Replies to post #445 on Earning Plays

[3xBuBu]

Tuesday, May 6
THQ swings to loss for fourth fiscal quarter(4:47 pm ET)
SAN FRANCISCO (MarketWatch) -- THQ Inc. swung to a loss for its fourth fiscal quarter despite a rise in sales. For the quarter ended March 31, the video game publisher (THQI: news, chart, profile) reported a net loss of $34.5 million, or 52 cents a share, compared to net income of $6.5 million, or 9 cents a share, for the same period last year. Excluding certain charges, the company said net losses would have come in at $24.8 million, or 37 cents a share. Revenue grew 8.6% to $187 million. The company said revenue would have totaled $217.6 million were it not for the impact of deferred revenue from "Frontlines: Fuel of War." Analysts were expecting a loss of 4 cents a share on revenue of $200.4 million, according to estimates from FactSet Research.
Tesoro swings to a loss as refining margins fall 52%(4:42 pm ET)
SAN FRANCISCO (MarketWatch) -- Oil refiner Tesoro Corp. (TSO: news, chart, profile) , pinched by rising crude prices and narrower margins for its finished products, reported late Tuesday a first-quarter loss of $82 million, or 60 cents a share. The company posted net income of $116 million, or 84 cents a share, a year ago. Overall refining margins fell to $6.54 a barrel from $13.50 a year ago. Revenue for the three months ended March 31 rose to $6.53 billion from $3.88 billion. Analysts polled by FactSet had predicted the San Antonio, Texas, company would report a loss of 29 cents a share. Tesoro shares fell 32 cents ahead of the report to close at $25. The share price is down 48% so far this year.
Harman swings to loss, hurt by 'warranty' charges(4:26 pm ET)
SAN FRANCISCO (MarketWatch) -- Harman International Industries Inc. (HAR: news, chart, profile) late Tuesday swung to a fiscal third-quarter loss, compared to a year-earlier, and revamped part of its senior management team. Harman reported a net loss of $3.3 million, or 6 cents a share. The company said it was hurt by "unprecedented charges for warranty issues" due to problems with a memory chip. A year ago, it earned $71 million, or $1.07 a share. Harman, of Washington, D.C., is a maker of stereo and entertainment products for cars and consumer electronics. It said sales rose to $1 billion, from $883 million in the year-earlier period.
Pitney Bowes posts lower profit, raises outlook(4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- Pitney Bowes Inc. (PBI: news, chart, profile) on Tuesday reported a first-quarter profit of $119.1 million, or 56 cents a share, down from $144.8 million, or 65 cents a share, a year earlier. Excluding restructuring charges, earnings came to 66 cents a share. Revenue for the postage meter machine maker rose 11% to $1.6 billion. Analysts polled by FactSet Research were looking for earnings, on average, of 65 cents a share on sales of $1.49 billion. The Stamford, Conn.-based company also raised its adjusted 2008 earnings target to a range from $2.80 to $2.90 a share. Wall Street previously forecast a profit of $2.85 a share.
Web advertising firm ValueClick posts profit gain(4:15 pm ET)
SAN FRANCISCO (MarketWatch) - ValueClick Inc. said Tuesday its first-quarter profit and sales rose compared to the same period a year earlier. Westlake Village, Calif.-based Internet advertising services company ValueClick (VCLK: news, chart, profile) said net income for the period ended in March rose to $19.2 million, or 19 cents a share, from $18.6 million, or 18 cents a share in the same period a year earlier. Meanwhile revenue rose 12% to $176 million. Analysts estimated ValueClick would post earnings of 16 cents a share, and $169.86 million in revenue, according to FactSet Research.
Disney says earnings pass $1 billion mark, up 21%(4:08 pm ET)
LOS ANGELES (MarketWatch) - Walt Disney Co. (DIS: news, chart, profile) said Tuesday that second-quarter net income was $1.13 billion, or 58 cents a share, compared with $931 million, or 44 cents a share, for the same period a year ago. Reporting after the close, the Burbank, Calif.-based entertainment giant said sales were $8.71 billion vs. last year's $7.95 billion. Analysts polled by FactSet Research expected Disney to earn 51 cents a share on sales of $8.51 billion. Disney shares ended trading up 1.3% to $33.73.
Wachovia restates first-quarter results lower(10:51 am ET)
BOSTON (MarketWatch) -- Wachovia Corp. (WB: news, chart, profile) in a filing Tuesday restated first-quarter financial results due to valuation losses on stable value agreements provided by a third-party guarantor with respect to three related contracts within Wachovia's bank-owned life insurance portfolio. After a review, Wachovia has determined that the company will record valuation losses of $315 million on the related bank-owned life insurance assets in its financial statements for the quarter ended March 31, which will increase the net loss available to common stockholders for the quarter to $708 million, or 36 cents a share. In mid-April, Wachovia had reported a first-quarter net loss of $393 million, or 20 cents a share. The stock was off 1% at last check.
CORRECT: Energy stocks move up with oil prices(9:41 am ET)
NEW YORK (MarketWatch) -- Energy stocks moved higher in early action Tuesday despite weakness in the broad market, as crude prices remained in record territory. The Amex Oil Index (XOI: news, chart, profile) rose 0.8% to 1,514. The Amex Natural Gas Index (XNG: news, chart, profile) advanced 1.3% to 691. Spectra Energy (SE: news, chart, profile) rose 4.4% to $26.98 after it announced a stock buyback, dividend boost, and increased first-quarter profit. Among oil services shares, Noble Corp. (NE: news, chart, profile) rose 2% to $60.47. Crude futures rose 45 cents to $120.42. (Updated to reflect rise in Amex Oil Index.)
PG&E Corp.'s first-quarter profit falls(9:17 am ET)
NEW YORK (MarketWatch) -- PG&E Corp. (PCG: news, chart, profile) said Tuesday that its first-quarter net income fell to $224 million, or 62 cents a share, from $256 million, or 71 cents a share, in the year-earlier period. A FactSet survey of analysts, on average, predicted earnings of 68 cents a share for the quarter. The San Francisco energy company backed its earnings from operations views of $2.90 to $3 a share for 2008 and $3.15 to $3.25 a share for 2009. On Monday, PG&E shares closed down 19 cents, or 0.5%, to $40.71.
PSEG net income climbs 36%(8:58 am ET)
NEW YORK (MarketWatch) -- Public Service Enterprise Group Inc. (PSEG) (PEG: news, chart, profile) on Tuesday said first-quarter net income rose 36% to $448 million, or 88 cents a share, from $329 million, or 65 cents a share in the year-ago period. The Newark, N.J. electric and gas utility said non-GAAP operating earnings rose to 85 cents a share from 63 cents a share. The results were adjusted to reflect a 2-for-1 stock split effective Feb. 4. Analysts surveyed by FactSet forecast earnings of 73 cents a share. PSEG Power's margins benefited from recontracting at higher prices, and an increase in generation in response to strong market fundamentals, offset partly by lower demand from a more mild winter. PSEG expects 2008 operating earnings of $2.80-$3.05 a share, compared to the target of $2.99 a share.
MGM Mirage profit and revenue fall(8:48 am ET)
NEW YORK (MarketWatch) -- MGM Mirage (MGM: news, chart, profile) on Tuesday said first-quarter net income fell to $118.3 million, or 40 cents a share, from $168.2 million, or 57 cents a share, in the year-ago period. Revenue fell to $1.88 billion from $1.93 billion. The Las Vegas-based company experienced low-single digit percentage decreases in both gaming and non-gaming revenues on a quarter-over-quarter basis, while earnings were hurt by the temporary closure of the Monte Carlo and ramp-up costs related to the recent opening of two resorts. Analysts, on average, expected it to earn 44 cents a share on revenue of $1.9 billion, according to FactSet Research.
Hospitality Properties Trust's first-quarter results rise(8:35 am ET)
NEW YORK (MarketWatch) -- Hotel real estate investment trust Hospitality Properties Trust (HPT: news, chart, profile) said Tuesday that its first-quarter net income available for common shareholders rose to $48.3 million, or 51 cents a share, from $39 million, or 43 cents a share, in the year-earlier period. Funds from operations for the quarter also increased to $110.9 million, or $1.18 a share, from $98.5 million, or $1.08 a share. Shares of Hospitality Properties Trust closed Tuesday at $31.96.
Louisiana-Pacific net loss widens as revenue falls(8:13 am ET)
NEW YORK (MarketWatch) -- Louisiana-Pacific Corp. (LPX: news, chart, profile) on Tuesday said its first-quarter loss increased to $46 million, or 45 cents a share, from $37 million, or 36 cents a share in the year-ago period. Revenue at the Nashville, Tenn. maker of building products fell to $349 million from $395 million. Analysts expected the company to lose 49 cents a share. "The continued weakness in the housing sector resulted in LP reporting a loss for the first quarter," said Rick Frost, CEO. "We took significant downtime at most of our mills to balance production to lowered demand. Based upon the current inventory of existing homes, difficulties in the mortgage market, energy related raw materials costs and the possibility of a mild recession; we expect these conditions to continue for at least the next several quarters."
Fannie Mae's regulator agrees to reduce capital surplus(8:00 am ET)
WASHINGTON (MarketWatch) -- Fannie Mae's federal regulator said on Tuesday it will reduce the company's capital-surplus requirement to 15% from 20% when Fannie Mae (FNM: news, chart, profile) completes a new capital-raising plan. Fannie said Tuesday it is planning to raise $6 billion in new capital. The mortgage-finance giant reported a first-quarter loss of $2.2 billion on Monday, or $2.57 a share, citing credit-related expenses.
Playboy swings to first-quarter loss(7:57 am ET)
NEW YORK (MarketWatch) -- Playboy Enterprises Inc. (PLA: news, chart, profile) said Tuesday that it swung to a first-quarter loss of $3.1 million, or 9 cents a share, from a profit of $1.5 million, or 4 cents a share, in the year-earlier period. The Chicago-based media company said quarterly revenue was $78.5 million compared to the year-ago $85.4 million, citing "continued structural and economic pressures on the company's domestic media businesses" for the decline. Shares of Playboy closed Monday at $8.26.
Arch Chemical net income down, but ahead of target(7:56 am ET)
