Replies to post #405 on Earning Plays

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Monday, April 14

Compuware sees fourth-quarter earnings of 22 cents a share(5:22 pm ET)
Outlook Roundup: W.W. Grainger, Eaton
Outlook Roundup: W.W. Grainger Ups Profit Forecast, Eaton Guides Higher on Strong 1Q Earnings
http://money.cnn.com/news/newsfeeds/articles/apwire/d70f4c19fa127c0ac964a58b7ac42160.htm

European Stocks Decline for Fifth Day; Philips, HSBC, BHP Fall
http://www.bloomberg.com/apps/news?pid=20601100&sid=aJo1OEGnFxXI&refer=germany

Equity Lifestyle Properties beats by $0.02, beats on revs; reaffirms FY08 FFO in-line Reports Q1 (Mar) funds from operations of $1.07 per share, $0.02 better than the First Call consensus of $1.05; revenues rose 5.8% year/year to $106.4 mln vs the $102.5 mln consensus. Co reaffirms in-line guidance for FY08, sees FFO of $3.15-3.30 vs. $3.21 consensus.
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=BCOM&date=20080414&id=8484100

Wachovia pre-results option trades raise eyebrows

CHICAGO (Reuters) - Investors appeared to have made bearish bets on Wachovia Corp before the bank reported an unexpected quarterly loss on Monday, prompting questions among option traders on whether the news was leaked ahead of time.

Wachovia posted a surprise first-quarter loss early on Monday. The No. 4 U.S. bank said it would cut its dividend, eliminate jobs and raise $7 billion of capital after being hurt by credit conditions. Its shares fell 8.13 percent to $25.55.

But ahead of the earnings announcement -- originally scheduled for April 18 before being moved up over the weekend -- some lucky players aggressively scooped up Wachovia put options late last week.

The put trading was extremely heavy on Friday as traders appeared to be speculating on a bearish event affecting earnings, said Jon Najarian, a founder of Web information site optionmonster.com in Chicago.

A large part of that put activity involved May option contracts, allowing investors to sell Wachovia shares at $30 minus the premium paid.

http://www.reuters.com/article/BANKSL/idUSN1437276620080414

SAN FRANCISCO (MarketWatch) -- Compuware Corp. (CPWR: news, chart, profile) said Monday it expects fiscal fourth-quarter net earnings of 22 cents a share, or 23 cents a share before restructuring charges. The Detroit software company expects revenue of about $337 million, including software license revenues of $100 million, maintenance revenue of $126 million and professional services revenue of $111 million. Analysts surveyed by FactSet Research are projecting earnings of 18 cents a share on revenue of $320.9 million in the fourth quarter.
Energy stocks move up with crude prices (9:40 am ET)
NEW YORK (MarketWatch) -- Energy stocks tracked higher along with crude prices on Monday. The Amex Oil Index (XOI: news, chart, profile) rose 1% to 1,398. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.8% to 640. Crude prices rose 42 cents to $110.56 in morning action on the New York Mercantile Exchange.
Exxon Mobil ramps up exploration in southeast Hungary(9:15 am ET)
NEW YORK (MarketWatch) -- Exxon Mobil (XOM: news, chart, profile) on Monday said it hopes to spud the first wells in 2008 under a new energy development pact with MOL Hungarian Oil and Gas Plc in the Mako Trough in southeast Hungary. "The goal of the program is to evaluate the potential for commercial production of unconventional gas and liquid hydrocarbons," Exxon Mobil said. ExxonMobil will fund the work program and receive a 50% interest in the acreage upon completion. The exploration program covers 387,000 acres with wells drilled to depths of approximately 14,000 feet.
Carpenter sees lower third-quarter profit(8:22 am ET)
NEW YORK (MarketWatch) -- Carpenter Technology Corp. (CRS: news, chart, profile) said Monday that it expects to report third-quarter net income from continuing operations of $1 to $1.05 a share, which excludes the gain from the $145 million sale of its ceramics businesses. The company said these results reflected lower demand in automotive, industrial and consumer end markets as well as higher operating costs. In the year-earlier quarter, the Wyomissing, Pa.-based alloys maker reported earnings of $1.27 a share and net income from continuing operations of $1.22 a share. Carpenter is slated to release its results on April 29. Shares of Carpenter closed Friday at $59.30.
Federated Investors Inc. net income climbs 8%(8:15 am ET)
NEW YORK (MarketWatch) -- Federated Investors Inc. (FII: news, chart, profile) on Monday said first-quarter earnings rose 8% to $56 million, or 55 cents a share for the three months ended March 31, from $52 million, or 50 cents a share in the year-ago period. Revenue rose 16% to $305.7 million. Analysts surveyed by FactSet forecast earnings of 62 cents a share. Federated's total managed assets were a record $338.5 billion on March 31. The increase in total managed assets was driven by a $40.9 billion increase in money market assets during the first quarter, the company said. Federated's equity assets declined $4.6 billion to $37.5 billion mainly due to market depreciation.
ScottsMiracle-Gro sees second-quarter EPS $1.14-$1.18(7:47 am ET)
NEW YORK (MarketWatch) -- Scotts Miracle-Gro Co. (SMG: news, chart, profile) said Monday that it expects adjusted second-quarter earnings of $1.14 to $1.18 a share, due to a late launch of the lawn and garden season. On average, analysts polled by Thomson Financial projected earnings for the second-quarter at $1.42 a share. The Marysville, Ohio, horticultural and turf products company said it backed its outlook for the full year. The company said in January that it expects 2008 adjusted earnings to be flat to slightly down from 2007. Scotts said its fiscal 2008 financial statements will include $15 million to $20 million in unexpected costs due to a voluntary retail recall of wild bird food. A "significant" portion of this cost will be included in the second-quarter financial statements.
Eaton posts higher first-quarter profit(7:36 am ET)
NEW YORK (MarketWatch) -- Eaton Corp. (ETN: news, chart, profile) said Monday that its first-quarter net income rose 5.6% to $247 million, or $1.64 a share, from $234 million, or $1.56 a share, a year earlier, due in part to sales in international markets. Before acquisition integration charges, operating earnings rose to $1.70 a share from $1.62 in the first quarter of 2007, the Cleveland-based maker of electrical components said. A Thomson Financial survey of analysts, on average, projected earnings of $1.66 a share. Sales rose 12% to $3.50 billion from $3.11 billion. Eaton said it expects second-quarter earnings of $1.80 to $1.90 a share, and non-GAAP operating earnings of $1.90 to $2 a share. Eaton raised its full-year forecast by 5 cents a share, due to stronger first-quarter results, to $7.30 to $7.80 a share, and operating earnings of $7.80 to $8.30 a share. The company expects full year global automative markets flat, domestic output down 5%. Eaton is maintaining its previously issued full-year forecast that global electrical markets will grow 5% to 6%.
Volkswagen's first-quarter deliveries up 7%(7:22 am ET)
LONDON (MarketWatch) -- Volkswagen AG (DE:766400: news, chart, profile) , Europe's largest carmaker, on Monday said worldwide deliveries rose 7% in the first quarter to 1.572 million vehicles despite "increasingly difficult market conditions." Volkswagen said it reached record market share of 32.3% in Germany and saw a 32.4% jump in deliveries in China.
Fluidigm files $86 mln IPO(7:18 am ET)
NEW YORK (MarketWatch) -- Fluidigm Corp. on Monday filed to raise up to $86.25 million in an initial public offering with underwriters Morgan Stanley (MS: news, chart, profile) , UBS Investment Bank (UBS: news, chart, profile) and Leerink Swann. The South San Francisco, Calif. maker of genetic analysis technology plans to trade under the symbol FLDM on the Nasdaq.
Alpharma sets earnings mark; plans $150 mln stock buyback(7:12 am ET)
NEW YORK (MarketWatch) -- Alpharma Inc. (ALO: news, chart, profile) on Monday said it expects 2008 earnings from continuing operations of 15-35 cents a share, excluding the impact of any potential milestone payments associated with its 2007 licensing agreements. The Bridgewater, N.J. company expects to use the net after-tax proceeds of approximately $365 million from the sale of its API unit to invest in the pharmaceuticals and animal health businesses. The company's board of directors has authorized a share repurchase program of up to $150 million.
Wachovia raising $7 billion through offerings(6:22 am ET)
LONDON (MarketWatch) -- Wachovia Corp. (WB: news, chart, profile) said it's raising $7 billion by issuing common stock and convertible preferred stock. The non-cumulative dividend rate, conversion rate and other terms will be determined by negotiations between Wachovia and the underwriters of the convertible preferred stock offering. Wachovia Securities is serving as global coordinator and joint bookrunning manager and Goldman, Sachs & Co. is serving as joint bookrunning manager of these offerings.
Wachovia to slash dividend, raise capital after loss(6:09 am ET)
LONDON (MarketWatch) -- Wachovia (WB: news, chart, profile) said it's cutting its dividend to 37.5 cents a share and going to issue common stock and convertible preferred stock after reporting a loss during the first quarter of $350 million before preferred dividends. Excluding merger-related expenses, it lost 14 cents a share. It earned $2.3 billion, or $1.20 a share, in the year-earlier period. Analysts polled by FactSet expected Wachovia to earn 44 cents a share. Wachovia said cutting its quarterly dividend will save $2 billion of capital annually "to build capital ratios and provide more operational flexibility." Wachovia said it took market-disruption valuation losses of $2 billion during the quarter. "The precipitous decline in housing market conditions and unprecedented changes in consumer behavior prompted us to update our credit reserve modeling and rely less heavily on historical trends to forecast losses," said CEO Ken Thompson.
Danone sales up 18.7%, reaffirms growth targets(2:24 am ET)
LONDON (MarketWatch) -- French dairy and beverage company Groupe Danone (FR:012064: news, chart, profile) said Monday that its first-quarter sales rose 18.7% to 3.76 billion euros ($5.9 billion). Comparable sales excluding the impact of exchange rate moves and consolidation rose 11.4% from a year earlier. "We are specifically pleased with the developments in our two new divisions baby nutrition and medical nutrition as their particular strong performances illustrate the quality and the speed of the integration process since the completion of the Numico acquisition," said CEO Franck Riboud. Danone also confirmed its 2008 target for sales growth of 8% to 10% and growth in underlying earnings per share of at least 15%.
Friday, April 11
Retail gasoline edges up on Friday to $3.37 a gallon(9:10 am ET)
NEW YORK (MarketWatch) -- The average U.S. retail price for unleaded regular gasoline rose by a penny Friday from the previous day to $3.37 a gallon, up from $3.25 a month ago and $2.81 a year ago, according to the Daily Fuel Gauge Report from the Automobile Association of America.
Fastenal posts rise in first-quarter profit (8:00 am ET)
NEW YORK (MarketWatch) -- Fastenal Co. (FAST: news, chart, profile) said Friday that its first-quarter net income rose to $68.1 million, or 46 cents a share, from $54 million, or 36 cents a share, in the year-earlier period. The Winona, Minn., industrial supplies manufacturer said sales for the three months ended March 31 increased 15.8% to $566.2 million from $489.2 million. The company's shares closed Thursday at $47.75.
Foundry sees quarterly results below expectations(7:46 am ET)
NEW YORK (MarketWatch) -- Foundry Networks Inc. (FDRY: news, chart, profile) said Friday that it expects to report first-quarter earnings of 8 to 9 cents a share, including stock-based compensation, on revenue of $148 million to $150 million. On average, analysts surveyed by Thomson Financial were expecting the Santa Clara, Calif.-based computer hardware company to report earnings of 20 cents a share on revenue of $163.4 million. "Entering the quarter, we expressed our view that Foundry would experience typical seasonality," said Bobby Johnson, president and chief executive officer of Foundry Networks. "However, during the first quarter, a more challenging macroeconomic environment evolved from the financial market crises, which we believe led some customers to delay their purchase decisions." Shares of Foundry closed Thursday at $11.59.
Exxon Mobil OK's $75 mln for Hungary project(7:44 am ET)
NEW YORK (MarketWatch) -- Exxon Mobil Corp. (XOM: news, chart, profile) said late Thursday it'll spend about $75 million to test and drill in the Mako Trough in southeast Hungary. The company's Esso Exploration International Limited unit signed a production and development agreement with Falcon Oil and Gas Ltd. to begin work on a production license in a contract area of 184,300 acres. After the initial work program, the agreement includes options for ExxonMobil to elect to follow with appraisal and development.
CORRECT: GE profit drops 6%, cuts 2008 forecast(6:42 am ET)
LONDON (MarketWatch) -- General Electric (GE: news, chart, profile) said first-quarter net income dropped 6% to $4.3 billion, or 43 cents a share, while revenue rose 8% to $42.24 billion. From continuing operations, the component of the Dow Jones Industrial Average earned 44 cents a share, below FactSet-compiled analyst estimates of 51 cents a share. "Demand for our global Infrastructure business remained strong, but our financial services businesses were challenged by a slowing U.S. economy and difficult capital markets," GE Chairman and CEO Jeff Immelt said. GE also lowered 2008 guidance to a range of $2.20 to $2.30 a share, with second-quarter EPS seen 53 cents to 55 cents a share. Analysts expected annual earnings of $2.43 and second-quarter earnings of 58 cents a share. (Corrects revenue.)
South Korea's Posco posts 5% rise in Q1 net profit (4:27 am ET)
HONG KONG (MarketWatch) -- South Korean steel maker Posco posted a surprise 5% rise in first-quarter net profit Friday, bolstered by higher steel price and cost-reduction efforts. Posco, the world's fourth-largest steel maker by output, reported quarterly net profit of 1.03 trillion won ($1.06 billion), up from the 982.3 million won in the year-earlier period. An average of analysts' forecasts compiled by Dow Jones Newswires was for a net profit of 963 million won. Revenue totaled 6.06 trillion won, up 6.6% from 5.70 trillion won a year earlier. The steel maker lifted its 2008 sales target by 17% to 28 trillion won.

