Replies to post #434 on Earning Plays

[3xBuBu]

Monday, April 28
Subprime losses at Japan banks, brokers to top $9.6 billion(10:29 pm ET)
HONG KONG (MarketWatch) -- Japanese banks and brokerages are expected to post a combined loss of more than 1 trillion yen ($9.6 billion) in investments tied to the U.S. mortgage market in the recently-ended fiscal year, according to a Japanese media report Tuesday. Japanese banks, which are due to release their fiscal 2007 earnings in the first half of next month, will push the tally for subprime-related losses above the 673 billion yen reported by Japan's top brokerages so far, according to a Nikkei newspaper report. Brokerages Mizuho Securities Co. and Nomura Holdings Inc. (JP:8604: news, chart, profile) , two of Japan's top five securities firms and the only ones to report subprime losses, wrote down 413 billion yen and 260 billion yen respectively in the soured investments in the fiscal year which ended March 31.
Axis Capital quarterly net income climbs 4%(4:48 pm ET)
SAN FRANCISCO (MarketWatch) -- Axis Capital Holdings (AXS: news, chart, profile) said late Monday that first-quarter net income came in at $247 million, up 4% from a year earlier when the insurance and reinsurance company made $237 million. Net income available to common shareholders was $1.48 per diluted common share. Operating income, which excludes net realized investment gains and losses, was $205 million, or $1.28 a share, the company reported. Excluding foreign exchange gains, net of tax, operating earnings were $186 million, or $1.16 a share, in the latest period. Axis was expected to make $1.44 a share, according to a FactSet analyst survey.
CORRECT: Visa says quarterly net income rises 28%(4:40 pm ET)
SAN FRANCISCO (MarketWatch) -- Visa Inc. (V: news, chart, profile) said late Monday that fiscal second-quarter net income came in at $314 million, up 28% from a year earlier when the payment processing giant made $246 million. Net income per class A common stock was 39 cents a share. The company wasn't public a year ago, so there's no comparable earnings-per-share number from the same period of 2007, Visa noted. Adjusted for a normalized tax rate and excluding litigation, restructuring and purchase amortization, net income for the quarter was $401 million, or 52 cents per diluted class A common share, the company reported. Net operating revenue in the fiscal second quarter 2008 was $1.5 billion. (Updates previous story which incorrectly referred to Visa's first-quarter results).
Hanover Insurance quarterly net slips 8%(4:36 pm ET)
SAN FRANCISCO (MarketWatch) -- Hanover Insurance Group (THG: news, chart, profile) said late Monday that first-quarter net income came in at $58.5 million, or $1.12 a share, down 8% from a year earlier when the insurer made $63.6 million, or $1.22 a share. Net realized investment losses were $5.1 million, or 9 cents a share, in the latest period. Hanover was expected to make $1.05 a share, according to the average estimate of eight analysts in a FactSet survey.
Atheros Communications' earnings fall 55% in first quarter(4:32 pm ET)
SAN FRANCISCO (MarketWatch) -- Atheros Communications Inc. said net income fell 55% for the first quarter because of charges from impairments and write-downs. The semiconductor firm (ATHR: news, chart, profile) reported net income of $3.4 million, or 6 cents per share, compared to net income of $7.6 million, or 13 cents a share, for the same period last year. Excluding charges, the company said earnings would have been $17.2 million, or 28 cents a share, for the recent quarter. Revenue grew 20% to $114.5 million. Analysts were expecting earnings of 27 cents a share on revenue of $113.8 million, according to consensus estimates from FactSet Research.
Hartford quarterly net income drops 83%(4:28 pm ET)
SAN FRANCISCO (MarketWatch) -- Hartford Financial Services (HIG: news, chart, profile) said late Monday that first-quarter net income came in at $145 million, or 46 cents a share, down 83% from a year earlier when the insurer made $876 million, or $2.71 a share. Core earnings, which exclude most realized investment gains and losses, were $792 million, or $2.51 a share, the company reported. Hartford was expected to make $2.46 a share, according to the average estimate of 19 analysts in a Thomson Reuters survey. Hartford cut its forecast for 2008 core earnings to between $9.20 and $9.50, down from a previous estimate of $9.80 to $10.20 a share.
Plum Creek Timber profit falls on weak lumber demand(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- Plum Creek Timber (PCL: news, chart, profile) reported late Monday first-quarter earnings of $38 million, or 22 cents a share, down from $45 million, or 25 cents a share, a year ago. Revenue for the three months ended March 31 slipped to $363 million from $369 million. Analysts polled by Thomson Financial had predicted the Seattle-based lumber company would earn 19 cents a share on $358 million in revenue. The company pinned the decline on "challenging economic conditions", especially the hard-pressed homebuilding sector. The company said it expects to earn between 13 cents and 18 cents a share in the second quarter. Plum Creek shares closed ahead of the report with a 5-cent gain at $42.70.
Questar posts 23% profit pop, raises outlook for 2008(4:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Questar Corp. (STR: news, chart, profile) on Monday reported a first-quarter profit of $185.8 million, or $1.05 a share, up from $151.1 million, or 86 cents a share, a year earlier. Analysts polled by FactSet Research were looking for the energy company to report a profit, on average, of 94 cents a share. Salt Lake City-based Questar raised its full-year profit outlook to a range of $3.25 to $3.40 a share, up from $3.05 to $3.20 a share.
Exxon Mobil affiliates confirm production halt in Nigeria(1:22 pm ET)
NEW YORK (MarketWatch) -- Exxon Mobil (XOM: news, chart, profile) spokeswoman Margaret Ross said in an e-mail to MarketWatch that all of the oil giant's Nigeria production of about 800,000 barrels a day remained shut down Monday as the result of a labor dispute. Affiliates of the oil giant have given notice of force majeure, meaning they cannot guarantee meeting their contracutal obligations. "The employee labor union, Pengassan, has withdrawn its services," Ross said. "Essentially all production of ExxonMobil's affiliates in Nigeria has been shut in. The (Exxon) affiliates will not speculate about the length of the shut-in nor how long it will take to restart production." Ross said the ExxonMobil affiliates, "regret the union's decision to cease negotiations and withdraw its services." Exxon affiliates are working with the Nigerian government to resolve outstanding issues and to minimize any supply impacts, the company said.
Alberto-Culver's second-quarter profit rises(8:04 am ET)
NEW YORK (MarketWatch) -- Alberto-Culver Co. (ACV: news, chart, profile) said Monday that its second-quarter profit rose to $29 million, or 28 cents a share, from $22.6 million, or 23 cents a share, in the year-earlier quarter. A FactSet Research survey of analysts, on average, projected earnings of 28 cents a share for the quarter. The Melrose Park, Ill., personal-care-products maker said net sales increased 7.7% to $412.8 million from $383.4 million a year ago.
Humana profit up 12.5%, raises guidance(6:21 am ET)
LONDON (MarketWatch) -- Health-care benefits firm Humana Inc. (HUM: news, chart, profile) said Monday that its first-quarter net profit rose 12.5% to $80.2 million, or 47 cents a share, from $71.2 million, or 42 cents a share, a year earlier. Revenue for the quarter rose 12.2% to $6.96 billion. Earnings were a penny below the consensus of 48 cents, according to a FactSet poll, but were above the company's guidance for earnings of 44 cents to 46 cents a share. Humana said it beat its guidance due to a lower-than-expected tax rate and also raised its earnings guidance for the year to a range of $4.10 to $4.35 a share. Humana said revenue growth was driven by higher average Medicare membership.
Matsushita Electric annual profit rises 30%: report(5:37 am ET)
HONG KONG (MarketWatch) -- Matsushita Electric Industrial Co.'s (JP:6752: news, chart, profile) (MC: news, chart, profile) net income for the year ended March 31 grew 30% from a year ago, led by cost-reduction efforts and lower taxes, the Nikkei business daily reported Monday. The Panasonic-brand consumer goods maker earned 281.88 billion ($2.7 billion) in net income on revenue of 9.067 trillion, which fell 0.4%. The company is aiming for a group net income of 310 billion yen, translating into a growth of 10%, on revenue of 9.2 trillion yen during the current financial year, the report said. The company didn't release fourth earnings earnings, it added. Separately, the company announced a plan to repurchase up to 50 million common shares, or 2% of its total shares, for up to 100 billion yen by March 2009. Matsushita shares ended 0.7% higher in Tokyo.
Cnooc first quarter revenue jumps 62%(5:07 am ET)
HONG KONG (MarketWatch) -- Chinese energy major Cnooc (HK:883: news, chart, profile) (CEO: news, chart, profile) said Monday its first quarter revenue jumped 62% over the year earlier period to 24.03 billion yuan ($3.4 billion) on higher crude oil and gas production, as well as higher prices. It didn't disclose net income for the quarter. Cnooc said on average, oil prices rose 69.2% to $88.76 a barrel "in line with surging international oil prices," while average gas prices improved 14.3% year-on-year to $3.65 per thousand cubic feet.
Whitbread profit nearly doubles after disposals(2:42 am ET)
LONDON (MarketWatch) -- U.K. restaurant and hotel operators Whitbread (UK:WTB: news, chart, profile) said Monday that its profit for the year ending Feb. 28 rose 94% to 544.8 million pounds ($1.08 billion), due to a 440.8 million pound gain on the disposal of its health club chain and TGI Friday's business. Pretax profit before the sales and other one-time items rose 26.3% to 210.3 million pounds. Revenue for the continuing business rose 11.3% to 1.19 billion pounds, helped by its Costa coffee and Premier Inn operations. Whitbread said trading has been encouraging since the start of the new financial year and it is confident it's in a good position to continue the growth of the business.
B/E Aerospace 1st-quarter net up 51%; outlook increased(2:21 am ET)
TEL AVIV (MarketWatch) -- B/E Aerospace Inc., (BEAV: news, chart, profile) the Wellington, Fla., manufacturer of aircraft-cabin-interior products and aftermarket distributor of aerospace fasteners, reported that first-quarter net income rose 51%, and it raised its earnings estimate for the year. Net reached $48.5 million, or 53 cents a share, from $32.1 million, or 40 cents, in the year-earlier period. Shares outstanding climbed 16% to 92 million. Sales rose 22% to $473.2 million from $387.8 million. A survey of analysts by FactSet Research produced consensus estimates of 51 cents of profit on $482 million of sales. For the full year B/E lifted its earnings estimate by 6 cents a share to $2.35. That's 42% higher than the figure from 2007. FactSet's survey is looking for $2.34 a share.
Sohu.com 1st-quarter net rises; outlook exceeds estimates(1:41 am ET)
TEL AVIV (MarketWatch) -- Sohu.com Inc., (SOHU: news, chart, profile) the Beijing provider of Internet-search and -game services and mobile-phone value-added services, reported that first-quarter earnings leaped as revenue more than doubled.Net income reached $21.6 million, or 55 cents a share, from $4.5 million, or 12 cents, in the year-earlier period. Adjusted net was 64 cents against 18 cents. Revenue rose to $84.8 million from $33.1 million. A survey of analysts by FactSet Research produced consensus estimates of 41 cents of profit on $71.2 million of revenue. For the second quarter, Sohu expects to earn 72 cents to 75 cents, with stock-option expense cutting profit by 5 cents to 6 cents a share. FactSet's survey is looking for 48 cents and $79.1 million.

