Replies to post #514 on Earning Plays

[Ithildriel]

Picked up some JTX and GES calls today for an earnings play.

[3xBuBu]

Thornburg delays quarterly earnings report, plans reverse stock split
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=ACBJ&date=20080602&id=8716983

[3xBuBu]

Monday, June 2
Thornburg Mortgage delays reporting quarterly results(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- Thornburg Mortgage (TMA: news, chart, profile) said late Monday that it needs more time before reporting quarterly results and filing its quarterly report with regulators. The mortgage finance company said last month that it planned to report by June 2, but the firm is now planning to do so by June 12. The delay will impact other pending transactions the company is involved in, Thornburg explained. The company is also planning a reverse stock split to comply with New York Stock Exchange listing requirements. Thornburg shares fell 12% to 75 cents during after-hours trading on Monday.
Intrepid Potash net quintuples on 75% higher sales(6:18 am ET)
TEL AVIV (MarketWatch) -- Intrepid Potash Inc. (IPI: news, chart, profile) of Denver reported that first-quarter net income quintupled, with pricing and demand pushing the quarter's earnings higher than profit for all of 2007. "The potash industry is in the midst of an unprecedented demand driven-market, fueled by numerous drivers, including an ever-increasing demand for a more nutritious diet, especially for more protein, resulting from rising populations and growing GDP in developing countries," Chief Executive Officer Bob Jornayvaz said in a statement on Monday. Earnings reached $33.1 million from $6.4 million in the year-earlier period. Pro-forma per-share earnings were 27 cents against 5 cents. Sales rose 75% to $84.4 million from $48.2 million, the company, which is the successor entity to Intrepid Mining LLC, said. Intrepid Potash went public in April at $32 a share. The stock closed on Friday at $49.16.
Sunstone to buy up to 11% of stock, sells a hotel(2:01 am ET)
TEL AVIV (MarketWatch) -- Sunstone Hotel Investors Inc., (SHO: news, chart, profile) the San Clemente, Calif., hotel operator, said on Monday that it would buy back as much as 11% of its stock and sold a hotel at a 19% return on investment. Sunstone plans a modified Dutch auction tender offer for as many as 6.2 million of its shares at $18.65 to $21.15 apiece. The shares closed Friday at $19.25. The offer starts Monday and ends at midnight Eastern Time June 27. The company said it sold the 726-room Hyatt Regency Century Plaza to the Los Angeles real estate investor Next Century Associates LLC for $366.5 million. And Sunstone estimates adjusted funds from operations available to common-stock holders of 84 cents to 88 cents a share for the second quarter and $2.90 to $3.13 a share for the year.

[3xBuBu]

Intrepid Potash Earnings Jump, But Shares Off on Analyst Initiation

(Midnight Trader Via Acquire Media NewsEdge) Boston, Jun 02, 2008 (MidnightTrader via COMTEX News Network) --

Intrepid Potash Inc (IPI), reported strong Q1 earnings on higher sales, but stocks edged lower after Goldman Sachs initiated coverage with a "neutral" rating, seeing only modest upside potential.

Shares are off about 1% but still trading over their pre-market close of $47.95 although they are well off a pre-market high of $52.04.

The company, which went public in April, reported a net of $33.1 million from $6.4 million a year earlier. On a pro forma basis, earnings increased to 27 cents a share from 5 cents. The stock is up 50% from its market debut on April 22.

The Goldman analyst noted the company's strong fundamentals, a scarcity of potash, which is used in fertilizer, and the company's plans to increase production. Goldman set a $55 price target.




My posting is for my own entertainment, do your own DD before pushing your buy/call button

[3xBuBu]

