Replies to post #615 on Earning Plays

[Bull Trader]

DYN (6.45) **on watch** going into earnings...

[3xBuBu]

Monday, Aug. 4
Anadarko Petroleum net income tirmmed by one-time items (6:21 pm ET)
SAN FRANCISCO (MarketWatch) -- Anadarko Petroleum Corp. (APC: news, chart, profile) reported late Monday second-quarter net income fell to $23 million, or 5 cents a share, from $1.31 billion, or $2.81, a year ago. The results include $815 million in after-tax one-time items, reducing the bottom line by $1.73 a share, while the year-ago numbers were inflated by a one-time gain of $889 million, adding $1.90 to the bottom line. Adjusted net income from continuing operations shows the company earned $831 million in the second quarter, or $1.76 a share, nearly double the $417 million, or 89 cents, earned a year earlier. Revenue fell to $2.79 billion from $4.59 billion. Analysts polled by FactSet Research, whose estimates typically exclude one-time items, predicted earnings of $1.68 a share on $3.57 billion in revenue. Shares of the Houston-based oil and gas producer fell 6% to close at $55.12 ahead of the report. The stock is up 10% over the past 12 months.
Principal Financial quarterly net falls 43%(4:33 pm ET)
SAN FRANCISCO (MarketWatch) -- Principal Financial (PFG: news, chart, profile) said late Monday that second-quarter net income came in at $176.6 million, down 43% from a year earlier when the 401k specialist made $312.1 million. Net income available to common shareholders was 64 cents versus $1.12. Operating earnings, which exclude net realized investment gains and losses, were $253.7 million, or 97 cents a share. Principal was expected to make 95 cents a share, according to the average estimate of 13 analysts in a FactSet Research survey. "We experienced a significant improvement in our credit portfolio during the quarter, with net unrealized losses related to credit spreads improving by approximately $1 billion," Larry Zimpleman, chief executive of Principal, said in a statement. Total gross unrealized losses increased from $2.5 billion at the end of March to $2.7 billion on June 30, the company reported. The decrease in net unrealized losses from improved credit spreads was more than offset by an increase in net unrealized losses from other factors, the largest of which was an increase in interest rates in the second quarter, Principal explained.
Pitney Bowes profit declines(4:23 pm ET)
SAN FRANCISCO (MarketWatch) -- Pitney Bowes Inc. (PBI: news, chart, profile) reported late Monday second-quarter net income of $128 million, or 61 cents a share, down from $152 million, or 68 cents, in the year-ago quarter. Excluding one-time items, Pitney Bowes said it earned 69 cents a share for this year's quarter. Revenue for the three months ended June 30 rose 2% to $1.58 billion from $1.54 billion a year ago. Analysts polled by FactSet Research had predicted the Stamford, Conn.- based postage equipment maker would earn 68 cents a share on $1.62 billion in sales. Pitney Bowes' shares closed ahead of the report with a gain of 19 cents, or 0.6%, at $31.81.
Midway Games' net losses grow in second quarter(4:16 pm ET)
SAN FRANCISCO (MarketWatch) -- Midway Games Inc. saw its net losses grow in the second quarter as revenue declined from the previous year on lower sales of the company's video games. For the period ended June 30, the company (MWY: news, chart, profile) reported a net loss of $34.8 million, or 38 cents a share, compared to a net loss of $14.3 million, or 16 cents a share, for the same period last year. Excluding the cost of stock options and other items, the company said net losses would have totaled $26.4 million, or 29 cents per share, for the recent quarter. Revenue fell 26% to $23.4 million. Analysts were expecting a loss of 38 cents a share on revenue of $18.4 million for the quarter, according to consensus forecasts from Thomson Reuters.
Energy stocks retreat with broad market, lower oil(9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks moved lower with the broad market on Monday, as the threat to oil and gas operations in the Gulf of Mexico from tropical storm Edouard was mostly shrugged off. The Amex Oil Index (XOI: news, chart, profile) fell 0.6% to 1,312. The Amex Natural Gas Index (XNG: news, chart, profile) fell 1% to 585. Crude prices fell $1.25 to $123.85 a barrel.
IntercontinentalExchange revenue up 44% in quarter(7:49 am ET)
NEW YORK (MarketWatch) -- IntercontinentalExchange Inc. (ICE: news, chart, profile) said Monday that second-quarter earnings rose to $85 million, or $1.19 a share, compared to $54 million, or 75 cents a share, in the year-ago period. Revenue rose 44% to $197 million in the period ending June 30. FactSet analysts, on average, estimated earnings of $1.18 a share on revenue of $196 million. In addition, the IntercontinentalExchange board authorized a share buyback of $500 million over the next 12 months.
Church & Dwight earnings rise to 66 cents a share (7:22 am ET)
NEW YORK (MarketWatch) -- Church & Dwight Co. Inc. (CHD: news, chart, profile) said Monday that second-quarter earnings rose to $46 million, or 66 cents a share, from $41 million, or 59 cents a share, in the year-ago period. Net sales for the quarter increased 8.7% to $594 million. FactSet analysts estimated, on average, earnings of 66 cents a share on sales of $594 million. The company, which manufactures and markets a wide range of personal care, household and specialty products under the Arm & Hammer brand name and other well-known trademarks, raised its 2008 earnings per share estimate to $2.83 - $2.85 from $2.77.
Nicor profit climbs 61%, holds guidance(7:06 am ET)
LONDON (MarketWatch) -- Nicor (GAS: news, chart, profile) said its second-quarter profit rose 61% to $28.9 million, or 64 cents a share, with revenue rising to $699.8 million from $556.9 million. It affirmed its estimate for 2008 diluted earnings per common share in the range of $2.20 to $2.40. Analysts polled by FactSet Research expected a profit of 28 cents a share for the quarter and $2.33 for the year.
Genesee & Wyoming posts nearly 22% quarterly revenue growth(6:31 am ET)
WASHINGTON (MarketWatch) -- Genesee & Wyoming Inc. (GWR: news, chart, profile) reported second-quarter net income of $15.4 million, or 42 cents a share, up from $10.7 million, or 27 cents, earned in the same period during 2007. Quarterly revenue reached $152.7 million from the prior year's $125.3 million, with acquisitions accounting for 30% of this growth. Earnings from continuing operations improved to 44 cents a share from 39 cents in the 2007 second quarter. The consensus of analyst forecasts in a survey by FactSet Research had been for the short-line railiroad operator to generate a profit of 45 cents a share. There were nearly 10% fewer weighted average shares outstanding in the latest quarter than a year earlier. Genesee & Wyoming said it had a higher bill for diesel fuel in the latest quarter and noted that coal shipments to several power plants in the Midwest were delayed by severe flooding. The company expects to regain these coal shipments in the third and fourth quarters.
EchoStar swings to profit as DISH pays more for boxes(6:31 am ET)
LONDON (MarketWatch) -- Set-top box maker EchoStar Corp. (SATS: news, chart, profile) swung to a second-quarter profit of $47.8 million, or 53 cents a share, as revenue rose to $483 million from $331 million. The DISH Network spin-off said an increase in the sale of advanced products such as receivers with multiple tuners, HD receivers, and HD DVRs was partially offset by a decrease in unit sales of set-top boxes. Also, components previously sold to DISH Network at cost are now sold at cost plus an agreed-upon margin.
Humana ups earnings view, to buy firm for $245 million(6:25 am ET)
LONDON (MarketWatch) -- Humana (HUM: news, chart, profile) said second-quarter net income fell a less-than-forecast 3% to $209.9 million, or $1.24 a share, leading the firm to increase its 2008 earnings view. Revenue rose 14% to $7.35 billion during the quarter. Humana now sees annual earnings between $4.30 and $4.40 a share, up from a prior range of $4.10 to $4.35. Analysts polled by FactSet Research expected a profit of $1.18 a share for the second quarter and $4.23 for the year. Humana also said it's buying Tennessee health-benefits firm Cariten Healthcare from Covenant Health for $245 million in cash in a deal that won't materially affect 2008 earnings guidance.
Advanced Medical Optics swings to second-quarter $22M profit(6:20 am ET)
LONDON (MarketWatch) -- Advanced Medical Optics (EYE: news, chart, profile) on Monday said it swung to a profit of $22 million, or 35 cents a share, in the second quarter from a net loss of $166.8 million, or $2.78 a share, a year ago. The company said the results include a net 11-cent gain from non-recurring items. Consensus expectations were for a profit of 27 cents a share, according to FactSet Research. The Santa Ana, Calif.-based specialty- medical company also cut its earning guidance for full-year 2008 to a range of $1 to $1.15 a share from its earlier range of $1.25 to $1.45 due largely to a revised outlook for refractive procedures in the United States.
DISH Network profit up 50% amid fewer subscribers(6:19 am ET)
LONDON (MarketWatch) -- DISH Network (DISH: news, chart, profile) said in a Securities and Exchange Commission filing that second-quarter net income rose 50% to $335.9 million, or 73 cents a share, with revenue up 6% to $2.91 billion. DISH Network lost approximately 25,000 net subscribers during the quarter ended June 30, 2008, ending the quarter with approximately 13.79 million subscribers. But monthly average revenue per subscriber was $69.38 during the three months ended June 30, 2008 versus $66.06 during the same period in 2007 on price increases, increased advertising services revenue and increased penetration of HD programming. Analysts polled by FactSet Research expected a profit of 60 cents a share on sales of $2.91 billion.
Orbotech swings to $5.3 million second-quarter profit(5:22 am ET)
LONDON (MarketWatch) -- Orbotech Ltd. (ORBK: news, chart, profile) on Monday reported second-quarter net income of $5.3 million, or 16 cents a share, compared to a net loss of $3.4 million, or 10 cents a share, a year ago. The Yavne, Israel-based producer of automated optical inspection and process control systems for printed-circuit boards and flat-panel displays said second-quarter revenues totaled $105.1 million, compared to $88.6 million a year ago. The company said the dollar's weakness versus the shekel weighed down second-quarter earnings by three cents a share compared to the first quarter of 2008.
HSBC profit down 29% as bad debt charges top $10 billion(4:40 am ET)
LONDON (MarketWatch) -- HSBC Holdings (UK:HSBA: news, chart, profile) (HBC: news, chart, profile) said Monday that first-half net profit fell 29% to $7.72 billion due to higher loan impairment charges and other credit risk provisions. The bank said pretax profit for the period fell 28% to $10.25 billion. Bad debt charges and other provisions rose 58% to $10.06 billion. The group also said its board has approved a second interim dividend of 18 cents a share, which means payouts so far this year are 6% ahead of the previous year. HSBC's Tier 1 capital ratio stood at 8.8% at the end of June, it added. Shares in the bank were up 0.8% after the announcement.
Air Liquide profit rises 8.1%, remains confident for year(2:50 am ET)
LONDON (MarketWatch) -- Industrial and medical gases producer Air Liquide (FR:012007: news, chart, profile) said Monday that its first-half net profit rose 8.1% to 601 million euros ($936 million) as revenue grew 13.2% to 6.37 billion euros. The group said its results include a record second-quarter performance for its gas and services activity, which increased 9.9% on a comparable basis, helped by strong demand for hydrogen. The group said it remains confident in its ability to achieve double-digit growth in 2008 net profit at constant exchange rates.
Sage sees results in line with market expectations(2:31 am ET)
LONDON (MarketWatch) -- Business management software company Sage Group (UK:SGE: news, chart, profile) said Monday that it expects to report results for the fiscal year ending Sept. 30 in line with market expectations. The group said its U.K. business reported a solid performance. The North American division reported a satisfactory performance excluding its health care business, which is focused on driving operational improvements.
Fortis profit falls 41% after after credit crisis losses(2:27 am ET)
LONDON (MarketWatch) -- Banking and insurance group Fortis (BE:000380118: news, chart, profile) said Monday that its first-half net profit fell 41% to 1.64 billion euros ($2.55 billion), driven by 591 million euros of losses from the credit crisis. The group said profit at its banking arm was down 43% to 1.19 billion euros as bad debt charges increased and capital gains declined. In the insurance arm, profit was down 16%, though gross inflow edged up 1% to 10.2 billion euros. Fortis said the planned sale of parts of ABN Amro's commercial banking activities to Deutsche Bank could hurt its net result by up to 900 million euros. The bank's core Tier 1 ratio was 7.4%, compared to its target rate of 6%.




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

[3xBuBu]