[3xBuBu]

Tuesday, April 29
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# Taiwan Semiconductor reports 49 percent rise in 1Q profit AP - Tue Apr 29, 11:35 PM ET

TAIPEI, Taiwan - Taiwan Semiconductor Manufacturing Co., the world's largest contract chip maker by revenue, reported better-than-expected first-quarter net profit as its margins improved.
# ADM 3Q profit jumps 42 pct in volatile commodities markets AP - Tue Apr 29, 8:02 PM ET

CHAMPAIGN, Ill. - Archer Daniels Midland Co. cashed in on volatile prices and heavy demand for the corn, soybeans and wheat it processes to generate a 42 percent increase in third-quarter profits.
# Farm Machinery, Other Ag Giants Slide On Agco's Full-Year Earnings Warning Investor's Business Daily - Tue Apr 29, 6:42 PM ET

Shares of farm machinery stocks went south Tuesday after Agco Corp. forecast full-year earnings below analyst views, citing the impact of rising materials costs on margins.
# Flextronics Earnings Beat Estimates; Shares Rise TechWeb - Tue Apr 29, 6:16 PM ET

The company was helped by a faster-than-expected integration of former competitor Solectron, which it bought for $3.6 billion last year.
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A MasterCard is seen in this photo taken Tuesday, April 29, 2008, in Boston. MasterCard's profit more than doubled in the first quarter as more customers outside the United States used their credit and debit cards for purchases. Boston, Tuesday, April 29, 2008.(AP Photo/Bill Sikes)
MasterCard profit more than doubles as card use abroad rises AP - Tue Apr 29, 5:52 PM ET

NEW YORK - MasterCard's profit more than doubled in the first quarter as more customers outside the United States used their credit and debit cards for purchases.