Tuesday, June 3
Hovnanian reports quarterly net loss of $340.7 million(7:02 pm ET)
SAN FRANCISCO (MarketWatch) -- Hovnanian Enterprises Inc. (HOV: news, chart, profile) late Tuesday reported a fiscal second-quarter net loss of $340.7 million, or $5.29 a share, as the homebuilder struggles in the face of the mortgage-fueled credit crunch. The result compares to a net loss of $28 million, or 49 cents a share, a year earlier, the company reported. Revenue was $776.4 million in the latest period, down from $1.1 billion a year ago. The company took $251 million in pre-tax charges in its fiscal second quarter, mostly from land impairments. Still, Hovnanian said it generated $56.1 million in cash during the quarter. "We now believe that we have ample liquidity to weather the current downturn," Ara Hovnanian, chief executive of the homebuilder, said.
E.W. Scripps sees newspaper rev down 8%-10% second half(5:03 pm ET)
SAN FRANCISCO (MarketWatch) -- The E. W. Scripps Co. (SSP: news, chart, profile) , slated to separate into two publicly traded companies on July 1, released financial forecasts for the respective businesses late Tuesday. After the split, E. W. Scripps expects its newspaper revenues to fall 8% to 10% in the second quarter compared to a year-earlier while television station revenues are likely to rise 16% to 18%, primarily due to increases in political advertising. Revenues at Scripps Networks Interactive, the new company that will be created from the separation, is forecast to increase by a mid- to high-single digit percentage in the second half. Revenue for 2008 is likely to reach the upper end of the company's previously issued guidance of 8% to 10% growth.
State Street shares rise after new revenue target(3:07 pm ET)
BOSTON (MarketWatch) -- State Street Corp. (STT: news, chart, profile) shares were up more than 1% Tuesday afternoon after the company raised its revenue-growth estimate for fiscal 2008, according to a filing with the Securities and Exchange Commission. The financial-services giant said it now expects revenue growth at the "higher end" of the 14% to 17% range. In mid-April, State Street had forecast revenue growth in the "middle" of the range. Additionally, State Street reiterated its outlook for operating earnings per share growth in the middle of the 10% to 15% range, and operating return on equity in the middle of the 14% to 17% range. On Monday, State Street said it had started to offer about $2.5 billion in common shares.
Sherwin-Williams cuts profit forecast(9:28 am ET)
NEW YORK (MarketWatch) -- Sherwin-Williams Co. (SHW: news, chart, profile) on Tuesday lowered its second-quarter and full-year earnings forecast, citing lower domestic sales, the ongoing downturn in the U.S. housing market and continued increases in raw-material costs. The Cleveland-based paint maker said it expects to report second-quarter earnings of $1.40 to $1.50 a share, compared to its previous guidance of $1.45 to $1.60 a share. The company also revised its full-year profit outlook to $3.60 to $4.10 a share, vs. the previous forecast for $4.70 to $4.85 a share. On average, analysts surveyed by FactSet Research were expecting a per-share profit of $1.54 for the second quarter and $4.72 for the year.
CSX sees 18%-21% annual growth in earnings per share to 2010(8:45 am ET)
NEW YORK (MarketWatch) -- CSX Corp. (CSX: news, chart, profile) said Tuesday it is "confident" it will see 18% to 21% annual growth in earnings per share, before stock repurchases, between now and the end of 2010. The company's Chairman and CEO Michael Ward announced the forecast in a letter to shareholders meant to promote the board's current directors in an upcoming vote against a slate proposed by dissident shareholder TCI Group. The letter defended the company's recent performance and denounced TCI's plans, saying the dissident slate would, among other things, saddle CSX with junk-rated debt.
General Motors to announce plant closures: report(7:43 am ET)
NEW YORK (MarketWatch) -- General Motors Corp. (GM: news, chart, profile) is expected to announce plant closures in North America on Tuesday morning, according to a report in The Wall Street Journal's online edition, which cited unnamed people familiar with the plan. The closures may include a truck plant in Oshawa, Ont., Canada, the article reported. The Canadian Auto Workers will hold a press conference later this morning. Shares of GM closed Monday at $17.44.
Tyco still sees third-quarter sales growth at 15%-17%(7:37 am ET)
NEW YORK (MarketWatch) -- Tyco Electronics Ltd. (TEL: news, chart, profile) said Tuesday it is maintaining its forecast for third-quater sales growth of 15% to 17% on year. It also said it sees earnings per share from continuing operations during the quarter to come in between 63 cents and 65 cents, including restructuring costs of approximately 3 cents per share.
Toll Brothers swings to loss on 30% lower revenue(5:23 am ET)
