Tuesday, May 20
Intuit posts quarterly profit, sales gains(4:12 pm ET)
SAN FRANCISCO (MarketWatch) - Intuit Inc. said Tuesday its fiscal third-quarter profit and sales rose sharply compared to the same period a year earlier. Tax preparation software maker Intuit (INTU: news, chart, profile) said net income for the period ended in April rose to $444.2 million, or $1.33 a share, from $367.2 million, or $1.04 a share in the same period a year earlier. Meanwhile revenue rose 15% to $1.31 billion. Excluding special items, Intuit said earnings for the quarter rose 23% to $1.39 a share. Analysts on average estimated Intuit would post earnings excluding special items of $1.36 a share, and $1.28 billion in revenue, according to FactSet Research.
H-P reports 16% rise in earnings(4:06 pm ET)
SAN FRANCISCO (MarketWatch) -- Hewlett-Packard Co. (HPQ: news, chart, profile) on Tuesday reported a fiscal second-quarter profit of $2.1 billion, or 80 cents a share, on $28.3 billion in sales. During the same period a year ago, H-P earned $1.8 billion, or 65 cents a share, on revenue of $25.5 billion. Excluding one-time items, H-P would have earned $2.2 billion, or 87 cents a share. The results were in line with what H-P pre-announced on May 13. For its third quarter, H-P estimates it will earn 76 cents to 77 cents a share on between $27.3 billion and $27.4 billion.
Energy stocks rise as crude crests to new record(9:35 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose in early action Tuesday on the heels of a fresh record in oil prices. Crude oil futures hit a new high of $128.69 a barrel in morning action. The Amex Oil Index (XOI: news, chart, profile) rose 0.5% to 1,622. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.5% to 736.
Medtronic gives 2009 forecast(8:45 am ET)
NEW YORK (MarketWatch) -- Medtronic Inc. (MDT: news, chart, profile) said Tuesday that it expects 2009 profit of $2.94 to $3.02 a share, excluding items. The Minneapolis medical technology company also forecasted 2009 revenue of $15.0 billion to $15.5 billion at current foreign exchange rates. On average, analysts polled by FactSet Research are looking for 2009 earnings of $2.96 a share on revenue of $15.1 billion. Shares of Medtronic closed Monday at $47.88.
Saks posts 66% jump in first-quarter profit(8:39 am ET)
NEW YORK (MarketWatch) -- Saks Inc. (SKS: news, chart, profile) said Tuesday that its first-quarter net income jumped 66% to $18.3 million, or 13 cents a share, from $11 million, or 7 cents a share, a year earlier. The Birmingham, Ala., operator of luxury department stores said sales for the period increased 8.8% to $862.4 million from $792.7 million a year ago. On average, analysts polled by Thomson Reuters were expecting earnings of 17 cents a share on revenue of $841 million. Same-store sales for the quarter rose 8.4%. Saks said it repurchased about 1.2 million common shares during the quarter at an average price of $11.96. For 2008, Saks expects same-store sales growth of mid-single digits percentage, with growth in the second quarter in the low-single digits.
Weekly chain store sales rise slightly from year ago: survey(8:17 am ET)
NEW YORK (MarketWatch) -- Chain-store sales for the week ended May 17 rose 1.6% from the year-ago period, according to a survey released on Tuesday by the International Council of Shopping Centers. On a week-over-week basis, sales fell 0.4%. "The gasoline drag on sales is growing, according to a special consumer survey assessing the gasoline price impact on discretionary spending," said Michael Niemira, ICSC's chief economist. In the ICSC-commissioned survey taken between May 15 and 18, a record 67% of consumers reported that they had pared their spending considerably (44%) or modestly (23%), Niemira said. When asked where the consumer was paring spending, the top categories were: eating out (79%), entertainment (71%), travel and vacations (69%), clothing and shoes and consumer electronics (51%), the ICSC report showed. ICSC Research expects May same-store sales to increase by between 1% to 2%.
Soleil Securities sees limited downside for refiners (7:53 am ET)
NEW YORK (MarketWatch) -- Soleil Securities analyst Jacques H. Rousseau said in a note to clients that refiners' share prices have fallen about 50% since the middle of last year, compared to a 7% decline in the S&P 500 on weak demand for gasoline. "We don't envision conditions deteriorating from these levels as refiners have reduced supply to be more in line with lower demand," Rousseau said. Of the group, however, Tesoro's (TSO: news, chart, profile) share price has the most potential downside from current levels and Frontier Oil (FTO: news, chart, profile) has the least, he said.
China Sunergy's first-quarter earnings tumble(7:46 am ET)
NEW YORK (MarketWatch) -- China Sunergy Co. Ltd. (CSUN: news, chart, profile) said Tuesday that its first-quarter net income fell to $545,000, or 1 cent a share, from $2.25 million, or 17 cents a share, in the year-ago period. The Nanjing, China, solar cell manufacturer's sales rose 32% to $77 million from $58.2 million a year earlier.
