Replies to post #545 on Earning Plays

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Monday ER Watch
AC #msg-29864659
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NA #msg-29865195

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Tuesday ER Watch
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Wednesday ER Watch
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Thursday ER Watch
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Monday, June 9
Pall Corp. earnings rise 26%, on exchange rates, price hikes(5:33 pm ET)
SAN FRANCISCO (MarketWatch) -- Pall Corp. (PLL: news, chart, profile) on Monday reported a third-quarter profit of $63.3 million, or 51 cents a share, up from $50.4 million, or 40 cents a share, a year earlier. Sales at the East Hills, NY-based chemical, medical and industrial filter maker rose to $661.7 million from $559.3 million. The company cited the weakening of the U.S. dollar and higher prices in its life sciences and industrial divisions for the sales improvement. Analysts polled by FactSet Research were looking for a profit, on average, of 51 cents a share. The stock added 1.1% to close at $39.82.
Greenberg tells CNBC he's taken stake in Lehman(4:51 pm ET)
SAN FRANCISCO (MarketWatch) -- Maurice "Hank" Greenberg, former chief executive of American International Group (AIG: news, chart, profile) , told CNBC on Monday that his firm took a sizable stake in Lehman Brothers (LEH: news, chart, profile) . Greenberg, who is now chief executive of C.V. Starr & Co., said a team did due dilligence and committed money to Lehman over the weekend. Lehman may take more write-downs, but that won't won't hurt the brokerage firm much, Greenberg explained.
Lehman may still have unrecognized losses, Einhorn says(4:41 pm ET)
SAN FRANCISCO (MarketWatch) -- Lehman Brothers (LEH: news, chart, profile) results on Monday suggest that the investment bank still has losses on its balance sheet that it hasn't recognized, hedge fund manager David Einhorn said in a statement on Monday. Einhorn, founder and president of Greenlight Capital, is shorting, or betting against, Lehman shares. Lehman reported a bigger-than-expected quarterly loss earlier in the day and raised $6 billion selling new shares and preferred securities. "Lehman is raising $6 billion that they said they didn't need to replace losses that they said they didn't have," Einhorn said. "Since the credit markets actually improved this quarter, such losses primarily reflect losses that might have been taken in prior quarters." A "preliminary" analysis of the firm's pre-announced results and conference call suggests there are still unrecognized losses on Lehman's balance sheet, Einhorn explained.
Fitch downgrades Lehman to A+ from AA-(10:28 am ET)
SAN FRANCISCO (MarketWatch) -- Fitch Ratings said on Monday that it downgraded Lehman Brothers (LEH: news, chart, profile) to A+ from AA- mainly because the brokerage firm's results have become more volatile and are expected to remain that way for some time. "Lehman's Rating Outlook remains Negative because profitability is expected to be challenged with continued fixed income volatility," the agency wrote in a note. "Despite asset sales, Lehman's exposure to higher risk asset categories as a percent of Fitch core capital is higher than peers."
Financials slip on Lehman news in early action(9:43 am ET)
NEW YORK (MarketWatch) -- Shares of U.S. financials fell early Monday as investors worried about future turmoil in bank stocks after Lehman Brothers Holdings Inc. (LEH: news, chart, profile) reported a $6 billion capital raise and larger-than-expected second quarter loss. Lehman shares were down almost 10% in early trade. The Financial Select Sector SPDR (XLF: news, chart, profile) , an ETF that tracks the financial stocks in the S&P 500, was up 0.4% to $23.42, and the Amex Securities Broker/Dealer Index was down 0.3% to $161.44. CIT Group (CIT: news, chart, profile) rose more than 11% on news that it has agreed to a $3 billion long-term committed financing facility provided by Goldman Sachs Group Inc. (GS: news, chart, profile) . KeyCorp. (KEY: news, chart, profile) and J.P. Morgan Chase and Co. (JPM: news, chart, profile) were down in early trading after a Lehman banking analyst slashed second quarter earnings estimates for the firms.