TEL AVIV (MarketWatch) -- Toll Brothers Inc., (TOL: news, chart, profile) the Horsham, Pa., luxury-home builder, swung to a fiscal second-quarter loss from a year-earlier profit on 30% lower revenue, and its chief executive reiterated a call on Congress to enact tax incentives to encourage people to buy homes. For the quarter ended April 30, the net loss was $93.7 million, or 59 cents a share, compared with net income of $36.7 million, or 22 cents, in the year-earlier period. Excluding write-downs, Toll earned 49 cents a share in the latest period and 66 cents a year earlier. Revenue fell to $818.8 million from $1.17 billion. The backlog at second-quarter's end was $2.08 billion, down 50% from the year-earlier $4.15 billion and 13% from $2.4 billion at the end of the fiscal first quarter. Net contracts -- after cancellations -- totaled 929 homes, down 44% from 1,647. The value of those net contracts was $496.5 million, down 58% from $1.17 billion. Contract cancellations in the second quarter totaled 308 versus 384 a year earlier. The average price on the canceled contracts was $760,000. "Demand continues to be weak in most markets as our clients worry about selling their existing homes or entering the market before prices stabilize," Robert I. Toll, chairman and chief executive officer, said in a statement.
Infineon targets triple-digit million euros of savings(4:20 am ET)
LONDON (MarketWatch) -- German chipmaker Infineon Technologies (IFX: news, chart, profile) (DE:623100: news, chart, profile) said at an investor presentation that it sees triple-digit million euros in savings in fiscal 2009 from its recently announced "IFX 10-Plus" plan. Infineon said it's going to manufacture in-house only what it can differentiate and is aiming for 10% or below ratio of capital spending to sales.
Lehman expects to post loss, mulls raising capital: Journal(2:11 am ET)
TEL AVIV (MarketWatch) -- Lehman Brothers Holdings Inc., (LEH: news, chart, profile) the New York investment bank, is set to report its first quarterly loss since it went public and is mulling a plan to raise capital, The Wall Street Journal reported. The Journal said that analysts and Wall Street executives estimate that Lehman would raise $3 billion to $4 billion to strengthen its balance sheet. The figures indicate that Lehman might report a loss wider than than the $300 million that some analysts expect, the Journal reported.
Monday, June 2
Japan automakers expect 8% fall in North American shipments(9:32 pm ET)
HONG KONG (MarketWatch) -- Japan's 12 leading automakers estimate exports to North America will slump 8% in the fiscal year through March 2009, although global exports will exceed the previous annual record set in 1985, bolstered by rising demand in the Middle East, Central and South America, the Nikkei newspaper reported Tuesday. Japanese automakers estimate total exports of around 7 million units in the fiscal year ending March 31, 2009, up more than 200,000 units from last year and topping the previous export record by Japanese automakers of 6.85 million vehicles in 1985. Exports to the Middle East accounted for 13% of total Japanese exports last fiscal year, up from 5% in 1985. Shipments to Central and South America topped 9% in fiscal 2007, compared to 4% in 1985, while North American exports made up 37% last fiscal year, down from 52% in 1985.
Thornburg Mortgage delays reporting quarterly results(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- Thornburg Mortgage (TMA: news, chart, profile) said late Monday that it needs more time before reporting quarterly results and filing its quarterly report with regulators. The mortgage finance company said last month that it planned to report by June 2, but the firm is now planning to do so by June 12. The delay will impact other pending transactions the company is involved in, Thornburg explained. The company is also planning a reverse stock split to comply with New York Stock Exchange listing requirements. Thornburg shares fell 12% to 75 cents during after-hours trading on Monday.
Intrepid Potash net quintuples on 75% higher sales(6:18 am ET)
TEL AVIV (MarketWatch) -- Intrepid Potash Inc. (IPI: news, chart, profile) of Denver reported that first-quarter net income quintupled, with pricing and demand pushing the quarter's earnings higher than profit for all of 2007. "The potash industry is in the midst of an unprecedented demand driven-market, fueled by numerous drivers, including an ever-increasing demand for a more nutritious diet, especially for more protein, resulting from rising populations and growing GDP in developing countries," Chief Executive Officer Bob Jornayvaz said in a statement on Monday. Earnings reached $33.1 million from $6.4 million in the year-earlier period. Pro-forma per-share earnings were 27 cents against 5 cents. Sales rose 75% to $84.4 million from $48.2 million, the company, which is the successor entity to Intrepid Mining LLC, said. Intrepid Potash went public in April at $32 a share. The stock closed on Friday at $49.16.
Sunstone to buy up to 11% of stock, sells a hotel(2:01 am ET)
TEL AVIV (MarketWatch) -- Sunstone Hotel Investors Inc., (SHO: news, chart, profile) the San Clemente, Calif., hotel operator, said on Monday that it would buy back as much as 11% of its stock and sold a hotel at a 19% return on investment. Sunstone plans a modified Dutch auction tender offer for as many as 6.2 million of its shares at $18.65 to $21.15 apiece. The shares closed Friday at $19.25. The offer starts Monday and ends at midnight Eastern Time June 27. The company said it sold the 726-room Hyatt Regency Century Plaza to the Los Angeles real estate investor Next Century Associates LLC for $366.5 million. And Sunstone estimates adjusted funds from operations available to common-stock holders of 84 cents to 88 cents a share for the second quarter and $2.90 to $3.13 a share for the year.