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Tuesday, April 15
Intel forecast sends late shares up; Seagate slumps

US Bancorp (USB) profit slips during first-quarter on loss reserves
Shares of U.S. Bancorp (NYSE: USB) are slightly higher in early trading despite the fact that the company posted a decline for its first-quarter profit. As Trey Thoelcke discussed, analysts were waiting for the sixth-largest U.S. bank to show smaller profit, but the firm was able to beat by 1 penny analysts' predictions.

For the quarter, US Bancorp announced that its profit slipped 4% to $1.09 billion, compared with $1.13 billion, a year earlier. The drop was tied to impairment charges and higher credit losses provision. The bank posted quarterly earnings of 62 cents per share, slightly higher the 61cents per share that analysts expected.

Intel shares (INTC) were up 6.4% to $22.22, at last check. The company said it expects second-quarter revenue of $9 billion to $9.6 billion. The mid-point is slightly higher than the consensus projection of $9.26 billion, according to analysts surveyed by FactSet Research.
For the first quarter, net income was $1.44 billion, or 25 cents a share, compared with $1.64 billion, or 28 cents a share, for the year-earlier period. Revenue was $9.7 billion, up from $8.85 billion. The quarter included charges of 4 cents a share related to restructuring and asset impairment. Intel was expected to report earnings of 28 cents a share on revenue of $9.65 billion.
But shares of Seagate Technology (STX) suffered a 3% decline to $19.59. The hard-disk drive maker said it expects fourth-quarter earnings of 37 cents to 41 cents a share on sales of $2.85 billion to $3 billion. Excluding items related to past acquisitions, Seagate estimates earnings of 41 cents to 45 cents a share. Analysts had forecast earnings of 61 cents a share on $3.1 billion in sales.
The company also said it earned $344 million, or 65 cents a share, on revenue of $3.1 billion in the third quarter, compared with $212 million, or 37 cents a share, on $2.8 billion in sales last year. See full story.
Shares of Washington Mutual Inc. (WM) were down 0.7% to $10.59. The lender swung to a first-quarter net loss of $1.14 billion, or $1.40 a share, and set aside $3.51 billion of provisions to cover potential loan losses as the economy weakens and home values continue to slide. That amount is more than double what the lender had set aside in the fourth quarter of 2007.
Washington Mutual also said it closed a previously announced deal to raise $7 billion from a group of investors led by private-equity firm Texas Pacific Group.
Meanwhile, CV Therapeutics Inc. (CVTX) leaped 21% to $8.99 after the biotech firm said TPG-Axon Capital has agreed to pay it up to $185 million in exchange for rights to half of its royalty on North American sales of Lexiscan. The Food and Drug Administration on Monday approved use of Lexiscan, which is injected during heart tests into patients that can't exercise, in order to increase blood flow in their arteries.