NEW YORK (MarketWatch) -- Arch Chemical Inc. (ARJ: news, chart, profile) on Tuesday said first-quarter net income fell to $5.7 million, or 23 cents a share, from $14.6 million, or 60 cents a share in the year-ago period. Earnings in the year-ago period were 26 cents a share, excluding a one-time gain of $12.8 million. Revenue rose 9% to $347.1 million. The Norwalk, Conn. company said its performance products unit results were lower than expected due to record oil-based raw material costs. Analysts surveyed by FactSet forecast earnings of 12 cents a share, on average. Second-quarter earnings from continuing operations are expected to be in the $1.30 to $1.40 range, compared to the analyst target of $1.50 a share. The company continues to expect 2008 earnings of $2.55-$2.65 a share. The Wall Street target is $2.57 a share.
Weekly chain-store sales rose 2.3% from year ago: survey(7:54 am ET)
NEW YORK (MarketWatch) -- U.S. chain-store sales for the week ended May 3 rose 2.3% from the year-ago period, according to a survey released Tuesday by the International Council of Shopping Centers. On a week over week basis, sales slipped 0.2%. "The consumer faced intensified economic headwinds throughout the month with a contraction in April employment, record high gasoline prices, and even Mother Nature was less than favorable with a seasonably warm start to the month, but a cold finish," said Michael Niemira, ICSC's chief economist. ICSC expects April sales to rise by 1.5% to 2.0%. Most retailers will report monthly sales at stores open at least one year -- an industry metric known as same-store sales -- on Thursday.
Fannie Mae reports $2.2 billion loss in first quarter(7:49 am ET)
WASHINGTON (MarketWatch) -- Mortgage-finance giant Fannie Mae (FNM: news, chart, profile) reported a much greater-than-expected loss in the first quarter, losing $2.2 billion as credit-related expenses took a bite out of its bottom line, and said it's planning to raise $6 billion in new capital. On a per-share basis, Fannie Mae lost $2.57 in the first quarter, much more than the 81-cent-a-share loss expected by Wall Street analysts surveyed by FactSet. In the same period a year ago, Fannie Mae earned 85 cents a share. Shares of Fannie Mae were recently down 13% in pre-market trading.
D.R. Horton swings to second-quarter loss(7:40 am ET)
NEW YORK (MarketWatch) -- D.R. Horton Inc. (DHI: news, chart, profile) said Tuesday that it swung to a fiscal second-quarter loss of $1.31 billion, or $4.14 a share, from a year-earlier profit of $51.7 million, or 16 cents a share. The loss for the latest period included $834.1 million in pretax charges and write-offs related to inventory impairments. The Fort Worth, Texas, home builder said revenue for the period fell 38% to $1.62 billion from $2.62 billion. On average, analysts polled by Thomson Reuters expected a loss of 39 cents a share on revenue of $1.36 billion. D.R. Horton said it closed on 6,719 homes in the latest quarter, compared with 9,792 in the year-ago quarter.
Lazard profit falls 70%(7:35 am ET)
NEW YORK (MarketWatch) -- Lazard Ltd. (LAZ: news, chart, profile) said Tuesday its first quarter net income fell 70%, to $7.8 million, or 14 cents a share, compared to $26.4 million, or 47 cents a share a year ago. Revenue for the quarter fell to $350.1 million from $398.6 million a year ago. CEO Bruce Wasserstein said in a press release that, "There is little transparency or certainty about the level of liquidity and market activity over the remainder of this year, but we expect some improvement in market activity by year end." And, the firm's CFO, Michael Castellano, said, ""Our first-quarter results are not, we believe, representative of the outlook for the year."
Perrigo third-quarter earnings 42 cents per share(7:30 am ET)
NEW YORK (MarketWatch) -- Perrigo Co. (PRGO: news, chart, profile) said Tuesday its third-quarter profit totaled $39.97 million, or 42 cents per share, from $17.06 million, or 18 cents per share, in the same quarter a year before. Sales for the quarter were $503.7 million versus $362.3 million in the year-ago quarter. Analysts had expected earnings of 41 cents per share, according to a FactSet Research poll. Allegan, Mich.-based Perrigo said it was narrowing its expected fiscal 2008 adjusted earnings-per-share estimate to $1.55-$1.60.
Joy Global trims 2008 profit target on acquisition costs(7:14 am ET)
NEW YORK (MarketWatch) -- Joy Global Inc. (JOYG: news, chart, profile) on Tuesday lowered its 2008 earnings target to $2.96 to $3.22 a share from its earlier view of $3.15 to $3.45 a share, but kept its revenue target unchanged at $3.1 billion to $3.3 billion. The Milwaukee-based owner of P&H Mining Equipment and Joy Mining Machinery said it now expects higher purchase accounting charges for its acquisition of Continental Global Inc. and costs for the early termination of a maintenance and repair contract.
R.R. Donnelley profit rises, meets forecast(6:51 am ET)
LONDON (MarketWatch) -- R.R. Donnelley (RRD: news, chart, profile) said first-quarter net income rose to $182.5 million, or 85 cents a share, from $138.8 million, or 64 cents a share. Sales rose to $3 billion from $2.8 billion, the printing giant said. Non-GAAP earnings from continuing operations were 69 cents a share. It expects annual adjusted earnings between $3.08 to $3.15 a share, which is up three cents on the low end. Analysts polled by FactSet expected earnings of 69 cents a share for the quarter and $3.12 for the year.
Cimarex 1st-quarter net doubled on 55% higher revenue(6:29 am ET)
TEL AVIV (MarketWatch) -- Cimarex Energy Co., (XEC: news, chart, profile) the Denver oil-and-gas producer, reported first-quarter net income more than doubled on 55% higher revenue. Earnings reached $149.8 million, or $1.76 a share, from $64.6 million, or 77 cents, in the year-earlier period. Revenue rose to $477.1 million from $306.9 million. More production -- an average of 8% more oil and gas daily -- and higher prices drove the improved results, Cimarex said on Tuesday.
A&P 4th-period loss widens; adjusted Ebitda triples(6:24 am ET)
TEL AVIV (MarketWatch) -- Great Atlantic & Pacific Tea Co., (GAP: news, chart, profile) the Montvale, N.J., operator of A&P supermarkets, reported its fiscal fourth-quarter net loss widened on 74% higher sales. The sales figure reflects inclusion of Pathmark Stores for the first time. For the quarter ended Feb. 23, the affiliate of closely held Tengelmann Group of Germany reported a loss of $61.5 million, or $1.73 a share, compared with $7.2 million, or 17 cents, in the year-earlier period. Shares outstanding rose 22% to 50.7 million. Excluding non-operating special items, A&P's earnings before interest, taxes, depreciation and amortization more than tripled to $72.2 million. Sales reached $2.2 billion from $1.27 billion. Comparable-store sales, which exclude the early-fourth-quarter acquisition of Pathmark, rose 3%. Comparable-store sales for Pathmark in the fiscal fourth quarter rose 1.5%. A&P operates 447 stores in eight states and Washington, D.C., under brands including A&P, Waldbaum's, Pathmark and others.
Spectra Energy net up 56%, sets buyback(6:13 am ET)
LONDON (MarketWatch) -- Gas infrastructure firm Spectra Energy (SE: news, chart, profile) said its profit rose 56%, its board approved a $600 million stock buyback and it lifted its quarterly dividend. The company's net income rose to $367 million, or 58 cents a share, with revenue up 15% to $1.61 billion, helped by higher commodity prices and a strong Canadian dollar. It expects to exceed the $1.56 in earnings per share in 2008 for its employee incentive target. Analysts polled by FactSet expected earnings of 46 cents a share for the quarter and $1.62 for the year.
Delek US swings to 1st-quarter loss on 51% higher revenue(5:29 am ET)
TEL AVIV (MarketWatch) -- Delek US Holdings Inc., (DK: news, chart, profile) the Brentwood, Tenn., gasoline refiner and convenience-store operator, swung to a first-quarter net loss from a year-earlier profit on 51% higher revenue. The loss was $5 million, or 9 cents a share, compared with net income of $20.9 million, or 40 cents, in the year-earlier period. The latest period reflects a $6.5 million non-cash loss on an investment in Lion Oil and a $2.1 million non-cash gain on ethanol-hedging positions. Sales reached $1.22 billion from $805.6 million. The first-quarter results reflected 68% higher crude-oil prices, the affiliate of Israel's Delek Group said.
Taleo 1st-quarter net up; agrees to acquire software firm(5:15 am ET)
TEL AVIV (MarketWatch) -- Taleo Corp., (TLEO: news, chart, profile) the Dublin, Calif., provider of solutions that enable companies to assess and optimize their workforces, reported that first-quarter net income rose 76% and said it would buy a software provider for $128.8 million of cash and stock. Earnings reached $1.6 million, or 6 cents a share, from $908,000, or 3 cents, in the year-earlier period. Shares outstanding rose 11% to 28.9 million. Revenue climbed 30% to $37.2 million from $28.7 million. Taleo definitively agreed to acquire closely held Vurv Technology Inc., the Jacksonville, Fla., provider of talent-management-software solutions. The deal, which Taleo hopes to close in the second quarter, should add to adjusted earnings in 2008, the company said.
NYSE Euronext profit surges, on track for cost savings(2:51 am ET)
LONDON (MarketWatch) -- Stock exchange operator NYSE Euronext (NYX: news, chart, profile) (FR:NYX: news, chart, profile) said Tuesday that its first-quarter net profit jumped to $230 million, or 87 cents a share, from $68 million, or 43 cents a share, due to the acquisition of the European Euronext business as well as rising volumes. Assuming the Euronext deal had occurred a year earlier and ignoring merger expenses, profit was up 53% at $241 million, or 91 cents a share. Analysts polled by FactSet had been expecting earnings of 82 cents a share. Total revenue for the quarter rose 84% to $1.29 billion and the group said it beat its cost-savings goal for the quarter and is well on target to achieve annual technology-related savings of $250 million.
Lloyds TSB remains on track(2:44 am ET)
LONDON (MarketWatch) -- U.K. banking group Lloyds TSB (UK:LLOY: news, chart, profile) (LYG: news, chart, profile) said Tuesday that it "remains on track to deliver a good performance" in the first half of 2008 after maintaining a strong liquidity and funding position. Lloyds said the impact from the credit crisis on its wholesale and international banking division was 387 million pounds ($762 million) in the first quarter. Of that impact, 287 million pounds was a result of mark-to-market adjustments in the group's trading portfolio. The bank also took a 740 million pound adjustment to assets held as available-for-sale, but this will not affect its capital position. "Excluding the impact of market dislocation and insurance related volatility, each division and the group delivered double-digit profit before tax growth in the first quarter of 2008," said CEO Eric Daniels.