[3xBuBu]

Wednesday, June 4
ADC Telecom posts earnings of $16.5 million(4:20 pm ET)
SAN FRANCISCO (MarketWatch) - ADC Telecommunications Inc. (ADCT: news, chart, profile) on Wednesday reported a fiscal second-quarter profit from continuing operations of $16.5 million or 14 cents a share, on $403.4 million in sales. During the same period a year ago, ADC earned $93.4 million, or 73 cents a share, on revenue of $349.3 million. Excluding one-time items, ADC would have earned 39 cents a share. Analysts surveyed by FactSet Research had forecast ADC to earn 32 cents a share on $384.4 million in sales. The telecom equipment company also raised its full-year sales outlook to between $1.52 billion and $1.54 billion from its earlier forecast of $1.48 billion to $1.51 billion.
Immucor gives 2009 profit forecast(4:20 pm ET)
NEW YORK (MarketWatch) -- Immucor Inc. (BLUD: news, chart, profile) said Wednesday that it expects to post a profit of $1.11 to $1.15 a share in fiscal 2009 on revenue of $292 million to $300 million. The Norcross, Ga.-based blood transfusion systems company said its forecast excludes the impact of the pending BioArray acquisition, which will result in earnings dilution of about 20 to 23 cents a share in the first full year of operations after the deal closes. Shares of Immucor closed up 3.3% Wednesday to $26.90.
Jos A Bank first-quarter net income increases(1:46 pm ET)
SAN FRANCISCO (MarketWatch) -- Jos. A. Bank Clothiers Inc. (JOSB: news, chart, profile) on Wednesday reported its first-quarter net income rose to $9.8 million, or, 53 cents a share, from $8.4 million, or 45 cents a share, a year earlier. Revenue increased to $145.4 million from $129.5 million a year ago, said the men's clothing retailer.
Xilinx to cut 7% of workforce(9:38 am ET)
NEW YORK (MarketWatch) -- Xilinx Inc. (XLNX: news, chart, profile) said Wednesday that it will cut about 250 jobs, or about 7% of its workforce, by the end of the next fiscal quarter. The chipmaker anticipates related charges of about $18 million to $22 million. Shares of Xilinx were trading up about 1.8% early Wednesday at $27.41.
Smuckers, P&G sign merger agreement(8:40 am ET)
BOSTON (MarketWatch) -- Procter & Gamble Co. (PG: news, chart, profile) and J.M. Smucker Co. (SJM: news, chart, profile) said Wednesday that they have signed an agreement to merge Procter & Gamble's Folgers coffee business into Smucker through an all-stock transaction valued at about $3.3 billion. Under the deal, Smucker will issue a one-time special dividend of $5 a share to its shareholders prior to the merger. P&G shareholders will then receive approximately 53.5% of Smucker stock in a tax-free stock-for-stock merger with P&G. Upon completion of the merger, Smucker shareholders will own about 46.5% of the combined company. Smucker said that if the transaction closes in the early part of the fourth quarter, fiscal 2009 adjusted earnings per share should come in between $3.45 and $3.50. Fiscal 2010 adjusted earnings are expected to come in between $3.62 and $3.72 a share.
Ingram Micro reaffirms second-quarter outlook(8:24 am ET)
NEW YORK (MarketWatch) -- Ingram Micro Inc. (IM: news, chart, profile) confirmed its second-quarter profit and sales forecast Wednesday, ahead of its shareholders' meeting. The Santa Ana, Calif., technology company said it expects to report a quarterly profit of 34 cents to 37 cents a share, excluding items, on sales of $8.50 billion to $8.75 billion. Analysts surveyed by Thomson Financial are forecasting, on average, quarterly earnings of 35 cents a share. Shares of Ingram Micro closed Tuesday at $18.59.
Private-sector jobs add 40,000 in May, ADP says(8:20 am ET)
WASHINGTON (MarketWatch) -- Companies in the U.S. private sector added 40,000 jobs in May, according to the ADP employment report released Wednesday. The report comes two days before the Labor Department reports on nonfarm payrolls for May. Adding in about 20,000 jobs typically created by government, the ADP report suggests nonfarm payrolls rose by about 60,000 in May, compared to a drop of 50,000 expected by Wall Street economists. The ADP data have overshot the employment report in recent months.
Suncor Energy reiterates year-end production target(7:38 am ET)
NEW YORK (MarketWatch) -- Suncor Energy Inc. (SU: news, chart, profile) on Wednesday reiterated its year-end Canadian oil sands production target of 275,000 to 285,000 barrels a day. Production in May averaged 164,000 barrels per day, below the 2008 average target, because of a planned maintenance shutdown of one of two oil sands processing units that began May 16. The company said the upgrades are expected to be completed by the middle of June. Separately, Suncor said Tuesday it issued $2 billion in debt. Proceeds from the deal will be used for working capital needs, sustaining and growth capital expenditures, and to repay outstanding commercial paper borrowings.
CORRECT: American Woodmark posts lower profit, sales(7:06 am ET)
WASHINGTON (MarketWatch) -- American Woodmark Corp. (AMWD: news, chart, profile) reported net income of $36,000 for the fourth quarter ended April 30, down from $6.2 million earned in the final three months of fiscal 2007. Earnings per share were nil in the latest quarter, down from the prior year's 40 cents. The Winchester, Va.-based company's quarterly sales totaled $143.3 million, down 14%, with gross margin narrowing to 16.3% from 20.9%. American Woodmark cited weakness in both remodeling sales and new construction sales of its kitchen cabinets and vanities. Analysts' consensus forecast had been for a profit of 1 cent a share for the latest quarter, according to estimates compiled by FactSet Research. (Refiling to fix spelling of company name.)
VimpelCom 1st-quarter net doubled on 42% higher revenue(6:44 am ET)
TEL AVIV (MarketWatch) -- Vimpel Communications, (VIP: news, chart, profile) the Moscow telecom-service provider, reported first-quarter net income more than doubled on 42% higher revenue. Earnings reached $601 million, or 59 cents an American depositary share, from $277 million, or 27 cents, in the year-earlier period. Each ADS represents 20 ordinary shares. Revenue rose to $2.11 billion from $1.49 billion. The number of mobile subscribers rose 14% to 52.3 million, VimpelCom said in a statement on Wednesday. Operations in the Commonwealth of Independent States countries continue strong, particularly in Kazakhstan and Ukraine, VimpelCom said. Cold weather and power outages in Tajikistan and Uzbekistan hurt results, the company said.