Declines in Europe, tubular lower US Steel profit AP - Tue Apr 29, 5:48 PM ET

PITTSBURGH - United States Steel Corp. reported a 14 percent drop in first-quarter earnings Tuesday as record sales failed to offset declines in its European and tubular businesses.

[3xBuBu]

Wednesday, April 30

Murphy Oil profit surges on higher oil prices, sales volume (5:39 pm ET)
SAN FRANCISCO (MarketWatch) -- Murphy Oil Corp. (MUR: news, chart, profile) reported late Wednesday first-quarter net income of $409 million, or $2.14 a share, up from $110.6 million, or 58 cents a share, a year ago. The latest quarter's earnings also included a $39.9 million one-time gain on the sale of its Berkana Energy shares in Canada. Revenue for the three months ended March 31 rose to $6.53 billion from $3.43 billion. Analysts polled by Thomson Financial had predicted the El Dorado, Ark.-based company would earn $1.94 a share on $6.23 billion in revenue. Murphy Oil shares closed 0.7% higher at $90.34 ahead of the report.
Allegheny Energy profit rises on prices, lower taxes(5:35 pm ET)
SAN FRANCISCO (MarketWatch) -- Allegheny Energy, Inc. (AYE: news, chart, profile) on Wednesday reported a first-quarter profit of $136 million, or 80 cents a share, up from $109.7 million, or 65 cents a share a year earlier. Analysts polled by FactSet Research were looking for a profit, on average, of 79 cents a share. The Greensburg, Pa.-based electric utility said increased market prices and lower taxes helped drive the improved profit. In a separate release, Allegheny said it filed a request with the Virginia State Corporation Commission to recover purchased power costs in Virginia.
Sunoco tumbles to loss on higher crude price, weaker demand (5:24 pm ET)
SAN FRANCISCO (MarketWatch) -- Independent oil refiner Sunoco Inc. (SUN: news, chart, profile) , citing a steep rise in crude-oil prices and weaker gasoline demand, reported late Wednesday a first-quarter loss of $59 million, or 50 cents a share. The company had a profit of $175 million, or $1.44 a share, in the year-ago period. Excluding one-time items, the year-ago net income was $85 million. Revenue for the three months ended March 31 rose to $12.81 billion from $9.31 billion. Analysts surveyed by Thomson Financial predicted the Philadelphia-based company would hand in a loss of 43 cents a share. Sunoco shares fell 3% ahead of the report to close at $46.41.
Starbucks warns of stagnating operating margin (5:17 pm ET)
SAN FRANCISCO (MarketWatch) -- Starbucks (SBUX: news, chart, profile) is making moves to shore up its business but don't expect the company's operating margin to improve. The coffee-shop chain warned Wednesday its total operating margin by 2011 will remain below 2007's level of 11.2%, "driven by erosion in the U.S. business." That said, Starbucks is forecasting its earnings to pick up over the next three years. It pegged fiscal 2009 earnings to be as much as $1 a share, growing as high as a $1.50 a share in fiscal 2011. On Wednesday, Starbucks reported its net income tumbled 28% from the year-earlier quarter.
Unum quarterly net income falls 9%(4:32 pm ET)
SAN FRANCISCO (MarketWatch) -- Unum Group (UNM: news, chart, profile) said late Wednesday that first-quarter net income came in at $163.1 million, or 46 cents a share, down 9% from a year earlier when the disability insurer made $178.3 million, or 51 cents a share. Income from continuing operations, which excludes net realized investment gains and losses and other items, was $207.8 million, or 59 cents a share, the company reported. Unum was expected to make 57 cents a share, according to the average estimate of 14 analysts in a FactSet survey. The insurer said it expects operating earnings for 2008 to be between $2.37 and $2.42 a share, up from a previous forecast.
Allied Waste nearly doubles profit(4:33 pm ET)
SAN FRANCISCO (MarketWatch) -- Allied Waste Industries Inc. (AW: news, chart, profile) reported late Wednesday first-quarter net income rose 82% to $72.6 million, or 17 cents a share, from $39.9 million, or 8 cents a share, a year ago. Revenue for the three months ended March 31 rose 2.7% to $1.48 billion from $1.44 billion. Analysts surveyed by Factset had expected the Phoenix, Ariz.-based garbage hauler and recycler to post earnings of 17 cents a share on $1.48 billion in revenue. Allied Waste shares fell 11 cents to close at $12.36 ahead of the report.
Prudential Financial quarterly net drops 92%(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Prudential Financial Inc. (PRU: news, chart, profile) said late Wednesday that first-quarter net income came in at $77 million, or 20 cents per common share, down 92% from a year earlier when the life insurance and annuity company made $1.025 billion, or $2.18 per common share. Adjusted operating income, which excludes realized investment gains and losses, was $729 million, or $1.65 per common share, for the first quarter of 2008, the company reported. Prudential was expected to make $1.83 a share, according to the average estimate of 15 analysts polled by FactSet. After-tax adjusted operating income will likely be $7.50 to $7.80 per common share in 2008, in line with the previous forecast, Prudential said.
Symantec posts sharp profit gain amid strong sales(4:18 pm ET)
SAN FRANCISCO (MarketWatch) - Symantec Corp. said Wednesday its fiscal fourth-quarter profit rose sharply, amid strong sales to both businesses and consumers. Cupertino, Calif.-based security and storage software maker Symantec (SYMC: news, chart, profile) said net income for the period ended in March rose to $186.4 million, or 22 cents a share, from $60.9 million, or 7 cents a share in the same period a year earlier. Meanwhile revenue rose to $1.54 billion from $1.36 billion. Excluding special items, Symantec said earnings for the period rose to 36 cents a share. Analysts had estimated Symantec would post earnings excluding special items of 34 cents a share, and $1.52 billion in revenue, according to FactSet Research.
Starbucks profit slumps 28%, cuts target for new U.S. stores(4:16 pm ET)
SAN FRANCISCO (MarketWatch) -- Starbucks (SBUX: news, chart, profile) late Wednesday reported its quarterly net income fell 28% from a year ago, undercut by a weaker U.S. economy. The coffee-shop chain also cut its target for U.S. store openings in fiscal 2008 by 155 sites to 1,020. Starbucks posted fiscal second-quarter net income of $108.7 million, or 15 cents a share, compared with net income of $150.8 million, or 19 cents a share, in the year-earlier quarter. Sales rose 12% to $2.5 billion. A week ago, Starbucks had warned its profit would be lower for the quarter and its fiscal year. It still expects fiscal 2008 profit to be "somewhat lower" than the 87 cents a share it earned a year ago. It pegged revenue growth in the range of 13% to 14%.
