Replies to post #588 on Earning Plays

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

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

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

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

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Monday, July 14
Profit warning at Kimberly-Clark; shares slip(5:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Undercut by surging energy and distribution costs, Kimberly-Clark Corp. (KMB: news, chart, profile) late Monday warned second-quarter earnings will be below its target. The Dallas-based household products maker also cut its 2008 profit forecast. For the quarter ended June 30, Kimberly-Clark said preliminary adjusted earnings were $1.03, compared with its previous outlook for adjusted earnings between $1.08 to $1.11 a share. The company pegged full-year adjusted earnings in the range of $4.20 to $4.30 a share. It had expected between $4.45 and $4.60 a share. In late trading, Kimberly-Clark shares fell 6.5% to $55.
WaMu says it exceeds regulatory capital levels significantly(4:38 pm ET)
SAN FRANCISCO (MarketWatch) -- Washington Mutual Inc. (WM: news, chart, profile) said late Monday that it significantly exceeds all required capital levels for "well capitalized" banks. The lender also said it has more than $40 billion of "excess liquidity," which usually refers to assets that can be sold for cash quickly without affecting prices much. WaMu raised $7.2 billion in capital earlier this year and noted on Monday that its tangible equity to total tangible assets ratio was 7.8% at the end of June. The company plans to report on its capital position and liquidity in more detail, as well as steps it's taking to work through the current environment, on a July 22 earnings conference call. WaMu shares climbed 6.2% to $3.43 during after-hours trading. The stock slumped 35% during regular trading on Monday.
Canadian Solar rallies on raised revenue outlook(12:19 pm ET)
NEW YORK (MarketWatch) -- Canadian Solar Inc. (CSIQ: news, chart, profile) rallied 14% to $36.81 after it forecast second-quarter revenue of $210 to $214 million, stronger than the estimate of $188 million in a survey of analysts by FactSet. The Jiangsu, China solar panel maker said it remains on track to meet or exceed its full-year revenue forecast of $750 to $870 million, based on solar module shipments of 230-260 megawatts.
National City: no unusual depositor, creditor activity(12:13 pm ET)
SAN FRANCISCO (MarketWatch) -- National City Corp. (NCC: news, chart, profile) said on Monday that it's experiencing no unusual activity by depositors or creditors as the regional bank tried to calm investors. At the end of last week, the bank said it had more than $12 billion of excess short-term liquidity. After raising $7 billion in new capital earlier this year, National City has one of the highest Tier 1 regulatory capital ratios among large banks, the company added. National City shares fell 28% to $3.20 on Monday before being halted. Shares of Washington Mutual (WM: news, chart, profile) , another large bank, dropped 26% to $3.66.
Range Resources 'extremely pleased' with Marcellus Shale(10:01 am ET)
NEW YORK (MarketWatch) -- Range Resources (RRC: news, chart, profile) shares rose 4.6% to $66.07 after the Ft Worth, Texas company said it's extremely pleased with drilling results in the Marcellus Share region in the Northeastern U.S. "The Marcellus play has the potential to be a very large economic stimulus to the states involved and provide a domestic, cleaner and less expensive alternative to foreign oil," Range Resources said. The company said it'll accelerate both its drilling and acreage acquisition efforts in the Marcellus Shale in Pennsylvania, West Virginia, and southern New York. Production is expected to reach 30 million cubic feet per day in the first quarter of 2009.
Energy stocks rise with broad market (9:38 am ET)
NEW YORK (MarketWatch) -- Energy stocks opened on the plus side on Monday, as the broad market moved into the green. The Amex Oil Index (XOI: news, chart, profile) rose 0.4% to 1,416. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.7% to 695. U.S.-listed shares of Royal Dutch Shell (RDSA: news, chart, profile) fell 1.3% to $76.58 after the oil major bid $6 billion for Canada's Duvernay Oil. PetroBras (PBR: news, chart, profile) rose 1.2% to $62.40 after striking oil workers halted production at 13 platforms. Crude oil futures fell 9 cents to $144.99.
U.S. retail gasoline prices at $4.11 a gallon(8:23 am ET)
NEW YORK (MarketWatch) -- Average retail gasoline prices rose a penny to $4.11 a gallon in the the last day, according to the Daily Fuel Gauge Report from AAA. A month ago, gas sold for $4.07 a gallon. A year ago, it sold for $3.05 a gallon.
Associated Banc-Corp 2nd-quarter net fell 38%(6:58 am ET)
TEL AVIV (MarketWatch) -- Associated Banc-Corp, (ASBC: news, chart, profile) the Green Bay, Wis., banking company, reported that second-quarter net income fell 38% as its provision for possible losses on bad loans increased from the first quarter. Earnings were $47.4 million, or 37 cents a share, compared with $75.8 million, or 59 cents, in the year-earlier period. Loans not earning interest increased $81 million in the quarter, to a total $289 million at June 30. The rise stems mainly from 6 credits related to the housing industry, Associated said. In the second quarter, Associated set aside $59 million -- equaling 30 cents a share -- to cover possible loan losses, compared with $23 million, equaling 12 cents a share, in the first quarter. The company charged off $37 million of loans in the latest quarter. So for the first half, the company has charged off 0.67% of its average loans. Net interest income in the second quarter totaled $173 million, up 4.8% from the first quarter and 10% from the year-earlier period.
Genesee & Wyoming June traffic rose 1.3%(6:42 am ET)
TEL AVIV (MarketWatch) -- Genesee & Wyoming Inc., (GWR: news, chart, profile) the Greenwich, Conn., railroad operator, reported that June traffic rose 1.3% from the year-earlier period to 65,438 carloads. In the month two categories -- coal, coke and ore, and minerals and stone -- accounted for nearly 40% of the carload total. Pulp and paper added nearly 15%.
Update: Flagstar Bancorp to post 2nd-quarter net 22c-share(6:34 am ET)
TEL AVIV (MarketWatch) -- Flagstar Bancorp Inc., (FBC: news, chart, profile) the Troy, Mich., savings bank, expects to report second-quarter net income of 22 cents a share. In the year-earlier period, Flagstar earned 25 cents a share. A survey of analysts by FactSet Research produced a consensus estimate of a loss of 4 cents a share for the latest quarter. Flagstar also said that the regulatory-capital ratios at the Flagstar Bank subsidiary increased significantly from the first quarter and from fourth-quarter 2007 because it raised $100 million of capital in the second quarter and reduced its assets to $14.6 billion at June 30 from $15.9 billion at March 31. At June 30, Flagstar's core-capital figure for regulatory purposes was 6.7% and risk-based capital was 11.65%, the banking firm said. (Adds earnings for the year-earlier second quarter.)
GM 2nd-period LatAm-Africa-Mideast sales rose 18%(4:57 am ET)
TEL AVIV (MarketWatch) -- General Motors Corp., (GM: news, chart, profile) the Detroit auto maker, reported that second-quarter sales at its Latin America, Africa and Middle East division jumped 18% and that the division gained market share. Total sales for the division reached 346,100 from 294,000 in the year-earlier period, the company said. Market share grew 0.7 percentage point to 17.5%, GM said. Sales in Egypt doubled in the period, GM said. The top GM brand in the region: Chevrolet. "Strong demand" for the Chevy Corsa, Celta and Aveo fueled growth in the region, said Maureen Kempston Darkes, group vice president and president of GM LAAM, in a statement. Regionwide, those three models accounted for 40% of the division's sales in the quarter, she said.
Allegheny Tech pegs 2nd-period net at $1.65-$1.67 a share(4:31 am ET)
TEL AVIV (MarketWatch) -- Allegheny Technologies Inc., (ATI: news, chart, profile) the Pittsburgh specialty-metals producer, expects to report second-quarter earnings of $1.65 to $1.67 a share, including an 11-cent tax benefit. ATI had earlier estimated the figure at "somewhat higher" than the $1.40 it earned in the first quarter, the company said in a statement on Monday. A survey of analysts by FactSet Research produced a consensus estimate of $1.54 for the second quarter. Product changes and geographic diversification have helped profit, and "risk-management programs are reducing the impact of volatile input costs" on results, L. Patrick Hassey, chairman, president and chief executive officer, said in a statement.
Norsk Hydro: rising costs, derivative losses to hit earnings(2:29 am ET)
LONDON (MarketWatch) -- Norsk Hydro (NHYDY: news, chart, profile) (NO:NHY: news, chart, profile) said Monday that underlying earnings before interest and taxes in the second quarter are likely to be around 1.6 billion Norwegian kroner ($318 million), compared to 2 billion kroner in the first quarter. The group said it's facing significant increases in the cost of alumina, freight, petroleum coke and other costs. It added a lower spot price for electricity in Norway will have a negative impact on the results in the energy business. In addition, Norsk Hydro said reported earnings before interest and taxes will be "significantly negatively impacted" by unrealized derivatives effects related to its long-term power sourcing contracts.

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Tuesday, July 15
CSX Corp. profit up on strong coal, grain and ethanol demand(5:09 pm ET)
SAN FRANCISCO (MarketWatch) -- CSX Corp. (CSX: news, chart, profile) , one of the biggest U.S. railroads, reported on Tuesday a second-quarter profit of $365 million, or 93 cents a share, up from $324 million, or 71 cents a share, a year ago. The Jacksonville, Fla.-based company said the improvement was due in part to strong demand for export coal, grain and ethanol. Excluding income tax benefits in the most recent quarter, earnings would have come in at 89 cents a share. Revenue rose 15% to $2.9 billion. Analysts polled by FactSet Research were looking for a profit, on average, of 90 cents a share on sales of $2.85 billion. CSX reiterated that it is targeting the upper end of its 2008 profit range of $3.40 to $3.60 a share. Wall Street previously forecast $3.58 a share for the full year.