CSX posts 46% surge in profit(5:07 pm ET)
SAN FRANCISCO (MarketWatch) -- CSX Corp. (CSX: news, chart, profile) on Tuesday reported a first-quarter profit of $351 million, or 85 cents a share, up from $240 million, or 52 cents a share, a year earlier. The Jacksonville, Fla.-based railroad posted revenue of $2.7 billion, up 12% from the same quarter last year. Analysts polled by FactSet Research were looking for a profit, on average, of 71 cents a share with sales of $2.6 billion. The company said it overcame housing and auto sector woes through "yield management, fuel recovery and market drivers including growth in ethanol and grain shipments, increased demand for export coal, and a stable industrial economy."
WaMu reports net loss of $1.14 bln; closes $7 bln deal(4:17 pm ET)
SAN FRANCISCO (MarketWatch) -- Washington Mutual Inc. (WM: news, chart, profile) reported a big first-quarter net loss late Tuesday as the lender suffered from the mortgage meltdown and broader credit crunch. The Seattle-based company lost $1.14 billion, or $1.40 a share, in the period, vs. net income of $784 million, or 86 cents a share, during the first quarter of 2007. WaMu said it set aside $3.51 billion of provisions to cover potential loan losses as the economy weakens and home values continue to slide. That's more than double the amount the lender set aside in the fourth quarter of 2007. The company also said it closed a previously announced deal to raise $7 billion from a group of investors led by private-equity firm Texas Pacific Group. WaMu shares climbed 1.3% to $10.81 during after-hours trading on Tuesday.
Seagate Technology earnings rise 62%(4:05 pm ET)
SAN FRANCISCO (MarketWatch) -- Seagate Technology (STX: news, chart, profile) on Tuesday reported a third-quarter profit of $344 million, or 65 cents a share, on revenue of $3.1 billion. During the same period a year ago, Seagate earned $212 million, or 37 cents a share, on $2.8 billion in sales. Excluding one-time items, Seagate would have earned $369 million, or 70 cents a share. Analysts surveyed by FactSet Research had forecast Seagate to earn 73 cents a share on $3.26 billion in revenue. The No. 1 maker of hard-disk drives used in computers and other electronic products said that for its fourth quarter, it expects to earn between 37 cents and 41 cents a share on sales in a range of $2.85 billion to $3 billion.
Bank-stock ETF higher despite State Street's slide(1:12 pm ET)
BOSTON (MarketWatch) -- An exchange-traded fund indexed to banking stocks, KBW Bank ETF (KBE: news, chart, profile) , was up nearly 1% in afternoon dealings Tuesday on higher quarterly earnings from the group despite the decline in State Street Corp. (STT: news, chart, profile) shares after the company revealed billions of dollars of unrealized losses due to the credit turmoil. State Street accounts for nearly 5% of the ETF's tracking index.
Commerce Bancshares first quarter EPS up 27% from last year(9:32 am ET)
NEW YORK (MarketWatch) -- Commerce Bancshares Inc. (CBSH: news, chart, profile) said Tuesday that its first-quarter profit rose to $64.2 million, or 89 cents a share, from $51.5 million, or 70 cents a share, in the year-earlier quarter. On average, analysts polled by Thomson Financial had expected quarterly earnings of 69 cents a share. The Kansas City-based bank said it also reaped a $22.2 million pre-tax cash gain on the sale of Visa Inc. (VISA: news, chart, profile) stock and an $8.8 million pre-tax gain from the reversal charges from Visa-related litigation.
ITT Corp. to beat Q1 and 2008 earnings marks(9:22 am ET)
NEW YORK (MarketWatch) -- ITT Corp. (ITT: news, chart, profile) on Tuesday said it expects to beat both its first-quarter earnings target of 80-82 cents a share, and its year-end target of $3.80-$3.90 a share. The White Plains, N.Y.-based water and fluids management, global defense and security conglomerate is expected to earn 82 cents a share in the quarter and $3.96 a share for the year, according to a survey of analysts by FactSet.
ITT Corp. to beat Q1 and 2008 earnings marks(9:22 am ET)
NEW YORK (MarketWatch) -- ITT Corp. (ITT: news, chart, profile) on Tuesday said it expects to beat both its first-quarter earnings target of 80-82 cents a share, and its year-end target of $3.80-$3.90 a share. The White Plains, N.Y.-based water and fluids management, global defense and security conglomerate is expected to earn 82 cents a share in the quarter and $3.96 a share for the year, according to a survey of analysts by FactSet.
'Unprecedented' illiquidity in bond market: State Street CEO(9:16 am ET)
BOSTON (MarketWatch) -- During the first quarter, "unprecedented illiquidity continued in the fixed-income markets," State Street Corp. (STT: news, chart, profile) Chief Executive Ronald Logue said during the firm's quarterly earnings call Tuesday. "At the end of the fourth quarter things seemed a little better, but in February the markets froze up again, and then equity markets declined rapidly," the CEO said. As a result of continuing illiquidity, the mark-to-market on State Street's investment portfolio rose in the first quarter. "We also saw an increase in the unrealized loss on the assets held by our conduits," Logue said.
China buys $2 bln stake in BP, report says(8:43 am ET)
NEW YORK (MarketWatch) -- China has purchased about $2 billion worth of BP (BP: news, chart, profile) stock through a sovereign wealth fund for a roughly 1% stake in the U.K. oil giant, the Daily Telegraph reported on Tuesday. "We are aware of the Chinese holding and we welcome all shareholders," a BP spokesperson told the newspaper.
Avnet sees third-quarter earnings of 74-76 cents a share (8:33 am ET)
NEW YORK (MarketWatch) -- Avnet Inc. (AVT: news, chart, profile) said Tuesday that it projects fiscal third-quarter operating earnings of 74 cents to 76 cents a share. The figures do not include $10 million of charges to integrate recently acquired businesses. The Phoenix semiconductor and electronic component distributor expects sales to increase 13% to about $4.42 billion for the quarter ended March 29, which is at the low end of expectations. On average, analysts polled by Thomson Financial expected per-share earnings of 87 cents on revenue of $4.47 billion. Avnet said initial actions taken at the end of the third quarter will reduce annual expenses by about $15 million, and actions planned for the fiscal fourth quarter should reduce earnings by another $23 million to $27 million a year. The company expects to post a charge from the actions, which will be offset by a $38 pretax gain from the sale of Avnet's interest in Calence LLC. Avnet project fiscal fourth-quarter non-GAAP earnings of 79 cents to 83 cents a share on sales of $4.55 billion to $4.75 billion.
DigitalGlobe Inc. files $250 mln IPO(7:43 am ET)
NEW YORK (MarketWatch) -- DigitalGlobe Inc., a Longmont, Colo. provider of commercial high resolution earth imagery technology, late Monday filed to raise up to $250 million in an initial public offering with underwriters Morgan Stanley (MS: news, chart, profile) and Lehman Brothers (LEH: news, chart, profile) . The company plans to trade on the New York Stock Exchange under the symbol DGI. DigitalGlobe Inc., which counts Google Maps (GOOG: news, chart, profile) as a client, reported $95.8 million in net income, including a $58 million tax benefit, and $152 million in revenue in 2007, compared to net income of $9.2 million and revenue of $107 million in 2006. Shareholders of the firm include Morgan Stanley, Hitachi Software and Ball Technologies.
Polaris reports higher first-quarter profit, raises outlook(7:17 am ET)
NEW YORK (MarketWatch) -- Polaris Industries Inc. (PII: news, chart, profile) said Tuesday that its first-quarter net income rose to $19.1 million, or 55 cents a share, from $12.4 million, or 34 cents a share, in the year-earlier period. The Minneapolis producer of snowmobiles and all-terrain vehicles said sales for the quarter ended March 31 rose 22% to $388.7 million from $317.7 million. Analysts surveyed by Thomson Financial expected, on average, earnings of 46 cents a share and revenue of $370.5 million. Looking ahead, Polaris sees second-quarter earnings from continuing operations of 66 cents to 70 cents a share and sales growth of 6% to 9%. Wall Street projects second-quarter earnings of 62 cents a share. For 2008, Polaris expects full-year earnings from continuing operations of $3.36 to $3.46 a share, while analysts project $3.33 a share. The company estimates 2008 sales to increase 5% to 7% from 2007 levels.
Northrop Grumman plans charge for rework on a ship(5:50 am ET)
TEL AVIV (MarketWatch) -- Northrop Grumman Corp., (NOC: news, chart, profile) the Los Angeles aerospace and defense giant, said it would report a first-quarter charge of 61 cents to 69 cents a share to "reflect a reevaluation of the estimated schedule and cost to complete the LHD-8 amphibious assault ship." The charge, which totals $320 million to $360 million before tax, also covers the "resource impacts on other Gulf Coast ships, and an evaluation of purchased intangible assets associated with the shipbuilding business," Northrop Grumman said in a statement on Tuesday. The charge doesn't change the company's 2012 financial targets, NOC said. Regarding the LHD-8, NOC said the project hadn't progressed, and a review prompted "substantial rework ... primarily in electrical-cable installations." The ship is now set for delivery in second-quarter 2009, Northrop Grumman said.
Feldman Mall posts loss and cancels buyback plan(4:07 am ET)
TEL AVIV (MarketWatch) - Feldman Mall Properties Inc. reported a wider fourth-quarter loss, canceled its plan to buy back 3 million of its shares, and said it would continue efforts to raise capital and possibly to sell the company. The Great Neck, N.Y., real-estate investment trust, (FMP: news, chart, profile) which focuses on regional shopping malls, reported a loss of $7.3 million compared with $1 million in the year-earlier period. Reflecting preferred dividends, the loss was $7.8 million, or 60 cents a share, compared with $1 million, or 8 cents. Revenue fell 10% to $13.3 million from $14.7 million. In funds from operations, the REIT swung to a loss of 28 cents from a profit of 18 cents a year earlier. "In addition to the challenging credit environment, declining home prices in many regions have also impacted consumer spending, which, in turn, has caused a slow start to the 2008 retailing season," the company said in a statement late on Monday.
Burberry's fourth-quarter sales rose 16%(2:45 am ET)
LONDON (MarketWatch) -- British luxury-goods group Burberry (UK:BRBY: news, chart, profile) on Tuesday said fourth-quarter sales rose 16% to 292 million pounds. Retail sales increased 24% to 121 million pounds. Comparable store sales climbed 6% over the same period. In the year to March 2009, Burberry said it expects underlying licensing revenue to be broadly flat and underlying wholesale revenue to rise 10% on strong growth in North America and emerging markets.
Hennes & Mauritz comparable sales slip 8%(2:44 am ET)
LONDON (MarketWatch) -- Swedish fashion retailer Hennes & Mauritz (SE:HMB: news, chart, profile) said Tuesday that total sales in March rose 3%, while comparable sales for the month slipped 8%. The group said sales had been negatively impacted by the late spring in combination with other calendar effects. It added the total number of stores reached 1,546 from 1,386 a year earlier.
Tesco profit edges past forecasts, to continue in U.S.(2:16 am ET)
LONDON (MarketWatch) -- U.K. supermarket giant Tesco (UK:TSCO: news, chart, profile) said fiscal year to Feb. 23 profit before tax rose 6% to 2.8 billion pounds ($5.5 billion), with sales up 11.1% to 51.8 billion pounds. Its underlying profit growth of 12% to 2.85 billion pounds edged past analyst estimates. It's dividend is being up 13% to 10.9 pence a share. The group said in the five weeks of the new year, U.K. same-store sales excluding fuel rose over 4%, ahead of the 3% to 4% it expected, and international sales on an actual level rose 19%, despite passing the anniversaries of buying Leader Price in Poland and the majority of its Chinese business. It's continuing its Fresh & Easy expansion in the U.S. -- where it says sales are ahead of budget, with its best stores topping $20 per square foot per week -- with another 1.5 million square feet planned to open.

[3xBuBu]