Tuesday, Aug. 5
News Corp.: No discussions with AOL, Yahoo, Microsoft(6:45 pm ET)
CHICAGO (MarketWatch) -- News Corp. (NWS.A: news, chart, profile) (NWS: news, chart, profile) "isn't talking to anybody right now," said Chief Operating Officer Peter Chernin when asked if the commpany is talking to AOL (TWX: news, chart, profile) , Yahoo (YHOO: news, chart, profile) or Microsoft (MSFT: news, chart, profile) about a possible deal or alliance. Chernin, talking with reporters on a conference call Tuesday, indicated that there had been previous discussions with one or more of those entities, but those talks "obviously went nowhere."
Murdoch: Some Cablevision channels attractive at right price(6:40 pm ET)
CHICAGO (MarketWatch) -- News Corp. (NWS.A: news, chart, profile) (NWS: news, chart, profile) Chairman Rupert Murdoch said Tuesday that some of the Rainbow Media channels owned by Cablevision (CVC: news, chart, profile) could be "attractive at the right price." Speaking during a conference call with reporters, Murdoch declined to say which channnels would be the most appealing. Cablevision said it is pursuing a number of strategic alternatives, including possible spinoffs or sales of some of its assets. Rainbow Media channels include AMC, Independent Film Channel, We and several regional sports channels.
Chernin: Hulu should be seen as sub for broadcast reruns(6:35 pm ET)
CHICAGO (MarketWatch) -- Online video provider Hulu.com should be seen as a replacement for broadcast television reruns, once a vital cash cow for studios, News Corp. (NWS.A: news, chart, profile) (NWS: news, chart, profile) Chief Operating Officer Peter Chernin said Tuesday. Speaking to analysts during a conference call, Chernin said News is "careful" to make sure that new media efforts, including ad-supported online streaming, content sold through avenues like Apple Inc.'s iTunes, or video-on-demand, provide profit margins that are better than traditional media outlets. "We'd rather have people watch video-on-demand than [rent DVDs], because the margins are stronger for us," Chernin said.
News Corp.: Sees revenue growth 'low to mid single digits'(6:22 pm ET)
CHICAGO (MarketWatch) -- News Corp. (NWS.A: news, chart, profile) (NWS: news, chart, profile) Chief Financial Officer Dave DeVoe said the media company should post revenue growth that will exceed fiscal 2008 totals by a "low to mid single digit" percentage in fiscal 2009, excluding Fox Interactive Media. "To the extent the economy improves, we would do better than that," DeVoe told analysts on a conference call.
Jack in the Box third-quarter net income falls (6:17 pm ET)
SAN FRANCISCO (MarketWatch) -- Jack in the Box Inc. (JBX: news, chart, profile) late Tuesday reported its third-quarter net income fell to $29.9 million, or 51 cents a share, from $34.5 million, or 54 cents a share, in the same period a year earlier. Revenue increased to $709.5 million from $680.2 million a year ago, said the San Diego-based fast-food chain. Analysts surveyed by FactSet Research had expected earnings of 51 cents a share on revenue of $694.8 million. The company expects earnings of $2.01 to $2.05 a share in 2008. Wall Street is forecasting the company to earn $2.04 a share.
Murdoch: Downplays further acquisition plans(6:18 pm ET)
CHICAGO (MarketWatch) -- News Corp. (NWS.A: news, chart, profile) (NWS: news, chart, profile) Chairman Rupert Murdoch said Tuesday that rather than look for more acquisitions, the company will make its balance sheet its "No. 1 priority." During a conference call with analysts, Murdoch said "there's enough uncertainty around" to keep the company's focus away from large buyout targets.
Chernin: Ad rates, volume up at MySpace(6:04 pm ET)
CHICAGO (MarketWatch) -- News Corp.'s (NWS.A: news, chart, profile) (NWS: news, chart, profile) MySpace social networking site is seeing increases in ad sales that are "pacing well" against the company's expectations, Chief Operating Officer Peter Chernin told analysts Tuesday. The site is seeing "dramatic increases" in branded display ads in the current quarter, exceeding year-earlier totals by "double digit" percentages, Chernin said. Improving categories include financial services and consumer packaged goods, he added.
Chernin: Local TV ad market ' highly challenging'(5:58 pm ET)
CHICAGO (MarketWatch) -- News Corp.'s (NWS.A: news, chart, profile) (NWS: news, chart, profile) owned-and-operated television stations are facing a "highly challenged" advertising market in the quarter that ends Sept. 30 after a weak June quarter, Chief Operating Officer Peter Chernin told analysts Tuesday. Struggling categories include automotive, telecommunications and financial services, Chernin said. At Fox Broadcasting, the company expects the network's ratings momentum from the 2007-08 season to result in an "upswing" when the new season starts in a few weeks. In top ad categories at Fox, "spending is up across the board," Chernin said.
Computer Sciences first-quarter net income rises (4:43 pm ET)
SAN FRANCISCO (MarketWatch) -- Computer Sciences Corp. (CSC: news, chart, profile) late Tuesday reported its first-quarter net income rose to $120.6 million, or 79 cents a share, from $108.1 million, or 61 cents a share, a year ago. The company noted its earnings from first quarter last year included special items of about 19 cents related to restructuring and an executive retirement agreement. Revenue increased to $4.44 billion from $3.84 billion a year earlier. Analysts surveyed by FactSet Research had forecast CSC to earn 76 cents a share on $4.29 billion in sales. The company expects revenue to come in between $4.25 billion to $4.35 billion and earnings of 70 cents to 80 cents a share in the second quarter. CSC projected earnings of $4.20 to $4.40 a share for 2009. Wall Street is predicting the company will earn 90 cents a share on revenue of $4.29 billion in the second quarter and earnings of $4.34 a share in fiscal 2009.
Whole Foods profit hit by charges(4:32 pm ET)
CHICAGO (MarketWatch)-- Charges and costs related to the acquisition of Wild Oats dragged down Whole Foods' fiscal third quarter profit, the upscale/organic grocer said Tuesday. The company said it earned $33.9 million, or 24 cents a share, down from $49.1 million, or 35 cents, in the year-ago period. Revenue came in at $1.84 billion, up from $1.51 billion with a same-store sales gain of 2.6%. The average estimate of analyst polled by Thomson Reuters had been for the company to earn 31 cents a share on revenue of $1.91 billion. Shares of Whole Foods (WFMI: news, chart, profile) jumped nearly 7% to close at $22.90 after scraping to a low of $20.18 last month.
Priceline.com second-quarter net income up on higher revenue(4:30 pm ET)
SAN FRANCISCO (MarketWatch) -- Priceline.com Inc. (PCLN: news, chart, profile) late Tuesday reported its second-quarter net income rose to $54.1 million from $34.6 million a year earlier. Net income applicable to common stockholders for each diluted common share was $1.08 compared with 79 cents in the second quarter of 2007. Adjusted net income in the second quarter rose 39.6% to $1.55 a share. Revenue increased to $514 million from $355.9 million a year ago, said the Norwalk, Conn.-based online travel services company. Analysts surveyed by Thomson Reuters had projected Priceline to post earnings of $1.41 a share on revenue of $496 million. The company expects adjusted earnings of $5.50 to $5.85 a share in 2008.
Glu Mobile losses grow on charges while revenue jumps(4:18 pm ET)
SAN FRANCISCO (MarketWatch) -- Glu Mobile Inc. saw its net losses grow in the second quarter on charges related to acquisitions and restructuring while revenue jumped by 45% for the period. The provider of mobile games (GLUU: news, chart, profile) reported a net loss of $6.6 million, or 23 cents a share, compared to a loss of $898,000, or 3 cents a share, for the same period last year. Revenue grew to $23.7 million from $16.4 million in the same period last year. Analysts were expecting a loss of 21 cents a share on revenue of $23.6 million, according to consensus estimates from FactSet Research.
Wendy's profit falls by a third(4:17 pm ET)
CHICAGO (MarketWatch)-- Wendy's International -- in the process of being acquired by Triarc -- said Tuesday that second-quarter profit fell by a third, hurt by sharply higher commodity costs, flat revenue and investments in its new breakfast menu. After the close of trading, Wendy's (WEN: news, chart, profile) said it earned $19.9 million, or 22 cents share, down from $29.3 million, or 33 cents, in the year ago period. On a continuing operations basis, the company said it would have earned 30 cents a share, down from 41 cents. Revenue came in at $631.9 million, down 0.2%. Same-store sales -- those at outlets open at least a year -- at U.S. company-operated restaurants rose 0.1% while those at U.S. franchise restaurants increased 1.1%. The average estimate of analysts polled by Thomson First Call had been for the company to earn 37 cents a share on revenue of $627 million.
News Corp. profit jumps 27% (4:17 pm ET)
CHICAGO (MarketWatch) -- News Corp. (NWS.A: news, chart, profile) (NWS: news, chart, profile) said Tuesday its quarterly profit rose 27% on improved results at its film studios and cable television networks, as well as gains related to its sale of stakes in Fox Sports Bay Area and Gemstar-TV Guide. The media conglomerate said it earned $1.1 billion, or 43 cents a share, compared with a profit of $890 million, or 28 cents a share, in the fourth fiscal quarter of 2007. Revenue rose 17% to $8.59 billion. Analysts polled by FactSet Research expected revenue of $8.59 billion. In a statement, Chairman Rupert Murdoch commented that the company faces "more challenging macro-economic conditions" in fiscal 2009, but is positioned to deliver "continued, if somewhat less robust, growth."
Clean energy funding jumps to record $5.8 bln (11:31 am ET)
NEW YORK (MarketWatch) -- Cellulosic ethanol maker Range Fuels raised $158 million in financing and algae biofuels firm Sapphire Energy raised $50 million as investments in clean technology set a record of $5.8 billion in the second quarter, up from $2.6 billion in the year-ago period, according to research firm New Energy Finance. The $5.8 billion figure includes money from venture capital and private equity firms for the three months ended June 30. Private equity firm First Reserve Corp. put money into four deals. It bought Spanish-based photovoltaic builder Gamesa Solar for $407 million and the Italian PV project developer and engineering company Ener3, as well as investing $300 million in Osage Bioenergy, a U.S.-based ethanol-from-barley plant developer. It also made an investment in Kenersys, an India-based wind turbine manufacturer.
CORRECT: Emerson net up 7%, lifts low end of earnings view(10:30 am ET)
LONDON (MarketWatch) -- Emerson (EMR: news, chart, profile) said fiscal third-quarter net income rose 7% to $612 million, or 78 cents a share, with sales up 14% to $6.57 billion. It would have earned 82 cents a share if a charge to sell its European appliance motor and pump business was excluded, the St. Louis engineering firm said. It increased the low end of its fiscal year view by five cents, now expecting earnings from continuing operations to range between $3.05 to $3.10 a share on sales of approximately $25 billion. Analysts polled by FactSet Research expected a profit of 80 cents a share for the quarter and $3.07 for the year. (Fixes net income.)
NitroMed reports profit, but warns of future losses(9:42 am ET)
BOSTON (MarketWatch) -- NitroMed Inc. (NTMD: news, chart, profile) reported a second-quarter profit early Tuesday, but warned that it may incur losses in the future due to its decision to discontinue promotion for its lead product BiDil. The Mass.-based biotech group posted net income of $1 million, or 2 cents a share, compared with a loss of $6.2 million, or 16 cents a share, for the same quarter in 2007. Revenue was largely flat at $3.8 million versus $3.7 million. "Although the Company recorded net income in the second quarter of 2008, the Company has not been profitable in any prior quarter, has discontinued active promotion of BiDil, and may incur losses in future periods," NitroMed said, in a statement. NitroMed added that although it believes it has enough funds to conduct business for the next 12 months, it continues to evaluate "strategic alternatives." NitroMed discontinued promotion of its sole marketed product BiDil, a cardiac drug aimed at treating heart failure in patients of African descent, due to disappointing sales.
Vornado's FFO declines, missing expectations(9:22 am ET)
BOSTON (MarketWatch) -- Vornado Realty Trust (VNO: news, chart, profile) in a regulatory filing Tuesday said funds from operations in the quarter ended June 30 fell to $1.27 a share from $1.72 in the year-ago quarter. Net income applicable to common shareholders dropped to 79 cents a share from 96 cents. The real estate investment trust said items and gains on real estate sales lifted net income by 29 cents a share, while items decreased FFO by 3 cents a share. Analysts polled by Thomson Reuters had forecast net income of 48 cents a share, and FFO of $1.34 a share, on average.
Expediters Intl. of Washington profit rises 9%(9:17 am ET)
NEW YORK (MarketWatch) -- Expediters International of Washington (EXPD: news, chart, profile) said Tuesday that its second quarter profit rose 9%, to $71.2 million, or 32 cents a share, compared to $65.5 million, or 30 cents a share a year ago. Revenue rose 16% to $1.45 billion from $1.26 billion.
CORRECT: Weyerhaeuser swings to a loss on impairments(9:17 am ET)
NEW YORK (MarketWatch) -- Weyerhaeuser Co. (WY: news, chart, profile) on Tuesday said it lost $96 million, or 45 cents a share in its second quarter, compared to a gain of $32 million, or 15 cents a share in the year-ago period. Items in the latest quarter included $206 million in real estate impairments and a $101 million gain from ownership restructuring of its Uruguay assets. Excluding items, earnings in the latest quarter were $7 million, or 3 cents a share. Revenue fell to $2.17 billion from $2.96 billion. Analysts surveyed by FactSet Research forecast a loss of 16 cents a share. Weyerhaeuser said it expects challenging market conditions to continue into the third quarter, with operating losses "slightly less than second quarter." The company also said it closed the sale of its containerboard packaging assets unit on Tuesday. (An earlier version of this report contained an incorrect spelling for Weyerhaeuser.)
Health Net reports lower profit, reduces forecast(9:14 am ET)
BOSTON (MarketWatch) -- Health Net Inc. (HNT: news, chart, profile) early Tuesday posted a second-quarter net income of $76.7 million, or 71 cents a share, compared with $92.0 million, or 80 cents a share, for the same quarter in 2007. This year's quarter included a pre-tax restructuring charge of $13 million. Excluding the charge, Health Net would have posted adjusted earnings of 74 cents a share. Revenue increase to $3.8 billion from $3.5 billion. The company also lowered its 2008 financial forecast, stating it now sees earnings of $1.97 to $2.03 a share. Adjusted earnings are seen at $2.85 to $2.95 a share, down from $3.45 to $3.55 a share. Third quarter earnings should come in between 68 cents and 71 cents, with adjusted earnings of 89 cents and 71 cents. Health Net attributed the shortfall in part to escalating Medicare costs and lower-than-expected commercial membership.
US Airways traffic down 0.8% on year in July(9:05 am ET)
NEW YORK (MarketWatch) -- US Airways Group, Inc. (LCC: news, chart, profile) said Tuesday that traffic in July fell 0.8% and capacity increased 0.4% compared with the same month a year ago. Load factor, or the percentage of the plane filled with passengers, was down 1.2 percentage points to 85.1%, the Tempe, Ariz.-based carrier said.
Cablevision weighing spin-offs, dividend, stock buybacks(8:58 am ET)
NEW YORK (MarketWatch) -- Cablevision Systems Corp. (CVC: news, chart, profile) said Tuesday it's exploring a spin-off of one or more businesses and other potential strategies to enhance value for shareholders. The board of the Beth Page, N.Y. cable television programming and services giant authorized management to establish a policy on regular quarterly dividends or stock buybacks. "We are highly confident of the strength of our underlying businesses and our operating performance," said CEO James L. Dolan. "As we indicated last week we have a strong desire to close the value gap between our operating performance and the market value of our shares and, therefore, we will be actively looking at options to accomplish that." The company will retain investment banking firms and other advisors.
Acadia Pharma to slash 50% of workforce(8:55 am ET)
BOSTON (MarketWatch) -- Acadia Pharmaceuticals (ACAD: news, chart, profile) said Tuesday that it plans to slash about 50% of its workforce, bringing its headcount down to around 65 employees. The drug developer said that the restructuring will allow it to focus on its lead drug candidate pimavanserin, a treatment for psychosis associated with Parkinson's disease. The product is currently in Phase III testing. Acadia will also continue two early-stage drug development programs that are currently being funded by Allergan Inc. (AGN: news, chart, profile) . Earlier Tuesday, Acadia reported a second-quarter loss of $18.3 million, or 49 cents a share, compared with a loss of $10.8 million, or 29 cents a share, for the same quarter last year. Revenue fell to $177,000 from $2.1 million, due primarily to the completion of two collaborative agreements and lower revenue from its Allergan partnership.
MGM's second-quarter profit tumbles(8:55 am ET)
NEW YORK (MarketWatch) -- MGM Mirage (MGM: news, chart, profile) on Tuesday said second-quarter net income tumbled to $113.1 million, or 40 cents a share, from $360.2 million, or $1.22 a share, in the year-ago period. The latest per-share results include 4 cents of insurance recovery income related to the Monte Carlo fire. Net revenue, which subtracts promotional allowances from total revenue, fell to $1.90 billion from $1.94 billion. The Las Vegas-based company experienced a 4% decline in gaming revenue, while non-gaming revenue remained flat on a quarter-over-quarter basis. Analysts, on average, expected it to earn 43 cents a share, according to FactSet Research.
Molson Coors profit falls by more than half from year ago(8:45 am ET)
NEW YORK (MarketWatch) -- Molson Coors Brewing Co. (TAP: news, chart, profile) said Tuesday its second-quarter profit totaled $80.9 million, or 43 cents a share, from $184.9 million, or $1.02 a share, in the same quarter a year before. On a continuing operations basis, earnings were 50 cents a share, while analysts had expected earnings on average of $1.16 a share, according to a FactSet Research survey. Sales for the quarter totaled $2.36 billion from $2.24 billion a year before.
3Com raises forecast for fiscal first quarter (8:38 am ET)
NEW YORK (MarketWatch) -- 3Com Corp. (COMS: news, chart, profile) said Tuesday that it is raising its forecast for fiscal first-quarter revenue to $335 million to $340 million, compared to the previous estimate of $325 million to $330 million. The company also expects its non-GAAP earnings per share to be in the range of 6 cents to 8 cents, compared to the prior view of 3 cents to 5 cents.
Rowan net falls 6% on increased costs (8:13 am ET)
NEW YORK (MarketWatch) -- Rowan Companies Inc. (RDC: news, chart, profile) on Tuesday said second-quarter net income for the three months ended June 30 fell 6% to $120.6 million or $1.06 a share, compared to $128.1 million or $1.14 a share in the second quarter. Revenue increased to $587.1 million from $507 million. Wall Street analysts expected earnings of $1.04 a share, according to a survey by FactSet. Operational expenses for the period rose to $343 million from $275 million. The Houston offshore and on-shore drilling specialist said the prospective sale of its manufacturing unit has drawn interest from multiple parties and that it remains committed to completing a transaction by the end of the year.
Allied Capital swings to loss (7:56 am ET)
NEW YORK (MarketWatch) -- Investnment firm Allied Capital (ALD: news, chart, profile) said Tuesday it lost $102.2 million, or 59 cents a share in the second quarter, compared to a profit of $89.2 million, or 57 cents a share a year ago.
CMS Energy net up by 33%(7:45 am ET)
NEW YORK (MarketWatch) -- CMS Energy (CMS: news, chart, profile) on Tuesday said second-quarter net income for the three months ended June 30 rose to $44 million, or 19 cents a share, from $33 million, or 15 cents a share in the year-ago period. Adjusted income at the Jackson, Mich. electric and natural gas utility increased to 19 cents a share from 8 cents a share. Revenue rose to $1.37 billion from $1.3 billion. Wall Street analysts expected CMS Energy to earn 13 cents a share, according to a survey by FactSet Research.