Seagate Technology posts profit of $160 million(4:15 pm ET)
SAN FRANCISCO (MarketWatch) -- Seagate Technology (STX: news, chart, profile) on Tuesday reported a fiscal fourth-quarter profit of $160 million, or 32 cents a share, on revenue of $2.9 billion, compared to earnings of $541 million, or 96 cents a share, on $2.74 billion in revenue during the same period a year ago. Last year's results were helped by a large tax benefit. Excluding restructuring charges and one-time items, Seagate would have earned $183 million, or 37 cents a share. Analysts surveyed by FactSet Research had expected Seagate to earn 47 cents a share on $2.88 billion in revenue. For its fiscal first quarter, the hard-disk drive maker estimates it will earn between 18 cents and 22 cents a share on revenue in a range of $3.15 billion to $3.3 billion.
Clorox expects fourth-quarter earnings in $1.10-$1.13 range(3:08 pm ET)
SAN FRANCISCO (MarketWatch) -- Clorox Co. (CLX: news, chart, profile) on Tuesday said it expects fourth-quarter earnings to come in at $1.10 to $1.13 a share with sales in the range of 10% to 11%, including 3 percentage points growth from Burt's Bees purchase. Analysts surveyed by FactSet Research are projecting the company to earn $1.09 a share on revenue of $1.47 billion in the quarter. It also revised its fiscal 2008 earnings to a range of $3.22 to $3.25 a share from $3.20 to $3.28 a share forecast previously. Wall Street is expecting the consumer prodcuts company to report earnings of $3.21 a share in the fiscal year.
Colgate to 'meet or exceed' analyst targets(12:39 pm ET)
SAN FRANCISCO (MarketWatch) -- Colgate-Palmolive Co. (CL: news, chart, profile) said Tuesday it will "meet or exceed" Wall Street's targets for the June ended quarter, joining rival household products maker Procter & Gamble Co. (PG: news, chart, profile) in confirming its expected performance for the quarter. On average, analysts polled by FactSet Research estimate Colgate will earn 94 cents a share on sales of $3.8 billion. Colgate's brands include its namesake toothpaste, Palmolive dish soap, Irish Spring soap and Mennen Speed Stick deodorant. Colgate and P&G issued the announcements after Kimberly-Clark (KMB: news, chart, profile) said late Monday its second-quarter profit would be less than expected. Colgate shares were up 7 cents to $69.03 in midday trading.
State Street says $28.4 bln of conduit assets(11:51 am ET)
BOSTON (MarketWatch) -- State Street Corp. (STT: news, chart, profile) in a slide accompanying its second-quarter conference call said total assets outstanding in its asset-backed commercial paper conduits stood at $28.4 billion, virtually unchanged from the first quarter. The Boston-based financial-services company said about $3 billion, or 11% of all conduits assets, are "wrapped" by a monoline insurer. State Street said wrap exposure "is diversified across a variety of insurers and asset classes, with no material concentration in any one area." The stock was up over 1% in early trade after the company released quarterly results. (Corrects typographical error.)
State Street says conduits' insurer-related downgrades rise(10:50 am ET)
BOSTON (MarketWatch) -- State Street Corp. (STT: news, chart, profile) on Tuesday said insurer-related downgrades in four asset-backed commercial paper conduits it sponsors rose sharply in the second quarter to 125 from 28 in the first quarter. The company sponsors $28.4 billion of conduit assets, which saw unrealized after-tax mark-to-mark losses of $1.63 billion for the quarter ended June 30, up slightly from the first quarter. Most of the losses were in mortgage-backed securities, which had a total face value of more than $15 billion, while 58% carry AAA ratings. "The respective marks on the investment portfolio and the conduits have stayed pretty much the same quarter-to-quarter," Chief Executive Ronald Logue said during a conference call, according to a transcript from Thomson StreetEvents. "We currently believe that the investment portfolio is not other than temporarily impaired and that the conduits do not need to be consolidated onto our balance sheet." Management said the company is trying to pare down conduit assets, which do not contain any exposure to subprime mortgages and no exposure to asset-backed collateralized debt obligations.
Procter & Gamble still sees Q4 EPS at 76 cents-78 cents(9:32 am ET)
NEW YORK (MarketWatch) -- Procter & Gamble Co. (PG: news, chart, profile) said Tuesday it stands by its previously announced sales and earnings forecasts for the fourth fiscal quarter, ended in June. The company still expects sales growth for the quarter of 8% to 10% and diluted earnings per share of between 76 cents and 78 cents. It is slated to announce results Aug. 5.
Commerce Bancshares' second-quarter profit rises(9:25 am ET)
NEW YORK (MarketWatch) -- Commerce Bancshares Inc. (CBSH: news, chart, profile) said Tuesday that its second-quarter profit rose to $56.0 million, or 77 cents a share, from $55.6 million, or 75 cents a share, in the year-earlier quarter. On average, analysts polled by FactSet Research had expected the Kansas City-based bank to post quarterly earnings of 70 cents a share. Shares of Commerce Bancshares closed Monday at $37.80.
Newell Rubbermaid plans price hikes due to commodity costs(8:47 am ET)
NEW YORK (MarketWatch) -- Newell Rubbermaid (NWL: news, chart, profile) said Tuesday that it plans "to implement more aggressive pricing in the back half of 2008, with increases in some product categories as high as 22%," due to accelerating commodity price inflation. It also said it plans to divest, downsize or exit approximately $500 million in sales of selected consumer product categories. Due mostly to the inflation outlook, the company also said it now expects 2008 normalized earnings per share to fall within the range of $1.40 to $1.60, wider than previously due to the difficult environment. But it also reaffirmed its expectation for 2008 sales growth of 6% to 8%.
CORRECT:General Motors to raise $15 bln in cash through 2009(8:41 am ET)
NEW YORK (MarketWatch) -- General Motors (GM: news, chart, profile) said Tuesday it'll raise $15 billion in cash by the end of 2009 through operating actions, as well as asset sales and capital market activities. At the end of the first quarter 2008, GM had liquidity of $23.9 billion, with access to U.S. credit facilities of an additional $7 billion. "While the company has ample liquidity to meet its 2008 funding requirements, it is taking additional measures to bolster liquidity to protect against a prolonged U.S. downturn," GM said. For liquidity planning purposes, GM is using assumptions of U.S. light vehicle industry volumes of 14 million units in 2008-2009 which are "significantly below trend." (Corrects headline to change "million" to "billion.")
Ikon Office raises third-quarter profit forecast(8:39 am ET)
NEW YORK (MarketWatch)-- Ikon Office Solutions (IKN: news, chart, profile) on Tuesday raised its third-quarter earnings guidance to a range of 35 to 37 cents a share, excluding a 3-cent charge mostly related to the early extinguishment of debt. Its previous forecast was for a profit of 29 to 32 cents a share, excluding items. The company cited better-than-expected customer service and supplies revenue and gross margin, in part, for the revised outlook. It also sees third-quarter revenue of about $1.05 billion. The company issued preliminary fourth-quarter profit guidance of 25 to 30 cents a share and full-year profit guidance of $1.00 to $1.05 a share, excluding items. Ikon will release third-quarter results on July 24.
Grainger earns $1.43 a share in quarter(8:25 am ET)
NEW YORK (MarketWatch) Grainger (GWW: news, chart, profile) said Tuesday that second-quarter earnings were $113.2 million, or $1.43 a share, compared to $104.2 million, or $1.21, a year ago. Sales rose 10% to $1.76 billion. "Given the solid sales growth and the continuing expansion of operating margins, we reiterate our 2008 EPS guidance of $5.80 to $6.10 including the $0.05 charge," said CEO James Ryan. ·
Sanmina-SCI sees third-quarter profit at high end of view(8:22 am ET)
NEW YORK (MarketWatch) -- Sanmina-SCI Corp. (SANM: news, chart, profile) said Tuesday that its third-quarter revenue from continuing operations is about $1.9 billion, ahead of its previous guidance of $1.775 billion to $1.875 billion. The San Jose, Calif.-based electronics contract maker expects its adjusted third-quarter earnings from continuing operations to come in at the high end of its forecasted range of 3 to 5 cents a share. The company will issue its final results July 23.
J&J reports moderately higher quarterly profit(8:11 am ET)
BOSTON (MarketWatch) -- Johnson & Johnson (JNJ: news, chart, profile) early Tuesday reported moderately higher second-quarter earnings, helped by the impact of a favorable foreign exchange rate. The healthcare giant posted a profit of $3.3 billion, or $1.17 a share, compared with $3.1 billion, or $1.05 a share for year-earlier quarter. Revenue rose 8.7% to $16.5 billion, reflecting a foreign currency impact of 5.6%. Excluding various items, J&J would have reported adjusted earnings of $1.18 a share. J&J also raised its 2008 financial forecast. It now sees adjusted earnings per share in the range of $4.45 to $4.50 a share.
US Bancorp profit falls 18%(8:10 am ET)
NEW YORK (MarketWatch) -- U.S. Bancorp (USB: news, chart, profile) said Tuesday its second quarter net income fell about 18%, to $950 million, or 53 cents a share, compared to $1.16 billion, or 65 cents a share a year ago. Analysts surveyed by Thomson Reuters First Call expected Minneapolis-based U.S. Bancorp to post a profit of 59 cents a share.
State Street profit rises 50%(7:32 am ET)
NEW YORK (MarketWatch) -- State Street Corp. (STT: news, chart, profile) said Tuesday that it earned $548 million, or $1.35 a share in the second quarter, compared to $366 million, or $1.07 a share a year ago. Excluding 5 cents a share in charges for merger and integration costs, the company would have earned $1.40 a share in the second quarter. Analysts polled by FactSet Research had expected the company to earn $1.40 a share excluding the charges. Total revenue at the firm rose to $2.67 billion, from $1.92 billion a year ago. The company also said it now sees 2008 revenue growth above its previous 14% to 17% increase.