Energy stocks perk up after Fed cuts rates(2:21 pm ET)
NEW YORK (MarketWatch) -- Energy stocks moved into positive territory, reversing losses during session, after the Federal Open Market Committee moved to cut interest rates a quarter point. The Amex Oil Index (XOI: news, chart, profile) rose fractionally at 1,484. The Amex Natural Gas Index (XNG: news, chart, profile) rose fractionally at 661. The Philadelphia Oil Service Index ($OSX: news, chart, profile) rose 0.2% to 313.
FBR boosts price target on Hess to $125 a share from $107 (1:43 pm ET)
NEW YORK (MarketWatch) -- FBR analyst Eitan Bernstein on Wednesday lifted Hess Corp.'s (HES: news, chart, profile) 2008 earnings estimate to $8.50 a share from $7.70 a share, based on the oil firm's better-than-expected first-quarter earnings update. FBR boosted its price target for the stock to $125 a share from $107 a share, "to better reflect the company's large inventory of probable and possible, but unbooked, reserves." Bernstein cited the company's higher upstream volumes and better-than-expected price realizations. Upstream earnings came in above expectations, but Hess Corp.'s refining business missed targets.
Exxon Mobil lifts quarterly dividend by 14%(1:32 pm ET)
NEW YORK (MarketWatch) -- Exxon Mobil (XOM: news, chart, profile) on Wednesday said it would increase its quarterly dividend by 5 cents a share, or 14%, to 40 cents a share in the second quarter, payable June 10 to shareholders of record on the close of May 13. The Irving, Texas oil and gas giant said it paid a first-quarter dividend of 35 cents a share.
CORRECT: Lincoln National quarterly net income falls 27%(12:06 pm ET)
SAN FRANCISCO (MarketWatch) -- Lincoln National Corp. (LNC: news, chart, profile) said late Tuesday that first-quarter net income came in at $289 million, or $1.10 a share, down 27% from a year earlier when the life insurance and annuity company made $396 million, or $1.42 a share. Operating earnings, which exclude net realized investment gains and losses and other items, were $333 million, or $1.27 a share, the company reported. Lincoln was expected to make $1.32 a share, according to a FactSet analyst survey. (Corrects company error in reporting per-share figures.)
Time Warner CEO: AOL display ads disappoint; changes made(11:03 am ET)
CHICAGO (MarketWatch) -- Time Warner Inc. (TWX: news, chart, profile) Chief Executive Jeff Bewkes told analysts Wednesday that the company was "not satisfied" with a decline in sales of display advertising at AOL during the first quarter, which led to another quarter of slowing ad growth at the entire unit. AOL's display ad sales are expected to decline again in the second quarter, Chief Financial Offficer John Martin said. Bewkes, speaking during a conference call, said the problem stemmed from difficulty in integrating Platform A, formed late last year, which allows advertisers to make purchases across its ad network, including Advertising.com, the behavioral-targeting firm Tacoda and other areas. To streamline ad sales, AOL has now made it possible for a client to buy ads across AOL and its third-party networks through one sales contact, Bewkes said. The company doesn't expect the change to improve display results during the current quarter, but anticipates an improvement later in the year, the CEO commented.
Time Warner CEO: Ad sales strong at Turner cable networks(10:49 am ET)
CHICAGO (MarketWatch) -- Time Warner Inc. (TWX: news, chart, profile) Chief Executive Jeff Bewkes said Wednesday that second-quarter advertising sales at the Turner cable networks, including CNN, TBS Superstation, TNT and other channels, are up by a double-digit percentage over last spring's sales.
Energy shares rise in early action (9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose with the broad market in early action on Wednesday, ahead of key weekly inventory data and a possible interest rate cut by the U.S. Federal Reserve Open Market Committee. The Amex Oil Index (XOI: news, chart, profile) rose 0.9% to 1,497. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.8% to 666.
Diebold estimates first-quarter revenue rose 8.1%(9:06 am ET)
NEW YORK (MarketWatch) -- Diebold Inc. (DBD: news, chart, profile) on Wednesday estimated its first-quarter revenue rose 8.1% as the ATM and security-systems maker continues to deal with past revenue-recognition actions. The company, perhaps best know for its electronic voting machines, hasn't released complete financial results for about a year while federal regulators review the way it reports revenue. Diebold has said it plans to restate some financials from 2003 through 2008 when it completes its review, which the company noted Wednesday is still ongoing but should be completed by midyear. Diebold put first-quarter revenue at $700.2 million, compared with a revised 2007 figure of $647.7 million. The mean revenue estimate of analysts polled by Thomson Reuters was $715 million.
Och-Ziff posts first-quarter loss on IPO expenses(8:51 am ET)
NEW YORK (MarketWatch) -- Och-Ziff Capital Management Group LLC (OZM: news, chart, profile) swung to a first-quarter loss of $268.1 million from a profit of $85.2 million, a year earlier, due to reorganization noncash expenses of $425.6 million related to the company's initial public offering in November. The New York provider of alternative asset management services posted a loss per share of $3.62 for the latest quarter. The company managed $33.3 billion in assets as of March 31, up 30% from $25.7 billion a year earlier. Revenue fell to $147.8 million from $284.4 million.
M/I Homes swings to loss after land charges(8:50 am ET)
BOSTON (MarketWatch) -- M/I Homes Inc. (MHO: news, chart, profile) Wednesday reported a first-quarter net loss of $22.2 million, or $1.58 a share, compared with net income of $2.2 million, or 16 cents a share, in the year-ago quarter. The residential builder said the results included pretax charges of $22.3 for impairments and write-offs related to land inventory. The company said new contracts in the first quarter dropped to 554 from 931 a year earlier as the housing market remained soft. Shares of M/I Homes have surged 72% so far this year.
Wachovia sees $800 mln to $1 bln accounting charge in Q2(8:49 am ET)