[Ithildriel]

PSSI Earnings announcement Wednesday 8/7/08 1 pm.

http://biz.yahoo.com/pz/080423/140590.html

[Ithildriel]

http://biz.yahoo.com/iw/080507/0394877.html

Yamana Gold Reports First Quarter Results and Increased Dividend-Strong Earnings and Cash Flow, With Solid Growth
Wednesday May 7, 4:30 pm ET

TORONTO, ONTARIO--(MARKET WIRE)--May 7, 2008 -- YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(LSE:YAU.L - News) today announced its financial and operating results for the first quarter ended March 31, 2008. All dollar amounts are expressed in US dollars unless otherwise specified.

ADVERTISEMENT

2008 FIRST QUARTER HIGHLIGHTS

Highlights from the period of January 1, 2008 to March 31, 2008 include the following:

- Mine operating earnings of $195.2 million.

- Adjusted earnings of $134.7 million or $0.20 per share.

- Cash flow from operations of $140.0 million before changes in non-cash working capital representing $0.21 per share.

- Total revenue of $356.1 million.

- Total production of 237,495 gold equivalent ounces (GEO) at an average cash cost after by-product credits of $(124) per GEO.

This quarter is the first fully integrated quarter following Yamana's acquisition of Meridian and Northern Orion at the end of 2007.

Financial and Operating Summary

Revenue and mine operating earnings both reached record levels for the quarter. Revenue increased to $356.1 million, representing a 145% increase from the first quarter last year, and a 63% increase from the preceding quarter. Revenue is comprised of $121.9 million from gold sales, $192.4 million from concentrate sales, and $41.7 million from silver sales. Mine operating earnings for the quarter were $195.2 million, a 156% increase from the first quarter last year and 155% from the preceding quarter.

Adjusted earnings for the quarter of $134.7 million ($0.20 per share) represents a 185% increase from the first quarter last year and a 282% increase from the preceding quarter. Net earnings of $63.1 million are adjusted to reflect the economic impact of copper hedges. Adjusted earnings best compares to analyst consensus estimates for earnings as the non-cash loss or gain impact of mark-to-market for future delivery of copper sold forward do not impact the particular quarter for which financial results are given. Adjusted earnings takes into account only the gain or loss actually realized in the period. Certain non-recurring items for the quarter and in particular the one-time positive adjustment of approximately $2.7 million related to the impairment of certain fixed assets are not included in adjusted earnings.

Cash flow from operations of $140.0 million ($0.21 per share) before changes in non-cash working capital items for the quarter represents a 103% increase from the first quarter last year, and a 399% increase from the preceding quarter. The increase in cash flow from operations is primarily due to a full quarter of operations from mines acquired during the fourth quarter last year and the continuing operations of Yamana's legacy mines.

Total production of 237,495 gold equivalent ounces (GEO) for the quarter represents a 97% increase from the first quarter of 2007. In addition, the Company produced 41 million pounds of copper. Production in Q1 2008 was in part impacted by the seasonality of certain mines and the integration of operations following recent acquisitions which is now complete. Production is expected to increase quarter over quarter.