Cigna to affirm 2008 view of adjusted operating net, members(6:32 am ET)
TEL AVIV (MarketWatch) -- Cigna Corp., (CI: news, chart, profile) the Philadelphia insurance giant, said that at meetings with investors and analysts this week, its officials would affirm the company's estimates of adjusted earnings from operations and its medical-membership numbers for 2008. Cigna made the disclosure in a Securities and Exchange Commission Form 8-K dated June 3.
Bombardier profit jumps as transportation arm grows(6:29 am ET)
LONDON (MarketWatch) -- Bombardier Inc. (CA:BBDA: news, chart, profile) (CA:BBDB: news, chart, profile) said Wednesday that its fiscal first-quarter profit jumped to $226 million, or 12 cents a share, from $79 million, or 4 cents a share, a year earlier. Analysts had expected the group to report earnings of 9 cents a share. Revenue for the quarter ended April 30 rose 20.7% to $4.79 billion. The growth in revenue was driven by Bombardier's transportation arm, which benefited from regional train sales in France, Netherlands and Sweden as well as higher sales in North America. Higher deliveries and service revenue in the aerospace arm was partially offset by lower sales of pre-owned aircraft.
Copart 3rd-quarter net up 20% on 52% higher revenue(4:07 am ET)
TEL AVIV (MarketWatch) -- Copart Inc., (CPRT: news, chart, profile) the Fairfield, Calif., provider of vehicle-salvage services to insurers, reported late on Tuesday that fiscal third-quarter earnings rose 20% on 52% higher revenue. For the quarter ended April 30, earnings reached $46.5 million, or 52 cents a share, from $38.9 million, or 41 cents, in the year-earlier period. Shares outstanding declined 4.3% to 89.7 million. Revenue rose to $221.2 million from $145.7 million.
IG Group sees revenue rising over 50%(2:45 am ET)
LONDON (MarketWatch) -- Spread betting firm IG Group Holdings (IGG: news, chart, profile) said Wednesday that it expects to report an increase in revenue of over 50% for the year ended May 31 to around 184 million pounds ($361 million) from 122 million pounds a year earlier. The firm said the rate of account opening in its financial business has continued to accelerate and over the last five months has been about twice the run-rate of a year earlier. IG Group said its U.S. businesses HedgeStreet and IG Markets, which launched earlier this year, did not contribute materially to revenue, but are preparing to roll out a broader product range later in 2008.
Sportingbet swings to profit, employees remain in custody(2:38 am ET)
LONDON (MarketWatch) -- U.K. online betting group Sportingbet (UK:SBT: news, chart, profile) said Wednesday that it swung to a net profit of 3.4 million pounds ($6.7 million) in the three months to April 30 from a loss of 62.4 million pounds a year ago, as it added two employees arrested in Turkey late last month remain in custody. The group said no further information is available about the employees, who are of Turkish nationality but based in the U.K. The group said net gaming revenue rose 29% to 40.7 million pounds and operating profit before exceptional items more than doubled to 7.3 million pounds from 3 million pounds. Sportingbet added that it is continuing to discuss its position with the U.S. department of Justice after withdrawing from the U.S. market in 2006.
Tuesday, June 3
Hovnanian reports quarterly net loss of $340.7 million(7:02 pm ET)
SAN FRANCISCO (MarketWatch) -- Hovnanian Enterprises Inc. (HOV: news, chart, profile) late Tuesday reported a fiscal second-quarter net loss of $340.7 million, or $5.29 a share, as the homebuilder struggles in the face of the mortgage-fueled credit crunch. The result compares to a net loss of $28 million, or 49 cents a share, a year earlier, the company reported. Revenue was $776.4 million in the latest period, down from $1.1 billion a year ago. The company took $251 million in pre-tax charges in its fiscal second quarter, mostly from land impairments. Still, Hovnanian said it generated $56.1 million in cash during the quarter. "We now believe that we have ample liquidity to weather the current downturn," Ara Hovnanian, chief executive of the homebuilder, said.
E.W. Scripps sees newspaper rev down 8%-10% second half(5:03 pm ET)
SAN FRANCISCO (MarketWatch) -- The E. W. Scripps Co. (SSP: news, chart, profile) , slated to separate into two publicly traded companies on July 1, released financial forecasts for the respective businesses late Tuesday. After the split, E. W. Scripps expects its newspaper revenues to fall 8% to 10% in the second quarter compared to a year-earlier while television station revenues are likely to rise 16% to 18%, primarily due to increases in political advertising. Revenues at Scripps Networks Interactive, the new company that will be created from the separation, is forecast to increase by a mid- to high-single digit percentage in the second half. Revenue for 2008 is likely to reach the upper end of the company's previously issued guidance of 8% to 10% growth.
State Street shares rise after new revenue target(3:07 pm ET)
BOSTON (MarketWatch) -- State Street Corp. (STT: news, chart, profile) shares were up more than 1% Tuesday afternoon after the company raised its revenue-growth estimate for fiscal 2008, according to a filing with the Securities and Exchange Commission. The financial-services giant said it now expects revenue growth at the "higher end" of the 14% to 17% range. In mid-April, State Street had forecast revenue growth in the "middle" of the range. Additionally, State Street reiterated its outlook for operating earnings per share growth in the middle of the 10% to 15% range, and operating return on equity in the middle of the 14% to 17% range. On Monday, State Street said it had started to offer about $2.5 billion in common shares.
Sherwin-Williams cuts profit forecast(9:28 am ET)
NEW YORK (MarketWatch) -- Sherwin-Williams Co. (SHW: news, chart, profile) on Tuesday lowered its second-quarter and full-year earnings forecast, citing lower domestic sales, the ongoing downturn in the U.S. housing market and continued increases in raw-material costs. The Cleveland-based paint maker said it expects to report second-quarter earnings of $1.40 to $1.50 a share, compared to its previous guidance of $1.45 to $1.60 a share. The company also revised its full-year profit outlook to $3.60 to $4.10 a share, vs. the previous forecast for $4.70 to $4.85 a share. On average, analysts surveyed by FactSet Research were expecting a per-share profit of $1.54 for the second quarter and $4.72 for the year.