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Wednesday, Aug. 6
Nationwide Financial second-quarter net income falls 57%(5:51 pm ET)
SAN FRANCISCO (MarketWatch) -- Nationwide Financial Services Inc. (NFS: news, chart, profile) late Wednesday reported its second-quarter net income fell to $85.4 million, or 62 cents a share, from $197.3 million, or $1.37 a share, in the year-ago period. Results for the latest quarter includes non-operating realized investment losses of 29 cents a share. Revenue slid to $1.08 billion from $1.17 billion in the second quarter of last year. Analysts surveyed by FactSet Research estimated a quarterly profit of $1.15 a share on revenue of $1.13 billion. The financial services company also separately announced that Nationwide Mutual Insurance will buy all of Nationwide Financial's outstanding publicly held Class A common stock at $52.25 a share for a total of about $2.4 billion.
AIG reports $5.36 billion quarterly net loss(5:37 pm ET)
SAN FRANCISCO (MarketWatch) -- American International Group (AIG: news, chart, profile) reported a $5.36 billion second-quarter net loss late Wednesday as the insurance giant was hit again by write-downs and impairments on mortgage-related exposures. The net loss was $2.06 per common share. A year ago, AIG reported net income of $4.28 billion, or $1.64 a share. The quarterly net loss included $5.57 billion of unrealized market valuation losses on AIG's super senior credit default swap portfolio. It also included $6.08 billion of net realized capital losses, the company disclosed.
Allianz second-quarter net income falls to 1.54 bln euros (5:12 pm ET)
SAN FRANCISCO (MarketWatch) -- Allianz Group (DE:840400: news, chart, profile) late Wednesday reported its second-quarter net income fell to 1.54 billion euros ($2.37 billion) from 2.14 billion euros in the second quarter of 2007. On a per-share basis, the German financial services group earned 3.44 euros, down from 4.85 euros a year earlier. Its second-quarter operating profit totaled 2.1 billion euros, down from 3.29 billion euros in the year-earlier period. Revenue slid 9.5% to 22 billion euros. Analysts surveyed by Thomson Reuters had forecast earnings of 2.69 euros a share on revenue of 23.88 billion euros. Allianz also lowered its operating profit growth outlook, noting that it is unable to meet its long-term compound annual growth rate of 10%. "Due to expected market conditions accurate earnings predictions, especially for banking, are not feasible. But underlying operating profitability in insurance and asset management is stable enough to generate a run rate before banking of 9 plus billion euros in 2008 and 2009," said Michael Diekmann, chief executive of Allianz.
Sunoco profit falls as high oil price hurts refining margins(4:40 pm ET)
SAN FRANCISCO (MarketWatch) -- Oil refiner Sunoco Inc. (SUN: news, chart, profile) reported late Wednesday second-quarter net income fell to $82 million, or 70 cents a share, from $509 million, or $4.20, a year ago. Excluding one-time items, income for the quarter was $61 million, or 52 cents a share. There were no special items in the year-ago quarter. Revenue for the three months ended June 30 rose to $16.08 billion from $10.76 billion. Analysts surveyed by FactSet Research predicted the Philadelphia-based company would post earnings of 72 cents a share on $12.47 billion in revenue. Sunoco shares rose 3.3% to close at $43.28 ahead of the report.
VeriSign reports deeper loss on charges(4:28 pm ET)
SAN FRANCISCO (MarketWatch) -- VeriSign Inc. saw its net losses grow in the second quarter on restructuring charges while revenue grew 17% from the same period last year. The provider of electronic commerce systems (VRSN: news, chart, profile) reported a net loss of $68 million, or 35 cents a share, compared to a net loss of $4.7 million, or 2 cents a share, for the same period last year. Excluding charges related to restructuring, the company said it would have earned $50 million, or 25 cents a share, for the recent period. Revenue grew to $303.2 million compared to $259 million last year. Analysts were expecting earnings of 23 cents a share on revenue of $243.4 million.
Advance Auto Parts profit rises 10%(4:26 pm ET)
SAN FRANCISCO (MarketWatch) -- Advance Auto Parts Inc. (AAP: news, chart, profile) reported late Wednesday fiscal second-quarter net income of $75.4 million, or 79 cents a share, up from $68.4 million, or 64 cents, in the year-ago quarter. Revenue for the three months ended July 12 rose 5% to $1.23 billion from $1.17 billion a year ago. Analysts polled by FactSet Research had predicted the Roanoake, Va.-based auto parts retailer would earn 72 cents a share on $1.2 billion in sales. Advance Auto Parts shares closed ahead of the report with a loss of 2.3% at $42.03.
Time Warner CEO: To assess cash flow of AOL access business(11:27 am ET)
CHICAGO (MarketWatch) -- Once AOL's access business is separate from its advertising portal, Time Warner Inc. (TWX: news, chart, profile) will determine whether its cash flow is better than any yield the company might get from aligning it with an outside provider, Chief Executive Jeff Bewkes said Wednesday. Having the access unit separate also gives Time Warner "flexibility" if it wants to spin off or sell the business, he told analysts during a conference call.
Time Warner CFO: Turner networks' ad sales growth could slow(11:07 am ET)
CHICAGO (MarketWatch) -- Time Warner Inc. (TWX: news, chart, profile) Chief Financial Officer John Martin said the company feels "very, very good" about the pace of third-quarter advertising sales at Turner Networks, but cautioned that growth comparisons "will become more difficult" in the second half of 2008. Speaking to analysts during a conference call, Martin said the strong results in the year-earlier third and fourth quarters will make Turner's delivery of double-digit percentage gains -- which it has maintained four quarters in row -- harder to achieve.
Time Warner CEO: AOL still sees second half ad improvement(10:57 am ET)
CHICAGO (MarketWatch) -- Time Warner Inc. (TWX: news, chart, profile) Chief Executive Jeff Bewkes said Wednesday that AOL's display advertising business is still underperforming, but reiterated that the company expects organizational changes to improve display results in the second half of 2008. Display advertising at AOL fell 14% in the second quarter, with weakness in such categories as automotive, financial services, telecommunications and travel. But Bewkes added that some of the problem again had to do with difficulty in integrating Platform A, formed late last year, which allows advertisers to make purchases across its ad network. With ad buys now fully integrated across the network, the CEO said, ad sales trends should pick up in the third and fourth quarters of the year.
Energy stocks up ahead of weekly inventory data(9:41 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose ahead of key weekly inventory data, on the heels of a full plate of earnings updates from Transocean, Devon, Spectra and others. The Amex Oil Index (XOI: news, chart, profile) rose 0.5% to 1,285. The Amex Natural Gas Index (XNG: news, chart, profile) advanced 0.8% to 569.
Freddie warns on possible impact of new regulator(9:37 am ET)
SAN FRANCISCO (MarketWatch) -- Freddie Mac (FRE: news, chart, profile) said on Wednesday that the recent housing law that created its new regulator may increase the mortgage giant's capital requirements and limit some of its activities. The Federal Housing Finance Agency and the new law "may, for example, increase our capital requirements, limit our portfolio and new product activities, increase our affordable housing goals, or limit our ability to attract and retain senior executives, we anticipate that the impact could be materially adverse," Freddie said in a quarterly filing with the Securities and Exchange Commission.
Freddie Mac, Fannie Mae shares sink after Freddie posts loss(9:32 am ET)
WASHINGTON (MarketWatch) -- Shares of mortgage-finance giants Freddie Mac (FRE: news, chart, profile) and Fannie Mae (FNM: news, chart, profile) sank at the opening on Wednesday, after Freddie Mac reported a bigger-than-expected second-quarter loss of $821 million. Freddie Mac's shares dropped 15%, or $1.21, at the opening, to $6.80, while shares of Fannie Mae fell 15%, or $2.07, to $11.53. In its filing, Freddie Mac said it could suffer further if its new federal regulator increases capital requirements or limits its portfolio purchases. Freddie Mac also said it is cutting its dividend to five cents a share or less for the third quarter, down from a previous payout of 25 cents a share.
PG&E earnings per share rise to 80 cents(9:26 am ET)
NEW YORK (MarketWatch) -- PG&E Corp. (PCG: news, chart, profile) said Wednesday that second-quarter earnings rose to $293 million, or 80 cents a share, compared to $269 million, or 74 cents a share, in the same period a year ago. Operating revenue rose to $3.6 billion compared to $3.2 billion. Analysts polled by FactSet, on average, estimated a profit of 80 cents a share on revenue of $3.3 billion. PG&E reaffirmed its previous forecast for earnings from operations in the range of $2.90-$3.00 per share for 2008 and for 2009 earnings from operations in the range of $3.15-$3.25 per share.
Blackstone Group's revenue slides 63%(9:03 am ET)
BOSTON (MarketWatch) -- Private equity giant Blackstone Group (BX: news, chart, profile) on Wednesday reported a second-quarter net loss of $156.5 million, compared with profit of $774.4 million in the year-ago period, as total revenue slid 63% to $353.7 million. The New York-based company blamed the revenue decline on lower performance fees and allocations, and declining transaction fees. "Slowing growth of world economies and volatile markets continue to present challenges as well as opportunities for our firm," said Chief Executive Stephen Schwarzman in a statement.
Orbitz narrows quarterly loss to $5 million(8:30 am ET)
NEW YORK (MarketWatch) -- Orbitz Worldwide Inc. (OWW: news, chart, profile) said Tuesday morning that its losses narrowed in the second quarter to $5 million, or 6 cents a share, compared to losses of $32 million in the second quarter of 2007. Net revenue for the quarter was $231 million, up from $229 million a year earlier.
CenterPoint Energy's quarterly net rises 44%(8:16 am ET)
BOSTON (MarketWatch) -- CenterPoint Energy Inc. (CNP: news, chart, profile) on Wednesday said second-quarter profit rose to $101 million, or 30 cents a share, from $70 million, or 20 cents a share, in the year-ago period. Total revenue rose to $2.67 billion from $2.03 billion. ``I am pleased with the overall performance of our company during the second quarter, particularly in a period of high energy prices,'' said Chief Executive David McClanahan in a statement. ``We continue to see the benefit of our balanced electric and natural gas portfolio." CenterPoint Energy said it expects full-year earnings in "the upper half" of its outlook of $1.15 to $1.25 a share.
Avnet fourth-quarter profit rises to 95 cents a share(8:14 am ET)
NEW YORK (MarketWatch) -- Avnet Inc. (AVT: news, chart, profile) said Wednesday its second-quarter profit totaled $144 million, or 95 cents a share, from $125 million, or 81 cents a share, in the same quarter a year before. Analysts had expected earnings on average of 79 cents a share, according to a FactSet Research survey. Sales for the quarter were $4.68 billion compared to $4.24 billion in the year-ago period. For the fiscal first quarter, Avnet said it expects sales of between $4.53 billion and $4.73 billion, with earnings to be in the range of 70 cents to 74 cents a share.
Transocean earnings per share jump to $3.45(8:10 am ET)
NEW YORK (MarketWatch) -- Transocean Inc. (RIG: news, chart, profile) said Wednesday that second-quarter earnings rose to $1.1 billion, or $3.45 a share, compared to $549 million, or $2.63 a share, in the same period a year ago. Revenue for the period was $3.1 billion compared to $1.4 billion for the second quarter of 2007. Analysts polled by FactSet Research, on average, estimated earnings per share of $3.27 on revenue of $3.1 billion.
Och-Ziff reports second-quarter loss in challenging market(8:03 am ET)
WASHINGTON (MarketWatch) -- Och-Ziff Capital Management Group LLC (OZM: news, chart, profile) reported a second-quarter net loss of $60.8 million due to $425.6 million of expenses related to the company's IPO in November. The New York-based hedge fund firm posted a loss per share of $1.05 for the latest quarter. Daniel Och, chief executive of Och-Ziff said the hedge fund firm was able to preserve fund investors' capital "against the backdrop of very challenging market conditions." Och-Ziff also reports so-called distributable earnings, which measure profit from the company's main hedge fund business minus adjusted income taxes. Distributable earnings were $53.8 million or 13 cents per adjusted class A share for the second quarter, the company reported
Cincinnati Financial earnings per share fall to 38 cents(8:00 am ET)
NEW YORK (MarketWatch) -- Cincinnati Financial Corp. (CINF: news, chart, profile) said Wednesday that second-quarter earnings fell to $63 million, or 38 cents a share, compared to $351 million, or $2.02 a share, in the same period a year ago. Revenue fell 28% to $917 million in the period. Atypically high catastrophe losses of $113 million resulted in a consolidated property casualty underwriting loss of $27 million in the second quarter. Analysts polled by FactSet, on average, estimated earnings per share of 42 cents on revenue of $794 million.
Playboy swings to quarterly loss of $2.1 million(8:00 am ET)
NEW YORK (MarketWatch) -- Playboy Enterprises, Inc. (PLA: news, chart, profile) said Wendesday it swung to a second-quarter loss of $2.1 million, or 6 cents a share, from a gain of $1.9 million, or 6 cents a share, in the same quarter a year before. Analysts had expected a profit on average of 5 cents a share, according to a FactSet Research survey. Total net revenue for the quarter was $73.4 million compared to $85.7 million in the year-ago period.
El Paso Corp. net climbs 13%, revenue dips(7:48 am ET)
NEW YORK (MarketWatch) -- El Paso Corp. (EP: news, chart, profile) on Wednesday said net income for the three months ended June 30 rose 13% to $191 million, or 27 cents a share, from $169 million, or 23 cents a share in the year-ago period. Adjusted net income rose to 39 cents a share from 29 cents a share. Revenue fell to $1.15 billion from $1.2 billion. Analysts expected earnings of 39 cents a share, according to a survey by FactSet Research. "The outlook for our businesses has never been better," the company said.
Hospira's quarterly profit more than doubles(7:43 am ET)
NEW YORK (MarketWatch) -- Hospira Inc. (HSP: news, chart, profile) said Wednesday that its second-quarter profit more than doubled to $69.1 million, or 43 cents a share, from $30.7 million, or 20 cents a share, in the year-ago period. Adjusted earnings rose to 57 cents a share from 49 cents a share. Net sales rose 3.7% to $901.6 million from $869.3 million. Analysts surveyed by FactSet Research forecast earnings of 62 cents a share, on average. The Lake Forest, Ill. pharmaceutical and medication delivery company narrowed its forecast for adjusted 2008 earnings to a range of $2.50 to $2.55 a share, from the prior range of $2.45 to $2.55 a share. The FactSet target is $2.51 a share.
Holly's second-quarter profit tumbles(7:33 am ET)
NEW YORK (MarketWatch) -- Holly Corp. (HOC: news, chart, profile) said Wednesday that second-quarter net income fell to $11.5 million, or 23 cents a share, from $158.6 million, or $2.84 a share, in the year-earlier period. The company said that downtime at its refineries reduced refinery operating income by about 52 cents a share in the latest quarter. The Dallas energy company said revenue increased 43% to $1.74 billion from $1.22 billion.
Dean Foods earnings per share rises to 31 cents(7:32 am ET)
NEW YORK (MarketWatch) -- Dean Foods Co. (DF: news, chart, profile) said Wednesday that second-quarter earnings rose to $49 million, or 31 cents a share, compared to $28 million, or 21 cents a share, in the same period a year ago. Net sales rose to $3.1 billion compared to $2.8 billion. Analysts polled by FactSet estimated, on average, earnings per share of 32 cents on revenue of $3.2 billion. On an adjusted basis, earnings per share were 33 cents, compared to 30 cents in the prior year's second quarter. The Dallas-based food processor and distrubutor affirmed its 2008 earnings-per-share estimate of at least $1.20 a share.
NASDAQ profit rises(7:33 am ET)
NEW YORK (MarketWatch) -- NASDAQ OMX Group (NDAQ: news, chart, profile) said Tuesday that it had second quarter earnings of $101.8 million, 48 cents a share , up from $77.2 million, 39 cents a shares in the second quarter of 2007. Net exchange revenues were $380.2 million in the second quarter, a 13.1% increase from the second quarter of 2007. Analysts polled by FactSet were expecting earnings of 43 cents a share. NASDAQ OMX attracted 54 new listings in the second quarter of 2008, 42 in the U.S. and 12 in the Nordic market.
Spectra Energy profit up 51%(7:31 am ET)
NEW YORK (MarketWatch) -- Spectra Energy Corp. (SE: news, chart, profile) on Wednesday said second-quarter net income rose to $295 million, or 47 cents a share, from $196 million, or 31 cents a share in the year-ago period. Operating revenue rose to $1.14 billion from $985 million. Wall Street analysts expected earnings of 42 cents a share on revenue of $1.14 billion, according to a survey by FactSet Research. The Houston-based natural gas pipeline operator said it expects to "significantly exceed" its 2008 employee incentive target of $1.56 a share. Analysts expected net income of $1.95 a share.
Mylan swings to $8.4 million second-quarter loss(7:20 am ET)
LONDON (MarketWatch) -- Mylan Inc. (MYL: news, chart, profile) on Wednesday said it swung to a second-quarter loss of $8.4 million, or three cents a share, in the second quarter, compared to profit of $79.7 million, or 32 cents a share, a year ago. Excluding purchase-accounting and non-recurring items, the Pittsburgh-based generic and specialty pharmaceutical firm said second-quarter net earnings were $47.6 million, or 16 cents a share, compared to $128.9 million, or 52 cents a share, a year ago. Consensus expectations were for earnings of nine cents a share, according to FactSet Research. The company also increased the range of its adjusted earnings guidance for full-year 2008 to between 47 and 53 cents a share.
Qwest's second-quarter profit falls 24%(7:20 am ET)
NEW YORK (MarketWatch) -- Qwest Communications International Inc. (Q: news, chart, profile) said Wednesday that its second-quarter net income fell 24% to $188 million, or 11 cents a share, from $246 million, or 13 cents a share, in the year-ago period. The Denver multimedia communications company said operating revenue fell to $3.38 billion from $3.46 billion. On average, analysts polled by FactSet Research expected earnings of 10 cents a share.
Sprint Nextel swings to $344 mln loss (7:17 am ET)
NEW YORK (MarketWatch) -- Sprint Nextel Corp. (S: news, chart, profile) on Wednesday said it swung to a second-quarter loss of $344 million, or 12 cents a share verses a gain of $19 million, or a penny a share in the year-ago period. Adjusted earnings in the period for the telecommunications giant fell to 6 cents a share from 25 cents a share. Revenue for the three months ended June 30 fell 11% to $9.1 billion. Wall Street analysts forecast earnings of a penny a share on revenue of $9.15 billion, according to a FactSet Research survey. Sprint Nextel booked $1.1 billion in cash flow from operating activities and held $3.5 billion in cash at the end of the quarter. Looking ahead, Sprint Nextel expects to report higher post-paid subscriber losses in the third quarter, "due to a seasonal uptick in churn," the company said.