Update: Eaton Corp. 2nd-quarter net up 35%, sales up 32%(7:11 am ET)
TEL AVIV (MarketWatch) -- Eaton Corp., (ETN: news, chart, profile) the Cleveland industrial manufacturer, reported second-quarter net income rose 35% on 32% higher sales. Net reached $333 million, or $2.03 a share, from $246 million, or $1.64, in the year-earlier period. Adjusted earnings, excluding charges to integrate acquisitions, were $2.10 a share against $1.70. Sales reached $4.28 billion from $3.25 billion. A survey of analysts by FactSet Research produced a consensus estimate of $1.92 of profit on $4.1 billion of revenue. The "year is shaping up to be slightly weaker than our initial forecast, due principally to the impact of higher oil prices in several of our end markets," Chairman and Chief Executive Alexander M. Cutler said in a statement. So the company pared 20 cents from the midpoint of its earnings estimates for 2008. It now expects net of $7.20 to $7.50 a share and adjusted earnings of $7.70 to $8. FactSet's survey figure: $7.82. (Adds outlook.)
Polaris Industries generates 21% quarterly sales growth(6:17 am ET)
WASHINGTON (MarketWatch) -- Polaris Industries Inc. (PII: news, chart, profile) reported second-quarter net income of $24.4 million, or 72 cents a share, up from $22.7 million, or 62 cents, earned in the same period last year. The Minneapolis-based manufacturer of utility and recreational vehicles generated quarterly sales of $455.7 million, up from the prior year's $376.9 million. Analysts polled by FactSet Research had been looking for consensus second-quarter earnings of 68 cents a share. The company cited as growth catalysts its side-by-side vehicle business as well as international operations and parts and its garments and accessories business. Polaris also raises its 2008 profit target to a range of $3.40 to $3.48 a share, equating to growth of 10% to 12% over last year's earnings from continuing operations, with full-year sales growth now pegged at 9% to 11%. The FactSet-derived average profit forecast for 2008 stands at $3.41 a share.
Adtran 2nd-quarter net up 13% on 6.1% higher revenue(6:17 am ET)
TEL AVIV (MarketWatch) -- Adtran Inc., (ADTN: news, chart, profile) the Huntsville, Ala., provider of networking and communications equipment, reported late on Monday that second-quarter net income rose 13% on 6.1% higher revenue. Net reached $22.4 million, or 34 cents a share, from $19.8 million, or 28 cents, in the year-earlier period. Revenue reached $131.2 million from $123.7 million. A survey of analysts by FactSet Research was looking for 30 cents a share of profit. "Despite a slow enterprise environment and constrained spending by some carrier customers, the company continued to perform well in executing on existing business and securing new opportunities," Chief Executive Tom Stanton said in a statement.
Five airlines, Sojern to put ads on boarding passes: Journal(4:36 am ET)
TEL AVIV (MarketWatch) -- Five airlines will partner with Sojern Inc. of Omaha, Neb., to add advertising to their boarding passes, The Wall Street Journal reported. On Tuesday, passengers checking in online for Las Vegas flights of Delta Air Lines (DAL: news, chart, profile) will see coupons, weather reports and promotions on their boarding passes, the Journal reported. Continental Air, (CAL: news, chart, profile) United, (UAUA: news, chart, profile) Northwest, (NWA: news, chart, profile) and US Airways (LCC: news, chart, profile) will join the program within a year, the paper reported. The plan is airlines' latest effort to raise revenue in the wake of huge increases in fuel costs, the paper reported.
Burberry sales rise 26%(2:47 am ET)
LONDON (MarketWatch) -- U.K. fashion company Burberry Group (UK:BRBY: news, chart, profile) said Tuesday its total revenue for the three months ended June 30 rose 26% to 211 million pounds driven by broad-based growth across Europe, the Americas and Asia. Sales from the retail business rose 19% as excess stock was sold off in the sale period. In the wholesale business, revenue rose 45% reflecting earlier shipments for its Autumn/Winter 2008 merchandise. Comparable store sales rose 4.5%, with growth in most regions partially offset by continuing weakness in Spain.
First Horizon posts loss, lifts capital, names new CEO(2:42 am ET)
TEL AVIV (MarketWatch) -- First Horizon National Corp., (FHN: news, chart, profile) the Memphis financial-services holding company, swung to a second-quarter net loss from a year-earlier profit, increased its capital ratios, and named a new chief executive as part of a succession plan. The loss was $19.1 million, or 11 cents a share, compared with net income of $22.1 million, or 17 cents, in the year-earlier period. Shares outstanding rose 33% to 171.7 million. The pretax loss for the second quarter was $47.9 million, compared with a year-earlier profit of $18.1 million. Revenue -- reflecting net interest income, non-interest income, and securities gains and losses -- rose 23% to $637.9 million. The company said it issued $690 million of common equity. So its tangible common equity stands at 7% of tangible assets. The Tier I capital percentage is 10.4%. The provision for loan losses fell $20 million sequentially, to $220 million in the second quarter from $240 million in the first, and it compared with $44.4 million in the year-earlier second period. The second-quarter net interest margin widened to 3.01% from 2.81% in the first quarter and 2.79% a year earlier. Assets totaled $35.55 billion at the end of the second quarter, against $37.27 billion at the end of the first period. First Horizon also named its chief financial officer, D. Bryan Jordan, to the posts of president and chief executive. He succeeds Jerry Baker, who will serve as vice chairman until he retires at year's end. Michael D. Rose continues as chairman.
Premier Foods sales up 7% after price increases(2:32 am ET)
LONDON (MarketWatch) -- U.K. food producer Premier Foods (UK:PFD: news, chart, profile) said Tuesday that group sales in the six months ended June 28 rose 7% as it was able to recover the commodity cost inflation it has seen to date. Pro forma trading profit for the period is expected to be in line with the previous year, it added. The group said net debt at the end of June was 1.82 billion pounds, reflecting lower property proceeds than first expected and the impact of higher commodity prices, but it added it expects to continue to operate within the covenants of its banking agreements. The group said it expects its portfolio of staple food products to provide it with "a resilient base," and added its expectations for the year remain unchanged.
Cable & Wireless reiterates earnings guidance(2:23 am ET)
LONDON (MarketWatch) -- Cable & Wireless (UK:CW: news, chart, profile) said Tuesday that it's trading in line with expectations and is on track to achieve its guidance for earnings before interest, taxes, depreciation and amortization of between 702 million pounds and 725 million pounds in the year ending March 31, 2009. "Both business units have made a pleasing start to the financial year. Europe, Asia & U.S. has announced some significant customer wins demonstrating that the enterprise pure play strategy is resonating with our customers while International has taken the first steps in creating a single pan-Caribbean telecoms provider," said Chairman Richard Lapthorne.
Monday, July 14
Profit warning at Kimberly-Clark; shares slip(5:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Undercut by surging energy and distribution costs, Kimberly-Clark Corp. (KMB: news, chart, profile) late Monday warned second-quarter earnings will be below its target. The Dallas-based household products maker also cut its 2008 profit forecast. For the quarter ended June 30, Kimberly-Clark said preliminary adjusted earnings were $1.03, compared with its previous outlook for adjusted earnings between $1.08 to $1.11 a share. The company pegged full-year adjusted earnings in the range of $4.20 to $4.30 a share. It had expected between $4.45 and $4.60 a share. In late trading, Kimberly-Clark shares fell 6.5% to $55.
WaMu says it exceeds regulatory capital levels significantly(4:38 pm ET)
SAN FRANCISCO (MarketWatch) -- Washington Mutual Inc. (WM: news, chart, profile) said late Monday that it significantly exceeds all required capital levels for "well capitalized" banks. The lender also said it has more than $40 billion of "excess liquidity," which usually refers to assets that can be sold for cash quickly without affecting prices much. WaMu raised $7.2 billion in capital earlier this year and noted on Monday that its tangible equity to total tangible assets ratio was 7.8% at the end of June. The company plans to report on its capital position and liquidity in more detail, as well as steps it's taking to work through the current environment, on a July 22 earnings conference call. WaMu shares climbed 6.2% to $3.43 during after-hours trading. The stock slumped 35% during regular trading on Monday.
Canadian Solar rallies on raised revenue outlook(12:19 pm ET)
NEW YORK (MarketWatch) -- Canadian Solar Inc. (CSIQ: news, chart, profile) rallied 14% to $36.81 after it forecast second-quarter revenue of $210 to $214 million, stronger than the estimate of $188 million in a survey of analysts by FactSet. The Jiangsu, China solar panel maker said it remains on track to meet or exceed its full-year revenue forecast of $750 to $870 million, based on solar module shipments of 230-260 megawatts.
National City: no unusual depositor, creditor activity(12:13 pm ET)
SAN FRANCISCO (MarketWatch) -- National City Corp. (NCC: news, chart, profile) said on Monday that it's experiencing no unusual activity by depositors or creditors as the regional bank tried to calm investors. At the end of last week, the bank said it had more than $12 billion of excess short-term liquidity. After raising $7 billion in new capital earlier this year, National City has one of the highest Tier 1 regulatory capital ratios among large banks, the company added. National City shares fell 28% to $3.20 on Monday before being halted. Shares of Washington Mutual (WM: news, chart, profile) , another large bank, dropped 26% to $3.66.

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Wednesday, July 16
Kinder Morgan Energy raises dividend on stonger profit (5:08 pm ET)
SAN FRANCISCO (MarketWatch) -- Kinder Morgan Energy Partners L.P. (KMP: news, chart, profile) reported late Wednesday second-quarter net earnings of $362.2 million, or 65 cents a share, up from $232.7 million, or 36 cents, a year ago. Revenue for the three months ended June 30 rose to $3.5 billion from $2.37 billion. Analysts polled by FactSet had predicted the Houston-based energy pipeline limited partnership would earn 52 cents a share on $2.68 billion in sales. The company increased its quarterly cash distribution per common share to 99 cents from 96 cents in the previous quarter and 83 cents a year ago. Kinder Morgan Energy shares fell 41 cents, or 0.7%, ahead of the report to close at $55.55.