Wednesday, April 16
Sallie Mae reports $104 mln quarterly net loss(5:51 pm ET)
SAN FRANCISCO (MarketWatch) -- SLM Corp. (SLM: news, chart, profile) reported a first-quarter $104 million net loss late Wednesday as the giant student loan company known as Sallie Mae struggled in the face of the global credit crunch. The net loss was 28 cents a share, versus net income of $116 million, or 26 cents a share, a year earlier. Core earnings, which exclude the effect of derivatives accounting which captures short-term mark-to-market fluctuations, came in at $188 million, or 34 cents a share, SLM said. Excluding non-recurring items of $21 million of restructuring expenses and an $82 million acceleration of premium amortization expense, core earnings were $254 million, or 48 cents a share. The lender was expected to make 40 cents a share, according to the average estimate of nine analysts polled by Thomson Financial.
IBM raises 2008 earnings forecast to at least $8.50 a share(4:47 pm ET)
SAN FRANCISCO (MarketWatch) -- IBM Corp. (IBM: news, chart, profile) Chief Financial Officer Mark Loughridge said Wednesday that the company expects to earn at least $8.50 a share for its 2008 fiscal year. Speaking on a conference call to discuss IBM's first-quarter results, Loughridge said "our operating model is in place and executing well," as he raised the forecast. In February, IBM said it expected to earn between $8.25 and $8.35 a share for 2008 due to plans to buy back at least $12 billion in stock this year.
Con-way posts lower profit, cuts outlook(4:48 pm ET)
SAN FRANCISCO (MarketWatch) -- Con-way, Inc. (CNW: news, chart, profile) on Wednesday reported a first-quarter profit of $22.5 million, or 47 cents a share, down from $27.8 million, or 57 cents a share a year ago. Excluding costs associated with a transformation in the freight division, earnings would have come to 54 cents a share. Revenue jumped almost 20% to $1.20 billion. Analysts polled by FactSet Research were looking for a profit, on average, of 62 cents a share on revenue of $1.2 billion. The San Mateo, Calif.-based trucking company blamed a "challenging and uncertain economic environment" as well as worse-than-expected weather for its profit decline. Con-way cut its 2008 outlook range to between $3.00 and $3.40 a share, down from $3.40 to $3.80 a share. Analysts previously forecast a profit of $3.66 a share for the full year.
Kinder Morgan Energy Partners swings to profit (4:40 pm ET)
SAN FRANCISCO (MarketWatch) -- Kinder Morgan Energy Partners L.P. (KMP: news, chart, profile) reported late Wednesday first-quarter net earnings of $346.7 million, or 63 cents a share. It had a loss of $149.5 million in the year-ago period. Revenue for the three months ended March 31 rose to $2.72 billion from $2.17 billion a year ago. Analysts polled by FactSet Research had expected the Houston-based energy pipeline limited partnership to earn 53 cents a share on $2.54 billion in revenue. The company increased its quarterly cash distribution per common share to 96 cents from 92 cents in the previous quarter and 83 cents a year ago. Kinder Morgan shares rose 1.3% to close at $57.70 ahead of the report.
Leggett & Platt profit dips as steel costs rise(4:29 pm ET)
SAN FRANCISCO (MarketWatch) -- Leggett & Platt (LEG: news, chart, profile) on Wednesday reported a first-quarter profit of $43.4 million, or 25 cents a share, down from $75.7 million, or 41 cents a share, a year earlier. Earnings from continuing operations came in at 23 cents a share. Revenue dipped 5% from a year ago to $1 billion. Analysts polled by FactSet Research were looking for a profit, on average, of 22 cents a share on $1 billion in sales. The Carthage, Mo.-based diversified manufacturer blamed weakness in residential markets along with higher steel costs for the earnings decline.
EBay earnings jump 22% in first quarter, beating estimates(4:17 pm ET)
SAN FRANCISCO (MarketWatch) - EBay Inc. (EBAY: news, chart, profile) reported a 22% gain in net income for the first quarter thanks to growth in businesses such as ticketing, payments and telecommunications. The online auction giant said earnings came in at $459.7 million, or 34 cents a share, compared to earnings of $377.2 million, or 27 cents a share, for the same period last year. Excluding charges related to stock options and acquisitions of intangible assets, eBay said earnings for the quarter would have been $561.5 million, or 42 cents a share, for the first quarter. Revenue for the quarter came in at $2.19 billion compared to $1.77 billion the previous year. Analysts were expecting earnings of 39 cents a share on revenue of $2.07 billion for the period, according to estimates from FactSet Research.
Torchmark quarterly net income falls 13%(4:17 pm ET)
SAN FRANCISCO (MarketWatch) -- Torchmark Corp. (TMK: news, chart, profile) said late Wednesday that first-quarter net income came in at $118.2 million, or $1.29 a share, down 13% from a year earlier when the insurer made $135.2 million, or $1.37 a share. Operating income, which excludes net realized investment gains and losses, was $131.8 million, or $1.43 a share. The company was expected to make $1.43 a share, according to the average estimate of 12 analysts in a Thomson Financial poll.
IBM Corp. earnings rise 26%(4:16 pm ET)
SAN FRANCISCO (MarketWatch) -- IBM Corp. (IBM: news, chart, profile) on Wednesday reported a first-quarter profit of $2.32 billion, or $1.65 a share, on $24.5 billion in revenue, compared to $1.84 billion, or $1.21 a share on revenue of $22 billion in the same period a year ago. The results beat the estimates of analysts surveyed by FactSet Research, who forecast IBM to earn $1.50 a share on $23.8 billion in revenue. IBM didn't immediately give any estimates for its second quarter, but in a statment, Chief Executive Sam Palmisano said, "We feel good about the rest of the year."
Sunoco, Valero rally on refinery utilization data(10:49 am ET)
NEW YORK (MarketWatch) -- Refiners Sunoco (SUN: news, chart, profile) and Valero (VLO: news, chart, profile) rallied after the latest government data revealed a drop in refinery utilization. Refinery utilization fell 1.63% to 81.4% in the past week. Valero jumped 4% to $50.53 and Sunoco (SUN: news, chart, profile) advanced about 5% to $54.55. The Amex Oil Index (XOI: news, chart, profile) rose 1.6% to 667.
Financial stocks rally after JP Morgan, Wells results(9:39 am ET)
SAN FRANCISCO (MarketWatch) -- Financial-services stocks rallied during early trading on Wednesday after quarterly results from banking giants J.P. Morgan Chase (JPM: news, chart, profile) and Wells Fargo (WFC: news, chart, profile) exceeded analyst expectations. J.P. Morgan shares gained 3.7% to $43.70 while Wells jumped 6.5% to $29.60. The Amex Securities Broker/Dealer index (XBD: news, chart, profile) , the KBW Bank index (BKX: news, chart, profile) and the Financial Select Sector SPDR exchange-traded fund (XLF: news, chart, profile) all gained more than 1%.
Energy stocks rise ahead of weekly inventory data(9:36 am ET)
NEW YORK (MarketWatch) -- Energy shares rose with the broad market on Wednesday as oil fell back from its record topping $114 a barrel, but still traded higher. The Amex Oil Index (XOI: news, chart, profile) rose 0.6% to 1,440. The Amex Natural Gas Index (XNG: news, chart, profile) added 0.6% to 661. Traders are looking toward market-moving weekly inventory data due out later in the session. Crude futures rose 5 cents to $113.84. Earlier it hit a fresh record of $114.53 a barrel.
Lazard Capital Markets ups First Solar price target to $300(9:31 am ET)
NEW YORK (MarketWatch) -- Lazard Capital Markets on Wednesday increased its price target for First Solar (FSLR: news, chart, profile) to $300 a share from $250 a share as part of its overall review of the solar energy sector. Earnings season begins wtih SunPower (SPWR: news, chart, profile) and Evergreen Solar (EVSR: news, chart, profile) on Thursday. Lazard cited First Solar's "flawless execution" and cost leadership. Lazard trimmed its price estimate for Suntech (STP: news, chart, profile) to $80 from $90.
AMB Property posts higher first-quarter results(9:23 am ET)
NEW YORK (MarketWatch) -- Global developer and industrial real estate company AMB Property Corp. (AMB: news, chart, profile) said Wednesday that funds from operations rose to 65 cents a share in the first quarter, compared to the year-earlier 57 cents. Net income for the period was 39 cents a share compared to 23 cents a year earlier. The company also confirmed its 2008 view for FFO of $3.85 to $4.05 a share and for earnings of $2.80 to $3.00 a share. Shares of AMB closed Tuesday at $53.50.
U.S. gasoline prices hit $3.40 a gallon (8:46 am ET)
NEW YORK (MarketWatch) -- U.S. retail gasoline prices for unleaded regular rose by a penny to $3.40 a gallon in the last day, according to the Daily Fuel Gauge Report from AAA. A month ago the price was $3.28 and a year ago the price was $2.87. In Wailuku, Hawaii, prices rose to $4.08 a gallon for regular.
Piper Jaffray swings to 1st-period loss; plans buyback(8:27 am ET)
TEL AVIV (MarketWatch) -- Piper Jaffray Cos., (PJC: news, chart, profile) the Minneapolis investment bank, swung to a first-quarter loss on 29% lower revenue and said it would buy back as much as $100 million of its stock through June 2010. The loss was $3.4 million, or 22 cents a basic share, against net income of $13.4 million, or 79 cents, in the year-earlier period. The company said that to accord with accounting standard SFAS 128, it did not report a diluted per-share loss; the year-earlier profit fully diluted was 74 cents. Revenue slumped to $102.6 million from $143.7 million, led by a 34% drop on the investment-banking side to $55.3 million. Industrywide equity underwriting was the lowest in five years, PJC's high-yield and structured-products sales and trading posted a loss, and the company took a charge for severance, Chairman and Chief Executive Officer Andrew S. Duff said in a statement. The "weakness in the equity environment will carry through the second quarter," he said.
Lufkin Industries' first-quarter profit declines(7:47 am ET)
NEW YORK (MarketWatch) -- Lufkin Industries Inc. (LUFK: news, chart, profile) said Wednesday that its first-quarter net income fell 12% to $15.6 million, or $1.06 a share, from $17.8 million, or $1.17 a share, a year earlier. The Lufkin, Texas, oil holding company said sales fell to $147 million from $148.1 million. On average, analysts polled by Thomson Financial expected per-share earnings of $1. Lufkin raised its guidance for 2008 earnings to $5.10 to $5.30 a share from previous expectations of $5 to $5.20 a share. The company expects second-quarter earnings of $1.30 to $1.40 a share, excluding any additional positive impact from trailer sales.
BlackRock's quarterly profit increases 24%(7:18 am ET)
BOSTON (MarketWatch) -- BlackRock Inc. (BLK: news, chart, profile) on Wednesday said its first-quarter net income climbed 24% to $241.7 million, or $1.82 a share. Total revenue rose to $1.3 billion from $1.01 billion, the New York-based money manager said. ""As the second quarter begins, markets remain highly unstable and continue to be a challenge for investors worldwide," Chief Executive Laurence Fink said in a statement.
Rhino Resource Partners files $115 mln IPO(7:15 am ET)
NEW YORK (MarketWatch) -- Rhino Resource Partners L.P. late Tuesday filed to raise up to $115 million in an initial public offering of common units. The Lexington, Ky. limited partnership was formed to control and operate coal properties and related assets.
J.P. Morgan sees challenges ahead in economy(7:13 am ET)
NEW YORK (MarketWatch) -- Looking ahead at the economic landscape, J.P. Morgan Chase & Co. (JPM: news, chart, profile) Chairman and CEO Jamie Dimon said Wednesday the financial giant expects the environment to continue to be weak and for capital markets to remain under stress. "These factors have affected, and are likely to continue to negatively impact, our firm's credit losses, overall business volumes and earnings -- possibly through the remainder of the year, or longer," Dimon said in a prepared statement with the company's first-quarter earnings report (see earlier Pulse item). "However, we are prepared to manage through this down part of the economic cycle, given the strength of our liquidity, credit reserves, capital and operating margins, and to successfully position our company well for the future."
J.P. Morgan net falls by half; takes $2.6 bln markdown(7:09 am ET)
NEW YORK (MarketWatch) -- J.P. Morgan Chase & Co. (JPM: news, chart, profile) on Wednesday said first-quarter net income fell by half to $2.4 billion, or 68 cents a share, from $4.8 billion, or $1.34 a share in the year-ago period. Revenue fell to $17.9 billion from $19.7 billion. Analysts surveyed by FactSet forecast earnings of 61 cents a share and revenue of $17.4 billion, on average. The component of the Dow Jones Industrial Average ($DJ: news, chart, profile) added $2.5 billion to its allowance for credit losses. J.P. Morgan's investment banking unit took markdowns of $2.6 billion, including markdowns on leveraged lending and prime and subprime mortgages. "Our earnings this quarter were down significantly as market conditions and the credit environment remained challenging," said Chairman and CEO Jamie Dimon.
Hedge-fund managers have biggest payday in history(7:02 am ET)
AMMAN, Jordan (MarketWatch) -- Top hedge-fund managers had the greatest payday in the modern history of finance in 2007, according to Institutional Investors' Alpha Magazine, which released its ranking of the top-paid managers on Wednesday. The top 25 managers averaged $892 million in earnings, up 67% from the $532 million they earned on average in 2006. The top spot went to John Paulson of Paulson & Co., who earned a record $3.7 billion by shorting the subprime mortgage market. The magazine said "the greatest display of individual wealth creation in any year in the modern history of finance" would likely spur a "heightened level of envy and resentment" toward the funds, given the rising number of home foreclosures.
Wolverine World Wide net up 6.3%; year outlook lifted(6:50 am ET)
TEL AVIV (MarketWatch) -- Wolverine World Wide Inc., (WWW: news, chart, profile) the Rockford, Mich., footwear and apparel producer, reported first-quarter net rose 6.3% on 2.6% higher revenue and raised its earnings estimate for the year. Earnings reached $23.7 million, or 46 cents a share, from $22.3 million, or 39 cents, in the year-earlier period. Revenue rose to $288.2 million from $281.1 million. A survey of analysts by FactSet Research produced consensus estimates of 43 cents a share on revenue of $290.9 million. "The outdoor group remained the company's leading profit contributor during the quarter, led by the Merrell businesses in the U.S. and Europe," President and Chief Executive Blake W. Krueger said in a statement on Wednesday. Wolverine now sees full-year profit of $1.83 to $1.90 a share against its previous estimate of $1.80 to $1.88. It affirmed its revenue expectation of $1.2 billion to $1.26 billion. Analysts polled by FactSet are looking for $1.88 a share and $1.26 billion.
Potash Corp.: Sinofert agrees to $400-ton price rise for '08(6:24 am ET)
TEL AVIV (MarketWatch) -- Canpotex Ltd., the offshore marketing company for Saskatchewan potash producers, and Sinofert Holdings Ltd. agreed to a $400-a-ton increase in 2008 potash prices over 2007 levels, Potash Corp. of Saskatchewan Inc. (POT: news, chart, profile) said on Wednesday. Sinofert is a major potash producer in China. Potash Corp., the Saskatoon fertilizer giant, reiterated that Canpotex has prorated China's 2008 volumes, "and as a result of the timing of this settlement and unprecedented demand in other markets, [Canpotex] has only 1 million tons that it can commit to Sinofert through the remainder of this year."
Experian second-half sales rose 21%; confirms outlook(2:28 am ET)
LONDON (MarketWatch)-- U.K. information-services and credit-scoring company Experian group (UK:EXPN: news, chart, profile) on Wednesday said second-half sales from continuing operations rose 21%, despite "continuing marketplace challenges in the U.S. and the U.K." Organic sales inched 2% higher over the same period. The company confirmed its outlook for double-digit growth in earnings before interest and taxes this year, although it doesn't plan on a short-term improvement in the U.S. and the U.K. financial services environment. In the U.S., Experian said conditions continue to be challenging, particularly in mortgage and pre-screen.
SABMiller revenue climbs 16%(2:24 am ET)
LONDON (MarketWatch) -- Brewer SABMiller (UK:SAB: news, chart, profile) said Wednesday that its revenue in the 12 months to March 31 rose 16%, benefiting from price increased and an improved sales mix, which have offset higher input costs. The group said lager volume growth for the year was 11%, with organic growth of 7%. The company said underlying performance was at the upper end of management's expectations. SABMiller said its strongest growth was in Africa and Asia, where organic growth for the year was 15%. The company noted organic growth slowed in several regions in the final quarter, including China, South Africa and Latin America.
Thomson SA sees first-half loss and omits dividend(2:05 am ET)
TEL AVIV (MarketWatch) -- Thomson SA, (FR:018453: news, chart, profile) the Paris producer of communications technology, said on Wednesday that it expects to report a first-half loss from continuing operations and that the board omitted the dividend. The company expects to be profitable in the half from operations before restructuring measures. First-quarter revenue fell 18% to 1.02 billion euros from 1.24 billion in the year-earlier period, Thomson reported. Revenue on a constant-currency basis fell 11%. For the second quarter, the company expects constant-currency revenue down 6% to 8%. "Recent weeks have seen a modest improvement in business conditions," Thomson said. On Feb. 14, Thomson had said it would pay out 0.33 euro a share to holders. It omitted the dividend to direct resources to improving profitability, Thomson said. The company said it hopes to reduce operating costs in 2008 by 50 million euros by improving processes, upgrading information technology and taking other measures. At the unprofitable silicon business, Thomson hopes to cut 30 million euros of annual expenses, with the cost of that effort about 35 million euros. The statement said that "external speculation regarding the group's credit position" is "ill-considered" and has hurt the stock price.
Merrill expected to writedown $6 billion-$8 billion: reports(1:36 am ET)
AMMAN, Jordan (MarketWatch) -- Merrill Lynch & Co. will report $6 billion to $8 billion in fresh writedowns of bad loans when it releases its quarterly financials on Thursday, the Wall Street Journal reported Wednesday, citing a person familiar with the matter. The new charges would bring the total writedowns since October to more than $30 billion and would give Merrill (MER: news, chart, profile) its third consecutive quarterly loss. The firm is readying a plan to cut costs, including reducing its staff by 10% to 15% in some departments, the newspaper said, citing people familiar with the company.
ASML's 1st-quarter net fell; sees 10% lower sales for year(1:31 am ET)
TEL AVIV (MarketWatch) -- ASML Holding NV, (ASML: news, chart, profile) (NL:60340: news, chart, profile) the Veldhoven, Netherlands, producer of lithography systems for the semiconductor industry, reported fiscal first-quarter net income fell 4.9% on 3.1% lower sales. Net fell to 145.1 million euros, or 0.33 euro a share, from 152.7 million, or 0.31, in the year-earlier period. Shares outstanding fell 13% to 435 million. Sales fell to 919.2 million euros from 948.7 million. ASML said it booked first-quarter net orders valued at 312 million euros. The orders, ASML said, were for 26 systems, 17 new and 9 used. The backlog at March 30 is valued at 1.17 billion euros. ASML said its "order pattern will translate into weaker net sales for the next two quarters." So it estimates full-year 2008 net sales will fall about 10% from its record year in 2007. It's cutting manufacturing and selling, general and administrative expense for the second quarter "while keeping [research and development] stable." It expects to ship 42 systems in the second period at a gross margin around 40%.
Tuesday, April 15
CSX posts 46% surge in profit(5:07 pm ET)
SAN FRANCISCO (MarketWatch) -- CSX Corp. (CSX: news, chart, profile) on Tuesday reported a first-quarter profit of $351 million, or 85 cents a share, up from $240 million, or 52 cents a share, a year earlier. The Jacksonville, Fla.-based railroad posted revenue of $2.7 billion, up 12% from the same quarter last year. Analysts polled by FactSet Research were looking for a profit, on average, of 71 cents a share with sales of $2.6 billion. The company said it overcame housing and auto sector woes through "yield management, fuel recovery and market drivers including growth in ethanol and grain shipments, increased demand for export coal, and a stable industrial economy."
WaMu reports net loss of $1.14 bln; closes $7 bln deal(4:17 pm ET)
SAN FRANCISCO (MarketWatch) -- Washington Mutual Inc. (WM: news, chart, profile) reported a big first-quarter net loss late Tuesday as the lender suffered from the mortgage meltdown and broader credit crunch. The Seattle-based company lost $1.14 billion, or $1.40 a share, in the period, vs. net income of $784 million, or 86 cents a share, during the first quarter of 2007. WaMu said it set aside $3.51 billion of provisions to cover potential loan losses as the economy weakens and home values continue to slide. That's more than double the amount the lender set aside in the fourth quarter of 2007. The company also said it closed a previously announced deal to raise $7 billion from a group of investors led by private-equity firm Texas Pacific Group. WaMu shares climbed 1.3% to $10.81 during after-hours trading on Tuesday.