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Thursday, Aug. 7
The9 sees earnings double on strong game revenue(6:11 pm ET)
SAN FRANCISCO (MarketWatch) -- The9 Ltd. said Thursday that earnings more than doubled during the second quarter thanks to strong revenue from its video game services. The Chinese provider of online games (NCTY: news, chart, profile) said net income was $16.9 million, or 61 cents a share, compared to net income of $7.4 million, or 28 cents a share, for the same period last year. Net revenue grew 69% to $66.3 million. Analysts were expecting earnings of 49 cents a share on revenue of $66.3 million, according to consensus estimates from FactSet Research.
Hertz profit falls 39%(5:53 pm ET)
SAN FRANCISCO (MarketWatch) -- Hertz Global Holdings, Inc. (HTZ: news, chart, profile) reported late Thursday second-quarter net income of $51.2 million, or 16 cents a share, down from $83.7 million, or 26 cents, in the year-ago quarter. Excluding one-time charges, Hertz said it earned 30 cents a share. Revenue for the three months ended June 30 rose 4.6% to $2.3 billion from $2.2 billion a year ago. Analysts polled by FactSet Research had predicted the New Jersey-based car rental company would earn 28 cents a share on $2.2 billion in sales. Shares of Hertz closed ahead of the report with a gain of 1.5% at $9.01.
Assured Guaranty quarterly net income surges to $545.2 mln(5:12 pm ET)
SAN FRANCISCO (MarketWatch) -- Assured Guaranty (AGO: news, chart, profile) said late Thursday that second-quarter net income came in at $545.2 million, or $5.97 a share, up a lot from the same period a year earlier when the bond insurer made $32.8 million, or 47 cents a share. The big increase was driven mainly by $518.3 million in after-tax unrealized gains on credit derivatives. Operating income, which excludes such gains and losses, was $38.7 million, or 42 a share, down from a year earlier. Assured was expected to make 50 cents a share, according to the average estimate of nine analysts in a Thomson Reuters survey.
Crocs second-quarter net income falls to 3 cents a share (4:23 pm ET)
SAN FRANCISCO (MarketWatch) -- Crocs Inc. (CROX: news, chart, profile) late Thursday reported its second-quarter net income fell to $2.1 million, or 3 cents a share, from $48.5 million, or 58 cents a share, in the year-earlier period. The results include 3 cents a share charges related to the impairment of certain fixed assets and a portion of the previously announced pre-tax charge associated with the shutdown of the company's Canadian manufacturing operations. Revenue decreased to $222.8 million from $224.3 million a year ago, said the company best known for its colorful sandals. Analysts surveyed by FactSet Research, on average, had forecast Crocs to earn 6 cents a share on revenue of $219.9 million. Crocs reaffirmed earnings of a penny to 5 cents a share on revenue of $195 million to $205 million in the third quarter. It also reiterated it will breakeven while its revenue will be moderately down in 2008 compared to 2007. Analysts are expecting the company to earn 3 cents a share on revenue of $209.7 million in the third quarter. In 2008, the company is projected to earn 15 cents a share on revenue of $825.7 million, according to a survey by FactSet Research.
ConEdison second-quarter net income (12:40 pm ET)
SAN FRANCISCO (MarketWatch) -- Consolidated Edison (ED: news, chart, profile) on Thursday reported its second-quarter net income rose to $552 million, or $2.02 a share, from $154 million, or 58 cents a share, in the same period last year. Excluding items, earnings were 42 cents a share. The New York-based energy company also affirmed its earnings from ongoing operations outlook of $2.95 to $3.15 a share in 2008. Analysts surveyed by FactSet Research are forecasting the company to post earnings of $3.05 a share, on average, in 2008.
CORRECT: Cardinal's per-share quarterly profit drops 61%(12:41 pm ET)
NEW YORK (MarketWatch) -- Cardinal Health (CAH: news, chart, profile) said Thursday its fourth-quarter profit totaled $327 million, or 91 cents a share, from $902 million, or $2.33 a share, in the same quarter a year before. Revenue for the quarter was $22.9 billion compared to $22.3 billion in the year-ago period. The company said it expects first-quarter non-GAAP earnings to "be around" 70 cents a share, but will "return to more normal levels in the second quarter." (Corrects to reflect that latest results are from fourth quarter.)
PMI shares fall after mortgage insurer swings to loss(10:55 am ET)
BOSTON (MarketWatch) -- Shares of mortgage insurer PMI Group Inc. (PMI: news, chart, profile) were down 18% Thursday morning after the company reported a $246.3 million second-quarter loss. The company said the loss was driven by its exposure to the troubled U.S. mortgage market, adding it was closing its operations in Canada. PMI shares have lost half their value over the past three months on worsening conditions in the mortgage and housing markets.
DirectTV earnings per share rise to 40 cents in quarter(9:19 am ET)
NEW YORK (MarketWatch) -- The DirectTV Group Inc. (DTV: news, chart, profile) said Thursday that second-quarter earnings rose to $455 million, or 40 cents a share, compared to $448 million, or 37 cents a share, in the same period a year ago. Revenue rose to $4.8 billion, compared to $4.1 billion. FactSet analysts, on average, had expected earnings per share of 39 cents on sales of $4.6 billion.
Sempra Energy raises earnings forecast despite profit drop(9:10 am ET)
NEW YORK (MarketWatch) -- Sempra Energy (SRE: news, chart, profile) said Thursday its second-quarter profit totaled $244 million, or 98 cents a share, from $277 million, or $1.05 a share, in the same quarter a year before. Analysts had expected earnings on average of 88 cents a share, according to a FactSet Research survey. Revenue for the quarter was $2.50 billion compared to $2.66 billion in the year-ago period. Despite the slide in profit and revenue, Sempra also announced an increase in its earnings forecast for 2008 to a range of $3.80 to $4.00 a share from the previous range of $3.65 to $3.85 a share.
Chico's reports same-store sales drop(8:52 am ET)
NEW YORK (MarketWatch) - Chico's FAS Inc (CHS: news, chart, profile) said Thursday that its July sales at stores open at least one year fell 18.5%. Analysts, on average, had expected same-store sales to fall 12.6% according to Thomson Reuters. Net sales for the four weeks ended Aug. 2 fell 7.3% to $112.5 million.
Fortress loss flat with year-ago level (8:48 am ET)
NEW YORK (MarketWatch) -- Fortress Investment Group (FIG: news, chart, profile) said Thursday that its second quarter loss was flat with year ago levels, at $55.6 million, or 67 cents a share, compared to a loss of $55.1 million, or 66 cents a share a year ago. Total revenue dipped to $188.1 million, $268.1 million. Pretax distributable earnings, the number analysts base their estimates on, were $58 million, or 13 cents a share, down from $143 million last year. The mean estimate of analysts polled by Thomson Reuters was 14 cents a share on revenue of $193 million. Fortress' assets under management rose 23% in the quarter, to $35.1 billion.
Nordstrom same-store sales in July fall 6.1% (8:46 am ET)
NEW YORK (MarketWatch) -- Nordstrom Inc. (JWN: news, chart, profile) said Thursday its July sales at stores open at least one year fell 6.1%. Analysts, on average, had expected the same-store sales to fall 6.2%, according to Thomson Financial. Preliminary sales for the four weeks ended Aug. 2 fell 6.7% to $840 million.
Teradata earnings per share rise to 38 cents in quarter(8:46 am ET)
NEW YORK (MarketWatch) -- Teradata Corp. (TDC: news, chart, profile) said Thursday that second-quarter earnings rose to $69 million, or 38 cents a share, compared to $49 million, or 27 cents, in the same period a year ago. Revenue was $455 million for the second quarter of 2008, a 6% increase from $430 million in last year's period. Analysts polled by FactSet, on average, had estimated earnings per share of 33 cents on sales of $456 million. Operating income was $92 million, compared to $88 million, a year ago.
Dollar Tree's second-quarter same-store sales rise 6.5%(8:46 am ET)
NEW YORK (MarketWatch) -- Dollar Tree Inc. (DLTR: news, chart, profile) said Thursday that its second-quarter sales at stores open at least one year rose 6.5%. Total sales for the quarter rose 12.5% to $1.09 billion.
Saks same-store sales for July fall 5.3%(8:41 am ET)
NEW YORK (MarketWatch) -- Saks Inc. (SKS: news, chart, profile) said Thursday its July sales at stores open at least one year fell 5.3%. Analysts, on average, had expected the same-store sales to fall 0.1%, according to Thomson Financial. Owned sales for the four weeks ended Aug. 2 fell 4.6% to $192 million.
Ross same-store sales in July rise 4%(8:38 am ET)
NEW YORK (MarketWatch) -- Ross Stores Inc. (ROST: news, chart, profile) said Thursday its July sales at stores open at least one year rose 4%. Analysts, on average, had expected the same-store sales to rise 3.6%, according to Thomson Financial. Total sales for the four weeks ended Aug. 2 rose 11% to $499 million.
Kohl's same-store sales in July fall more than 10%(8:36 am ET)
NEW YORK (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) said Thursday its July sales at stores open at least one year fell 10.4%. Analysts, on average, had expected the same-store sales to fall 7.0%, according to Thomson Financial. Total sales for the four weeks ended Aug. 2 fell 2.4% to $1.03 billion.
Target's July same-store sales fall 1.2%(8:31 am ET)
NEW YORK (MarketWatch) -- Target Corp. (TGT: news, chart, profile) said Thursday that its July sales at stores open at least one year fell 1.2%. Analysts, on average, had expected same-store sales to fall 0.3%, according to Thomson Reuters. Net retail sales for the four weeks ended Aug. 2 rose 4.7% to $4.57 billion. Target said the same-store-sales results came in near the low end of its planned range of down 1% to up 1%.
Blockbuster reports Q2 loss(8:31 am ET)
NEW YORK (MarketWatch) -- Blockbuster Inc (BBI: news, chart, profile) said Thursday its loss for the second quarter was $41.9 million, or 23 cents a share, compared to a loss of $31.4 million, or 18 cents a share, for the second quarter of 2007. The 2007 loss was buoyed by an $81.3 million gain on asset sales. Analysts surveyed by FactSet Research estimated, on average, a loss of 20 cents a share. Adjusted net loss for the second quarter was $36.1 million, or 20 cents a share, compared to $96.5 million, or 52 cents a share, for the second quarter of 2007. Total revenues increased by 3.3%, growing $41.3 million to $1.3 billion. The company also reported a 9% increase in same-store sales for the second quarter.
American Eagle's July same-store sales fall 7%(8:22 am ET)
NEW YORK (MarketWatch) -- American Eagle Outfitters Inc. (AEO: news, chart, profile) said Thursday that its July sales at stores open at least one year fell 7%. Analysts, on average, had expected same-store sales to fall 2.5%, according to Thomson Reuters. Total sales for the four weeks ended Aug. 2 fell to $232.8 million from the year-earlier $233.9 million. The retailer also updated its second-quarter profit forecast to 28 cents a share, vs. its previous forecast of 28 to 30 cents a share.
BJ's same-store sales jump almost 17% in July(8:22 am ET)
NEW YORK (MarketWatch) -- BJ's Wholesale Club Inc. (BJ: news, chart, profile) said Thursday its July sales at stores open at least one year rose 16.7%. Analysts, on average, had expected the same-store sales to rise 12.9%, according to Thomson Financial. Total/net sales for the four weeks ended Aug. 2 rose 18.9% to $773 million.
Dillard's same-store sales in July rise 2%(8:19 am ET)
NEW YORK (MarketWatch) -- Dillard's Inc. (DDS: news, chart, profile) said Thursday its July sales at stores open at least one year rose 2%. Analysts, on average, had expected the same-store sales to fall 3.5%, according to Thomson Financial. Total sales for the four weeks ended Aug. 2 rose 3% to $514 million.
CORRECT:Abercrombie & Fitch same-store sales fall 7% in July(8:16 am ET)
NEW YORK (MarketWatch) -- Abercrombie & Fitch (ANF: news, chart, profile) said Thursday its July sales at stores open at least one year fell 7%. Analysts, on average, had expected the same-store sales to fall 1.4%, according to Thomson Financial. Net sales for the four weeks ended Aug. 2 rose 2% to $296 million. (Corrects analysts' estimate for same-store sales)
Aeropostale ups profit forecast as same-store sales rise(8:14 am ET)
NEW YORK (MarketWatch) -- Aeropostale Inc. (ARO: news, chart, profile) said Thursday its July sales at stores open at least one year rose 13%. Analysts, on average, had expected the same-store sales to rise 8.2%, according to Thomson Financial. Total net sales for the four weeks ended Aug. 2 rose 24% to $139 million. Aeropostale also raised its profit estimate for the second quarter to between 30 cents and 31 cents a share.
Progress Energy swings to Q2 profit (7:53 am ET)
NEW YORK (MarketWatch) -- Progress Energy Inc (PGN: news, chart, profile) said Thursday its second quarter earnings were $205 million, or 79 cents a share, compared to losses of $193 million, or 75 cents a share, in the second quarter of 2007. Analysts surveyed by Factset estimated, on average, earnings of 59 cents a share. The company said the year-on-year swing was due to losses in 2007 from transactions associated with exiting the merchant energy business. Second-quarter ongoing earnings were $199 million, or 77 cents a share, compared to $142 million, or 56 a share in 2007.
MF Global profit falls 80%(7:47 am ET)
NEW YORK (MarketWatch) -- MF Global (MF: news, chart, profile) , a broker of exchange-traded futures and options, said Thursday that its fiscal first quarter profit fell 80% from a year ago, to $14.4 million, or 12 cents a share, from $729 million, or 70 cents a share. Total revenues fell to $913.9 million from $1.57 billion.
Talbots posts second-quarter sales decline, backs year view(7:45 am ET)
NEW YORK (MarketWatch) - Talbots Inc. (TLB: news, chart, profile) said Thursday that its second-quarter sales fell to $528 million from $572 million in the year-ago period. By brand, retail sales were $352 million for Talbots compared to $392 million last year, and $74 million for J. Jill compared to $80 million last year. Total company sales at stores open at least one year fell 12% for the period. By brand, same-store sales for Talbots fell 11.7%, and J. Jill same-store sales slid 13.2%. The clothing retailer reconfirmed its previous forecast for 2008 earnings from ongoing core operatings within a range of 47 to 52 cents a share. Including noncore operations, the company's full-year loss is expected within a range of 7 to 17 cents a share.
Sara Lee swings to fourth-quarter loss of 98 cents a share(7:41 am ET)
NEW YORK (MarketWatch) -- Sara Lee Corp. (SLE: news, chart, profile) said Thursday its fourth-quarter loss totaled $695 million, or 98 cents a share, from a profit of $117 million, or 16 cents a share, in the same quarter a year before. Revenue for the quarter was $3.51 billion compared to $3.13 billion in the year-ago period. Sara Lee said it currently expects full-year fiscal 2009 earnings from continuing operations to be in the range of $1.12 to $1.20 a share.
Williams profit ahead of estimates (7:39 am ET)
NEW YORK (MarketWatch) -- Williams Companies Inc (WMB: news, chart, profile) reported Thursday second quarter earnings of $437 million, or 73 cents a share, compared to $433 million, or 71 cents a share, in the second quarter of 2007. Analysts surveyed by Factset, on average, estimated earnings of 70 cents a share. The company credited the improved results to high natural gas prices and strong growth in natural gas production.
Sirius XM Radio narrows quarterly loss(7:22 am ET)
LONDON (MarketWatch) -- Sirius XM Radio Inc. (SIRI: news, chart, profile) said Thursday that its second-quarter net loss narrowed to $83.9 million, or 6 cents a share, from $134.1 million, or 9 cents a share, a year earlier. Revenue for the quarter rose 25% to $226.4 million and subscriber numbers were also up 25% from a year earlier to 8.92 million. The adjusted net loss was 5 cents a share. Analysts polled by FactSet were expecting a loss of 7 cents a share.