Yum Brands posts higher profit, raises 2008 target(4:47 pm ET)
SAN FRANCISCO (MarketWatch) -- Yum Brands (YUM: news, chart, profile) on Wednesday reported a second-quarter profit of $224 million, or 45 cents a share, up from $214 million, or 39 cents, a year earlier. Revenue rose to $2.65 billion from $2.37 billion a year ago. Analysts polled by FactSet Research were looking for a profit, on average, of 41 cents a share on sales of $2.55 billion. The fast-food operator also raised its earnings growth forecast for the full year to 12% from 11%.
EBay profit up as sales rise 20% (4:21 pm ET)
SAN FRANCISCO (MarketWatch) - EBay Inc. said Wednesday its fiscal second-quarter profit rose as sales grew 20%. San Jose, Calif.-based eBay (EBAY: news, chart, profile) said net income for the period ended in June rose to $460 million, or 35 cents a share, from $376 million, or 27 cents a share in the same period a year earlier. Meanwhile revenue rose to $2.2 billion. Excluding special items, eBay said earnings for the quarter were 43 cents a share. Analysts on average had estimated eBay would post earnings excluding special items of 42 cents a share, and $2.17 billion in revenue, according to FactSet Research.
CORRECT : Charles Schwab profit rises 1%(9:40 am ET)
NEW YORK (MarketWatch) -- Charles Schwab Corp. (SCHW: news, chart, profile) said Wednesday that its net income rose 1% in the second quarter, to $295 million, or 26 cents a share, compared to $292 million, or 23 cents a share a year ago. Revenue rose to $1.31 billion from $1.21 billion a year ago. "Clients brought $26 billion in net new assets to the company and total client assets ended June at $1.4 trillion, up 1% from June 2007," CEO Charles Schwab said in a press release. "Active brokerage accounts and retirement plan participants were up 5% and 13% over the year-earlier levels, and banking accounts more than doubled to 355,000. Even in a tough market environment, our business showed standout growth and profitability," Schwab added. (Corrects per share data.)
Energy stocks move lower ahead of weekly inventory data(9:34 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell into the red ahead of weekly U.S. petroleum inventory data on Wednesday, after bruising losses in the previous session. The Amex Oil Index (XOI: news, chart, profile) fell 0.7% to 1,342. The Amex Natural Gas Index (XNG: news, chart, profile) dipped 0.2% to 661. Crude oil futures subtracted 67 cents to $138.07.
AMB Property's second-quarter net income falls(9:18 am ET)
NEW YORK (MarketWatch) -- Global developer and industrial real estate company AMB Property Corp. (AMB: news, chart, profile) said Wednesday that funds from operations rose to $1.06 a share in the second quarter, compared to the year-earlier 74 cents. Net income for the period was 73 cents a share compared to $1.10. The company also said it expects to report 2008 FFO of $3.85 to $4.05 a share and earnings of $2.55 to $2.75 a share. Shares of AMB closed Tuesday at $46.48.
Preliminary Gannett 2Q EPS $1.02 vs $1.56(9:02 am ET)
NEW YORK (MarketWatch) -- Gannett Co. Inc. (GCI: news, chart, profile) said Wednesday that preliminary second-quarter earnings were $232.7 million, or $1.02 a share, compared to $365.7 million, or $1.56 a share, in the same period a year ago. Earnings from continuing operations were $1.02 compared with $1.24 per share in the second quarter of 2007. The preliminary results, however, do not include non-cash charges to be recorded in the quarter, which have not yet been finalized. The non-cash charges are expected to total in the range of $2.6 billion to $2.9 billion on a pre-tax basis and $2.4 billion to $2.7 billion on an after-tax basis. Earnings per share will be reduced in the quarter due to the charges, but they will not impact the company's operating cash flow. CEO Craig Dubow said in a statement, "The weakening economy had a dramatic impact on our results."
Trina Solar Q2 revenue ahead of target(8:54 am ET)
NEW YORK (MarketWatch) -- Trina Solar Ltd. (TSL: news, chart, profile) on Thursday said it expects to report second-quarter revenue of $200 million to $205 million, ahead of its earlier forecast. Analysts surveyed by FactSet Research forecast revenue of $174 million, on average. The Changzhou, China photovoltaic manufacturer expects to meet or beat its 2008 revenue target of $770 million to $808 million. "We are very pleased with our strong growth in the second quarter," said Trina Solar Chairman and CEO Jifan Gao said.
Northern Trust 2nd-quarter net up 4%, revenue up 24%(8:25 am ET)
TEL AVIV (MarketWatch) -- Northern Trust Corp., (NTRS: news, chart, profile) the Chicago holding company for banking and financial-services businesses, reported second-quarter rose 4% after charges for certain lease transactions. Earnings reached $215.6 million, or 96 cents a share, from $206.9 million, or 92 cents, in the year-earlier period. The charges totaled 39 cents a share. Revenue rose 24% to $1.09 billion from $882.4 million. A survey of analysts by FactSet Research produced a consensus estimate of $1.06 a share of profit. Revenue was driven by trust, investment and other service fees; foreign-exchange trading income, and net interest income, Northern Trust said. Regarding the charges, the Internal Revenue Service has proposed to disallow certain tax deductions on structured leasing transactions and assess interest and penalties, NTRS said. Northern Trust said it assessed similar cases that the IRS had won against other taxpayers and increased its tax reserves for the matter.
Piper Jaffray loss 23 cents a share in quarter(8:17 am ET)
NEW YORK (MarketWatch) -- Piper Jaffray Companies (PJC: news, chart, profile) said Wednesday that it lost 23 cents a share, or $3.6 million in the second quarter. In the same period a year ago, Piper Jaffray earned $9.3 million, or 55 cents a share. Revenue fell to $32.2 million, compared with $74.9 million in the year-ago period. Continuing operations generated net revenues of $94.9 million, down 23 percent from $122.6 million for the second quarter of 2007 and down 1% from the first quarter of 2008. "We are disappointed to report a loss in the second quarter, which was primarily driven by very challenging market conditions for IPOs and M&A transactions," said CEO Andrew Duff.
Wells Fargo boosts dividend 10%(8:14 am ET)
NEW YORK (MarketWatch) -- Wells Fargo (WFC: news, chart, profile) on Wednesday said it's raising its quarterly dividend 10%, to 34 cents a shares from 31 cents a share. Wells said this is the twenty-first consecutive year that it has raised its dividend.
First Solar inks two solar project deals with Edison Int.(8:13 am ET)
NEW YORK (MarketWatch) -- First Solar Inc. (FSLR: news, chart, profile) on Wednesday said it's launching two solar power projects with Southern California Edison, a unit of Edison International (EIX: news, chart, profile) . The Tempe, Ariz. maker of thin film solar modules will supply a 2 megawatt rooftop system, to be the largest rooftop solar power plant in California. First Solar also plans to sell electricity to Southern California Edison from a new solar power plant in Blythe, Calif. The California Public Utilities Commission OK'd a 20-year power purchase agreement for the facility, which will be the largest ground-based photovoltaic power plant in the state. "These projects represent significant steps towards the deployment of low cost, solar electric generation resources for California," said Mike Ahearn, CEO of First Solar.
Wells Fargo profit slips on provisions, but tops target(8:11 am ET)
NEW YORK (MarketWatch) -- Wells Fargo (WFC: news, chart, profile) said Wednesday its second quarter profit slipped about 23% amid rising loan loss provisions, but it posted rising revenue and raised its dividend by 10%. The company said it earned $1.75 billion, or 53 cents a share, compared to $2.28 billion, or 67 cents a share a year ago. The company had revenue of $11.46 billion compared to $9.89 billion a year ago. Analysts polled by Thomson Reuters First Call had expected the company to earn 50 cents a share on revenue of $10.65 billion. Wells, one of the largest mortgage lenders in the nation, has largely avoided many of the riskier mortgage products that crippled other competitors during the subprime mortgage mess.
Abbott Labs 2nd-quarter net up 34%, sales up 15%.(7:52 am ET)
TEL AVIV (MarketWatch) -- Abbott Laboratories, (ABT: news, chart, profile) the Abbott Park, Ill., health-care giant, reported second-quarter net income rose 34% on 15% higher sales. Earnings reached $1.32 billion, or 85 cents a share, from $988.7 million, or 63 cents, in the year-earlier period. Excluding special items, the earnings were 84 cents against 69 cents. Sales rose to $7.31 billion from $6.37 billion. A survye of analysts by FactSet Research produced consensus estimates of profit of 78 cents on sales of $7.22 billion. Foreign-currency translations lifted sales by 5.9%. Leading pharmaceutical sales in the quarter were double-digit-percent rises in Humira, which treats arthritis and psoriasis; Niaspan, for cholesterol, and Kaletra, which combines with other medications to treat HIV.
Church & Dwight expects Q2 net of 62 cents a share or better(7:39 am ET)
NEW YORK (MarketWatch) -- Church & Dwight Co. (CHD: news, chart, profile) said Wednesday it expects to meeet or beat the external target of 62 cents a share for its second-quarter earnings. The Princeton, N.J. maker of Arm & Hammer products is expected to earn 63 cents a share, according to a survey of analysts by FactSet.
Lufkin Industries posts higher second-quarter profit(7:15 am ET)
NEW YORK (MarketWatch) -- Lufkin Industries Inc. (LUFK: news, chart, profile) said Wednesday that its second-quarter net income rose to $21.2 million, or $1.42 a share, from $17.5 million, or $1.15 a share, in the year-earlier period. The Lufkin, Texas, oil holding company said sales increased to $174.5 million from $133.6 million. Lufkin raised its guidance for 2008 earnings from continuing operations to a range of $5.50 to $5.70 a share from previous expectations of $5.10 to $5.30 a share. The company expects third-quarter earnings of $1.55 to $1.65 a share from continuing operations.