[3xBuBu]

Thursday, April 17
Capital One Q1 net income $1.47 vs $1.62 a share (4:28 pm ET)
WASHINGTON (MarketWatch) -- Capital One Financial Corp. (COF: news, chart, profile) earned net interest income of $1.81 billion in the first quarter of 2008 versus $1.6 billion in the year-ago period, the company said Thursday. On a per-share basis, the company earned $1.47 a share in the quarter compared to $1.62 a share a year ago. Capital One chief executive Richard Fairbank said the company is "well-positioned" to weather near-term challenges due to "resilient businesses, experience in managing through prior cyclical downturns and a strong balance sheet."
SanDisk reports $18 million profit(4:18 pm ET)
SAN FRANCISCO (MarketWatch) -- SanDisk Corp. (SNDK: news, chart, profile) on Thursday reported a first-quarter profit of $18 million, or 8 cents a share, compared with a loss of $575,000, or breakeven on a per-share basis in the same period a year ago. Revenue rose 8% to $850 million from last year's $786 million. Excluding one-time items, the maker of flash memory devices would have earned $48 million, or 21 cents a share. Analysts surveyed by FactSet Research had forecast SanDisk to earn 28 cents a share on $810.5 million in sales.
E-Trade reports quarterly net loss of $91.2 million(4:18 pm ET)
SAN FRANCISCO (MarketWatch) -- E-Trade Financial Corp. (ETFC: news, chart, profile) reported a quarterly net loss late Thursday as the discount broker continued to struggle with exposure to mortgage securities. The company swung to a net loss of $91.2 million, or 20 cents a share, compared to net income of $169.4 million, or 39 cents a share, a year earlier. Credit market losses and re-organization costs took $35 million, or five cents a share, off results in the latest period, E-Trade noted. The company was expected to lose 10 cents a share, according to 14 analysts polled by Thomson Financial.
Google profit grows 31% amid concern over search ad business(4:11 pm ET)
SAN FRANCISCO (MarketWatch) - Google Inc. said Thursday its fiscal first-quarter profit rose 31%, despite concerns about growth in the Internet company's core search advertising business. Mountain View, Calif.-based Google (GOOG: news, chart, profile) said net income for the period ended in March rose to $1.31 billion, or $4.12 a share, from $1 billion, or $3.18 a share in the same period a year earlier. Meanwhile revenue rose to $5.19 billion from $3.66 billion. Excluding special items, Google said earnings for the period were $4.84 a share. Net revenue, or revenue minus payments made to other sites to acquire Internet traffic, came in at $3.7 billion. Analysts had estimated Google would post earnings excluding special items of $4.55 a share, and net revenue of $3.61 billion, according to FactSet Research.
New York Times CEO: Looking for more digital acquisitions(12:07 pm ET)

Google shares shot up as much as 18 percent to $501 in extended trading from its close of $532 on the Nasdaq earlier on Thursday.