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Friday, Aug. 8
Delphi second-quarter net loss narrows on absence of charges(12:40 pm ET)
SAN FRANCISCO (MarketWatch) -- Delphi Corp. (DPHIQ: news, chart, profile) on Friday reported its second-quarter net loss narrowed to $551 million, or 98 cents a share, from $821 million, $1.46 a share, in the same period last year. The company credited the decline in loss to an absence of charges recorded in the second quarter of 2007. Revenue slid to $5.2 billion from $6 billion, primarily due to a 28% drop in GM North America production volume. Sales to GMNA accounted for 19% of total revenue in the quarter, down from 31% in the year earlier period. Delphi also said General Motors Co. (GM: news, chart, profile) has agreed to increase advances to the auto parts maker by $300 million to $950 million following modification of its reorganization plan.
Fannie, Freddie shares sink after big loss by Fannie(9:32 am ET)
WASHINGTON (MarketWatch) -- Shares of big mortgage buyers Fannie Mae (FNM: news, chart, profile) and Freddie Mac (FRE: news, chart, profile) sank at the opening on Friday after Fannie reported a wider-than-expected second-quarter loss of $2.3 billion, or $2.54 a share. Fannie's shares were down 16% or $1.68 to $8.27 at the opening while shares of Freddie fell 6% or 33 cents to $5.56. Fannie is slashing its dividend to conserve capital but expects 2008 to be its peak year for credit-related expenses, which hurt the company in the quarter.
Applied Industrial profit matches Street expectations(9:04 am ET)
NEW YORK (MarketWatch) -- Applied Industrial Technologies (AIT: news, chart, profile) said Friday its second-quarter profit totaled $24.4 million, or 57 cents a share, from $24.6 million, or 56 cents a share, in the same quarter a year before. Analysts had also expected earnings on average of 57 cents a share, according to a FactSet Research survey. Sales for the quarter totaled $530 million compared to $528 million in the year-ago period. For fiscal 2009, the company said it expects earnings of $2.20 to $2.40 a share on sales of $2.13 to $2.24 billion.
Edison International earnings more than double in quarter(9:00 am ET)
NEW YORK (MarketWatch) -- Edison International (EIX: news, chart, profile) said Friday that second-quarter earnings rose to $261 million, or 79 cents a share, compared to $93 million, or 28 cents a share, in the same period a year ago. Revenue in the period rose to $3.4 billion from $3.0 billion. GAAP earnings in the second quarter of 2007 were adversely impacted from early debt extinguishment charges. Analysts polled by FactSet, on average, estimated earnings per share of 79 cents on revenue of $3.4 billion. Edison reaffirmed its forecast of $3.61 to $4.01 per share for 2008.
Hormel Foods warns on profit due to rising costs(8:22 am ET)
LONDON (MarketWatch) -- Hormel Foods (HRL: news, chart, profile) warned fiscal third-quarter earnings would fall to a range of 37 cents to 39 cents a share, down from 41 cents a share in the year-earlier period, on higher-than-expected feed and fuel input costs at its Jennie-O Turkey Store unit. For the year, it now sees adjusted earnings between $2.22 and $2.28 a share, below earlier guidance of $2.30 to $2.40 a share. Analysts polled by FactSet Research expected third-quarter earnings of 45 cents a share and annual earnings of $2.35 a share.
Fannie Mae swings to $2.3 billion loss in second quarter(7:46 am ET)
WASHINGTON (MarketWatch) -- Mortgage-finance giant Fannie Mae (FNM: news, chart, profile) reported a loss of $2.3 billion, or $2.54 a share in the second quarter, down from the gain of $1.9 billion, or $1.86 a share, it reported in the year-ago period. Analysts surveyed by FactSet Research were expecting the big mortgage buyer to report a loss of 91 cents a share. The company said challenging housing and mortgage market conditions and credit performance hurt its results in the quarter.
Warner Chilcott profit up after last year's settlement(7:09 am ET)
LONDON (MarketWatch) -- Warner Chilcott Ltd. (WCRX: news, chart, profile) said its second-quarter net income climbed to $33.6 million, or 13 cents a share, from $7.9 million, or 3 cents a share, as revenue rose 3% to $234 million. Growing revenue of Loestrin 24, Femcon and Taclonex offset generic competition for Estrostep, the women's health care products firm said. The year-earlier quarter was impacted by a $10 million settlement. Its adjusted cash net income of 33.6 cents a share edged past FactSet Research-compiled analyst estimates of 32 cents a share. Adjusted earnings per share are seen between $1.30 and $1.35 a share on revenue between $935 million and $945 million.
Beazer Homes loss narrows slightly as revenue drops 40%(6:55 am ET)
LONDON (MarketWatch) -- Beazer Homes USA Inc. (BZH: news, chart, profile) said Friday that its fiscal third-quarter net loss narrowed slightly to $109.8 million, or $2.85 a share, from $118.7 million, or $3.09 a share, a year earlier. Revenue for the quarter fell 40% to $455.6 million. The loss from continuing operations was $2.85 a share. Analysts polled by FactSet had been expecting a loss of $2.75 a share in the latest quarter. The home builder said the fall in revenue was driven by a 37% decline in home closings and an 8.8% fall in average selling price.
MBIA profit up on derivatives gain, will resume buyback(6:35 am ET)
LONDON (MarketWatch) -- Bond insurer MBIA Inc. (MBI: news, chart, profile) said Friday that its second-quarter net profit jumped to $1.7 billion, or $7.14 a share, from $211.8 million, or $1.61 a share, a year earlier. The gain was driven by $3.3 billion in pretax unrealized gains on insured credit derivatives. The group said its adjusted operating profit in the quarter was $228.9 million, or 96 cents a share. Analysts polled by FactSet were expecting a loss of 60 cents a share in the latest quarter. MBIA said it hasn't altered its projection for its ultimate loss on mortgage-related exposure and as a result loss reserves had an insignificant impact on net income. The company also said its board of directors has authorized the resumption of its share repurchase program, which was suspended in the third quarter of 2007.
LifePoint second-quarter earnings rise(6:32 am ET)
LONDON (MarketWatch) -- LifePoint Hospitals (LPNT: news, chart, profile) said second-quarter earnings from continuing operations rose to $31.5 million, or 59 cents a share, from $24.6 million, or 43 cents a share, a year earlier. Analysts surveyed by FactSet had been expecting the hospital operator to make 56 cents a share, on average. LifePoint said it now sees full-year earnings per share of between $2.55 and $2.70.
Air Canada owner reports profit rise on stake sales(6:19 am ET)
LONDON (MarketWatch) -- Ace Aviation (CA:ACE.A: news, chart, profile) , the Air Canada owner, said its second-quarter profit climbed to C$830 million ($789 million), or C$10.76 a share, from C$118 million, or 98 Canadian cents a share. The profit rise was mostly on the sale of stakes in Aeroplan and Jazz. It swung to an operating loss of C$2 million during the quarter, while revenue rose to C$2.78 billion from C$2.66 billion. It's actively exploring options for its 75% interest in Air Canada.
Aircastle profit slips 7% as revenue rises(6:18 am ET)
LONDON (MarketWatch) -- Aircraft leasing company Aircastle (AYR: news, chart, profile) said Friday that its second-quarter net profit fell 7% to $35.3 million, or 45 cents a share, frmo $38.1 million, or 57 cents a share, a year earlier. Total revenue for the quarter rose 71% to $145.4 million. Adjusted earnings for the quarter were 44 cents a share, a penny below the consensus forecast according to a FactSet poll. The group said revenue growth was driven by higher lease rental, which was partly offset by lower interest income on its debt investments.
AES profit jumps to $905 million, raises forecast(6:11 am ET)
LONDON (MarketWatch) -- Power company AES Corp. (AES: news, chart, profile) said Friday that its second-quarter net profit jumped to $905 million, or $1.31 a share, from $254 million, or 37 cents a share, a year earlier. Revenue for the quarter rose 24% to $4.15 billion. The group said its overall results for the first half of the year were ahead of its expectations and that it was raising its earnings guidance for the year by 2 cents to $1.16 a share and added its board has authorized a share buyback of up to $400 million. The group said its profit included on the sale of its Northern Kazakhstan business and that adjusted earnings per share for the quarter were 17 cents.
Inpex Q1 net rises 29%, lifts full-year forecast(2:33 am ET)
HONG KONG (MarketWatch) -- Japanese energy producer Inpex Holdings (JP:1605: news, chart, profile) Friday reported a 29% jump in fiscal first-quarter profit as higher crude-oil and natural gas prices more than offset a decline in production. It also raised its earnings forecast for the full year. Net income for the April-June period rose to 49.7 billion yen ($456 million), or 21,124 yen a share, from 38.5 billion yen. Quarterly sales improved 41% to 381.3 billion yen. Average prices of domestically-produced crude-oil jumped 41%, while prices of overseas output flared up 78%, offsetting a 6.5% decline in production volume. The company got 4% more per unit of gas sold in Japan, and 63% higher for each unit of gas sold overseas, while output slipped 1%. Inpex raised its full-year net income forecast to 177 billion yen from 120 billion yen previously.
RBS swings to loss after 5.9 bln pound write-down(2:27 am ET)
LONDON (MarketWatch) -- Royal Bank of Scotland (UK:RBS: news, chart, profile) (RBS: news, chart, profile) said Friday that it swung to a first-half net loss of 802 million pounds ($1.56 billion) from a profit of 3.56 billion pounds a year earlier. The bank took write-downs in the period of 5.9 billion pounds, in line with the amount it forecast in April when it announced its 12 billion pound rights issue. The bank, which acquired some of the assets of ABN Amro in October, said that on a pro forma basis its loss was 761 million pounds compared to a profit of 3.65 billion a year earlier. RBS said its core Tier 1 ratio at the end of June was 5.7% and that it is on target to achieve its target level of 6% by the end of the year.
Thursday, Aug. 7
The9 sees earnings double on strong game revenue(6:11 pm ET)
SAN FRANCISCO (MarketWatch) -- The9 Ltd. said Thursday that earnings more than doubled during the second quarter thanks to strong revenue from its video game services. The Chinese provider of online games (NCTY: news, chart, profile) said net income was $16.9 million, or 61 cents a share, compared to net income of $7.4 million, or 28 cents a share, for the same period last year. Net revenue grew 69% to $66.3 million. Analysts were expecting earnings of 49 cents a share on revenue of $66.3 million, according to consensus estimates from FactSet Research.
Hertz profit falls 39%(5:53 pm ET)
SAN FRANCISCO (MarketWatch) -- Hertz Global Holdings, Inc. (HTZ: news, chart, profile) reported late Thursday second-quarter net income of $51.2 million, or 16 cents a share, down from $83.7 million, or 26 cents, in the year-ago quarter. Excluding one-time charges, Hertz said it earned 30 cents a share. Revenue for the three months ended June 30 rose 4.6% to $2.3 billion from $2.2 billion a year ago. Analysts polled by FactSet Research had predicted the New Jersey-based car rental company would earn 28 cents a share on $2.2 billion in sales. Shares of Hertz closed ahead of the report with a gain of 1.5% at $9.01.