Medtronic's fourth-quarter profit holds steady, sales rise(7:27 am ET)
NEW YORK (MarketWatch) -- Medtronic Inc. (MDT: news, chart, profile) on Tuesday reported fourth-quarter net income of $812 million, flat with the year-earlier quarter. On a per-share basis, earnings were 72 cents compared with the year-ago 70 cents. Adjusting for restructuring and other charges, fourth-quarter profit was $884 million, or 78 cents a share. The Minneapolis medical technology company's revenue rose to $3.86 billion from $3.28 billion. On average, analysts polled by FactSet Research expected per-share earnings of 73 cents on revenue of $3.72 billion. Shares of Medtronic closed Monday at $47.88.
Staples posts rise in first-quarter profit, sales(7:18 am ET)
NEW YORK (MarketWatch) -- Staples Inc. (SPLS: news, chart, profile) said Tuesday that its first-quarter profit rose to $212.3 million, or 30 cents a share, from $209.1 million, or 29 cents a share, in the year-earlier period. A FactSet survey of analysts, on average, predicted earnings of 30 cents a share for the quarter. The Framingham, Mass., office-products company said sales for the quarter ended May 3 increased to $4.88 billion from $4.59 billion. The company said it expects the "weak economic climate to continue throughout 2008," but maintained its previous full-year outlook, which included a forecast of high single-digit earnings-per-share growth, excluding items. It sees flat earnings-per-share growth for the second quarter. Shares of Staples closed Monday at $23.57.
Dr. Reddy's profit halves, revenue down 23%(6:30 am ET)
LONDON (MarketWatch) -- Indian generic drugmaker Dr. Reddy's Laboratories (RDY: news, chart, profile) said Tuesday that its net profit for the year ended March 31 fell 50% to $117 million, or 69 cents a share, from $233 million, or $1.46 a share, a year earlier. Revenue for the year was down 23% at $1.25 billion. Profit was hit by higher costs and asset write-downs, while revenue slipped outside its main Indian, North American and European markets due to normalization in sales of sertraline following growth in 2007.
Home Depot net drops 66% on charge, housing market(6:09 am ET)
LONDON (MarketWatch) -- Home Depot (HD: news, chart, profile) said first-quarter net income dropped 66% to $356 million, or 21 cents a share, hurt by a $543 million charge on the recently announced closing of 15 stores and removal of 50 stores from the future growth pipeline and declining sales. Sales fell 3.4% to $17.91 billion, with same-store sales down 6.5%. Adjusted for the charge, it would have earned 41 cents a share during the quarter. Analysts polled by FactSet expected earnings of 37 cents a share on sales of $17.64 billion. "The housing and home improvement markets remained difficult in the first quarter; in fact, conditions worsened in many areas of the country," CEO Frank Blake said.
Mitsubishi UFJ says net income fell 28% in fiscal 2007(5:29 am ET)
HONG KONG (MarketWatch) -- Mitsubishi UFJ Financial Group Inc. (JP:8306: news, chart, profile) said Tuesday its net profit for the fiscal year ended March 31 fell 28% on year. Japan's largest banking group by assets reported a group net profit of 636.62 billion yen ($6.2 billion), down from 881 billion yen a year earlier. Analysts had expected the bank to report 580 billion yen in profit. Mitsubishi UFJ said subprime-related losses totaled 81 billion yen. For the year ending March 2009, it expects a group net profit of 640 billion yen on revenue of 6.40 trillion yen. The bank did not release results for the January to March quarter.
Elbit Systems 1st-quarter net up 68%, revenue up 53%(4:59 am ET)
TEL AVIV (MarketWatch) -- Elbit Systems Ltd., (ESLT: news, chart, profile) the Haifa, Israel, defense contractor, reported that first-quarter net income rose 68% on 53% higher revenue. Earnings reached $32.2 million, or 75 cents a share, from $19.1 million, or 45 cents, in the year-earlier period. Revenue rose to $616.1 million from $403.6 million. A survey of three analysts by FactSet Research produced a consensus estimate of 56 cents of profit for the quarter. Gross-profit margin widened to 27.3% from 25.7%. The order backlog at March 31 rose 6.4% to $4.92 billion, with 69% of that figure scheduled for the final three quarters of 2008 and during 2009, Elbit reported on Tuesday. (Fixes spelling of city name.)
Yell Group profit slips, dividend halved(2:46 am ET)
LONDON (MarketWatch) -- U.K. telephone directories publisher Yell Group (UK:YELL: news, chart, profile) said Tuesday that its net profit for the year ended March 31 fell 2.8% to 206.7 million pounds ($402.4 million) as revenue for the year rose 6.9% to 2.22 billion pounds. The group said revenue growth has been driven by its online businesses, but added it plans to halve its final dividend to 5.7 pence a share due to the uncertain economic outlook. Yell said it expects revenue in the first quarter to be flat and also expects earnings before interest, taxes, depreciation and amortization for the year to be "broadly flat" at constant exchange rates.