[3xBuBu]

Wednesday, May 7
Expeditors International posts profit gain(8:33 pm ET)
SAN FRANCISCO (MarketWatch) - Expeditors International of Washington Inc. (EXPD: news, chart, profile) reported late Wednesday first-quarter net earnings rose to $66.47 million, or 31 cents a share, from $59.29 million, or 28 cents, a year ago. The Seattle-based trucking and freighting company said revenue for the three months ended March 31 rose 17% to $1.31 billion. Analysts surveyed by FactSet had, on average, expected the company to post earnings of 31 cents a share on $1.29 billion in revenue. Expeditors shares were flat in after-hours trading following the report.
Nationwide Financial Services quarterly net drops 79%(5:51 pm ET)
SAN FRANCISCO (MarketWatch) -- Nationwide Financial Services (NFS: news, chart, profile) said late Wednesday that first-quarter net income came in at $44.5 million, or 32 cents a share, down 79% from a year earlier when the retirement savings provider made $208.3 million, or $1.42 a share. The decline was partly driven by challenging capital markets, which left Nationwide with non-operating realized investment losses of $87.9 million, or 64 cents a share. More than $57 million of that was from assets that are permanently impaired, the company explained.
Murdoch: U.S. economy is 'stressed'(5:20 pm ET)
CHICAGO (MarketWatch) -- News Corp. (NWS.A: news, chart, profile) (NWS: news, chart, profile) Chairman Rupert Murdoch said Wednesday that the consumer economy in the United States is "stressed," and that the strain is being reflected by advertisers who are doing more "short-term planning" in the buying of ads. Chief Operating Officer Peter Chernin said earlier during Wednesday's earnings call that News Corp. is nonetheless seeing "strong" sales of ads at its broadcast and cable TV networks. Murdoch said the economy in Australia, where News Corp. maintains many holdings, is "booming," and that in Europe the financial picture has been "steady."
News Corp.: Comfortable with MySpace as standalone(5:15 pm ET)
CHICAGO (MarketWatch) -- News Corp. (NWS.A: news, chart, profile) (NWS: news, chart, profile) is comfortable with keeping MySpace as a standalone entity within its Fox Interactive Media unit, Chief Operating Officer Peter Chernin said during an earnings call Wednesday. He said the company is "willing to have strategic conversations," but "no one should assume we have any concerns about our positioning." Consolidation in the online space has been a topic of great speculation since Microsoft Corp.'s (MSFT: news, chart, profile) unsolicited $44.6 billion bid for Yahoo (YHOO: news, chart, profile) , which it later withdrew after Yahoo said the offer was too low.
News Corp. COO: Interactive revenue miss will be 'slight' (5:00 pm ET)
CHICAGO (MarketWatch) -- News Corp.'s (NWS.A: news, chart, profile) (NWS: news, chart, profile) Fox Interactive Media unit, which includes MySpace, will fall short of its goal of generating $1 billion in revenue for fiscal 2008, but that miss will be "slight" in a "very difficult economy," said Peter Chernin, News Corp.'s chief operating officer during a conference call with analysts on Wednesday. Chernin noted that at this early stage in the social networking phenomenon, it's "difficult to quantify the value of a friend" for advertisers who have grown accustomed to more traditional metrics in the determination of ad rates.
News Corp. reiterates 2008 income estimate(4:48 pm ET)
CHICAGO (MarketWatch) -- News Corp. (NWS.A: news, chart, profile) (NWS: news, chart, profile) Chief Financial Officer Dave DeVoe said Wednesday that the company is reiterating its estimate that fiscal 2008 operating income will be up by a mid-teens percentage over the fiscal 2007 total, excluding results from the company's December 2007 acquisition of Dow Jones & Co. Dow Jones includes MarketWatch, the publisher of this report.
Moody's Investors Services names Madelain COO (4:27 pm ET)
SAN FRANCISCO (MarketWatch) -- Moody's Investors Service, the credit rating agency of Moody's Corp. (MCO: news, chart, profile) , said late Wednesday it has named Michel Madelain as chief operating officer. Madelain, who currently serves as executive vice president at the Global Fundamental Ratings business, will remain based in London. Moody's said Brian Clarkson, who most recently served as president and COO of Moody's Investors Service, will retire. Clarkson plans to stay though the end of July for the transition period.
News Corp. profit more than triples on gain, TV networks(4:16 pm ET)
CHICAGO (MarketWatch) -- News Corp. (NWS.A: news, chart, profile) (NWS: news, chart, profile) said its quarterly profit more than tripled on a gain related to its sale of DirecTV and improved results at its broadcast and cable television networks, offsetting a decline at its film and TV studios. The media conglomerate said it earned $2.7 billion, or 91 cents a share, compared with a profit of $871 million, or 27 cents a share, in the third fiscal quarter of 2007. Results in the latest three months included a $1.7 billion gain related to News Corp.'s deal to swap its control of satellite provider DirecTV for Liberty Media's (LCAPA: news, chart, profile) 16.3% stake in News Corp. Revenue rose 16% to $8.75 billion. Analysts polled by FactSet Research expected revenue of $8.66 billion.
Blackboard swings to loss on acquisition charges(4:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Blackboard Inc. swung to a loss for the first quarter on acquisition-related charges while sales grew 24% for the period. The maker of enterprise software used by the education industry (BBBB: news, chart, profile) reported a net loss of $3.3 million or 11 cents a share, compared to earnings of $1.9 million, or 7 cents a share, for the same period last year. Excluding acquisition charges, the company said it would have earned $2 million, or 6 cents a share, for the recent quarter. Revenue grew to $68.5 million from $55.3 million the previous year. Analysts were expecting earnings to be break-even on a per-share basis with revenue of $64 million, according to estimates from FactSet Research.
WCI's quarterly loss widens(9:34 am ET)
BOSTON (MarketWatch) -- WCI Communities Inc. (WCI: news, chart, profile) , the Florida-based builder of luxury homes and high-rise condos, on Wednesday reported a first-quarter net loss of $84.1 million, or $2 a share, versus a loss of $15.8 million, or 38 cents a share, in the same period the previous year. A trio of analysts polled by Thomson Financial had been looking for a loss of $1.13 a share, on average, with estimates ranging from between a loss of 66 cents and $1.45 a share. "We experienced a sequential lift in traffic and new orders during the first quarter in Florida reflecting seasonal patterns, but saw a dramatic drop in traffic and new orders in the Northeast and Mid-Atlantic," said Chief Executive Jerry Starkey in a statement. WCI, which has been hit by the Florida condo bust and fought off bankruptcy, named billionaire investor Carl Icahn chairman of the board last year. Most of WCI's business is concentrated in Florida, but it also builds in the New York and Washington, D.C., metropolitan areas.
Frontier Oil Q1 earnings 44 cents per share vs 68 cents (8:49 am ET)
NEW YORK (MarketWatch) -- Frontier Oil Corp. (FTO: news, chart, profile) said Wednesday its first-quarter profit totaled $46.0 million, or 44 cents per share, from $74.7 million, or 68 cents per share, in the same quarter a year before. Analysts had, on average, expected earnings of 24 cents per share, according to a FactSet Research survey. Revenue totaled $1.19 billion versus the year-ago quarter's $1.05 billion. The Houston-based oil company said the fall in earnings was due to "lower refining margins and reduced through-put resulting from a planned turnaround at the El Dorado refinery."
Allied Capital reports net loss(8:30 am ET)
BOSTON (MarketWatch) -- Allied Capital Corp. (ALD: news, chart, profile) on Wednesday reported a net loss of $40.7 million, or 25 cents a share, compared with net income of $133.1 million, or 87 cents a share, in the year-ago period. The company blamed the loss on net unrealized depreciation for the quarter. Allied Capital, a business-development company that invests in private debt and equity capital in middle-market businesses, said net investment income rose to $69.5 million from $39.5 million. Analysts polled by Thomson Financial had forecast net investment income of $48 million, on average.
Foster Wheeler's first-quarter profit rises 20%(7:52 am ET)
NEW YORK (MarketWatch) -- Foster Wheeler Ltd. (FWLT: news, chart, profile) Wednesday said its first-quarter net income rose 20% to $138.1 million, or 95 cents a share, from $114.8 million, or 80 cents a share, a year earlier, helped by a $14.2 million asbestos-related gain. Excluding amortization and interest expense, earnings were 85 cents a share. The Hamilton, Bermuda, engineering and construction company said operating revenue increased 56% to $1.8 billion from $1.15 billion a year ago. On average, analysts polled by Thomson Reuters expected earnings of 73 cents a share on revenue of $1.48 billion. Analyst estimates typically exclude items.
Hospira posts first-quarter profit(7:46 am ET)
NEW YORK (MarketWatch) -- Hospira Inc. (HSP: news, chart, profile) said Wednesday that it swung to a first-quarter profit of $65.4 million, or 41 cents a share, from a loss of $29.4 million, or 19 cents a share, in the year-ago period. Adjusted net income fell to 55 cents a share from 59 cents a share. Net sales rose 13.5% to $888.7 million from $782.8 million. Analysts surveyed by FactSet Research forecast earnings of 55 cents a share, on average. The Lake Forest, Ill. pharmaceutical and medication delivery company said it still expects adjusted 2008 earnings of $2.45 to $2.55 a share, compared to the Wall Street target of $2.50 a share.
Cognizant Q1 earnings 34 cents per share vs 25 cents(7:15 am ET)
NEW YORK (MarketWatch) -- Cognizant Technology Solutions Corp. (CTSH: news, chart, profile) said Wednesday its first-quarter profit totaled $102 million, or 34 cents per share, from $75 million, or 25 cents per share, in the same quarter a year before. The result compared with 33 cents per share analysts had expected, according to a FactSet Research survey. Revenue for the quarter totaled $643 million compared to $460 million in the year-ago quarter. The Teaneck, N.J. company said that second-quarter revenue should "be at least $680 million," with earnings for the quarter seen between 34 cents and 35 cents.
