of 16 cents to 19 cents. Revenue is expected to grow 1% over last year's quarter. Ikon added that while equipment sales will be roughly flat with those of last year's, they will still be an improvement over those of the fiscal first quarter, which showed a 6% decrease. Ikon also maintained its fiscal 2008 forecast of adjusted earnings of 92 cents to 98 cents a share, excluding restructuring charges.
CORRECT: M/I Homes' sales slip; amends credit facility(8:41 am ET)
BOSTON (MarketWatch) -- M/I Homes Inc. (MHO: news, chart, profile) Thursday said new contracts in the first quarter plunged to 554 from 931 in the year-ago period, as the cancellation rate dropped to 23% from 25%. "Selling conditions in most of our markets remain difficult. We continue to focus on our predominantly defensive operating strategy and are making meaningful progress on a number of fronts," said Chief Executive Robert Schottenstein, in a statement. "During the first quarter, we reduced our homebuilding bank borrowings from $115 million to $42 million, and we successfully amended our unsecured credit facility thereby providing us with additional financial flexibility. We are positioning M/I Homes for improved market conditions." (Corrects company name in headline.)
Aeropostale's March same-store sales rise 2.5%(8:20 am ET)
NEW YORK (MarketWatch) -- Aeropostale Inc. (ARO: news, chart, profile) said Thursday its March sales at stores open at least one year rose 2.5%. Analysts, on average, had expected same-store sales to rise 0.6%, according to Thomson Financial. Total net sales for the five weeks ended April 5 rose 13.6% to $141.8 million.
American Eagle Outfitters March sales slump, cuts view(8:17 am ET)
NEW YORK (MarketWatch) - American Eagle Outfitters (AEO: news, chart, profile) said Thursday its March sales at stores open at least one year fell 12%. Analysts, on average, had expected its same-store sales to fall 8.9%, according to Thomson Financial. Total sales for the five weeks ended April 5 fell 2% to $267.3 million. The teen apparel retailer cut its first-quarter earnings target to 18 cents to 20 cents a share, down from its prior guidance of 25 cents to 27 cents a share.
Family Dollar's same-store sales fall 4.4% in March(8:15 am ET)
NEW YORK (MarketWatch) -- Family Dollar Stores Inc. (FDO: news, chart, profile) said Thursday its March sales at stores open at least one year fell 4.4%. Analysts, on average, had expected same-store sales to fall 3.5%, according to Thomson Financial. Net sales for the five weeks ended April 5 fell 1.6% to $641.2 million. The retailer said it expects April same-store sales to increase 4% to 6%.
Bon-Ton same-store sales fell 5.3% in March(8:04 am ET)
NEW YORK (MarketWatch) -- Bon-Ton Stores, Inc. (BONT: news, chart, profile) said Thursday its March sales at stores open at least one year fell 5.3%. Analysts, on average, had expected same-store sales to fall 13% according to Thomson Financial. Total sales for the five weeks ended April 5 fell 4.9% to $274 million.
Cato reports 9% drop in sales, reaffirms forecast(7:55 am ET)
BOSTON (MarketWatch) -- Cato Corp. (CTR: news, chart, profile) said early Thursday that sales for stores open at least one year for the period ending April 5 fell 9%. According to a poll of analysts by Thomson Financial, sales were only expected to fall 5%. Total sales for the period slid 6% to $89.2 million. Cato also reaffirmed its first quarter financial forecast, which calls for adjusted earnings to come in between 49 cents a share and 55 cents a share, a decrease of 17% to 7% from last year's quarter.
Stein Mart same-store sales drop 17.1% in March(7:52 am ET)
NEW YORK - Off-price retailer Stein Mart, Inc. (SMRT: news, chart, profile) said that its same-store sales fell 17.1% in March, with total sales for the quarter to date down 14.5% to $234.8 million. Analysts polled by Thomson Financial, on average, expected a same-store sales drop of 11.3% for the month. The company attributed its March sales drop to the move of a major promotional event from March of last year to April of this year and to the loss of an additional selling day due to an earlier Easter. Jacksonville, Fla.-based Stein Mart said that Northern tier stores had performed significantly better than stores in the South and West.