NEW YORK (MarketWatch) -- Wachovia Corp (WB: news, chart, profile) said Wednesday that it expects to take a second-quarter charge of $800 million to $1 billion related to a tax ruling. Wachovia said it decided to take the charge because of its analysis of a ruling in BB&T Corporation v. the United States. That ruling regarded accounting for lease transactions that are similar, but not identical, to some of Wachovia's lease arrangements.
Brink's first-quarter profit climbs(8:47 am ET)
NEW YORK (MarketWatch) -- Brink's Co. (BCO: news, chart, profile) said Wednesday that its first-quarter earnings climbed to $50.1 million, or $1.07 a share, from $28.7 million, or 61 cents a share, a year earlier, boosted in part by growth in its Latin America operations. Earnings from continuing operations were $1.02 a share for the quarter. The Richmond, Va., security-related services company said revenue rose to $920.6 million from $740.5 million.
AGL Resources posts lower first-quarter profit(8:45 am ET)
NEW YORK (MarketWatch) -- AGL Resources Inc. (ATG: news, chart, profile) said Wednesday that its first-quarter net income fell to $89 million, or $1.16 a share, from $102 million, or $1.30 a share, a year earlier. A Thomson Financial survey of analysts, on average, projected earnings of $1.28 a share for the quarter. The Atlanta-based energy-services company said operating revenue rose to $1.01 billion from $973 million a year earlier. The company expects 2008 earnings of $2.75 to $2.85 a share, assuming normal weather and average volatility in natural gas prices.
Rockefeller family members call for CEO, Chair split at XOM(8:43 am ET)
NEW YORK (MarketWatch) -- Rockefeller family members on Wednesday added their names to a shareholder resolution to separate the chief executive officer and chairman roles at Exxon Mobil Corp. (XOM: news, chart, profile) . While family members praised CEO Rex W. Tillerson for his oil and gas results, they concluded that an independent board chair remains "key to Exxon Mobil's future." A majority of Rockefeller Family members -- the oldest continuous shareholders in Exxon Mobil Corp. -- called on other shareholders to join them in supporting the resolution.
National Oilwell Varco earnings up 44%(8:20 am ET)
NEW YORK (MarketWatch) -- National Oilwell Varco Inc. (NOV: news, chart, profile) on Wednesday said first-quarter net income rose 44% to $397.6 million, or $1.11 a share from $275.9 million, or 78 cents a share in the year-ago period. Revenue rose 245 to $2.69 billion. The Houston-based oil services firm was expected to earn $1.10 a share on revenue of $2.75 billion, according to a survey by FactSet.
CORRECT: IAC/InterActiveCorp's first-quarter profit falls(8:15 am ET)
NEW YORK (MarketWatch) -- IAC/InterActiveCorp (IACI: news, chart, profile) said Wednesday that its first-quarter net income fell to $52.8 million, or 18 cents a share, from $60.7 million, or 20 cents a share, a year earlier. On average, analysts polled by Thomson Reuters expected fully reported earnings of 18 cents a share. The New York Internet company said revenue rose 8% to $1.6 billion from the same period last year, helped by results at HSN, Ticketmaster and other units. (Corrects quarter and profit figures.)
FPL Group net rises, reiterates earnings target(7:56 am ET)
NEW YORK (MarketWatch) -- FPL Group Inc. (FPL: news, chart, profile) said first-quarter net income rose to $249 million, or 62 cents a share from $150 million, or 38 cents a share in the year-ago period. Adjusted earnings rose to 76 cents a share from 70 cents a share. Analysts surveyed by FactSet forecast earnings of 81 cents a share, on average. FPL Group reaffirmed its target for 2008 adjusted earnings of $3.83 to $3.93 a share and $4.15 to $4.35 a share for 2009. The June Beach, Fla. electricity firm said results at its Florida Power & Light Company's were impacted by the economic slowdown.
Cincinnati Financial first-quarter loss 26 cents a share(7:53 am ET)
NEW YORK (MarketWatch) -- Cincinnati Financial Corp. (CINF: news, chart, profile) said Wednesday its first-quarter loss totaled $42 million, or 26 cents per share, swinging from a profit $194 million, or $1.11 per share, in the same quarter a year before. Total revenue was $704 million compared to $1.03 billion in the year-ago period. Operating income for the insurer was 66 cents per share, with catastrophe losses reducing the figure by 17 cents. Expectations were for quarterly earnings of 73 cents per share, according to a poll of analysts by FactSet Research. The company kept its 2008 outlook unchanged, saying it expects "property casualty net written premiums could decline as much as 5% for the full year due to competitive pricing."
Rockwood Holdings reports earnings of 36 cents per share(7:51 am ET)
NEW YORK (MarketWatch) -- Rockwood Holdings Inc. (ROC: news, chart, profile) said Wednesday its first-quarter earnings rose to $168.4 million, or 36 cents a share, up from $147 million, or $1.93 a share, in the year-ago period. The latest results include a 22 cent per share charge related to mark-to-market valuation losses on the company's interest rate hedging instruments. Analysts polled by Thomson Reuters expected, on average, earnings of 49 cents a share. The Princeton, N.J., specialty chemicals business said net sales climbed 14.2% to $854 million from $747.7 million last year. Rockwood shares closed Tuesday at $36.82.
Hess Corp. net income more than doubles(7:43 am ET)
NEW YORK (MarketWatch) -- Hess Corp. (HES: news, chart, profile) said first-quarter net income rose to $759 million, or $2.34 a share from $370 million, or $1.17 a share in the year-ago period. Analysts surveyed by FactSet forecast earnings of $1.87 a share, on average. Revenue and non-operating income at the New York-based petroleum firm rose to $10.7 billion from $7.4 billion in the year-ago period. Exploration and production earnings more than doubled to $824 million from $340 million. Oil and gas production, on a barrel-of-oil equivalent basis, rose to 391,000 barrels a day in the first quarter, compared with 382,000 barrels per day in the first quarter of 2007.
Auxilium Pharma first-quarter loss 30 cents per share(7:40 am ET)
NEW YORK (MarketWatch) -- Auxilium Pharmaceuticals, Inc. (AUXL: news, chart, profile) said Wednesday its first-quarter loss totaled $12.3 million, or 30 cents per share, from a loss of $11.9 million, or 33 cents per share, in the same quarter a year before. Revenue for the quarter was $27.1 million versus $18.4 million a year earlier. The results matched expectations of a 30 cent loss per share, according to a poll of analysts by FactSet. The company also said its gross margin widened to 77.9% for the quarter from 72.4% in the first quarter of 2007.