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Monday, Aug. 11
Icahn Enterprises swings to second-quarter loss(6:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Icahn Enterprises LP (IEP: news, chart, profile) said it swung to a second-quarter loss because of investment losses, according to a Securities and Exchange Commission filing late Monday. The firm reported a second-quarter loss of $98.8 million versus net income of $64.2 million a year ago. Based on limited partner units, however, the per-share loss widened to $1.37 from 40 cents last year. Icahn Enterprises reported "negative" revenue of $149.7 million for the quarter due to a $772.5 million loss in investment activities. Last year, the firm reported revenue of $783.1 million.
McDermott posts 19% jump in profit (4:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Engineering and construction company McDermott International (MDR: news, chart, profile) reported late Monday second-quarter net income rose to $177.5 million, or 77 cents a share, from $149.4 million, or 66 cents, a year ago. Operating revenue, which excludes one-time items, rose 27% to $231.1 million from $181.8 million. Revenue for the quarter rose 26% to $1.79 billion. Analysts polled by Factset Research had predicted the Houston-based company would post earnings of 78 cents a share on $1.85 billion in revenue. McDermott shares closed ahead of the report with a 1.3% gain at $41.88.
Napster revenue slips in first fiscal quarter(4:27 pm ET)
SAN FRANCISCO (MarketWatch) -- Napster Inc. saw its net losses widen slightly on a dip in revenue for the first fiscal quarter ended June 30. The digital music provider (NAPS: news, chart, profile) said Monday afternoon that net losses for the quarter were approximately $4.38 million, or 10 cents a share, compared to a net loss of $4.24 million, or 10 cents a share, for the same period last year. Revenue slipped to $30.3 million from $32.5 million last year. Analysts were expecting a loss of 9 cents a share on revenue of $30.9 million, according to consensus estimates from FactSet Research.
Fluor second-quarter net income doubles(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Fluor Corp. (FLR: news, chart, profile) late Monday reported its second-quarter net income more than doubled to $209.3 million, or $1.13 a share, from $95.6 million, or 53 cents a share, a year ago. Second-quarter results include a pre-tax gain of 26 cents a share from the sale of Fluor's joint venture interest in a wind farm project. Revenue rose to $5.77 billion from $4.22 billion in the year-earlier period, the engineering and construction giant said. Analysts surveyed by FactSet Research had forecast Fluor would earn 79 cents a share on revenue of $5.16 billion. The company raised its earnings view to $3.65 to $3.80 a share for 2008, compared with a previous outlook of $3.30 to $3.45 a share. Wall Street is projecting the company to report earnings of $3.27 a share in 2008.
Liberty Media revenue up in quarter(9:32 am ET)
NEW YORK (MarketWatch) -- Liberty Media (LINTA: news, chart, profile) said Monday that second-quarter revenue for Liberty Media Interactive rose by 9% to $1.76 billion and Liberty Entertainment Group Stars Entertainment revenue grew 8% to $275 million. For Liberty Media Interactive adjusted OIBDA rose to $387 million, from $383 million in the year-ago period. For Liberty Entertainment Group adjusted OIBDA grew to $68 million from $55 million. Adjusted OIBDA, as defined by Liberty, excludes depreciation and amortization, stock and other equity-based compensation and restructuring and impairment charges that are included in the measurement of operating income pursuant to GAAP.
Pepco quarterly profit drops to 7 cents a share (8:55 am ET)
NEW YORK (MarketWatch) -- Pepco Holdings, Inc. (POM: news, chart, profile) said Monday its second-quarter profit totaled $15.0 million, or 7 cents a share, down from $57.2 million, or 30 cents a share, in the same quarter a year before. Excluding special items, earnings for the second quarter 2008 would have been $108 million, or 53 cents per share. Analysts had expected earnings on average of 38 cents a share, according to a FactSet Research survey. Revenue for the quarter was $2.52 billion compared to $2.08 billion in the year-ago period.
Valspar's third-quarter profit declines(8:40 am ET)
NEW YORK (MarketWatch) -- Valspar Corp. (VAL: news, chart, profile) said Monday that its third-quarter net income fell to $47 million, or 44 cents a share, from $58.2 million, or 52 cents a share, in the year-earlier period. The Minneapolis architectural, automotive and specialty products supplier said earnings excluding restructuring charges and its Huarun minority interest were 50 cents a share. Sales rose 7.2% to $957.7 million. For 2008, Valspar expects adjusted earnings of $1.55 to $1.65 a share. Shares of Valspar closed Friday at $23.63.
Sysco earnings per share rise 12% to 55 cents in quarter(8:32 am ET)
NEW YORK (MarketWatch) -- Sysco Corp. (SYY: news, chart, profile) said Monday that fourth-quarter earnings rose to $334 million, or 55 cents a share, compared to $303 million, or 49 cents a share, in the same period a year ago. Sales increased 5.4% to $9.7 billion from $9.2 billion in the fourth quarter of fiscal 2007 for the food-product supplier.
Diebold's preliminary second-quarter profit falls on charges(7:58 am ET)
NEW YORK (MarketWatch) -- Diebold Inc. (DBD: news, chart, profile) reported its preliminary second-quarter results Monday, posting net income of $25.6 million, or 38 cents a share, down from $26.9 million, or 40 cents a share, in the same period a year ago. Excluding restructuring and other charges, the North Canton, Ohio-based maker of ATMs and security equipment said it would have earned 64 cents a share. Revenue rose 11% to $771 million. Diebold raised its full-year revenue growth outlook to a range of 8% to 10% from its prior range of 6% to 8%. It expects 2008 earnings of $2.25 to $2.30 a share, excluding restructuring charges and other special items. Shares closed Friday at $37.70.
Clear Channel Outdoor earnings per share rise to 23 cents(7:16 am ET)
NEW YORK (MarketWatch) -- Clear Channel Outdoor Holdings Inc. (CCO: news, chart, profile) said Monday that second-quarter earnings rose to $83 million, or 23 cents a share, compared to $68.6 million, or 19 cents a share, in the year-ago period. Revenue rose 9% to $915 million in the quarter. Included in the revenue is a $52 million increase due to movements in foreign exchange. Excluding that, revenue growth would have been 3%. Analysts polled by FactSet, on average, estimated earnings per share of 18 cents on revenue of $864 million for the San Antonio, Texas-based outdoor advertising company.
EnergySolutions profit more than doubles(6:13 am ET)
LONDON (MarketWatch) -- Nuclear services provider EnergySolutions (ES: news, chart, profile) said net income more than doubled to $12.6 million, or 14 cents a share, as revenue climbed to $460 million from $162 million. The company was buoyed by a jump in international revenue on the acquisition of RSMC in June 2007. Annual revenue is seen between $1.8 billion and $1.9 billion and earnings per share excluding amortization of intangible assets and secondary offering costs are seen between 89 cents to 94 cents a share. Analysts polled by FactSet Research expected quarterly earnings of 10 cents a share.
RadNet swings to loss, while revenue climbs(6:07 am ET)
LONDON (MarketWatch) -- RadNet (RDNT: news, chart, profile) swung to a second-quarter loss of $2.15 million, or 6 cents a share, hurt by settlements, financing expenses and stock compensation expenses. Revenue rose to $127 million from $107 million on improved volume in existing centers as well as acquisitions, the diagnostic imaging services provider said. It reiterated 2008 guidance for revenue between $470 million and $500 million and adjusted earnings before interest, tax, depreciation and amortization between $100 million and $115 million.
YouGov warns profit to be hit by investment, failed deal(3:00 am ET)
LONDON (MarketWatch) -- Polling firm YouGov (UK:YOU: news, chart, profile) said revenue in the second half to July 31 is in line with expectations, helped by U.K. and Middle East organic growth and new acquisitions. Gross margins will be a little ahead of market expectations, but it's also invested more rapidly than originally expected, including establishing data centers in Berlin and Palo Alto, and recruiting panel members in Austria, Germany and Russia. Those investments totaled 2 million pounds, and it's had to take a 1.2 million pound cost after terminating talks on a "significant acquisition." Adjusted operating profit for the year will be around 8.5 million pounds. Separately, Alan Newman has been named interim CFO after Katherine Lee decided to leave for personal reasons.
Pfleiderer warns on margins, revenue(2:49 am ET)
LONDON (MarketWatch) -- Pfleiderer (DE:676474: news, chart, profile) warned that the financial market crisis may impact its business during the second half, as it sees only limited opportunitites to pass on cost increases for raw materials. Revenue at the German wood and laminate floor maker won't hit 2 billion euros ($2.99 billion) this year -- it now forecasts sales between 1.8 billion and 1.9 billion euros -- and it won't hit a 15% margin target. Pfleiderer's didn't make a second-quarter profit after earning 10.4 million euros in last year's second quarter, and revenue fell to 449.1 million euros from 458.5 million euros after a plant closure in Canada.
Friday, Aug. 8
Delphi second-quarter net loss narrows on absence of charges(12:40 pm ET)
SAN FRANCISCO (MarketWatch) -- Delphi Corp. (DPHIQ: news, chart, profile) on Friday reported its second-quarter net loss narrowed to $551 million, or 98 cents a share, from $821 million, $1.46 a share, in the same period last year. The company credited the decline in loss to an absence of charges recorded in the second quarter of 2007. Revenue slid to $5.2 billion from $6 billion, primarily due to a 28% drop in GM North America production volume. Sales to GMNA accounted for 19% of total revenue in the quarter, down from 31% in the year earlier period. Delphi also said General Motors Co. (GM: news, chart, profile) has agreed to increase advances to the auto parts maker by $300 million to $950 million following modification of its reorganization plan.
Fannie, Freddie shares sink after big loss by Fannie(9:32 am ET)
WASHINGTON (MarketWatch) -- Shares of big mortgage buyers Fannie Mae (FNM: news, chart, profile) and Freddie Mac (FRE: news, chart, profile) sank at the opening on Friday after Fannie reported a wider-than-expected second-quarter loss of $2.3 billion, or $2.54 a share. Fannie's shares were down 16% or $1.68 to $8.27 at the opening while shares of Freddie fell 6% or 33 cents to $5.56. Fannie is slashing its dividend to conserve capital but expects 2008 to be its peak year for credit-related expenses, which hurt the company in the quarter.
Applied Industrial profit matches Street expectations(9:04 am ET)
NEW YORK (MarketWatch) -- Applied Industrial Technologies (AIT: news, chart, profile) said Friday its second-quarter profit totaled $24.4 million, or 57 cents a share, from $24.6 million, or 56 cents a share, in the same quarter a year before. Analysts had also expected earnings on average of 57 cents a share, according to a FactSet Research survey. Sales for the quarter totaled $530 million compared to $528 million in the year-ago period. For fiscal 2009, the company said it expects earnings of $2.20 to $2.40 a share on sales of $2.13 to $2.24 billion.
Edison International earnings more than double in quarter(9:00 am ET)
NEW YORK (MarketWatch) -- Edison International (EIX: news, chart, profile) said Friday that second-quarter earnings rose to $261 million, or 79 cents a share, compared to $93 million, or 28 cents a share, in the same period a year ago. Revenue in the period rose to $3.4 billion from $3.0 billion. GAAP earnings in the second quarter of 2007 were adversely impacted from early debt extinguishment charges. Analysts polled by FactSet, on average, estimated earnings per share of 79 cents on revenue of $3.4 billion. Edison reaffirmed its forecast of $3.61 to $4.01 per share for 2008.
Hormel Foods warns on profit due to rising costs(8:22 am ET)
LONDON (MarketWatch) -- Hormel Foods (HRL: news, chart, profile) warned fiscal third-quarter earnings would fall to a range of 37 cents to 39 cents a share, down from 41 cents a share in the year-earlier period, on higher-than-expected feed and fuel input costs at its Jennie-O Turkey Store unit. For the year, it now sees adjusted earnings between $2.22 and $2.28 a share, below earlier guidance of $2.30 to $2.40 a share. Analysts polled by FactSet Research expected third-quarter earnings of 45 cents a share and annual earnings of $2.35 a share.
Fannie Mae swings to $2.3 billion loss in second quarter(7:46 am ET)
WASHINGTON (MarketWatch) -- Mortgage-finance giant Fannie Mae (FNM: news, chart, profile) reported a loss of $2.3 billion, or $2.54 a share in the second quarter, down from the gain of $1.9 billion, or $1.86 a share, it reported in the year-ago period. Analysts surveyed by FactSet Research were expecting the big mortgage buyer to report a loss of 91 cents a share. The company said challenging housing and mortgage market conditions and credit performance hurt its results in the quarter.
Warner Chilcott profit up after last year's settlement(7:09 am ET)
LONDON (MarketWatch) -- Warner Chilcott Ltd. (WCRX: news, chart, profile) said its second-quarter net income climbed to $33.6 million, or 13 cents a share, from $7.9 million, or 3 cents a share, as revenue rose 3% to $234 million. Growing revenue of Loestrin 24, Femcon and Taclonex offset generic competition for Estrostep, the women's health care products firm said. The year-earlier quarter was impacted by a $10 million settlement. Its adjusted cash net income of 33.6 cents a share edged past FactSet Research-compiled analyst estimates of 32 cents a share. Adjusted earnings per share are seen between $1.30 and $1.35 a share on revenue between $935 million and $945 million.
Beazer Homes loss narrows slightly as revenue drops 40%(6:55 am ET)
LONDON (MarketWatch) -- Beazer Homes USA Inc. (BZH: news, chart, profile) said Friday that its fiscal third-quarter net loss narrowed slightly to $109.8 million, or $2.85 a share, from $118.7 million, or $3.09 a share, a year earlier. Revenue for the quarter fell 40% to $455.6 million. The loss from continuing operations was $2.85 a share. Analysts polled by FactSet had been expecting a loss of $2.75 a share in the latest quarter. The home builder said the fall in revenue was driven by a 37% decline in home closings and an 8.8% fall in average selling price.
MBIA profit up on derivatives gain, will resume buyback(6:35 am ET)
LONDON (MarketWatch) -- Bond insurer MBIA Inc. (MBI: news, chart, profile) said Friday that its second-quarter net profit jumped to $1.7 billion, or $7.14 a share, from $211.8 million, or $1.61 a share, a year earlier. The gain was driven by $3.3 billion in pretax unrealized gains on insured credit derivatives. The group said its adjusted operating profit in the quarter was $228.9 million, or 96 cents a share. Analysts polled by FactSet were expecting a loss of 60 cents a share in the latest quarter. MBIA said it hasn't altered its projection for its ultimate loss on mortgage-related exposure and as a result loss reserves had an insignificant impact on net income. The company also said its board of directors has authorized the resumption of its share repurchase program, which was suspended in the third quarter of 2007.
LifePoint second-quarter earnings rise(6:32 am ET)
LONDON (MarketWatch) -- LifePoint Hospitals (LPNT: news, chart, profile) said second-quarter earnings from continuing operations rose to $31.5 million, or 59 cents a share, from $24.6 million, or 43 cents a share, a year earlier. Analysts surveyed by FactSet had been expecting the hospital operator to make 56 cents a share, on average. LifePoint said it now sees full-year earnings per share of between $2.55 and $2.70.
Air Canada owner reports profit rise on stake sales(6:19 am ET)
LONDON (MarketWatch) -- Ace Aviation (CA:ACE.A: news, chart, profile) , the Air Canada owner, said its second-quarter profit climbed to C$830 million ($789 million), or C$10.76 a share, from C$118 million, or 98 Canadian cents a share. The profit rise was mostly on the sale of stakes in Aeroplan and Jazz. It swung to an operating loss of C$2 million during the quarter, while revenue rose to C$2.78 billion from C$2.66 billion. It's actively exploring options for its 75% interest in Air Canada.
Aircastle profit slips 7% as revenue rises(6:18 am ET)
LONDON (MarketWatch) -- Aircraft leasing company Aircastle (AYR: news, chart, profile) said Friday that its second-quarter net profit fell 7% to $35.3 million, or 45 cents a share, frmo $38.1 million, or 57 cents a share, a year earlier. Total revenue for the quarter rose 71% to $145.4 million. Adjusted earnings for the quarter were 44 cents a share, a penny below the consensus forecast according to a FactSet poll. The group said revenue growth was driven by higher lease rental, which was partly offset by lower interest income on its debt investments.
AES profit jumps to $905 million, raises forecast(6:11 am ET)
LONDON (MarketWatch) -- Power company AES Corp. (AES: news, chart, profile) said Friday that its second-quarter net profit jumped to $905 million, or $1.31 a share, from $254 million, or 37 cents a share, a year earlier. Revenue for the quarter rose 24% to $4.15 billion. The group said its overall results for the first half of the year were ahead of its expectations and that it was raising its earnings guidance for the year by 2 cents to $1.16 a share and added its board has authorized a share buyback of up to $400 million. The group said its profit included on the sale of its Northern Kazakhstan business and that adjusted earnings per share for the quarter were 17 cents.
Inpex Q1 net rises 29%, lifts full-year forecast(2:33 am ET)
HONG KONG (MarketWatch) -- Japanese energy producer Inpex Holdings (JP:1605: news, chart, profile) Friday reported a 29% jump in fiscal first-quarter profit as higher crude-oil and natural gas prices more than offset a decline in production. It also raised its earnings forecast for the full year. Net income for the April-June period rose to 49.7 billion yen ($456 million), or 21,124 yen a share, from 38.5 billion yen. Quarterly sales improved 41% to 381.3 billion yen. Average prices of domestically-produced crude-oil jumped 41%, while prices of overseas output flared up 78%, offsetting a 6.5% decline in production volume. The company got 4% more per unit of gas sold in Japan, and 63% higher for each unit of gas sold overseas, while output slipped 1%. Inpex raised its full-year net income forecast to 177 billion yen from 120 billion yen previously.
RBS swings to loss after 5.9 bln pound write-down(2:27 am ET)
LONDON (MarketWatch) -- Royal Bank of Scotland (UK:RBS: news, chart, profile) (RBS: news, chart, profile) said Friday that it swung to a first-half net loss of 802 million pounds ($1.56 billion) from a profit of 3.56 billion pounds a year earlier. The bank took write-downs in the period of 5.9 billion pounds, in line with the amount it forecast in April when it announced its 12 billion pound rights issue. The bank, which acquired some of the assets of ABN Amro in October, said that on a pro forma basis its loss was 761 million pounds compared to a profit of 3.65 billion a year earlier. RBS said its core Tier 1 ratio at the end of June was 5.7% and that it is on target to achieve its target level of 6% by the end of the year.
Thursday, Aug. 7
The9 sees earnings double on strong game revenue(6:11 pm ET)
SAN FRANCISCO (MarketWatch) -- The9 Ltd. said Thursday that earnings more than doubled during the second quarter thanks to strong revenue from its video game services. The Chinese provider of online games (NCTY: news, chart, profile) said net income was $16.9 million, or 61 cents a share, compared to net income of $7.4 million, or 28 cents a share, for the same period last year. Net revenue grew 69% to $66.3 million. Analysts were expecting earnings of 49 cents a share on revenue of $66.3 million, according to consensus estimates from FactSet Research.

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Tuesday, Aug. 12
Applied Materials' earnings slide 65% on drop in sales(4:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Applied Materials Inc. reported a 65% drop in net income for its third fiscal quarter amid a drop in sales for the company's semiconductor manufacturing tools. For the period ended July 27, Applied Materials (AMAT: news, chart, profile) said its net income was $164.5 million, or 12 cents a share, compared to earnings of $473.5 million, or 34 cents a share, for the same period last year. The company said earnings excluding charges for stock-option expenses and acquisition charges would have been $228 million, or 17 cents a share. Revenue came in at $1.85 billion compared to $2.56 billion last year. Analysts were expecting earnings of 14 cents a share on revenue of $1.83 billion, according to consensus estimates from FactSet Research.
Ralcorp boosts fiscal 2008 profit outlook(11:19 am ET)
SAN FRANCISCO (MarketWatch) -- Ralcorp Holdings Inc. (RAH: news, chart, profile) is signaling its business is perking up. In a regulatory filing late Monday, the food maker boosted its fiscal 2008 profit view to earnings per-share growth of 5% to 10% over a year ago. It had previously pegged growth of 5% when it issued quarterly results July 28. The outlook excludes the impact related to its acquisition of the Post cereals business from Kraft Foods Inc. (KFT: news, chart, profile) , a deal that closed Aug. 4. St. Louis-based Ralcorp, which makes cereals, cookies, crackers and other food products, said in the filing that the outlook is based on "preliminary results for the month of July and current forecasts for August and September." The company's fiscal year ends Sept. 30. In recent trading, Ralcorp shares slipped 1.5% to $59.41.
Thomson Reuters posts lower second-quarter profit(9:18 am ET)
NEW YORK (MarketWatch) -- Thomson Reuters Corp. (TRI: news, chart, profile) (TRIN: news, chart, profile) said Tuesday that second-quarter earnings fell to $173 million, or 22 cents a share, from $377 million, or 58 cents a share, in the year-earlier period. Pro-forma adjusted earnings from ongoing businesses came in at 45 cents a share. Revenue increased to $3.12 billion from $1.81 billion. The company still expects revenue growth of 6% to 8% in 2008 on a pro-forma basis, with operating margins of 19% to 21%.
Conseco loss grows (9:14 am ET)
NEW YORK (MarketWatch) -- Conseco Inc. (CNO: news, chart, profile) said Tuesday that its second quarter loss grew to $487 million, or $2.64 a share, compared to a loss of $60 million, or 35 cents a share a year ago. Revenue fell to $1.00 billion from $1.17 billion last year. The latest quarter's loss included a $370 million valuation allowance for deferred tax assets and $150.5 million of net realized investment losses.
JA Solar quarterly revenue more than doubles to $180 million(7:27 am ET)
NEW YORK (MarketWatch) -- JA Solar Holdings Co. (JASO: news, chart, profile) said Tuesday its second-quarter profit totaled $46.4 million, from $11 million in the same quarter a year before. But on a per-share basis, the China-based company marked a 1 cent loss, compared to an 8 cent profit a year ago, due to mark-to-market change in the fair value of the its conversion option and other charges related to its bond issues. Revenue for the quarter was $180 million compared to $67 million in the year-ago period. The solar-cell maker also reaffirmed its 2008 revenue forecast in a range of $1.05 billion to $1.17 billion, and said it foresees 2009 revenue coming in between $2.0 billion and $2.2 billion.
Fossil earnings per share up 71% in second (7:19 am ET)
NEW YORK (MarketWatch) -- Fossil Inc. (FOSL: news, chart, profile) said Tuesday that second-quarter earnings grew to $25.1 million, or 36 cents a share, compared to $14.6 million, or 21 cents in the same period a year ago. Sales rose to $353.2 million compared to $306.5 million. Analysts polled by FactSet, on average, estimated earnings per share of 36 cents on sales of $353.2 million. The Richardson, Tex. watch and jewelry seller said it sees 2008 earnings per share of $2.27 to $2.30.
Comverge revises lower 2008 revenue forecast(6:17 am ET)
WASHINGTON (MarketWatch) -- Comverge Inc. (COMV: news, chart, profile) reported a second-quarter net loss of $9.6 million, or 45 cents a share, wider than the prior year's loss of $4.4 million, or 29 cents a share. Quarterly revenue generated by the East Hanover, N.J.-based provider of demand-response electricity jumped to $9.5 million from $4.6 million a year earlier. The consensus of 10 analysts surveyed by FactSet Research had been for a loss of 38 cents a share with revenue pegged at $14 million. In addition, Comverge lowered its revenue projection for 2008 to a range of $80 million to $90 million; analysts' consensus stands at $99 million. The company cited a regulatory change implemented during the first quarter. Comverge also said it currently has 741 megawatts under long-term contract, expected to contribute future revenue totaling $376 million.
Watson Wyatt's fourth-quarter profit rises(6:11 am ET)
LONDON (MarketWatch) -- Management consulting firm Watson Wyatt Worldwide Inc (WW: news, chart, profile) on Tuesday said fourth-quarter net profit rose to $41.7 million, or 95 cents a share, from $31.6 million, or 71 cents a share, earned in in the year-earlier quarter. Sales climbed 17% to $453.8 million. Excluding the impact of acquisition and changes in foreign exchange rates, sales rose 10%. Consensus forecasts were for earnings of 80 cents a share, according to a poll of six analysts conducted by FactSet Research. The company said it sees fiscal 2009 revenue in the range of $1.85 billion to $1.90 billion and earnings per share in the range of $3.70 to $3.77. For the first quarter, it expects earnings of 82 to 85 cents a share.
Wachovia revises quarterly loss lower on likely settlement(5:23 am ET)
LONDON (MarketWatch) -- Wachovia (WB: news, chart, profile) late on Monday revised lower its second-quarter loss by $500 million pretax to reflect a hit it's likely to take from settlement discussions with securities regulators of investigations relating to auction rate securities. Wachovia reported a second-quarter loss of $9.11 billion, or $4.31 a share.
J.P. Morgan discloses $1.5 billion write-off(3:55 am ET)
LONDON (MarketWatch) -- J.P. Morgan Chase (JPM: news, chart, profile) , in a filing to the Securities and Exchange Commission late on Monday, said it's had to take a $1.5 billion write-off on mortgage-backed securities and loans. "Trading conditions have substantially deteriorated versus the second quarter," the lender said. The Financial Times, which first reported on the write-off, cited unnamed sources as saying Merrill Lynch's decision to sell mortgage-backed securities at 22 cents on the dollar to Lone Star prompted a fall in the prices of similar securities.
Adecco sees challenging second half, posts drop in profit(2:37 am ET)
LONDON (MarketWatch) -- Swiss staffing giant Adecco (CH:001213860: news, chart, profile) (ADO: news, chart, profile) on Tuesday said second-quarter net income fell to 212 million euros ($315 million) from 222 million euros a year earlier. Sales slipped 1% to 5.2 billion euros on weakness in the U.S., Canada, the U.K. and Ireland in particular. The company, which earlier this month made a preliminary approach to acquire rival Michael Page International Plc [: uk:mpi], reiterated its goal for an operating margin of 5% in 2009, but said it sees a more challenging second half of 2008 in terms of revenue development. It said most European markets and Japan have seen demand contracting during the second quarter. Demand in U.S. and Canada remains weak, it added.
UBS swings to loss, plans restructure(2:25 am ET)
LONDON (MarketWatch) -- Troubled Swiss bank UBS (UBS: news, chart, profile) (CH:002489948: news, chart, profile) said it swung to a net loss of 358 million Swiss francs ($331 million) in the second quarter from a profit of 5.55 billion francs a year ago as it also announced plans to separate its investment banking business from its wealth management arm. The group said losses related to risky positions -- mostly U.S. residential real estate -- were $5.1 billion in the quarter and outflows for the quarter were 43.8 billion francs as customers withdrew their cash. The group reported net inflows of 34 billion francs a year ago. UBS plans to separate its business into three autonomous units, which it said will impose stricter standards on the availability and use of capital. It also said it has appointed John Cryan as chief financial officer, succeeding Marco Suter.
Monday, Aug. 11
Icahn Enterprises swings to second-quarter loss(6:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Icahn Enterprises LP (IEP: news, chart, profile) said it swung to a second-quarter loss because of investment losses, according to a Securities and Exchange Commission filing late Monday. The firm reported a second-quarter loss of $98.8 million versus net income of $64.2 million a year ago. Based on limited partner units, however, the per-share loss widened to $1.37 from 40 cents last year. Icahn Enterprises reported "negative" revenue of $149.7 million for the quarter due to a $772.5 million loss in investment activities. Last year, the firm reported revenue of $783.1 million.
McDermott posts 19% jump in profit (4:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Engineering and construction company McDermott International (MDR: news, chart, profile) reported late Monday second-quarter net income rose to $177.5 million, or 77 cents a share, from $149.4 million, or 66 cents, a year ago. Operating revenue, which excludes one-time items, rose 27% to $231.1 million from $181.8 million. Revenue for the quarter rose 26% to $1.79 billion. Analysts polled by Factset Research had predicted the Houston-based company would post earnings of 78 cents a share on $1.85 billion in revenue. McDermott shares closed ahead of the report with a 1.3% gain at $41.88.
Napster revenue slips in first fiscal quarter(4:27 pm ET)
SAN FRANCISCO (MarketWatch) -- Napster Inc. saw its net losses widen slightly on a dip in revenue for the first fiscal quarter ended June 30. The digital music provider (NAPS: news, chart, profile) said Monday afternoon that net losses for the quarter were approximately $4.38 million, or 10 cents a share, compared to a net loss of $4.24 million, or 10 cents a share, for the same period last year. Revenue slipped to $30.3 million from $32.5 million last year. Analysts were expecting a loss of 9 cents a share on revenue of $30.9 million, according to consensus estimates from FactSet Research.
Fluor second-quarter net income doubles(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Fluor Corp. (FLR: news, chart, profile) late Monday reported its second-quarter net income more than doubled to $209.3 million, or $1.13 a share, from $95.6 million, or 53 cents a share, a year ago. Second-quarter results include a pre-tax gain of 26 cents a share from the sale of Fluor's joint venture interest in a wind farm project. Revenue rose to $5.77 billion from $4.22 billion in the year-earlier period, the engineering and construction giant said. Analysts surveyed by FactSet Research had forecast Fluor would earn 79 cents a share on revenue of $5.16 billion. The company raised its earnings view to $3.65 to $3.80 a share for 2008, compared with a previous outlook of $3.30 to $3.45 a share. Wall Street is projecting the company to report earnings of $3.27 a share in 2008.