Old Dominion Freight Line to top earnings estimates(7:00 am ET)
LONDON (MarketWatch) -- Old Dominion Freight Line (ODFL: news, chart, profile) said it's going to beat second-quarter earnings per share estimates due to a 10% increase in tonnage, a more stable pricing environment and improved productivity. It foresees earnings per share between 62 to 64 cents, above analyst estimates of 51 cents. It's upped its annual earnings per share view to between $1.90 and $1.95 from an earlier range of $1.85 to $1.90.
R.R. Donnelley estimates adjusted net at least 72c-share(6:43 am ET)
TEL AVIV (MarketWatch) -- R.R. Donnelley & Sons Co., (RRD: news, chart, profile) the Chicago printing-services specialist, estimated second-quarter earnings of at least 67 cents a share and adjusted profit of at least 72 cents, while revenue comes in around $2.9 billion. A survey of analysts by FactSet Research produced a consensus estimate of 72 cents of profit on $2.99 billion of revenue for the period. The company affirmed that for 2008, its continuing operations should produce earnings of $3.08 to $3.15. FactSet's survey is looking for $3.13. President and Chief Executive Thomas J. Quinlan III said in a statement that Donnelley is pleased with the estimated results given "challenging global economic conditions."
Update: Mercantile Bank of Michigan posts loss, cuts payout(6:30 am ET)
TEL AVIV (MarketWatch) -- Mercantile Bank Corp., (MBWM: news, chart, profile) the Grand Rapids, Mich., bank-holding company, swung to a second-quarter loss from a year-earlier profit and halved its quarterly dividend. The loss was $2.6 million, or 31 cents a share, compared with net income of $2.2 million, or 26 cents, in the year-earlier period. The net interest margin -- the difference between what a bank takes in on loans and pays out on deposits --has narrowed, and provisions for possible losses on bad loans and leases have increased, the bank said in a statement on Wednesday. Also hurting results: write-downs on foreclosed properties to reflect their lower estimated values. The company declared a dividend of 4 cents a share, payable Sept. 10 to holders of record Aug. 8. (Adds company comment on results.)
Valley National's quarterly net profit up nearly 5%(6:23 am ET)
WASHINGTON (MarketWatch) -- Valley National Bancorp (VLY: news, chart, profile) reported second-quarter net income of $41.5 million, or 33 cents a share, up from $39.7 million, or 31 cents, earned in the same period during 2007. Net interest income and total loans both grew during the latest quarter, while delinquencies on home-equity loans and residential mortgages remained below banking industry averages, the Wayne, N.J.-based company said. Analysts' consensus forecast had been for Valley National to earn 26 cents a share for the June quarter. Valley National also said that its capital ratios at the end of June were all above "well-capitalized" regulatory requirements and that it anticipates no change in the payment of quarterly cash dividends on common stock for the rest of 2008.
B/E Aerospace expects to top 2nd quarter earnings consensus(6:24 am ET)
LONDON (MarketWatch) -- B/E Aerospace (BEAV: news, chart, profile) on Wednesday said it expects second-quarter earnings "in excess of consensus estimates" when it reports results on July 29. Consensus expectations are for second-quarter earnings of 57 cents a share, according to a FactSet survey of 11 analysts. The Wellington, Fla.-based aircraft parts manufacturer and distributor also announced that it has received regulatory approval for its acquisition of Honeywell's (HON: news, chart, profile) consumables solutions distribution business and that it expects to close the transaction before the end of the third quarter.
Knight Capital net rises 21%, lags forecast(6:13 am ET)
LONDON (MarketWatch) -- Knight Capital (NITE: news, chart, profile) said second-quarter net income rose 21% to $29.4 million, or 32 cents a share, with revenue up 9% to $219.1 million. Analysts polled by FactSet Research expected the Jersey City, N.J. brokerage firm and 51% owner in Deephaven Holdings to earn 34 cents a share.
Autogrill forecasts 2008 earnings to miss forecasts(5:54 am ET)
LONDON (MarketWatch) -- Autogrill (IT:AGL: news, chart, profile) , the Italian owner of roadside restaurants and duty-free shops, estimated earnings before interest, tax, depreciation and amortization of 600 million euros ($954 million) on sales of 5.78 billion euros as part of a plan from 2008 to 2010. By 2010, it expects revenue of 6.6 billion euros and adjusted earnings of 740 million euros. Analysts polled by FactSet Research expected this year's sales of 5.78 billion euros and an EBITDA of 632 million euros, and an EBITDA of 737 million euros on sales of 6.68 billion euros by 2010.
BancFirst 2nd-quarter net up 2.5% after gains(5:26 am ET)
TEL AVIV (MarketWatch) -- BancFirst Corp., (BANF: news, chart, profile) the Oklahoma City holding company for BancFirst, reported second-quarter net income rose 2.5%. Earnings reached $13.7 million, or 89 cents a share, from $13.4 million, or 83 cents, in the year-earlier period. Shares outstanding fell 3.2% to 15.2 million. The latest quarter's results at the $3.8-billion-asset firm reflect gains of $774,000 on sale of an asset and $3.8 million on sales of securities. BancFirst set aside $3.5 million in the quarter for possible losses on bad loans, compared with $132,000 a year earlier. Net interest income -- the difference between what a bank takes in on loans and pays out on deposits -- fell 7% to $34.8 million. Loans not earning interest were 0.42% of total assets, down from 0.46% a year earlier.
Peace Arch swings to 3rd-quarter loss; revenue up 26%(3:31 am ET)
TEL AVIV (MarketWatch) -- Peace Arch Entertainment Group Inc., (PAE: news, chart, profile) (CA:PAE: news, chart, profile) the Toronto film, TV and home-entertainment distributor, swung to a fiscal third-quarter loss from a year-earlier profit on 26% higher revenue. For the quarter ended May 31, the loss was C$6.6 million, or C$0.14 a share, compared with net income of C$1.1 million, or C$0.03, in the year-earlier period. Revenue reached C$23.5 million from $18.8 million. The loss reflects a C$2.5 million write-down of a film investment, C$2.2 million of bad-debt expense, and C$900,000 for print and advertising expense, the company said late on Tuesday. Peace Arch is making a transition to distribution from production. And on July 7, it said it named Gerry Noble chief executive. Noble, formerly president and CEO of Torstar Corp.'s (TORSF: news, chart, profile) (CA:TS.B: news, chart, profile) Transit TV Network, succeeded Jeff Sagansky, who'd been interim CEO and remains a co-chairman.
Icap revenue grows 15%, driven by market volatility(2:29 am ET)
LONDON (MarketWatch) -- U.K. interdealer broker Icap (UK:IAP: news, chart, profile) said Wednesday that group revenue grew 15% in the quarter ended June 30, helped by above average volatility in many financial markets. The company said the increase in electronic broking revenue was particularly strong, especially in foreign exchange. The group said in the medium term it expects its markets to continue to display strong structural growth, with underlying revenue growth across the industry of at least 10% a year. Icap added it expects adjusted pretax profit for the year ending March 31, 2009 to be broadly in line with the market consensus of 375 million pounds ($747 million).
Richemont 2nd-quarter sales rose 13%; Japan challenging(2:26 am ET)
TEL AVIV (MarketWatch) -- Richemont, (CFRUF: news, chart, profile) (CH:001273145: news, chart, profile) the Geneva luxury-goods parent of Cartier, Van Cleef & Arpels, Montblanc and Alfred Dunhill, reported second-quarter sales rose 13%. Sales reached 1.43 billion euros ($2.27 billion) from 1.27 billion in the year-earlier period. Sales rose 20% at constant currencies, the company said in a statement on Wednesday. Cartier and Van Cleef & Arpels "reported very strong growth," including double-digit increases in constant-currency sales in all regions except Japan, where sales rose in the mid-single-digits percent. Geographically, Europe sales rose 17% at actual rates, with "very strong sales growth in the Middle East and other developing markets." In Japan, market conditions are "challenging," and sales in yen terms fell 7%. The Wednesday report did not include any information on operations of British American Tobacco, (BTI: news, chart, profile) (UK:BATS: news, chart, profile) of which the company holds 19.4%.
Wolseley scraps dividend, warns markets will deteriorate(2:23 am ET)
LONDON (MarketWatch) -- U.K. construction materials group Wolseley (UK:WOS: news, chart, profile) said Wednesday that its profit before tax and impairment charges fell 35% in the 11 months to June 30 as it also said it won't pay a final dividend for the year and forecast markets will get worse. The firm said trading conditions in most of its markets have deteriorated since its last update in May and it will focus on cutting costs and raising cash flow to ensure it remains within its borrowing covenants. Overall, revenue was down 1% for the group. The worst performing region was the U.S., where revenue fell 8% and trading profit dropped 46%.
Imperial Capital Bancorp 2nd-quarter net off 61%(1:52 am ET)
TEL AVIV (MarketWatch) -- Imperial Capital Bancorp Inc., (IMP: news, chart, profile) the La Jolla, Calif., $4.1-billion-asset bank-holding company, reported second-quarter net income fell 61% as it increased its provision for possible losses on bad loans. Net was $2.4 million, or 43 cents a share, compared with $6 million, or $1.08, in the year-earlier period. The company set aside $6.3 million to cover possible bad loans against $500,000 a year earlier. Net interest income -- the difference between what a bank takes on loans and pays out on deposits -- rose 14% before the provision, to $24.8 million, and fell 13% after the provision, to $18.5 million. The holding parent's capital levels at June 30 exceeded the amount required to classify the company as well-capitalized, Imperial said.
Tuesday, July 15
CSX Corp. profit up on strong coal, grain and ethanol demand(5:09 pm ET)
SAN FRANCISCO (MarketWatch) -- CSX Corp. (CSX: news, chart, profile) , one of the biggest U.S. railroads, reported on Tuesday a second-quarter profit of $365 million, or 93 cents a share, up from $324 million, or 71 cents a share, a year ago. The Jacksonville, Fla.-based company said the improvement was due in part to strong demand for export coal, grain and ethanol. Excluding income tax benefits in the most recent quarter, earnings would have come in at 89 cents a share. Revenue rose 15% to $2.9 billion. Analysts polled by FactSet Research were looking for a profit, on average, of 90 cents a share on sales of $2.85 billion. CSX reiterated that it is targeting the upper end of its 2008 profit range of $3.40 to $3.60 a share. Wall Street previously forecast $3.58 a share for the full year.

