Replies to post #628 on Earning Plays

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

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Tuesday ER Watch
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Wednesday ER Watch
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Thursday ER Watch
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Friday ER Watch
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Monday, Aug. 18
Perrigo's fourth-quarter profit, sales rise(8:28 am ET)
NEW YORK (MarketWatch) -- Perrigo Co. (PRGO: news, chart, profile) said Monday that its fourth-quarter profit rose to $27.5 million, or 29 cents a share, from $18.8 million, or 20 cents per share, in the same quarter a year before. Excluding charges, fourth-quarter adjusted profit was 39 cents a share compared to the year-earlier 24 cents. Analysts had expected earnings of 41 cents per share, according to a FactSet Research poll. Sales for the quarter increased to $500.2 million from $374.3 million. Perrigo said it expects fiscal 2009 earnings of $1.90 to $1.98 a share and revenue growth of 13% to 18%.
Lowe's earnings decline in second quarter(7:25 am ET)
NEW YORK (MarketWatch) -- Lowe's Companies Inc. (LOW: news, chart, profile) said Monday that second-quarter earnings fell to $938 million, or 64 cents a share, compared to $1.0 billion, or 67 cents, in the same period a year ago. Sales rose to $14.5 billion compared to $14.2 billion. Analysts polled by FactSet estimated, on average, earnings per share of 56 cents on sales of $14.1 billion. Lowe's same-store sales fell 5.3% in the period. For the third quarter Lowe's sees sales growth at 1% to 2% and earnings per share of 27 cent to 31 cents. For the full year of 2008 Lowe's expects earnings per share of $1.48 to $1.56.
Trina Solar profit more than doubles, hikes revenue goal(6:41 am ET)
LONDON (MarketWatch) -- China's Trina Solar (TSL: news, chart, profile) said second-quarter net income more than doubled to $17.1 million, or 68 cents a U.S. share, from $7.4 million, or 32 cents a share, as revenue grew to $204 million from $75.3 million. The quarter included losses of 24 cents a share from currency exchange and 8 cents a share from discontinuing the Lianyungang polysilicon project. For the year, it revised higher its revenue goal to a range of $850 million to $900 million, up from $770 million to $808 million, while it kept its operating margin goal unchanged at 15% to 17%. Analysts polled by FactSet Research had expected earnings of 78 cents a share.
Lehman could face $1.8 billion loss: report(3:27 am ET)
LONDON (MarketWatch) -- Lehman Brothers Holdings (LEH: news, chart, profile) may face a fiscal third-quarter loss of $1.8 billion some analysts believe, which would take its losses since the start of March to at least $4.5 billion, according to a report in the Wall Street Journal. Back-to-back losses would add to the pressure on CEO Richard Fuld to show the losses won't continue, the newspaper said. If the losses do continue to pile up, Lehman could need to raise further capital beyond the $6 billion it received in June, the Journal said.
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.

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Tuesday, Aug. 19
Analog Devices third-quarter net income rises (4:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Analog Devices Inc. (ADI: news, chart, profile) late Tuesday reported its fiscal third-quarter net income rose to $138.6 million, or 47 cents a share, from $120.4 million, or 37 cents a share, a year earlier. Earnings from continuing operations were 44 cents a share. Revenue increased to $659 million from $617.4 million in the year-ago period, said the Norwood, Mass.-based semiconductor company. Analysts surveyed by FactSet Research had expected the company to report earnings of 45 cents a share on revenue of $660.8 million. In the fourth quarter, the company expects to report earnings from continuing operations of 44 cents to 46 cents a share while revenue growth is projected to rise 6%-9% from fourth quarter 2007. Analysts are forecasting the company to earn 46 cents a share on revenue of $676 million.
Hewlett-Packard earnings rise 11%(4:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Hewlett-Packard Co. (HPQ: news, chart, profile) on Tuesday reported a fiscal third-quarter profit of $2 billion, or 80 cents a share, compared to $1.8 billion, or 66 cents a share in same period a year ago. Revenue rose 10% to $28 billion from last-year's sales of $25.4 billion. Excluding one-time items, H-P would have earned $2.2 billion, or 86 cents a share. By that measure, analysts surveyed by FactSet Research had forecast H-P to earn 88 cents a share on revenue of $27.4 billion. For its fourth quarter, H-P said it expects to earn between 95 cents and 97 cents a share on revenue in a range of $30.2 billion to 30.3 billion.
Target's second-quarter income falls 7.6%(8:39 am ET)
NEW YORK (MarketWatch) -- Target Corp. (TGT: news, chart, profile) said Tuesday that its second-quarter net income fell 7.6% to $634 million from $686 million in the year-earlier period. On a per-share basis, earnings were 82 cents a share compared to the year-ago 80 cents, although the number of average outstanding shares fell to 774 million from 857 million. A FactSet Research survey of analysts, on average, predicted earnings of 76 cents a share. The Minneapolis discount retailer said retail-segment sales for the quarter ended Aug. 2 increased to $14.97 billion from $14.17 billion a year ago. Shares of Target closed Monday at $50.05.
Medtronic posts rise in first-quarter profit(7:28 am ET)
NEW YORK (MarketWatch) -- Medtronic Inc. (MDT: news, chart, profile) said Tuesday that first-quarter net income was $747 million, or 66 cents a share, compared with $675 million, or 59 cents a share, for the same period a year ago. On an adjusted basis, earnings were 72 cents a share. Sales for the Minneapolis-based medical-products maker were $3.71 billion vs. last year's $3.13 billion. The company was expected to post earnings of 69 cents a share on sales of $3.67 billion, according to a poll of analysts by FactSet Research. Medtronic shares ended trading Monday down 1.2% to $53.44.
Myriad Genetics swings to profit, plans strategic review(6:52 am ET)
LONDON (MarketWatch) -- Biotechnology company Myriad Genetics Inc. (MYGN: news, chart, profile) said Tuesday that it swung to a net profit of $65.5 million, or $1.40 a share, in its fiscal fourth-quarter, from a loss of $7.8 million, or 18 cents a share, a year earlier. Revenue for the quarter jumped to $166.9 million from $45.5 million. The group said its results were boosted by a $100 million up-front license payment from Lundbeck for European marketing rights to Flurizan. The company also announced that its management will perform a comprehensive review, considering a variety of strategic alternatives for the company. The options include a possible corporate restructuring which would separate the molecular diagnostic business from the pharmaceutical business as independent operating entities, the group said.
PICC Property & Casualty posts 1H net loss on higher claims(6:26 am ET)
HONG KONG (MarketWatch) -- China's largest non-life insurer by premiums, PICC Property & Casualty Co. (HK:2328: news, chart, profile) (PPCCF: news, chart, profile) , said Tuesday it posted a first-half net loss of 292 million yuan ($42.6 million), swinging from a profit a year earlier, owing to the settlement of damage-related claims related to the January to February snow storms and the Sichuan earthquake in May. PICC, which hold a 43.3% share of the non-life insurance market, reported net profit of 3.2 billion yuan in the six-month period ended June 30 last year. This year's result bettered average forecasts for a net loss of 1.09 billion yuan, according to a poll conducted by Dow Jones Newswires. Revenue for the six month period climbed 19% to 58.97 billion yuan, while net premiums increased 21% to 40.18 billion yuan. Payouts on claims totaled 30.48 billion yuan, up 40% from 22.19 billion yuan. The insurer did not propose an interim dividend. Last year it paid an interim dividend of 0.091 yuan per share.
Home Depot profit drops 24%, sticks to 2008 view(6:09 am ET)
LONDON (MarketWatch) -- Home Depot (HD: news, chart, profile) , the world's largest home-improvement retailer, said second-quarter to Aug. 3 net income dropped 24% to $1.2 billion, or 71 cents a share, with sales down 5% to $20.99 billion and same-store sales down 7.9%. "We continue to see pressure on our market and the consumer, generally," said Frank Blake, chairman and CEO. For the year, it expects earnings per share from continuing operations to drop 24% and sales to fall 5%, in line with earlier guidance. Analysts polled by FactSet Research had expected the Atlanta retailer to earn 61 cents a share on sales of $20.56 billion, and for earnings per share for the year to drop 25%.
Hutchison Telecom posts smaller 1H net profit, revenue rise(5:23 am ET)
HONG KONG (MarketWatch) -- Hutchison Telecommunications International (HTX: news, chart, profile) reported a large rise in first-half earnings from underlying operations, but said net profit declined sharply owing to distortions created when it booked a large one-off gain last year from the sale of its Indian cellular operations. Net profit for the six months ended June 30 totaled HK$1.17 billion ($150 million), down from HK$70.09 billion in the year-earlier period. Net profit from continuing operations climbed to HK$1.17 billion, compared to HK$57 million. The company said its subscriber base climbed to 11.1 million, a 68% increase from a year earlier. Revenue climbed 22% to HK$11.76 billion. Hutchison Whampoa Ltd., which reports results Friday, owns a 59% stake in HTIL.
Mesa Air Group swings to third-quarter loss(5:12 am ET)
LONDON (MarketWatch) -- Low-cost airline Mesa Air Group Inc. (MESA: news, chart, profile) said it swung to a third-quarter net loss of $3.6 million, or 14 cents as share, from a profit of $2.6 million, or 8 cents a share, in the year-earlier quarter. Excluding one-time items, the carrier posted an adjusted loss of 9 cents a share compared to an adjusted profit of 21 cents a share in the year-ago period. Operating revenue climbed 5% to $351 million. The load factor, a measure of how full an airline's planes are, fell to 77% from 80%.
Ciba shares stumble on $542 million write-down(3:10 am ET)
LONDON (MarketWatch) -- Shares of Ciba (CH:000581972: news, chart, profile) dropped 14% in early Swiss trading after the company took a 595 million franc ($542 million) write-down of its water and paper treatement operation and said it's looking at acquisitions and ventures to strengthen plastic additives and coating effects arms. A number of options are being evaluated for the paper and publication inks businesses, which are not performing in line with expectations, the company said. On the write-down, Ciba swung to a second-quarter loss of 606 million francs, with sales down 7% to 1.53 billion francs.
Kerry Properities' first-half net climbed 1% to $317.5 mil(1:52 am ET)
HONG KONG (MarketWatch) -- Kerry Properties Ltd, (HK:683: news, chart, profile) reported Tuesday net profit for the first half climbed 1% from the year-earlier period. Net profit for the six month period totaled HK$2.48 billion ($317.5 million) compared to HK$2.47 billion a year earlier. Revenue was up 24% to HK$7.23 billion. The board declared a first-half dividend of 30 Hong Kong cents, unchanged from a year earlier.
Monday, Aug. 18
Virgin Blue posts 55% fall in net profit, cuts dividend (10:29 pm ET)
HONG KONG (MarketWatch) -- Australia's second-largest carrier, Virgin Blue Holdings Ltd (AU:VBA: news, chart, profile) , reported Tuesday a 55% decline in annual net profit, and cut its dividend, as higher fuel costs hurt its bottom line. Net profit for the fiscal year ended June 30 totaled A$97.7 million ($85 million), down from A$222 million a year earlier, the airline said in a statement to the Australian Stock Exchange. The airline, which is 25%-owned by British tycoon Richard Branson, said revenue rose 8.4% to A$2.35 billion. Virgin Blue said it would not pay a final dividend. The airline's Sydney-listed shares were down as much as 22.3% after the results were released.
Perrigo's fourth-quarter profit, sales rise(8:28 am ET)
NEW YORK (MarketWatch) -- Perrigo Co. (PRGO: news, chart, profile) said Monday that its fourth-quarter profit rose to $27.5 million, or 29 cents a share, from $18.8 million, or 20 cents per share, in the same quarter a year before. Excluding charges, fourth-quarter adjusted profit was 39 cents a share compared to the year-earlier 24 cents. Analysts had expected earnings of 41 cents per share, according to a FactSet Research poll. Sales for the quarter increased to $500.2 million from $374.3 million. Perrigo said it expects fiscal 2009 earnings of $1.90 to $1.98 a share and revenue growth of 13% to 18%.
Lowe's earnings decline in second quarter(7:25 am ET)
NEW YORK (MarketWatch) -- Lowe's Companies Inc. (LOW: news, chart, profile) said Monday that second-quarter earnings fell to $938 million, or 64 cents a share, compared to $1.0 billion, or 67 cents, in the same period a year ago. Sales rose to $14.5 billion compared to $14.2 billion. Analysts polled by FactSet estimated, on average, earnings per share of 56 cents on sales of $14.1 billion. Lowe's same-store sales fell 5.3% in the period. For the third quarter Lowe's sees sales growth at 1% to 2% and earnings per share of 27 cent to 31 cents. For the full year of 2008 Lowe's expects earnings per share of $1.48 to $1.56.
Trina Solar profit more than doubles, hikes revenue goal(6:41 am ET)
LONDON (MarketWatch) -- China's Trina Solar (TSL: news, chart, profile) said second-quarter net income more than doubled to $17.1 million, or 68 cents a U.S. share, from $7.4 million, or 32 cents a share, as revenue grew to $204 million from $75.3 million. The quarter included losses of 24 cents a share from currency exchange and 8 cents a share from discontinuing the Lianyungang polysilicon project. For the year, it revised higher its revenue goal to a range of $850 million to $900 million, up from $770 million to $808 million, while it kept its operating margin goal unchanged at 15% to 17%. Analysts polled by FactSet Research had expected earnings of 78 cents a share.
Lehman could face $1.8 billion loss: report(3:27 am ET)
LONDON (MarketWatch) -- Lehman Brothers Holdings (LEH: news, chart, profile) may face a fiscal third-quarter loss of $1.8 billion some analysts believe, which would take its losses since the start of March to at least $4.5 billion, according to a report in the Wall Street Journal. Back-to-back losses would add to the pressure on CEO Richard Fuld to show the losses won't continue, the newspaper said. If the losses do continue to pile up, Lehman could need to raise further capital beyond the $6 billion it received in June, the Journal said.

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Wednesday, Aug. 20
CORRECT: Longs Drug Stores profit rises(6:16 pm ET)
SAN FRANCISCO (MarketWatch) -- Longs Drug Stores Corp. (LDG: news, chart, profile) reported late Wednesday fiscal second-quarter net income of $27.5 million, or 76 cents a share, up from $26.6 million, or 69 cents, in the year-ago quarter. Revenue for the period ended July 31 rose to $1.32 billion from $1.2 billion a year ago. Analysts polled by FactSet Research had predicted the Walnut Creek, Calif.-based drugstore chain would earn 77 cents a share on $1.35 billion in sales. Shares of Longs, which has tendered its shares to CVS Caremark Corp. (CVS: news, chart, profile) , closed ahead of the report with a gain of 0.7% at $72.10. (Corrects net earnings per share for the 2007 and 2008 quarters to diluted numbers from common numbers)
Limited Brands profit cut by more than half(4:41 pm ET)
SAN FRANCISCO (MarketWatch) -- Limited Brands, Inc. (LTD: news, chart, profile) on Wednesday reported a second-quarter profit of $102 million, or 30 cents a share, down from $264.4 million, or 67 cents a share, a year ago. Excluding several one-time benefits and charges, earnings would have come in at 27 cents a share. Sales fell to $2.3 billion from $2.6 billion last year. Analysts polled by FactSet Research were looking for a profit, on average, of 19 cents a share, on sales of $2.3 billion. The clothing retailer is looking for third-quarter results in a range of break even to 4 cents a share. Wall Street previously forecast earnings of 4 cents a share.
Hot Topic narrows loss in second quarter(4:38 pm ET)
SAN FRANCISCO (MarketWatch) -- Hot Topic Inc. (HOTT: news, chart, profile) late Wednesday reported its second-quarter net loss narrowed to $450 million, or a penny a share, from a loss of $1.73 billion, or 4 cents a share, a year ago. Second-quarter results include about a penny a share of expenses related to its online music project. Net sales rose marginally to $166.8 million from $161.7 million a year earlier while same-store sales slid 0.9%, the City of Industry, Calif.-based teen retailer said. Analysts polled by FactSet Research, on average, had forecast a loss of 2 cents a share on revenue of $166.1 million. In the third quarter, the company expects to earn 12 cents to 15 cents a share and in the fourth quarter, it sees earnings of 25 cents to 28 cents a share based on projections of low single digit decline in same-store sales. The outlook include expenses related to its online music initiative. Analysts are forecasting the company to report earnings of 16 cents a share in the third quarter.
JDS Uniphase net loss deepens on charges(4:26 pm ET)
SAN FRANCISCO (MarketWatch) -- JDS Uniphase Corp. saw its net loss grow in its fourth fiscal quarter on mostly acquisition-related charges while revenue grew more than 11%. For the period ended June 28, the company (JDSU: news, chart, profile) reported a net loss of $29.8 million, or 13 cents a share, compared to a net loss of $17.9 million, or 8 cents a share, for the same period last year. On a non-GAAP basis, the company said it would have earned $15.5 million, or 7 cents per share. Revenue grew to $390.3 million from $350.7 million last year. Analysts were expecting earnings of 10 cents a share on revenue of $395.8 million, according to consensus estimates from Thomson Reuters.
Synopsys third-quarter net income more than doubles (4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Synopsys Inc. (SNPS: news, chart, profile) late Wednesday reported its third-quarter net income more than doubled to $57.7 million, or 39 cents a share, from $24.9 million, or 17 cents a share, a year ago. Excluding items such as employee share-based compensation expense and amortization of intangible assets, earnings were 44 cents a share. Revenue increased to $344.1 million from $304.1 million in the year-earlier period, said the Mountain View, Calif.-based design automation software company. Analysts surveyed by FactSet Research had forecast the company to earn 34 cents a share on revenue of $339.6 million. In the fourth quarter, the company projected revenue of $348 million to $356 million and earnings of 23 cents to 29 cents a share. On an adjusted basis, the company is expected to earn 36 cents to 39 cents a share. In fiscal 2008, the company expects revenue of $1.33 billion to $1.34 billion and earnings of $1.20 to $1.26 a share and adjusted earnings of $1.65 to $1.68 a share. Analysts expect the company to earn 34 cents a share on revenue of $353.6 million in the fourth quarter and $1.46 a share on revenue of $1.33 billion in 2008.
Salesforce.com posts sharp quarterly profit increase(4:15 pm ET)
SAN FRANCISCO (MarketWatch) - Salesforce.com Inc. said Wednesday its fiscal second-quarter profit rose sharply, as revenue grew 49%. San Francisco-based Salesforce.com (CRM: news, chart, profile) , which sells subscriptions to business software hosted on the Internet, said net income for the period ended in July rose to $10 million, or 8 cents a share, from $3.74 million, or 3 cents a share in the same period a year earlier. Meanwhile revenue rose to $263.1 million. Analysts on average had estimated Salesforce.com would post earnings of 9 cents a share, and $260.8 million in revenue, according to FactSet Research.
Hewlett-Packard leads tech sector gains(9:36 am ET)
SAN FRANCISCO (MarketWatch) -- Hewlett-Packard Co. (HPQ: news, chart, profile) led the tech sector north in early trading Wednesday, as the tech giant's shares rose $1.52, or 3.5%, to $45.21. H-P benefited from a strong third-quarter report and fouth-quarter outlook that it gave late Tuesday. Other tech stocks on the rise included Apple Inc. (AAPL: news, chart, profile) , IBM Corp. (IBM: news, chart, profile) , Microsoft Corp. (MSFT: news, chart, profile) and Dell Inc. (DELL: news, chart, profile) . The tech-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) rose 9.4 points to 2,393.
BJ's Wholesale net virtually flat, ups annual outlook(7:13 am ET)
LONDON (MarketWatch) -- BJ's Wholesale Club (BJ: news, chart, profile) said second-quarter to Aug. 2 net income was about flat at $36.5 million, or 61 cents a share, compared to $36.3 million, or 55 cents a share. The quarter included 3 cents a share of favorable state income tax audit settlements. Sales climbed 18% to $2.65 billion, with comparable club sales up 15.5%. BJ's upped its annual earnings view to a range of $2.10 to $2.20, up from $2.04 to $2.14, and its board authorized an additional $200 million for share repurchases. Analysts polled by FactSet expected quarterly earnings of 57 cents a share and annual earnings of $2.14 a share.
American Woodmark profit down 97%(6:39 am ET)
LONDON (MarketWatch) -- Kitchen cabinet maker American Woodmark Corp. (AMWD: news, chart, profile) said Wednesday that its fiscal first-quarter net profit fell 97% to $156,000, or a penny a share, from $5.1 million, or 34 cents a share, a year earlier. Net sales in the quarter declined 16% to $139.2 million. The group said its margins were also hit by rising fuel prices and raw materials costs.
Blue Square-Israel profit jumps 80%(6:22 am ET)
LONDON (MarketWatch) -- Blue Square-Israel Ltd. (BSI: news, chart, profile) said Wednesday that its second-quarter net profit rose 80% to 37.2 million shekels ($11.1 million) from 20.7 million shekels a year earlier, as revenue rose 14.1% to 1.92 billion shekels. The group said growth in revenue reflected the timing of the Passover buying season, which was entirely in the second quarter this year, as well as the addition of new selling space and consolidation of acquired businesses. Supermarket same-store sales rose 8.2% in the quarter, reflecting rising prices. The group declared a cash dividend of 3.46 shekels a share.
Suntech profit rises 58%, raises revenue guidance(6:01 am ET)
LONDON (MarketWatch) -- Solar energy company Suntech Power Holdings (STP: news, chart, profile) said Wednesday that its second-quarter net profit rose 58% to $65.2 million, or 38 cents a share, from $41.3 million, or 25 cents a share, a year earlier. Revenue for the quarter grew 51% to $480.2 million. Excluding one-off items, adjusted profit for the quarter was 41 cents a share. Analysts polled by FactSet had expected earnings of 33 cents a share. The group raised its revenue guidance for 2008 to a range of $2.05 billion to $2.15 billion, from a range of $1.9 billion to $2.1 billion.
Tower Semiconductor loss narrows, restructures debt(5:16 am ET)
LONDON (MarketWatch) -- Specialty foundry Tower Semiconductor (TSEM: news, chart, profile) said Wednesday that its second-quarter net loss narrowed slightly to $31.3 million, or 25 cents a share, from $34.1 million, or 28 cents a share, a year earlier. Total revenue for the quarter rose 1.8% to $58.1 million, which was slightly above the mid-point of the company's guidance. The group also said it's signed a memorandum of understanding with its lender banks and with Israel Corp. to restructure the company's debt. Under the terms of the arrangement, $250 million of the company's debt will be converted into equity capital notes. The move will both reduce its debt and increase its shareholders' equity by roughly $250 million.
Tsingtao Brewery 1H net profit up 42%, shares rise 7.6%(5:11 am ET)
HONG KONG (MarketWatch) -- Tsingtao Brewery Co. (HK:168: news, chart, profile) (TSGTY: news, chart, profile) said Wednesday first-half net profit climbed 42% from the year-earlier period, as higher sales and increased product prices more than offset higher raw material costs. Tsingtao, the nation's second-largest brewer by sales, said net profit totaled 381.1 million yuan ($55.6 million) up from 268.7 million yuan in the year-earlier period. Revenue rose 16% to 7.79 billion yuan. Following its practice from a year earlier, the brewer did not declare a first-half dividend. Tsingtao's Hong Kong-listed shares climbed 7.6% in Wednesday. The brewer released its results ahead of the market open.
Telekom Austria profit drops 26%(2:31 am ET)
VIENNA (MarketWatch) -- Austrian telecommunications provider Telekom Austria AG (TKAGY: news, chart, profile) said Wednesday its second-quarter net profit fell 26% due to migrating fixed-line minutes, pressured mobile telephony margins on the home market, start-up costs in Serbia and Macedonia and added debt expenses. Net profit for the three months ended June 30 was EUR96.3 million, down from EUR130.6 million a year earlier, and significantly lower than the EUR111 million average estimate of 11 analysts polled by Dow Jones. The company said its sales rose 5.6%, helped by the inclusion of its Belarussian acquisition MDC, to EUR1.28 billion, up from EUR1.21 billion, in line with analysts' estimates. Earnings before interest, taxation, depreciation and amortization, or Ebitda, rose 0.6%, to EUR469.1 million, from EUR466.1 million, which was also lower than analysts' estimates of EUR481 million. The company also reiterated its full-year 2008 earnings guidance of sales to grow by 5%, and Ebitda by 3%, while net profit is expected to decline by 12%.
Tuesday, Aug. 19
Brambles' fiscal year net profit falls 50% to $648.7 million(11:14 pm ET)
HONG KONG (MarketWatch) -- Brambles Ltd. (AU:BXB: news, chart, profile) (BMBLF: news, chart, profile) , a global logistics group and a supplier of pallets used to help transport warehouse goods, said Wednesday net profit for the year ended June 30 fell 50% to $648.7 million from $1.29 billion, owing in part to lower one-off gains from the sale of a waste management business. Operating profit totaled $1.05 billion, up 12% from $932.8 million in the preceding year. The company said growth in its CHEP unit in the U.S. will be "subdued" owing to costs associated with restructuring of its business with Wal-Mart Stores. The company added that its CHEP Asia-Pacific unit will be impacted by costs associated with investments in China and India.
James Hardie Industries' quarterly net profit falls 96%(10:33 pm ET)
HONG KONG (MarketWatch) -- James Hardie Industries NV (AU:JHX: news, chart, profile) (JHX: news, chart, profile) , the largest producer and seller of home siding in the U.S., announced Wednesday profit in the April-to-June quarter fell 96% from a year earlier, as slumping housing starts in the U.S. weighed on performance. Net profit totaled $1.4 million, down from $39.1 million in the year-earlier period. Sales for the quarter declined 14% to $365 million, from $424.4 million a year earlier. Excluding contributions to a special fund to compensate victims of its asbestos products, net profit for the quarter fell 39% to $41.6 million, down from $68.6 million. The firm established the asbestos compensation fund in 2005.
Analog Devices third-quarter net income rises (4:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Analog Devices Inc. (ADI: news, chart, profile) late Tuesday reported its fiscal third-quarter net income rose to $138.6 million, or 47 cents a share, from $120.4 million, or 37 cents a share, a year earlier. Earnings from continuing operations were 44 cents a share. Revenue increased to $659 million from $617.4 million in the year-ago period, said the Norwood, Mass.-based semiconductor company. Analysts surveyed by FactSet Research had expected the company to report earnings of 45 cents a share on revenue of $660.8 million. In the fourth quarter, the company expects to report earnings from continuing operations of 44 cents to 46 cents a share while revenue growth is projected to rise 6%-9% from fourth quarter 2007. Analysts are forecasting the company to earn 46 cents a share on revenue of $676 million.
Hewlett-Packard earnings rise 11%(4:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Hewlett-Packard Co. (HPQ: news, chart, profile) on Tuesday reported a fiscal third-quarter profit of $2 billion, or 80 cents a share, compared to $1.8 billion, or 66 cents a share in same period a year ago. Revenue rose 10% to $28 billion from last-year's sales of $25.4 billion. Excluding one-time items, H-P would have earned $2.2 billion, or 86 cents a share. By that measure, analysts surveyed by FactSet Research had forecast H-P to earn 88 cents a share on revenue of $27.4 billion. For its fourth quarter, H-P said it expects to earn between 95 cents and 97 cents a share on revenue in a range of $30.2 billion to 30.3 billion.
Target's second-quarter income falls 7.6%(8:39 am ET)
NEW YORK (MarketWatch) -- Target Corp. (TGT: news, chart, profile) said Tuesday that its second-quarter net income fell 7.6% to $634 million from $686 million in the year-earlier period. On a per-share basis, earnings were 82 cents a share compared to the year-ago 80 cents, although the number of average outstanding shares fell to 774 million from 857 million. A FactSet Research survey of analysts, on average, predicted earnings of 76 cents a share. The Minneapolis discount retailer said retail-segment sales for the quarter ended Aug. 2 increased to $14.97 billion from $14.17 billion a year ago. Shares of Target closed Monday at $50.05.
Medtronic posts rise in first-quarter profit(7:28 am ET)
NEW YORK (MarketWatch) -- Medtronic Inc. (MDT: news, chart, profile) said Tuesday that first-quarter net income was $747 million, or 66 cents a share, compared with $675 million, or 59 cents a share, for the same period a year ago. On an adjusted basis, earnings were 72 cents a share. Sales for the Minneapolis-based medical-products maker were $3.71 billion vs. last year's $3.13 billion. The company was expected to post earnings of 69 cents a share on sales of $3.67 billion, according to a poll of analysts by FactSet Research. Medtronic shares ended trading Monday down 1.2% to $53.44.
Myriad Genetics swings to profit, plans strategic review(6:52 am ET)
LONDON (MarketWatch) -- Biotechnology company Myriad Genetics Inc. (MYGN: news, chart, profile) said Tuesday that it swung to a net profit of $65.5 million, or $1.40 a share, in its fiscal fourth-quarter, from a loss of $7.8 million, or 18 cents a share, a year earlier. Revenue for the quarter jumped to $166.9 million from $45.5 million. The group said its results were boosted by a $100 million up-front license payment from Lundbeck for European marketing rights to Flurizan. The company also announced that its management will perform a comprehensive review, considering a variety of strategic alternatives for the company. The options include a possible corporate restructuring which would separate the molecular diagnostic business from the pharmaceutical business as independent operating entities, the group said.
PICC Property & Casualty posts 1H net loss on higher claims(6:26 am ET)
HONG KONG (MarketWatch) -- China's largest non-life insurer by premiums, PICC Property & Casualty Co. (HK:2328: news, chart, profile) (PPCCF: news, chart, profile) , said Tuesday it posted a first-half net loss of 292 million yuan ($42.6 million), swinging from a profit a year earlier, owing to the settlement of damage-related claims related to the January to February snow storms and the Sichuan earthquake in May. PICC, which hold a 43.3% share of the non-life insurance market, reported net profit of 3.2 billion yuan in the six-month period ended June 30 last year. This year's result bettered average forecasts for a net loss of 1.09 billion yuan, according to a poll conducted by Dow Jones Newswires. Revenue for the six month period climbed 19% to 58.97 billion yuan, while net premiums increased 21% to 40.18 billion yuan. Payouts on claims totaled 30.48 billion yuan, up 40% from 22.19 billion yuan. The insurer did not propose an interim dividend. Last year it paid an interim dividend of 0.091 yuan per share.
Home Depot profit drops 24%, sticks to 2008 view(6:09 am ET)
LONDON (MarketWatch) -- Home Depot (HD: news, chart, profile) , the world's largest home-improvement retailer, said second-quarter to Aug. 3 net income dropped 24% to $1.2 billion, or 71 cents a share, with sales down 5% to $20.99 billion and same-store sales down 7.9%. "We continue to see pressure on our market and the consumer, generally," said Frank Blake, chairman and CEO. For the year, it expects earnings per share from continuing operations to drop 24% and sales to fall 5%, in line with earlier guidance. Analysts polled by FactSet Research had expected the Atlanta retailer to earn 61 cents a share on sales of $20.56 billion, and for earnings per share for the year to drop 25%.
Hutchison Telecom posts smaller 1H net profit, revenue rise(5:23 am ET)
HONG KONG (MarketWatch) -- Hutchison Telecommunications International (HTX: news, chart, profile) reported a large rise in first-half earnings from underlying operations, but said net profit declined sharply owing to distortions created when it booked a large one-off gain last year from the sale of its Indian cellular operations. Net profit for the six months ended June 30 totaled HK$1.17 billion ($150 million), down from HK$70.09 billion in the year-earlier period. Net profit from continuing operations climbed to HK$1.17 billion, compared to HK$57 million. The company said its subscriber base climbed to 11.1 million, a 68% increase from a year earlier. Revenue climbed 22% to HK$11.76 billion. Hutchison Whampoa Ltd., which reports results Friday, owns a 59% stake in HTIL.
Mesa Air Group swings to third-quarter loss(5:12 am ET)
LONDON (MarketWatch) -- Low-cost airline Mesa Air Group Inc. (MESA: news, chart, profile) said it swung to a third-quarter net loss of $3.6 million, or 14 cents as share, from a profit of $2.6 million, or 8 cents a share, in the year-earlier quarter. Excluding one-time items, the carrier posted an adjusted loss of 9 cents a share compared to an adjusted profit of 21 cents a share in the year-ago period. Operating revenue climbed 5% to $351 million. The load factor, a measure of how full an airline's planes are, fell to 77% from 80%.
Ciba shares stumble on $542 million write-down(3:10 am ET)
LONDON (MarketWatch) -- Shares of Ciba (CH:000581972: news, chart, profile) dropped 14% in early Swiss trading after the company took a 595 million franc ($542 million) write-down of its water and paper treatement operation and said it's looking at acquisitions and ventures to strengthen plastic additives and coating effects arms. A number of options are being evaluated for the paper and publication inks businesses, which are not performing in line with expectations, the company said. On the write-down, Ciba swung to a second-quarter loss of 606 million francs, with sales down 7% to 1.53 billion francs.
Kerry Properities' first-half net climbed 1% to $317.5 mil(1:52 am ET)
HONG KONG (MarketWatch) -- Kerry Properties Ltd, (HK:683: news, chart, profile) reported Tuesday net profit for the first half climbed 1% from the year-earlier period. Net profit for the six month period totaled HK$2.48 billion ($317.5 million) compared to HK$2.47 billion a year earlier. Revenue was up 24% to HK$7.23 billion. The board declared a first-half dividend of 30 Hong Kong cents, unchanged from a year earlier.