Quicksilver Resources net climbs 85% as production rises(6:47 am ET)
LONDON (MarketWatch) -- Quicksilver Resources (KWK: news, chart, profile) said first-quarter net income rose 85% to $42.2 million, or 25 cents a share, with revenue up 35% to $157.5 million. Average production rose 13% to 211 million cubic feet of natural gas equivalent during the first quarter and it expects second-quarter production between 225 MMcfe to 235 MMcfe per day. Analysts polled by FactSet expected earnings of 25 cents a share.
OGE Energy profit down 24.4%(6:48 am ET)
LONDON (MarketWatch) -- OGE Energy Corp. (OGE: news, chart, profile) , the parent of Oklahoma Gas and Electric Co., said Wednesday that its first-quarter net profit fell 24.4% to $13 million, or 14 cents a share, from $17.2 million, or 19 cents a share, a year earlier. Total operating revenue for the period rose 12.8% to $994.7 million. The group said its Enogex natural has pipeline business recorded earnings of 24 cents a share compared to 17 cents a share a year earlier. Its OG&E electric utility swung to a loss of 12 cents a share, compared to earnings of 2 cents a share the year before, largely due to higher operation and maintenance expenses.
DirecTV net up 10% on new subscribers, fewer cancellations(6:41 am ET)
WASHINGTON (MarketWatch) -- DirecTV Group Inc.'s (DTV: news, chart, profile) first-quarter net income rose 10% amid higher net subscriber additions and a lower subscriber cancellation rate. DirecTV, the nation's largest satellite-TV firm, reported net income of $371 million, or 32 cents a share, up from $336 million, or 27 cents a share, a year earlier. Revenue rose 17% to $4.59 billion. The mean estimates of analysts surveyed by Thomson Reuters were for earnings of 31 cents a share on revenue of $4.47 billion. DirecTV said U.S. net subscriber additions rose 17% to 275,000, putting the total at 17 million, up 5.2%. Average revenue per subscriber increased 8.6% and average subscriber-acquisition costs climbed 6.7%. The monthly churn rate - the percentage of customers that left - fell to 1.36% from 1.44%.
KKR Private Equity net asset value slips 5.3%(4:43 am ET)
LONDON (MarketWatch) -- Investment company KKR Private Equity Investors (KPEQF: news, chart, profile) said Wednesday that its net asset value fell 5.3% during the first three months of the year to $4.72 billion from $4.98 billion at the end of December. The fall was driven by net unrealized losses on investments and currency transactions of $251.8 million, with more than half that loss stemming from its holding in French directories company PagesJaunes Groupe. The company, which invests in private equity opportunities identified by Kohlberg Kravis Roberts & Co. said its decline in the quarter still compared favorably to a 9.9% drop in the S&P 500 index.
Lafarge climbs as emerging markets drives net up 49%(3:19 am ET)
LONDON (MarketWatch) -- Shares of Lafarge (FR:012053: news, chart, profile) rose 4% in Paris as the building materials group said first-quarter net income, excluding capital gains, rose 49% to 150 million euros, with sales up 8% to 4 billion euros. The company said it was able to benefit from strong contribution in emerging markets, which offset the slowdown in the U.S. and Spain.
Liberty International swings to loss, net asset value falls(2:47 am ET)
LONDON (MarketWatch) -- U.K. property company Liberty International (UK:LII: news, chart, profile) [s:lbyiy] said Wednesday that it swung to a first-quarter net loss of 306.2 million pounds ($603.7 million) from a profit of 272.7 million pounds a year earlier. The group said revenue for the quarter rose 33% to 172 million pounds, while its net asset value per share has fallen to 1,181 pence a share from 1,264 pence a share due to the U.K.'s weak property market conditions. Underlying pretax profit fell 5.6% to 33.9 million pounds.
Intercontinental Hotels profit down 34%(2:40 am ET)
LONDON (MarketWatch) -- Intercontinental Hotels Group (UK:IHG: news, chart, profile) (IHG: news, chart, profile) said Wednesday that its first-quarter net profit slipped 34% to 31 million pounds, while revenue rose 15% to 226 million pounds. The group said revenue growth was driven by a 3.5% increase in revenue per available room as well as the introduction of over 5,200 more rooms. Adjusted net profit, which excludes one-off gains a year earlier, rose 21% to 35 million pounds. The strongest growth in revenue per available room was in the Middle East at 20.2%, while growth in the Americas was 2.3%, due to a weak March, which was impacted by the timing of Easter.
Total profit climbs 18% on oil, gas prices(2:34 am ET)
LONDON (MarketWatch) -- Total (TOT: news, chart, profile) (FR:012027: news, chart, profile) , the French oil group, said first-quarter net income rose 18% to 3.6 billion euros ($5.6 billion), or up 9% to 3.25 billion euros when adjusted for inventory effects, special items and its share of the amortization of intangibles from the Sanofi-Aventis merger. Analysts polled by FactSet had expected a profit of 3.29 billion euros. Production was virtually flat at 2.43 million barrels of oil a day. Rising oil and gas prices and a slight recovery in petrochemicals prices offset the weak dollar and falling refining margins.
British American Tobacco profit up 21%(2:29 am ET)
LONDON (MarketWatch) -- British American Tobacco (UK:BATS: news, chart, profile) (BTI: news, chart, profile) said Wednesday that its first-quarter net profit rose 21% to 599 million pounds ($1.18 billion) as revenue for the period rose 14% to 2.54 billion pounds. The group said volumes from its premium brands improved 6% and now represent 33% of its total volume. Among its Global Drive brands, sales of Dunhill rose 8%, Lucky Strike rose 16% and both Kent and Pall Mall rose around 30%. By region, the company said good volume growth in Russia, Pakistan, Iran, Turkey and Spain was partly offset by declines in the Czech Republic, Mexico and Brazil.
DBS Group 1Q net income falls 2% to $444 million (12:42 am ET)
HONG KONG (MarketWatch) -- DBS Group Holdings Ltd., Southeast Asia's largest bank by market capitalization, said its first-quarter net profit fell 2%, exceeding analysts' expectations, as strong lending growth offset losses on investments tied to U.S. subprime mortgages. The bank posted a net profit of S$603 million ($444 million), down from S$617 million a year earlier. Analysts on average had forecast net profit of S$562 million. DBS said it posted a net trading loss of S$161 million loss in the quarter, down from S$171 million trading profit a year earlier.
Tuesday, May 6
THQ swings to loss for fourth fiscal quarter(4:47 pm ET)
SAN FRANCISCO (MarketWatch) -- THQ Inc. swung to a loss for its fourth fiscal quarter despite a rise in sales. For the quarter ended March 31, the video game publisher (THQI: news, chart, profile) reported a net loss of $34.5 million, or 52 cents a share, compared to net income of $6.5 million, or 9 cents a share, for the same period last year. Excluding certain charges, the company said net losses would have come in at $24.8 million, or 37 cents a share. Revenue grew 8.6% to $187 million. The company said revenue would have totaled $217.6 million were it not for the impact of deferred revenue from "Frontlines: Fuel of War." Analysts were expecting a loss of 4 cents a share on revenue of $200.4 million, according to estimates from FactSet Research.
Tesoro swings to a loss as refining margins fall 52%(4:42 pm ET)
SAN FRANCISCO (MarketWatch) -- Oil refiner Tesoro Corp. (TSO: news, chart, profile) , pinched by rising crude prices and narrower margins for its finished products, reported late Tuesday a first-quarter loss of $82 million, or 60 cents a share. The company posted net income of $116 million, or 84 cents a share, a year ago. Overall refining margins fell to $6.54 a barrel from $13.50 a year ago. Revenue for the three months ended March 31 rose to $6.53 billion from $3.88 billion. Analysts polled by FactSet had predicted the San Antonio, Texas, company would report a loss of 29 cents a share. Tesoro shares fell 32 cents ahead of the report to close at $25. The share price is down 48% so far this year.
Harman swings to loss, hurt by 'warranty' charges(4:26 pm ET)
SAN FRANCISCO (MarketWatch) -- Harman International Industries Inc. (HAR: news, chart, profile) late Tuesday swung to a fiscal third-quarter loss, compared to a year-earlier, and revamped part of its senior management team. Harman reported a net loss of $3.3 million, or 6 cents a share. The company said it was hurt by "unprecedented charges for warranty issues" due to problems with a memory chip. A year ago, it earned $71 million, or $1.07 a share. Harman, of Washington, D.C., is a maker of stereo and entertainment products for cars and consumer electronics. It said sales rose to $1 billion, from $883 million in the year-earlier period.
Pitney Bowes posts lower profit, raises outlook(4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- Pitney Bowes Inc. (PBI: news, chart, profile) on Tuesday reported a first-quarter profit of $119.1 million, or 56 cents a share, down from $144.8 million, or 65 cents a share, a year earlier. Excluding restructuring charges, earnings came to 66 cents a share. Revenue for the postage meter machine maker rose 11% to $1.6 billion. Analysts polled by FactSet Research were looking for earnings, on average, of 65 cents a share on sales of $1.49 billion. The Stamford, Conn.-based company also raised its adjusted 2008 earnings target to a range from $2.80 to $2.90 a share. Wall Street previously forecast a profit of $2.85 a share.
Web advertising firm ValueClick posts profit gain(4:15 pm ET)
SAN FRANCISCO (MarketWatch) - ValueClick Inc. said Tuesday its first-quarter profit and sales rose compared to the same period a year earlier. Westlake Village, Calif.-based Internet advertising services company ValueClick (VCLK: news, chart, profile) said net income for the period ended in March rose to $19.2 million, or 19 cents a share, from $18.6 million, or 18 cents a share in the same period a year earlier. Meanwhile revenue rose 12% to $176 million. Analysts estimated ValueClick would post earnings of 16 cents a share, and $169.86 million in revenue, according to FactSet Research.