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Friday, May 2

Exxon Mobil's Nigeria production hits 300,000 barrels a day (1:04 pm ET)
NEW YORK (MarketWatch) -- Exxon Mobil (XOM: news, chart, profile) said Friday current levels of production in Nigeria have reached 300,000 barrels a day. The oil giant's upstream affiliates said they're restoring production following the resumption of services by the senior staff union on Thursday.
Energy stocks regain some losses from previous session(9:40 am ET)
NEW YORK (MarketWatch) -- Energy stocks regained some of their losses in the previous session on Friday, as Chevron (CVX: news, chart, profile) reported a better-than-expected increase of 10% in its first-quarter earnings. The Amex Oil Index (XOI: news, chart, profile) rose 0.7% to 1,481. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.9% to 662. Chevron (CVX: news, chart, profile) rose 15 cents to $95.09. Crude futures advanced 63 cents to $113.15.
Walgreen April same-store sales rise 1.6%(9:16 am ET)
NEW YORK (MarketWatch) -- Walgreen Co. (WAG: news, chart, profile) said Friday that its April same-store sales rose 1.6%, while front-end same-store sales fell 3.1%. The company said sales were hurt as a result of the Easter shift to March. The Deerfield, Ill., drug store chain operator said total sales climbed 7.9% to $4.85 billion from $4.49 billion a year earlier. April pharmacy sales increased 10.8%, while same-store pharmacy sales increased 4.2%. The company said same-store pharmacy sales were hurt by generic drug introductions. Walgreen's shares closed Thursday up 84 cents, or 2.4%, at $35.69.
Toro cuts its profit forecast(9:01 am ET)
NEW YORK (MarketWatch) -- Toro Co. (TTC: news, chart, profile) on Friday sliced its second-quarter profit forecast, citing the weak economy, a late spring and cautious customers. The Bloomington, Minn., maker of outdoor maintenance products now expects earnings for the quarter ending May 2 of $1.55 to $1.60 a share, vs. its prior forecast of $1.87 to $1.93. On average, analysts polled by FactSet Research expected earnings of $1.93 a share. For the fiscal year ending Oct. 31, the company said it now expects net earnings per share to be even to down 5% from the prior year's $3.40, on roughly flat revenue. "We are disappointed in having to reduce our earnings outlook, but we believe these market conditions will persist for the remainder of the year," said Michael Hoffman, Toro's chairman and chief executive officer. "We continue to take prudent actions to manage through these challenging times by addressing spending, production adjustments and working capital management." Shares of Toro closed Thursday at $43.30.
Allete's first-quarter profit falls(8:47 am ET)
NEW YORK (MarketWatch) -- Allete Inc. (ALE: news, chart, profile) on Friday said first-quarter net income fell to $23.6 million, or 82 cents a share, from $26.3 million, or 93 cents a share, in the year-earlier quarter. The Duluth, Minn., energy holding company said revenue rose to $213.4 million in the quarter ended March 31 from $205.3 million a year earlier. The company said it was on track to meet its 2008 earnings target of $2.70 to $2.90 a share. Allete's stock closed Thursday at $42.53.
Lubrizol posts higher first-quarter profit(8:10 am ET)
NEW YORK (MarketWatch) -- Lubrizol Corp. (LZ: news, chart, profile) said its first-quarter net income rose to $73.6 million, or $1.06 a share, from $71.3 million, or $1.02 a share, a year earlier, due in part to increased volume and an improvement in the price and product mix. The Cleveland specialty chemical producer incurred after-tax restructuring and impairment charges of $2.9 million, or 4 cents a share, involving its North America coatings facility. Non-GAAP earnings per share were $1.10, up from 99 cents a share in the fourth quarter of 2007. Revenue rose to $1.23 billion from $1.08 billion. A Thomson Reuters survey of analysts, on average, had projected earnings of $1.07 a share on revenue of $1.15 billion. Lubrizol raised its 2008 forecast for earnings per share to between $4.17 and $4.37 and non-GAAP earnings per share of $4.25 to $4.45.
IntercontinentalExchange Q1 earnings $1.29 per share(7:26 am ET)
NEW YORK (MarketWatch) -- IntercontinentalExchange, Inc. (ICE: news, chart, profile) said Friday its first-quarter profit totaled $92.3 million, or $1.29 per share, from $55.6 million, or 80 cents per share, in the same quarter a year before. Anaylsts had expected earnings of $1.27 a share, according to a FactSet Research survey. Revenue for the quarter was $207 million compared to $127 million in the year-ago period, for a 64% increase. The Atlanta-based operator of global exchanges and over-the-counter markets said its futures exchanges achieved record volume in the first quarter, increasing 39% to 62.5 million contracts.
NiSource net income falls 8%, as revenue rises(7:21 am ET)
NEW YORK (MarketWatch) -- NiSource (NI: news, chart, profile) said first-quarter operating net income fell 8% to $189.3 million, or 69 cents a share, for the three months ended March 31, from $205.4 million, or 75 cents per share in the year-ago period. The Merrillville, Ind. electric service provider said revenue rose to $3.29 billion from $2.84 billion. The company said the results "are consistent with our business outlook." Analysts surveyed by FactSet forecast earnings of 75 cents a share, on average. NiSource cited non-recoverable purchased power expenses and non-recoverable transmission charges, as well as increased operating and maintenance expenses.
Apartment Investment records loss on less investment gains(7:15 am ET)
NEW YORK (MarketWatch) -- Apartment Investment and Management Co. (AIV: news, chart, profile) said it swung to a first-quarter loss of $38.8 million, or 43 cents a share, after recording less gains from selling real estate and after a year-earlier debt extinguishment gain. The apartment community operator earned $8.9 million in the year-earlier quarter. Revenue rose 6% to $432.6 million and funds from operations edged up to 72 cents a share from 71 cents, with the company citing same-store results and lower-than-anticipated interest rates. Analysts polled by FactSet expected an FFO of 70 cents. The company sees second-quarter FFO between 79 and 83 cents, and for the year sees FFO between $3.22 and $3.38.
Magellan Health's quarterly profit slips 18%; CFO steps down(6:59 am ET)
LONDON (MarketWatch) -- Specialty health-care management company Magellan Health Services, Inc. (MGLN: news, chart, profile) said first-quarter net income fell 18% to $17.2 million, or 43 cents a share, from $21 million, or 55 cents a share, earned in the year-earlier quarter. Consensus forecasts were for earnings of 42 cents a share, according to a survey of six analysts polled by FactSet Research. Sales climbed 33% to $650 million. The company said it now expects 2008 earnings in the range of $1.73 to $2.17 a share. It also announced that Chief Financial Officer Mark Demilio intends to resign and said it has begun a search for its successor.