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Thursday, Aug. 21
Gap profit up 51%; backs forecast(4:44 pm ET)
SAN FRANCISCO (MarketWatch) -- Gap Inc. (GPS: news, chart, profile) late Thursday reported second-quarter profit rose 51% from a year-earlier and backed its full-year profit forecast. For quarter ended Aug. 2, Gap posted net income of $229 million, or 32 cents a share, compared with net income of $152 million, or 19 cents a share, last year. Sales fell 5% to $3.5 billion. Comparable store sales -- or sales at stores open at least one year -- fell 10%. Gap, which has been reducing inventory and cutting costs, reaffirmed its 2008 profit outlook for earnings between $1.30 and $1.35 a share.
Pacific Sunwear swings to profit but warns on next quarter(4:21 pm ET)
SAN FRANCISCO (MarketWatch) -- Pacific Sunwear of California, Inc. (PSUN: news, chart, profile) on Thursday reported a second-quarter profit of $2.8 million, or 4 cents a share, vs. a loss of $10.5 million, or 15 cents a share, a year ago. Earnings from continuing operations came in at 6 cents a share. Sales rose to $312.7 million from $311.8 million last year. Analysts polled by FactSet Research were looking for a profit, on average, of 6 cents a share with sales of $312.7 million. The company warned that third-quarter results from continuing operations would be in a range of break even to 5 cents a share, well below Wall Street targets for the period.
Aeropostale profit, sales jump(4:15 pm ET)
SAN FRANCISCO (MarketWatch) -- Specialty teen retailer Aeropostale (ARO: news, chart, profile) late Thursday reported second-quarter net income jumped 43% from a year ago and the company issued a forecast inline with Wall Street's expectations. For the quarter ended Aug. 2, net income was $21.1 million, or 31 cents a share, compared with net income of $14.7 million, or 19 cents a share. Sales rose 21% to $377.1 million. The results matched Wall Street's expectations, based on analysts polled by FactSet. Looking ahead, Aeropostale pegged third-quarter earnings between 59 cents to 61 cents a share. Analysts estimate 60 cents.
Intuit posts widened fourth-quarter loss(4:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Intuit Inc. said Thursday its fiscal fourth-quarter net loss widened to $61.9 million, or 19 cents a share, from $13.6 million, or 4 cents a share in the same period a year earlier. Mountain View, Calif.-based tax and financial preparation software company Intuit (INTU: news, chart, profile) said revenue in the period ended in July rose 11% to $478 million. Excluding special items, Intuit said its net loss would have been 8 cents a share. Analysts on average estimated that excluding special items, Intuit would break even for the quarter, according to FactSet Research. Intuit said in a statement that it normally posts a loss in its fiscal fourth-quarter, "when there is little revenue from its tax businesses but expenses remain relatively constant."
Barnes & Noble earnings per share up slightly(9:02 am ET)
NEW YORK (MarketWatch) -- Barnes & Noble Inc. (BKS: news, chart, profile) said Thursday that second-quarter earnings were $15.4 million, or 27 cents a share, compared to $18.1 million, or 26 cents a share, in the same period a year ago. Sales fell to $1.22 billion from $1.24 billion. Analysts polled by FactSet, on average, estimated earnings per share of 9 cents and sales of $1.23 billion. Second-quarter earnings included an after tax benefit of 12 cents a share. For the third quarter, Barnes & Noble sees a loss of 10 cents to 15 cents a share and for the full year it affirms its estimate of $1.70 to $1.90 a share.
Toro profit falls for the quarter, may drop for year(8:46 am ET)
LONDON (MarketWatch) -- Toro (TTC: news, chart, profile) said fiscal third-quarter ending Aug. 1 net income fell to $38.2 million, or 99 cents a share, from $42.5 million, or $1.02 a share, on weakness in the domestic economy. Sales rose to $492.6 million from $478.7 million. For the year, the outdoor maintenance equipment firm sees earnings per share falling 6% to 9% from last year's $3.40 on roughly equal sales. Analysts polled by FactSet expected earnings of 93 cents a share for the quarter and $3.19 for the year.
GameStop earnings per share nearly triple(8:46 am ET)
NEW YORK (MarketWatch) -- GameStop Corp. (GME: news, chart, profile) said Thursday that second-quarter earnings were $57.2 million, or 34 cents a share, compared to $21.8 million, or 13 cents a share, in the year-ago period. GameStop sales increased 35% to $1.8 billion compared to $1.3 billion in the prior-year quarter. Analysts polled by FactSet estimated, on average, earnings per share of 28 cents on sales of $1.7 billion. Full-year earnings per share are now forecast to range from $2.45 to $2.50. Same-store sales are projected to increase between 12% and 14% for the full year, with total sales growing between 23% and 25%.
Burger King earnings per share up 42%(8:25 am ET)
NEW YORK (MarketWatch) -- Burger King Holdings (BKC: news, chart, profile) on Thursday said that fourth-quarter earnings rose to $51 million, of 37 cents a share, compared to $36 million, or 26 cents a share in the same period a year ago. Revenue grew 9% to $646 million. Analysts polled by FactSet estimated, on average, earnings per share of 34 cents on sales of $627.9 million. "We remain committed to delivering top of the industry financial performance and expect full year fiscal 2009 earnings per share of $1.54 to $1.59," said CEO John Chidsey.
Children's Place roughly breaks even(7:15 am ET)
LONDON (MarketWatch) -- The Children's Place Retail Stores Inc. (PLCE: news, chart, profile) said Thursday that it swung to a fiscal second-quarter profit of $11,000, or less than a penny a share, from a loss of $28.1 million, or 97 cents a share, a year earlier. Revenue from continuing operations for the quarter rose 16% to $338 million. Excluding one-time items, the company said it made a loss of 3 cents a share in the quarter. Comparable store sales were up 9%. The group said it expects that consumer purchasing power will continue to be pressures by the ongoing weakness in the economy.
H.J. Heinz sees upper-end earnings after 11.5% net rise(7:12 am ET)
LONDON (MarketWatch) -- H.J. Heinz Co. (HNZ: news, chart, profile) said it expects fiscal-year earnings at the upper end of its previously announced range as fiscal first-quarter to July 30 rose 11.5% to $229 million, or 72 cents a share, with sales up 15% to $2.58 billion. Price increases and higher volume offset increased commodity costs and falling U.S. Foodservice sales, the Pittsburgh ketchup maker said. It now sees fiscal-year earnings between $2.87 to $2.91 a share, up from an earlier range of $2.83 to $2.91 a share. Analysts polled by FactSet expected quarterly earnings of 65 cents a share and annual earnings of $2.88 a share.
ICBC's 1H net profit of $9.4B makes it league leader(6:17 am ET)
HONG KONG (MarketWatch) -- Industrial & Commercial Bank of China Ltd. (HK:1398: news, chart, profile) , the world biggest bank by market capitalization, posted a record 64.53 billion yuan ($9 billion) net profit in the first half, a rise of 57% from a year earlier, driven mainly by higher fee and interest income, becoming the world's most profitable bank in the six-month period. The result was slightly below average analysts' expectations for a 66.48 billion yuan net profit, according to estimates compiled by Dow Jones Newswires. In the first half last year, the bank posted a net profit of 41.04 billion. Net interest income for the half year climbed 29% to 131.79 billion yuan, while fees and commissions jumped 48% to 24.48 billion yuan.
Stages Stores second-quarter net profit slips(6:16 am ET)
LONDON (MarketWatch) -- Stage Stores (SSI: news, chart, profile) reported second-quarter profit of $9.7 million, or 25 cents a share, compared to $9.9 million, or 23 cents a share, earned in the year-earlier quarter. Consensus forecasts were for earnings of 21 cents a share, according to a poll of three analysts surveyed by FactSet Research. The retailer it sees third-quarter earnings ranging from a loss of 1 cent a share to a positive 5 cents a share. In the fourth quarter earnings are seen between 82 cents and 90 cents a share. Stage stores also reiterated its guidance for same-store sales to fall between 1% and 3% in the final two quarters of the year, saying it expects the macroeconomic environment to remain difficult.
PCCW has shortlist of buyers for stake in HKT: report(4:00 am ET)
HONG KONG (MarketWatch) -- PCCW Ltd (HK:8: news, chart, profile) (PCW: news, chart, profile) has made a shortlist of bidders to acquire a stake in HKT Group Holdings, the holding company comprising PCCW's main telecommunications, media and information-technology assets. Formal bids are due by October, according to newswire reports, which cited comments by PCCW Managing Director Alex Arena. PCCW said it would make a final decision on the sale no later than November. PCCW set up the holding company in May. The telecom company said last month it intended to sell up 45% of the holding company. Reports said the stake sale could fetch up to $2.5 billion.
PCCW Ltd. first-half net profit down 20% to $84M(2:54 am ET)
HONG KONG (MarketWatch) -- Hong Kong's leading fixed-line telecommunications operator PCCW Ltd (HK:8: news, chart, profile) [s pcw], said Thursday net profit for the first half fell 20% from a year earlier, owing to lower contributions from property development. Net profit for the six months ended June 30 was HK$656 million ($84 million), down from HK$822 million a year earlier. Revenue fell 2% to HK$11.37 billion from HK$11.61 billion. PCCW proposed a first-half dividend of 7 Hong Kong cents, up from 6.5 Hong Kong cents a year ago. Hong Kong-listed shares of PCCW were down 2.2% at HK$4.89 in afternoon trading Thursday.
Bwin profit steady as revenue grows 25%(2:46 am ET)
LONDON (MarketWatch) -- Online gambling group Bwin Interactive Entertainment (DE:936172: news, chart, profile) said Thursday that its first half net profit was flat at 4.3 million euros ($6.3 million), while revenue rose 25% to 207.2 million euros. The number of active customers rose 31% from a year earlier to 1.43 million, helped by the Euro 2008 soccer tournament. Excluding 8.5 million euros of non-cash expenses, Bwin said earnings before interest, taxes, depreciation and amortization rose 5.6% to 36.5 million euros.
Frontline profit climbs 69% on asset sales(2:35 am ET)
LONDON (MarketWatch) -- Oil tanker operator Frontline (FRO: news, chart, profile) said second-quarter net income climbed 69% to a company record $318.4 million, or $4.25 a share, with revenue climbing 57% to $547.5 million. The profit rise mostly came on the delivery of two converted heavy lift vessels, and excluding asset sales, its profit dropped on a sequential basis due to drydockings, upgrading/repairs and reduced number of vessels together with docking expenses. Its operating profit of $327 million came in about $50 million before analyst expectations. Frontline said the tanker market has shown "high volatility" during the third quarter to date and said it expects "good" results. It's paying a $3 a share dividend for the second quarter.
Persimmon profit down 87% on land write-downs, slowing sales(2:29 am ET)
LONDON (MarketWatch) -- U.K. home builder Persimmon (UK:PSN: news, chart, profile) said Thursday that its first-half net profit fell 87% to 26.4 million pounds ($49.1 million) after taking a 15 million pound restructuring charge as well as land write-downs and other costs of 49 million pounds. Revenue for the period fell 34% to 998.4 million pounds after it sold 5,501 new homes in the period, down from 8,002 a year earlier. The company said it will pay an interim dividend of 5 pence a share, compared to 18.5 pence a year earlier. The housing market experienced a significant downturn around the beginning of April, but there hasn't been any further deterioration in sales volumes since then, Persimmon said. However, prices and margin remain under pressure as the industry seeks to dispose of stock, it added.
Hutchison first-half profit drops 63% on-year(2:28 am ET)
HONG KONG (MarketWatch) -- Diversified Hong Kong-based conglomerate Hutchison Whampoa (HK:13: news, chart, profile) (HUWHY: news, chart, profile) Thursday said its first-half net profit dropped 63% from the same period a year ago to HK$10.69 billion ($1.37 billion). The results were better than expected. The drop in profits was due to the sale of the group's mobile operations in India, which boosted earnings in the year-earlier period. The company, controlled by billionaire Li Ka-shing, said losses before interest and taxes on the group's third generation (3G) operations dropped by as much as 72% to HK$3.18 billion. Hutchison shares fell 1.5% by the morning session in Hong Kong.
Wednesday, Aug. 20
CORRECT: Longs Drug Stores profit rises(6:16 pm ET)
SAN FRANCISCO (MarketWatch) -- Longs Drug Stores Corp. (LDG: news, chart, profile) reported late Wednesday fiscal second-quarter net income of $27.5 million, or 76 cents a share, up from $26.6 million, or 69 cents, in the year-ago quarter. Revenue for the period ended July 31 rose to $1.32 billion from $1.2 billion a year ago. Analysts polled by FactSet Research had predicted the Walnut Creek, Calif.-based drugstore chain would earn 77 cents a share on $1.35 billion in sales. Shares of Longs, which has tendered its shares to CVS Caremark Corp. (CVS: news, chart, profile) , closed ahead of the report with a gain of 0.7% at $72.10. (Corrects net earnings per share for the 2007 and 2008 quarters to diluted numbers from common numbers)
Limited Brands profit cut by more than half(4:41 pm ET)
SAN FRANCISCO (MarketWatch) -- Limited Brands, Inc. (LTD: news, chart, profile) on Wednesday reported a second-quarter profit of $102 million, or 30 cents a share, down from $264.4 million, or 67 cents a share, a year ago. Excluding several one-time benefits and charges, earnings would have come in at 27 cents a share. Sales fell to $2.3 billion from $2.6 billion last year. Analysts polled by FactSet Research were looking for a profit, on average, of 19 cents a share, on sales of $2.3 billion. The clothing retailer is looking for third-quarter results in a range of break even to 4 cents a share. Wall Street previously forecast earnings of 4 cents a share.
Hot Topic narrows loss in second quarter(4:38 pm ET)
SAN FRANCISCO (MarketWatch) -- Hot Topic Inc. (HOTT: news, chart, profile) late Wednesday reported its second-quarter net loss narrowed to $450 million, or a penny a share, from a loss of $1.73 billion, or 4 cents a share, a year ago. Second-quarter results include about a penny a share of expenses related to its online music project. Net sales rose marginally to $166.8 million from $161.7 million a year earlier while same-store sales slid 0.9%, the City of Industry, Calif.-based teen retailer said. Analysts polled by FactSet Research, on average, had forecast a loss of 2 cents a share on revenue of $166.1 million. In the third quarter, the company expects to earn 12 cents to 15 cents a share and in the fourth quarter, it sees earnings of 25 cents to 28 cents a share based on projections of low single digit decline in same-store sales. The outlook include expenses related to its online music initiative. Analysts are forecasting the company to report earnings of 16 cents a share in the third quarter.
JDS Uniphase net loss deepens on charges(4:26 pm ET)
SAN FRANCISCO (MarketWatch) -- JDS Uniphase Corp. saw its net loss grow in its fourth fiscal quarter on mostly acquisition-related charges while revenue grew more than 11%. For the period ended June 28, the company (JDSU: news, chart, profile) reported a net loss of $29.8 million, or 13 cents a share, compared to a net loss of $17.9 million, or 8 cents a share, for the same period last year. On a non-GAAP basis, the company said it would have earned $15.5 million, or 7 cents per share. Revenue grew to $390.3 million from $350.7 million last year. Analysts were expecting earnings of 10 cents a share on revenue of $395.8 million, according to consensus estimates from Thomson Reuters.
Synopsys third-quarter net income more than doubles (4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Synopsys Inc. (SNPS: news, chart, profile) late Wednesday reported its third-quarter net income more than doubled to $57.7 million, or 39 cents a share, from $24.9 million, or 17 cents a share, a year ago. Excluding items such as employee share-based compensation expense and amortization of intangible assets, earnings were 44 cents a share. Revenue increased to $344.1 million from $304.1 million in the year-earlier period, said the Mountain View, Calif.-based design automation software company. Analysts surveyed by FactSet Research had forecast the company to earn 34 cents a share on revenue of $339.6 million. In the fourth quarter, the company projected revenue of $348 million to $356 million and earnings of 23 cents to 29 cents a share. On an adjusted basis, the company is expected to earn 36 cents to 39 cents a share. In fiscal 2008, the company expects revenue of $1.33 billion to $1.34 billion and earnings of $1.20 to $1.26 a share and adjusted earnings of $1.65 to $1.68 a share. Analysts expect the company to earn 34 cents a share on revenue of $353.6 million in the fourth quarter and $1.46 a share on revenue of $1.33 billion in 2008.
Salesforce.com posts sharp quarterly profit increase(4:15 pm ET)
SAN FRANCISCO (MarketWatch) - Salesforce.com Inc. said Wednesday its fiscal second-quarter profit rose sharply, as revenue grew 49%. San Francisco-based Salesforce.com (CRM: news, chart, profile) , which sells subscriptions to business software hosted on the Internet, said net income for the period ended in July rose to $10 million, or 8 cents a share, from $3.74 million, or 3 cents a share in the same period a year earlier. Meanwhile revenue rose to $263.1 million. Analysts on average had estimated Salesforce.com would post earnings of 9 cents a share, and $260.8 million in revenue, according to FactSet Research.
Hewlett-Packard leads tech sector gains(9:36 am ET)
SAN FRANCISCO (MarketWatch) -- Hewlett-Packard Co. (HPQ: news, chart, profile) led the tech sector north in early trading Wednesday, as the tech giant's shares rose $1.52, or 3.5%, to $45.21. H-P benefited from a strong third-quarter report and fouth-quarter outlook that it gave late Tuesday. Other tech stocks on the rise included Apple Inc. (AAPL: news, chart, profile) , IBM Corp. (IBM: news, chart, profile) , Microsoft Corp. (MSFT: news, chart, profile) and Dell Inc. (DELL: news, chart, profile) . The tech-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) rose 9.4 points to 2,393.

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Friday, Aug. 22
China Sunergy swings to profit as sales double(6:39 am ET)
LONDON (MarketWatch) -- Solar cell manufacturer China Sunergy Co. (CSUN: news, chart, profile) said Friday that it swung to a second quarter net profit of $3.1 million, or 8 cents a share, from a loss of $3.8 million, or 14 cents a share, a year earlier. Revenue for the period almost doubled to $111.6 million from $56.2 million. The group said its performance was helped by efficiency improvements that helped strengthen margins. Gross margin was 10.4%, compared to 4.9% a year earlier. The company added it still faces potential challenges in the second half from both wafer cost and quality, leading it to forecast a third-quarter margin between 9% and 11%.
DryShips profit jumps on sale of three vessels(6:12 am ET)
LONDON (MarketWatch) -- DryShips (DRYS: news, chart, profile) said late Thursday that second-quarter net income rose to $299.8 million, or $7.10 a share, from $110.8 million, or $3.12 a share, with revenue more than doubling to $302.7 million. Profit was boosted by a $3.21 a share gain on selling three vessels and a 29 cents a share gain on the valuation of interest-rate swaps. Its adjusted earnings of $3.60 a share was below FactSet compiled analyst estimates of $4.63 a share.
Outages to cost International Power $131 million(2:34 am ET)
LONDON (MarketWatch) -- International Power (UK:IPR: news, chart, profile) said Friday that an outage at its Rugeley plant will likely have an impact of around 70 million pounds ($131 million) on its results for the year. That cost includes the 45 million pounds it was previously expecting from problems at one unit, as well as 25 million pounds for less serious damage at another. The company said the problem was caused by the introduction of new equipment designed to improve performance. The two damaged units are expected to be fixed in late September and early October.
Thursday, Aug. 21
Gap profit up 51%; backs forecast(4:44 pm ET)
SAN FRANCISCO (MarketWatch) -- Gap Inc. (GPS: news, chart, profile) late Thursday reported second-quarter profit rose 51% from a year-earlier and backed its full-year profit forecast. For quarter ended Aug. 2, Gap posted net income of $229 million, or 32 cents a share, compared with net income of $152 million, or 19 cents a share, last year. Sales fell 5% to $3.5 billion. Comparable store sales -- or sales at stores open at least one year -- fell 10%. Gap, which has been reducing inventory and cutting costs, reaffirmed its 2008 profit outlook for earnings between $1.30 and $1.35 a share.

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Monday, Aug. 25
Fosters Group net income falls 88% on wine write-downs(11:05 pm ET)
HONG KONG (MarketWatch) -- Foster's Group Ltd. (AU:FGL: news, chart, profile) , the world's second-largest wine company, said Tuesday annual net income fell 88%, owing to a large write-down on its global wine operations. Net profit fell to A$117.7 million ($96.03 million) from million from A$966.2 million a year earlier, the company said in a statement Tuesday. Aside from the write-down, profit came in at A$713.2 million. The firm, whose assets include seven of the top ten selling brands of beer in Australia, said it was taking a write-down of $602.9 million. Fosters said the strategic review of its wine business, first announced in June, is expected to completed by the end of 2008
Healthways sees earnings growth, to realign fiscal year(6:41 am ET)
LONDON (MarketWatch) -- Healthways (HWAY: news, chart, profile) reiterated that fiscal year earnings should grow 23% to 27% to a range of $1.50 to $1.55, on revenue between $720 million and $740 million. It also said earnings for the quarter ending Nov. 30 will range between 34 and 37 cents a share, up 13% to 23% from the prior year's quarter. "While this guidance anticipates solid earnings growth from the comparable prior-year period, the sequential-quarter performance reflects a decline in revenue due to the impact of certain contract renegotiations, reduced revenues associated with the winding down of a previously discussed contract terminating at the end of calendar 2008 and the full-quarter effect of small contract losses due to health plan consolidation," the company said. It also said it's changing its fiscal year end to Dec. 31 from Aug. 31 to align its year more closely with its business cycle.
China Life 1H net income falls 32% to $2.3 billion(6:13 am ET)
HONG KONG (MarketWatch) -- China Life Insurance Co. (HK:2628: news, chart, profile) (LFC: news, chart, profile) , the nation's largest insurer, said Monday net income for the first-half declined 32% from a year earlier as the slump in China's equities markets damped returns on investments. Net income totaled 15.8 billion yuan ($2.3 billion), down from 23.3 billion yuan in the year-earlier period. The result exceeded average forecasts for a 10.42 billion yuan net profit, according to analysts polled by Dow Jones Newswires. Gross revenue from premiums and policy fees climbed 24% to 79.29 billion yuan, from 63.75 billion yuan. The insurer said it booked a 6.5 billion yuan fair value loss on its equity investments, versus a 10.8 billion profit a year earlier. The insurer did not propose an interim dividend. China Life also said its investment yield for the half year fell to 2.99%, from 3.36% a year earlier.
China Unicom says 1H net income doubled; revenue up 4.1%(5:16 am ET)
HONG KONG (MarketWatch) -- China Unicom (HK:762: news, chart, profile) (CHU: news, chart, profile) , the second-largest Chinese cellular operator by subscribers, said Monday first-half net income more than doubled from a year earlier, as value-added cellular services boosted revenue. The result was also bolstered by an accounting loss relating to a convertible bond a year earlier. Net profit climbed to 4.42 billion yuan ($645.7 million), from 2.18 billion yuan a year earlier. The result was above the average 4.18 billion yuan forecast of analysts polled by Dow Jones Newswires. The firm said revenue rose 4.1% to 35.14 billion yuan, from 33.77 billion yuan.
Cosco Pacific 1H profit climbs 3.1% on container growth(4:44 am ET)
HONG KONG (MarketWatch) -- Cosco Pacific Ltd. (HK:1199: news, chart, profile) , a port operator, said Monday first-half net income climbed 3.1% from a year earlier, helped by robust container throughput. The company, a constituent of the Hang Seng Index, said net income climbed to $153.2 million, from $148.5 million in the year-earlier period. Revenue climbed 10% to $162.1 million from $147.2 million. The revenue figure did not reflect sales from ports in which Cosco held a stake of less than 50%; however, profit from these operations were included in the financial statement. Cosco said in the midday announcement it would declare a first-half dividend of 3.5 U.S. cents, up from 3.1 U.S. cents a year earlier. Cosco Pacific is a unit of China Cosco Holdings [s; hk:1919]. Shares of Costco rose 4.5% Monday.
Formula Systems net off 81%; continuing operations rise(2:32 am ET)
TEL AVIV (MarketWatch) -- Formula Systems Ltd., (FORTY: news, chart, profile) the Herzliya, Israel, information-technology provider, reported that second-quarter net income fell 81%, reflecting year-earlier earnings from discontinued operations. Earnings from continuing operations rose 1.9% on 24% higher revenue. Net income fell to $4.2 million, or 32 cents a share, from $22.5 million, or $1.71, in the year-earlier quarter. Continuing operations generated 32 cents a share against 31 cents. Revenue reached $151.5 million from $122.2 million. In a statement, Chief Executive Guy Bernstein pointed to three key factors: Magic Software (MGIC: news, chart, profile) swung to operating profit in the second quarter from a loss in the first period, Sapiens (SPNS: news, chart, profile) reported a seventh consecutive quarter of operating profit, and Matrix, the company's key subsidiary, reported higher revenue and operating earnings.
China Netcom 1H net income slips on soft fixed-line business(2:20 am ET)
HONG KONG (MarketWatch) -- China Netcom Group Corp. Ltd (HK:906: news, chart, profile) (CN: news, chart, profile) , the Hong Kong-listed unit of China's largest fixed-line operator by subscribers, said Monday first-half net income fell 5.2% from a year earlier, as its fixed-line business declined. The company reported net income attributable to shareholders of 6.38 billion yuan ($932 million), compared to 6.73 billion in the year-earlier period. The result was better than average analyst forecasts of 5.99 billion yuan, according to a poll by Dow Jones Newswires. Revenue was 41.13 billion yuan, down 1% from 41.54 billion yuan a year earlier.
Sunday, Aug. 24
Sinopec profit dives 87% on rising crude prices(4:13 pm ET)
NEW YORK (MarketWatch) -- China Petroleum & Chemical Corp., popularly known as Sinopec (SNP: news, chart, profile) , posted an 87% second-quarter profit decline of 2.2 billion yuan ($321 million), according to news reports based on calculations from first-half figures released early Monday. Asia's largest oil refiner said that, under Chinese accounting standards, its first-half net profit attributable to shareholders decreased 73% from the year-ago period to 9.34 billion yuan. In discussing the results, the company cited "complicated and severe conditions resulting from soaring crude oil prices, tight price controls on oil products in the domestic market and rising prices of chemical products driven by increased raw materials cost."
Friday, Aug. 22
China Sunergy swings to profit as sales double(6:39 am ET)
LONDON (MarketWatch) -- Solar cell manufacturer China Sunergy Co. (CSUN: news, chart, profile) said Friday that it swung to a second quarter net profit of $3.1 million, or 8 cents a share, from a loss of $3.8 million, or 14 cents a share, a year earlier. Revenue for the period almost doubled to $111.6 million from $56.2 million. The group said its performance was helped by efficiency improvements that helped strengthen margins. Gross margin was 10.4%, compared to 4.9% a year earlier. The company added it still faces potential challenges in the second half from both wafer cost and quality, leading it to forecast a third-quarter margin between 9% and 11%.