Lehman trims earnings estimates for KeyCorp, Fifth Third(8:46 am ET)
NEW YORK (MarketWatch) --Lehman Bros. Holdings Inc. (LEH: news, chart, profile) on Monday slashed its earnings estimates for several large cap banks on continued worries about weakness in the housing market and increased severity in real-estate related credits. Lehman analyst Jason Goldberg slashed his second-quarter estimate for KeyCorp (KEY: news, chart, profile) in half to 25 cents a share and trimmed his forecast for Fifth Third Bancorp. (FITB: news, chart, profile) by 9 cents to 38 cents a share on concerns about the banks' "outsized" exposure to construction loans. Goldberg also cut his second-quarter estimate for J.P. Morgan Chase and Co. (JPM: news, chart, profile) by 29 cents to 54 cents a share, citing its exposure to weaker consumer credit card results and further mortgage-related writedowns.
Piedmont Natural Gas net income falls 5%(8:30 am ET)
NEW YORK (Marketwatch) -- Piedmont Natural Gas (PNY: news, chart, profile) on Monday said second-quarter net income fell 5% to $48.6 million, or 66 cents a share, from $51.1 million, or 69 cents a share in the year-ago period. Analysts surveyed by FactSet Research forecast earnings of 73 cents a share, on average. The Charlotte, N.C. natural gas distributor said its non-utility, joint venture investments continued to perform well, but earning from its SouthStar marketing unit for 560,000 customers in Georgia are down year to year, "due to more difficult natural gas market conditions." Piedmont Natural gas continues to expect 2008 earnings of $1.45 to $1.55 a share.
McDonald's global same-store sales up 7.7% in May(8:09 am ET)
NEW YORK (MarketWatch) -- McDonald's Corp. (MCD: news, chart, profile) said Monday its May sales at stores open at least one year rose 7.7%, with those in the U.S. posting a 4.3% rise. The figures compare with an 8.7% rise in May 2007 worldwide same-store sales and 7.4% rise in U.S. same-store sales for the year-ago month. Total systemwide sales for May 2008 rose 16.0% or 9.1% in constant currencies.
Lehman CEO disappointed with first loss since firm's IPO(6:58 am ET)
NEW YORK (MarketWatch) -- Lehman Brothers (LEH: news, chart, profile) Chairman and Chief Executive Officer Richard S. Fuld, Jr. said, "I am very disappointed in this quarter's results. Notwithstanding the solid underlying performance of our client franchise, we had our first-ever quarterly loss as a public company. However, with our strengthened balance sheet and the improvement in the financial markets since March, we are well-positioned to serve our clients and execute our strategy."
Gasoline prices up 2 cents to $4.02 a gallon(6:54 am ET)
NEW YORK (MarketWatch) -- U.S. average gasoline prices continued their surge into record territory on Monday, rising 2 cents to $4.02 a gallon for unleaded regular, according to the Daily Fuel Gauge Report from the AAA. Prices broke through $4 a gallon for the first time on Sunday. A month ago, gasoline sold for $3.69 a gallon. Gasoline prices are now up 30% from the year-ago price of $3.09 a gallon.
Lehman Brothers to post $3 bln loss; sets $6 bln stock sale(6:54 am ET)
NEW YORK (MarketWatch) -- Lehman Brothers Holdings Inc. (LEH: news, chart, profile) on Monday said it'll raise $6 billion in a stock offering. The investment bank also expects to report a second-quarter loss of $2.8 billion, or $5.14 a share, from a gain of $489 million or 81 cents a share in the year-ago period. Total revenues less interest expense will be $700 million, down from revenue of $5.5 billion in revenue in the year-ago period. Net revenue for the second quarter reflects negative mark to market adjustments and principal trading losses, net of gains on certain debt liabilities, Lehman said.

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Pall Corp. earnings rise 26%, on exchange rates, price hikes
http://www.marketwatch.com/news/story/pall-corp-earnings-rise-26/story.aspx?guid=%7BD7993786-A38D-412C-B3BA-DF09FEA10780%7D&dist=msr_1
reported a third-quarter profit of $63.3 million, or 51 cents a share, up from $50.4 million, or 40 cents a share, a year earlier. Sales at the East Hills, NY-based chemical, medical and industrial filter maker rose to $661.7 million from $559.3 million. The company cited the weakening of the U.S. dollar and higher prices in its life sciences and industrial divisions for the sales improvement. Analysts polled by FactSet Research were looking for a profit, on average, of 51 cents a share. The stock added 1.1% to close at $39.82.