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Wednesday, Aug. 13
NetApp first quarter net income rises to 11 cents a share (4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- NetApp Inc. (NTAP: news, chart, profile) late Wednesday reported a fiscal first-quarter net income of $37.7 million, or 11 cents a share, up from $34.3 million, or 9 cents a share, in the year-earlier period. Adjusted net income rose to 22 cents a share from 20 cents a share in the second quarter of last year. Revenue increased to $868.8 million from $689.2 million a year ago, the storage company said. Analysts surveyed by FactSet Research had forecast NetApp to earn 15 cents a share on revenue of $864 million. In the second quarter, NetApp expects earnings of 16 cents to 19 cents a share or adjusted earnings of 27 cents to 30 cents a share on revenue of $910 million to $940 million. Wall Street is projecting the company to earn 23 cents a share on revenue of $922 million. NetApp said separately that its board approved a new stock repurchase program of $1 billion in addition to $96.3 million remaining in its previous plans. The company has about 327 million common shares outstanding as of July 25.
NetApp earnings rise almost 11%(4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- NetApp Inc. (NTAP: news, chart, profile) on Wednesday reported a fiscal first-quarter profit of $38 million, or 11 cents a share, up from $34.3 million, or 9 cents a share a year ago. Revenue rose 26% to $869 million from $689.2 million in the prior-year's quarter. Excluding one-time items, the storage-technology company would have earned $76 million, or 22 cents a share. By that measure, analysts surveyed by FactSet Research had forcast NetApp to earn 22 cents a share on $864.1 million in revenue. For its second quarter, NetApp expects to earn 16 cents to 19 cents a share, or between 27 cents and 30 cents a share excluding one-time items, on revenue in a range of $910 million to $940 million.
Drug stocks inch higher; Biovail falls on financial outlook(9:53 am ET)
BOSTON (MarketWatch) -- Drug stocks inched higher early Wednesday while shares of Biovail Corp. (BVF: news, chart, profile) lost ground after it reported a second-quarter loss due in part to lower sales. The Amex Pharmaceutical Index ($DRG: news, chart, profile) and the Amex Biotechnology Index ($BTK: news, chart, profile) were both up nominally at 316.3 and 873.7, respectively. Shares of Biovail were down 4% at $9.56. The drugmaker also said it sees a continued decline in product sales over the next several quarters and does not expect revenue from newer products to kick in until around 2010 to 2011.
Energy shares mixed ahead of weekly inventory data(9:39 am ET)
NEW YORK (MarketWatch) -- Natural gas shares rose but oil stocks traded flat ahead of weekly inventory data due out later this morning. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.5% to 563. The Amex Oil Index (XOI: news, chart, profile) fell fractionally at 1,287. BP (BP: news, chart, profile) fell 1.9% to $58.99 after it declared force majeure on its Baku-Supsa pipeline. The company also denied reports that it has reached an agreement with the Russian shareholders of TNK-BP Ltd. on key issues to settle their dispute over the oil joint venture. Crude futures rose 44 cents to $113.45.
Biovail reports loss per share of 16 cents in quarter(7:57 am ET)
NEW YORK (MarketWatch) -- Biovail Corp. (BVF: news, chart, profile) said Wednesday that it lost $25 million, or 16 cents a share, in the second quarter. In the same period a year ago Biovail earned $68 million, or 42 cents. Revenue fell to $186 million compared with $203 million a year ago. Analysts polled by FactSet, on average, estimated earnings per share of 35 cents on sales of $190 million. Biovail reported a $52 million charge to close a plant in Puerto Rico and $25 million to settle issues with the U.S. Dept. of Justice over the launch of Cardizem. The Toronto-based pharmaceutical company said it will continue its ongoing restructuring and will see charges of $80 million to $100 million over the next several quarters including the restructuring-related charges this quarter.
Verisk Analytics Inc. files $750 mln IPO (7:57 am ET)
NEW YORK (MarketWatch) -- Verisk Analytics Inc. late Tuesday filed to raise up to $750 million in an initial public offering with underwriters Merrill Lynch (MER: news, chart, profile) and Morgan Stanley (MS: news, chart, profile) . The Jersey City, N.J.-based aggregator and provider of detailed actuarial and underwriting data pertaining to U.S. property and casualty insurance business did not yet specify its proposed trading symbol or stock exchange. Verisk Analytics reported net income of $41 million on revenue of $216 million in the three months ended March 31, compared to net income of $38.3 million and revenue of $199 million in the year-ago period. Several insurance firms own stakes in Verisk, including The Hartford Financial Services Group (HIG: news, chart, profile) , Travelers (TRV: news, chart, profile) , and American International Group (AIG: news, chart, profile) .
Brocade's third-quarter profit rises(7:42 am ET)
NEW YORK (MarketWatch) -- Brocade Communications Systems Inc. (BRCD: news, chart, profile) said Wednesday that its third-quarter profit rose to $20.3 million, or 5 cents a share, from $10.7 million, or 3 cents a share, in the year-earlier period. On an adjusted basis, the company would have reported earnings of 16 cents a share, up from 12 cents a share last year. Revenue at the San Jose data-storage provider rose to $365.7 million from $327.5 million. On average, analysts surveyed by FactSet Research estimated a quarterly profit of 12 cents a share on revenue of $351.7 million. Shares of Brocade closed Tuesday at $7.23.
Dr Pepper Snapple net falls after charges for spin-off (7:17 am ET)
NEW YORK (MarketWatch) -- Dr Pepper Snapple Group Inc. (DPS: news, chart, profile) on Wednesday said second-quarter net income for the three months ended June 30 fell to $108 million, or 42 cents a share, from $136 million, or 54 cents a share in the year-ago period. Excluding charges related to its spin-off from Cadbury and other items, the company earned 60 cents a share in the latest period. The Plano, Texas beverage firm, which marked its official separation from Cadbury Plc (UK:CBRY: news, chart, profile) on May 7, said sales edged up to $1.56 billion from $1.54 billion, but volume fell 4%. Analysts surveyed by FactSet forecast earnings of 55 cents a share o sales of $1.58 billion. Dr Pepper Snapple expects 2008 earnings of $1.94 a share, excluding items. Analysts expect earnings of $1.91 a share.
E.On ups outlook as profit climbs during first half(6:50 am ET)
FRANKFURT (MarketWatch) -- E.ON AG (DE:ENAG99: news, chart, profile) , the world's largest investor-owned utility by market value, Wednesday raised its full-year net profit outlook after reporting a near-8% increase in first-half adjusted net profit. The company said it now expects adjusted net profit to rise between 5% and 10% on the year, whereas it previously only projected a "slight increase." Adjusted for non-recurrent effects such as book gains from securities and asset sales as well as higher interest payments related to its ongoing investment program net profit rose 7.8% to EUR3.33 billion from EUR3.09 billion. Analysts had forecast EUR3.19 billion. The Duesseldorf-based company added that net profit including non-recurrent items in the three months to June 30 came in at EUR2.96 billion compared with EUR3.97 billion, below analysts expectations for EUR3.39 billion, according to a Dow Jones Newswires poll of 15 analysts.
Gildan Activewear sticks to guidance as profit climbs 3%(6:48 am ET)
LONDON (MarketWatch) -- Gildan Activewear Inc (GIL: news, chart, profile) (CA:GIL: news, chart, profile) said third-quarter net income rose 3% to $54 million, or 44 cents a share, from $52.4 million, or 43 cents a share, earned in the year-earlier quarter. Excluding a one-time restructuring charge of $2.3 million, the Canadian clothing company would have earned 46 cents a share. Consensus forecasts were for earnings of 45 cents a share, according to a survey of eight analysts polled by FactSet Research. Sales for the quarter rose 31% to $381 million, helped by the acquisition of U.S. socks supplier V.I. Prewett & Son Inc last September. Gildan reiterated its guidance for earnings of $1.45 to $1.50 a share in fiscal 2008.
Anglo Irish Bank expects annual EPS to rise 15%(5:10 am ET)
LONDON (MarketWatch) -- Anglo Irish Bank (UK:ANGL: news, chart, profile) said it expects fiscal year to Sept. 30 earnings per share to grow around 15%, with loan growth of about 15%, a lending impairment charge between 0.13% and 0.18% and broadly stable net interest margins. Analysts polled by FactSet Research were looking for 13.1% growth. The bank's Basel II core capital ratio will rise close to 6% at Sept. 30 and strengthen further to 6.5% without needing external equity capital. Even allowing for a lending impairment charge in line with the 2009 market consensus of 0.7%, some four to five times the anticipated current year level and above management expectations, the bank would remain highly profitable and capital accretive in 2009, it added. Analysts were looking for 2009 EPS to drop 5%.
Zurich Financial profit holds steady(2:54 am ET)
LONDON (MarketWatch) -- Swiss insurance group Zurich Financial Services (CH:001107539: news, chart, profile) said Wednesday that its first-half net profit was broadly steady at $2.68 billion as higher premiums were offset by a lower investment returns. The group said general insurance gross written premiums rose 8% to $20.59 billion, while the net investment result fell 17% to $3.98 million. Zurich said it continues to have no material exposure to U.S. subprime debt and incurred $16 million of impairments on U.S. mortgage-backed securities during the period.
British Energy says profit down 65%, still in deal talks(2:43 am ET)
LONDON (MarketWatch) -- U.K. nuclear energy group British Energy (UK:BGY: news, chart, profile) said Wednesday that its net profit for the three months ending June 29 fell 65% to 62 million pounds as revenue declined 6% to 629 million pounds. The group said the results reflected lower output due to outages at two of its nuclear plants as well as higher costs for the work being done on those plants, which were partly offset by higher selling prices. Output in the quarter fell 17% to 11.4 terawatt hours. The company said it's continuing discussions over a potential takeover. An expected bid for the group from France's EdF (FR:EDF: news, chart, profile) failed to materialize at the start of this month.
Hang Lung Properties FY net profit more than doubles(2:21 am ET)
HONG KONG (MarketWatch) -- Hang Lung Properties (HK:101: news, chart, profile) said Wednesday its net profit for the year ended June 30 more than doubled, helped by strong returns on its leasing activities and disposals of residential properties. The company, a constituent of the Hang Seng Index, said net profit totaled HK$13.2 billion ($1.69 billion), up from HK$6.4 billion in the year-earlier period. Underlying profit, which excludes revaluation gains on investment properties, rose to HK$5.12 billion from HK$2.05 billion. The property developer said revenue more than doubled to HK$10.08 billion from HK$4.39 billion.
HK Exchanges & Clearing posts 28% rise in 1H net income(1:45 am ET)
HONG KONG (MarketWatch) -- Hong Kong Exchanges & Clearing Ltd. (HK:388: news, chart, profile) , Asia's largest listed stock market operator by market capitalization, said Wednesday its first-half net profit jumped 28% from a year earlier, owing to a nearly 50% rise in daily turnover. The company, a constituent of the Hang Seng Index, said net profit for the six months ended June 30 totaled HK$2.97 billion ($380 million), up from HK$2.33 billion a year earlier. The result fell slightly short of consensus expectations for a HK$3.01 billion net profit. Revenue increased 33% to HK$4.21 billion from HK$3.16 billion a year earlier. Average daily turnover on stock exchange climbed 47% to HK$87.3 billion.
Telstra Corp. posts 13.5% rise in net profit for 2008(1:08 am ET)
HONG KONG (MarketWatch) -- Telstra Corp., (AU:TLS: news, chart, profile) Australia's largest telecommunications company, said Wednesday net income for the year ended June 30 rose 13.5%, helped by upbeat cellular and broadband revenues. Net profit for the year totaled $3.69 billion, compared to from A$3.25 billion a year, Telstra said in a statement to Australian securities regulators Wednesday. Telstra declared a final dividend of 14 Australian cents a share. The result was below market expectations for a net profit of A$3.78 billion, and a dividend of 14 to 15 Australian cents per share. Shares of Telstra fell 4% following the results' release.
Tuesday, Aug. 12
Applied Materials' earnings slide 65% on drop in sales(4:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Applied Materials Inc. reported a 65% drop in net income for its third fiscal quarter amid a drop in sales for the company's semiconductor manufacturing tools. For the period ended July 27, Applied Materials (AMAT: news, chart, profile) said its net income was $164.5 million, or 12 cents a share, compared to earnings of $473.5 million, or 34 cents a share, for the same period last year. The company said earnings excluding charges for stock-option expenses and acquisition charges would have been $228 million, or 17 cents a share. Revenue came in at $1.85 billion compared to $2.56 billion last year. Analysts were expecting earnings of 14 cents a share on revenue of $1.83 billion, according to consensus estimates from FactSet Research.
Ralcorp boosts fiscal 2008 profit outlook(11:19 am ET)
SAN FRANCISCO (MarketWatch) -- Ralcorp Holdings Inc. (RAH: news, chart, profile) is signaling its business is perking up. In a regulatory filing late Monday, the food maker boosted its fiscal 2008 profit view to earnings per-share growth of 5% to 10% over a year ago. It had previously pegged growth of 5% when it issued quarterly results July 28. The outlook excludes the impact related to its acquisition of the Post cereals business from Kraft Foods Inc. (KFT: news, chart, profile) , a deal that closed Aug. 4. St. Louis-based Ralcorp, which makes cereals, cookies, crackers and other food products, said in the filing that the outlook is based on "preliminary results for the month of July and current forecasts for August and September." The company's fiscal year ends Sept. 30. In recent trading, Ralcorp shares slipped 1.5% to $59.41.