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Tuesday, Aug. 26
J. Crew second-quarter net income dips to 28 cents a share(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- J. Crew Group Inc. (JCG: news, chart, profile) late Tuesday reported its second-quarter net income fell to $18.1 million, or 28 cents a share, from $20.6 million, or 32 cents a share, a year earlier. Revenue increased to $336.3 million from $304.7 million in the same quarter last year, said the clothing apparel maker. Analysts surveyed by FactSet Research had forecast earnings of 33 cents a share, on average, and revenue of $337.7 million. The company forecasted earnings of 28 cents to 33 cents a share in the third quarter. Analysts are projecting the company to report third-quarter earings of 47 cents a share. Meanwhile, J. Crew lowered its earnings outlook for fiscal 2008 to a range of $1.44 to $1.54 a share from the previous view of $1.70 to $1.75 a share, citing a disruption in its direct business and softer store sales.
Credit Suisse ponders Janus upgrade(11:31 am ET)
NEW YORK (MarketWatch) -- Credit Suisse is considering upgrading Janus Capital Group's (JNS: news, chart, profile) stock from neutral. Analyst Craig Siegenthaler said that investor concerns regarding overweight positions in commodities in Janus funds are overblown, and pointed out that 87% of Janus' fund assets are in funds rated four and five stars by Morningstar. Credit Suisse is lowering earnings per share estimates for Janus in 2008 to $1.34 from $1.36 and in 2009 to $1.70 from $1.85, and forecast third quarter earnings per share of 33 cents, one cent above consensus. Earlier this month, analysts at J.P. Morgan downgraded Janus to underweight from neutral, citing concerns about Janus' funds being overweight in growth, international and commodities. In July, Janus report a 36% rise in second quarter profits to $66.3 million, or 41 cents a share, up from $48.8 million, or 27 cents a share, in 2007.
American Eagle Outfitters earnings per share fall 22%(8:09 am ET)
NEW YORK (MarketWatch) -- American Eagle Outfitters Inc. (AEO: news, chart, profile) said Tuesday that second-quarter earnings fell to $59.8 million, or 29 cents a share, from $81.3 million, or 37 cents a share, in the same period a year ago. Sales fell to $688.8 million compared to $703.2 million. Analysts polled by FactSet estimated, on average, earnings per share of 28 cents on sales of $711.9 million. Same-store sales were down 6% in August and down 9% for the quarter. The company sees third-quarter earnings per share in a range of 31 cents to 36 cents.
Smithfield Foods swings to 9-cents-a-share loss(7:27 am ET)
NEW YORK (MarketWatch) -- Smithfield Foods Inc. (SFD: news, chart, profile) said Tuesday that it lost $12.6 million, or 9 cents a share in the first quarter, compared to earnings of $54.6 million, or 41 cents a share, in the same period a year ago. Sales were $3.1 billion versus $2.6 billion a year ago. Analysts polled by FactSet Research, on average, estimated earnings per share of a penny on sales of $2.91 billion. The current quarter includes a 15-cents-a-share adjustment related to unrealized losses in open commodity derivative contracts and 4 cents a share loss related to asset disposals by Campofrio. Smithfield pointed to corn being diverted to ethanol production and the effect of high prices for feed. "This is a dynamic this industry has never faced. We believe this policy is flawed and needs to be revised if food cost inflation is to be brought under control," said Chief Executive Larry Pope.
Sanderson Farms swings to loss on 18% higher sales(6:49 am ET)
TEL AVIV (MarketWatch) -- Sanderson Farms Inc., (SAFM: news, chart, profile) the Laurel, Miss., chicken and prepared-foods producer, swung to a fiscal third-quarter loss from a year-earlier profit on 18% higher sales. For the quarter ended July 31, the loss was $3.6 million, or 18 cents a share, compared with net income of $30.7 million, or $1.51, in the year-earlier period. Revenue reached $466.9 million from $394.8 million. The latest quarter's share loss reflects a 9-cent payment to settle litigation. A survey of four analysts by FactSet Research produced a consensus estimate of a loss of 5 cents for the quarter. The results reflect relatively strong retail and export demand for chicken, but the company's casual-dining and food-service customers have been hurt as consumers cut back on going to restaurants due to the weak economy and costlier fuel, Chairman and Chief Executive Joe F. Sanderson Jr. said in a statement.
Update: Big Lots 2nd-period net up 11%; lifts outlook(6:24 am ET)
TEL AVIV (MarketWatch) -- Big Lots Inc., (BIG: news, chart, profile) the Columbus, Ohio, closeout retailer, reported fiscal second-quarter net income rose 11% on 1.9% revenue, and it lifted its estimate of earnings from operations for the full year. For the quarter ended Aug. 2, net income reached $26 million, or 32 cents a share, from $23.4 million, or 22 cents, in the year-earlier period. Continuing operations generated 32 cents a share against 21 cents. Revenue rose to $1.11 billion from $1.08 billion. A survey of analysts by FactSet Research produced a consensus estimate of 26 cents of profit for the latest quarter. Same-store sales -- which the company defines as revenue from stores open at least two years at the start of the fiscal year -- rose 2.8% in the period. For fiscal 2009, Big Lots now sees continuing operations generating $1.90 to $2 a share of profit, against an adjusted $1.41 for fiscal 2008. FactSet's survey is looking for $1.84. In late May, when Big Lots reported first-quarter earnings, the company estimated the year's earnings from continuing operations at $1.80 to $1.90. Same-store sales for the year should rise 2%, Big Lots estimated. (Adds specifics of outlook for the year plus FactSet estimate.)
Thornburg Mortgage profit climbs, makes margin calls(5:50 am ET)
LONDON (MarketWatch) -- Thornburg Mortgage (TMA: news, chart, profile) late Monday reported second-quarter earnings rose to $412.3 million, or 84 cents a share, from $83.4 million, or 66 cents a share, as a $537 million gain on a principal participation agreement and additional warrant liability offset a $210 million mortgage-backed securities portfolio impairment. Adjusted income was $22.7 million for the quarter. The company believes that absent further deterioration in the underlying loans, the current carrying value adequately reflects any inherent losses. It paid on Aug. 22 margin calls totaling approximately $219.0 million, "which may be less than the counterparties to the override agreement's interpretation."
CORRECT: Rio Tinto says profit climbed to $6.91B, up 113%(4:49 am ET)
HONG KONG (MarketWatch) -- Miner Rio Tinto (AU:RIO: news, chart, profile) (RTP: news, chart, profile) said Tuesday first-half net income more than doubled, helped by strong commodity prices and the earnings contributions from its 2007 takeover of Alcan. Net income climbed to $6.91 billion, from $3.4 billion a year earlier. Underlying earnings jumped 55% to $5.47 billion, from $3.53 billion. The miner proposed an interim dividend of 68 U.S. cents, up 31% from the 52 cents a year earlier. (Corrects to reflect that Rio Tinto bought Alcan.)
Virgin Atlantic posts first-quarter profit of GBP23.5M(3:30 am ET)
LONDON (MarketWatch) -- Virgin Atlantic, the British carrier controlled by billion Richard Branson, on Tuesday said first-quarter pretax profit came in at 23.5 million pounds ($43.3 million). Sales increased 16% to 645.3 million pounds. Load factor, a measure of how full an airline's planes are, rose to 77% from 74.8% in the year-earlier quarter. Virgin said it had gained passengers from rival British Airways (UK:BA: news, chart, profile) because of problems with the latter's Terminal 5 at London's Heathrow airport.
Bovis Homes' first-half profit, sales sink(2:44 am ET)
LONDON (MarketWatch) -- British homebuilder Bovis Homes Plc (UK:BVS: news, chart, profile) on Tuesday said first-half net profit fell to 6.89 million pounds, or 5.7 pence a share, from 41.05 million pounds, or 34.1 pence a share, earned in the year-earlier period. Sales declined to 149.3 million pounds from 260 million pounds a year earlier. The company declared an interim dividend of 5 pence a share, which it said was reflective of "challenging market conditions." Bovis said it considers that the current trading environment will continue for the foreseeable future, "with continued poor mortgage liquidity limiting housing market activity." It said it's committed to "competitive" net pricing such it can achieve volume delivery, but concluded that given current sentiment, this is likely to reduce private sales prices and profit margins achievable on incremental reservations over the rest of 2008.
Bunzl's first-half profit, sales rose(2:33 am ET)
LONDON (MarketWatch) -- British distribution firm Bunzl Plc (UK:BNZL: news, chart, profile) on Tuesday said first-half net profit rose 4% to 63.5 million pounds, or 19.8 pence a share, from 60.9 million pounds, or 18.1 pence a share, earned in the year-earlier period. Sales climbed 14% to 1.96 billion pounds, helped by solid organic growth and recent acquisitions. The company lifted its interim dividend by 11% to 6.45 pence a share. Looking ahead Bunzl said it expects organic revenue growth in North America to remain at a similar level to that in 2007 and the first half of 2008. It added that it would benefit from higher positive currency translation effects in the second half of the year due to the recent weakness of the pound.
Temasek says annual net profit doubled to $12.8 billion(2:05 am ET)
HONG KONG (MarketWatch) -- Singapore's $130 billion sovereign wealth fund, Temasek Holdings, reported Tuesday full-year profit doubled from the preceding year, owing to disposals of assets that more than offset declines in returns from global equities markets. Net income climbed to S$18.2 billion ($12.8 billion) in the year to March 31, up from S$9.1 billion in the year earlier, the fund said in its annual report. The fund made S$32 billion in new investments, more than double the S$16 billion a year earlier. Temasek reported asset sales of S$17 billion, compared to S$5 billion a year earlier.

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Wednesday, Aug. 27
Men's Wearhouse second-quarter net income slides (4:32 pm ET)
SAN FRANCISCO (MarketWatch) -- Men's Wearhouse Inc. (MW: news, chart, profile) late Wednesday reported its fiscal second-quarter net income fell to $32.8 million, or 63 cents a share, from a net income of $54.2 million, or $1 a share in the same quarter last year. Excluding costs related to the closure of its Canadian manufacturing facility, the company would have earned 72 cents a share. Revenue slid to $545.3 million from $569.3 million a year earlier. Same-store sales fell 7.8% in the quarter, compared with a gain of 3.7% in the year earlier period, said the retailer. Analysts surveyed by FactSet Research had forecast the company to earn 71 cents a share on revenue of $553.2 million. The company expects earnings of 34 cents to 38 cents a share and adjusted earnings of 36 cents to 40 cents a share in the third quarter, based on expectations that same-store sales will decrease by high single digit range. Analysts are forecasting the company will earn 53 cents a share in the third quarter. In fiscal 2008, the company is projecting earnings of $1.38 to $1.48 a share and adjusted earnings of $1.50 to $1.60 a share.
TiVo swings to profit as costs decrease sharply(4:22 pm ET)
CHICAGO (MarketWatch) -- TiVo Inc. (TIVO: news, chart, profile) said that it swung to a second-quarter profit as subscriber acquisition costs declined sharply. The pioneer of digital video recorder technology reported that it earned $2.94 million, or 3 cents a share, in the latest three months. It posted a loss of $17.7 million, or 18 cents a share, in the prior year's second quarter. Analysts polled by FactSet Research were expecting a loss of 2 cents a share. Subscriber acquisition costs dropped to $135 per subscriber from $758. Service and technology revenue fell to $53.5 million from $56.5 million. In the third quarter, TiVo expects to post a loss in the range of $7 million to $9 million on service and technology revenue of $49 million to $51 million.
Morgan Stanley forecasts $3.5B Lehman write-down (2:29 pm ET)
NEW YORK (MarketWatch) - A research note by Morgan Stanley released Wednesday predicts a third quarter loss for Lehman Bros. (LEH: news, chart, profile) of $2.80 a share, on the back of a $3.5 billion write-down. "For the franchise to turn the corner, we think management needs to announce a significant bulk asset sale or framework for investors to evaluate the structure/pricing of likely asset disposals (and incremental capital, should it be needed)," wrote analyst Patrick Pinschmidt. He also revised his estimates for the fourth quarter, down to a loss of 41 cents a share from a profit of 30 cents a share. Pinschmidt cut 2009 earnings estimates to $3.25 a share, from $3.43, and 2010 estimates to $3.85 a share from $4.15. He said, however, that Morgan Stanley remains overweight on Lehman.
Morgan Stanley cuts Goldman profit forecast (11:55 am ET)
NEW YORK (MarketWatch) -- Morgan Stanley has cut its third quarter earnings estimate for Goldman Sachs Group Inc (GS: news, chart, profile) by almost one-half, blaming a banking industry decline and Goldman's vulnerability to equity markets. Analyst Patrick Pinschmidt cut his estimate for third-quarter earnings to $1.65 a share from $3. Pinschmidt also lowered Goldman's 2009-10 estimates by about 6%, to $17.65 a share in 2009 and $20.45 a share in 2010. Despite the reduced estimates, Pinschmidt reiterated Morgan Stanley's overweight rating for Goldman's stock.
PetroChina says first-half net proft fell 34.4% to $7.8B(6:10 am ET)
HONG KONG (MarketWatch) -- PetroChina Co. (HK:857: news, chart, profile) (PTR: news, chart, profile) , China's biggest listed oil firm by capacity, missed expectations with a 34.4% decline in first-half net income from a year earlier, owing to losses at its refineries and as a windfall tax on oil revenue diminished gains from record crude-oil prices. Net income totaled 53.62 billion yuan ($7.8 billion) from 81.83 billion yuan a year earlier. The result fell short of median forecasts for 57.87 billion yuan, according to a poll by Dow Jones Newswires. Revenue rose 40% to 549.52 billion yuan from 392.73 billion yuan in the first half a year ago. PetroChina said it paid 47.82 billion yuan in windfall taxes on oil sales, up from 14.94 billion yuan a year earlier. PetroChina said its refineries reported an operating loss of 59.02 billion yuan, owing to a squeeze on margins arising from high crude oil costs and government caps on what it can charge for its refined products. In the same period last year PetroChina's refineries made an operating profit of 3.9 billion yuan.
Alibaba.com net more more than doubles(5:40 am ET)
HONG KONG (MarketWatch) -- Chinese e-commerce company Alibaba.com (HK:1688: news, chart, profile) Wednesday said its half-yearly profits more than doubled as more customers chose to trade their goods and services online. Net income for the January-June period jumped to 697.2 million yuan ($102 million), or 15.24 Hong Kong cents (1.95 cents) a share. Alibaba shares ended 0.5% higher in Hong Kong before the results were announced.
Cnooc posts 89% rise in first-half net income(5:19 am ET)
HONG KONG (MarketWatch) -- Cnooc (HK:883: news, chart, profile) [s; ceo], China's largest offshore oil producer, reported an expectations-beating 89% rise in first-half net income Wednesday, bolstered by higher energy prices, efforts to rein in costs and higher output. Net income totaled 27.54 billion yuan ($4.03 billion), up from 14.55 billion yuan a year earlier. Revenue from oil and gas sales climbed 64% to 54.5 billion yuan. Cnooc said it realized an average crude oil price of $102.49 per barrel throughout the first half, up 74.3% from the year-earlier period. Output reached 92.4 billion barrels of oil equivalent, a rise of 8.3% over the same period a year earlier. The company declared a interim dividend of 20 Hong Kong cents, an increase of 54% from last year's dividend.
Taylor Nelson 1st-half net off 9.4%; adjusted net up 20%(3:17 am ET)
TEL AVIV (MarketWatch) -- Taylor Nelson Sofres, (TYNLY: news, chart, profile) (UK:TNS: news, chart, profile) the London market-research provider, reported first-half net income fell 9.4% while adjusted operating earnings rose 20% on 17% higher revenue. Earnings fell to 21.1 million pounds from 23.3 million in the year-earlier period. Adjusted operating profit rose to 54.3 million pounds from 45.4 million. Net income available to equity holders of the parent totaled 19.6 million pounds, or 4.7 pence a share, against 22.2 million, or 5.1. Revenue reached 580.4 million pounds from 497.4 million. The company declared an interim dividend of 2 pence a share, up 25% from 1.6 pence a year earlier. Underlying first-half revenue growth exceeded 5%; "our order book is in excellent shape to reach full-year underlying revenue growth of around 6%," Chief Executive David Lowden said.
Heineken profit climbs 35%(2:55 am ET)
LONDON (MarketWatch) -- Brewer Heineken (NL:00916: news, chart, profile) said Wednesday that its first-half net profit rose 35% to 407 million euros ($596 million) as revenue for the period grew 17.1% to 6.41 billion euros. The growth was driven by the inclusion of the Scottish & Newcastle business from the start of May. Organic net profit growth was 5.3%, while consolidated beer volumes rose 15% to 58.6 million hectoliters. Heineken said it expects at least mid-single digit organic net profit growth for the full year and for volume trends in the first half to continue for the rest of the year. It added it will continue to pass on higher input costs to the consumer.
Wheelock & Co. says 1H net totaled $581.5 million(2:42 am ET)
HONG KONG (MarketWatch) -- Wheelock & Co. (HK:20: news, chart, profile) , an investment and property holding firm, said Wednesday first-half net income climbed 13% from its fiscal first-half in the preceding business year, owing to higher property revaluation gains. Net profit totaled HK$4.54 billion ($581.5 million), up from HK$4.03 billion in the six-month period ended Sept. 30. Revenue fell 11% to HK$12.27 billion from HK$13.86 billion in the half-year ended Sep. 30. Wheelock has changed its accounting structure to match that of its Wharf Holdings unit and has compared its latest half-year result with that for the six-month period ended Sept. 30. Gains from property revaluation totaled HK$7.28 billion, up from HK$4.99 billion. Wheelock declared a first-half dividend of 2.5 Hong Kong cents, unchanged from its first-half dividend last year.
Taylor Wimpey swings to loss as talks with lenders continue(2:43 am ET)
LONDON (MarketWatch) -- U.K. home builder Taylor Wimpey (UK:TW: news, chart, profile) said Wednesday that it swung to a first-half net loss of 1.42 billion pounds ($2.61 billion), from a profit of 22.7 million pounds a year earlier, after taking a 690 million pounds write-down on the value of its land bank and an 816 million pound goodwill charge. Revenue for the period rose 35% to 1.89 billion pounds following the merger of Taylor Woodrow and George Wimpey. Completions were 8,494 compared to 12,228 a year earlier on a pro-forma basis. The group has previously said it's likely to breach covenants on its loan arrangements when they are tested for the full year. It said Wednesday that talks with lenders are continuing and the board "is of the view that a satisfactory conclusion will be reached."
Antofagasta profit rises 8.8%(2:35 am ET)
LONDON (MarketWatch) -- U.K.-listed miner Antofagasta (UK:ANTO: news, chart, profile) said Wednesday that its first-half net profit rose 8.8% to $792.8 million as revenue for the period rose 24% to $2.41 billion. The group said it benefited from higher copper production and strong commodity prices, which were partially offset by higher operating costs and lower molybdenum production. The group lifted its interim dividend to 6.4 cents a share from 6.2 cents a share and said it's continuing to make good progress with its brownfield and greenfield projects as well as exploration in Chile, which should result in further profitable growth from 2010.
Wharf Holdings first-half net up 89% on property valuations(2:03 am ET)
HONG KONG (MarketWatch) -- Wharf Holdings (HK:4: news, chart, profile) (WHLOF: news, chart, profile) , a conglomerate whose holdings include media assets, a property business and port operations, said Wednesday first-half net income climbed 89% from a year earlier, helped by an upward revaluation on investment properties. Wharf, a subsidiary of Wheelock & Co. (HK:20: news, chart, profile) , said net income totaled HK$8.39 billion ($1.1 billion), up from HK$4.43 billion a year earlier. The result was driven by a HK$6.57 billion revaluation gain on the group's investment properties. When the revaluation gain is stripped out, net income fell 13% to HK$2.23 billion. Last year saw revaluation gains for the half-year period of HK$2.54 billion. Wharf also said half-year revenue declined 7% to HK$8 billion from HK$8.61 billion a year earlier.
China Mobile first-half net jumps 44.7% on-year (1:27 am ET)
HONG KONG (MarketWatch) -- China Mobile (HK:941: news, chart, profile) (CHL: news, chart, profile) Wednesday reported a 44.7% jump in first-half profits, boosted by a strong growth in its subscriber base. Net income soared to 54.85 billion yuan ($8 billion), or 2.74 yuan a share, from 37.91 billion yuan in the same period last year. Operating revenue for the January-June period climbed 17.9% to 196.46 billion yuan. The company added an average 7.5 million customers each month during the six-month period, taking its total subscriber base to 415 million. It earned an average monthly revenue per user of 84 yuan. China Mobile shares recently rose 0.9% in Hong Kong.
Tuesday, Aug. 26
J. Crew second-quarter net income dips to 28 cents a share(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- J. Crew Group Inc. (JCG: news, chart, profile) late Tuesday reported its second-quarter net income fell to $18.1 million, or 28 cents a share, from $20.6 million, or 32 cents a share, a year earlier. Revenue increased to $336.3 million from $304.7 million in the same quarter last year, said the clothing apparel maker. Analysts surveyed by FactSet Research had forecast earnings of 33 cents a share, on average, and revenue of $337.7 million. The company forecasted earnings of 28 cents to 33 cents a share in the third quarter. Analysts are projecting the company to report third-quarter earings of 47 cents a share. Meanwhile, J. Crew lowered its earnings outlook for fiscal 2008 to a range of $1.44 to $1.54 a share from the previous view of $1.70 to $1.75 a share, citing a disruption in its direct business and softer store sales.
Credit Suisse ponders Janus upgrade(11:31 am ET)
NEW YORK (MarketWatch) -- Credit Suisse is considering upgrading Janus Capital Group's (JNS: news, chart, profile) stock from neutral. Analyst Craig Siegenthaler said that investor concerns regarding overweight positions in commodities in Janus funds are overblown, and pointed out that 87% of Janus' fund assets are in funds rated four and five stars by Morningstar. Credit Suisse is lowering earnings per share estimates for Janus in 2008 to $1.34 from $1.36 and in 2009 to $1.70 from $1.85, and forecast third quarter earnings per share of 33 cents, one cent above consensus. Earlier this month, analysts at J.P. Morgan downgraded Janus to underweight from neutral, citing concerns about Janus' funds being overweight in growth, international and commodities. In July, Janus report a 36% rise in second quarter profits to $66.3 million, or 41 cents a share, up from $48.8 million, or 27 cents a share, in 2007.
American Eagle Outfitters earnings per share fall 22%(8:09 am ET)
NEW YORK (MarketWatch) -- American Eagle Outfitters Inc. (AEO: news, chart, profile) said Tuesday that second-quarter earnings fell to $59.8 million, or 29 cents a share, from $81.3 million, or 37 cents a share, in the same period a year ago. Sales fell to $688.8 million compared to $703.2 million. Analysts polled by FactSet estimated, on average, earnings per share of 28 cents on sales of $711.9 million. Same-store sales were down 6% in August and down 9% for the quarter. The company sees third-quarter earnings per share in a range of 31 cents to 36 cents.
Smithfield Foods swings to 9-cents-a-share loss(7:27 am ET)
NEW YORK (MarketWatch) -- Smithfield Foods Inc. (SFD: news, chart, profile) said Tuesday that it lost $12.6 million, or 9 cents a share in the first quarter, compared to earnings of $54.6 million, or 41 cents a share, in the same period a year ago. Sales were $3.1 billion versus $2.6 billion a year ago. Analysts polled by FactSet Research, on average, estimated earnings per share of a penny on sales of $2.91 billion. The current quarter includes a 15-cents-a-share adjustment related to unrealized losses in open commodity derivative contracts and 4 cents a share loss related to asset disposals by Campofrio. Smithfield pointed to corn being diverted to ethanol production and the effect of high prices for feed. "This is a dynamic this industry has never faced. We believe this policy is flawed and needs to be revised if food cost inflation is to be brought under control," said Chief Executive Larry Pope.
Sanderson Farms swings to loss on 18% higher sales(6:49 am ET)
TEL AVIV (MarketWatch) -- Sanderson Farms Inc., (SAFM: news, chart, profile) the Laurel, Miss., chicken and prepared-foods producer, swung to a fiscal third-quarter loss from a year-earlier profit on 18% higher sales. For the quarter ended July 31, the loss was $3.6 million, or 18 cents a share, compared with net income of $30.7 million, or $1.51, in the year-earlier period. Revenue reached $466.9 million from $394.8 million. The latest quarter's share loss reflects a 9-cent payment to settle litigation. A survey of four analysts by FactSet Research produced a consensus estimate of a loss of 5 cents for the quarter. The results reflect relatively strong retail and export demand for chicken, but the company's casual-dining and food-service customers have been hurt as consumers cut back on going to restaurants due to the weak economy and costlier fuel, Chairman and Chief Executive Joe F. Sanderson Jr. said in a statement.
Update: Big Lots 2nd-period net up 11%; lifts outlook(6:24 am ET)
TEL AVIV (MarketWatch) -- Big Lots Inc., (BIG: news, chart, profile) the Columbus, Ohio, closeout retailer, reported fiscal second-quarter net income rose 11% on 1.9% revenue, and it lifted its estimate of earnings from operations for the full year. For the quarter ended Aug. 2, net income reached $26 million, or 32 cents a share, from $23.4 million, or 22 cents, in the year-earlier period. Continuing operations generated 32 cents a share against 21 cents. Revenue rose to $1.11 billion from $1.08 billion. A survey of analysts by FactSet Research produced a consensus estimate of 26 cents of profit for the latest quarter. Same-store sales -- which the company defines as revenue from stores open at least two years at the start of the fiscal year -- rose 2.8% in the period. For fiscal 2009, Big Lots now sees continuing operations generating $1.90 to $2 a share of profit, against an adjusted $1.41 for fiscal 2008. FactSet's survey is looking for $1.84. In late May, when Big Lots reported first-quarter earnings, the company estimated the year's earnings from continuing operations at $1.80 to $1.90. Same-store sales for the year should rise 2%, Big Lots estimated. (Adds specifics of outlook for the year plus FactSet estimate.)
Thornburg Mortgage profit climbs, makes margin calls(5:50 am ET)
LONDON (MarketWatch) -- Thornburg Mortgage (TMA: news, chart, profile) late Monday reported second-quarter earnings rose to $412.3 million, or 84 cents a share, from $83.4 million, or 66 cents a share, as a $537 million gain on a principal participation agreement and additional warrant liability offset a $210 million mortgage-backed securities portfolio impairment. Adjusted income was $22.7 million for the quarter. The company believes that absent further deterioration in the underlying loans, the current carrying value adequately reflects any inherent losses. It paid on Aug. 22 margin calls totaling approximately $219.0 million, "which may be less than the counterparties to the override agreement's interpretation."
CORRECT: Rio Tinto says profit climbed to $6.91B, up 113%(4:49 am ET)
HONG KONG (MarketWatch) -- Miner Rio Tinto (AU:RIO: news, chart, profile) (RTP: news, chart, profile) said Tuesday first-half net income more than doubled, helped by strong commodity prices and the earnings contributions from its 2007 takeover of Alcan. Net income climbed to $6.91 billion, from $3.4 billion a year earlier. Underlying earnings jumped 55% to $5.47 billion, from $3.53 billion. The miner proposed an interim dividend of 68 U.S. cents, up 31% from the 52 cents a year earlier. (Corrects to reflect that Rio Tinto bought Alcan.)
Virgin Atlantic posts first-quarter profit of GBP23.5M(3:30 am ET)
LONDON (MarketWatch) -- Virgin Atlantic, the British carrier controlled by billion Richard Branson, on Tuesday said first-quarter pretax profit came in at 23.5 million pounds ($43.3 million). Sales increased 16% to 645.3 million pounds. Load factor, a measure of how full an airline's planes are, rose to 77% from 74.8% in the year-earlier quarter. Virgin said it had gained passengers from rival British Airways (UK:BA: news, chart, profile) because of problems with the latter's Terminal 5 at London's Heathrow airport.