Intel expects to take $250 mln charge in second quarter(6:54 am ET)
LONDON (MarketWatch) -- Intel Corp. (INTC: news, chart, profile) said in a filing with the Securities and Exchange Commission Friday that it expects to take a restructuring and asset impairment charge of $250 million in the second quarter. The company recorded $329 million of restructuring and impairment charges in the first quarter, including an additional asset impairment charge of $275 million related to flash memory assets sold to Numonyx. Intel said it expects charges as a result of its restructuring program announced in 2006 to decline in the second half of the year.
BorgWarner's first-quarter profit rises 52%(6:52 am ET)
LONDON (MarketWatch) -- BorgWarner, Inc. (BWA: news, chart, profile) , a provider of power-train products for automakers, said first-quarter net profit rose 52% to $88.7 million, or 75 cents a share, from $58.4 million, or 50 cents a share, earned in the year-earlier quarter. Consensus forecasts were for earnings of 75 cents a share, according to a survey of 11 analysts polled by FactSet Research. Sales climbed 17% to $1.5 billion, or 8% excluding the impact of currency fluctuations. The company reaffirmed its outlook for the year.
Barnes' quarterly profit rises 21%(6:46 am ET)
LONDON (MarketWatch) -- Barnes Group, Inc. (B: news, chart, profile) , a manufacturer and distributor of aerospace and industrial components, said first-quarter net profit rose 21% to $33.4 million, or 60 cents a share, from $27.7 million, or 50 cents a share, earned in the year-earlier quarter. Consensus forecasts were for earnings of 61 cents a share, according to a poll of three analysts conducted by FactSet Research. Sales climbed 8% to $388.6 million. The company raised its earnings outlook, based on current market conditions, to the range of $2.30 to $2.39 a share from an earlier forecast of $2.20 to $2.30 a share.
Northwest Natural's quarterly profit falls 10%(6:27 am ET)
LONDON (MarketWatch) -- Northwest Natural Gas (NWN: news, chart, profile) said net profit for the three months through March 21 fell 10% to $43.2 million, or $1.63 a share, from $48.1 million, or $1.76 a share, earned in the year-earlier quarter. The company said the decrease was mainly due to a small commodity cost loss in the 2008 period compared with a record commodity cost benefit in the year-earlier quarter. Consensus forecasts were for earnings of $1.65 a share, according to a poll of five analysts conducted by FactSet Research. The group reaffirmed its guidance for earnings of $2.48 to $2.63 a share this year.
KBR profit jumps after arbitration award gain(6:22 am ET)
LONDON (MarketWatch) -- Engineering and construction group KBR (KBR: news, chart, profile) said Friday that its first-quarter net income jumped to $98 million, or 58 cents a share, from $28 million, or 17 cents a share, a year earlier. Revenue for the quarter rose 24% to $2.52 billion. The company said its $154 million operating income in the quarter benefited from a $51 million gain on a favorable arbitration award, partially offset by a $12 million charge related to a U.S. embassy project in Macedonia. Analysts polled by FactSet had been expecting earnings of 33 cents a share.
Nortel's first-quarter loss widens, sales rise 11%(6:19 am ET)
LONDON (MarketWatch) -- Canadian telecommunications-equipment firm Nortel Networks Corp. (NT: news, chart, profile) (CA:NT: news, chart, profile) said its first-quarter net loss widened to $138 million, or 28 cent a share, from a loss of $103 million, or 23 cents as share, posted in the year-earlier quarter. The results in first quarter of 2008 included special charges of $88 million for restructurings, a loss of $19 million on currency fluctuations and a $12 million charge related to the settlement of a lawsuit. It also included an exceptional gain of $16 million from mark-to-market gains on interest rate swaps. Consensus forecasts were for a net loss of $55 million, according to a poll of 11 analysts conducted by FactSet Research. Sales climbed 11% to $2.76 billion. The company reiterated its outlook for 2008 revenue growth in the low single digits compared to 2007.
Wing Lung Bank posts Q1 loss after $61 million subprime loss(5:57 am ET)
HONG KONG (MarketWatch) -- Hong Kong-listed Wing Lung Bank Ltd. (HK:96: news, chart, profile) Friday reported a first-quarter net loss, owing to a HK$477 million ($61 million) subprime related provision. The small-sized lender said it suffered a net loss of HK$82.5 million, compared to a HK$376.23 million profit a year earlier. The bank, which is the focus of a takeover bid, said it wrote-down HK$192.3 million in collateralized debt obligations and booked an impairment loss of HK$284.4 million for investments held in a special investment vehicle. The bank reported the remaining assets in its SIV portfolio and holdings of CDOs totaled HK$566.6 million as of March 31.
Mitsui & Co. fiscal 2007 net income up 36% to $3.9 billion(3:21 am ET)
HONG KONG (MarketWatch) -- Trading house Mitsui & Co. (JP:8031: news, chart, profile) said Friday net income rose 36% in the fiscal year ended March 31, helped by gains from operations in energy and mineral resources. Mitsui reported net income rose to 410.06 billion yen ($3.91 billion), up from 301.50 billion yen a year earlier. Mitsui, Japan's second-largest trading firm, said it expects group net income of 460.00 billion yen in the current fiscal year.
Thursday, May 1
Sony to post big operating profit gain in fiscal 07: Nikkei(9:19 pm ET)
HONG KONG (MarketWatch) -- Sony Corp. (JP:6758: news, chart, profile) is expected to report a 430% rise in group operating profit for the financial year ended March 31, helped by strong demand for digital cameras and other electronics, according to a Japanese media report. The electronics giant will reap the benefits of its strategy to focus on Bravia liquid-crystal display televisions and the PlayStation 3 game console, as an expected 60% and 170% rise in sales in these respective categories should lift group operating profit to 380 billion ($3.6 billion) yen, the Nikkei newspaper reported Friday without saying where it got the information. Sony's group wide sales are expected to rise 8% to 8.98 trillion yen, the report said. Sony is due to report results for the 2007 fiscal year May 14.
CORRECT: Chesapeake swings to loss on energy hedges (5:23 pm ET)