[3xBuBu]

Thursday, July 17
MBIA will probably go into 'run-off,' Merrill's Thain says(5:48 pm ET)
SAN FRANCISCO (MarketWatch) -- MBIA Inc. (MBI: news, chart, profile) will probably go into "run-off," John Thain, chief executive of Merrill Lynch (MER: news, chart, profile) said during a conference call with analysts late Thursday. It's "very unlikely that they will actually default, because it's not in their interest to do that," Thain explained. "I think they will simply go into a run-off mode and keep making their payments and live for years and years and years." Merrill bought guarantees from MBIA and other bond insurers to hedge some of the firm's exposure to mortgage-related securities. Run-off is when an insurer stops selling new policies and slowly pays off all existing claims.
IBM earnings rise more than 22% (4:41 pm ET)
SAN FRANCISCO (MarketWatch) -- IBM Corp. (IBM: news, chart, profile) on Thursday reported a second-quarter profit of $2.77 billion, or $1.98 a share, up from $2.26 billion, or $1.55 a share in the same period a year ago. Revenue rose almost 13% to $26.82 billion from last year's sales of $23.8 billion. Analysts surveyed by FactSet Research had forecast IBM to earn $1.81 a share on $25.9 billion in sales. Among its business areas, IBM said software sales rose 17% from a year ago, while global services remained IBM's biggest revenue generator with sales of $15.2 billion, and the company signed new services deals worth $14.7 billion. IBM Chief Executive Sam Palmisano said in a statement that the company was raising its 2008 earnings estimate of $8.75 a share, from $8.50 a share, and stuck by IBM's long-term forecast of a profit of $10 to $11 a share for its 2010 fiscal year.
Zions Bancorp profit falls 55% on bad loans, securities(4:37 pm ET)
SAN FRANCISCO (MarketWatch) -- Zions Bancorp (ZION: news, chart, profile) said late Thursday its net income for the second quarter fell to $72.2 million, or 65 cents a share, from $159.2 million, or $1.43 a share, a year-ago. Analysts polled by FactSet had been expecting the Salt Lake City-based banking company to earn 78 cents a share. Net interest income climbed 3% to $484.7 million, while fee income sank 49% to $72.3 million on writedowns of securities and derivatives. An increase in nonperforming assets, up 61% to $697.4 million, squeezed lending margins by 5 basis points to 4.1%. A basis point is 1/100th of a percentage point. Ahead of the report, shares jumped 17% to $27.51.
Microsoft earnings climb as revenue jumps 18%(4:30 pm ET)
LOS ANGELES (MarketWatch) -- Microsoft Corp. said Thursday afternoon that revenue grew 18% for its fourth fiscal quarter ended June 30. For the period, the software giant (MSFT: news, chart, profile) reported earnings of $4.3 billion, or 46 cents a share, compared to earnings of $3 billion, or 31 cents a share, for the same period last year. Revenue grew to $15.8 billion from $13.4 billion. Analysts were expecting earnings of 47 cents a share on revenue of $15.64 billion, according to Factset Research.
Capital One income falls 40% on drop in U.S. card income(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- Capital One Financial Corp. (COF: news, chart, profile) said late Thursday it earned $452.9 million, or $1.21 a share, in the second quarter, down from $750.4 million, or $1.89 a share, in the same period last year. The McLean, Va. credit-card company said earnings excluding a loss from the August closure of GreenPoint mortgage would have been $1.24 a share. Analysts polled by FactSet had expected $1.32 a share. Capital One said deposits rose 5.4% to $92.4 billion by the end of June from the first quarter. It added $37.6 million to its second-quarter provision expenses. The managed charge-off rate for its national lending division increased 0.33 of a point to 5.67% from the first quarter. Shares rose 14.8% to $42.80 ahead of the report.
Merrill sells Bloomberg stake for $4.425 billion(4:23 pm ET)
SAN FRANCISCO (MarketWatch) -- Merrill Lynch & Co. (MER: news, chart, profile) said late Thursday that it agreed to sell its 20% stake in Bloomberg LP for $4.425 billion. The firm also plans to sell a controling interest in its Financial Data Services unit, which has an enterprise value of more than $3.5 billion. The firm is lending money to Bloomberg to help the media company buy its 20% stake. Merrill also plans to lend money to the buyer of Financial Data Services.
Merrill reports quarterly net loss of $4.65 billion(4:21 pm ET)
SAN FRANCISCO (MarketWatch) - Merrill Lynch & Co. (MER: news, chart, profile) reported a $4.65 billion second-quarter net loss late Thursday as the brokerage firm continued to be hit by write-downs on large mortgage-related exposures. Merrill said it lost $4.65 billion, or $4.97 a share, during the second quarter, compared to net income of $2.14 billion, or $2.24 a share, in the same period a year earlier. Excluding discontinued operations, the net loss was $4.6 billion, or $4.95 a share, Merrill said. The firm was expected to lose $1.91 a share, according to the average estimate of 17 analysts surveyed by Thomson Reuters. Forecasts ranged from a loss of 70 cents a share to a loss of $4.21 a share.
Leggett & Platt profit falls 23%(4:21 pm ET)
SAN FRANCISCO (MarketWatch) -- Leggett & Platt Inc. (LEG: news, chart, profile) reported late Thursday second-quarter net income of $46.3 million, or 27 cents a share, down from $60 million, or 33 cents, a year ago. The results included earnings from discontinued operations that added 2 cents a share to the bottom line. Revenue for the quarter ended June 30 slipped to $1.06 billion from $1.07 billion. Analysts polled by FactSet Research predicted the engineed parts maker would post per-share earnings of 25 cents on $1.06 billion in revenue. The company left its 2008 per-share earnings forecast unchanged at $1.00 to $1.30, higher than analysts' 99-cent estimate. Leggett & Platt shares closed at $17.06 ahead of the report, a 6.3% gain for the day.
Google posts profit gain, but falls short of estimates(4:09 pm ET)
SAN FRANCISCO (MarketWatch) - Google Inc. said Thursday its fiscal second-quarter profit rose, though it fell short of analysts' estimates. Mountain View, Calif.-based Google (GOOG: news, chart, profile) said net income for the period ended in June rose to $1.25 billion, or $3.92 a share, from $925.1 million, or $2.93 a share in the same period a year earlier. Meanwhile net revenue rose to $3.9 billion. Excluding special items, Google said earnings for the period were $4.63 a share. Analysts on average had estimated Google would post earnings excluding special items of $4.74 a share, and $3.87 billion in net revenue, according to Thomson Reuters.
Stryker profits up; beat estimates by a penny(4:08 pm ET)
LOS ANGELES (MarketWatch) - Stryker Corp. (SYK: news, chart, profile) said Thursday that second-quarter net earnings were $305.8 million, or 73 cents a share, vs. $240.1 million, or 65 cents a share reported a year ago. Sales for the Kalamazoo, Mich.-based medical products maker were $1.71 billion vs. last year's $1.46 billion. Analysts polled by FactSet Research had expected the company to post earnings of 72 cents a share on sales of $1.68 million. Stryker shares ended the day down marginally to $68.41.
Energy stocks mixed as oil trades below $135 a barrel(9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks traded mixed in early action as oil traded below $135 a barrel. The Amex Oil Index (XOI: news, chart, profile) rose fractionally at 1,324. The Amex Natural Gas Index (XNG: news, chart, profile) fell 1% to 642. Oil futures fell 30 cents to $134.30 on the NYMEX.
Genuine Parts' second-quarter profit rises 2%(9:23 am ET)
NEW YORK (MarketWatch) -- Genuine Parts Co. (GPC: news, chart, profile) said Thursday that its second-quarter net income rose to $133.1 million, or 81 cents a share, from $130.1 million, or 76 cents a share, in the year-earlier period. On average, analysts polled by FactSet Research expected earnings of 79 cents a share. The Atlanta distributor of automobile replacement parts said sales rose to $2.87 billion from $2.77 billion a year ago.
Sherwin-Williams earns $1.45 a share in second quarter(9:18 am ET)
NEW YORK (MarketWatch) -- The Sherwin-Williams Co. (SHW: news, chart, profile) said Thursday that second-quarter earnings were $172 million, or $1.45 a share, compared to $203 million, or $1.52 a share, in the same period a year ago. Sales were $2.23 billion versus $2.20 billion in the year-ago period. CEO Christopher Connor said in a statement that, "For the full year 2008, we are reaffirming our June 3, 2008 guidance that we anticipate consolidated net sales will be slightly lower than 2007. We are also reaffirming our June 3, 2008 guidance that we expect diluted net income per common share for full year 2008 will be in the range of $3.60 to $4.10 per share compared to $4.70 per share earned in 2007."
Safeway's second-quarter profit rises(9:17 am ET)
NEW YORK (MarketWatch) -- Safeway Inc. (SWY: news, chart, profile) said Thursday that its second-quarter net income rose to $234.3 million, or 53 cents a share, from $218.2 million, or 49 cents a share, in the year-earlier period. The Pleasanton, Calif., food and drug retailer said revenue rose 3% to $10.1 billion from $9.82 billion, due in part to higher fuel sales. Analysts polled by FactSet Research, on average, had projected earnings of 52 cents a share. Safeway's quarterly same-store sales rose 1.0% and identical-store sales, or sales excluding remodeled and relocated stores, rose 0.9%. Excluding fuel sales, same-store sales fell 0.2%, and identical-store sales fell 0.3%. Safeway backed its 2008 earnings projection of $2.25 to $2.35 a share, but cut its guidance for identical-store sales growth, excluding fuel, to a range of 1.0% to 2.0% from a range of 2.0% to 2.3%.