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Thursday, Aug. 28
PetSmart second-quarter net income dips to 30 cents a share (4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- PetSmart Inc. (PETM: news, chart, profile) late Thursday reported its fiscal second-quarter net income fell to $37.2 million, or 30 cents a share, from a net income of $47.1 million, or 35 cents a share, in the same quarter last year. Revenue increased to $1.24 billion from $1.12 billion a year earlier, said the nation's largest retailer of pet goods. Comparable store sales, a key retailing metric, rose 4% from a year ago. Analysts surveyed by FactSet Research had forecast the company to earn 29 cents a share on revenue of $1.22 billion. The company expects third-quarter earnings of 25 cents to 29 cents a share with comparable stores sales growth of mid-single digits. Analysts are forecasting the company to earn 27 cents a share in the third quarter. In 2008, the company is projecting earnings of $1.51 to $1.59 a share while sales are likely to rise by high single digits to low double digits. Same-store sales are expected to expand by mid-single digits.
Novell posts widened third-quarter loss(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- Novell Inc. on Thursday posted a widened fiscal third-quarter loss, citing a $15 million charge related to "auction-rate securities." Waltham, Mass.-based Novell said its net loss in the period ended in July grew to $15.1 million, or 4 cents a share, from $3.7 million, or a penny a share in the same period a year earlier. Novell (NOVL: news, chart, profile) , a provider of open source software for businesses, said net revenue rose to $245.2 million from $236.8 million. Excluding special items, Novell said income from continuing operations for the quarter rose to 6 cents a share from 5 cents a share. Analysts on average had estimated that Novell would report third-quarter earnings of 3 cents a share, and $240.4 million in revenue, according to FactSet Research.
Dell reports 17% earnings decline(4:05 pm ET)
SAN FRANCISCO (MarketWatch) -- Dell Inc. (DELL: news, chart, profile) on Thursday reported a fiscal second-quarter profit of $616 million, or 31 cents a share, on $16.43 billion in revenue. Analysts surveyed by FactSet Research had forecast Dell to earn 36 cents a share on sales of $15.97 billion. During the same period a year ago, Dell earned 33 cents a share on revenue of $14.77 billion.
TD Bank sees its quarterly profit fall(7:55 am ET)
NEW YORK (MarketWatch) - TD Bank Financial Group (TD: news, chart, profile) saw third quarter profits drop to C$997 million (US$955 million), or C$1.21 a share, from C$1.12 billion, or C$1.51 a share for the same period last year. Analysts polled by FactSet Research estimated, on average, profits of US$1.42 (C$1.48) a share. Profits for the first nine months of the year are C$2.82 billion, compared to C$2.90 billion for the same period last year. Third quarter adjusted earnings per share were C$1.35, compared with C$1.60 in 2007.
Williams-Sonoma posts profit decline, cuts forecast(7:27 am ET)
NEW YORK (MarketWatch) -- Williams-Sonoma Inc. (WSM: news, chart, profile) said Thursday that its second-quarter profit fell to $18.4 million, or 17 cents a share, from $26.0 million, or 23 cents a share, in the year-earlier period. Excluding a 9-cent benefit related to the sale of a company aircraft, earnings would have been 8 cents a share. Sales declined to $819.6 million from $859.4 million. Analysts, on average, had expected profit of 9 cents a share on sales of $832.9 million, according to FactSet Research. Citing a weak economy, the retailer cut its third-quarter profit forecast to a range of breakeven to 4 cents a share, from its prior view of 17 cents to 23 cents a share. For the full year, it expects earnings of $1.03 to $1.15 a share; the previous guidance was $1.45 to $1.58 a share.
Wimm-Bill-Dann second-quarter profit climbs to $36.7 million(7:20 am ET)
NEW YORK (MarketWatch) -- Wimm-Bill-Dann Foods (WBD: news, chart, profile) said Thursday its first-half profit totaled $78.6 million, or $1.79 a share, from $65.8 million, or $1.50 a share, in the same quarter a year before. On a quarterly basis, the Russian dairy and juice maker's profit totaled $36.7 million, up from $33.7 million a year earlier. Revenue for the quarter was 760 million compared to $605 million in the year-ago period. For the first half, sales rose to $1.49 billion from $1.15 billion in the first six months of 2007.
VimpelCom 2nd-quarter net rose 31%, revenue up 52%(6:58 am ET)
TEL AVIV (MarketWatch) -- VimpelCom, (VIP: news, chart, profile) the Moscow telecommunications-service provider, reported second-quarter net income rose 31% on 52% higher revenue. Earnings reached $470 million, or 46 cents an American depositary share, from $359 million, or 35 cents, in the year-earlier period. Three analysts surveyed by FactSet Research produced a consensus estimate of 44 cents an ADS. Revenue rose to $2.61 billion from $1.72 billion. The earnings reflect a 13% rise in mobile-service subscribers, to 43.7 million, and 610,000 broadband subscribers.
Bank of China posts 43% rise in first-half net income(5:50 am ET)
HONG KONG (MarketWatch) -- Bank of China Ltd. (HK:3988.HK: news, chart, profile) , one of China's big four state lenders, Thursday posted a 43% rise in first-half net income from a year earlier, helped by strong growth in non-interest income. Net profit climbed to 42.18 billion yuan ($6.2 billion) from 29.54 billion in the year-earlier period. Average forecasts were 41.36 billion yuan, according to analysts polled by Dow Jones Newswires. The bank said its first-half net interest income rose 15% to 81.52 billion yuan from 71.03 billion a year earlier, while income from fees and commissions totaled 37.34 billion yuan, nearly double the 18.76 billion yuan a year earlier.
Air Berlin profit up 38%, sees further cost savings(2:48 am ET)
LONDON (MarketWatch) -- Air Berlin (DE:AB1000: news, chart, profile) said Thursday that its second-quarter net profit rose 38% to 8.3 million euros ($12.2 million) as revenue for the quarter grew 6.7% to 869.5 million euros. The group said earnings before interest and taxes fell to 13.8 million euros from 18.7 million euros due to the impact of transaction costs and consultancy fees related to the cancellation of the Condor acquisition as well as the high start-up costs of its routes to China. The group added that its program for increasing capacity utilization and yields is continuing to have a positive effect and it sees the potential for saving a further 35 million euros by year-end.
Diageo profit rises 2%, sticks to growth target(2:40 am ET)
LONDON (MarketWatch) -- U.K. drinks group Diageo (UK:DGE: news, chart, profile) said Thursday that its net profit for the fiscal year ended June 30 rose 2% to 1.52 billion pounds ($2.78 billion) as net sales grew 8% to 8.09 billion pounds. The group said the main driver of growth was its international unit, where sales rose 16% thanks to strong sales of scotch in Latin America and beer in Africa. European sales rose 3% and in Asia Pacific sales added just 2% after the group lost its Korean licence for part of the year. Diageo said Price rises and an improvement in the sales mix helped cover rising input costs and gross margin has improved. Diageo said it expects to deliver organic operating profit growth for the coming year within its target range of 7% and 9% as well as double-digit growth in reported earnings per share.
Aer Lingus swings to loss, sees tough end to year(2:30 am ET)
LONDON (MarketWatch) -- Irish airline Aer Lingus Group (UK:AERL: news, chart, profile) said Thursday that it swung to a first-half net loss of 20.6 million euros ($30.3 million) from a profit of 6.8 million euros following a sharp rise in fuel costs. The group said overall revenue grew 10.4% to 606.2 million euros, helped by a 10.5% rise in the number of passengers and strong growth in ancillary revenue per passenger. The group said that even with the reduction in fuel prices in recent weeks, competitive pressure on fares and volumes will continue and it expects to at best break even in the second half of the year. "It is now clear that we will require further fundamental changes in our operating cost base in order to minimise losses in 2009 and to help ensure the long term viability of the business," the group added.
Ahold 2nd-quarter net off; continuing ops up 4.1%(2:26 am ET)
TEL AVIV (MarketWatch) -- Ahold, (AHONY: news, chart, profile) (NL:03325: news, chart, profile) the Amsterdam supermarket operator, reported second-quarter net income fell 85% due to a year-earlier gain on the divestiture of its U.S. food-service and its Polish operations. Earnings from continuing operations rose 4.1%. Net income fell to 338 million euros, or 0.28 euro a share, from 2.23 billion, or 1.4 euros, in the year-earlier period. Continuing operations generated profit of 0.15 euro a share, up from 0.11. Shares outstanding fell 22% to 1.24 billion. Sales slipped 0.8% to 5.78 billion euros from 5.83 billion. Ahold affirmed its 2008 target of an operating-profit margin of 4.8% to 5.3%.
Toyota cuts 2009 sales forecast to 9.7 million vehicles(2:17 am ET)
HONG KONG (MaketWatch) -- Toyota Motor Corp. (JP:7203: news, chart, profile) (TM: news, chart, profile) Thursday cut its 2009 vehicle sales forecast by 6.7% due to a sharp downturn in the U.S. and Western European markets, according to media reports. The automobile giant now expects to sell 9.7 million vehicles in 2009, compared with its previous forecast of 10.4 million vehicles, the reports added. "We are looking at the current shift towards fuel-efficient cars [in the U.S.] as a structural change in demand," said Toyota President Katsuaki Watanabe at a news conference in Tokyo, according to Reuters. "We intend to respond quickly and flexibly to this environment." Toyota shares ended unchanged in Tokyo trading.
China Telecom first-half net drops 4% from year earlier(2:04 am ET)
HONG KONG (MarketWatch) -- China Telecom Corp. (HK:728: news, chart, profile) (CHA: news, chart, profile) Thursday reported a 4% decline in first-half profit due to a sharp decline in the number of its fixed-line customers. Net income fell to 11.61 billion yuan ($1.69 billion), or 0.14 yuan a share. Operating revenues were flat at 90.43 billion yuan. During the six-month period ended June 30, China Telecom lost 5.44 million access lines, bringing the total number of lines serviced to 215 million. The company added 4.3 million broadband subscribers, taking the total number of Internet service customers to 39.95 million. China Telecom shares tumbled 4.7% in Hong Kong.
Wednesday, Aug. 27
AMP posts 22% decline in first-half profit on weak markets(10:45 pm ET)
HONG KONG (MarketWatch) -- Australian pension fund provider AMP Ltd (AU:AMP: news, chart, profile) said Thursday first-half net income declined 22% as investor fund flows into managed products declined and weak investment markets knocked down the value of the firm's investments. Net profit fell to A$366 million ($314 million), from A$470 million a year earlier. The company said it wrote down A$49 million in investment losses and set aside A$41 million against potential losses against fixed income assets that back its annuities portfolio. AMP also said the value of its assets under management fell 9% to A$117 billion in the half-year period from a year ago. Investment inflows into the firm's managed funds fell 69% to A$760 million from a year earlier, while net inflows into its externally managed funds were down 74% to A$369 million. AMP said 57% of it managed funds met or exceeded performance benchmarks, falling short of its 75% target.
Men's Wearhouse second-quarter net income slides (4:32 pm ET)
SAN FRANCISCO (MarketWatch) -- Men's Wearhouse Inc. (MW: news, chart, profile) late Wednesday reported its fiscal second-quarter net income fell to $32.8 million, or 63 cents a share, from a net income of $54.2 million, or $1 a share in the same quarter last year. Excluding costs related to the closure of its Canadian manufacturing facility, the company would have earned 72 cents a share. Revenue slid to $545.3 million from $569.3 million a year earlier. Same-store sales fell 7.8% in the quarter, compared with a gain of 3.7% in the year earlier period, said the retailer. Analysts surveyed by FactSet Research had forecast the company to earn 71 cents a share on revenue of $553.2 million. The company expects earnings of 34 cents to 38 cents a share and adjusted earnings of 36 cents to 40 cents a share in the third quarter, based on expectations that same-store sales will decrease by high single digit range. Analysts are forecasting the company will earn 53 cents a share in the third quarter. In fiscal 2008, the company is projecting earnings of $1.38 to $1.48 a share and adjusted earnings of $1.50 to $1.60 a share.

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Friday, Aug. 29
PartyGaming swings to profit, names new chairman(2:48 am ET)
LONDON (MarketWatch) -- Online gambling company PartyGaming (UK:PRTY: news, chart, profile) on Friday reported a first-half net profit of $22.7 million, or 5.3 cents a share, compared to a loss of $50.6 million, or 12.3 cents a share, a year earlier. Revenue for the six month period rose 17% to $254.8 million. Earnings before interest, taxes, depreciation and amortization rose 76% to $64.9 million and were ahead of the $57.7 million forecast in a Dow Jones Newswires poll. The group said revenue grew across all its games, but the primary driver was its online casino as both the number of players and the amount they each gambled increased. PartyGaming said discussion with the U.S. Department of Justice, which began in June last year are still continuing. Separately the group said it's appointed Rod Perry as its new non-executive chairman. He succeeds Michael Jackson, who announced his plans to step down in May.
Bradford & Bingley swings to loss as bad debt charges soar(2:35 am ET)
LONDON (MarketWatch) -- U.K. mortgage bank Bradford & Bingley (UK:BB: news, chart, profile) said Friday that it swung to a first-half net loss of 17.2 million pounds ($31.4 million) from a profit of 129 million pounds a year earlier. The bank, which recently completed a 400 million pounds rights issue at the third attempt, said the loss mainly reflected losses on treasury assets, including an impairment charge of 64.8 million pounds on its structured investment portfolio. Underlying pretax profit fell over 60% to 70.2 million pounds as arrears levels continued to rise and the bank's margin declined. Bad debt charges jumped to 74.6 million pounds from 5.3 million pounds a year earlier. Total pretax loss was 26.7 million pounds, while analysts at Keefe, Bruyette & Woods had been expecting a pretax loss of around 20 million pounds.
Thursday, Aug. 28
PetSmart second-quarter net income dips to 30 cents a share (4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- PetSmart Inc. (PETM: news, chart, profile) late Thursday reported its fiscal second-quarter net income fell to $37.2 million, or 30 cents a share, from a net income of $47.1 million, or 35 cents a share, in the same quarter last year. Revenue increased to $1.24 billion from $1.12 billion a year earlier, said the nation's largest retailer of pet goods. Comparable store sales, a key retailing metric, rose 4% from a year ago. Analysts surveyed by FactSet Research had forecast the company to earn 29 cents a share on revenue of $1.22 billion. The company expects third-quarter earnings of 25 cents to 29 cents a share with comparable stores sales growth of mid-single digits. Analysts are forecasting the company to earn 27 cents a share in the third quarter. In 2008, the company is projecting earnings of $1.51 to $1.59 a share while sales are likely to rise by high single digits to low double digits. Same-store sales are expected to expand by mid-single digits.

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Tuesday, Sept. 2
Donaldson fourth-quarter profit rises to 60 cents a share(4:39 pm ET)
SAN FRANCISCO (MarketWatch) -- Donaldson Co. (DCI: news, chart, profile) said late Tuesday that its fourth-quarter net income rose to $48.6 million, or 60 cents a share, from $43.4 million, or 53 cents a share, a year ago. Revenue rose to $607.4 million from $524.7 million in the year-ago period. Analysts surveyed by FactSet Research estimated net income of 61 cents on revenue of $603.8 million. The company forecast 2009 net income of $2.30 to $2.40 a share. Analysts expect $2.44 a share.
Exxon Mobil weighs impact of Gustav, moves supply(11:33 am ET)
NEW YORK (MarketWatch) -- Exxon Mobil (XOM: news, chart, profile) refining spokeswoman Premlata Nair said the oil giant remains in close communication with the Department of Energy as it evaluates supply options after hurricane Gustav and ahead of coming Atlantic storms from Hanna and Ike. "We are currently moving product supply from non-impacted areas to help meet any significant shortfall resulting from the hurricane," Nair said. "As we assess the impact of Hurricane Gustav we continue to evaluate our supply options." A U.S. Energy Department spokeswoman told Dow Jones Newswires the government stands ready to release oil from the Strategic Petroleum Reserve under traditional hurricane procedures, but that no refiners had yet submitted requests.
Energy stocks fall on fading Gustav (9:41 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell sharply Tuesday as oil traded well below $110 a barrel in the wake of less-than-expected damage from Hurricane Gustav. The Amex Oil Index (XOI: news, chart, profile) fell 2% to 1,290, near its lower points for the year. The Amex Natural Gas Index (XNG: news, chart, profile) fell 2.8% to 584.
DuPont to increase photovoltaic production(9:22 am ET)
NEW YORK (MarketWatch) -- DuPont (DD: news, chart, profile) on Tuesday unveiled plans to boost its presence in the photovoltaic solar market to tap into targeted sector growth of 50% a year. Already billing itself as a leading supplier to the solar market, DuPont said it'll double production of its Tedlar films, with scope and site selection work underway for a plant start-up in late 2009. DuPont, a component of the Dow Jones Industrial Average ($DJ: news, chart, profile) , did not disclose a price tag for the production effort, but said it hopes to reach more than $1 billion in annual solar material sales within the next five years.
Hays' annual profit rises but demand flattens in U.K.(2:31 am ET)
LONDON (MarketWatch)-- U.K. staffing firm Hays (UK:HAS: news, chart, profile) on Tuesday said net in come for the year ended June 30 rose 13% to 188.2 million pounds, or 13.33 pence a share, from 166.5 million pounds, or 11.39 pence a share, earned in the year-earlier quarter. Sales climbed 20% to 2.54 billion pounds. In the U.K. Hays said demand for temporary placements has flattened out.
Greene King facing lower consumer spending(2:24 am ET)
LONDON (MarketWatch) -- U.K. brewer and pub operator Greene King (UK:GNK: news, chart, profile) said Tuesday that market conditions in the 16 weeks to Aug. 24 have been challenging as consumer confidence weakened and consumer spending continued to contract. The group said comparable sales in its pub management arm fell 1.6%, while in its tenancy and pub leasing arm comparable profit was similarly down 1.7%, with an increasing level of support being provided to tenants. The brewing division's volumes fell 3%, though the group said this was still a strong performance compared to the near double-digit decline in the wider beer market. The group said its board of directors still expects the company to meet its targets for the year.
Monday, Sept. 1
GDF-Suez confirms 2008 targets as first-half profit climbs (2:49 am ET)
LONDON (MarketWatch) -- Utility giant GDF-Suez (FR:GSZ: news, chart, profile) on Monday said first-half pro-forma net income rose 14% to 3.38 billion euros ($5 billion) from 2.96 billion euros earned in the year-earlier period. Sales climbed 17% to 43.1 billion euros. The results are the first since the merger of Gaz de France SA and Suez SA last month. The group confirmed its objective for growth in earnings before interest, taxes, depreciation and amortization of at least 10% in 2008 and its dividend payout target of at least 50% of recurring net income.
Elbit Imaging 2nd-quarter net off 33%, revenue up 66%(2:04 am ET)
TEL AVIV (MarketWatch) -- Elbit Imaging Ltd., (EMITF: news, chart, profile) the Tel Aviv real-estate developer and provider of medical-imaging equipment, reported second-quarter net income fell 33% on 66% higher revenue. Earnings dropped to 56 million shekels from 83.6 million in the year-earlier period. Adjusted earnings, excluding stock-based compensation, fell 34% to 66.8 million shekels, Elbit Imaging reported on Sunday. Revenue rose to 496.3 million shekels from 298.8 million. The company has about $1 billion available to "explore new opportunities," President Shimon Yitzhaki said in a statement.
Friday, Aug. 29
PartyGaming swings to profit, names new chairman(2:48 am ET)
LONDON (MarketWatch) -- Online gambling company PartyGaming (UK:PRTY: news, chart, profile) on Friday reported a first-half net profit of $22.7 million, or 5.3 cents a share, compared to a loss of $50.6 million, or 12.3 cents a share, a year earlier. Revenue for the six month period rose 17% to $254.8 million. Earnings before interest, taxes, depreciation and amortization rose 76% to $64.9 million and were ahead of the $57.7 million forecast in a Dow Jones Newswires poll. The group said revenue grew across all its games, but the primary driver was its online casino as both the number of players and the amount they each gambled increased. PartyGaming said discussion with the U.S. Department of Justice, which began in June last year are still continuing. Separately the group said it's appointed Rod Perry as its new non-executive chairman. He succeeds Michael Jackson, who announced his plans to step down in May.
Bradford & Bingley swings to loss as bad debt charges soar(2:35 am ET)
LONDON (MarketWatch) -- U.K. mortgage bank Bradford & Bingley (UK:BB: news, chart, profile) said Friday that it swung to a first-half net loss of 17.2 million pounds ($31.4 million) from a profit of 129 million pounds a year earlier. The bank, which recently completed a 400 million pounds rights issue at the third attempt, said the loss mainly reflected losses on treasury assets, including an impairment charge of 64.8 million pounds on its structured investment portfolio. Underlying pretax profit fell over 60% to 70.2 million pounds as arrears levels continued to rise and the bank's margin declined. Bad debt charges jumped to 74.6 million pounds from 5.3 million pounds a year earlier. Total pretax loss was 26.7 million pounds, while analysts at Keefe, Bruyette & Woods had been expecting a pretax loss of around 20 million pounds.

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Wednesday, Sept. 3
Navistar reports third-quarter earnings, raises outlook(5:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Navistar International Corp. (NAV: news, chart, profile) said late Wednesday it booked third-quarter earnings of $272 million, or $3.68 a share. The company, which recently brought its financial statements up to date, did not provide figures from the previous third-quarter. Navistar said it raised its earnings outlook for the year to a range of $6.35 to $7.45 a share. Analysts surveyed by FactSet Research expect 2008 net income of $4.43 a share.
Hovnanian reports another quarterly loss(4:54 pm ET)
SAN FRANCISCO (MarketWatch) -- Hovnanian Enterprises (HOV: news, chart, profile) said late Wednesday that after-tax losses available to common stockholders were $202.5 million, or $2.67 per common share, in the three months ended July 31. That compares to a net loss of $80.5 million, or $1.27 per common share, in the third quarter of fiscal 2007, the homebuilder reported. The company generated cash flow of $192.2 million in its latest fiscal quarter and forecast positive cash flow for the rest of the year. Hovnanian's homebuilding business will likely have roughly $800 million in cash by the end of October, the company said. "As we continue to compete against record foreclosures, higher than normal levels of resale listings and poor consumer confidence, the housing market remains challenging," Ara Hovnanian, chief executive of the company, said in a statement.
H&R Block first-quarter loss narrows to 41 cents a share (4:27 pm ET)
SAN FRANCISCO (MarketWatch) -- H&R Block Inc. (HRB: news, chart, profile) late Wednesday reported its first-quarter net loss narrowed to $132.7 million, or 41 cents a share, from a net loss of $302.6 million, or 93 cents a share, a year earlier. Improved results from its tax services business were offset by a loss in the consumer financial services segment, due to an about $20.4 million increase in loss reserves and asset write-downs at H&R Block Bank, said the tax services company. On an adjusted basis, the company's net loss was 40 cents a share. Revenue slid to $339.6 million from $381.2 million a year earlier. Analysts surveyed by FactSet Research had forecast the company to report a loss of 35 cents a share on revenue of $381.2 million. The company also affirmed its 2009 earnings outlook of $1.60 to $1.70 a share. Analysts are projecting earnings of $1.66 a share on average.
Guess profit up 44% as sales climb(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- Clothing and apparel maker Guess? Inc. (GES: news, chart, profile) late Wednesday reported its second-quarter profit rose almost 44% to $53.8 million, or 57 cents a share, up from net income of $37.5 million, or 40 cents a share, a year earlier. Revenue rose 33% to $515.2 million. Same store sales -- or sales at stores open at least one year -- rose 8.8% from last year's same period. Guess pegged its 2008 earnings between $2.47 and $2.53 a share. Five Wall Street analysts are looking for Guess to earn $2.48 a share, according to FactSet Research.
American Eagle same-store sales fall 5% in August(4:18 pm ET)
SAN FRANCISCO (MarketWatch) -- American Eagle Outfitters (AEO: news, chart, profile) said late Wednesday that sales at stores open at least one year declined 5% in August, compared to a 9% increase during the same period a year earlier. The company maintained its third quarter earnings guidance of 31 cents a share to 36 cents a share. That compares to 45 cents a share in the same quarter last year.
Jos A Bank second-quarter profit rises to 48 cents a share (2:28 pm ET)
SAN FRANCISCO (MarketWatch) -- Jos A Bank Clothiers Inc. (JOSB: news, chart, profile) on Wednesday reported its second-quarter net income rose to $8.9 million, or 48 cents a share, from $8.2 million, or 44 cents a share, a year earlier. Revenue climbed to $152.7 million from $134.3 million, the retailer of men's clothing said. Analysts polled by FactSet Research had forecast the company to earn 45 cents a share.
Corning cuts third-quarter forecast(9:26 am ET)
NEW YORK (MarketWatch) -- Corning Inc. (GLW: news, chart, profile) said Wednesday that it is reducing its third-quarter forecast, blaming lower-than-expected shipments of LCD glass. The company expects to post a third-quarter profit, before special items, of 43 to 45 cents a share on sales of $1.58 billion to $1.62 billion. Its previous guidance called for earnings before items of 48 to 51 cents a share and sales of $1.65 billion to $1.72 billion. Wendell P. Weeks, Corning's chairman and chief executive officer, will provide the revisions at the Citi Investment Research Technology Conference in New York on Wednesday. Wall Street has been projecting that Corning would earn 44 cents a share on revenue of $1.77 billion, according to FactSet Research.
Kraft Foods sees 2008 profit of at least $1.88 a share(8:42 am ET)
NEW YORK (MarketWatch) -- Kraft Foods Inc. (KFT: news, chart, profile) on Wednesday said it expects 2008 earnings of at least $1.88 a share, excluding items. Wall Street analysts expect earnings of $1.90 a share, on average, according to a survey by FactSet Research. Looking ahead, the Northfield, Ill.-based packaged foods giant expects 2009 earnings of at least $2 per share, compared to the Wall Street target of $2.05 a share.
J.C. Penney August same-store sales down 4.9% (8:15 am ET)
NEW YORK (MarketWatch) - J.C. Penney Co. (JCP: news, chart, profile) on Wednesday said comparable store sales fell 4.9% in August, falling within the Plano, Texas retailer's estimated range. Total company sales dipped 3.2% to $1.5 billion. Earlier, J.C. Penney said it expected sales to decrease mid-single digits in August. Looking ahead, the department store operator expects a same-store sales decline in the mid- to high-single digit range for the five weeks ended Oct. 4.
Signet profit falls 37%, sees tough short-term environment(7:58 am ET)
LONDON (MarketWatch) -- Jewelry retailer Signet Group (UK:SIG: news, chart, profile) (SIG: news, chart, profile) said Wednesday that its first-half net profit fell 37% to $43.8 million, or 2.6 cents a share, from $69.2 million, or 4 cents a share, a year earlier. Sales for the period fell around 1% to $1.59 billion. The group said comparable sales fell 3.4% as it also left its interim dividend unchanged at 0.96 cents a share. "In the short term, the consumer environment in both the U.S. and the U.K. remains very challenging. As always, the results for the year will be significantly influenced by the group's performance during the important Christmas period," said CEO Terry Burman.
United Natural Foods earnings inch lower(7:54 am ET)
NEW YORK (MarketWatch) -- United Natural Foods (UNFI: news, chart, profile) said Wednesday that fourth-quarter earnings fell to $12.8 million, or 30 cents a share, compared to $13.1 million, or 31 cents, in the same period a year ago. Sales rose 29% to $911.9 million. Analysts polled by FactSet Research, on average, estimated earnings per share of 30 cents on sales of $914.4 million. For 2009 United Natural sees earnings-per-share growth of 15% to 22% and sales growth of 10% to 20%.
Dr Pepper Snapple affirms earnings estimate for year(7:21 am ET)
TEL AVIV (MarketWatch) -- Dr Pepper Snapple Group, (DPS: news, chart, profile) the Plano, Texas, beverage producer, said that at a Lehman Brothers conference in Boston, it would affirm its earnings estimates for 2008. It expects to earn at least $1.65 a share, or an adjusted $1.94, for the year. Analysts surveyed by FactSet Research are looking for $1.95 a share.
Joy Global profit up on tax credits; ups annual view(7:10 am ET)
LONDON (MarketWatch) -- Mining equipment firm Joy Global (JOYG: news, chart, profile) said fiscal third quarter to Aug. 1 net income rose to $133 million, or $1.03 a share, from $73 million, or 66 cents a share, helped by 22 cents a share of tax credits. Sales also rose, up 45% to $904 million. It still sees revenue for the year to be between $3.3 and $3.4 billion and now expects earnings per fully diluted share to increase from the previous range of $3.15 to $3.30 to the new range from $3.37 to $3.52. Analyst polled by FactSet Research expected earnings of 87 cents a share for the quarter and $3.32 for the year.
Staples profit drops 16%, holds annual earnings view(6:35 am ET)
LONDON (MarketWatch) -- Staples (SPLS: news, chart, profile) said second-quarter to Aug. 2 net income fell 16% to $150 million, or 21 cents a share, with sales up 18% to $5.1 billion. Excluding the July acquisition of Corporate Express, Staples would have reported sales growth of 3% to $4.4 billion. It still expects low single-digit earnings growth for the year. As a result of the Corporate Express acquisition, the company anticipates total annual synergies to build, over a three year period, to a range of $200 million to $300 million. Analysts polled by FactSet expected earnings of 22 cents a share for the quarter and 3% growth for the year.
Elbit Systems unit, Innovative Solutions settle litigation(4:03 am ET)
TEL AVIV (MarketWatch) -- Elbit Systems Ltd., (ESLT: news, chart, profile) the Haifa, Israel, defense contractor, said its Kollsman subsidiary and Innovative Solutions & Support Inc. (ISSC: news, chart, profile) settled their litigation. Kollsman will pay IS&S $17 million to settle all claims between the two, which they'd filed in U.S. District Court for the Western District of Tennessee, Elbit said in a Wednesday statement. Neither side admitted any wrongdoing in the case, Elbit said, adding that the two companies now may look for collaboration opportunities. Innovative Solutions is the Exton, Pa., producer of flight-information computers, electronic displays, and flight-information-monitoring systems. Elbit's second-quarter results included a $10 million after-tax write-off stemming from court rulings in the case. As a result of the settlement, the third-quarter results will reflect an after-tax gain of $2 million to $4 million, Elbit said.
Costco August same-store sales rose 9%, total up 12%(3:22 am ET)
TEL AVIV (MarketWatch) -- Costco Wholesale Corp., (COST: news, chart, profile) the Issaquah, Wash., warehouse retailer, reported that for August, comparable-store sales rose 9%, and total sales rose 12% to $5.41 billion from $4.84 billion in the year-earlier period. Same-store sales, which reflect outlets open at least a year to eliminate the effects of new and closed stores, rose 9% in the U.S. and 6% internationally, Costco said in a statement on Wednesday. Excluding the effect of gasoline-price inflation -- gas at Costco cost 40% more this past August than it did in August 2007 -- U.S. same-store sales rose 6%. In addition, currency fluctuations hit international sales. On a local-currency basis, August overseas same-store sales rose 8%. For the fourth quarter ended Aug. 31, Costco reported sales of $22.6 billion, up 12% from $20.09 billion in the year-earlier quarter. A survey of analysts by FactSet Research produced a consensus estimate of $22.91 billion of sales for the quarter.
Punch Taverns expects to meet consensus, scraps dividend(2:31 am ET)
LONDON (MarketWatch) -- U.K. pub operator Punch Taverns (UK:PUB: news, chart, profile) said Wednesday that it expects to report fiscal year earnings before exceptional items in line with market expectations, though it added it won't pay a final dividend. The group said comparable sales from its core managed estate were down 3.3% over the year to Aug. 23 and were down 3.4% at its leased pubs. Punch has provided increased support for its licensees through rent concessions and drinks discounts. The company said that in the current market it believes it is prudent to retain cash and strengthen its balance sheet, rather than return it to shareholders. It also noted it has received clearance to convert to a real estate investment trust structure, but is still weighing the benefits of this against the likely restructuring costs.
Tuesday, Sept. 2
Donaldson fourth-quarter profit rises to 60 cents a share(4:39 pm ET)
SAN FRANCISCO (MarketWatch) -- Donaldson Co. (DCI: news, chart, profile) said late Tuesday that its fourth-quarter net income rose to $48.6 million, or 60 cents a share, from $43.4 million, or 53 cents a share, a year ago. Revenue rose to $607.4 million from $524.7 million in the year-ago period. Analysts surveyed by FactSet Research estimated net income of 61 cents on revenue of $603.8 million. The company forecast 2009 net income of $2.30 to $2.40 a share. Analysts expect $2.44 a share.