CHICAGO (MarketWatch) -- New York Times Co. (NYT: news, chart, profile) Chief Executive Janet Robinson told analysts Thursday that the company is seeking more opportunities to acquire digial properties as more readers turn to the Internet for news and information. Robinson, speaking during a conference call, was responding to a question about whether the company will be more aggressive now that it has two new board members from private equity firms that have demanded dramatic measures to stimulate New York Times Co.'s flagging stock price. "It's clear that we have been and will continue to be on a march to make sure that our portfolio is balanced in way that will increase shareholder value," Robinson said, adding that the effort includes "increasing our digital holdings." Martin Nisenholtz, the company's senior vice president of digital operations, remarked that it's "very hard" to find acquisitions that would produce the kind of cash flow needed to have a "meaningful impact" on New York Times Co.'s business.
Genuine Parts' first-quarter profit rises(9:19 am ET)
NEW YORK (MarketWatch) -- Genuine Parts Co. (GPC: news, chart, profile) said Thursday that its first-quarter net income rose to $123.5 million, or 75 cents a share, from $121.6 million, or 71 cents a share, a year earlier. On average, analysts polled by FactSet Research expected earnings of 75 cents a share. The Atlanta distributor of automobile replacement parts said sales rose 3% to $2.74 billion from $2.65 billion a year ago. Shares of Genuine Parts closed Wednesday at $42.02.
ReneSola ups 2008 revenue forecast to $530 mln-$550 mln(9:13 am ET)
NEW YORK (MarketWatch) -- ReneSola Ltd (SOL: news, chart, profile) said Thursday it now expects net revenues for 2008 to be in the range of $530 million to $550 million, compared to its previously issued forecast of $480 million. The NYSE-traded Chinese manufacturer of solar wafers also revised its estimate for 2008 production output to a range of 310 megawatts (MW) to 320 MW, up from the company's previously issued forecast of 300 MW.
McMoRan Exploration swings to first-quarter profit(8:58 am ET)
NEW YORK (MarketWatch) -- McMoRan Exploration Co. (MMR: news, chart, profile) said Thursday that it swung to a first-quarter profit of $36.4 million, or 46 cents a share, from a net loss of $14.5 million, or 53 cents a share, a year earlier. The New Orleans oil and natural-gas explorer and producer said revenue totaled $295.5 million, up from $51.7 million in the first quarter of 2007.
SunPower first-quarter profit jumps(8:55 am ET)
NEW YORK (MarketWatch) -- SunPower Corp. (SPWR: news, chart, profile) said Thursday that its first-quarter net income rose sharply to $12.8 million, or 15 cents a share, from $1.24 million, or 2 cents a share, a year earlier. Excluding charges for amortization of assets and other items, SunPower posted operating income of $32.4 million, or 39 cents a share. The San Jose, Calif., solar power product manufacturer said revenue surged 92% to $273.7 million from $142.3 million, helped by Components and Systems segment results. On average, analysts polled by Thomson Financial expected per-share earnings of 35 cents on revenue of $245 million. SunPower raised its guidance for 2008 non-GAAP earnings to $2.10 to $2.20 a share on revenue of $1.3 billion to $1.39 billion. The company confirmed its 2009 forecast for revenue to increase at least 40%. The company expects second-quarter non-GAAP income of 48 cents to 52 cents a share on revenue of $330 million to $350 million. SunPower shares rose to $101.24 in pre-market trading Thursday after closing regular trading Wednesday up $5.16, or 5.5%, at $99.58.
Rowan Companies says it'll fall short of Q1 target(8:54 am ET)
NEW YORK (MarketWatch) -- Rowan Companies Inc. (RDC: news, chart, profile) on Thursday said it expects first-quarter 2008 results to fall short of current consensus estimates because of "short-term timing issues." Analysts surveyed by FactSet forecast earnings of 98 cents a share, on average, for the drilling rig operator.
PPG first-quarter net falls on acquisition costs(8:52 am ET)
NEW YORK (MarketWatch) -- PPG Industries Inc. (PPG: news, chart, profile) said Thursday that its first-quarter net income fell to $100 million, or 61 cents a share, from $194 million, or $1.17 a share, a year ago. The results for the latest period included a charge of $89 million from the company's acquisition of SigmaKalon Corp. in January. Excluding items, earnings were $1.15 a share, compared to $1.20 a share last year. On average, analysts polled by Thomson Financial expected earnings of $1.09 a share. Analysts' estimates usually exclude items. The Pittsburgh maker of chemicals, coatings, resins, glass and fiberglass products said net sales rose 41% to $3.72 billion from $2.63 billion the previous year.
Noble Corp. to pay special dividend of $202 mln(8:33 am ET)
NEW YORK (MarketWatch) -- Noble Corp. (NE: news, chart, profile) on Thursday said its board declared a special cash dividend of $202 million, or 75 cents a share. It'll be paid May 16 to shareholders of record as of April 30.
Amphenol first quarter earnings beat projections(8:31 am ET)
NEW YORK -- Amphenol Corp.s (APH: news, chart, profile) said Thursday its first-quarter net income rose to 54 cents a share from 43 cents a share a year earlier. A Thomson Financial survey of analysts, on average, had predicted earnings of 51 cents a share for the quarter. Sales for the quarter rose 18% to $770.7 million from $651.0 million during the same period last year and currency translation increased sales by around $22 million for the quarter. The Wallingford, Conn., manufacturer of fiber-optic and electronic connectors, cables and interconnect systems said revenue rose 18% to $777.3 million from $659.4 million during the first quarter of 2007. The company said it expects 2008 earnings of $2.26 to $2.31 a share, and revenue of $3.21 million to $3.26 million. It estimated the second quarter will show revenues in the range of $805 million to $820 million and earnings per share between 57 cents and 59 cents.
American Greetings swings to fourth-quarter profit(8:23 am ET)
NEW YORK (MarketWatch) -- American Greetings Corp. (AM: news, chart, profile) swung to a fiscal fourth-quarter profit of $15.6 million, or 31 cents a share, from a year-ago loss of $12.2 million, or 22 cents. In the prior-year period, the company recorded a pretax loss of $16 million from selling its candle product lines, as well as a $6.5 million loss from closing 60 retail stores. The Cleveland greeting card company said revenue for the period ended Feb. 29 fell 0.5% to $493.2 million from $495.9 million the year before. Analysts surveyed by Thomson Financial expected earnings of 26 cents a share, on average. For the year, the company expects earnings of $1.60 to $1.85 a share.
A.O. Smith first-quarter profit rises(8:21 am ET)
NEW YORK (MarketWatch) -- A.O. Smith Corp. (AOS: news, chart, profile) said Thursday that its first-quarter net income rose to $21.9 million, or 72 cents a share, from $19.5 million, or 63 cents a share, a year earlier, including a charge of $2.7 million, or 9 cents a share, from restructuring its Electrical Products unit in the most recent quarter. The Milwaukee electric motor and water heater manufacturer said sales declined 1% to $571.4 million from $577.2 million. On average, analysts polled by Thomson Financial expected per-share earnings of 66 cents, excluding some items, on revenue of $575 million. A.O. Smith lowered its expectations for 2008 earnings to $2.60 to $2.80 a share from its previous estimate of $2.70 to $2.90 a share, citing a slowdown in nonresidential construction. The company said it's concerned about the rise in raw material costs and the possibility increases could continue for the rest of the year. A.O. Smith said it plans to look to its customers to absorb the impact of the increases.
Briggs & Stratton 3rd-period net quadrupled; sales up 11%(8:22 am ET)
TEL AVIV (MarketWatch) -- Briggs & Stratton Corp., (BGG: news, chart, profile) the Wauwatosa, Wis., producer of gasoline engines for outdoor power equipment, reported fiscal third-quarter net income quadrupled on 11% higher revenue. For the quarter ended March 30, earnings reached $37.1 million, or 75 cents a share, from a restated $9.3 million, or 18 cents, in the year-earlier period. Sales rose to $724.8 million from $717 million. The company restated the year-earlier period to correct certain errors. The effect of the restatement on fiscal 2007 net income was an increase of $200,000. Looking ahead, BGG said "retail sales of powered equipment have started slowly" in the key part of the spring season, and it said it would adjust production as demand dictates. For the fiscal year, it expects to earn 60 cents to 71 cents a share on sales of about $2.2 billion.
Supervalu net income rises 20%(8:15 am ET)
NEW YORK (MarketWatch) -- Supervalu Inc. (SVU: news, chart, profile) on Thursday said fourth-quarter net income rose 30% to $156 million or 73 cents a share, from $120 million, or 57 cents a share in the year-ago period. Adjusted earnings rose to 77 cents a share from 73 cents a share. The Minneapolis-based grocery store and supply chain company said revenue grew to $10.4 billion from $10.3 billion. Analysts surveyed by FactSet forecast earnings of 72 cents a share and revenue of $10.2 billion, on average. The company said it expects 2009 earnings of $3.10 to $3.25 a share. Analysts expect earnings of $3.08 a share, on average.
Harley-Davidson first-quarter net falls(7:57 am ET)
NEW YORK (MarketWatch) -- Harley-Davidson Inc. (HOG: news, chart, profile) said Thursday that its first-quarter net income fell 2.5% to $187.6 million, or 79 cents a share, from $192.3 million, or 74 cents a share, the previous year, due in part to "disappointing" retail results. There were about 237.3 million shares outstanding in the most-recent period compared to 258.2 million in the year-ago period. Analysts surveyed by Thomson Financial on average expected earnings of 77 cents a share. The Milwaukee motorcycle company said revenue increased 11% to $1.31 billion from $1.18 billion the year prior. Harley-Davidson said it will decrease its unionized employee base by 370 staff members as it works to reduce shipments through temporary plant shutdowns and adjustments to daily production rates. The company will also reduce its non-production workforce by 360 employees. The company plans to ship 23,000 to 27,000 fewer Harley-Davidson motorcycles this year than last, with total planned shipments of 303,500 to 307,500 units for 2008. For the year, the company expects earnings of $3 to $3.18 a share. Shares of Harley-Davidson closed Wednesday up 91 cents, or 2.5%, at $36.79.
Fairchild Semi net income up from year earlier(7:53 am ET)
NEW YORK (MarketWatch) -- Fairchild Semiconductor (FCS: news, chart, profile) on Thursday said first-quarter net income rose to $17.1 million, or 14 cents a share, from $6.3 million, or 5 cents a share, in the year-ago period. Adjusted net income rose to 19 cents a share from 16 cents a share. The San Jose, Calif. maker of power semiconductors said sales fell 6% to $406.3 million. Analysts surveyed by Thomson Financial forecast earnings of 21 cents a share and revenue of $413 million, on average. "Gross margin was also impacted by planned seasonal increases in payroll and benefit costs as well as higher gold and copper related expenses," the company said.
Watsco 1st-period net fell 29% on 2.6% higher revenue(7:50 am ET)
TEL AVIV (MarketWatch) -- Watsco Inc., (WSO: news, chart, profile) the Coconut Grove, Fla., distributor of air-conditioning, heating and refrigeration equipment, reported first-quarter net income fell 29% on 2.6% higher revenue. Earnings were $7.6 million, or 28 cents a share, compared with $10.8 million, or 39 cents, in the year-earlier period. Revenue reached $380.4 million from $370.7 million. A survey of analysts by FactSet Research produced a consensus estimate of 27 cents of profit on $388.9 million of revenue. Comparable-store revenue fell 10%. Comparable-store gross-profit margin widened to 26% from 25.7%.
CIT posts first-quarter loss of $1.35 per share(7:22 am ET)
NEW YORK (MarketWatch) -- CIT Group Inc. (CIT: news, chart, profile) said Thursday its first-quarter loss totaled $257 million, or $1.35 per share, swinging from a profit of $201 million, or $1.01 per share, in the same quarter a year before. A poll of analysts by FactSet had tipped a profit of 46 cents per share. Finance revenue for the quarter was $1.68 billion, up from $1.62 billion in the year-ago period. CIT also said it had taken actions to improve its liquidity, including an agreement to sell $4.6 billion of asset-based loan commitments. Similarly, it said it would cut its dividend by 60% to 10 cents per share.
Key Corp. 1st-quarter net off 38%; loan-loss reserve up(7:15 am ET)
TEL AVIV (MarketWatch) -- Key Corp., (KEY: news, chart, profile) the Cleveland bank-holding company, reported first-quarter net income fell 38%. Earnings were $218 million, or 54 cents a share, compared with $350 million, or 87 cents, in the year-earlier period. The provision for possible losses on bad loans was $187 million, more than four times the year-earlier $44 million, "due primarily to continued weakness in the housing market and an additional provision ... for the March 2008 transfer of $3.3 billion of education loans from held-for-sale status to the loan portfolio," Key Corp. said. The company took losses of $101 million from loan sales and write-downs, $21 million from dealer trading and derivatives, and $6 million from real-estate-related investments.
First Horizon's first-quarter profit falls(7:14 am ET)
NEW YORK (MarketWatch) -- First Horizon National Corp. (FHN: news, chart, profile) said Thursday that its first-quarter profit fell to $7.92 million, or 6 cents a share, from $70.5 million, or 55 cents a share, in the year-earlier period. The Memphis banking and financial-services company said its first-quarter mortgage banking pre-tax income was $51.3 million. "We continue to consider near-term strategic alternatives to reduce our mortgage business and will continue investing in our successful regional banking and capital markets businesses," said Jerry Baker, First Horizon's chief executive officer. "We also recognize that in the current environment a strong capital position and adequate liquidity are essential." Shares of First Horizon closed Wednesday at $12.59.
Comerica first quarter net falls to $109 million(7:11 am ET)
LONDON (MarketWatch) -- Dallas-based Comerica Inc. said first quarter net income totaled $109 million, or 73 cents a share, down from $190 million, or $1.19 a share, in the first quarter of 2007. Analysts polled by FactSet had produced a mean estimate of 80 cents a share. Comerica (CMA: news, chart, profile) CEO Ralph W. Babb Jr. tied the decline to a troubled California real estate market. "While the continued deterioration of the California residential real estate market and its effects on our residential real estate development portfolio affected our overall performance, the remainder of our loan portfolio continued to exhibit stable credit metrics," Babb said in a news release.
IMS Health profit down 31%(7:10 am ET)
LONDON (MarketWatch) -- IMS Health (RX: news, chart, profile) said Thursday that its first-quarter net profit fell 31% to $59.2 million, or 32 cents a share, from $85.6 million, or 43 cents a share, a year earlier. The company, which provides market intelligence to the pharmaceutical and heathcare industries, said revenue for the quarter rose 13% to $574.2 million. Adjusting for the phasing of tax benefits as well as gains and losses from foreign exchange hedges, earnings rose to 37 cents a share from 35 cents. IMS said it turned in a strong performance in the U.S. and Japan. Analysts polled by FactSet were expecting earnings of 35 cents a share.
PNC Financial Q1 earnings $1.09 vs $1.46(7:00 am ET)
NEW YORK (MarketWatch) -- PNC Financial Services Group, Inc. (PNC: news, chart, profile) said Thursday its first-quarter profit totaled $377 million, or $1.09 per share, from $459 million, or $1.46 per share, in the same quarter a year before. Analysts polled by FactSet had expected an average of $1.18 per share for the quarter. Revenue for the three months totaled $1.83 billion compared to $1.62 billion in the year-ago period. Provision for credit losses was $49 million in the first quarter compared with a net recovery of $16 million in the first quarter of 2007, the company said.
Marriott Intl 1st-quarter net fell 34% on 4% higher revenue(6:54 am ET)
TEL AVIV (MarketWatch) -- Marriott International Inc., (MAR: news, chart, profile) the Bethesda, Md., hotel operator, reported first-quarter net income fell 34% on 4% higher revenue. For the 12 weeks ended March 21, earnings fell to $121 million, or 33 cents a share, from $182 million, or 44 cents, in the year-earlier period. Earnings from continuing operations were 33 cents against 40 cents. Shares outstanding fell 9.6% to 371.9 million. Revenue reached $2.95 billion from $2.84 billion. A survey of analysts by FactSet Research produced consensus estimates of 34 cents of profit on $2.74 billion of revenue. First-quarter revenue per available room rose 6%. Marriott estimated second-quarter earnings at 48 cents to 52 cents a share; FactSet's survey expects 57 cents. For all of 2008, Marriott expects to earn $1.98 to $2.08 a share. FactSet's survey: $2.02. For the second quarter and the full year, the company expects Revpar to rise 3% to 5%.
Merrill Lynch posts $1.96 billion loss on write-downs(6:40 am ET)
VIENNA (MarketWatch) -- Merrill Lynch (MER: news, chart, profile) said it swung to a $1.96 billion, or $2.19 a share, loss during the first quarter, with revenue down 69% to $2.9 billion on $1.5 billion write-downs from asset-backed securities CDOs and credit valuation adjustments of $3 billion on hedges with financial guarantors. Merrill Lynch earned $2.16 billion in the year-earlier period. The brokerage did report record revenue in global wealth management and said it was "well-capitalized" with an $82 billion excess liquidity pool. Its $2.20 a share loss from continuing operations compared to the $1.98 a share loss seen by analysts polled by FactSet Research.
Check Point Software 1st-period net up 67%, revenue up 17%(6:35 am ET)
TEL AVIV (MarketWatch) -- Check Point Software Technologies Ltd., (CHKP: news, chart, profile) the Tel Aviv producer of software and solutions to secure networks against intrusions, reported first-quarter net income rose 67% on 17% higher revenue. Earnings reached $78.3 million, or 36 cents a share, from $46.9 million, or 21 cents, in the year-earlier period. Shares outstanding fell 3.5% to 217.1 million. Revenue rose to $191.6 million from $164 million. A survey of analysts by FactSet Research produced consensus estimates of 40 cents of profit on $186.1 million of revenue.
Great Southern Bancorp profit edges higher(6:19 am ET)
VIENNA (MarketWatch) -- Great Southern Bancorp (GSBC: news, chart, profile) said first-quarter net income rose to $7.6 million, or 57 cents a share, from $7.3 million, or 53 cents a share. Adjusted for hedge accounting, and the Springfield, Mo.-based bank would have earned 49 cents a share.