[3xBuBu]

Thursday, June 5
Take-Two swings to big profit on 'Grand Theft Auto IV' sales(4:06 pm ET)
SAN FRANCISCO (MarketWatch) - Take-Two Interactive Software swung to a large gain in earnings for its second fiscal quarter thanks to the runaway success of the latest installment of its popular "Grand Theft Auto" series. For the quarter ended April 31, the video game publisher (TTWO: news, chart, profile) reported earnings of $98.2 million, or $1.29 per share, compared to a loss of $51.2 million, or 71 cents a share, for the same period the previous year. Excluding charges related to stock options and other items, the company said it would have earned $115.4 million, or $1.52 per share, for the recent quarter on a non-GAAP basis. Sales rose 160% to $539.8 million for the period. Analysts were expecting earnings of $1.13 per share on revenue of $499.1 million, according to consensus estimates from Thomson Reuters.
Energy shares rise with broad market(9:40 am ET)
NEW YORK (MarketWatch) -- Energy shares moved higher with the broad market on Thursday, as oil futures rose from one-month lows. Meanwhile, retail gasoline prices edged up fractionally in the last day to a new record of $2.99 a gallon on average for unleaded regular, according to the Daily Fuel Gauge Report by AAA. The Amex Oil Index (XOI: news, chart, profile) rose 0.8% to 1,519. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.7% to 708. Dow components Exxon Mobil (XOM: news, chart, profile) rose 72 cents to $86.47 and Chevron (CVX: news, chart, profile) rose 92 cents to $96.96. Crude futures advanced $1.38 to $123.68.
Talbots to cut corporate staff by about 9%(9:16 am ET)
NEW YORK (MarketWatch) -- Talbots Inc. (TLB: news, chart, profile) said Thursday that it will reduce its corporate headcount by about 9% as part of its long-term plan to streamline operations. The women's clothing retailer expects to see annualized cost savings of about $14 million from the move. Associated expenses are forecast at about $5.9 million, while the company plans to record a pretax expense of about $3.8 million in the second quarter. It also reconfirmed its 2008 earnings outlook, given May 21. On that date, Talbots kept its annual profit forecast, excluding restructuring costs, to be in the range of 47 cents to 52 cents a share.
Nucor raises second-quarter profit forecast to $1.75-$1.80(9:06 am ET)
NEW YORK (MarketWatch) -- Nucor Corp. (NUE: news, chart, profile) said Thursday that strong shipments and higher margins have prompted it to raise its earnings forecast for its second quarter ending June 28. Nucor now expects quarterly net earnings to be in the range of $1.75 to $1.80 per share, compared with the $1.55 to $1.60 per share that it had previously expected. Analysts are tipping $1.69 a share, according to a survey by FactSet Research. Nucor earned $1.14 per share in the second quarter of 2007 and $1.41 per share in the first quarter of 2008.
Kohl's same-store sales fall 7.2%(8:46 am ET)
NEW YORK (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) on Thursday said May same-store sales fell 7.2%, ahead of the forecast for a loss of 8% in a survey of analysts by Thomson Reuters. Total May sales rose 1.2% to $1.2 billion.
Chico's same-store sales down 16.9% in May(8:41 am ET)
NEW YORK (MarketWatch) -- Chico's FAS, Inc. (CHS: news, chart, profile) said Thursday its May sales at stores open at least one year fell 16.9%. Analysts, on average, had expected the same-store sales to fall 14.7%, according to Thomson Reuters. Total sales for the four weeks ended June 2 fell 8.8% to $141 million.
J.C. Penney's same-store sales fall 4.4% in May(8:39 am ET)
NEW YORK (MarketWatch) -- J.C. Penney Inc. (JCP: news, chart, profile) said Thursday that its May sales at stores open at least one year fell 4.4%. Analysts, on average, had expected same-store sales to fall 5.8%, according to Thomson Reuters. Total sales for the month declined 2.4% to $1.34 billion. The retailer said it expects a mid-single-digit decrease in same-store sales for the five-week period ending July 5.
Saks same-store sales down 8.7% in May(8:37 am ET)
NEW YORK (MarketWatch) -- Saks Inc. (SKS: news, chart, profile) said Thursday its May sales at stores open at least one year fell 8.7%. Analysts, on average, had expected the same-store sales to fall 7.5%, according to Thomson Reuters. Owned sales for the four weeks ended June 2 also fell 8.7% to $227 million.
Target posts 0.7% drop in May same-store sales(8:32 am ET)
NEW YORK (MarketWatch) -- Target Corp. (TGT: news, chart, profile) said Thursday that its May sales at stores open at least one year fell 0.7%. Analysts, on average, had expected same-store sales to fall 0.2%, according to Thomson Reuters. Net retail sales for the four weeks ended May 31 rose 5.5% to $4.56 billion. For June, the discounter sees same-store sales in a range of down 2% to flat. In the year-ago period, same-store sales rose 3.5%.
Del Monte 4th-period net up; sees decline for fiscal '09(8:23 am ET)
TEL AVIV (MarketWatch) -- Del Monte Foods Co., (DLM: news, chart, profile) the San Francisco parent of brands including Del Monte, Star-Kist, Contadina, 9-Lives and Milk-Bone, reported that fiscal fourth-quarter rose 37% on 11% higher sales. For the quarter ended April 27, earnings reached $50.4 million, or 25 cents a share, from $36.7 million, or 18 cents, in the year-earlier period. Each of the two periods included 4 cents a share of special expenses. Shares outstanding fell 2.8% to 199.3 million. Sales rose to $1.04 billion from $940.1 million. A survey of analysts by FactSet Research produced consensus estimates of 26 cents of profit on $1.01 billion of sales. Del Monte expects fiscal 2009 earnings from continuing operations of 58 cents to 62 cents a share against fiscal 2008's 66 cents. The fiscal 2008 number includes 8 cents of special expense. FactSet's survey is looking for 74 cents.
Brown Forman Q4 profit 81 cents per share vs 54 cents(8:22 am ET)
NEW YORK (MarketWatch) -- Brown-Forman Corp. (BFB: news, chart, profile) said Thurday its fourth-quarter profit totaled $98.7 million, or 81 cents per share, from $69.3 million, or 54 cents per share, in the same quarter a year before. Analyst had expected earnings of 72 cents per share, according to FactSet Research. The makers of Jack Daniel's Tennessee Whiskey said net sales for the quarter ended April 30 totaled $772 million compared to $691 million in the year-ago period.
Abercrombie & Fitch May same-store sales fall 1%(8:18 am ET)
NEW YORK (MarketWatch) -- Abercrombie & Fitch (ANF: news, chart, profile) said Thursday that its May sales at stores open at least one year fell 1%. Analysts, on average, had expected the same-store sales to fall 1.1%, according to Thomson Reuters. Net sales for the four weeks ended May 31 rose 8% to $233.1 million.