[3xBuBu]

Friday, May 9

Rating cut may lift borrowing costs for ILFC, AIG CEO says(9:45 am ET)
SAN FRANCISCO (MarketWatch) -- The downgrade of ratings on American International Group (AIG: news, chart, profile) could increase borrowing costs for the insurer's big aircraft leasing business ILFC, Chief Executive Martin Sullivan said on Friday during a conference call with analysts. Standard & Poor's downgraded AIG's ratings on Thursday and also cut ILFC to A+ from AA-. "There is a possibility obviously of increased funding costs to a subsidiary like ILFC," he said, according to a transcript of the call. Chief Financial Officer Steven Bensinger also noted that AIG had to post an extra $1.6 billion of collateral to support some of its obligations because of the downgrades.
Structured credit market hasn't rebounded, AIG CFO says(9:37 am ET)
SAN FRANCISCO (MarketWatch) -- The market for highly structured credit products exposed to residential mortgage securities hasn't rebounded, American International Group (AIG: news, chart, profile) Chief Financial Officer Steven Bensinger said on Friday during a conference call with analysts. "If you look at the commercial mortgage-backed securities market, that has certainly done somewhat better in the second quarter so far than in the previous few quarters," he explained. "However, in the highly structured credit market with residential mortgage, subprime and Alt-A securities, we don't see any precise evidence to date that those markets have rebounded." The closely watched ABX index, which has become a kind of benchmark for subprime mortgage securities, has recovered recently. But that "is not a good measure of what's happening in our portfolios," Bensinger stressed.
AIG execs say super senior CDO portfolio in 'run off'(9:06 am ET)
SAN FRANCISCO (MarketWatch) -- American International Group (AIG: news, chart, profile) executives said on Friday that the insurer's troubled portfolio of super senior collateralized debt obligations (CDOs) is in "run off." The total net exposure of AIG Financial Products, the insurer's derivatives unit, was $469.5 billion at the end of March, with $77.5 billion of that related to different types of CDOs, the company disclosed. "The portfolio is essentially in run off and during the quarter the notional exposure in the portfolio declined by almost $58 billion," Chief Financial Officer Steve Bensinger said during a conference call with analysts.
AIG CEO: One notch credit rating downgrade 'very manageable'(8:46 am ET)
SAN FRANCISCO (MarketWatch) -- American International Group (AIG: news, chart, profile) Chief Executive Martin Sullivan said on Friday that a one notch downgrade of the giant insurer's credit rating is "very manageable" and won't have a significant effect on operations. Standard & Poor's and Fitch Ratings downgraded AIG late Thursday after the insurer reported a record $7.8 billion net loss from the first quarter. "Importantly, both agencies kept the financial strength ratings of our insurance company subsidiares at the AA+ level, which is most important to us," Sullivan said, according to a transcript of a conference call with analysts on Friday.
Huntsman's first-quarter profit falls 85%(8:07 am ET)
NEW YORK (MarketWatch) -- Huntsman Corp. (HUN: news, chart, profile) said Friday that its first-quarter net income fell 84% to $7.3 million, or 3 cents a share, from $46.6 million, or 20 cents, a year earlier. Excluding items, non-GAAP earnings for the latest period were 7 cents a share, compared with 25 cents a year ago. The Salt Lake City chemical maker's revenue rose 13% to $2.54 billion from $2.25 billion. On average, analysts polled by Thomson Reuters expected earnings of 22 cents a share on revenue of $2.37 billion.
Leap Wireless narrows first-quarter loss(7:28 am ET)
NEW YORK (MarketWatch) -- Leap Wireless International Inc. (LEAP: news, chart, profile) said Friday that its first-quarter loss narrowed to $18.1 million, or 27 cents a share, from $24.2 million, or 36 cents a share, in the year-earlier period. The San Diego provider of wireless-communications services said total revenue rose to $468.4 million from $393.4 million. Average revenue per user rose 0.4% to $44.98, while churn, the defection of customers to other providers, was 3.6% vs. the year-earlier 3.4%. Shares of Leap closed Thursday at $50.10.
Westar Energy profit doubles on tax gains(7:01 am ET)
Westar Energy Inc.'s (WR: news, chart, profile) first-quarter net income doubled on a tax gain as lower sales volumes and higher fuel costs hurt the company's margins on market-based sales. The largest electric utility in Kansas posted net income of $61.1 million, or 62 cents a basic share, up from $30.2 million, or 34 cents a share, a year earlier. The latest results include a tax gain of 40 cents a share. The mean estimate of analysts polled by Thomson Reuters was for earnings of 31 cents a share. Revenue climbed 9.9% to $406.8 million.
Cinemark profit down after year-ago gains, revenue up 6.1%(6:47 am ET)
LONDON (MarketWatch) -- Movie theatre operator Cinemark Holdings Inc. (CNK: news, chart, profile) said Friday that its first-quarter net profit fell 96% to $5.3 million, or 5 cents a share, from $118.2 million, or $1.25 a share, a year earlier. Revenue for the quarter rose 6.1% to $401 million. Analysts polled by Thomson FactSet had expected earnings of 7 cents a share. The group said revenue growth was driven by a 1% increase in attendance, a 6.5% increase in average ticket prices and a 5.1% increase in concession revenue per patron. The company said its year-ago profit benefited from a gain of $129.6 million on the sale of an investment, partially offset by impairment charges of $49.7 million. Adjusted earnings before interest, taxes, depreciation and amortization rose 5.1% to $84.2 million.
Warner Chilcott swings to profit, ups FY goal(6:26 am ET)
LONDON (MarketWatch) -- Warner Chilcott (WCRX: news, chart, profile) said it swung to a first quarter profit of $33.7 million, or 13 cents a share, with revenue up 5% to $229.5 million, on increased sales of Loestrin 24 FE, Doryx, Taclonex and Femcon FE. It lost $4.5 million in the year-earlier period. It would have earned 33 cents a share on an adjusted basis. Analysts polled by FactSet expected earnings of 28 cents a share. For the year, it still sees revenue to be in the range of $935 to $945 million, but it expects adjusted earnings from $1.30 to $1.35 a share -- up a nickel on both ends -- on estimates of income tax provisions and falling advertising and promotional expenses. Analysts had forecast earnings of $1.29 a share.
Gray Television narrows loss as political ads grow(6:09 am ET)
LONDON (MarketWatch) -- Gray Television (GTN: news, chart, profile) said its first-quarter loss narrowed to $3.85 million, or 8 cents a share, from $10.5 million, or 24 cents a share, with revenue up 2% to $71 million, helped by increased political advertising. For the second quarter, it sees revenue between $78 million and $80 million. Analysts polled by FactSet expected a loss of 10 cents a share.
Julius Baer reports 'satisfactory' start to year(2:38 am ET)
LONDON (MarketWatch) -- Swiss private bank Julius Baer (CH:002975865: news, chart, profile) said Friday that its performance in the first four months of the year has been "satisfactory given the continued difficult market environment." The group, which didn't provide figures on its performance, said assets under management suffered from the appreciation of the Swiss franc and negative market performance, but net new money was significant. The firm added it didn't suffer any losses related to the credit and liquidity crisis.
Gas Natural profit climbs 10.2%(2:30 am ET)
LONDON (MarketWatch) -- Spain's Gas Natural (ES:001687031: news, chart, profile) said Friday that its first-quarter net profit rose 10.2% to 335.8 million euros ($516.9 million), largely in line with expectations, as revenue grew 21.3% to 3.33 billion euros. Sales growth was mainly due to the increase in electricity prices in Spain together with greater electricity production and the commencement of electricity activity in Mexico.
Allianz posts 65% fall in Q1 net income; 845M euro markdown(2:11 am ET)
HONG KONG (MarketWatch) -- Allianz Group (DE:840400: news, chart, profile) , Europe's largest insurer, said Friday that net income for the first quarter fell 65% to 1.15 billion euros ($1.77 billion), owing to a 845 million euro mark-down on structured products and lower realized gains from investments. Allianz said quarterly revenue fell 5.7% to 27.7 billion euros, down from 29.3 billion euros in the year-earlier period. Allianz said it has not booked any gains from capital investments during the quarter, compared to a 2 billion euro gain a year earlier. Allianz said most of mark-downs were tied asset-backed securities on the trading book of its banking arm Dresdner Bank.
Thursday, May 8
Ralcorp profit surges on one-time gain(5:40 pm ET)
SAN FRANCISCO (MarketWatch) -- Ralcorp Holdings Inc. (RAH: news, chart, profile) reported late Thursday fiscal second-quarter net earnings of $38.5 million, or $1.46 a share, up from $500,000, or 2 cents, a year ago. The results got a boost from Ralcorp's non-cash gain on forward sale contracts stemming from its 19% stake in Vail Resorts, Inc. Excluding one-time items, earnings from ongoing operations were 86 cents a share in the latest quarter compared with 83 cents a year ago. Revenue for the first three months of the year rose 24% to $641.6 million from $519 million. Analysts polled by FactSet had predicted the St. Louis, Mo.-based cereal and snack company would earn 88 cents a share from ongoing operations on $604 million in revenue. Ralcorp shares rose 2.3% ahead of the report to close at $62.04.