Nucor second-quarter profit rises to $1.94 per share(9:11 am ET)
NEW YORK (MarketWatch) -- Nucor Corp. (NUE: news, chart, profile) said Thursday its second-quarter profit totaled $581 million, or $1.94 per share, up from $345 million, or $1.14 per share, in the same quarter a year before. Analysts had expected $1.78 per share, according to the average in a FactSet Research survey. Sales for the recent quarter topped $7.09 billion, compared with the year-earlier's $4.17 billion. Nucor said it expects third-quarter earnings to come in at $1.80 to $1.85 a share.
J.P. Morgan will not boost dividend until things improve (9:06 am ET)
NEW YORK (MarketWatch) -- J.P. Morgan Chase (JPM: news, chart, profile) CEO Jamie Dimon said on a conference call with analysts Thursday that the bank will not raise its dividend until the economy and financial markets improve. Dimon was asked on the call if he had plans to raise the dividend, like West Coast rival Wells Fargo did on Wednesday. "We applaud our friends at Wells Fargo but we don't have quite that much guts going forward. We're not going to increase the dividend until we see clear daylight," Dimon said.
Reliance Steel's second-quarter profit rises(8:58 am ET)
NEW YORK (MarketWatch) -- Reliance Steel & Aluminum Co. (RS: news, chart, profile) said Thursday that its second-quarter net income rose to $156.6 million, or $2.12 a share, from $122.8 million, or $1.59 a share, in the year-earlier period. Analysts polled by FactSet Research, on average, projected earnings of $2.04 a share. The Los Angeles-based metals-services company said quarterly revenue increased to $2.10 billion from $1.90 billion a year earlier. Reliance expects third-quarter earnings of $1.80 to $1.90 a share.
Home equity improving, prime mortgage "terrible": Morgan(8:55 am ET)
NEW YORK (MarketWatch) -- J.P. Morgan Chase (JPM: news, chart, profile) CEO Jamie Dimon said on a Thursday conference call with analysts that the firm is seeing some improvement in the credit quality of its home equity loan portfolio, but cautioned that as defaults grow in Florida and California, its losses on its prime mortgage portfolio "could triple" in the next year. On the same call, Morgan's CFO, Mike Cavanaugh, told listeners that home equity losses were coming in at about $700 million, rather than an expected $900 million. "A lot of people could argue there's some seasonality in that. It's a little Ray of sunshine which it's okay to grab onto for now," Dimon said. However, Dimon quickly dampened the enthusiasm that sparked among listeners, as he said that losses on prime mortgages could triple, as homeowners increasingly default on loans in California and Florida. "Prime looks terrible," Dimon said.
Home equity improving, prime mortgage "terrible": Morgan(8:55 am ET)
NEW YORK (MarketWatch) -- J.P. Morgan Chase (JPM: news, chart, profile) CEO Jamie Dimon said on a Thursday conference call with analysts that the firm is seeing some improvement in the credit quality of its home equity loan portfolio, but cautioned that as defaults grow in Florida and California, its losses on its prime mortgage portfolio "could triple" in the next year. On the same call, Morgan's CFO, Mike Cavanaugh, told listeners that home equity losses were coming in at about $700 million, rather than an expected $900 million. "A lot of people could argue there's some seasonality in that. It's a little Ray of sunshine which it's okay to grab onto for now," Dimon said. However, Dimon quickly dampened the enthusiasm that sparked among listeners, as he said that losses on prime mortgages could triple, as homeowners increasingly default on loans in California and Florida. "Prime looks terrible," Dimon said.
Sonoco earns 57 cents a share in second quarter(8:26 am ET)
NEW YORK (MarketWatch) -- Sonoco (SON: news, chart, profile) said Thursday that second-quarter earnings were $58 million, or 57 cents a share, compared to $42 million, or 41 cents a share, in the same period a year ago. Sales were $1.01 billion, compared to $994 million a year ago. Base earnings for the second quarter of 2008 were 62 cents a share, up 11%, compared with 56 cents, a year ago. Base earnings excluded a charge of 5 cents a share stemming from previously announced plant closings, while 2007 second-quarter base earnings excluded a charge of 12 a share related an environmental claim and 3 cents for other restructuring charges. The company expects full-year 2008 base earnings a share to be in the range of $2.44 to $2.47, unchanged from previously announced guidance.
PPG profits steady, revenue jumps 42%(8:20 am ET)
LONDON (MarketWatch) -- Paints and chemicals supplier PPG Industries (PPG: news, chart, profile) said Thursday that its second-quarter net profit edged slightly higher to $250 million, or $1.51 a share, from $249 million, or $1.50 a share. Sales for the quarter rose 42% to $4.5 billion driven by acquisitions, emerging markets growth and price increases. Excluding results from a division being sold and one-time items, earnings for the quarter were $1.62 a share. Analysts polled by FactSet had expected earnings of $1.52 a share on sales of $4.19 billion. The group said it's implementing price increases to offset further inflationary pressures and expects its growth to be sustained.
Amphenol posts higher profit, raises full-year forecast(8:19 am ET)
NEW YORK (MarketWatch) -- Amphenol Corp. (APH: news, chart, profile) said Thursday that its second-quarter net income rose to $110 million, or 61 cents a share, from $84 million, or 46 cents a share, in the year-earlier period. A FactSet Research survey of analysts, on average, had predicted earnings of 58 cents a share. The Wallingford, Conn., maker of fiber-optic and electronic connectors, cables and interconnect systems said sales for the three months rose to $846.8 million from $688.8 million. The company said it expects 2008 earnings of $2.34 to $2.38 a share and third-quarter earnings of 59 to 61 cents a share.
SunPower Corp. swings to a gain, raises outlook(8:17 am ET)
NEW YORK (MarketWatch) -- SunPower Corp. (SPWR: news, chart, profile) on Thursday said second-quarter net income for the three months ended June 29 rose to $28.6 million, or 34 cents a share, from a loss of $5.35 million, or 7 cents a share in the year-ago period. Non-GAAP net income for the second-quarter totaled 61 cents a share. Revenue at the San Jose, Calif.-based maker of solar power modules jumped 120% to $382.8 million. Analysts surveyed by FactSet forecast earnings of 42 cents a share and revenue of $345.5 million, on average. "The overall global business environment remains very favorable as we continue to execute on our long-term strategy focused on brand, technology, cost and people," SunPower said. "We are well- positioned for success entering the second half of the year." SunPower expects third-quarter non-GAAP earnings of 53-57 cents a share and fourth-quarter non-GAAP earnings of 73-80 cents, well ahead of the current Wall Street targets of 49 cents and 62 cents respectively.
Cypress posts second-quarter profit of 14 cents per share(8:13 am ET)
NEW YORK (MarketWatch) -- Cypress Semiconductor Corp. (CY: news, chart, profile) said Thursday its second-quarter profit totaled $23 million, or 14 cents per share, down from $363 million or $2.29 a share in the same quarter a year before, but higher than its loss of 11 cents per share in the March-May quarter of this year. Analysts polled by FactSet Research expected earnings of 5 cents a share in the quarter. Revenue for the period totalled $592 million, up from $373 million in the year-earlier period. Cypress's President and Chief Executive T.J. Rodgers said: "While we remain cautious about the macro-economic environment for the second half of 2008, we anticipate strong sequential growth in our semiconductor business."
MGIC Investment Corp. swings to a loss(8:04 am ET)
NEW YORK (MarketWatch) -- MGIC Investment Corp. (MTG: news, chart, profile) on Thursday said it swung to a second-quarter loss of $97.9 million, or 79 cents a share, from net income of $76.7 million, or 93 cents a share in the year-ago period. Revenue rose 15% to $424.5 million. The Milwaukee-based mortgage insurance specialist was expected to lose 73 cents a share on revenue of $430 million, according to a survey by FactSet. MGIC said delinquencies and foreclosures remain at elevated levels resulting from lower home values and a softening economy. The factors continue to impact the company's financial results. During the quarter, the company announced additional underwriting changes, increased premiums on all insurance products, amended a revolving credit facility, and entered into a reinsurance agreement for new writings.
Coca-Cola Enterprises reports $6.52-a-share loss(7:53 am ET)
NEW YORK (MarketWatch) -- Coca-Cola Enterprises (CCE: news, chart, profile) on Thursday reported a loss of $3.17 billion, or $6.52 a share, in the second quarter. In the same period a year ago the company earned $270 million, or 56 cents a share. Adjusted earnings were 56 cents a share compared with 58 cents a year ago. The second-quarter loss included a non-cash pre-tax impairment charge of $5.3 billion, or $7.06 a share after tax and restructuring charges of 2 cents a share. The company now expects full-year 2008 earnings in a range of $1.40 to $1.45 a share.
Media General sees second-quarter loss of 1 cent per share(7:48 am ET)
NEW YORK (MarketWatch) -- Media General, Inc. (MEG: news, chart, profile) reported Thursday a preliminary second-quarter loss of about $129,000, or 1 cent a share, compared to a profit of $5.1 million, or 22 cents per share, in the same quarter a year before. Income from continuing operations saw a 6-cent loss per share, while analysts polled by FactSet research expected a 6-cent-a-share profit. Revenue for the recent quarter was $205 million, down from $228 million in the year-ago period.
International Game Technology's quarterly profit falls(7:46 am ET)
NEW YORK (MarketWatch) -- International Game Technology (IGT: news, chart, profile) said Thursday that its third-quarter net income fell to $108.3 million, or 35 cents a share, from $136.4 million, or 41 cents a share, in the year-ago period. The Reno, Nev., slot-machine designer said revenue fell to $677.4 million from $706.5 million. Analysts polled by FactSet Research, on average, expected earnings of 37 cents a share. Shares of International Game closed Wednesday at $24.66.