SAN FRANCISCO (MarketWatch) -- Chesapeake Energy Corp. (CHK: news, chart, profile) reported late Thursday a first-quarter loss of $143 million, or 29 cents a share. A year ago the company posted net income of $232 million, or 50 cents a share. Excluding a $704 million one-time loss from mark-to-market oil and gas hedges, the company's adjusted net income for the quarter was $561 million, or $1.09 a share, up from $425 million, or 87 cents, a year ago. Revenue for the three months ended March 31 totaled $1.61 billion. Analysts polled by FactSet had expected the Oklahoma City, Okla.-based natural gas producer to report earnings of 92 cents a share. Analysts typically exclude one-time items. Chesapeake shares fell 1.5% ahead of the report to close at $50.93. (Corrects year-ago results.)
Fairfax quarterly net surges on credit market bets(5:16 pm ET)
SAN FRANCISCO (MarketWatch) -- Fairfax Financial Holdings (FFH: news, chart, profile) reported a surge in quarterly net income late Thursday after credit market bets by the insurer paid off. First-quarter net earnings were $631.8 million, or $33.78 a share, up strongly from $110.9 million, or $5.88 a share, in the same period a year earlier, the company reported. Net gains on investments in the first quarter of 2008 were $1.09 billion, compared to $98.8 million a year earlier. During the latest quarter, Fairfax said it sold credit default swap positions with a notional value of $3.8 billion for proceeds of $885 million.
Sun Micro to cut between 1,500 and 2,500 jobs(4:59 pm ET)
SAN FRANCISCO (MarketWatch) -- Sun Microsystems Inc. (JAVA: news, chart, profile) said Thursday it plans to cut between 1,500 and 2,500 jobs and take a charge in a range of $130 million to $220 million in its fiscal fourth quarter. Sun Chief Financial Officer Mike Lehman made the announcement on a conference call to discuss the results of Sun's third-quarter, in which the company lost $34 million, or 4 cents a share, on $3.27 billion in sales. Lehman said the job cuts would lower Sun's operating expenses between $100 million and $150 million annually.
EOG Resources boosts profit on higher output (4:50 pm ET)
SAN FRANCISCO (MarketWatch) -- Natural gas producer EOG Resources, Inc. (EOG: news, chart, profile) reported late Thursday first-quarter net income of $240.5 million, or 96 cents a share, up from $216.8 million, or 88 cents, a year ago. Revenue for the three months ended March 31 rose to $1.1 billion from $871 million, helped by a 38% rise in overall energy production. Analysts surveyed by FactSet had predicted the Houston-based company would turn in earnings of $1.51 a share on $1.33 billion in revenue. EOG Resources shares closed with a 3.6% loss ahead of the report at $126.85.
Endurance Specialty quarterly net income falls 24%(4:42 pm ET)
SAN FRANCISCO (MarketWatch) -- Endurance Specialty Holdings (ENH: news, chart, profile) said late Thursday that first-quarter net income came in at $77.8 million, or $1.15 a share, down 24% from a year earlier when the reinsurer made $101.8 million, or $1.36 a share. Operating income, which excludes net realized investment gains and losses and other items, was $89.5 million, or $1.33 a share, after the payment of dividends on preferred securities, Endurance reported. The company was expected to make $1.54 a share, according to the average estimate of nine analysts in a FactSet survey.
NetSuite posts a narrowed first-quarter loss(4:33 pm ET)
SAN FRANCISCO (MarketWatch) -- NetSuite Inc. said Thursday it saw a narrowed loss during its first fiscal quarter. San Mateo, Calif.-based NetSuite (N: news, chart, profile) , which provides software to businesses hosted on the Internet, said its net loss for the period ended in March narrowed to $2.03 million, or 3 cents a share, compared to $9.28 million, or $1.24 a share in the same period a year earlier. Meanwhile revenue rose 47% to $34.1 million. Excluding special items, NetSuite said its net loss for the period was a penny a share. Analysts have been estimating NetSuite would post a loss of 2 cents a share for the quarter, and $33.5 million in revenue, according to FactSet Research.
Metlife quarterly net income falls 36%(4:30 pm ET)
SAN FRANCISCO (MarketWatch) -- Metlife Inc. (MET: news, chart, profile) said late Thursday that first-quarter net income came in at $648 million, down 36% from a year earlier when the life insurer made $1.02 billion. Net income available to common shareholders was 84 cents a share versus $1.28 a share in the same period last year, the company reported. Operating earnings, which exclude net realized investment gains and losses and other items, were $1.11 billion, or $1.52 a share. The company was expected to make $1.48 a share, according to the average estimate of 17 analysts in a FactSet survey.
Wynn net income drops in first quarter; sales up(4:22 pm ET)
LOS ANGELES (MarketWatch) -- Wynn Resorts Ltd. (WYNN: news, chart, profile) said Thursday that first-quarter net income was $46.7 million, or 41 cents a share, compared with $58.4 million, or 54 cents a share, for the same period a year ago. Reporting after the close, the Las Vegas-based casino and resort operator said sales jumped to $778.7 million from last year's $635.3 million, primarily due to a 61.4% jump in revenue at its Wynn Macau facility. The company said adjusted net income was 69 cents a share for the quarter, in line with estimates from analysts polled by FactSet Research. Shares ended the day higher by 2.7% to $108.19.
Aon quarterly net income rises 2%(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- Aon Corp. (AOC: news, chart, profile) said late Thursday that first-quarter net income came in at $218 million, or 68 cents a share, up 2% from a year earlier when the insurance broker made $213 million, or 66 cents a share. Net income from continuing operations increased 8% to $179 million, or 56 cents a share. Excluding certain items, net income from continuing operations jumped 25% to 71 cents a share, Aon reported. The company was expected to make 61 cents a share, according to the average estimate of 12 analysts in a FactSet survey.
Sun Microsystems swings to loss of $34 million (4:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Sun Microsystems Inc. (JAVA: news, chart, profile) on Thursday reported a fiscal third-quarter loss of $34 million, or 4 cents a share, on revenue of $3.27 billion. During the same period a year ago, Sun earned $67 million, or 7 cents a share, on sales of $3.28 billion. Excluding a charge of 4 cents a share related to Sun's acquisition of MySql, Sun would have broke even on a per-share basis. Analysts surveyed by FactSet Research had forecast Sun to earn 18 cents a share on $3.38 billion in revenue. The company didn't give any earnings or sales forecast for its fourth quarter.
Retail gasoline holds steady at $3.62 a gallon(12:04 pm ET)
NEW YORK (MarketWatch) -- The U.S. national average for a gallon of unleaded gasoline held steady in the last day at $3.62 a gallon at the pump, according to the Daily Fuel Gauge report from AAA. A month ago, the price was $3.29 a gallon, and a year ago it was $2.98 a gallon.

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