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Thursday, Sept. 4
Take-Two swings to $51.8 million profit(4:08 pm ET)
SAN FRANCISCO (MarketWatch) -- Take-Two Interactive Software Inc. (TTWO: news, chart, profile) on Thursday reported a third-quarter profit of $51.8 million, or 67 cents a share, on revenue of $433.8 million. During the same period a year ago, Take-Two lost $58.5 million, or 81 cents a share, on $206.4 million in sales. Excluding one-time items, Take-Two would have earned $71.5 million, or 93 cents a share. By that measure, the company beat the forecasts of analysts surveyed by FactSet Research, who estimated Take-Two would earn 67 cents a share on $379.5 million in revenue. Take-Two said its results were helped by strong sales of its "Grand Theft Auto IV" video game and other titles.
Molson Coors CEO touts balance sheet strength(10:23 am ET)
NEW YORK (MarketWatch) -- Molson Coors Brewing Co. (TAP: news, chart, profile) CEO Peter Swinburn on Thursday said the company continues to look for possible acquisitions as the consolidation wave in the beer industry continues. In an interview with MarketWatch, Swinburn did not specify what types of companies the beer giant may have in mind, but said it's in a better position to weigh joint ventures and other deals now that it's managed to pay down debt. "There's not an awful lot out there...but we're in a better position to play that game now because of our stronger balance sheet." The company will continue to cut costs as it faces off against the soon-to-merge Budweisder (BUD: news, chart, profile) and InBev. He declined to comment specifically on a lawsuit against the company by two Ohio beer distributors, but said that most U.S. players support the streamlining process now underway.
Sweden aerospace firm Saab cuts margin, sales view(9:13 am ET)
LONDON (MarketWatch) -- Aerospace firm Saab (SE:SAABB: news, chart, profile) warned of delays in order intake for major international projects and uncertainties in respect of Swedish defense material spending. It now sees 2008 organic sales growth between 3% and 4%, compared to 5% previously, and an operating margin between 8% and 9%, compared to 10% previously. The aerospace firm is no longer related to the car-making unit of General Motors of the same name.
Ross Stores' August same-store sales rise 3%(8:42 am ET)
NEW YORK (MarketWatch) -- Ross Stores Inc. (ROST: news, chart, profile) said Thursday that its August sales at stores open at least one year rose 3%. Analysts, on average, had expected same-store sales to rise 2.9%, according to Thomson Reuters. Sales for the four weeks ended Aug. 30 rose 9% to $504 million. The retailer said it still expects same-store-sales gains of 2% to 3% for September and October.
Rite Aid posts 1.1% rise in August same-store sales(8:40 am ET)
NEW YORK (MarketWatch) -- Rite Aid Corp. (RAD: news, chart, profile) said Thursday that its August sales at stores open at least one year rose 1.1%. Analysts, on average, had expected same-store sales to rise 1.7%, according to Thomson Reuters. Front-end same-store sales increased 3.7%, while pharmacy same-store sales slipped 0.2%. Total drugstore sales for the five weeks ended Aug. 30 fell 1.3% to $2.47 billion.
Target's August same-store sales fall 2.1%(8:35 am ET)
NEW YORK (MarketWatch) -- Target Corp. (TGT: news, chart, profile) said Thursday that its August sales at stores open at least one year fell 2.1%. Analysts, on average, had expected same-store sales to fall 2.6%, according to Thomson Reuters. Net retail sales for the four weeks ended Aug. 30 rose 3.1% to $4.85 billion. Target sees September same-store sales down 1% to up 1%, although the retailer said it expects greater-than-normal volatility in the period because of expected tropical storm activity.
Family Dollar's August same-store sales rise 3.6%(8:16 am ET)
NEW YORK (MarketWatch) -- Family Dollar Stores Inc. (FDO: news, chart, profile) said Thursday that its August sales at stores open at least one year rose 3.6%. Analysts, on average, had expected same-store sales to rise 3.0%, according to Thomson Reuters. Net sales for the four weeks ended Aug. 30 rose 5.9% to $523.7 million.
BJ's Wholesale Club's August same-store sales rise 15.4%(8:14 am ET)
NEW YORK (MarketWatch) -- BJ's Wholesale Club Inc. (BJ: news, chart, profile) on Thursday said August same-store sales rose 15.4% including a contribution from gasoline sales of 7.7%. Merchandise comparable club sales rose 7.7%, slightly below the target of 8% in a survey of analysts by Thomson Reuters. Total sales rose 17% to $774.4 million.
Gap posts 8% decline in August same-store sales(8:12 am ET)
NEW YORK (MarketWatch) -- Gap Inc. (GPS: news, chart, profile) said Thursday that its August sales at stores open at least one year fell 8%. Analysts, on average, had expected same-store sales to fall 9.7%, according to Thomson Reuters. Net sales for the four weeks ended Aug. 30 fell 5% to $1.14 billion.
Aeropostale same-store sales climb 13%(8:07 am ET)
NEW YORK (MarketWatch) -- Aeropostale Inc. (ARO: news, chart, profile) said Thursday that same-store sales rose 13% in August, ahead of the forecast of 6.9% in a survey of analysts by Thomson Reuters. Total sales for the month rose 24% to $208 million.
Pepsi Bottling affirms earnings estimates for quarter, year(7:27 am ET)
TEL AVIV (MarketWatch) -- Pepsi Bottling Group Inc. (PBG: news, chart, profile) of Somers, N.Y., the No. 1 producer and distributor of Pepsi-Cola (PEP: news, chart, profile) beverages, affirmed its earnings estimates for the third quarter and full year. Pepsi Bottling expects to earn $1.02 to $1.06 a share in the quarter, up 4% to 7% from the year-earlier period, and $2.30 to $2.38 in the year. Revenue should rise 3% in the quarter and in the mid-single-digits percent in the year, PBG estimated. Analysts surveyed by FactSet Research are looking for profit of $1.05 in the quarter and $2.33 in the year. The survey is expecting sales growth of 5.2% for the year.
Terex lowers profit target on slower business(7:22 am ET)
NEW YORK (MarketWatch) -- Citing weaker results in its aerial work platform and construction units, Terex Corp. (TEX: news, chart, profile) lowered its 2008 profit outlook to $6.35 to $6.65 a share, from its earlier view of $6.85 to $7.15 a share. Wall Street analysts expected earnings of $7.05 a share, according to a FactSet survey. Earnings per share are expected to be between $1.26 and $1.38 for the third quarter, compared to the estimate of $1.54 a share. "While our Cranes and Materials Processing & Mining segments continue to perform better than our expectations, continued market softening and input costs in the Aerial Work Platforms and Construction segments in Western Europe and the United States are expected to more than offset those positive factors," said Ron DeFeo, Terex Chairman and Chief Executive Officer.
Pacific Sunwear's same-store sales fall in August(7:17 am ET)
NEW YORK (MarketWatch) -- Pacific Sunwear of California Inc. (PSUN: news, chart, profile) said Thursday that its August sales at stores open at least one year fell 6%. Analysts, on average, had expected same-store sales to fall 8.8%, according to Thomson Reuters. Total PacSun sales for the four weeks ended Aug. 30 fell 4% to $163.1 million.
Ciena profit drops 59%, warns on sales, orders(7:14 am ET)
LONDON (MarketWatch) -- Networking group Ciena (CIEN: news, chart, profile) said fiscal third-quarter to July 31 net income dropped 59% to $11.7 million, or 12 cents a share, and warned on current-quarter sales. Revenue rose 24% to $253 million. Adjusted for items such as share-based compensation costs, a fair value adjustment of acquired inventory, and amortization of intangible assets, it would have earned 37 cents a share, down from 41 cents a share in the same period last year but ahead of FactSet-compiled analyst estimates of 34 cents a share. Ciena warned it has recently begun to experience order delays from many of its Tier One service provider customers, which the company attributes to their guarded approach to capital expenditures given the uncertain macroeconomic environment. It now forecasts fiscal fourth quarter revenue in a range of $190 million to $210 million, below the $262 million that analysts foresaw.
Exelon to buy back $1.5 bln in stock; tightens profit view(7:09 am ET)
NEW YORK (MarketWatch) -- Electric power provider Exelon (EXC: news, chart, profile) on Thursday said it OK'd plans to buy back up to $1.5 billion of its stock. The company also tightened the range of its adjusted 2008 profit forecast to $4.15 to $4.30 per share, from its earlier view of $4 to $4.40 per share. Wall Street analysts expect earnings of $4.37 a share, according to a survey by FactSet Research.
Bombardier swings to second-quarter profit(6:21 am ET)
LONDON (MarketWatch) -- Canadian aerospace and transportation group Bombardier Inc (CA:BBDA: news, chart, profile) (CA:BBDB: news, chart, profile) said it swung to a second-quarter net profit of $246 million, or 14 cents a share, compared to a loss of $71 million, or 5 cents a share, in the year-earlier quarter. Revenue rose 22% to $4.9 billion. Consensus forecasts were for earnings of 11 cents a share according to a poll of nine analysts surveyed by FactSet Research.
Stage Stores August same-store sales off 8.3%, total down 3%(6:08 am ET)
TEL AVIV (MarketWatch) -- Stage Stores Inc., (SSI: news, chart, profile) the Houston retailer, reported that August same-store sales fell 8.3% as total sales fell 3% to $119.8 million from $123.5 million. A survey of analysts by Thomson Reuters produced a consensus estimate of a drop of 1.7% in same-store sales. "Our August results reflect soft back-to-school sales, due to ongoing pressure on discretionary consumer spending, reduced clearance sales," and disruption from Tropical Storm Edouard and Hurricane Gustav during the first and last weeks of the month, Chairman and Chief Executive Jim Scarborough said in a statement. Stage ended August with same-store inventory down 9%.
Toll Brothers swings to 3rd-quarter loss; revenue off 34%(5:25 am ET)
TEL AVIV (MarketWatch) -- Toll Brothers Inc., (TOL: news, chart, profile) the Horsham, Pa., luxury-home builder, swung to a fiscal third-quarter loss from a year-earlier profit on 34% lower revenue. For the quarter ended July 31, the loss was $29.3 million, or 18 cents a share, compared with net income of $26.5 million, or 16 cents, in the year-earlier period. Excluding write-downs, Toll earned 35 cents a share in the latest period. Revenue fell to $797.7 million from $1.21 billion. Third-quarter net contracts -- after cancellations -- totaled 812 homes valued at $469.9 million. The figures are down 27% in units and 35% in dollars from the year-earlier period. Toll said that buyers canceled 195 contracts in the quarter, the lowest figure in nine quarters. At the end of the quarter, Toll had $1.5 billion of cash and more than $1.3 billion available under a bank-credit line maturing in March 2011. Debt at July 31 was 18% of total capital, the company's lowest historic level, Toll said.
Wednesday, Sept. 3
Navistar reports third-quarter earnings, raises outlook(5:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Navistar International Corp. (NAV: news, chart, profile) said late Wednesday it booked third-quarter earnings of $272 million, or $3.68 a share. The company, which recently brought its financial statements up to date, did not provide figures from the previous third-quarter. Navistar said it raised its earnings outlook for the year to a range of $6.35 to $7.45 a share. Analysts surveyed by FactSet Research expect 2008 net income of $4.43 a share.
Hovnanian reports another quarterly loss(4:54 pm ET)
SAN FRANCISCO (MarketWatch) -- Hovnanian Enterprises (HOV: news, chart, profile) said late Wednesday that after-tax losses available to common stockholders were $202.5 million, or $2.67 per common share, in the three months ended July 31. That compares to a net loss of $80.5 million, or $1.27 per common share, in the third quarter of fiscal 2007, the homebuilder reported. The company generated cash flow of $192.2 million in its latest fiscal quarter and forecast positive cash flow for the rest of the year. Hovnanian's homebuilding business will likely have roughly $800 million in cash by the end of October, the company said. "As we continue to compete against record foreclosures, higher than normal levels of resale listings and poor consumer confidence, the housing market remains challenging," Ara Hovnanian, chief executive of the company, said in a statement.
H&R Block first-quarter loss narrows to 41 cents a share (4:27 pm ET)
SAN FRANCISCO (MarketWatch) -- H&R Block Inc. (HRB: news, chart, profile) late Wednesday reported its first-quarter net loss narrowed to $132.7 million, or 41 cents a share, from a net loss of $302.6 million, or 93 cents a share, a year earlier. Improved results from its tax services business were offset by a loss in the consumer financial services segment, due to an about $20.4 million increase in loss reserves and asset write-downs at H&R Block Bank, said the tax services company. On an adjusted basis, the company's net loss was 40 cents a share. Revenue slid to $339.6 million from $381.2 million a year earlier. Analysts surveyed by FactSet Research had forecast the company to report a loss of 35 cents a share on revenue of $381.2 million. The company also affirmed its 2009 earnings outlook of $1.60 to $1.70 a share. Analysts are projecting earnings of $1.66 a share on average.
Guess profit up 44% as sales climb(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- Clothing and apparel maker Guess? Inc. (GES: news, chart, profile) late Wednesday reported its second-quarter profit rose almost 44% to $53.8 million, or 57 cents a share, up from net income of $37.5 million, or 40 cents a share, a year earlier. Revenue rose 33% to $515.2 million. Same store sales -- or sales at stores open at least one year -- rose 8.8% from last year's same period. Guess pegged its 2008 earnings between $2.47 and $2.53 a share. Five Wall Street analysts are looking for Guess to earn $2.48 a share, according to FactSet Research.
American Eagle same-store sales fall 5% in August(4:18 pm ET)
SAN FRANCISCO (MarketWatch) -- American Eagle Outfitters (AEO: news, chart, profile) said late Wednesday that sales at stores open at least one year declined 5% in August, compared to a 9% increase during the same period a year earlier. The company maintained its third quarter earnings guidance of 31 cents a share to 36 cents a share. That compares to 45 cents a share in the same quarter last year.
Jos A Bank second-quarter profit rises to 48 cents a share (2:28 pm ET)
SAN FRANCISCO (MarketWatch) -- Jos A Bank Clothiers Inc. (JOSB: news, chart, profile) on Wednesday reported its second-quarter net income rose to $8.9 million, or 48 cents a share, from $8.2 million, or 44 cents a share, a year earlier. Revenue climbed to $152.7 million from $134.3 million, the retailer of men's clothing said. Analysts polled by FactSet Research had forecast the company to earn 45 cents a share.
Corning cuts third-quarter forecast(9:26 am ET)
NEW YORK (MarketWatch) -- Corning Inc. (GLW: news, chart, profile) said Wednesday that it is reducing its third-quarter forecast, blaming lower-than-expected shipments of LCD glass. The company expects to post a third-quarter profit, before special items, of 43 to 45 cents a share on sales of $1.58 billion to $1.62 billion. Its previous guidance called for earnings before items of 48 to 51 cents a share and sales of $1.65 billion to $1.72 billion. Wendell P. Weeks, Corning's chairman and chief executive officer, will provide the revisions at the Citi Investment Research Technology Conference in New York on Wednesday. Wall Street has been projecting that Corning would earn 44 cents a share on revenue of $1.77 billion, according to FactSet Research.
Kraft Foods sees 2008 profit of at least $1.88 a share(8:42 am ET)
NEW YORK (MarketWatch) -- Kraft Foods Inc. (KFT: news, chart, profile) on Wednesday said it expects 2008 earnings of at least $1.88 a share, excluding items. Wall Street analysts expect earnings of $1.90 a share, on average, according to a survey by FactSet Research. Looking ahead, the Northfield, Ill.-based packaged foods giant expects 2009 earnings of at least $2 per share, compared to the Wall Street target of $2.05 a share.
J.C. Penney August same-store sales down 4.9% (8:15 am ET)
NEW YORK (MarketWatch) - J.C. Penney Co. (JCP: news, chart, profile) on Wednesday said comparable store sales fell 4.9% in August, falling within the Plano, Texas retailer's estimated range. Total company sales dipped 3.2% to $1.5 billion. Earlier, J.C. Penney said it expected sales to decrease mid-single digits in August. Looking ahead, the department store operator expects a same-store sales decline in the mid- to high-single digit range for the five weeks ended Oct. 4.
Signet profit falls 37%, sees tough short-term environment(7:58 am ET)
LONDON (MarketWatch) -- Jewelry retailer Signet Group (UK:SIG: news, chart, profile) (SIG: news, chart, profile) said Wednesday that its first-half net profit fell 37% to $43.8 million, or 2.6 cents a share, from $69.2 million, or 4 cents a share, a year earlier. Sales for the period fell around 1% to $1.59 billion. The group said comparable sales fell 3.4% as it also left its interim dividend unchanged at 0.96 cents a share. "In the short term, the consumer environment in both the U.S. and the U.K. remains very challenging. As always, the results for the year will be significantly influenced by the group's performance during the important Christmas period," said CEO Terry Burman.
United Natural Foods earnings inch lower(7:54 am ET)
NEW YORK (MarketWatch) -- United Natural Foods (UNFI: news, chart, profile) said Wednesday that fourth-quarter earnings fell to $12.8 million, or 30 cents a share, compared to $13.1 million, or 31 cents, in the same period a year ago. Sales rose 29% to $911.9 million. Analysts polled by FactSet Research, on average, estimated earnings per share of 30 cents on sales of $914.4 million. For 2009 United Natural sees earnings-per-share growth of 15% to 22% and sales growth of 10% to 20%.
Dr Pepper Snapple affirms earnings estimate for year(7:21 am ET)
TEL AVIV (MarketWatch) -- Dr Pepper Snapple Group, (DPS: news, chart, profile) the Plano, Texas, beverage producer, said that at a Lehman Brothers conference in Boston, it would affirm its earnings estimates for 2008. It expects to earn at least $1.65 a share, or an adjusted $1.94, for the year. Analysts surveyed by FactSet Research are looking for $1.95 a share.

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Friday, Sept. 5
Janus drops as J.P. Morgan cuts earnings outlook(11:36 am ET)
NEW YORK (MarketWatch) -- Janus Capital Group (JNS: news, chart, profile) saw its stock fall nearly 7% Friday morning as J.P. Morgan cut its earnings estimate for Janus' third quarter to 26 cents a share from 30 cents a share. It also lowered fourth quarter estimates to 25 cents a share from 28 cents a share. At around 11.30 a.m., Janus stock was down 6%, at $24.46. "Janus is the most exposed asset manager to deteriorating market conditions due to far fewer fixed income and money fund assets relative to peers as well as...big overweight positions in underperforming international securities and commodities," said J.P. Morgan. In early August, J.P. Morgan downgraded Janus to underweight from neutral.
Air Berlin passengers down 2.4% after capacity reduction(2:55 am ET)
LONDON (MarketWatch) -- Air Berlin (DE:AB1000: news, chart, profile) said Friday that its total passenger numbers in August fell 2.4% to 2.85 million, due to its targeted capacity reduction of 60,000 seats. The group said fleet capacity utilization fell 0.6 percentage points to 82.9%, mainly due holiday-related softness in its growing business travel segment.
JD Wetherspoon profit falls 24% as margin shrinks(2:33 am ET)
LONDON (MarketWatch) -- U.K. pub operator JD Wetherspoon (UK:JDW: news, chart, profile) said Friday that its net profit for the year ending July 27 fell 24% to 35.5 million pounds as revenue rose 2.1% to 907.5 million pounds. The fiscal year was the first since the smoking ban was introduced in England in July 2007. The group said comparable food sales rose 7.9% in the year, while comparable bar sales were down 4.3%. The increased reliance on food sales as well as higher labor costs resulted in a margin of 9.6%, down from 10.3% a year earlier. In the first five weeks of the new fiscal year, comparable sales have risen 1.1%. The group said higher energy, food, labor and tax costs mean it will likely need to generate a 3% rise in comparable sales for the year to achieve a similar overall trading performance.
HMV comparable sales rise 4.1%(2:20 am ET)
LONDON (MarketWatch) -- U.K. CD, DVD and book retailer HMV (UK:HMV: news, chart, profile) said Friday that its same-store sales grew 4.1% in the 18-weeks to Aug. 30, with total sales up 8.1%. The group said growth was driven by its HMV stores in the U.K. and Ireland, where comparable sales were up 4.3%. At its Waterstones book stores, comparable sales fell 4.3%, but would have declined only 1.7% if the previous year's launch of Harry Potter and the Deathly Hallows were excluded. "In what is, undoubtedly, a tough consumer environment, the solid start made by the group to the new financial year means that our plans are in line with the board's expectations, and I remain confident that our strategic initiatives are on track," said CEO Simon Fox.
Thursday, Sept. 4
Take-Two swings to $51.8 million profit(4:08 pm ET)
SAN FRANCISCO (MarketWatch) -- Take-Two Interactive Software Inc. (TTWO: news, chart, profile) on Thursday reported a third-quarter profit of $51.8 million, or 67 cents a share, on revenue of $433.8 million. During the same period a year ago, Take-Two lost $58.5 million, or 81 cents a share, on $206.4 million in sales. Excluding one-time items, Take-Two would have earned $71.5 million, or 93 cents a share. By that measure, the company beat the forecasts of analysts surveyed by FactSet Research, who estimated Take-Two would earn 67 cents a share on $379.5 million in revenue. Take-Two said its results were helped by strong sales of its "Grand Theft Auto IV" video game and other titles.

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Monday, Sept. 8
Energy stocks rise with broad market, oil (9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose with the broad market in early action on Monday, as oil price rose on the approach of Hurricane Ike to the Gulf of Mexico. Oil futures rose $1.84 to $108.07. The Amex Oil Index (XOI: news, chart, profile) rose 2% to 1,246. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1.5% to 570. ConocoPhillips (COP: news, chart, profile) rose 1.9% to $76.88 after it said it would pay up to $8 billion for a half-share in the coal seam gas assets of Australia's Origin Energy Ltd.
Huntsman, Hexion go to court over scuttled merger(9:35 am ET)
NEW YORK (MarketWatch) -- Huntsman (HUN: news, chart, profile) shares fell 13 cents to $12.89 as a legal fight over its scuttled merger with Hexion Chemical moved to a Delaware court. Hexion said Monday that neither a $500 million of financing reflected in a prior proposal, nor the $416 million in a fresh financing proposal on Monday "is remotely sufficient to result in the combined company being solvent." Hexion's board said it will continue to study the proposal.
Swiss Re to focus on margins in tough insurance market(2:45 am ET)
LONDON (MarketWatch) -- Reinsurance company Swiss Re (CH:001233237: news, chart, profile) cautioned Monday that the insurance industry is facing a worsening business environment and said it will focus on disciplined underwriting. The group said a combination of soft insurance markets, stock market turbulence and an active hurricane season are all having an impact on insurers. Ahead of the January 2009 renewals period Swiss Re said it will focus on preserving margins, even if it means doing less business. It added high inflation poses an additional risk to the sector. If inflation remains elevated for an extended period it could generate additional losses, reducing the industry's capital base, the firm said.
Air France-KLM August traffic rises(2:26 am ET)
LONDON (MarketWatch) -- Air France-KLM (FR:003112: news, chart, profile) said Monday that the total number of passengers carried in August rose 1% to 6.77 million, while its load factor -- a measure of passengers against available seats -- fell 1.6 percentage points to 83.7%. Traffic measured in revenue per kilometer rose 2.8% compared to a year earlier. The group said the strongest growth was in the Americas and Asia, while the Caribbean and Indian Ocean network saw traffic decline.

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Tuesday, Sept. 9
Lehman to report expected results Wednesday 7:30 am ET(7:00 pm ET)
SAN FRANCISCO (MarketWatch) -- Lehman Brothers Holdings Inc. (LEH: news, chart, profile) said late Tuesday it will report its expected third-quarter results a week earlier than originally scheduled after shares of the firm fell about 45% in one day. Lehman said it will report at 7:30 am ET Wednesday and announce "key strategic initiatives."
Fedex raises first-quarter earnings view to $1.23 a share (4:43 pm ET)
SAN FRANCISCO (MarketWatch) -- FedEx Corp. (FDX: news, chart, profile) said late Tuesday it is raising its first-quarter earnings outlook to $1.23 a share, compared with 80 cents to $1 a share previously announced. "First quarter results benefitted from lower-than-expected fuel costs late in the quarter and stringent cost management," said Alan Graf, executive vice president and chief financial officer of Fedex, in a statement. It reaffirmed its fiscal 2009 earnings view of $4.75 to $5.25 a share, noting weaker economic conditions offset better-than-expected first quarter results. It also scaled back its capital investment plans for 2009 by $400 million to $2.6 billion as slower economic growth in the U.S. is spreading to other parts of the world. Analysts polled by FactSet Research forecast the company to earn 98 cents a share in the first quarter and $5.09 a share in 2009.
VeriFone third-quarter net loss narrows to 9 cents a share (4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- VeriFone Holdings (PAY: news, chart, profile) late Tuesday reported its third-quarter net loss narrowed to $7.2 million, or 9 cents a share, from a loss of $42.4 million, or 51 cents a share, a year earlier. On an adjusted basis, the company earned 32 cents a share. Revenue increased to $258.7 million from $231.7 million a year ago, said the maker of point-of-sales payment equipment. Analysts surveyed by FactSet Research had forecast the company to report earnings of 32 cents a share on revenue of $256.8 million. The company expects to report adjusted earnings of 33 cents to 36 cents a share on revenue in the range of $260 million to $268 million in the fourth quarter. Analysts are projecting the company to report fourth-quarter earnings of 35 cents a share on revenue of $263.9 million. VeriFone sees fiscal 2009 adjusted earnings of $1.23 to $1.43 a share and net revenue growth of 10% to 15%.
Lehman shares slump more than 30% (11:10 am ET)
SAN FRANCISCO (MarketWatch) -- Lehman Brothers (LEH: news, chart, profile) shares slumped more than 30% during morning trading on Tuesday. South Korean regulators said talks between government-owned Korea Development Bank and Lehman have ended, Dow Jones Newswires reported. Korea Development, known as KDB, has discussed a possible investment in Lehman in recent months. Lehman shares dropped 28% to $10.14 during late morning action. The stock was off by roughly a third earlier in the day.
Pending home sales index falls 3.2% in July(10:00 am ET)
WASHINGTON (MarketWatch) -- In a sign that the U.S. housing market may weaken in coming months, an index of sales contracts on previously owned U.S. homes fell 3.2% in July from the prior month, the National Association of Realtors reported Tuesday. The index, which is considered a leading indicator of existing home sales, was down 6.8% from the prior year. Pending home sales in July were mixed regionally, with a decline of 10.6% in the West, and 7.5% in the Northeast. In the South, there was no growth. And in the Midwest, there was a gain of 2.8%. The June pending home sales index was revised to a gain of 5.8% from a prior estimate of a 5.3% increase.
Natural gas shares lead losses in energy sector(9:37 am ET)
NEW YORK (MarketWatch) -- Natural gas shares led losses in the energy sector on Tuesday, as Hurricane Ike rages over Cuba and oil prices fell. The Amex Natural Gas Index (XNG: news, chart, profile) fell 2.4% to 538. The Amex Oil Index (XOI: news, chart, profile) subtracted 1.7% to 1,199. Crude fell $1.94 to $104.40. Natural gas futures dipped 35 cents to $7.18.
Pizer Inc. to conduct new Phase 3 trial for dalbavancin(8:41 am ET)
NEW YORK (MarketWatch) -- Pfizer Inc. (PFE: news, chart, profile) announced Tuesday the withdrawal of marketing applications for dalbavancin in order to conduct a new Phase 3 trial of the drug for patients with complicated skin and skin structure infections. Dalbavancin was acquired by Pfizer in 2005 as part of its acquisition of Vicuron Pharmaceuticals.
McDonald's U.S. comparable store sales rise 4.5% in August (8:06 am ET)
NEW YORK (MarketWatch) -- McDonald's Corp. (MCD: news, chart, profile) said Tuesday U.S. comparable sales rose 4.5% in August. Global comparable sales at the Oak Brook, Ill. fast food giant increased 8.5% in August, while systemwide sales for McDonald's worldwide restaurants rose 14.1%.
Reynolds American to cut staff, take restructuring charge(7:46 am ET)
NEW YORK (MarketWatch) -- Reynolds American Inc. (RAI: news, chart, profile) said Tuesday that it will take a pretax restructuring charge of about $90 million in the third quarter, related to severance, benefits and related costs. The tobacco company said it will cut about 570 full-time jobs, most of them before the end of 2009, resulting in expected savings of about $100 million by year-end 2010. In addition, the company is changing its designation of the Kool brand to a support brand from a growth brand and focusing more on building the premium menthol category with its Camel brand. Shares of Reynolds American closed Monday at $51.57.
K12 swings to profit on tax benefit; revenue up 59%(4:22 am ET)
TEL AVIV (MarketWatch) -- K12 Inc., (LRN: news, chart, profile) the Herndon, Va., provider of curriculum and education services for online delivery, swung to a fiscal fourth-quarter profit from a year-earlier loss, largely because of a tax benefit. Revenue rose 59%. For the quarter ended June 30, K12 earned $17.1 million, or 59 cents a share, compared with a net loss of $11.8 million, or $5.89 a share, in the year-earlier period. Shares outstanding jumped to 29.1 million from 2 million, as the company went public Dec. 18, 2007. Excluding the $17.3 million tax benefit, the adjusted loss for the latest period was 1 cent a share. Revenue reached $56.5 million from $35.6 million. In a statement on Monday, K12 estimated that fiscal 2009 revenue would exceed $300 million, compared with fiscal 2008's $226.2 million. Revenue per pupil in fiscal 2009 should grow "slightly," K12 said. Its profit margins should widen 1 or 2 percentage points as the company spends "aggressively on marketing to take advantage of rapidly expanding market opportunities," K12 said.
Redrow swings to loss, calls on U.K. government to do more(2:41 am ET)
LONDON (MarketWatch) -- U.K. home builder Redrow (UK:RDW: news, chart, profile) said Tuesday that it swung to a net loss of 139.9 million pounds ($245.2 million) in the fiscal year to June 30, from a profit of 84.4 million pounds a year earlier. Revenue for the year fell 22% to 650.1 million pounds. The group said legal completions in the year fell 19% to 3,925 and margin dropped to 13% from 16.4% as it was forced to introduce discounts and incentives to generate sales. The group has also secured a new 450 million pound 3-year debt facility until 2011. Redrow said there may be no meaningful increase in the availability of mortgage finance before 2010 and called on the government to do more to help improve the availability of mortgages.
Peerless Mfg. parent posts 4th-period loss; adjusted net up(2:16 am ET)
TEL AVIV (MarketWatch) - PMFG Inc., (PMFG: news, chart, profile) the Dallas holding company for the filtration- and environmental-systems producer Peerless Manufacturing Co., swung to a fiscal fourth-quarter loss from a year-earlier profit on 56% higher revenue. Adjusted earnings rose 14%. The loss was $1.4 million, or 11 cents a share, against net income of $4 million, or 31 cents, in the year-earlier period. Adjusted profit was 15 cents a share against 13 cents. Revenue rose to $40.9 million from $26.2 million. The latest results reflect the April 30 acquisition of Nitram Energy Inc. Demand continues strong, particularly for for natural-gas-transmission and -power generation products and services, Chief Executive Peter J. Burlage said in a statement on Monday.
Avery Dennison July-Aug net 15c-20c short of its estimates(1:23 am ET)
TEL AVIV (MarketWatch) -- Avery Dennison Corp., (AVY: news, chart, profile) the Pasadena, Calif., provider of label, retail tags, branding systems, and office supplies, said that net income for July and August 2008 came up 15 cents to 20 cents a share short of its internal forecasts. In a statement on Tuesday, the company attributed the shortfall to "further economic weakness" in its markets. Avery Dennison said it wasn't affirming or updating the estimates it provided July 22. That day, Avery Dennison said it was reducing its 2008 earnings estimates because of higher inflation expectations plus greater economic weakness. The company then estimated 2008 net at $3.35 to $3.55 a share, or an adjusted $3.75 to $3.95. And it said then that 2008 organic revenue -- revenue excluding acquisitions -- would be level with to slightly down from the year earlier. AVY on Tuesday said it would report third-quarter earnings on Oct. 21.
Monday, Sept. 8
Energy stocks rise with broad market, oil (9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose with the broad market in early action on Monday, as oil price rose on the approach of Hurricane Ike to the Gulf of Mexico. Oil futures rose $1.84 to $108.07. The Amex Oil Index (XOI: news, chart, profile) rose 2% to 1,246. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1.5% to 570. ConocoPhillips (COP: news, chart, profile) rose 1.9% to $76.88 after it said it would pay up to $8 billion for a half-share in the coal seam gas assets of Australia's Origin Energy Ltd.
Huntsman, Hexion go to court over scuttled merger(9:35 am ET)
NEW YORK (MarketWatch) -- Huntsman (HUN: news, chart, profile) shares fell 13 cents to $12.89 as a legal fight over its scuttled merger with Hexion Chemical moved to a Delaware court. Hexion said Monday that neither a $500 million of financing reflected in a prior proposal, nor the $416 million in a fresh financing proposal on Monday "is remotely sufficient to result in the combined company being solvent." Hexion's board said it will continue to study the proposal.
Swiss Re to focus on margins in tough insurance market(2:45 am ET)
LONDON (MarketWatch) -- Reinsurance company Swiss Re (CH:001233237: news, chart, profile) cautioned Monday that the insurance industry is facing a worsening business environment and said it will focus on disciplined underwriting. The group said a combination of soft insurance markets, stock market turbulence and an active hurricane season are all having an impact on insurers. Ahead of the January 2009 renewals period Swiss Re said it will focus on preserving margins, even if it means doing less business. It added high inflation poses an additional risk to the sector. If inflation remains elevated for an extended period it could generate additional losses, reducing the industry's capital base, the firm said.
Air France-KLM August traffic rises(2:26 am ET)
LONDON (MarketWatch) -- Air France-KLM (FR:003112: news, chart, profile) said Monday that the total number of passengers carried in August rose 1% to 6.77 million, while its load factor -- a measure of passengers against available seats -- fell 1.6 percentage points to 83.7%. Traffic measured in revenue per kilometer rose 2.8% compared to a year earlier. The group said the strongest growth was in the Americas and Asia, while the Caribbean and Indian Ocean network saw traffic decline.