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Tuesday, June 10
CORRECT: Oppenheimer cuts Lehman earnings estimates(12:41 pm ET)
NEW YORK (MarketWatch) -- Oppenheimer & Co. banking analyst Meredith Whitney on Tuesday slashed estimates for Lehman Bros. Holdings (LEH: news, chart, profile) . Whitney lowered her earnings per share estimate for 2008 to a loss of $3.34 from a profit of $1.58 after Lehman announced a $6 billion capital raise and larger-than-expected second quarter loss. "We estimate that the most recent capital raise is 30% dilutive to existing shareholders," Whitney wrote in a note to investors, "and that the sheer size of such a dilutive capital raise will put serious pressure on Lehman's ability to deliver on meaningful earnings per share growth over the near to medium term." (Corrects analyst action to earnings estimate cut.)
Disney says 2008 retail merchandise sales to exceed $30 bln(9:46 am ET)
NEW YORK (MarketWatch) -- Disney Consumer Products said Tuesday that it expects retail sales of licensed Disney merchandise by Disney (DIS: news, chart, profile) and its licensees to surpass $30 billion in fiscal 2008. In fiscal 2007, retail sales of Disney products were $27 billion, the company said.
Financial stocks lower in early trading(9:38 am ET)
NEW YORK (MarketWatch) -- Shares of U.S. financials fell early Tuesday as investors reacted to rising oil prices and remarks from the Federal Reserve chief that seemed to signal the end of interest rate cuts for now.The Financial Select Sector SPDR (XLF: news, chart, profile) , an ETF that tracks the financial stocks in the S&P 500, was down 1.48% to $22.67, and the Amex Securities Broker/Dealer Index (XBD: news, chart, profile) was down 1.2% to $156.44. Wachovia Corp. fell 1.1% after analysts for Morgan Keegan predicted a future dividend cut. Shares of credit card issuers Visa (V: news, chart, profile) and MasterCard Inc. (MA: news, chart, profile) fell on news that competitor Discover Financial Services Inc. (DFS: news, chart, profile) is seeking $6 billion in damages for "anti-competitive practices." Lehman Brothers (LEH: news, chart, profile) shares continued to trade down more than 3% after the announcement Monday that the bank would seek $6 billion in new capital.
PepsiCo still sees 2008 profit at $3.72 per share(9:27 am ET)
NEW YORK (MarketWatch) -- PepsiCo (PEP: news, chart, profile) said Tuesday it expects 2008 earnings per share of at least $3.72 -- unchanged from its previous guidance. It said PepsiCo Chief Financial Officer Richard Goodman will express confidence in the outlook for the Purchase, N.Y.-based food-and-beverage giant when he takes part in meetings next week with investors in London and at the Deutsche Bank Global Consumer and Food Retail Conference in Paris.
Wachovia down 2% on Morgan Keegan's revised EPS(8:26 am ET)
NEW YORK (MarketWatch) -- Shares of Wachovia Corp. (WB: news, chart, profile) were down almost 2% in pre-open trade Tuesday morning, after analysts for Morgan Keegan and Co. slashed earnings estimates for the bank and said another dividend cut was likely. Analysts led by Robert Patten lowered their full-year estimate for 2008 to 75 cents a share from $1.70, and for 2009 to $2.80 from $3, citing fears about Wachovia's continued exposure to mortgage-related losses. "We believe the risk to the downside remains significant in the near-term at Wachovia as the underlying trends in the option-ARM, $121 billion mortgage portfolio continue to worsen," Patten wrote in a research note. "A further dividend cut appears likely and capital adequacy questions remain despite management's reassurances."