[3xBuBu]

Thursday, Aug. 14
Autodesk earnings flat while revenue climbs(4:26 pm ET)
SAN FRANCISCO (MarketWatch) -- Autodesk Inc. said Thursday that earnings for the second quarter stayed largely flat despite better-than-expected revenue. For the quarter ended July 31, the software maker (ADSK: news, chart, profile) reported earnings of $89.8 million, or 39 cents per share, compared to earnings of $91.6 million, or 38 cents a share, for the same period last year. Excluding charges related to stock-options and other items, the company said it would have earned $130.3 million, or 56 cents a share, for the recent period. Revenue rose nearly 18% to $619.5 million. Analysts were expecting earnings of 52 cents a share on revenue of $606.6 million, according to consensus estimates from FactSet Research.
Nordstrom profit falls, trims earnings outlook (4:21 pm ET)
SAN FRANCISCO (MarketWatch) -- Nordstrom, Inc. (JWN: news, chart, profile) reported late Thursday fiscal second-quarter net income fell to $143 million, or 65 cents a share, from $180 million, or 71 cents, a year ago. Revenue for the three months ended Aug. 2 slipped 4.3% to $2.29 billion. Analysts polled by FactSet Research had predicted the upscale Seattle-based department store would earn 64 cents a share on $2.23 billion in sales. Nordstrom, citing a tough market, trimmed its full-year earnings outlook to $2.55 to $2.65 a share from its previous estimate of $2.65 to $2.80. Nordstrom shares closed ahead of the report with a 1.8% gain at $30.22.
Kohl's profit slips 12%; retailer lifts profit target(4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) , operator of discount department stores, late Thursday reported its quarterly profit fell 12% from a year ago as consumers spent less on clothes and other apparel. But the retailer lifted its fiscal year profit forecast. Kohl's posted fiscal second-quarter net income of $236 million, or 77 cents a share, compared with net income of $269.2 million, or 83 cents a share, in thee year-earlier period. For the quarter ended Aug.2, sales rose almost 4% to $3.7 billion. Same-store sales, or sales at stores open at least one year, fell 4.6%. Looking ahead, Kohl's pegged its fiscal 2008 profit between $3.02 and $3.18 a share, up from its previous target of $2.95 to $3.15. Based in Menomonee Falls, Wis., Kohl's operates 957 stores in 47 states. Its stock rose almost 2% in late trading.
Expert sees Georgian conflict roiling markets for now(2:22 pm ET)
NEW YORK (MarketWatch) -- Anthony Sabino, professor of Law and Business at St. John's University, said Thursday the conflict in Georgia will continue to shape trading in crude futures oil and equities. "The market will do what it typically does best -- overreact at first, and then become realistic when things cool off," Sabino said. "As a matter of geopolitics, Russian leader Vladimir Putin still needs the West for its markets and technology, and President George Bush, as he finishes out his term, can't embroil the U.S. in more hostilities, unless he wants to ensure massive Election Day losses for the Republicans. Expect a lot of talk, and then back to business as usual."
Chevron sellilng fuel marketing unit in Brazil for $730 mln(9:20 am ET)
NEW YORK (MarketWatch) -- Chevron Corp. (CVX: news, chart, profile) said Thursday it'll sell its fuel marketing business in Brazil for $730 million. The buyer is Ultrapar Participacoes S.A. (Ultrapar). Ultrapar will acquire a network of approximately 2,000 service stations operating under the Texaco brand, an equity interest in associated terminal operations, and Chevron's commercial and industrial fuels business. Other terms of the agreement were not disclosed. The final amount will vary based on exchange rate fluctuations and the actual working capital sold, Chevron said. The San Ramon, Calif. Dow component said the move fits its overall effort to reduce capital employed.
Estee Lauder fourth-quarter profit grows 36% on year(7:45 am ET)
NEW YORK (MarketWatch) -- Estee Lauder Cos. (EL: news, chart, profile) said Thursday its fourth-quarter profit rose almost 36% to $120 million, or 61 cents a share, from $88.6 million, or 45 cents a share, in the same quarter a year before. Analysts had expected earnings on average of 56 cents a share, according to a FactSet Research survey. Revenue for the quarter was $2.01 billion compared to $1.76 billion in the year-ago period. The New York-based firm said it projects first-quarter profit to come in at 18 cents to 25 cents a share, compared to a previous FactSet survey consensus of 25 cents. It tipped sales growth for next quarter at 9% to 11%, and said profit for fiscal 2009 is forecast at $2.57 to $2.72 a share.
Wal-Mart Stores ups 2008 view as earnings top forecast(6:25 am ET)
LONDON (MarketWatch) -- Wal-Mart Stores (WMT: news, chart, profile) increased its earnings outlook for the year as second-quarter to July 31 net income rose to $3.45 billion, or 87 cents a share, from $2.95 billion, or 72 cents a share. From continuing operations, it earned 86 cents a share, as revenue rose to $102.67 billion from $93 billion. Price leadership, enhanced customer service and operational improvements remained the primary drivers of sales growth worldwide, the world's top retailer said. It now sees annual earnings between $3.43 and $3.50 a share -- up from an earlier view of $3.30 to $3.43 -- and third-quarter earnings between 73 and 76 cents a share. Analysts polled by FactSet Research expected second-quarter EPS of 83 cents, third-quarter EPS of 76 cents and annual earnings of $3.49.
Constar International's quarterly loss widens(6:12 am ET)
LONDON (MarketWatch) -- Constar International Inc. (CNST: news, chart, profile) , a maker of polyethylene terephthalate plastic containers, said its second-quarter loss widened to $5.02 million, or 41 cents a share, from $4.85 million, or 39 cents a share, posted in the year-earlier quarter. Sales inched 2% higher to $242.3 million. The company said the results were disappointing primarily due to the unprecedented increase in energy costs and the weaker-than-expected demand for carbonated soft drinks.
Urban Outfitters profits climb during second quarter(6:05 am ET)
LONDON (MarketWatch) -- Urban Outfitters (URBN: news, chart, profile) said second quarter to July 31 net income climbed to $57 million, or 33 cents a share, from $31.9 million, or 19 cents a share, as sales rose 30% to $454 million. The Philadelphia headquartered firm reported growing same-store sales from Urban Outfitters, Anthropologie and Free People stores. Analysts polled by FactSet Research expected a profit of 29 cents a share on sales of $445 million.
ICBC Asia posts first-half net profit of $117.28 million(5:29 am ET)
HONG KONG (MarketWatch) -- Industrial & Commercial Bank of China (Asia) (HK:349: news, chart, profile) , the Hong Kong unit of China's largest bank by assets, said Thursday first-half net income rose 27% from a year earlier, as revenues from trading and interest income offset losses from investments. Net profit for the six-month period ended June 30 totaled HK$915.96 million ($117.28 million), up from HK$718.92 million a year earlier. The bank proposed a first-half dividend of 28 Hong Kong cents, up from 23 Hong Kong cents a year earlier. ICBC Asia, which ranks as Hong Kong's sixth-largest lender, said interest income rose 54% to HK$1.53 billion while trading income was up 59% to HK$88.162 million. The bank said net losses on investments totaled HK$122.04 million, compared to HK$9.9 million gain a year earlier. ICBC Asia is 63%-owned by Industrial & Commercial Bank of China Ltd. (HK:1398: news, chart, profile) .
British Land swings to loss on lower property values(2:33 am ET)
LONDON (MarketWatch) -- Real estate investment trust British Land Co. (UK:BLND: news, chart, profile) said Thursday that it swung to a net loss of 565 million pounds ($1.06 billion) in the fiscal first-quarter from a profit of 275 million pounds a year earlier due to a 5% fall in the value of its property portfolio. The group said gross rental and related income fell 9% to 146 million pounds and underlying pretax profit slipped 3% to 74 million pounds. The group said occupancy markets are beginning to reflect the effects on customers of the economic slowdown, while investment markets are "thin, nervous and negative in tone."
Cheung Kong Infrastructure net profit up 15% in first half(2:07 am ET)
HONG KONG (MarketWatch) - Cheung Kong Infrastructure Holdings Ltd. [: hk:1038], a utility and infrastructure company, said Thursday first-half net profit climbed 15%, owing mainly to strong revenue growth from its holdings in Hongkong Electric Holdings and gains from its overseas operations. Net profit for the six months ended June 30 totaled HK$2.33 billion ($298 million), up from HK$2.02 billion a year earlier. The company, controlled by Hong Kong tycoon Li Ka-shing, declared an interim dividend of HK$0.297 a share, up from HK$0.27 a share in the year-ago period. Revenue for the half year was up 16% to HK$3.18 billion. The company said its investment in Hongkong Electric Holdings contributed HK$1.24 billion in profit, an increase of 21% from last year. Contributions from water and gas investments in Britain were up 59% to HK$271 million.

[3xBuBu]

Friday, Aug. 15
SunPower solar deal draws praise, stock jumps (10:57 am ET)
NEW YORK (MarketWatch) -- SunPower Inc.'s (SPWR: news, chart, profile) announcement of its role in a large solar project from Pacific Gas & Electric makes the solar power maker look less susceptible to concerns about oversupply, an analyst from Jefferies & Co. said. "SunPower's central message for the last two years has been enabling grid parity through 50%-60% cost reductions by 2012," analyst Paul Clegg said in a note to clients. "Signing such a large agreement at apparently very low price levels signals SunPower's high level of confidence that it can sell large volumes of PV systems at prices substantially below current levels and still generate target margins." Shares of SunPower jumped 17% to $91.72 in recent trades.
NRG Energy up after Berkshire Hathaway discloses stake(10:11 am ET)
NEW YORK (MarketWatch) -- NRG Energy (NRG: news, chart, profile) rose 5% to $37.11 in early action on Friday. Berkshire Hathaway Inc. (BRKA: news, chart, profile) disclosed in a filing late Thursday a new 3.24 million share ownership stake in the independent Texas power generator.
Energy shares dip in early action as crude prices weaken(9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks moved into the red in early action on Friday, mirroring the fall of crude prices. The Amex Oil Index (XOI: news, chart, profile) dipped 1.3% to 1,278. The Amex Natural Gas Index (XNG: news, chart, profile) dipped 1.2% to 567. Crude fell $1.74 to $113.27 on the Nymex and Natural Gas dipped 2.5 cents to $8.11.
Illinois Tool works sets forecast(8:29 am ET)
NEW YORK (MarketWatch) -- Illinois Tool Works Inc. (ITW: news, chart, profile) said Friday that it is forecasting a third-quarter earnings per share from continuing operations of 93 cents to 99 cents, assuming a total company revenue growth range of 10% to 14%. The company sees full-year 2008 earnings per share from continuing operations in a range of $3.40 to $3.52, assuming a total company revenue growth range of 9% to 12%. The full-year forecast also reflects a 22 cent after-tax charge to earnings taken in the first quarter due to impairment and European tax charges.
Ping An Insurance posts 2% decline in first-half net profit (7:33 am ET)
HONG KONG (MarketWatch) -- Ping An Insurance (Group) [s hk:2318], China`s second-largest life insurer by premiums, posted a narrower-than-expected decline in first-half net profit, as a sharp rise in premiums helped offset a drop in investment gains. Net profit for the six months ended June 30 totaled 9.49 billion yuan ($1.38 billion), down 2% from 9.69 billion yuan a year earlier. The result exceeded average forecasts of 8.30 billion yuan net profit, according to a poll conducted by Dow Jones Newswires. The insurer's earnings had been expected to be sharply affected by losses on investments from declines in Hong Kong and China equities markets. Ping An said revenue from premiums climbed 24% to 54.19 billion yuan, while net investment income fell 64% to 9.28 billion yuan. HSBC Holdings has a 16.8% stake in Ping An.
Abercrombie & Fitch earnings down 4% in quarter(7:18 am ET)
NEW YORK (MarketWatch) -- Abercrombie & Fitch Co. (ANF: news, chart, profile) said Friday that second-quarter earnings fell to $77.8 million, or 87 cents a share, compared to $81.3 million, or 88 cents a share, in the same period a year ago. Total sales increased 5% to $846 million and same-store sales decreased 4%. Analysts polled by FactSet, on average, had estimated earnings per share of 88 cents on sales of $858 million. For full-year 2008, Abercrombie & Fitch projects earnings per share of $4.95 to $5.00 and, for the second half, a profit of $3.40 to $3.45 a share.
Harmony Gold swings to loss while production rises(4:13 am ET)
JOHANNESBURG (MarketWatch) -- Harmony Gold Mining Co. (HMY: news, chart, profile) (UK:HRM: news, chart, profile) , Africa's third-largest producer of the precious metal, Friday said it swung to a loss in the financial fourth quarter despite a recovery in gold production from the previous three months. The Johannesburg-based company, which has been selling poorer performing assets and cutting jobs since long-standing Chief Executive Bernard Swanepoel unexpectedly resigned a year ago, said it moved to a loss of 71 million rand ($9 million) in the three months to June 30 from a profit of ZAR345 million in the previous three months. Revenue for the period was 12% higher on the quarter at ZAR2.62 billion, while production increased to 375,970 troy ounces from 332,662 ounces in a quarter where mines across the South Africa were disrupted by power shortages. Larger AngloGold Ashanti Ltd. (AU: news, chart, profile) reported a 4.8% increase in output in the three months to the end of June to 1.25 million ounces, while Gold Fields Ltd.'s (GFI: news, chart, profile) production was up 4.6% at 865,000 for the quarter.
Merrill Lynch books $29 billion loss through U.K. unit(3:05 am ET)
HONG KONG (MarketWatch) -- Investment banking giant Merrill Lynch (ML: news, chart, profile) is unlikely to pay U.K corporate tax for many years after booking $29 billion in losses to its London-based subsidiary, according to a media report Friday. The investment bank may cut its U.K. tax bill by as much as $8 billion, as it offsets losses against future profits, the Financial Times reported Friday, using a calculation based on a 28% corporate tax rate. The report said regulatory filings show Merrill had a U.K. operating loss of about $29 billion booked though its U.K. subsidiary Merrill Lynch International. The losses arose from investments linked to collateralized debt obligations, complex debt securities backed often backed by U.S. subprime mortgages.
Vestas Wind Systems profit climbs 27%(2:45 am ET)
LONDON (MarketWatch) -- Wind turbine company Vestas Wind Systems (DE:913769: news, chart, profile) said its second quarter net profit rose 27% to 65 million euros ($96 million) as revenue rose 2.5% to 1.09 billion euros. The group said its order backlog jumped 67% to 7.2 billion euros and it reaffirmed its forecasts for 2008, including that more than two-thirds of revenue for the year will come in the second half. The group said its improvement in profitability is due to both higher selling prices and improved operational efficiency.
Thursday, Aug. 14
Japanese banks report surge in quarterly bad-loan charges(9:24 pm ET)
HONG KONG (MarketWatch) -- Japanese banks reported charges and write-offs for nonperforming loans surged in the April-to-June quarter from a year earlier, fueled by financial difficulties suffered by firms in the construction and real estate sectors, according to a Japanese media report. Japan's six major banks booked about 240 billion yen ($2.18 billion) in costs related to bad loans, up about 50% from a year earlier, while regional banks reported 160 billion in bad-loan-related charges, more than double last year's rate, according to the Nikkei newspaper, which cited earnings data for the recently-ended quarter released by firms Thursday. The report said the large number of bankruptcies prompted banks to book the write-downs well ahead of their normal period for such losses, at the fiscal year ending March 31.
Autodesk earnings flat while revenue climbs(4:26 pm ET)
SAN FRANCISCO (MarketWatch) -- Autodesk Inc. said Thursday that earnings for the second quarter stayed largely flat despite better-than-expected revenue. For the quarter ended July 31, the software maker (ADSK: news, chart, profile) reported earnings of $89.8 million, or 39 cents per share, compared to earnings of $91.6 million, or 38 cents a share, for the same period last year. Excluding charges related to stock-options and other items, the company said it would have earned $130.3 million, or 56 cents a share, for the recent period. Revenue rose nearly 18% to $619.5 million. Analysts were expecting earnings of 52 cents a share on revenue of $606.6 million, according to consensus estimates from FactSet Research.
Nordstrom profit falls, trims earnings outlook (4:21 pm ET)
SAN FRANCISCO (MarketWatch) -- Nordstrom, Inc. (JWN: news, chart, profile) reported late Thursday fiscal second-quarter net income fell to $143 million, or 65 cents a share, from $180 million, or 71 cents, a year ago. Revenue for the three months ended Aug. 2 slipped 4.3% to $2.29 billion. Analysts polled by FactSet Research had predicted the upscale Seattle-based department store would earn 64 cents a share on $2.23 billion in sales. Nordstrom, citing a tough market, trimmed its full-year earnings outlook to $2.55 to $2.65 a share from its previous estimate of $2.65 to $2.80. Nordstrom shares closed ahead of the report with a 1.8% gain at $30.22.
Kohl's profit slips 12%; retailer lifts profit target(4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) , operator of discount department stores, late Thursday reported its quarterly profit fell 12% from a year ago as consumers spent less on clothes and other apparel. But the retailer lifted its fiscal year profit forecast. Kohl's posted fiscal second-quarter net income of $236 million, or 77 cents a share, compared with net income of $269.2 million, or 83 cents a share, in thee year-earlier period. For the quarter ended Aug.2, sales rose almost 4% to $3.7 billion. Same-store sales, or sales at stores open at least one year, fell 4.6%. Looking ahead, Kohl's pegged its fiscal 2008 profit between $3.02 and $3.18 a share, up from its previous target of $2.95 to $3.15. Based in Menomonee Falls, Wis., Kohl's operates 957 stores in 47 states. Its stock rose almost 2% in late trading.

[3xBuBu]

<font color=GREEN>ER Week 08-08-18

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ER Week 08-08-05 #msg-31188407
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[chart]www.fotothing.com/photos/us/37673.jpg>
My posting is for my own entertainment, do your own DD before pushing your buy/call button