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Wednesday, Sept. 10
Rockwell backs 2008 profit view of $4.05 to $4.10 a share(4:23 pm ET)
SAN FRANCISCO (MarketWatch) -- Rockwell Collins Inc. (COL: news, chart, profile) on Wednesday reaffirmed its fiscal 2008 net income outlook of $4.05 to $4.10 a share on revenue of $4.75 billion, despite strikes at two of its largeset customers, Hawker Beechcraft and Boeing. The company said if the Boeing strike lasts about 45 days, the impact of both strikes will result in a sales decline of about $40 million, of which $30 million is expected in the fourth quarter. In 2009, Rockwell Collins expects earnings between $4.35 to $4.55 a share and revenue of $5.05 billion to $5.1 billion. Analysts projected the company to report earnings of $4.10 a share on revenue of $4.77 billion in 2008 and earnings of $4.40 a share and $5.1 billion in revenue in the following year.
Franklin downgraded by Sandler O'Neill(11:12 am ET)
NEW YORK (MarketWatch) -- Franklin Resources (BEN: news, chart, profile) saw its stock downgraded by Sandler O'Neill & Partners on Wednesday to hold from buy. Sandler O'Neill also cut its Franklin earnings estimates for the fourth quarter, to $1.55 a share from $1.63 a share. It said the downgrade was due in large part to the stronger dollar. "Though we continue to believe [Franklin's] first-mover advantage in key overseas markets represents an important differentiating factor in the long run, our change in thinking largely reflects a more problematic assets under management/earnings growth story related to the ongoing rally in the dollar," said Sandler O'Neill in a research note. About 40% of Franklin's assets under management are in non-U.S. holdings. Sandler O'Neill also increased its projection for net outflows from Franklin funds in the fourth quarter, to $8 billion from $3 billion, pointing in part to poor performance of Franklin's four largest stock funds, Growth (FKGRX: news, chart, profile) , Foreign (TEMFX: news, chart, profile) , World (TEMWX: news, chart, profile) and Developing Markets (TEDMX: news, chart, profile) , all of which are in the bottom half of their peer groups.
Energy stocks move past worst trading day in years(9:38 am ET)
NEW YORK (MarketWatch) -- Energy stocks rebounded from bruising losses in the previous session in early action on Wednesday. The Amex Oil Index (XOI: news, chart, profile) rose 1% to 1,153, rising off a 52-week low. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1.1% to 517. TPH Energy Research said Tuesday marked the worst day of trading among energy stocks in 14 years, with the Amex Oil Index down more than 6% in one day. Many names in the sector gave up more than 10%, on top of a 15% pullback in the past couple of weeks. Exploration and production stocks fell 9% for their worst one-day loss since 1995, TPH Energy Research noted. Money has been rotating out of energy stocks as the dollar strengthens and oil falls, and as hedge funds come under preassure to unwind positions.
Freeport-McMoRan cuts copper sales view by 1.6%(8:43 am ET)
NEW YORK (MarketWatch) -- Freeport-McMoRan Copper & Gold Inc. (FCX: news, chart, profile) on Wednesday reduced its 2008 sales outlook for copper because of a "smale-scale failure" at its Grasberg open pit in Indonesia. The mining giant's 2008 new estimated copper sales of 4.03 billion pounds are now 1.6% below previous estimates. Estimated gold sales of 1.2 million ounces are 200,000 ounces lower than previous estimates. The incident is not expected to affect the company's long-term mine plans for its PT Freeport Indonesia subsidiary, the company said. No one was injured in the incident. Freeport-McMoRan said it expects to report slightly better than expected third quarter performance from its South American operations.
Ike remains Category 1 hurricane as it moves through Gulf(8:05 am ET)
NEW YORK (MarketWatch) -- Ike remains a Category 1 hurricane on the Saffir-Simpson sale in the Gulf of Mexico near Cuba, but it could become a major hurricane as it moves into the central Gulf of Mexico, the National Hurricane Center said in its 8 a.m. ET update. At last check, the center of the storm was located over water, about 145 miles north of the western tip of Cuba, and 430 miles southeast of the mouth of the Mississippi River.
Lehman slashes annual dividend by 93%, saves $450 million(7:48 am ET)
NEW YORK (MarketWatch) -- Lehman Brothers (LEH: news, chart, profile) said it would cut its annual dividend to 5 cents a share, from 68 cents a share. The investment bank said the move would save about $450 million annually.
Stewart Enterprises net up; assesses bid, alternatives(4:12 am ET)
TEL AVIV (MarketWatch) -- Stewart Enterprises Inc., (STEI: news, chart, profile) the New Orleans provider of funeral-related products and services, reported fiscal third-quarter earnings rose 12% on 2.2% higher revenue. For the quarter ended July 31, net income reached $9.1 million, or 10 cents a share, from $8.1 million, or 8 cents a share, in the year-earlier period. Adjusted earnings were 10 cents a share against 7 cents. Weighted-average shares outstanding fell 10% to 92.4 million. Revenue rose to $130.4 million from $127.6 million. Profit margins widened in both the cemetery and funeral operations, the company said in a statement on Tuesday. Stewart also said a panel of its directors is assessing all strategic alternatives in light of Service Corp. International's (SCI: news, chart, profile) July proposal to buy Stewart for $11 a share. Service Corp. is the Houston provider of funeral-related products and services.
Kesa revenue up 14.4%, comparable sales drop(2:52 am ET)
LONDON (MarketWatch) -- U.K. electrical goods retailer Kesa Electricals (UK:KESA: news, chart, profile) said Wednesday that total group revenue rose 14.4% in the three months to the end of July, largely due to exchange rate moves. At constant exchange rates, total sales were up 3.3% and comparable sales across the business were down 4.7% for the period. Comparable sales at the group's U.K. Comet stores were down 9.9% and it said it now expects the division will make a loss in the first half of the fiscal year.
Sports Direct profit steady as markets remain difficult(2:39 am ET)
LONDON (MarketWatch) -- U.K. retailer Sports Direct International (UK:SPD: news, chart, profile) said Wednesday that trading conditions in the last 13 weeks haven't improved from the end of the last fiscal year, when the group said it was facing the toughest environment in its history. Sales in the 13 weeks to July 27 were broadly flat compared to a year earlier at 336 million pounds (4592 million) and profit was up less than 1% at 150 million pounds. Since the end of July, trading conditions have remained in line with the company's expectations, it added.
Next profit falls 13%, sees tough year ahead(2:32 am ET)
LONDON (MarketWatch) -- U.K. clothing and home furnishings retailer Next (UK:NXT: news, chart, profile) said Wednesday that its fiscal first-half net profit fell 13% to 123.3 million pounds ($217.2 million) as revenue slipped 2.4% to 1.5 billion pounds. The group said full-price comparable sales in the retail business were down 6%, while sales in its catalog business rose 2.2%. The company said it doesn't anticipate any return to growth in consumer spending in the medium term and is preparing for another tough year in 2009/10. It added its internal forecasts for full-year profit before tax remain in line with the market consensus. Most analyst forecasts for pretax profit lie in the range of 400 million pounds to 440 million pounds.
Key Tronic gets production pact from closely held Kaz(2:19 am ET)
TEL AVIV (MarketWatch) -- Key Tronic Corp., (KTCC: news, chart, profile) the Spokane Valley, Wash., provider of electronic-manufacturing services, said it expects to begin a new manufacturing program with Kaz Inc. in December and add more output from the company longer term. Closely held Kaz, Southborough, Mass., provides consumer, health-care, and home and garden products. When all Kaz manufacturing is at full output, it should add more than $25 million to annual revenue, Key Tronic said in a statement on Tuesday. Key Tronic said its primary manufacturing facility in Juarez, Mexico, would handle the Kaz work. For the year ended June 28, Key Tronic reported revenue of $204.1 million.
Tuesday, Sept. 9
Lehman to report expected results Wednesday 7:30 am ET(7:00 pm ET)
SAN FRANCISCO (MarketWatch) -- Lehman Brothers Holdings Inc. (LEH: news, chart, profile) said late Tuesday it will report its expected third-quarter results a week earlier than originally scheduled after shares of the firm fell about 45% in one day. Lehman said it will report at 7:30 am ET Wednesday and announce "key strategic initiatives."

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Thursday, Sept. 11
CORRECT: Franklin downgraded by Sandler O'Neill(4:48 pm ET)
NEW YORK (MarketWatch) -- Franklin Resources (BEN: news, chart, profile) saw its stock downgraded by Sandler O'Neill & Partners on Wednesday to hold from buy. Sandler O'Neill also cut its Franklin earnings estimates for the fourth quarter, to $1.55 a share from $1.63 a share. It said the downgrade was due in large part to the stronger dollar. "Though we continue to believe [Franklin's] first-mover advantage in key overseas markets represents an important differentiating factor in the long run, our change in thinking largely reflects a more problematic assets under management/earnings growth story related to the ongoing rally in the dollar," said Sandler O'Neill in a research note. About 40% of Franklin's assets under management are in non-U.S. holdings. Sandler O'Neill also increased its projection for net outflows from funds in the fourth quarter, to $8 billion from $3 billion, pointing in part to poor performance of Templeton's four largest stock funds, Growth (TEPLX: news, chart, profile) , Foreign (TEMFX: news, chart, profile) , World (TEMWX: news, chart, profile) and Developing Markets (TEDMX: news, chart, profile) , all of which are in the bottom half of their peer groups. (Corrects name and ticker of Templeton funds)
Hurricane Ike continues to pack 100 mph winds(11:09 am ET)
NEW YORK (MarketWatch) -- Hurricane Ike continues to pack maximum winds of 100 miles per hour or more as a Category 2 storm on the Saffir-Simpson scale, with the storm centered about 470 miles east-southeast of Galveston, Texas, the National Hurricane Center said in its 11 a.m. ET update. Coastal storm flooding of up to 20 feet above normal tide levels can be expected near where the center of Ike makes landfall this weekend. Ike is moving over open water at a rate of about 10 miles per hour, with the center of the storm nearing the coast late Friday.
Energy shares fall with broad market(9:39 am ET)
NEW YORK (MarketWatch) -- Energy shares fell with the broad market on Thursday. The Amex Oil Index (XOI: news, chart, profile) subtracted 0.9% to 1,176, close to its 52-week low of 1,142. The Amex Natural Gas Index (XNG: news, chart, profile) subtracted 1.4% to 525. PetroBras (PBR: news, chart, profile) fell 1.7% to $38.94, reversing gains by the stock in overseas trading on a new offshore oil discovery.
CORRECT: Campbell's Soup Q4 net rises 46%(9:31 am ET)
NEW YORK (MarketWatch) -- Campbell Soup Company (CPB: news, chart, profile) said Thursday fourth-quarter net income rose 46% to $89 million, or 24 cents a share, from $61 million, or 16 cents a share in the year-ago period. Adjusted earnings for the Camden, N.J.-based food giant increased to 26 cents a share from 14 cents a share, after absorbing the impact of its Godiva unit sale. Net sales rose to $1.7 billion from $1.5 billion. Wall Street analysts expected earnings of 25 cents a share and revenue of $1.7 billion, on average. Looking ahead, Campbell Soup expects 2009 adjusted profit to increase by about 5% to 7%. (Updated to reflect sale of Godiva.)
Krispy Kreme narrows second-quarter loss(8:27 am ET)
NEW YORK (MarketWatch) -- Krispy Kreme Doughnuts Inc. (KKD: news, chart, profile) said Thursday that it narrowed its second-quarter loss to $1.9 million, or 3 cents a share, from $27 million, or 42 cents a share, in the year-ago period, which included a 35-cent charge. Revenues for the three months ended Aug. 3 decreased 9.5% to $94.2 million compared to $104.1 million. Krispy Kreme shares closed Wednesday at $4.00.
Lululemon Athletica net income doubles(7:47 am ET)
NEW YORK (MarketWatch) -- Lululemon Athletica Inc. (LULU: news, chart, profile) on Thursday said second-quarter net income doubled to $11.1 million, or 16 cents a share, from $5.1 million, or 7 cents a share in the year-ago period. Adjusted earnings rose to 18 cents a share from 8 cents a share. Revenue rose 48% to $85.5 million. Wall Street analysts expected earnings of 14 cents a share for the clothing retailer, according to a survey by FactSet Research. Founder and Chairman Dennis J. Wilson set plans to transfer about $11 million in restricted stock to an undetermined number of founding employees.
Methode Electronics profit drops 18% on revamp costs(6:38 am ET)
LONDON (MarketWatch) -- Methode Electronics (MEI: news, chart, profile) said first-quarter to Aug. 2 net income fell 18% to $6.8 million, or 18 cents a share, from $8.3 million, or 22 cents a share. The Chicago, IL.-based manufacturer of component and subsystem devices used in sensing and optical technologies said the decrease was due to higher restructuring charges associated with its U.S.-based automotive operations. The quarter included 9 cents a share of restructuring charges.
Sun Hung Kai Properties full year net income up 30%(5:40 am ET)
HONG KONG (MarketWatch) -- Sun Hung Kai Properties (HK:16: news, chart, profile) (SUHJY: news, chart, profile) said Thursday its full year net income climbed 30% on gains from investment property revaluations and the sale of equity investments. The firm, Hong Kong's largest developer by market capitalization and landlord of the city's 88-story International Finance Center, said its net profit for the year ending June 30 was HK$27.60 billion ($3.54 billion), up from HK$21.23 billion a year earlier. Sun Hung Kai said its underlying profit, or that which excludes revaluation gains, climbed 6% to HK$12.19 billion from HK$11.50 billion. Revenue attributable to property sales fell 32% to HK$11.5 billion from HK$16.9 billon. The company declared a final dividend of HK$1.70 per share, up from HK$1.60 a year earlier.
Home Retail comparable sales decline(2:22 am ET)
LONDON (MarketWatch) -- Home Retail Group (UK:HOME: news, chart, profile) said Thursday that sales at its Argos stores fell 1.6% in the fiscal second quarter to 927 million pounds ($1.63 billion). Comparable sales at the stores were down 5.8% due to lower sales of furniture and homewares. At the group's Homebase stores, total sales fell 0.3% to 389 million pounds and comparable sales dropped 8.3%. The group said its focus on cost control should result in profit for the first half being in line with its expectations. Profit for the year will be highly dependent on the Christmas trading period, it added.
Spartech net off 50%; will close a Michigan plant(2:11 am ET)
TEL AVIV (MarketWatch) -- Spartech Corp., (SEH: news, chart, profile) the St. Louis producer of thermoplastic sheet materials, thermoformed packaging and other products, reported fiscal third-quarter earnings fell 50% on 3% lower sales and said it would close a plant in St. Clair, Mich. For the quarter ended Aug. 2, Spartech earned $4.4 million, or 15 cents a share, against $8.8 million, or 27 cents, in the year-earlier period. The latest adjusted earnings were 16 cents. Revenue fell to $350.3 million from $361.1 million. The company said in a statement late on Wednesday that it would transfer the St. Clair production to other operations. The move will require $600,000 of restructuring costs and save $2 million annually, Spartech said. "While we expect continued soft demand" from customers' end markets, SPE sees initial signs that raw-material prices are stabilizing and expects some reductions in the rest of 2008, President and Chief Executive Officer Myles S. Odaniell said in the statement.
Wednesday, Sept. 10
Rockwell backs 2008 profit view of $4.05 to $4.10 a share(4:23 pm ET)
SAN FRANCISCO (MarketWatch) -- Rockwell Collins Inc. (COL: news, chart, profile) on Wednesday reaffirmed its fiscal 2008 net income outlook of $4.05 to $4.10 a share on revenue of $4.75 billion, despite strikes at two of its largeset customers, Hawker Beechcraft and Boeing. The company said if the Boeing strike lasts about 45 days, the impact of both strikes will result in a sales decline of about $40 million, of which $30 million is expected in the fourth quarter. In 2009, Rockwell Collins expects earnings between $4.35 to $4.55 a share and revenue of $5.05 billion to $5.1 billion. Analysts projected the company to report earnings of $4.10 a share on revenue of $4.77 billion in 2008 and earnings of $4.40 a share and $5.1 billion in revenue in the following year.

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Friday, Sept. 12
Hurricane Ike remains Category 2 storm(2:12 pm ET)
NEW YORK (MarketWatch) -- Hurricane Ike maintained its strength with winds of 105 miles per hour as a Category 2 storm, the National Hurricane Center said in its 2 p.m. ET update. At last check, the hurricane was centered about 165 miles southeast of Galveston, Texas, moving to the west-northwest at 12 miles per hour. "Winds and seas (are) increasing on the upper Texas coast as Hurricane Ike approaches," the National Hurricane Center said. The NHC continues to forecast a possible strengthening of Hurricane Ike to a Category 3 storm with winds topping 111 miles per hour. It's due to hit the Texas coast by late Friday or early Saturday.
Energy stocks rise as Hurricane Ike approaches(9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose on the approach of Hurricane Ike and higher oil prices on Friday. The Amex Oil Index (XOI: news, chart, profile) rose 1.4% to 1,226. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1.2% to 546. Crude prices advanced 95 cents to $101.82.
Consol Energy to buy back up to $500 mln in stock(9:09 am ET)
NEW YORK (MarketWatch) -- Coal producer Consol Energy Inc. (CNX: news, chart, profile) on Friday set plans to buy back up to $500 million of its own stock over the next two years. Shares of the component of the S&P 500 ($SPX: news, chart, profile) rose $2.14 to $54.53 on Thursday.
Chipotle expects third-quarter net below year-ago level(8:43 am ET)
NEW YORK (MarketWatch) -- Chipotle Mexican Grill Inc. (CMG: news, chart, profile) on Friday said it expects third-quarter net income to fall slightly below the year-ago figure of 62 cents a share. Wall Street analysts expected earnings of 72 cents a share for the restaurant firm, according to a survey by FactSet. Chipotle said the impact of the weakened economy has been greater than expected, leading to comparable restaurant sales in the low single digits for the third quarter.
Qiao Xing profit, sales drop as handset shipments fall(6:08 am ET)
LONDON (MarketWatch) -- Qiao Xing Mobile Communications (QXM: news, chart, profile) said second-quarter operating income dropped to 76.1 million yuan ($11.1 million) from 230.6 million yuan, with revenue falling to 383.7 million yuan from 844.1 million yuan. The Chinese mobile handset maker said shipments fell 46% to 566,000 units. Sales were negatively impacted by the earthquake that took place in Sichuan province in May, which caused a slowdown in consumption in the Chinese consumer market, as well a delay in the release of its new product, VEVA S60. Operating results in the third and fourth quarters will be "better" than the same periods last year.

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Monday, Sept. 15
Pall Corp. reports higher profit, sales(5:54 pm ET)
SAN FRANCISCO (MarketWatch) -- Pall Corp. (PLL: news, chart, profile) late Monday reported a fiscal fourth-quarter profit of $69.9 million, or 57 cents a share. A year ago, it earned $16.7 million, or 13 cents a share. For the quarter ended July 31, Pall said sales rose almost 12% to $723.2 million. The East Hills, N.Y.-based company forecast fiscal 2009 earnings in the range $2.15 to $2.30 a share, excluding charges.
Energy stocks fall hard in early action(9:41 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell hard, joining crude futures in the red in early action on Monday. The Amex Natural Gas Index (XNG: news, chart, profile) shed 4%. The Amex Oil Index (XNG: news, chart, profile) fell 4.7%. Oil futures retreated $5.40 to $95.71. The stock market fell hard in the opening minutes of trade, with the Dow Jones Industrial Average ($DJ: news, chart, profile) down more than 200 points.
NYSE trader: 'We'll get through it'(9:27 am ET)
NEW YORK (MarketWatch) -- Traders on the floor of the New York Stock Exchange conceeded that the bankruptcy of Lehman Brothers, and jitters over AIG (AIG: news, chart, profile) , will likely result in big losses in the financial sector on Monday. "It's a financial crisis, but we'll get through it," said David Henderson of Raven Securities, an independent broker. He forecast a loss of at least 200 points in the Dow Jones Industrial Average ($DJ: news, chart, profile) . "This mess is a huge mess." Theodore Weisberg of Seaport Securities compared Lehman's fall to the demise of Drexel some 20 years ago. "I've been coming here for 40 years and there have been periods of times like this before," he said. "It's never fun."
Lehman bankruptcy filing shows $613 billion debt(8:30 am ET)
NEW YORK (MarketWatch) -- A bankruptcy filing made Monday morning shows that Lehman Brothers Holdings (LEH: news, chart, profile) is closing its doors with more than $600 billion of debt. The bank has total debts of $613 billion against total assets of $639 billion. Its filing with the Bankruptcy Court of the Southern District of New York shows that Lehman had more than 100,000 creditors, the largest of which were Citigroup Inc. (C: news, chart, profile) and Bank of New York Mellon Corp. (BK: news, chart, profile) , which were the indentured trustees of about $138 billion of Lehman's senior notes. Bank of New York was also listed as the second- and third-largest creditor, with separate claims of $12 billion of subordinated debt and $5 billion of junior subordinated debt. The filing also names AXA (AXA: news, chart, profile) , ClearBridge Advisors and FMR, parent of Fidelity Investments, as Lehman's three largest stockholders.

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Tuesday, Sept. 16
Morgan Stanley sticking with investment bank model: CFO(5:56 pm ET)
SAN FRANCISCO (MarketWatch) -- Morgan Stanley (MS: news, chart, profile) Chief Financial Officer Colm Kelleher said late Tuesday that the firm believes in the investment banking business model. Banks and other financial institutions with customer deposits "do not necessarily better enable us to execute our business and in fact may bring with them their own set of complications," he explained during a conference call with analysts. Speculation has increased this week that Morgan Stanley may sell itself to a larger bank after rival brokerage firm Merrill Lynch (MER: news, chart, profile) was acquired by Bank of America (BAC: news, chart, profile) .
Morgan Stanley quarterly net income $1.425 billion(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Morgan Stanley (MS: news, chart, profile) said late Tuesday that fiscal third-quarter net income came in at $1.425 billion, or $1.32 a share, down slightly from a year earlier when the investment bank made $1.543 billion, or $1.44 a share. Net revenues were $8 billion in the latest quarter, 1% above last year's third quarter, the firm added. Morgan Stanley was expected to make 79 cents a share, according to a FactSet analyst survey. Morgan Stanley shares rose in after-hours action.
Energy stocks remain in red after Fed(2:23 pm ET)
NEW YORK (MarketWatch) -- Energy stocks remained in the red after the Federal Reserve Open Market Committee kept interest rates unchanged despite hopes of a cut. The Amex Oil Index (XOI: news, chart, profile) fell 2.3% to 1,117. The Philadelphia Oil Service Index ($OSX: news, chart, profile) subtracted 0.8% to 243. The Amex Natural Gas Index (XNG: news, chart, profile) gave up 1.8% to 510.
Constellation Energy shares fall 38% (2:20 pm ET)
NEW YORK (MarketWatch) -- Constellation Energy Group (CEG: news, chart, profile) fell 38% to $29.55 as it disclosed ties to Lehman Brothers, but the company said its liquidity remains sound despite the bankruptcy of the Wall Street firm. Constellation said in a filing with regulators that Lehman Brothers' total commitment within existing credit facilities stood at $150 million. Constellation said it holds excess liquidity of approximately $2 billion, excluding the existing Lehman commitment. "Constellation does not believe that the potential reduction in available capacity under the credit facilities would have a significant impact on its liquidity," the company said.
Energy stocks continue their slide(9:38 am ET)
NEW YORK (MarketWatch) -- Energy stocks continued their steep slide from the previosu session on Tuesday, as the sector moved down in lock-step with oil prices, which fell toward $90 a barrel. The Amex Oil Index (XOI: news, chart, profile) fell 3% to 1,108. The Amex Natural Gas Index (XNG: news, chart, profile) subtracted 4.4% to 496. Anadarko Petroleum (APC: news, chart, profile) fell 7% to $47.49. Hess Corp. (HES: news, chart, profile) fell 7% to $75.95. Oil futures subtracted $4.70 to trade at $91.01.
Monsanto sees 2008 earnings above target(9:08 am ET)
NEW YORK (MarketWatch) -- Monsanto Co. (MON: news, chart, profile) on Tuesday said it expects 2008 operating earnings of $3.58-$3.60 a share and net income of $3.49-$3.51 a share. Wall Street analysts expect earnings of $3.47 a share, according to a survey of by FactSet Research. The change in ongoing earnings reflected higher-than-expected sales and gross profit in the company's seeds and traits business and its Roundup and other herbicide businesses.
Kroger net income rises by $10 million(8:59 am ET)
NEW YORK (MarketWatch) -- The Kroger Co. (KR: news, chart, profile) on Tuesday said second-quarter profit rose by $10 million to $277 million, or 42 cents a share, from $267 million, or 38 cents a share in the year-ago period. Sales advanced to $18.1 billion from $16.1 billion. Wall Street analysts expected Kroger to earn 41 cents a share on revenue of $17.6 billion, on average. Kroger said Hurricane Ike and its remnants affected Kroger operations in Texas and several inland states particularly Indiana, Kentucky and Ohio. The financial impact of the hurricane will not be significant enough to cause Kroger to alter its strategy, the grocery retailer said.
Goldman loses $825 mln on mortgage exposure(8:46 am ET)
BOSTON (MarketWatch) -- Goldman Sachs (GS: news, chart, profile) on Tuesday said it saw net losses of about $500 million on residential mortgage loans and securities in the third quarter. Meanwhile, it lost roughly $325 million for the quarter on its exposure to commercial mortgages, according to the earnings statement. "This was a challenging quarter as we saw a marked decrease in client activity and declining asset valuations," said Chief Executive Lloyd Blankfein.
Goldman's investment-banking revenue falls 40%(8:40 am ET)
BOSTON (MarketWatch) -- Goldman Sachs (GS: news, chart, profile) before Tuesday's opening bell said its fiscal third-quarter investment-banking net revenue fell 40% from a year earlier to $1.29 billion amid the upheaval in global credit markets. Net revenue in trading and principal investments fell 67% to $2.7 billion, according to Goldman's quarterly earnings report. Also, net revenue in fixed-income, currency and commodities dropped 67% from the year-ago quarter "primarily reflecting particularly weak results in credit products and mortgages, which were adversely affected by broad-based declines in asset values," the company said. Goldman shares lost more than 7% in premarket trading.
Goldman Sachs profit falls 70% amid slowdown (8:31 am ET)
NEW YORK (MarketWatch) - Goldman Sachs (GS: news, chart, profile) said Tuesday that its fiscal third-quarter profit slipped 70% from a year ago as results at several units plummeted during ongoing market turmoil. The company, one of two remaining major independent investment banks in the U.S., said it earned $845 million, or $1.81 a share in the quarter, compared to $2.09 billion, or $4.58 a share a year ago. Twenty analysts polled by FactSet expected the company to earn $1.99 a share. Total revenue at the firm fell 43%, to $13.63 billion from $23.8 billion a year ago.
Ingram Micro cuts third-quarter forecasts(8:28 am ET)
NEW YORK (MarketWatch) -- Ingram Micro Inc. (IM: news, chart, profile) said Tuesday that it has cut its expected revenue for the third quarter to range from $8.3 billion to $8.6 billion. Net income is expected to range from $30 million to $39 million, or 18 cents to 23 cents a share, it said. The company cited "economic softness ... continuing into September" for the move.
Mylan Pharmaceuticals Inc. wins FDA OK for Risperdal(8:14 am ET)
NEW YORK (MarketWatch) -- Mylan Pharmaceuticals Inc. (MYL: news, chart, profile) on Tuesday said the U.S. Food & Drug Administration approved its abbreviated new drug application for Risperidone Tablets USP, used to treat schizophrenia and bipolar disorder. The drug is the generic version of Janssen's Risperdal Tablets, which drew U.S. sales of $2.7 billion in the 12 months ending in June.
Dell sees 'further softening' in global demand this quarter(7:13 am ET)
NEW YORK (MarketWatch) -- Dell Inc. (DELL: news, chart, profile) said Tuesday it "is seeing further softening in global end-user demand in the current quarter." The computer maker said it expects to incur further costs as it realigns its business, reduces headcount and invests in infrastructure and acquisitions.
Mueller Industries CEO stepping down(7:14 am ET)
NEW YORK (MarketWatch) -- Mueller Industries Inc. (MLI: news, chart, profile) on Tuesday said CEO William D. O'Hagan is resigning for health reasons. The company named Greg L. Christopher as chief executive officer beginning in 2009. O'Hagan was diagnosed with lung cancer in 2007 and is currently undergoing treatment.
A&P balance sheet unaffected by Lehman bankruptcy filing(4:52 am ET)
TEL AVIV (MarketWatch) -- Great Atlantic & Pacific Tea Co., (GAP: news, chart, profile) the Montvale, N.J., supermarket operator, said on Monday that its balance sheet and liquidity were unaffected by Lehman Brothers' (LEH: news, chart, profile) filing under the bankruptcy laws. "Lehman Europe is party to a 3.2-million-share lending agreement with [A&P], entered into in connection with the company's convertible-note financings in December 2007," A&P said. The company needs more information regarding the bankruptcy proceedings before it can "properly assess whether Lehman Europe will be able to fulfill its obligation to return the borrowed shares," A&P said. Till then, A&P said, it will continue to consider the shares outstanding only for corporate-law purposes and not when it reports per-share results. "Lehman is not a party to [A&P's] indebtedness under its revolving-credit agreement with Bank of America N.A. (BAC: news, chart, profile) or its senior-note obligations," A&P said. A&P is majority held by closely held Tengelmann Group of Germany.
Debenhams comparable sales slip 0.9%(2:54 am ET)
LONDON (MarketWatch) -- U.K. department store operator Debenhams (UK:DEB: news, chart, profile) said Tuesday that comparable sales in the fiscal year to Aug. 30 fell 0.9% and it expects pretax profit for the period to match market expectations. The group said trading in August showed a marked improvement from July, but the U.K. retail sector continues to be adversely affected by wider economic concerns.
Aegon reveals $376 million exposure to Lehman Brothers(2:41 am ET)
LONDON (MarketWatch) -- Insurer Aegon (AEG: news, chart, profile) said Tuesday that it has around 265 million euros ($376 million) of fixed income exposure to Lehman Brothers (LEH: news, chart, profile) , but doesn't hold any common equity in the failed firm. Aegon said the ultimate effect of a default by Lehman on its capital and net income will be substantially lower than 265 million euros due to taxes and recovery values. The insurer said it continues to have a strong balance sheet and ample liquidity.
Monday, Sept. 15
Pall Corp. reports higher profit, sales(5:54 pm ET)
SAN FRANCISCO (MarketWatch) -- Pall Corp. (PLL: news, chart, profile) late Monday reported a fiscal fourth-quarter profit of $69.9 million, or 57 cents a share. A year ago, it earned $16.7 million, or 13 cents a share. For the quarter ended July 31, Pall said sales rose almost 12% to $723.2 million. The East Hills, N.Y.-based company forecast fiscal 2009 earnings in the range $2.15 to $2.30 a share, excluding charges.
Energy stocks fall hard in early action(9:41 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell hard, joining crude futures in the red in early action on Monday. The Amex Natural Gas Index (XNG: news, chart, profile) shed 4%. The Amex Oil Index (XNG: news, chart, profile) fell 4.7%. Oil futures retreated $5.40 to $95.71. The stock market fell hard in the opening minutes of trade, with the Dow Jones Industrial Average ($DJ: news, chart, profile) down more than 200 points.