U.S. retail gasoline prices rise 2 cents to $4.02 a gallon(7:44 am ET)
NEW YORK (MarketWatch) - Average U.S. gasoline prices rose 2 cents in the last day to a new record of $4.04 a gallon for unleaded, according to the Daily Fuel Gauge Report from AAA. Gasoline prices broke through $4 gallon for the first time this past weekend. On Monday, gasoline prices rose 2 cents to $4.02 a gallon. A year ago, gasoline sold for $3.08 a gallon.
CorVel 4th-quarter earnings up 17% on 9.1% higher revenue(6:22 am ET)
TEL AVIV (MarketWatch) -- CorVel Corp., (CRVL: news, chart, profile) the Irvine, Calif., provider of information-technology solutions for insurers, employers, and government, reported fiscal fourth-quarter earnings rose 17% on 9.1% higher revenue. For the quarter ended March 31, earnings reached $6.2 million, or 44 cents a share, from $5.3 million, or 37 cents, in the year-earlier period. Shares outstanding rose 2.5% to 14.3 million. Revenue rose to $77.4 million from $70.9 million.
UBS may write down value of mortgage securities: Journal(4:46 am ET)
TEL AVIV (MarketWatch) -- UBS AG, (UBS: news, chart, profile) the Swiss banking giant, may take more write-downs on mortgage securities because prices on the securities have slumped further, The Wall Street Journal reported. And analysts say that UBS might post a second-quarter loss, the paper reported. The prospect of such write-downs was raised by Lehman Brothers' (LEH: news, chart, profile) profit warning, the paper reported. Some UBS executives and directors have been reducing their holdings in the firm, the paper reported.







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

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Thursday, June 12
Yahoo reaches search deal with Google worth $800M a year(6:27 pm ET)
SAN FRANCISCO (MarketWatch) -- Yahoo Inc. (YHOO: news, chart, profile) said late Thursday that it has struck a Web search agreement with Google Inc. (GOOG: news, chart, profile) that could be worth about $800 million in annual revenues. In a statement, Yahoo said the deal will allow it to run ads supplied by Google alongside searches on its main Web site as well as some of its other properties in the United States and Canada. The company said the deal could be worth about $800 million in annual revenue and is expected to generate between $250 million and $450 million in incremental operating cash flow in the first 12 months. The deal came after Yahoo announced that it had concluded discussions with Microsoft Corp. (MSFT: news, chart, profile) without reaching any sort of merger agreement.
Energy shares dip, crude prices retreat(9:40 am ET)
NEW YORK (MarketWatch) -- Shares of oil and natural gas producers moved lower Thursday as crude prices retreated and Morgan Stanley downgraded the energy sector. The Amex Oil Index (XOI: news, chart, profile) fell 1.2% to 1,529. The Amex Natural Gas Index (XNG: news, chart, profile) fell 1% to 728. Crude oil for July delivery dropped $2.34 to $134.05 a barrel in electronic trading on Globex
Qualcomm raises third-quarter profit forecast(9:11 am ET)
NEW YORK (MarketWatch) -- Qualcomm Inc. (QCOM: news, chart, profile) said Thursday it was raising its third-quarter profit estimate to between 54 cents and 55 cents, up from its previous forecast of between 50 cents and 52 cents. It also said it expects revenues to be slightly above the high end of its prior forecast of approximately $2.5 billion to $2.7 billion for the quarter, which ends June 29. For all of fiscal 2008, it said it sees earnings per share to be approximately $2.09 to $2.13, compared to its prior estimate of $2.04 to $2.09.
Gasoline rises to average price of $4.06 a gallon in U.S. (7:50 am ET)
NEW YORK (MarketWatch) -- The average price for a gallon of unleaded regular gasoline rose a penny in the last day to $4.06 a gallon, a new record, according to the Daily Fuel Gauge Report from AAA. Gasoline broke through the $4 level for the first time on Sunday and has been edging up since then. Guy Caruso, head of the federal Energy Information Administration, told Congress on Wednesday that his office expects the price to reach about $4.15 a gallon this summer.