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Friday, April 18
Retail stocks looking good out of the open(9:38 am ET)
CHICAGO (MarketWatch) -- Retail stocks were looking good early Friday as the sector's main indicator rose nearly 3% out of the open. The S&P Retail Index ($RLX: news, chart, profile) gained more than 10 points to touch 404.43. Shares of Talbots (TLB: news, chart, profile) , cut in half over the last two days, swung to the positive, gaining 7% to $8.37. The apparel retailer said before the start of trading that it still expects to report a 2008 loss of 7 to 17 cents a share, compared with a loss of $3.56 a share a year earlier but a profit from continuing operations of 47 to 52 cents a share with top-line growth of about 3%.
NVR's quarterly net income falls 49%(9:17 am ET)
BOSTON (MarketWatch) -- Home builder and mortgage-banking company NVR Inc. (NVR: news, chart, profile) Friday said its first-quarter net income fell to $43.5 million, or $7.42 a share, from $84.8 million, or $12.96 a share, in the year-earlier period. The Reston, Va.-based company said new orders dropped 30% from a year ago to 2,731 units, while the cancellation rate fell to 22% from 32% quarter-over-quarter. Operating income for the mortgage-banking business in the first quarter increased 11% to $11.2 million, NVR said.
Talbots confirms full-year outlook(8:43 am ET)
NEW YORK (MarketWatch) -- Talbots Inc. (TLB: news, chart, profile) said Friday that it still expects to report a 2008 loss of 7 to 17 cents a share, compared with a loss of $3.56 a share a year earlier. The Hingham, Mass., clothing retailer said it is forecasting a 2008 profit from continuing operations of 47 to 52 cents a share and a loss from discontinued operations of 59 to 64 cents a share. Talbots also said it sees top-line growth of about 3% on "slightly negative" same-store sales this year. The retailer said that if it achieves this plan, it will have sufficient liquidity to continue its turnaround. Shares of Talbots closed Thursday at $7.83.
Student Loan Corp. reports drop in first-quarter profit(8:25 am ET)
NEW YORK (MarketWatch) -- Student Loan Corp. (STU: news, chart, profile) said Friday that its first-quarter earnings fell to $15 million, or 76 cents a share, from $44 million, or $2.20 a share, in the year-earlier quarter. The Stamford, Conn., provider of education loans cited a $655 million reduction in loan sales volume for the drop. Net interest income fell to $81.4 million from $93.8 million; after provision for loan losses, net interest income fell to $56.1 million from $83.2 million. Citibank N.A., a subsidiary of Citigroup Inc. (C: news, chart, profile) , holds an 80% interest in Student Loan Corp.
Citi alternative investments hit by SIV charges (7:20 am ET)
NEW YORK (MarketWatch) -- Citigroup said on Friday that its alternative investments business posted a loss of $509 million in the first quarter, and had revenue of negative $358 million at proprietary trading tanked and the nation's largest bank took mark to market losses on its structured investment vehicles. "The net loss was driven by the lower revenues and a $202 million write-down of the multi-strategy hedge fund intangible asset related to Old Lane," Citi said in a press release announcing a $5.1 billion first quarter net loss.
Citi trimmed subprime, CDO exposure in first quarter(7:15 am ET)
NEW YORK (MarketWatch) -- Citigroup (C: news, chart, profile) said Friday that it trimmed its credit exposure to direct subprime securities in the first quarter to just over $29.1 billion from $37.3 billion at the end of 2007. Citi said at the end of the first quarter it had $6.4 billion of gross lending and structuring exposures and about $22.7 billion of net ABS CDO super senior exposures.
Citi U.S. consumer business mostly flat, credit costs jump(7:04 am ET)
NEW YORK (MarketWatch) -- New York-based Citigroup (C: news, chart, profile) , the nation's largest bank, said Friday that revenue at it U.S. consumer business rose 3%, aided by gains from its sale of MasterCard shares and its stake in Visa Inc., which rolled out a successful IPO in the quarter. Revenues grew 3% due to a 4% increase in average deposits, a 9% increase in average managed loans and a $349 million pre-tax gain on Visa shares, offset by lower securitization results in cards, the firm said. Excluding the gain on Visa shares and a $161 million pre-tax gain on the sale of MasterCard shares in the first quarter of 2007, revenues were up 1%. Expenses rose 6% at the unit, while credit costs increased by $2.3 billion. The bank cited higher delinquencies on mortgages, unsecured personal loans, credit cards and auto loans.
Citigroup posts $5 bln loss on more than $10 bln writedown(6:36 am ET)
NEW YORK (MarketWatch) - Citigroup (C: news, chart, profile) , the nation's largest bank, said on Friday that it lost $5.1 billion or $1.02 a share a share in the first quarter, driven by $6 billion of pre-tax write-downs and credit costs on sub-prime related direct exposures. The firm also announced write-downs of $3.1 billion on funded and unfunded highly leveraged finance commitments, a downward credit value adjustment of $1.5 billion related to exposure to monoline insurers, write-downs of $1.5 billion on auction rate securities inventory, and a $3.1 billion increase in credit costs in its global consumer business. The result compares to a profit of $1.01 a share a year ago. Analysts polled by Thomson First Call had expected the firm to report a loss of 95 cents a share, on revenue of $12.8 billion.
Macrovision publishes preliminary results, lifts outlook(6:19 am ET)
LONDON (MarketWatch) -- Macrovision Corp. (MVSN: news, chart, profile) Friday posted preliminary first-quarter adjusted earnings before interest, taxes, deprecitation and amortization on a pro-forma basis of between $36 million and $40 million. Revenue are seen in the range of $150 million and $154 million. Pro-forma results exclude the company's recently sold software and games business and Gemstar-TV Guide's publishing business. The company also revised its outlook for the year, saying it now expects pro-forma adjusted EBITDA of $230 million to $270 million compared to an earlier forecast of $209 million. Sales for the year are seen in the range of $650 million to $700 million compared to $607 million previously.
Global sales boost Caterpillar 1Q profits, stock price
AP - Fri Apr 18, 4:47 PM ET