Bebe Stores Inc.Q3 same-store sales off 7.6%(7:12 am ET)
NEW YORK (MarketWatch) -- Bebe Stores Inc. (BEBE: news, chart, profile) on Thursday said third-quarter same-store sales fell 7.6%. Sales for the 13-week period ended April 5 fell to $147.5 million from $151.3 million for the 14-week period ended April 7, 2007.
Mothers Work March same-store sales fell 6%(6:28 am ET)
NEW YORK (MarketWatch) -- Maternity apparel retailer Mothers Work, Inc. (MWRK: news, chart, profile) said Thursday its March sales at stores open at least one year fell 6%. Analysts, on average, had expected same-store sales to drop 7%, according to Thomson Financial. Total sales for the month ended March 31 fell 7.6% to $54.6 million. The company said that after a "nice improvement" in its sales trends in January and February, it saw "much weaker-than-planned" sales in March. The decline was due to the weak performance of its spring merchandise, partly because of unseasonably cold weather that month.
Stage Stores cuts 1st-quarter profit estimate; sales off(6:28 am ET)
TEL AVIV (MarketWatch) -- Stage Stores Inc., (SSI: news, chart, profile) the Houston retailer, cut its first-quarter earnings estimate as it reported that March same-store sales fell 10.3%. A survey of analysts by Thomson Financial was looking for a drop of 2.7% in March comparable sales. Total sales fell 6.6% to $141.1 million from $151 million. Stage Stores estimated first-quarter earnings at 5 cents to 8 cents a share, compared with its earlier expectation of 13 to 16 cents. Three analysts surveyed by FactSet were looking for an average of 13 cents. The quarter's same-store sales -- those from outlets open at least a year to eliminate the effect of acquisitions and divestitures -- will drop mid-single-digits percent as profit margins come in thinner than expected, Stage Stores said. The previous estimate of same-store sales for the quarter was flat to down low-single-digits percent.
DuPont raises first-quarter profit outlook(6:14 am ET)
WASHINGTON (MarketWatch) -- E.I. du Pont de Nemours & Co. (DD: news, chart, profile) said it's revising higher its first-quarter profit outlook. The Wilmington, Del.-based chemicals giant and Dow Jones Industrial Average component now sees a profit of $1.29 a share, up from a prior range pegged at $1.14 to $1.19 a share. The mean estimate of analysts surveyed by FactSet Research has been for DuPont to earn $1.17 a share for the March quarter. DuPont cited strength in its agriculture businesses as well as rapid growth in emerging markets as factors behind the upward revision. But for the second quarter, the company sees a profit of $1.05 a share, less than the FactSet-derived mean forecast of $1.12 a share. DuPont also raised the lower end of its full-year earnings outlook by 5 cents a share, to a range of $3.40 to $3.55 a share; analysts' average view stands at $3.45 a share.
Costco March same-store sales up 7%, total sales up 11%(3:08 am ET)
TEL AVIV (MarketWatch) -- Costco Wholesale Corp., (COST: news, chart, profile) the Issaquah, Wash., warehouse retailer, reported that for March, same-store sales rose 7%. A survey of analysts by Thomson Financial produced a consensus estimate of a rise of 5.9% for the month. Costco reported that same-store sales, those from outlets open at least a year to eliminate the effect of acquisitions and divestitures, rose 5% in the U.S. and 17% elsewhere. Total sales for the March period rose 11% to $6.57 billion from $5.93 billion in the year-earlier period.
DSG International warns on profit as margins decline(2:41 am ET)
LONDON (MarketWatch) -- Electrical Goods retailer DSG International (UK:DSGI: news, chart, profile) warned Thursday that its underlying pretax profit for the year will fall short of market expectations due to falling margins. The group said it expects to report pretax profit in a range of 200 million pounds ($395 million) to 210 million pounds. Analysts polled by FactSet were expecting pretax profit of around 243 million pounds. It's the second warning this year for DSG, which cut its forecasts in January after a disappointing Christmas period. The retailer said Thursday that total sales in the 25 weeks to April 5 were up 6%, but comparable sales slipped 1%. Gross margin has fallen around 0.8 percentage points due to increased promotional activity, the company added.