Pepco posts 92% jump in profit (5:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Power provider Pepco Holdings, Inc. (POM: news, chart, profile) reported late Thursday first-quarter net income of $99.2 million, or 49 cents a share, up from $51.6 million, or 27 cents, a year ago. Operating revenue for the three months ended March 31 rose to $2.64 billion from $2.18 billion, with increases at both its regulated utility and merchant energy operations. Analysts surveyed by FactSet had predicted the Washington D.C.-based company would earn 35 cents a share. Pepco share fell 0.3% ahead of the report to close at $24.57.
Assured Guaranty posts first-quarter loss(5:08 pm ET)
SAN FRANCISCO (MarketWatch) -- Assurance Guaranty Ltd. (AGO: news, chart, profile) on Thursday posted a net loss for its first quarter ended in March of $169.2 million, or $2.11 a share, compared to net income of $39 million, or 57 cents a share in the same period a year earlier. The decline in net income was due principally to an increase in pre-tax loss and loss adjustment expenses related to "U.S. residential mortgage-backed securities," and from a "$168.9 million increase over first quarter 2007 of after-tax unrealized losses on credit derivatives," Assurance Guaranty said in a statement.
CORRECT: RealNetworks profit slips, will split games unit(4:46 pm ET)
SAN FRANCISCO (MarketWatch) - RealNetworks Inc. said Thursday its fiscal first-quarter profit fell sharply, due to comparisons to a period when it received a large antitrust settlement payment. Seattle-based digital media services company RealNetworks (RNWK: news, chart, profile) said net income for the period ended in March slid to $2.4 million, or 2 cents a share, from $39.96 million, or 22 cents a share in the same period a year earlier. Meanwhile revenue rose 14% to $147.6 million. Analysts on average estimated RealNetworks would post a loss of 2 cents a share for the period, and $141.56 million in revenue, according to FactSet Research. RealNetorks' results compare to the period a year earlier, when it saw "the final payment of $61 million related to Real's antitrust settlement and commercial agreements with Microsoft," the company said in a statement. Separately, RealNetworks announced it will split its "casual games" business into an independent company. (Corrects timing of settlement payment).
AIG reports $7.8 bln net loss; to raise $12.5 bln in capital(4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- American International Group (AIG: news, chart, profile) reported a $7.81 billion first-quarter net loss late Thursday and announced plans to raise $12.5 billion selling new shares, equity-linked securities and fixed-income securities with a large equity component included. The net loss was $7.81 billion, or $3.09 a share, versus net income of $4.13 billion, or $1.58 a share, a year earlier, the insurer said. The adjusted net loss in the latest quarter was $3.56 billion, or $1.41 a share. AIG was expected to lose 76 cents a share, according to the average estimate of 15 analysts in a Thomson Reuters survey.
Activision swings to profit on strong game sales(4:04 pm ET)
SAN FRANCISCO (Marketwatch) - Activision Inc. swung to a profit for its fourth fiscal quarter as video game sales nearly doubled during the period. For the quarter ended March 31, the video game publisher (ATVI: news, chart, profile) reported earnings of $44.2 million, or 14 cents a share, compared to a loss of $14.4 million, or 5 cents a share, for the same period last year. Excluding charges related to the accounting of stock options, the company said it would have earned $54.9 million, or 17 cents a share. Revenue surged 93% to $602.5 million for the quarter. Analysts were expecting earnings of 4 cents a share on revenue of $364.8 million for the period, according to consensus estimates from FactSet Research.
CORRECT: Energy Conversion Devices up 37%, (2:43 pm ET)
NEW YORK (MarketWatch) -- Energy Conversion Devices Inc. (ENER: news, chart, profile) shares are rallying 37% to $47.77 after the manufacturer of thin-film flexible solar laminate products for buildings and rooftops swung to a third-quarter gain of $7 million, or 17 cents a share, from a loss of $5.4 million, or 14 cents a share in the prior quarter and a loss of $6.9 million, or 17 cents a share in the year-ago period. Revenue doubled to $70 million from $27 million in the year-ago period. Excluding charges, the company earned 25 cents a share in the latest quarter. The Rochester Hills, Mich. company beat the forecast for a loss of 2 cents a share, according to an analyst survey by FactSet. The company confirmed plans to add 120 megawatts of additional capacity to its existing Greenville facilities. ECD will internally fund the expansion through available funds and cash flow from operations. (Updated to correct prior-year loss and revenue.)
CORRECT: Omnicare posts lower first-quarter profit(2:22 pm ET)
NEW YORK (MarketWatch) -- Omnicare Inc. (OCR: news, chart, profile) said Thursday that its first-quarter profit fell to $29.9 million, or 25 cents a share, from $43 million, or 35 cents a share, in the year-earlier period. The pharmaceutical-care provider said sales for the quarter were down to $1.56 billion from $1.58 billion during the same period last year. (Corrects headline and story to reflect that company did not report a loss in the quarter.)
Dollar Tree reports first quarter sales rose 7.8%(9:01 am ET)
NEW YORK (MarketWatch) - Discount retailer Dollar Tree, Inc. (DLTR: news, chart, profile) said Thursday it had first-quarter sales of $1.05 billion, up 7.8% from $975 million a year earlier. The company said April sales at stores open at least one year rose 2.1%. It credited solid growth in the first quarter to its food, health, beauty care and party supplies sectors.
Chico's FAS April same-store sales fall 15.5%(9:00 am ET)
NEW YORK (MarketWatch) -- Chico's FAS Inc. (CHS: news, chart, profile) said Thursday its April sales at stores open at least one year fell 15.5%. Analysts, on average, had expected same-store sales to fall 12%, according to Thomson Reuters. Sales for the four weeks ended May 3 fell 4.5% to $142 million. The retailer said it believes the Easter holiday shift helped April same-store sales by about 2% to 2.5%.
Nordstrom reports same-store sales down 3.8% in April(8:44 am ET)
NEW YORK (MarketWatch) - Nordstrom Inc.'s (JWN: news, chart, profile) said Thursday that same-store sales, or sales of stores open at least a year, fell 3.8% in April. Analysts, on average, had expected same-store sales to fall 1.8% for the month, according to Thomson Reuters. Net sales for the four weeks ended May 3 fell 0.6% to $600 million. The Seattle-based retailer said preliminary first quarter sales fell 3.8% to $1.8 billion, from $1.95 billion a year earlier. The company said it expected a the Memorial Day holiday shopping period to positively impact May sales.
Saks April same-store sales up 23.9%(8:44 am ET)
NEW YORK (MarketWatch) -- Saks Inc. (SKS: news, chart, profile) said Thursday its April sales at stores open at least one year rose 23.9%. Analysts, on average, had expected the same-store sales to rise 1.1%, according to Thomson Reuters. Owned sales for the four weeks ended May 3 rose 24.3% to $349.7 million. It said sales for April were positively affected by increased promotional activity. The strongest categories at Saks Fifth Avenue were women's designer and "gold range" apparel, men's apparel and shoes, jewelry, women's shoes and handbags, the retailer said.
Fortress sees quarterly loss on market woes(8:30 am ET)
BOSTON (MarketWatch) -- Fortress Investment Group (FIG: news, chart, profile) Thursday reported a quarterly loss of $68.9 million, or 74 cents a share, versus net income of $62.1 million in the same quarter the prior year. The company, which manages $34.2 billion of assets in private equity funds and hedge funds, said total revenue slipped to $200.9 million from $416.3 million. In the first quarter, Fortress raised $2.6 billion of total capital, or $1.9 billion net capital raised. Since the end of the first quarter, it has raised an additional $1.8 billion of total capital, bringing its year-to-date total capital raised to $4.4 billion, or $3.5 billion net capital raised.
Cablevision posts wider loss, revenue beats target(8:26 am ET)
NEW YORK (MarketWatch) -- Cablevision Systems Corp. (CVC: news, chart, profile) on Thursday said its first-quarter loss widened to $31.6 million, or 11 cents a share, from $26.3 million, or 9 cents a share in the year-ago period. Revenue at the cable TV and programming giant rose 10% to $1.72 billion from $1.56 billion. Consolidated adjusted operating cash flow increased 8.9% to $515.9 million and consolidated operating income grew 44.2% to $245.5 million. Analysts surveyed by FactSet forecast earnings of 2 cents a share on revenue of $1.7 billion, on average.
Family Dollar's April same-store sales rise 4.3%(8:20 am ET)
NEW YORK (MarketWatch) -- Family Dollar Stores Inc. (FDO: news, chart, profile) said Thursday its April sales at stores open at least one year rose 4.3%. Analysts, on average, had expected same-store sales to rise 4.9%, according to Thomson Reuters. Net sales for the four weeks ended May 3 rose 7.2% to $516 million. The retailer said it expects May same-store sales to be flat to up 2%.
BJ's April same-store sales including fuel up 17.8% (8:14 am ET)
NEW YORK (MarketWatch) -- BJ's Wholesale Club, Inc. (BJ: news, chart, profile) said Thursday its April sales at stores open at least one year increased by 17.8%, including a contribution of 5.5% from sales of gasoline. Analysts, on average, had expected the same-store sales to rise 10.8%, according to Thomson Reuters. Sales for the the month rose 20.4% to $744.5 million.
Abercrombie and Fitch reports same-store sales up 6%(8:15 am ET)
NEW YORK (MarketWatch) - Abercrombie & Fitch (ANF: news, chart, profile) said Thursday its April sales at stores open at least one year rose 6%. Analysts, on average, had expected same-store sales to rise 2.3%, according to Thomson Reuters. Net sales for the four weeks ended May 3 rose 18% to $241 million. For the year to date, Abercrombie reported a net sales increase of 8% to $800 million from $742 million during the same period last year.