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Wednesday, Sept. 17
Comtech fourth-quarter net income falls to 61 cents a share (4:49 pm ET)
SAN FRANCISCO (MarketWatch) -- Comtech Telecommunications Corp.'s (CMTL: news, chart, profile) fourth-quarter net income fell to $17 million, or 61 cents a share, from $17.1 million, or 63 cents a share, a year earlier, according to a 10-K filing from the company Wednesday. Revenue increased to $126.5 million from $117.8 million a year ago, said the Melville, N.Y.-based telecommunications company. Analysts polled by FactSet Research had forecast revenue of $125.2 million.
Energy stocks fall ahead of weekly inventory data(9:48 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell with the broad market on Wednesday, ahead of key inventory data. The Amex Oil Index (XOI: news, chart, profile) dropped 0.1% to 1,172. The Philadelphia Oil Service Index ($OSX: news, chart, profile) dropped 0.6% to 254. The Amex Natural Gas Index (XNG: news, chart, profile) dipped 0.4% to 533.
Constellation Energy reviewing strategic alternatives(9:31 am ET)
NEW YORK (MarketWatch) -- Constellation Energy (CEG: news, chart, profile) on Wednesday said it has hired Morgan Stanley (MS: news, chart, profile) and UBS (UBS: news, chart, profile) to review strategic alternatives. The power firm also affirmed a bank commitment for a $2 billion credit facility. Constellation reaffirmed its outlook for third-quarter earnings of 83 cents to 99 cents a share, and full-year 2008 earnings of $5.25 to $5.75 a share. "Constellation Energy also reinforced that its credit exposure to financial institutions is limited" to about $120 million, the company said. The corporate parent of Baltimore Gas & Electric is the nation's largest competitive supplier of electricity to large commercial and industrial customers and the nation's largest wholesale power seller. No single financial institution represents more than $28 million of net credit risk exposure, the company said.
General Mills earnings per share fall 2.5% (7:23 am ET)
NEW YORK (MarketWatch) -- General Mills (GIS: news, chart, profile) said Wednesday that first-quarter earnings fell to $278.5 million, or 79 cents a share, compared to $288.9 million, or 81 cents, in the same period a year ago. Sales rose 13.8% to $3.5 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 88 cents on sales of $3.3 billion. General Mills said it sees sales growth for 2009 in the mid-single digits and it lifted its 2009 earnings-per-share view to $3.81 to $3.85.
House lifts ban on offshore drilling (7:05 am ET)
NEW YORK (MarketWatch) -- The U.S. House of Representatives late Tuesday OK'd a measure by a vote of 236 to 189 to lift a ban on offshore oil and gas drilling. The bill would allow drilling as close as 50 miles from the coast, with seas further offshore than 100 miles opened up completely. The measure prohibits drilling around Georges Bank, a major U.S. commercial fishing area.
Nortel Networks warns carriers cutting spending further(6:24 am ET)
LONDON (MarketWatch) -- Nortel Networks (NT: news, chart, profile) (CA:NT: news, chart, profile) warned that carriers are cutting back their capital spending further than previously expected and that some enterprise and metro Ethernet customers are deferring new IT and optical investments. It's also seeing additional pressure on revenue due to foreign exchange impact and certain product delivery delays. It expects gross margins of 39% and revenue of $2.3 billion in the third quarter, and for the year, it expects revenue to fall between 2% and 4% and gross margins of 42%. Analysts polled by FactSet Research expected sales to rise 2% this year and third-quarter revenue of $2.65 billion. Planning is underway for further restructuring and other cost reduction and it may sell its Metro Ethernet Networks unit.
Barclays: all units remained profitable in July, August(2:27 am ET)
LONDON (MarketWatch) -- Barclays (UK:BARC: news, chart, profile) (BCS: news, chart, profile) said Wednesday that trading has been satisfactory in July and August. The bank said the monthly run-rate for group pretax profit in the two months was slightly lower than the average for the first half of the year, reflecting usual seasonality. The bank added all its business were profitable during the two-month period.
Tuesday, Sept. 16
Morgan Stanley sticking with investment bank model: CFO(5:56 pm ET)
SAN FRANCISCO (MarketWatch) -- Morgan Stanley (MS: news, chart, profile) Chief Financial Officer Colm Kelleher said late Tuesday that the firm believes in the investment banking business model. Banks and other financial institutions with customer deposits "do not necessarily better enable us to execute our business and in fact may bring with them their own set of complications," he explained during a conference call with analysts. Speculation has increased this week that Morgan Stanley may sell itself to a larger bank after rival brokerage firm Merrill Lynch (MER: news, chart, profile) was acquired by Bank of America (BAC: news, chart, profile) .
Morgan Stanley quarterly net income $1.425 billion(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Morgan Stanley (MS: news, chart, profile) said late Tuesday that fiscal third-quarter net income came in at $1.425 billion, or $1.32 a share, down slightly from a year earlier when the investment bank made $1.543 billion, or $1.44 a share. Net revenues were $8 billion in the latest quarter, 1% above last year's third quarter, the firm added. Morgan Stanley was expected to make 79 cents a share, according to a FactSet analyst survey. Morgan Stanley shares rose in after-hours action.
Energy stocks remain in red after Fed(2:23 pm ET)
NEW YORK (MarketWatch) -- Energy stocks remained in the red after the Federal Reserve Open Market Committee kept interest rates unchanged despite hopes of a cut. The Amex Oil Index (XOI: news, chart, profile) fell 2.3% to 1,117. The Philadelphia Oil Service Index ($OSX: news, chart, profile) subtracted 0.8% to 243. The Amex Natural Gas Index (XNG: news, chart, profile) gave up 1.8% to 510.
Constellation Energy shares fall 38% (2:20 pm ET)
NEW YORK (MarketWatch) -- Constellation Energy Group (CEG: news, chart, profile) fell 38% to $29.55 as it disclosed ties to Lehman Brothers, but the company said its liquidity remains sound despite the bankruptcy of the Wall Street firm. Constellation said in a filing with regulators that Lehman Brothers' total commitment within existing credit facilities stood at $150 million. Constellation said it holds excess liquidity of approximately $2 billion, excluding the existing Lehman commitment. "Constellation does not believe that the potential reduction in available capacity under the credit facilities would have a significant impact on its liquidity," the company said.
Energy stocks continue their slide(9:38 am ET)
NEW YORK (MarketWatch) -- Energy stocks continued their steep slide from the previosu session on Tuesday, as the sector moved down in lock-step with oil prices, which fell toward $90 a barrel. The Amex Oil Index (XOI: news, chart, profile) fell 3% to 1,108. The Amex Natural Gas Index (XNG: news, chart, profile) subtracted 4.4% to 496. Anadarko Petroleum (APC: news, chart, profile) fell 7% to $47.49. Hess Corp. (HES: news, chart, profile) fell 7% to $75.95. Oil futures subtracted $4.70 to trade at $91.01.

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Thursday, Sept. 18
Genworth highlights cash, liquidity after stock swoon(4:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Genworth Financial (GNW: news, chart, profile) said on Thursday that it has roughly $900 million in cash and cash equivalents at its holding company and said it doesn't depend on the commercial paper market for short-term funding. Genworth made the comments after the life and mortgage insurer's shares lost more than half their value earlier on Thursday. The stock rebounded in late action to close at $9.15, off 7%. Genworth has been hit hard this week by concerns about its mortgage exposure in the wake of the collapse of American International Group (AIG: news, chart, profile) . Genworth also said it's bought reinsurance to free up capital and is comfortable with the capital position of its mortgage insurance business. Genworth has $158 million of commercial paper outstanding and the company stressed that it has more than enough cash to pay this short-term debt off if it can't refinance.
CORRECT: Palm net loss deepens while revenue gains(4:16 pm ET)
SAN FRANCISCO (MarketWatch) -- Palm Inc. saw its net losses grow for its first fiscal quarter, though revenue showed a surprise gain. For the period ended Aug. 31, the maker of smart phone devices (PALM: news, chart, profile) reported a net loss of $41.9 million, or 39 cents a share, compared to a net loss of $841,000, or 1 cent per share, for the same period last year. Revenues grew to $366.9 million compared to $360.8 million last year. Analysts were expecting a loss of 20 cents a share on revenue of $329.9 million, according to consensus estimates from FactSet Research. (Corrects net loss figure for prior year.)
Oracle tops estimates with first-quarter profit(4:07 pm ET)
SAN FRANCISCO (MarketWatch) - Oracle Corp. said Thursday its fiscal first-quarter net income rose to $1 billion, or 21 cents a share, from $840 million, or 16 cents a share in the same period a year earlier. The business software maker (ORCL: news, chart, profile) said revenue in the period ended in August rose to $5.3 billion from $4.5 billion. Excluding special items, Oracle said earnings for the period were 29 cents a share. Analysts on average had been estimating Oracle would post earnings excluding special items of 27 cents a share, and $5.4 billion in revenue, according to FactSet Research.
Energy shares snap back from losses(9:41 am ET)
NEW YORK (MarketWatch) -- Energy shares snapped back with generous gains in early action Thursday as crude oil continued moving up. The Amex Natural Gas Index (XNG: news, chart, profile) rose 3.7% to 540. The Amex Oil Index (XOI: news, chart, profile) advanced 3.5% to 1,190. Crude oil futures vaulted $3.49 to $100.65 on a falling dollar. PetroChina (PTR: news, chart, profile) rose 5.2% to $97.60 after it drew an upgrade to outperform from neutral at Credit Suisse. Holly Corp. (HOC: news, chart, profile) was upgraded to buy from neutral at Goldman Sachs. Shares rose 7.7% to $32.77.
Carnival's third-quarter profit falls(9:29 am ET)
NEW YORK (MarketWatch) -- Carnival Corp. (CCL: news, chart, profile) (CUK: news, chart, profile) said Thursday that its third-quarter net income was $1.33 billion, or $1.65 a share, compared to $1.38 billion, or $1.67 a share, in the year-earlier period. The cruise operator said revenue for the quarter ended Aug. 31 increased to $4.81 billion from $4.32 billion a year ago. The company now sees 2008 earnings of $2.79 to $2.81 a share, compared to its prior view of $2.70 to $2.80 a share. For the fourth quarter, Carnival expects earnings of 36 cents to 38 cents a share, down from 44 cents a share a year ago.
TECO Energy reaffirms 2008 per-share profit forecast(7:47 am ET)
NEW YORK (MarketWatch) -- TECO Energy (TE: news, chart, profile) said Thursday it is reaffirming its previously updated 2008 earnings forecast for a range between 80 cents and 90 cents a share, excluding any charges or gains. It said the projections assume a continued weak Florida economy and housing market and include the effects of mild and rainy summer weather, which reduced energy sales at Tampa Electric.
ConAgra posts first-quarter profit, lowers 2009 view(7:42 am ET)
NEW YORK (MarketWatch) -- ConAgra Foods Inc. (CAG: news, chart, profile) said Thursday that its first-quarter net income rose to $442.4 million, or 94 cents a share, from $175.4 million, or 36 cents a share, in the year-ago period. Income from continuing operations fell to 23 cents a share from 27 cents a share; excluding items, the current-period results would have been 27 cents a share. Revenue climbed 17% to $3.1 billion. Analysts surveyed by FactSet forecast earnings of 24 cents a share and revenue of $2.87 billion, on average. The Omaha, Neb., food giant expects fiscal 2009 earnings from continuing operations, excluding items impacting comparability, to be at least $1.50 a share, lower than its previous guidance.
Pier 1 imports loss narrows, comparable sales dip(6:14 am ET)
LONDON (MarketWatch) -- Pier 1 Imports Inc. (PIR: news, chart, profile) said Thursday that its fiscal second-quarter net loss narrowed to $30.2 million, or 34 cents a share, from a year-earlier loss of $43.4 million, or 49 cents a share. Analysts polled by FactSet had forecast a loss of 23 cents a share. Revenue for the quarter ended Aug. 30 fell 7% to $320.5 million mainly due to a decreased store count and reduced ancillary businesses, the company said. Comparable sales were down 1.7%. The group had previously said merchandise margin was lower than it had hoped for in the quarter. It said Thursday that as a result of its efforts to clear seasonal inventory, results from the start of the third quarter show margins returning to expectations.
Wednesday, Sept. 17
Comtech fourth-quarter net income falls to 61 cents a share (4:49 pm ET)
SAN FRANCISCO (MarketWatch) -- Comtech Telecommunications Corp.'s (CMTL: news, chart, profile) fourth-quarter net income fell to $17 million, or 61 cents a share, from $17.1 million, or 63 cents a share, a year earlier, according to a 10-K filing from the company Wednesday. Revenue increased to $126.5 million from $117.8 million a year ago, said the Melville, N.Y.-based telecommunications company. Analysts polled by FactSet Research had forecast revenue of $125.2 million.

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Friday, Sept. 19
Energy stocks swept up in broad rally(9:38 am ET)
NEW YORK (MarketWatch) -- Energy stocks continued moving up on Friday, tapping to further gains in the broad market on plans by the U.S. government to insure money market funds, inject liquidity into the banking system and issue a temporary ban on short selling. The Amex Oil Index (XOI: news, chart, profile) rose 2.4% to 1,203. The Amex Natural Gas Index (XNG: news, chart, profile) rose 3.7% to 558. Sector leaders Exxon Mobil (XOM: news, chart, profile) and Chevron (CVX: news, chart, profile) rose 2.3% and 4% respectively.
Entergy takes $600 mln hit from Gustav, eyes Ike damage(7:13 am ET)
NEW YORK (MarketWatch) -- Entergy on Friday placed a repair price tag topping out near $600 million tied to Hurricane Gustav, as it grapples with sustained power outages in the wake of last week's Hurricane Ike. Entergy (ETR: news, chart, profile) said it expects lower third-quarter utility revenue due to power outages. Entergy said it has restored power to two-thirds of areas affected by Hurricane Ike and to nearly all from Gustav. The power plant operator said it's weighing all avenues to recover storm costs. The company said it has sufficient cash to meet all current obligations.
Thursday, Sept. 18
Genworth highlights cash, liquidity after stock swoon(4:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Genworth Financial (GNW: news, chart, profile) said on Thursday that it has roughly $900 million in cash and cash equivalents at its holding company and said it doesn't depend on the commercial paper market for short-term funding. Genworth made the comments after the life and mortgage insurer's shares lost more than half their value earlier on Thursday. The stock rebounded in late action to close at $9.15, off 7%. Genworth has been hit hard this week by concerns about its mortgage exposure in the wake of the collapse of American International Group (AIG: news, chart, profile) . Genworth also said it's bought reinsurance to free up capital and is comfortable with the capital position of its mortgage insurance business. Genworth has $158 million of commercial paper outstanding and the company stressed that it has more than enough cash to pay this short-term debt off if it can't refinance.

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Monday, Sept. 22
3Com swings to first-quarter profit of 20 cents a share(4:27 pm ET)
SAN FRANCISCO (MarketWatch) -- 3Com Corp. (COMS: news, chart, profile) late Monday said it swung to a first-quarter net income of $79.8 million, or 20 cents a share, from a net loss of $18.7 million, or 5 cents a share, in the year-earlier period. The company recorded a 17-cent a share benefit from the resolution of a patent dispute in the first quarter. On an adjusted basis, the company would have earned 11 cents a share. Revenue increased to $189.6 million from $148.9 million a year ago, said the Marlborough, Mass.-based network equipment maker. Analysts surveyed by FactSet Research had, on average, forecast 3Com would report earnings of 6 cents a share.
Constellation Energy Group gets $1 bln in cash(11:21 am ET)
NEW YORK (MarketWatch) -- Constellation Energy Group (CEG: news, chart, profile) CEO Mayo A. Shattuck said the company is receiving $1 billion in cash on Monday as part of its upcoming sale to Berkshire Hathaway's MidAmerican Energy Holdings. In a conference call, Shattuck said the demise of Lehman Brothers led to speculation about his company's financial health, despite a filing from the firm last week that it had secured a $2 billion credit facility. Once its stock price fell, a ratings downgrade was imminent, and the company needed to raise cash or its operating business would have suffered, he said. The transaction is expected to close within a year. MidAmerican CEO Gregory E. Abel said the overall business of Constellation remains sound.
Microsoft raises dividend, unveils $40 billion buyback plan(8:50 am ET)
WASHINGTON (MarketWatch) - Software giant Microsoft Corp. (MSFT: news, chart, profile) on Monday raised its quarterly dividend by 18% and said its board has approved a plan to buy back up to $40 billion in stock by 2013. The company lifted its dividend payment by 2 cents a share to 18 cents, payable Dec. 11 to shareholders of record on Nov. 20. Also, Microsoft's board authorized the company to set up a commercial paper program totaling $2 billion, while also allowing Microsoft to seek "debt financings from time to time of up to $6 billion."
Mirant ends buyback program after $3.9 billion in purchases(8:14 am ET)
NEW YORK (MarketWatch) -- Mirant (MIR: news, chart, profile) said Monday it's ending its stock purchase program after buying about 110 million of its shares since November 2007 for $3.9 billion, about $700 million short of its $4.6 billion buyback target. The company now has 156 million basic shares outstanding, having repurchased approximately 43% of its basic outstanding shares over the past 11 months. The power plant company said it expects to channel cash into capital improvement programs. Atlanta-based Mirant said it's "optimistic about the value of the company and the company has no liquidity issues."
CarMax profit slips in second quarter, sales down 13%(7:54 am ET)
NEW YORK (MarketWatch) -- CarMax Inc. (KMX: news, chart, profile) said Monday its second-quarter profit totaled $14.0 million, or 6 cents a share, from $65.0 million, or 29 cents a share, in the same quarter a year before. Analysts had expected earnings on average of 11 cents a share, according to a FactSet Research survey. Revenue for the quarter was $1.84 billion compared to $2.12 billion in the year-ago period. CarMax President and Chief Executive Tom Folliard said: "As a result of the unprecedented near-term declines in traffic and sales and the current volatility in the asset-backed credit markets, we are not yet able to make a meaningful projection of fiscal 2009 earnings."
CORRECT: General Growth assesses strategic alternatives(2:50 am ET)
TEL AVIV (MarketWatch) -- General Growth Properties Inc., (GGP: news, chart, profile) the Chicago real-estate-investment trust, said on Monday that it's assessing alternatives to boost the stock price, given the 93.2% second-quarter occupancy rate in its properties plus higher comparable operating profit. In mid- to late November, GGP said, it'll be able to offer lenders a long-term fixed-rate portfolio mortgage financing; meantime, it is pursuing sources of financing for its near-term maturing obligations. And the company is developing a plan to generate capital by, among other possibilities, selling assets, creating a joint venture around or selling preferred stock in pools of assets, and creating a strategic business combination. (Corrects description of financing.)
Peter Hambro Mining profit drops 33% in first half(2:46 am ET)
LONDON (MarketWatch) -- London-listed gold miner Peter Hambro Mining PLC (UK:POG: news, chart, profile) Monday said its first-half net profit was 33% lower compared with the previous year, due to rising costs and a strong Russian ruble. Peter Hambro, whose operations are based in Russia's Far East, posted net profit attributable to equity shareholders of $14.37 million for the six months ended June 30, down from $21.44 million for the same period in 2007. However, the company said it had benefited from higher production volumes, stronger prices and low electricity costs. Revenue for the period reached $146.4 million, up from $93.13 million for the same period a year earlier. Analysts had predicted $39.4 million net profit and revenue of $149 million.
CryptoLogic sees 3rd-period loss on operations and forex(2:31 am ET)
TEL AVIV (MarketWatch) -- CryptoLogic Ltd., (CRYP: news, chart, profile) (UK:CRP: news, chart, profile) the Dublin developer of software for Internet gambling, expects to report a third-quarter operating loss of $1 million to $1.5 million on revenue "in line with seasonal trends and current market expectations." But "due to the rapid and unexpected appreciation of the U.S. dollar against the U.K. sterling and the euro in recent weeks and a delay in converting the funds into U.S. dollars, the company will, additionally, book a foreign-exchange loss" of about $3.6 million, CryptoLogic said in a statement on Monday. CryptoLogic has since moved substantially all its cash and marketable securities into U.S. dollars, the company's reporting currency, "to minimize the impact of further currency-market volatility. Other actions have been taken to ensure that this type of loss will not occur again." (Updates to fix ticker symbol.)

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Tuesday, Sept. 23
Energy stocks edge up in early action(9:36 am ET)
NEW YORK (MarketWatch) -- Energy stock edged up in early action on Tuesday along with the broad market. The Amex Oil Index (XOI: news, chart, profile) rose 0.1% 1,256. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.5% to 562. Crude futures fell 77 cents to $108.60.
ArvinMeritor raises full-year earnings forecast(9:19 am ET)
NEW YORK (MarketWatch) -- ArvinMeritor Inc. (ARM: news, chart, profile) on Tuesday raised its forecast for full-year earnings from continuing operations to a range of $1.55 to $1.65 a share, excluding items. The Troy, Mich.-based auto-parts supplier had previously said in its third-quarter earnings report that it expected a profit of $1.40 to $1.60 a share for the year. Shares of ArvinMeritor closed Monday at $14.76.
Update: Lennar shrinks loss; margin wider, costs cut(6:35 am ET)
TEL AVIV (MarketWatch) -- Lennar Corp., (LEN: news, chart, profile) the Miami home builder, narrowed its fiscal third-quarter net loss on 53% lower revenue. For the quarter ended Aug. 31, the loss was $89 million, or 56 cents a share, compared with $513.9 million, or $3.25 a share, in the year-earlier period. Revenue fell to $1.11 billion from $2.34 billion. A survey of analysts by FactSet Research produced consensus estimates of a loss of 55 cents a share on $1.3 billion of revenue. The company widened its adjusted gross-profit margin on home sales by 4 percentage points from a year earlier to 18%, and halved its selling, general and administrative expense. (Adds FactSet estimates.)
Air Products lowers view on Korean fire, hurricanes, Europe(6:07 am ET)
LONDON (MarketWatch) -- Industrial gases firm Air Products and Chemicals (APD: news, chart, profile) lowered its fourth-quarter earnings view, citing a fire at a Korean facility, the impact from Hurricanes Gustav and Ike, the strengthening of the dollar vs. the U.K. pound and the euro, a slowdown in both semiconductor foundry and liquid crystal display manufacturing and a weakening of the manufacturing environment in Europe, which was partly offset by a favorable tax rate. It now sees fourth-quarter earnings per share from continuing operations between $1.24 and $1.26, down from $1.37 to $1.42 that it previously expected. Analysts polled by FactSet Research had expected a profit of $1.40 a share.
Unitrin updates estimates of storm, investment losses(3:34 am ET)
TEL AVIV (MarketWatch) -- Unitrin Inc., (UTR: news, chart, profile) the Chicago insurance- and auto-finance-services provider, estimated its after-tax losses from Hurricane Ike at $35 million to $45 million. The figures take reinsurance into account, Unitrin said. And the company affirmed that its after-tax losses from Hurricane Gustav, after reinsurance, should total $10 million to $15 million. Unitrin also said it would post losses on its investments in the mortgage firms Fannie Mae (FNM: news, chart, profile) and Freddie Mac, (FRE: news, chart, profile) the failed investment bank Lehman Brothers (LEHMQ: news, chart, profile) and insurer American International Group Inc. (AIG: news, chart, profile) The company has said that at June 30 it held $16.3 million of Fannie Mae preferred stock and $21.5 million of Freddie Mac preferred. It said in a statement late on Monday that its combined investments in Lehman and AIG securities totaled less than $12 million at June 30. How much of a loss on the securities Unitrin will report depends on factors including the investments' fair value at Sept. 30 or as of the date the company divested them, Unitrin said.
InterContinental Americas performance steady in August(2:36 am ET)
LONDON (MarketWatch) -- InterContinental Hotels Group (UK:IHG: news, chart, profile) (IHG: news, chart, profile) said Tuesday that revenue per available room in the Americas was flat in August compared to a year ago, as growth at its InterContinental hotels was offset by a decline at Holiday Inn. For the first eight months of the year revenue per available room was up 2% for the Americas, the company added.
Severn Trent sees performance in line, though costs rising(2:32 am ET)
LONDON (MarketWatch) -- U.K. water utility Severn Trent (UK:SVT: news, chart, profile) said Tuesday that it expects to report a first-half performance that is "consistent with" its expectations for the year as a whole. The group said its objective remains to deliver 3% annual outperformance against the regulator's determination for operating costs, however it added there remains continued volatility in chemical and other commodity prices. The company said its rate of expenditure on infrastructure maintenance is gradually increasing throughout the year and it expects net debt at the half year to be around 3.5 billion pounds ($6.4 billion).

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Wednesday, Sept. 24
Nike profit falls 10% but tops estimates (4:31 pm ET)
SAN FRANCISCO (MarketWatch) -- Nike Inc. (NKE: news, chart, profile) reported late Wednesday net income for its fiscal first-quarter 2009 fell to $510.5 million, or $1.03 a share, from $569.7 million, or $1.12, a year ago. The year-ago results included a one-time tax gain that added 20 cents a share to the bottom line. For the three months ended Aug. 31, Nike's revenue rose 17% to $5.4 billion, boosted by favorable currency exchange rates. Analysts surveyed by Thomson Reuters had predicted the company would earn 92 cents a share on $5.19 in sales. Nike shares fell 2.6% ahead of the report to close at $59.27.
Paychex first-quarter net income up slightly(4:18 pm ET)
SAN FRANCISCO (MarketWatch) -- Paychex Inc. (PAYX: news, chart, profile) late Wednesday reported its fiscal first-quarter net income rose slightly to $148.7 million, or 41 cents a share, from $151.1 million, or 40 cents a share, in the same period a year earlier. Revenue increased to $534.1 million from $507.1 million in the first quarter of last year, said the payroll and human resources services company. Analysts surveyed by FactSet Research had forecast earnings of 41 cents a share on $541.4 million in sales. Paychex projected its net income to grow 2% to 4% while revenue is expected to rise 6% to 8% in fiscal 2009.
PPG Industries warns of Q3 profit shortfall(9:13 am ET)
NEW YORK (MarketWatch) -- PPG Industries (PPG: news, chart, profile) on Wednesday warned its third-quarter results will be hurt by 20 to 25 cents a share from hurricanes Ike and Gustav and deterioration in the automotive manufacturing market. Analysts expected the Pittburgh maker of paints and coatings to earn $1.47 a share, on average, according to a survey by FactSet Research. PPG also said it would take a third-quarter charge of $160 million for restructuring costs tied to boosting its bottom line by $100 million a year. Several PPG manufacturing units and facilities in the United States, Canada and Europe will be impacted.
Dominon cuts drilling lease by $205 million on credit crunch(7:38 am ET)
NEW YORK (MarketWatch) -- Dominion (D: news, chart, profile) said it lowered the total amount of a drilling lease to Antero Resources to $347 million from $552 million, but the cost per acre of the pact will increase. The new drilling rights pact will cost Antero Resources about $3,037 per acre for 114,259 acres in the Marcellus Shale. The earlier deal covered 205,000 acres for about $2,700 an acre. Domininon said it cut the dollar amount of the lease because Antero, "had difficulty in obtaining follow-on financing in the current market turmoil." Dominion will still receive a 7.5% royalty interest on future natural gas production from the assigned acreage. Dominion will retain the drilling rights in traditional formations both above and below the Marcellus Shale interval and will continue its conventional drilling program on the acreage.
Lowe's reiterates 2008 profit view, gives long-term forecast(7:15 am ET)
NEW YORK (MarketWatch) -- Lowe's Companies Inc. (LOW: news, chart, profile) said Wednesday that it still expects to earn $1.48 to $1.56 a share in fiscal 2008, and sees sales growth of 1% for the period. On average, analysts polled by FactSet Research expect a profit of $1.53 a share for the year. For fiscal 2009, the home-improvement retailer forecasts a profit of $1.40 to $1.65 on a 2.5% to 6.5% increase in total sales. That compares to analysts' consensus forecast of $1.57 a share. Chairman and Chief Executive Officer Robert Niblock said he expects the company to more than double its expected 2008 earnings per share over the next five years. The company is hosting its annual conference for analysts and investors Wednesday.
Advance America closes all 30 outlets in Arkansas(4:35 am ET)
TEL AVIV (MarketWatch) -- Advance America, (AEA: news, chart, profile) the Spartanburg, S.C., provider of payday cash-advance services, said it would close its 30 Arkansas offices because a regulatory decision prevents it from operating profitably in the state. The closings will cost about $900,000, AEA said in a statement on Tuesday. The company and the Arkansas attorney general could not come to terms on their differing interpretations of the law, AEA said. The company also said that in August it finished closing its nine stores in New Mexico at a cost of $100,000. Restrictions on fees and interest meant it couldn't operate profitably there as well, the company said.
Kirby: Hurricane damage cut 8c-9c from 3rd-period net(4:05 am ET)
TEL AVIV (MarketWatch) -- Kirby Corp., (KEX: news, chart, profile) the Houston operator of barges and towing vessels for petroleum and chemicals products, said late on Tuesday that damage from Hurricanes Gustav and Ike would cut 8 cents to 9 cents a share from third-quarter earnings. Thus it estimated the period's earnings at 73 cents to 76 cents, compared with 64 cents in the year-earlier period. A survey of analysts by FactSet Research produced a consensus estimate of 78 cents of profit for the quarter. A partial offset to the storm damage was a 3-cent to 4-cent benefit from lower diesel-fuel costs, Kirby said. The company expects "a return to strong pre-hurricane operating fundamentals after customer facilities begin operating at normal levels."
Key Energy: storm damage cut 3rd-period net; year affirmed(3:39 am ET)
TEL AVIV (MarketWatch) -- Key Energy Services Inc., (KEG: news, chart, profile) the Houston rig-based well-service provider, estimated that damage the recent storms in Louisiana, Texas and Oklahoma cut 3 cents to 5 cents a share from third-quarter earnings and $10 million to $14 million from revenue. The company estimated the quarter's earnings at 36 cents to 38 cents a share. A survey of analysts by FactSet Research produced a consensus estimate of 40 cents for the quarter. At the same time, Chairman and Chief Executive Dick Alario said in a statement late on Tuesday that the company is "confident in activity levels" for the rest of the year and sees the year's profit in line with its earlier estimate of $1.35 to $1.45 a share. FactSet's survey is looking for $1.42. At Sept. 23, Key Energy said, its liquidity is "strong," with $65 million of cash on hand plus $168 million available under a senior credit line.
Intuit affirms earnings estimate for 1st period, fiscal year(3:23 am ET)
TEL AVIV (MarketWatch) -- Intuit Inc., (INTU: news, chart, profile) the Mountain View, Calif., provider of financial solutions including the QuickBooks, Quicken and TurboTas software packages, affirmed its earnings estimates for the first quarter and for fiscal 2009. The fiscal year ends July 31. Late on Tuesday, the company said that for the quarter it expects a loss of 23 cents to 26 cents a share, or an adjusted 11 cents to 14 cents. For the year, it expects to earn $1.41 to $1.45, or an adjusted $1.86 to $1.90. Analysts surveyed by FactSet Research are looking for a 15-cent loss in the first quarter and a $1.77 profit for the year. On the revenue side, Intuit is looking for an increase of 8% to 11% for the quarter and 9% to 12% for the year.
Smiths Group pretax rises 25%, holds dividend(2:46 am ET)
LONDON (MarketWatch) -- X-ray scanner to oil seal producer Smiths Group (UK:SMIN: news, chart, profile) said its pretax profit in the year to July 31 rose 25% to 319 million pounds ($593 million), or up 8% on an underlying basis. Sales rose 7% to 2.32 billion pounds on new contracts for airport checkpoint detection systems, strong demand from the petrochemical industry and new contracts for USA 4G wireless broadband and new military programs. Profit growth was led by its John Crane engineered sealing systems unit on strong volume growth and price increases. Smiths said it's well placed to meet the challenges of "upheaval" in the world economy but said its Flex-Tek unit will be hurt by the recession in the U.S. construction market. Its dividend was left unchanged at 34 pence a share. Separately, Smiths won a U.S. military communications contract worth up to 225 million pounds.
Imperial Tobacco performance meeting expectations(2:42 am ET)
LONDON (MarketWatch) -- Imperial Tobacco (UK:IMT: news, chart, profile) said Wednesday that its performance for the financial year to Sept. 30 remains in line with expectations. The group said it is making good progress with the integration with Altadis, particularly in France where it has agreed with the Central Works Council that the consultation process will be completed in November.
Tuesday, Sept. 23
Energy stocks edge up in early action(9:36 am ET)
NEW YORK (MarketWatch) -- Energy stock edged up in early action on Tuesday along with the broad market.