CHICAGO - Caterpillar Inc. parlayed an increased reliance on international markets to surprisingly strong sales and a 13 percent jump in first-quarter profits, impressing investors who expected the heavy equipment maker to be slowed more by the weak U.S. economy and dollar.
View: Headlines Only | Include Summaries | Include Photos

* Honeywell Int'l 1Q profit rises on increased revenue AP - Fri Apr 18, 4:35 PM ET

NEWARK, N.J. - Diversified manufacturer Honeywell International Inc. on Friday reported that first-quarter profit rose 22 percent on higher sales, beating Wall Street forecasts.
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A customer enters a Citibank branch Friday, April 18, 2008, in downtown Boston. Citigroup Inc. said it will eliminate about 9,000 more jobs after poor bets on defaulting loans and the tumultuous credit markets lopped $14 billion in value from its investments during the first quarter. (AP Photo/Bill Sikes)
Citigroup cuts value of investments by $14B in 1Q AP - Fri Apr 18, 4:30 PM ET

NEW YORK - Citigroup's 9,000 job cuts and $14 billion in write-downs suggest that even if the worst of the credit market volatility is over, the industry is now in a conservative, cost-cutting mode.
* Bad weather drags on Schlumberger 1Q, but profit up 14 pct AP - Fri Apr 18, 4:25 PM ET

HOUSTON - Schlumberger Ltd., the world's largest oilfield services company, reported a nearly 14 percent rise in first-quarter income Friday, but results missed Wall Street forecasts and were seen as largely lackluster.
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A worker inspects a Honeywell engine in a handout photo. (Handout/Reuters)
Honeywell profit beats forecast Reuters - Fri Apr 18, 11:54 AM ET

BOSTON (Reuters) - Diversified manufacturer Honeywell International Inc on Friday posted profit that topped Wall Street's expectations, as strong growth outside the United States overshadowed weak demand for consumer products such as thermostats and antifreeze.
* Xerox swings to 1Q loss on litigation charge AP - Fri Apr 18, 10:33 AM ET

HARTFORD, Conn. - Xerox Corp. said Friday a litigation charge left it with a loss of $244 million in the first quarter, but its results excluding the one-time item matched Wall Street expectations.
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Traders deal crude oil options at the New York Mercantile Exchange on Wednesday, April 16, 2008 in New York. Oil prices are surging to record highs as the weakening U.S. dollar drives investments into commodities. (AP Photo/Jin Lee)
Wall Street jumps as investors weigh Citi, Google results AP - Fri Apr 18, 5:28 PM ET

NEW YORK - Wall Street topped off a strong week with a big rally Friday, after results from companies like Citigroup Inc. and Google Inc. helped ease investor anxiety about the health of corporate profits.
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The Google booth at the RSA convention in San Francisco is shown Tuesday, April 8, 2008. Google Inc. reports earnings for the first quarter after the market closes on Thursday, April 17, 2008. (AP Photo/Paul Sakuma)
Google sagging stock soars after strong 1Q showing AP - Fri Apr 18, 9:48 AM ET

SAN FRANCISCO - Investors appear ready to embrace Google Inc. again after weeks of hand wringing over whether the faltering U.S. economy would bog down the Internet search leader's moneymaking machine.
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A Xerox copier is seen in a handout photo. (Handout/Reuters)
Xerox posts loss on litigation charge Reuters - Fri Apr 18, 9:27 AM ET

NEW YORK (Reuters) - Xerox Corp , the leading provider of digital printers and document management services, on Friday reported a quarterly loss as a $491 million litigation charge overshadowed solid sales growth.
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Caterpillar construction machines sit parked the Patten Cat dealership in Hammond, Indiana, October 20, 2006. (Joshua Lott/Reuters)
Caterpillar profit beats expectations Reuters - Fri Apr 18, 9:17 AM ET

CHICAGO (Reuters) - Caterpillar Inc reported a better-than-expected quarterly profit on Friday as strong international sales more than offset what the company characterized as a "recessionary storm in the United States."
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People walk past the London Stock Exchange. European stocks have rallied with banks in the spotlight as traders digested quarterly results from US banking giant Citigroup amid hopes that the worst of the global credit crunch could be over.(AFP/File/Shaun Curry)
European stocks jump after Citigroup earnings AFP - Fri Apr 18, 8:11 AM ET

LONDON (AFP) - European stocks rallied Friday with banks in the spotlight as traders digested quarterly results from US banking giant Citigroup amid hopes that the worst of the global credit crunch could be over.
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Advanced Micro Devices CEO Hector Ruiz gestures during a talk in San Francisco, Nov. 12, 2007. Advanced Micro Devices Inc. is expected to report first-quarter financial results after the market closes Thursday, April 17, 2008. (AP Photo/Paul Sakuma)
Advanced Micro Devices' 1Q loss matches analysts' estimates AP - Fri Apr 18, 5:15 AM ET

SAN JOSE, Calif. - Bracing for more bad news from Advanced Micro Devices Inc., investors were relieved the slumping chip maker posted a first-quarter loss no worse than what Wall Street expected.
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People leave the headquarters of Merrill Lynch & Co. in New York in this Nov. 14, 2007 file photo. Merrill Lynch & Co., the world's largest brokerage, on Thursday, April 17, 2008 said it would cut 4,000 jobs after more than $6 billion fresh write-downs pushed it to a loss for the first quarter. (AP Photo/Jin Lee, file)
Merrill Lynch posts steep first-quarter loss on write-downs AP - Fri Apr 18, 4:54 AM ET

NEW YORK - Merrill Lynch & Co., the world's largest brokerage, on Thursday said it would cut another 3,000 jobs after more than $6.5 billion of fresh write-downs pushed it to a loss for the first quarter.

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