[3xBuBu]

Gold Fields Profit Drops 36% on Asset Sales, Output (Update1)

By Ron Derby

May 9 (Bloomberg) -- Gold Fields Ltd., Africa's second- biggest gold producer, said third-quarter profit fell 36 percent after gains from the sale of assets in the previous three months weren't repeated and output declined following power cuts.

Net income dropped to 1.25 billion rand ($160 million), or 1.78 rand a share, in the three months to March 31, from 1.94 billion rand, or 2.77 rand, the previous quarter, the Johannesburg-based company said today in a statement.

Most mines in South Africa were shut for five days from Jan. 25 and rationed afterwards to prevent state-run Eskom Holdings Ltd.'s power network from collapsing. Gold Fields' production plunged 14 percent to 827,000 ounces because of the disruptions and fatal accidents at its Beatrix and Kloof mines.

``The group should benefit over the next three quarters as production in South Africa normalizes at stable power supply,'' Gold Fields Chief Executive Officer Nick Holland said in the statement.

Gold Fields gained 2.13 rand, or 2 percent, to 106.80 rand as of 9:05 a.m. in Johannesburg trading, valuing the company at 69.3 billion rand. AngloGold Ashanti Ltd., Africa's biggest producer, climbed 2.5 percent to 302.35 rand.

Lower output offset a 17 percent gain in the average price of gold during the quarter. The precious metal climbed to a record $1,032.70 an ounce on March 17.

Gold Fields sold the Essakane deposit in Burkina Faso for a profit of 1.39 billion rand in the previous quarter, while the sale of the Choco 10 mine in Venezuela contributed 74 million rand.

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Clear Channel profit rises 70% on gain
By David B. Wilkerson, MarketWatch
Last update: 4:23 p.m. EDT May 9, 2008
CHICAGO (MarketWatch) -- Radio behemoth Clear Channel Communications Inc. said Friday that its first-quarter profit jumped 70% on a gain related to the sale of a South African outdoor advertising firm, but radio revenue remains on a downward spiral as a weak advertising environment weighs on the industry.
Clear Channel (CCU) , whose plans to go private are stalled in litigation, said it earned $161.4 million, or 32 cents a share, in the first quarter, compared with $95.1 million, or 19 cents a share, in the year-earlier period.
Excluding a gain related to the divestiture of its 50% stake in Clear Channel Independent, as well as discontinued operations including television stations and many radio stations that were sold, the company would have earned $94.2 million, or 19 cents a share, in the latest three months.
Revenue rose 4% to $1.6 billion.
Analysts polled by FactSet Research were expecting a profit of 21 cents a share on revenue of $1.57 billion.
Clear Channel shares rose 16 cents to close at $30.
The company has agreed to a $39.20-a-share buyout from Thomas H. Lee Partners and Bain Capital. The deal, valued at about $19 billion, comes with a breakup fee of $500 million to $600 million, depending on the circumstances.
But earlier this year, when several banks that had promised to provide the deal funding wanted to back out, Clear Channel and the private-equity firms filed a lawsuit against them. A trial date has been set for June 2.
Radio revenue at Clear Channel fell 4% from the first quarter of 2007, to $769.6 million, while outdoor ad sales jumped 12% to $775.6 million.
"While our results were affected by the soft advertising market, we continued to out-deliver the majority of our media industry peers," said Mark Mays, chief executive of Clear Channel.
In the second quarter, Clear Channel expects radio ad sales to decline 5.3% compared with the year-ago June quarter. Ad sales are on pace to drop 4.3% in 2008. End of Story