Tower Semi 1st-quarter loss shrinks, revenue up 3.6%(2:35 am ET)
TEL AVIV (MarketWatch) -- Tower Semiconductor Ltd., (TSEM: news, chart, profile) the Migdal ha'Emek, Israel, semiconductor foundry, reported a narrower first-quarter loss on 3.6% higher revenue. Adjusted operating profit rose 1.8%. The loss narrowed to $29.6 million, or 24 cents a share, from $40.2 million, or 38 cents, in the year-earlier period. Shares outstanding rose 18% to 124.2 million. Revenue reached $57.6 million from $55.6 million. Adjusted operating profit was $12 million versus $11.8 million; the adjusted operating margin narrowed to 20.9% from 21.3%, Tower reported. And Tower estimated second-quarter revenue at $56 million to $60 million.
Icap profit rises 28%, sees acquisition opportunities(2:35 am ET)
LONDON (MarketWatch) -- U.K. interdealer broker Icap (UK:IAP: news, chart, profile) said Tuesday that its net profit for the year ending March 31 rose 28% to 155.7 million pounds from 121.3 million pounds as revenue grew 18% to 1.3 billion pounds. The group said it benefited from higher volatility in the interest rate, foreign exchange, equity and commodity markets starting in the summer. The group said its outlook is positive and added there are an increasing number of expansion opportunities. "The current environment offers many attractive opportunities to acquire businesses," the company said.
Monday, May 19
Biogen reiterates long-term financial forecast(9:20 am ET)
BOSTON (MarketWatch) -- Biogen Idec (BIIB: news, chart, profile) said early Monday that it was standing by its previously-issued long-term financial forecast of achieving a revenue compound annual growth rate of 15%, or CAGR, and an adjusted earnings per share CAGR of 20% from 2007 through 2010. Biogen also expects to have around 100,000 patients using its newest multiple sclerosis drug Tysabri by 2010. The biotech group added it expects to have four new proudcts out on the market by 2010, with 40% of its total revenues coming from overeas sales.
Campbell Soup's third-quarter profit jumps, aided by gains(9:18 am ET)
NEW YORK (MarketWatch) -- Campbell Soup Co. (CPB: news, chart, profile) said Monday that its fiscal third-quarter net income rose to $532 million, or $1.40 a share, from $217 million, or 55 cents a share, a year earlier, aided by gains from the company's sale of Godiva on March 18 and growth in international markets. The Camden, N.J., food products company said non-GAAP profit was 43 cents a share. Sales rose 7.4% to $1.88 billion from $1.75 billion a year earlier, on sales growth in the beverages, baking and snacking, and international businesses. Analysts polled by Thomson Reuters, on average, predicted earnings of 44 cents a share on revenue of $1.9 billion. Campbell Soup sees adjusted net per-share earnings growth of 5% to 7% from fiscal 2007 adjusted base of $1.95. The company said it expects a "strong finish" to its fiscal year, encouraged by emerging markets in Russia and China.
Gasoline prices hold steady at $3.79 a galllon(8:37 am ET)
NEW YORK (MarketWatch) -- U.S. average retail gasoline prices held steady at the record level of $3.79 a gallon on Monday, according to the Daily Fuel Gauge Report from AAA. A month ago, the average price was $3.47 a gallon and a year ago it was $3.18 a gallon.
Holly Corp. trims refinery output estimates for repairs(7:57 am ET)
NEW YORK (MarketWatch) -- Holly Corp. (HOC: news, chart, profile) on Monday said its fluid catalytic cracking unit at the Navajo Refinery in Artesia, New Mexico has been shut down for repairs. The Dallas-based petroleum refiner and marketer said for the month of May, reduced levels of operations at the refinery will result in an approximate 20,000 to 25,000 barrel per day reduction in the average crude charge rate from maximum rates. For the month, total gasoline production is expected to be reduced by approximately 13,000 to 18,000 barrels per day while total diesel production should be reduced by 3,000 to 5,000 barrels per day.
Support grows for CEO, chairman separation at Exxon Mobil(7:08 am ET)
NEW YORK (MarketWatch) -- Four institutional investors on Monday voiced support for a shareholder resolution to separate the chairman and chief executive officer jobs at Exxon Mobil (XOM: news, chart, profile) . F&C Asset Management; Co-operative Insurance Society, Morley Fund Management and West Midlands Pension Fund issued a joint statement in favor of Proxy Item 5, which faced a vote at Exxon Mobil's May 28 annual meeting. "Despite top-notch individual directors, the company's record over the last decade, particularly regarding climate change, demonstrates that debate has been lacking," said Karina Litvack of F&C Asset Management. "By bringing in an independent chairman, the company can better leverage that creativity and challenge, and avoid over-dominance by management."
John Wood Group expects to top market forecasts(2:22 am ET)
LONDON (MarketWatch) -- U.K. energy services company John Wood Group (UK:WG: news, chart, profile) said Monday that it expects to perform "somewhat ahead of expectations," due to the continued strength in energy markets. The group said the strongest performance came from its engineering and production facilities division, which benefited from high demand and the contribution from projects acquired late in 2007. The group said it's also increased its committed bank facilities by $200 million to $950 million, which it said provides a platform for future growth.
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