British Energy output down 2%, sees higher refuelling losses(2:26 am ET)
LONDON (MarketWatch) -- British Energy s[: uk:bgy] said Thursday that its nuclear output for the year ended March 31 slipped 2% to 50.3 terawatt hours from 51.2 terawatt hours, marginally ahead of market expectations. It added, however, that the reduction in output from planned refuelling operations in the coming year is now expected to increase to 4 terawatt hours from 3 terawatt hours. Increased refuelling losses are largely due to a slower-than-expected recovery to normal operations at its Dungeness B power station.
Wednesday, April 9
Chevron sees higher production earnings, weak margins (5:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Chevron Corp. (CVX: news, chart, profile) reported late Wednesday that it expects first-quarter upstream net income from production and exploration to rise from its fourth-quarter results, benefiting from higher oil and natural gas prices despite slightly lower oil production volumes domestically and overseas. At the same time, the second biggest U.S. oil company said earnings from its refining and marketing operations are likely to "remain at the low level" of the previous quarter, when it posted net downstream earnings of $204 million. Chevron shares rose 0.7% ahead of the interim quarterly report to close at $89.95.
Retail stocks holding steady out of the open(9:43 am ET)
CHICAGO (MarketWatch)-- Retail stocks were holding steady early Wednesday, helped in part by a swing to profit by electronics chain Circuit City (CC: news, chart, profile) . The retailer posted fourth quarter earnings of $4.85 million, or 3 cents a share, vs. a loss of $4.25 million, or 3 cents, in the year-ago period. The average estimate of analysts polled by Thomson Financial had been for the company to lose 7 cents a share. The stock rose more than 9% out of the open while the sector's main indicator - the S&P Retail Index ($RLX: news, chart, profile) - was flat at 397.22
PriceSmart's second-quarter income rises 45% (8:59 am ET)
NEW YORK (MarketWatch) -- PriceSmart Inc. (PSMT: news, chart, profile) said Wednesday that its fiscal second-quarter net income rose 45% to $9.25 million, or 33 cents a share, from $6.54 million, or 22 cents a share, a year earlier. Income for the latest period includes pretax charges of $3.4 million and income tax benefits of $1.7 million. Income from continuing operations for the most recent quarter was $9.49 million. The San Diego operator of PriceSmart and PriceCostco stores said revenue for the quarter ended Feb. 29 increased 27% to $293.8 million from $231.9 million. PriceSmart said second-quarter net warehouse club sales rose 27.1%.
Signet pretax drops 17%, says U.S. same-store sales down(7:55 am ET)
LONDON (MarketWatch) -- Anglo-American jewelry retailer Signet Group (SIG: news, chart, profile) (UK:SIG: news, chart, profile) said its annual pretax profit in the year to Feb. 2 dropped 17% to $333.5 million, with sales up 3% to $3.67 billion. It's lifting its annual dividend 1.6% to 7.277 cents a share. Since the start of the fiscal year, U.S. same-store sales have dropped 4% while U.K. same-store sales have climbed mid single-digits. Signet said it's still looking at moving its primary stock-market listing to the U.S. but because of market conditions the timing remains uncertain. Signet shares rose 2.4% in London.
Acergy's first-quarter profit rises(7:34 am ET)
NEW YORK (MarketWatch) -- Acergy S.A. (ACGY: news, chart, profile) said Wednesday that first-quarter net income rose to $41.1 million, or 20 cents a share, from $38.2 million, or 19 cents, a year earlier, due in part to a higher level of activity, improved project performance and contributions from non-consolidated joint ventures. Adjusted earnings before interest, taxes, depreciation and amortization rose to $102 million from $71 million. The London engineering and construction contractor said revenue for the quarter ended Feb. 29 rose to $635.9 million from $565.8 million a year earlier.
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