American Eagle May comp sales tumble, backs profit view(8:15 am ET)
NEW YORK (MarketWatch) -- American Eagle Outfitters Inc. (AEO: news, chart, profile) said Thursday that its May sales at stores open at least one year fell 9%. Analysts, on average, had expected the same-store sales to fall 4.8%, according to Thomson Reuters. Total sales for the four weeks ended May 31 rose slightly to $200 million from $199.2 million. The teen apparel retailer backed its second-quarter profit target of 28 cents to 30 cents a share, compared to 37 cents a share a year earlier.
Dillard's Inc.May same store sales fall 7%(8:16 am ET)
NEW YORK (MarketWatch) -- Dillard's Inc. (DDS: news, chart, profile) on Thursday said May same-store sales fell 7%, worse than the forecast for a drop of 3.3% in a survey of analysts by Thomson Reuters. The Little Rock, Ark. retailer said total sales fell 5% to $500 million.
Family Dollar's May same-store sales rise 1.8%(8:16 am ET)
NEW YORK (MarketWatch) -- Family Dollar Stores Inc. (FDO: news, chart, profile) said Thursday that its May sales at stores open at least one year rose 1.8%. Analysts, on average, had expected same-store sales to rise 0.9%, according to Thomson Reuters. Net sales for the four weeks ended May 31 increased 4.4% to $545 million. For June, the discount retailer expects same-store sales to rise 2% to 4%.
Vail Resorts Q3 profit $2.24 per share vs $1.99(8:11 am ET)
NEW YORK (MarketWatch) -- Vail Resorts, Inc. (MTN: news, chart, profile) said Thursday its third-quarter profit totaled $87.3 million, or $2.24 per share, from $78.5 million, or $1.99 per share, in the same quarter a year before. Analysts had expected profit of $2.43 per share, according to a FactSet Research survey. Vail Resorts said revenue for the most recent quarter totaled $424 million, compared to $369 million in the year-ago quarter.
Church & Dwight to build new plant, close N.J. facility(7:51 am ET)
NEW YORK (MarketWatch) -- Church & Dwight Co. Inc. (CHD: news, chart, profile) said Thursday that it plans to build a new manufacturing plant and distribution center in York County, Pa., which is slated to open by the end of 2009. The Princeton, N.J.-based maker of Arm & Hammer household and specialty products also said it will close an existing laundry detergent manufacturing plant and distribution buildings in North Brunswick, N.J., providing severance to about 300 workers. It will invest about $170 million in capital expenditures and transition expenses. Related charges are expected to cut second-half earnings by roughly 8 cents a share and 2009 earnings by about 24 cents a share. However, the company "remains comfortable" with its prior 2008 earnings target of $2.77 a share, excluding those charges.
Smithfield Foods' fourth-quarter profit falls(7:38 am ET)
NEW YORK (MarketWatch) -- Smithfield Foods Inc. (SFD: news, chart, profile) on Thursday said fourth-quarter net income fell to $2.4 million, or 2 cents a share, from $37.1 million, or 33 cents per share, in the year-ago period. Analysts surveyed by FactSet Research had projected a quarterly profit of 6 cents a share for Smithfield. Earnings from continuing operations fell to 1 cent a share from 46 cents a share in the year-earlier quarter. The meat-processing giant said sales in the quarter rose to $2.9 billion from $2.4 billion during the same quarter last year. Results for the fourth quarter were negatively impacted by an after-tax loss from the sale of Smithfield Beef Group, Inc., its beef processing and cattle feeding operation, to JBS S.A, which the company recorded as discontinued operations. Smithfield also attributed the lower numbers to a substantial loss on hog production, which it said was the result of lower live hog prices and considerably higher raising costs.
Wal-Mart Stores Inc. same store sales up 3.9%, beats target(7:27 am ET)
NEW YORK (MarketWatch) -- Wal-Mart Stores Inc. (WMT: news, chart, profile) on Thursday said May same-store sales rose 3.9%, not including fuel sales. The figure beat the target for a rise of 1.6% in a survey of analysts by Thomson Financial. Including fuel, May same-store sales rose 4.4%. Total sales at the world's largest retailer rose 9.8% to $31.04 billion. Wal-Mart sees June U.S. same-store sales ex-fuel up 2%-4%. "Comparable store sales in the Wal-Mart U.S. segment during the four-week May period were strong in grocery, health and wellness and entertainment," the Bentonville, Ark. retailing giant said. "The home area showed its first comparable store sales increase in more than two years."
Arrow narrows Q2 profit forecast to 76c-80c from 74c-80c(7:26 am ET)
NEW YORK (MarketWatch) -- Arrow Electronics, Inc. (ARW: news, chart, profile) said Thursday it has tightened its earnings forecast for the second quarter. Arrow said earnings per share on a diluted basis will be in the range of 76 cents to 80 cents for the quarter ending June 30. It had said previously that earnings would be between 74 cents and 80 cents a share.
Limited Brands says same-store sales fall 6% in May(7:23 am ET)
NEW YORK (MarketWatch) -- Limited Brands Inc. (LTD: news, chart, profile) said Thursday that its May sales at stores open at least one year fell 6%. Analysts, on average, had expected same-store sales to fall 5.5%, according to Thomson Reuters. Net sales for the four weeks ended May 31 were $661.3 million compared to $774.7 million in the year-earlier period.
Dr Pepper Snapple Q1 profit 38 cents per basic share vs 27c(7:17 am ET)
NEW YORK (MarketWatch) -- Dr Pepper Snapple Group, Inc. (DPS: news, chart, profile) said Thursday its first-quarter profit totaled $95 million, or 38 cents per basic share, from $69 million, or 27 cents per share, in the same quarter a year before. Analysts had expected earnings of 41 cents per share, according to a survey from FactSet Research. Net sales for the quarter totaled $1.31 billion versus $1.27 billion in the year-ago period. For 2008, The company said it expects 3% to 5% net sales growth and diluted earnings per share of "at least $1.67."
Ciena Corp. net income nearly doubles (7:13 am ET)
NEW YORK (MarketWatch) -- Ciena Corp. (CIEN: news, chart, profile) on Thursday said second-quarter net income for the three months ended April 30 nearly doubled to $23.8 million, or 23 cents a share, from $13 million, or 14 cents a share in the year-ago period. Adjusted net income increased to 40 cents a share from 26 cents a share. Revenue at the Linthicum, Md. tech firm rose 25% to $242.2 million. Analysts surveyed by FactSet forecast earnings of 34 cents a share, on average.