TD Ameritrade net climbs 29%, powers past estimates(7:43 am ET)
NEW YORK (MarketWatch) -- TD Ameritrade (AMTD: news, chart, profile) on Thursday said second-quarter net income rose to $204.4 million, or 34 cents a share, from $158.7 million, or 26 cents a share in the year-ago period. The Omaha, Neb. financial services and brokerage firm said revenue climbed to $623.6 million from $541.8 million. Analysts surveyed by FactSet forecast earnings of 32 cents a share and revenue of $609 million, on average. Ameritrade said the period ranked as the second-best quarter in its 33-year history. "The company continues to deliver strong earnings growth, despite prolonged challenges in the nation's economy and the financial services industry," Ameritrade said. Ameritrade now expects 2008 earnings of about $1.34 a share, up 2 cents a share from its earlier view.
Fairchild Semi Q2 profit 5 cents per share vs 3 cents(7:41 am ET)
NEW YORK (MarketWatch) -- Fairchild Semiconductor (FCS: news, chart, profile) said Thursday its second-quarter profit totaled $6.9 million, or 5 cents per share, from $3.4 million, or 3 cents per share, in the same quarter a year before. Analysts had expected on average earnings of 17 cents a share, according to a FactSet Research poll, with those expectations matching Fairchild's adjusted net income for the quarter. Revenue for the recent quarter was $419 million, up from $409 million in the year-ago period. The company said it expects third-quarter revenue to grow by 2% to 5%.

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Friday, July 18
CORRECT: SemGroup Energy down 18% (12:40 pm ET)
NEW YORK (MarketWatch) -- SemGroup Energy Partners (SGLP: news, chart, profile) shares fell 18% to $9.04 on Friday. Late Thursday, the master limited partnership said its privately held corporate parent SemGroup LP s considering filing for Chapter 11 bankruptcy protection because of liquidity issues. The Tulsa, Okla. owner of petroleum transportation assets said its corporate parent is exploring various alternatives, including raising additional equity, debt capital or the filing of a voluntary petition for reorganization. (An earlier version of this story incorrectly stated the entity considering bankruptcy. SemGroup L.P. is considering bankrupty, not SemGroup Energy Partners L.P.)
Chesapeake Energy CEO buys $43 mln in stock(10:25 am ET)
NEW YORK (MarketWatch) -- Chesapeake Energy (CHK: news, chart, profile) Chairman and CEO Aubrey McClendon purchased 750,000 shares of his company at a price of $57.25 a share on July 15, according to a filing with the Securities and Exchange Commission. The market value of the purchased shares was about $43 million. He now owns 33.45 million shares, with a market value of about $1.9 billion.
Ethanol shares rise on UBS upgrade to buy(10:14 am ET)
NEW YORK (MarketWatch) -- UBS on Friday upgraded the beaten-down ethanol sector to a buy, saying margins are improving in the business of turning corn into ethanol for cars. Aventine Renewables (AVR: news, chart, profile) rose 7% to $6. VeraSun (VSE: news, chart, profile) rose 14% to $5.75. Pacific Ethanol (PEIX: news, chart, profile) rose 14% to $2.16.
Schlumberger rises as energy stocks regain footing(9:39 am ET)
NEW YORK (MarketWatch) -- Schlumberger (SLB: news, chart, profile) jumped 5% to $101.88 in early action on Friday after beating Wall Street's earnings target, as energy stocks moved up. The Amex Oil Index (XOI: news, chart, profile) rose 0.8% to 1,322. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1.4% to 632. Petrobras (PBR: news, chart, profile) union members repeated their threat for a national strike, after ending a five-day labor action as planned, according to reports on Friday. Shares of the state-run oil giant fell 0.8% to $57.55.
Ciena forecasts third-quarter loss related to investments(9:12 am ET)
NEW YORK (MarketWatch) -- Ciena Corp. (CIEN: news, chart, profile) said Friday that it expects to recognize a third-quarter loss of about $5 million to $6 million related to commercial paper investments in structured investment vehicles Rhinebridge LLC and SIV Portfolio plc. The Linthicum, Md.-based telecommunications-equipment maker said the anticipated loss will not affect its third-quarter income from operations. The company said it still believes its SIV-related exposure is limited to these two investments. Shares of Ciena closed Thursday at $21.56.
Constellation: Profit to 'significantly exceed' estimates(9:10 am ET)
NEW YORK (MarketWatch) -- Constellation Energy (CEG: news, chart, profile) said Friday its preliminary estimate for second-quarter adjusted earnings "is expected to significantly exceed the First Call earnings estimate consensus" of 91 cents per share. Chairman and Chief Executive Mayo Shattuck said the company's "exceptional performance was driven by strong execution at each of our operating divisions, with particularly strong performance at our Global Commodities Group." Constellation is slated to report quarterly earnings on July 31.
Citigroup cuts 6,000 staff in second quarter(9:06 am ET)
NEW YORK (MarketWatch) -- Citigroup (C: news, chart, profile) said Friday it reduced headcount by about 6,000 in the second quarter and about 11,000 in the first half of 2008. The bank Citigroup, the largest U.S. bank by assets, reported Friday a $7.2 billion write-down and a $2.5 billion loss in the second quarter. But the loss and write-downs were less than expected and Citi shares rose 8% in pre-open trade.
LaBranche reports 34 cents-a-share 2Q loss(8:19 am ET)
NEW YORK (MarketWatch) -- LaBranche & Co. (LAB: news, chart, profile) said Friday that its second-quarter loss was $21.3 million, or 34 cents a share. In the same period a year ago LaBranche lost $368.9 million, or $6.00 a share. On a pro-forma basis, the company reported net income for the second quarter of 2008 of $1.7 million, or 3 cents a share, compared to pro-forma net income of $6.6 million, or 11 cents a share, for the second quarter of 2007. Revenue was $37.1 million, compared to $90.8 million. On average, FactSet analysts expected operating earnings of 4 cents for the period.
Wilmington Trust posts quarterly loss of 29 cents per share(8:17 am ET)
NEW YORK (MarketWatch) -- Wilmington Trust Corp. (WL: news, chart, profile) said Friday its second-quarter loss totaled $19.5 million, or 29 per share, swinging from a profit in the year-ago quarter of $48.9 million, or 70 cents per share. It said second-quarter loan-loss provisions totaled $18.5 million, compared to $6.5 million a year ago, while its net interest income fell to $85.2 million from $92.8 million over the same period. Wilmington Trust blamed the quarterly loss on business conditions at affiliate money manager Roxbury Capital Management and a decline in the carrying value of preferred stocks in Wilmington Trust's investment securities portfolio. Assuming the FOMC makes no additional downward moves, management expects the pace of compression in the margin to slow substantially in the third quarter and stabilize in the fourth quarter.
Sony Ericsson's second quarter profit plummets(8:09 am ET)
LONDON (MarketWatch) -- Sony Ericsson, the phone-making joint venture of Sony Corp. (SNE: news, chart, profile) and Ericsson AB (SE:ERICB: news, chart, profile) (ERIC: news, chart, profile) on Friday said second-quarter net profit fell to 6 million euros from 220 million euros earned in the year-earlier quarter. Sales declined 9% to 2.82 billion euros as shipments slipped to 24.4 million units from 24.9 million units in the year-ago period. The average selling price of a Sony Ericsson phone fell to 116 euros from 121 euros in the first quarter. The company said it expects "challenging market conditions" to prevail for at least the rest of 2008 and in particular for the third quarter.
Amcol International sales up 28.2% in second quarter(7:11 am ET)
NEW YORK (MarketWatch) -- Amcol International Corp. second-quarter earnings were $26.5 million, or 86 cents a share, compared to $25.8 million, or 83 cents a share, a year ago. Income from continuing operations was $17.9 million, or 58 cents a share, compared to $15.3 million, or 49 cents a share, in the same period a year ago. Net sales from continuing operations rose 28.2% to $233.8 million for the quarter ended June 30, compared with $182.5 million for the 2007 period. Acquisitions and favorable foreign currency translation represented approximately $8.7 million and $5.4 million, respectively, of the second-quarter sales growth. "We had strong revenue growth across all of our reporting segments this quarter," said CEO Larry Washow, "Operating profit grew as well, particularly in Oilfield Services and Environmental. However, it was another quarter where we saw significant energy price increases impacting our margins."
Citigroup swings to loss after $7.2 bln writedown (6:41 am ET)
NEW YORK (MarketWatch) - Citigroup, the nation's largest bank by assets, said on Friday that it lost money for the third consecutive quarter after writing down $7.2 billion of investments. The company said it lost $2.5 billion, or 54 cents a share, compared to a profit of $6.23 billion, or $1.24 a share. On a continuing operations basis, the firm lost $2.22 billion, or 49 cents a share, compared to $6.14 billion, or $1.23 a share.
Great Atlantic & Pacific fiscal first-quarter loss 48c/shr(6:28 am ET)
LONDON (MarketWatch) -- Great Atlantic & Pacific Tea (GAP: news, chart, profile) posted fiscal first-quarter loss from continuing operations of 48 cents a share vs. profit of $1.45 a share in the year earlier period. The grocery store operator said comparable store sales rose 3.2%
Mattel 2nd quarter profit falls to $11.8 million(6:12 am ET)
LONDON (MarketWatch) -- Mattel Inc. (MAT: news, chart, profile) on Friday said second-quarter net income fell to $11.8 million, or three cents a share, from $22.8 million, or six cents a share, in the second quarter of 2007. The California-based toymaker's results exceeded consensus expectations. A FactSet Research survey of analysts had produced a mean earnings estimate of two cents a share. For the quarter, net sales totaled $1.11 billion, up 11% from $1 billion last year, the company said, including favorable changes in currency exchange rates of five percentage points.
Satyam shares slump as outlook disappoints(1:59 am ET)
HONG KONG (MarketWatch) -- India's Satyam Computer Services (SAY: news, chart, profile) Friday reported a better-than-expected 44.8% jump in fiscal first quarter net income from the same period a year ago. The company raised its revenue and earnings forecast for the full year, in rupee terms, but left the revenue forecast unchanged in U.S. dollar terms. The company's shares tumbled 8% in Mumbai late morning trading.

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<font color=GREEN>ER Week 08-07-21

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