KeyCorp to raise $1.5B in new capital, cut dividend by 50%(7:46 am ET)
NEW YORK (MarketWatch) - KeyCorp (KEY: news, chart, profile) on Thursday said it will raise about $1.5 billion in new equity to offset a planned second-quarter charge of $1.1 billion to $1.2 billion related to leveraged lease litigation. The Cleveland-based bank also said it would cut its dividend by 50% to an annualized payout of 75 cents a share, beginning with the third quarter. KeyCorp said it will raise the capital by issuing common shares and non-cumulative perpetual convertible preferred stock and that the net proceeds will be used to strengthen its balance sheet and for general corporate purposes.
Genesee & Wyoming May traffic fell 2.8%(6:46 am ET)
TEL AVIV (MarketWatch) -- Genesee & Wyoming Inc., (GWR: news, chart, profile) the Greenwich, Conn., railroad operator, reported that in May traffic from continuing operations fell 2.8% to 64,036 carloads from 65,903 in the year-earlier month. The biggest sector for G&W, coal, coke and ores, saw a 1% drop in traffic for May versus a year earlier. Genesee & Wyoming operates railroads in the U.S., Canada, Australia and the Netherlands and has a minority stake in a railroad in Bolivia.
Update: Thornburg swings to 1st-quarter loss, raises capital(6:18 am ET)
TEL AVIV (MarketWatch) -- Thornburg Mortgage Inc., (TMA: news, chart, profile) the Santa Fe., N.M., mortgage lender, swung to a first-quarternet loss before preferred-stock dividends of $3.31 billion, or $20.64 a share, from net income of $75 million, or 62 cents, in the year-earlier period. The loss reflects unrealized market-value losses of $1.54 billion from the decline in the fair-market value of the company's mortgage-backed securities and securitized loan portfolios, Thornburg said. Analysts surveyed by FactSet Research were looking for a loss of $3.36 a share. To satisfy unmet margin calls at March 6, Thornburg entered an override agreement with five of its reverse-repurchase-agreement and auction-swap-agreement lenders. The deal gave Thornburg a 364-day reprieve from further margin calls and a reduction of margin requirements. As part of the accord, Thornburg needed to raise at least $1 billion in capital; it raised $1.35 billion, $200 million of which is held in escrow, by privately placing senior subordinated secured notes, warrants for common stock, and participations in the principal payments on a specific MBS portfolio, Thornburg said. (Fixes one spelling of the company's name and adds FactSet estimate.)
EnerSys 4th-period net up 84%, sales up 41%(4:48 am ET)
TEL AVIV (MarketWatch) -- EnerSys, (ENS: news, chart, profile) the Reading, Pa., maker of industrial batteries, reported fiscal fourth-quarter net income rose 84% on 41% higher sales. For the quarter ended March 31, earnings reached $19.5 million, or 39 cents a share, from $10.6 million, or 22 cents, in the year-earlier period. Adjusted net was 42 cents a share versus 22 cents. Shares outstanding rose 4.9% to 49.9 million. Sales rose to $581.9 million from $413.6 million. For fiscal 2009, EnerSys now expects to earn an adjusted 45 cents to 49 cents a share; the previous estimate was 40 cents to 44 cents. The company also said it began a plan to refinance its debt and credit lines to cut its cash interest costs.

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ER Week 08-06-23
ER Week 08-06-09 #msg-29871825
ER Week 08-06-02 #msg-29708371
ER Week 08-05-26 #msg-29566408
ER Week 08-05-17 #msg-29379056
ER Week 08-05-12 #msg-29207936
ER Week 08-05-05 #msg-29021583
ER Week 08-04-28 #msg-28855198
ER Week 08-04-21 #msg-28628341
ER Week 08-04-14 #msg-28459098
ER Week 08-04-07 #msg-28229527
ER Week 08-03-17 #msg-27682567
ER Week 08-03-03 #msg-27278497
ER Week 08-02-11 #msg-26699069
ER Week 08-02-04 #msg-26512376
ER Week 08-01-28 #msg-26313124
ER Week 08-01-21 #msg-26148390
ER Week 08-01-07 #msg-25696385

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