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Friday, June 6
Trina Solar net income up sharply as shipments rise(8:10 am ET)
NEW YORK (MarketWatch) -- Trina Solar (TSL: news, chart, profile) on Friday said first-quarter net income nearly tripled to $12.9 million, or 51 cents per American depositary share, from $4.8 million, or 22 cents a share in the year-ago period. Revenue rose 184% to $121 million. Net income of $12.9 million includes a foreign currency exchange loss of $4 million. Analysts surveyed by FactSet forecast earnings of 49 cents a share for the solar panel manufacturer. Solar module shipments were 29.49 megawatts, up 180.3% from the year-ago period and up 23.3% from the fourth quarter.
Lehman may release Q2 numbers a week early: report(8:02 am ET)
NEW YORK (MarketWatch) - Lehman Brothers Holdings Inc. (LEH: news, chart, profile) is considering releasing its second-quarter results a week earlier than expected, the New York Post reported Friday, citing an unnamed source familiar with the matter. Lehman had been slated to report second-quarter results the week of June 16. The report said Lehman would simultaneously announce a plan to raise capital; Wall Street analysts have said the bank may attempt to raise as much as $4 billion as a cushion against further write-downs. Lehman fell as much as 19% on Monday and Tuesday, but rebounded Wednesday and Thursday after various analysts said fears about its capital reserves were overblown. Shares of Lehman closed at $33.85 Thursday.
Wimm-Bill-Dann posts rise in first-quarter profit(7:40 am ET)
NEW YORK (MarketWatch) -- Wimm-Bill-Dann Foods (WBD: news, chart, profile) said Friday that its first-quarter net income increased to $41.9 million, or 95 cents a share, from $32.1 million, or 73 cents a share, in the year-earlier period. The Moscow-based food and dairy producer said that sales in the quarter rose to $731.9 million from $542.8 million.
Network Equipment Tech sees 1st-period revenue below views(2:38 am ET)
TEL AVIV (MarketWatch) -- Network Equipment Technologies Inc., (NWK: news, chart, profile) the Fremont, Calif., provider of voice- and data-communications equipment, said late on Thursday that fiscal first-quarter revenue would come in at about $16 million to $20 million, shy of analysts' expectations. And NWK said that fiscal 2009 revenue would fall from the year earlier. That's because order volume and revenue from government programs will be less than the company expected. Network Equipment expects "a partial rebound in revenue from the government in later quarters of fiscal 2009," it said in a statement. Meantime, it will focus on controlling costs and progressing on its efforts to market to enterprise customers, NWK said. For the fiscal 2008 first quarter, NWK earned 5 cents a share on revenue of $26.3 million. For all of fiscal 2008, Network Equipment Technologies swung to a profit of 25 cents a share from a loss of 65 cents in fiscal 2006. Revenue for the year rose 38% to $116.1 million.
Ahold 1st-quarter net rose 8.3% on 1.3% lower sales(1:32 am ET)
TEL AVIV (MarketWatch) -- Royal Ahold, (AHONY: news, chart, profile) (NL:03325: news, chart, profile) the Dutch supermarket operator, reported that first-quarter net income rose 8.3% on 1.3% lower sales. For the quarter ended April 20, earnings reached 261 million euros ($406.6 million) from 241 million in the year-earlier period. Profit from continuing operations leaped 42% to 221 million euros from 156 million. Sales slipped to 7.54 billion euros from 7.63 billion. For the year, Ahold added 0.3 percentage point to its estimated range for adjusted operating-profit margin, putting the new figure at 4.8% to 5.3%. "In Europe, Albert Heijn produced impressive results," Ahold said in a statement on Friday.