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Thursday, Sept. 25
CORRECT: Accenture quarterly net income rises 37% (4:51 pm ET)
SAN FRANCISCO (MarketWatch) -- Accenture Ltd. (ACN: news, chart, profile) said late Thursday that fiscal fourth-quarter net income came in at $434.8 million, up 37% from a year earlier when the consulting and outsourcing firm made $316.8 million. Net income per diluted share was 67 cents versus 50 cents. Net revenue rose 17% to $6 billion. New bookings for the quarter rose to $7.67 billion, a quarterly record. Operating income jumped 22% to $785 million, and the company's operating margin expanded by 50 basis points compared with the fourth quarter last year. For its next fiscal year, Accenture forecast net revenue growth of 9% to 12% and earnings per diluted share of $2.85 to $2.93. (Corrects percentage net income gain).
Tibco third-quarter net income rises to 6 cents a share(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- Tibco Software Inc. (TIBX: news, chart, profile) late Thursday reported its third-quarter net income rose to $11.1 million, or 6 cents a share, from $4.6 million, or 2 cents a share, in the same period a year earlier. On an adjusted basis, Tibco would have earned $19.6 million, or 11 cents a share. Revenue increased to $162.3 million from $135.1 million in the third quarter a year ago. Analysts surveyed by FactSet Research had forecast earnings of 7 cents a share on revenue of $155 million.
Research In Motion earnings surge on BlackBerry sales(4:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Research In Motion saw net income soar 72% for its second fiscal quarter on strong sales of its BlackBerry wireless devices. For the quarter ended August 30, the company (RIMM: news, chart, profile) reported earnings of $495.5 million, or 86 cents a share, compared to earnings of $287.7 million, or 50 cents a share, for the same period the previous year. Revenue for the quarter surged 88% to $2.58 billion. Analysts were expecting earnings of 86 cents a share on revenue of $2.55 billion, according to consensus estimates from FactSet Research. For the current quarter ending November 29, the company forecasted earnings per share of 89-97 cents a share on revenue of $2.95 billion to $3.1 billion. Analysts had been expecting earnings of 97 cents a share on revenue of $2.9 billion, according to FactSet estimates.
Discover Financial profit falls (8:40 am ET)
NEW YORK (MarketWatch) -- Credit card firm Discover Financial Services (DFS: news, chart, profile) said Thursday that it earned $180.1 million, or 37 cents a share in its fiscal third quarter, compared to $202.2 million, or 42 cents a share a year ago. Analysts polled by FactSet Research had expected the firm to earn 37 cents a share.
Goodyear cash stuck in Reserve fund(8:25 am ET)
NEW YORK (MarketWatch) -- Goodyear Tire & Rubber Co. (GT: news, chart, profile) said Thursday that it is currently unable to access $360 million of cash that it has invested in The Reserve's Primary Fund, the money market fund that broke the buck last week. To make up the lack of liquidity, Goodyear said it intends to draw $600 million from its existing U.S. revolving credit facility. Goodyear also said the expiration of a period to appeal a court decision meant that it can remove liabilities for United Steelworkers union retiree healthcare from its balance sheet. At year-end 2007, those liabilities were $1.2 billion.
Rite Aid reports widening loss, lowers forecast(7:51 am ET)
NEW YORK (MarketWatch) -- Rite Aid Corp. (RAD: news, chart, profile) said Thursday its fiscal second-quarter loss totaled $222 million, or 27 cents a share, a larger hit than the loss of $69.6 million, or 10 cents a share, reported in the same quarter a year before. Analysts had expected a loss on average of 14 cents a share, according to a FactSet Research survey. Revenue for the fiscal second quarter of 2009 was $6.50 billion compared to $6.57 billion in the year-ago period. Rite Aid also cut its fiscal 2009 sales forecast to between $26.0 billion and $26.5 billion, with a projected loss of 56 cents to 67 cents a share -- wider than previously expected -- due partly to continued economic weakness. The company also said its former chief financial officer, John Standley, was returning to Rite Aid to serve as president and chief operating officer. Frank Vitrano, who worked with Standley at Pathmark Stores Inc., was named to serve as Rite Aid's chief financial officer.
McCormick & Co. net income rises, reiterates profit view(7:11 am ET)
NEW YORK (MarketWatch) -- McCormick & Co. (MKC: news, chart, profile) on Thursday said third-quarter net income rose 21% to $68.6 million, or 52 cents a share, from $56.8 million, or 43 cents a share in the year-ago period. Adjusted net income rose to 50 cents a share from 45 cents a share. Revenue rose to $781.6 million from $716.2 million. Analysts surveyed by FactSet forecast earnings of 49 cents a share on revenue of $780.2 million, on average. The food and spice firm continues to expect to grow fiscal year 2008 sales 9% to 10%. It increased its 2008 profit outlook by a penny a share to a range of $2.04 to $2.08 to reflect a larger-than-expected gain on the sale of its Season-All unit. The figure also includes an estimated 10 cents a share of restructuring charges and 3 cents a share for costs to rebalance debt.
S&P affirms AAA rating on GE and GE Capital unit(7:10 am ET)
TEL AVIV (MarketWatch) -- Standard & Poor's affirmed its AAA long-term and A-1+ short-term corporate-credit ratings on General Electric Co. and its GE Capital Corp. subsidiary and its A-1+ short-term rating on GE Capital Services Inc. The outlook on GE and GE Capital is stable, S&P said. S&P moved after parent GE cut its earnings estimates and said it would boost capital in the GE Capital unit and halt the stock buyback. The earnings-estimate revision stemmed "mainly from weaker-than-anticipated results" at GE Capital, S&P said. S&P noted that GE management now expects third-quarter financial-services earnings, excluding discontinued operations, of $2 billion compared with $3.2 billion in the year-earlier period. But "GE Capital continues to significantly outperform the majority of its peers among large financial institutions, owing to its broad product and geographic diversity, and conservative underwriting standards," S&P said in a statement. "We believe there is sufficient leeway in GECC's rating to sustain a period of cyclically weak profitability."
GE pares estimates, lifts capital in unit, halts buyback(6:44 am ET)
TEL AVIV (MarketWatch) -- General Electric Co., (GE: news, chart, profile) the Fairfield, Conn., industrial and financial-services giant, cut its earnings estimates, halted its stock buyback and will boost capital in the GE Capital financial subsidiary. The company cut its third-quarter earnings estimate to a range of 43 cents to 48 cents a share from 50 cents to 54 cents, "reflecting unprecedented weakness and volatility in the financial-services markets." For the year, GE now expects to earn $1.95 to $2.10 a share, against its previous estimate of $2.20 to $2.30. A survey of analysts by FactSet Research produced consensus estimates of 52 cents for the quarter and $2.21 for the year. The company said it affirmed its commitment to its triple-A credit rating by increasing capital in GE Capital and halting the buyback. The company also said it would maintain the quarterly dividend of 31 cents a share through the end of 2009.
Copart 4th-quarter net up 11% on 34% higher revenue(4:37 am ET)
TEL AVIV (MarketWatch) -- Copart Inc., (CPRT: news, chart, profile) the Fairfield, Calif., provider of vehicle-remarketing services, reported fiscal fourth-quarter net income rose 11% on 34% higher revenue. For the quarter ended July 31, earnings reached $40.8 million, or 47 cents a share, from $36.7 million, or 40 cents, in the year-earlier period. Adjusted profit for the latest quarter was 48 cents. Weighted-average shares outstanding fell 5.9% to 87.4 million. Revenue rose to $206.3 million from $154 million. A survey of analysts by FactSet Research produced a consensus estimate of 46 cents for the period.
3i realized proceeds off 45% in 5 months through August(2:50 am ET)
TEL AVIV (MarketWatch) -- 3i Group Plc, (TGOPF: news, chart, profile) (UK:III: news, chart, profile) the London private-equity firm, reported that for the five months ended Aug. 31, realization proceeds fell 45% to 560 million pounds ($1.04 billion) from 1.01 billion pounds in the year-earlier period. The figure excludes proceeds of 162 million pounds from ABX, 3i expects to receive shortly after Sept. 30. 3i said it invested 622 million pounds in the five-month period, compared with 1.01 billion pounds a year earlier. And 3i invested 268 million pounds on behalf of co-investment funds it manages. The equivalent year-earlier figure was 258 million pounds.
Ameriprise sets aside $33 mln for Primary Fund holders(2:19 am ET)
TEL AVIV (MarketWatch) -- Ameriprise Financial Inc., (AMP: news, chart, profile) the Minneapolis financial-planning-services provider, said late on Wednesday that it would commit as much as $33 million to protect clients who invested in Primary Fund, a money-market mutual fund managed by Reserve Management Co. The fund was the first major money-market fund to see its share value drop below $1. Ameriprise said it's taking the action "to mitigate client losses up to 3 cents per share should clients receive less than $1 per share when the fund is liquidated." Ameriprise said it moved because of the "prospect that this situation will not be covered by the proposed U.S. Treasury money-market-guarantee program." Ameriprise said the move would cut third-quarter earnings by about 1 cent a share. Last Friday, Ameriprise said it sued Reserve Management in federal court in Minneapolis, seeking to liquidate Primary Fund. On Wednesday, TD Ameritrade (AMTD: news, chart, profile) said it would spend as much as $50 million to ensure that Primary Fund holders suffer no losses.
Pilgrim's Pride sees loss; non-compliance with debt covenant(1:41 am ET)
TEL AVIV (MarketWatch) -- Pilgrim's Pride Corp., (PPC: news, chart, profile) Pittsburg, Texas, the No. 1 U.S. chicken producer, said on Thursday that it expects to report a "significant" fiscal fourth-quarter loss because of high feed-ingredient costs, continued weak prices and demand for breast meat, and the "significant negative impact" of hedged grain positions. The loss for the quarter ending Sept. 27 will probably put the company out of compliance with its fixed-charge coverage ratio covenant under its main credit lines at the end of the fiscal year, Pilgrim's Pride said. It expects to comply with all other covenants at the end of fiscal 2008. And the company said it has reached an understanding under which through Oct. 28 its lenders would waive the fixed-charge coverage ratio covenant and continue to provide funds under the credit lines. PPC said it must reach a definitive agreement on the plan and it can't be sure it will be able do so. If the lenders don't waive or amend the covenant, Pilgrim's Pride said it may be precluded from drawing funds under the credit facilities and the lenders may be able to declare a default, "either of which would have a material adverse effect on the company," Pilgrim's Pride said. The company's stock was halted at $6.36, down 38%, on Wednesday.
Wednesday, Sept. 24
Nike profit falls 10% but tops estimates (4:31 pm ET)
SAN FRANCISCO (MarketWatch) -- Nike Inc. (NKE: news, chart, profile) reported late Wednesday net income for its fiscal first-quarter 2009 fell to $510.5 million, or $1.03 a share, from $569.7 million, or $1.12, a year ago. The year-ago results included a one-time tax gain that added 20 cents a share to the bottom line. For the three months ended Aug. 31, Nike's revenue rose 17% to $5.4 billion, boosted by favorable currency exchange rates. Analysts surveyed by Thomson Reuters had predicted the company would earn 92 cents a share on $5.19 in sales. Nike shares fell 2.6% ahead of the report to close at $59.27.
Paychex first-quarter net income up slightly(4:18 pm ET)
SAN FRANCISCO (MarketWatch) -- Paychex Inc. (PAYX: news, chart, profile) late Wednesday reported its fiscal first-quarter net income rose slightly to $148.7 million, or 41 cents a share, from $151.1 million, or 40 cents a share, in the same period a year earlier. Revenue increased to $534.1 million from $507.1 million in the first quarter of last year, said the payroll and human resources services company. Analysts surveyed by FactSet Research had forecast earnings of 41 cents a share on $541.4 million in sales. Paychex projected its net income to grow 2% to 4% while revenue is expected to rise 6% to 8% in fiscal 2009.
PPG Industries warns of Q3 profit shortfall(9:13 am ET)
NEW YORK (MarketWatch) -- PPG Industries (PPG: news, chart, profile) on Wednesday warned its third-quarter results will be hurt by 20 to 25 cents a share from hurricanes Ike and Gustav and deterioration in the automotive manufacturing market. Analysts expected the Pittburgh maker of paints and coatings to earn $1.47 a share, on average, according to a survey by FactSet Research. PPG also said it would take a third-quarter charge of $160 million for restructuring costs tied to boosting its bottom line by $100 million a year. Several PPG manufacturing units and facilities in the United States, Canada and Europe will be impacted.
Dominon cuts drilling lease by $205 million on credit crunch(7:38 am ET)
NEW YORK (MarketWatch) -- Dominion (D: news, chart, profile) said it lowered the total amount of a drilling lease to Antero Resources to $347 million from $552 million, but the cost per acre of the pact will increase. The new drilling rights pact will cost Antero Resources about $3,037 per acre for 114,259 acres in the Marcellus Shale. The earlier deal covered 205,000 acres for about $2,700 an acre. Domininon said it cut the dollar amount of the lease because Antero, "had difficulty in obtaining follow-on financing in the current market turmoil." Dominion will still receive a 7.5% royalty interest on future natural gas production from the assigned acreage. Dominion will retain the drilling rights in traditional formations both above and below the Marcellus Shale interval and will continue its conventional drilling program on the acreage.
Lowe's reiterates 2008 profit view, gives long-term forecast(7:15 am ET)
NEW YORK (MarketWatch) -- Lowe's Companies Inc. (LOW: news, chart, profile) said Wednesday that it still expects to earn $1.48 to $1.56 a share in fiscal 2008, and sees sales growth of 1% for the period. On average, analysts polled by FactSet Research expect a profit of $1.53 a share for the year. For fiscal 2009, the home-improvement retailer forecasts a profit of $1.40 to $1.65 on a 2.5% to 6.5% increase in total sales. That compares to analysts' consensus forecast of $1.57 a share. Chairman and Chief Executive Officer Robert Niblock said he expects the company to more than double its expected 2008 earnings per share over the next five years. The company is hosting its annual conference for analysts and investors Wednesday.
Advance America closes all 30 outlets in Arkansas(4:35 am ET)
TEL AVIV (MarketWatch) -- Advance America, (AEA: news, chart, profile) the Spartanburg, S.C., provider of payday cash-advance services, said it would close its 30 Arkansas offices because a regulatory decision prevents it from operating profitably in the state. The closings will cost about $900,000, AEA said in a statement on Tuesday. The company and the Arkansas attorney general could not come to terms on their differing interpretations of the law, AEA said. The company also said that in August it finished closing its nine stores in New Mexico at a cost of $100,000. Restrictions on fees and interest meant it couldn't operate profitably there as well, the company said.
Kirby: Hurricane damage cut 8c-9c from 3rd-period net(4:05 am ET)
TEL AVIV (MarketWatch) -- Kirby Corp., (KEX: news, chart, profile) the Houston operator of barges and towing vessels for petroleum and chemicals products, said late on Tuesday that damage from Hurricanes Gustav and Ike would cut 8 cents to 9 cents a share from third-quarter earnings. Thus it estimated the period's earnings at 73 cents to 76 cents, compared with 64 cents in the year-earlier period. A survey of analysts by FactSet Research produced a consensus estimate of 78 cents of profit for the quarter. A partial offset to the storm damage was a 3-cent to 4-cent benefit from lower diesel-fuel costs, Kirby said. The company expects "a return to strong pre-hurricane operating fundamentals after customer facilities begin operating at normal levels."
Key Energy: storm damage cut 3rd-period net; year affirmed(3:39 am ET)
TEL AVIV (MarketWatch) -- Key Energy Services Inc., (KEG: news, chart, profile) the Houston rig-based well-service provider, estimated that damage the recent storms in Louisiana, Texas and Oklahoma cut 3 cents to 5 cents a share from third-quarter earnings and $10 million to $14 million from revenue. The company estimated the quarter's earnings at 36 cents to 38 cents a share. A survey of analysts by FactSet Research produced a consensus estimate of 40 cents for the quarter. At the same time, Chairman and Chief Executive Dick Alario said in a statement late on Tuesday that the company is "confident in activity levels" for the rest of the year and sees the year's profit in line with its earlier estimate of $1.35 to $1.45 a share. FactSet's survey is looking for $1.42. At Sept. 23, Key Energy said, its liquidity is "strong," with $65 million of cash on hand plus $168 million available under a senior credit line.
Intuit affirms earnings estimate for 1st period, fiscal year(3:23 am ET)
TEL AVIV (MarketWatch) -- Intuit Inc., (INTU: news, chart, profile) the Mountain View, Calif., provider of financial solutions including the QuickBooks, Quicken and TurboTas software packages, affirmed its earnings estimates for the first quarter and for fiscal 2009. The fiscal year ends July 31. Late on Tuesday, the company said that for the quarter it expects a loss of 23 cents to 26 cents a share, or an adjusted 11 cents to 14 cents. For the year, it expects to earn $1.41 to $1.45, or an adjusted $1.86 to $1.90. Analysts surveyed by FactSet Research are looking for a 15-cent loss in the first quarter and a $1.77 profit for the year. On the revenue side, Intuit is looking for an increase of 8% to 11% for the quarter and 9% to 12% for the year.

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Friday, Sept. 26
Solar stocks fall on uncertain outlook for tax credits(2:19 pm ET)
NEW YORK (MarketWatch) -- Solar stocks fell Friday after the U.S. House of Representatives OK'd a measure to extend billions in tax credits for renewable energy, but the measure faces an uncertain future because it differs from the Senate version. The House voted 257-166 to approve legislation to extend a host of expiring tax measures, including credits for wind, solar, geothermal and other forms of renewable energy. "It's about what is going to be enacted into law, and the shelf life on this bill is very, very short," said Rep. Dave Camp, R-Mich., during House floor debate, according to a report from Dow Jones Newswires. First Solar (FSLR: news, chart, profile) fell 7% to $205.90. SunPower (SPWR: news, chart, profile) fell 9% to $86.18. SunTech Power (STP: news, chart, profile) fell 11% to $38.29.
Interactive Brokers to buy back up to eight million shares(1:56 pm ET)
SAN FRANCISCO (MarketWatch) -- Interactive Brokers Group (IBKR: news, chart, profile) said on Friday that it may repurchase up to eight million shares of the brokerage firm. The company also said it expects income before tax and minority interest to be between $325 million and $375 million for the quarter that ends on Sept. 30. Diluted earnings per share will be between 55 cents and 65 cents during the same period, Interactive Brokers added. Shares of the company jumped 16% to $24.62 during afternoon trading on Friday.
Oshkosh raises its fourth-quarter profit forecast(10:19 am ET)
NEW YORK (MarketWatch) -- Oshkosh Corp. (OSK: news, chart, profile) said Friday it expects to report earnings per share for its fiscal fourth quarter at or above the higher end of its previously announced estimate range of 50 cents to 65 cents. "During the last several months, we have improved our cost structure by downsizing our workforce approximately 10% and lowering discretionary spending," said Oshkosh Chairman and Chief Executive Robert Bohn. The specialty vehicle maker also said it expects to reduce its debt to between $2.80 billion and $2.85 billion by the end of the month, compared to its previous expectations of $2.85 billion to $2.90 billion, due to cash flow from earnings and working capital initiatives. , a leading manufacturer of specialty vehicles and vehicle bodies, announced today that it expects to report earnings per share ("EPS") for its fourth fiscal quarter ending September 30, 2008 at or above the higher end of its previously announced EPS estimate range of $0.50 to $0.65. Furthermore, Oshkosh expects to reduce its debt to $2.80 - $2.85 billion at September 30, 2008 compared to its previous expectations of $2.85 - $2.90 billion due to cash flow from earnings and working capital initiatives.
FDIC chair says Washington Mutual open for business Fri.(8:20 am ET)
NEW YORK (MarketWatch) -- Sheila Bair, chairman of the Federal Deposit Insurance Corp., said in an interview Friday that J.P. Morgan Chase's (JPM: news, chart, profile) acquisition of Washington Mutual (WM: news, chart, profile) marked a "huge win" because it protected deposits at the bank and taxpayers. In an interview with CNBC-TV, Bair said J.P. Morgan paid a premium for Washington Mutual's deposit franchise. Faced by severe liquidity issues and banks unwilling to lend to them, Bair said the FDIC stepped in and revoked Washington Mutual's charter. The transaction will allow Washington Mutual to be open for business on Friday, she said.
KB Home's third-quarter loss widens(8:11 am ET)
NEW YORK (MarketWatch) -- KB Home (KBH: news, chart, profile) on Friday reported a third-quarter loss of $144.7 million, or $1.87 a share, compared with a loss of $35.6 million, or 46 cents a share, in the year-ago period. The latest quarter's results included pretax charges of $82.2 million for inventory and joint venture impairments and $58.1 million to record a valuation allowance. The Los Angeles-based residential builder said total revenue fell to $681.6 million from $1.54 billion. "Continued deterioration in new home demand, new and existing home prices, excessive inventories and mortgage credit availability prevailed across most U.S. housing markets in the third quarter," said Jeffrey Mezger, president and chief executive officer. "These difficult conditions have now been exacerbated by the recent, unprecedented turmoil in financial and credit markets, and it is too early to assess whether the federal government's proposed interventions will be effective."
Alpharma rejects offer of $37 a share from King Pharma(7:33 am ET)
NEW YORK (MarketWatch) -- Alpharma Inc. (ALO: news, chart, profile) said Friday it's rejecting a bid from King Pharmaceuticals Inc. (KG: news, chart, profile) because it's inadequate. King Pharmaceuticals Inc. on Sept. 11 raised its bid for Alpharma to $37 a share, valuing the Bridgewater, N.J. firm at about $1.6 billion. In late August, King said Alpharma, a fellow specialty-drug maker, rejected its takeover bid for $33 a share. On Friday, Alpharma said shareholders should not tender shares to King's offer while it continues to pursue its previously announced process to explore all strategic alternatives to maximize shareholder value.
Bank rankings provider Dealogic reports 37% profit fall(2:29 am ET)
LONDON (MarketWatch) -- Dealogic Holdings (UK:DL.: news, chart, profile) , the provider of data and software to investment banks, said first-half profit dropped 37% to $7.74 million, with revenue falling 5% to $43.9 million. Sales were impacted by "a very difficult period for financial markets," and profit fell more quickly than sales due to an increased investment in staff, technology and infrastructure. It's cutting its interim dividend by 11% to 1.7 pence a share. Dealogic said it's difficult to predict how it will perform over the balance of the year because of the decline in investment banking business activity, though it said its business model which combined subscription and transaction license fees to a degree protects it.
Thursday, Sept. 25
CORRECT: Accenture quarterly net income rises 37% (4:51 pm ET)
SAN FRANCISCO (MarketWatch) -- Accenture Ltd. (ACN: news, chart, profile) said late Thursday that fiscal fourth-quarter net income came in at $434.8 million, up 37% from a year earlier when the consulting and outsourcing firm made $316.8 million. Net income per diluted share was 67 cents versus 50 cents. Net revenue rose 17% to $6 billion. New bookings for the quarter rose to $7.67 billion, a quarterly record. Operating income jumped 22% to $785 million, and the company's operating margin expanded by 50 basis points compared with the fourth quarter last year. For its next fiscal year, Accenture forecast net revenue growth of 9% to 12% and earnings per diluted share of $2.85 to $2.93. (Corrects percentage net income gain).

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Monday, Sept. 29
Citi CFO sees drop in Q3 net income, versus previous quarter(11:38 am ET)
SAN FRANCISCO (MarketWatch) -- Citigroup Inc. (C: news, chart, profile) Chief Financial Officer Gary Crittenden said on Monday that third-quarter net income will likely be lower than the profit the giant bank generated during the second quarter. The continued deterioration in consumer credit will have a "significant" impact on third-quarter results, Crittenden explained during a conference call with analysts. Still, third-quarter net income will be higher than during the first quarter of 2008, he noted. Total credit costs will be about $9.8 billion in the third quarter, up from the second quarter. Write-downs on exposures including mortgages and leveraged loans will probably be $1.5 billion, down from previous quarters. Write-downs on SIV assets will be higher at roughly $1.7 billion, Crittenden forecast. There will also be about $2 billion in losses related to credit card securitization, he added. Expenses will have fallen by about $1 billion during the third quarter, with the reduction of roughly 10,000 staff, the CFO said.
RGGI auction draws $38 mln in revenue (11:12 am ET)
NEW YORK (MarketWatch) -- The first carbon emissions auction under the Regional Greenhouse Gas Initiative (RGGI Inc.) generated $39 million in proceeds. RGGI Inc. reported Monday that 59 participants from the energy, financial and environmental sectors took part in the first-in-the-nation auction. A total of 51.76 million allowances were demanded, about four times available supply. Auction proceeds will be distributed to Connecticut, Maine, Maryland, Massachusetts, Rhode Island and Vermont, the six RGGI states that offered allowances for sale during the first auction. The states are investing those funds in energy efficiency and renewable energy technologies and programs.
Energy stocks move lower with broad market(9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell with the broad market on Monday, moving lower with crude oil prices. The Amex Oil Index (XOI: news, chart, profile) fell 4% to 1,189. The Amex Natural Gas Index (XNG: news, chart, profile) subtracted 5.4% to 510.
Covidien sets restructuring plan(7:18 am ET)
NEW YORK (MarketWatch) -- Covidien Ltd. (COV: news, chart, profile) said Monday that it plans to implement a restructuring plan in fiscal 2009, resulting in pretax charges of about $200 million, starting in the first quarter. The health-care products maker said it expects to save about $50 million to $75 million on an annualized basis once the restructuring program is finished.
Pilgrim's Pride gets waiver from creditors, warns of loss(7:15 am ET)
NEW YORK (MarketWatch) -- Pilgrim's Pride Corp. (PPC: news, chart, profile) said Monday it has obtained agreement with its creditors for temporarily relief through Oct. 28, via a waiver of the lenders' fixed-charge coverage ratio covenant. The poultry producer said its lenders also agreed to continue to provide liquidity under these credit facilities during this same 30-day period. Pilgrim's Pride said the waiver was granted after it told the lenders it expects to report "a significant loss" in the fourth quarter, ended Saturday, due to "high feed-ingredient costs, continued weak pricing and demand for breast meat, and the significant negative impact of hedged grain positions." The company also said it had hired Lazard to advise it on refinancing and recapitalization opportunities.
Cal-Maine profit slips as feed prices soar(6:38 am ET)
LONDON (MarketWatch) -- Egg producer Cal-Maine Foods Inc. (CALM: news, chart, profile) said Monday that its fiscal first-quarter net profit fell 38% to $11.1 million, or 47 cents a share, from $18 million, or 76 cents a share, a year earlier. Sales for the quarter rose 16% to $206.9 million. Sales were boosted by stronger egg prices and higher volumes. That was more than offset, however, by much higher feed costs, the company said.
Icap sees revenue up around 20%(2:36 am ET)
LONDON (MarketWatch) -- Interdealer broker Icap (UK:IAP: news, chart, profile) said Monday that revenue for the six months ended Sept. 30 is expected to be around 20% ahead of the same period a year earlier. The group said the increase in electronic broking revenue was particularly strong, especially in foreign exchange. For the financial year ending March 31, the group expects adjusted pretax profit to be ahead of the previous year and added it could be "well ahead" if market development and exchange rate moves are favorable.
Man Group sees earnings, funds under management declining(2:29 am ET)
LONDON (MarketWatch) -- Hedge fund manager Man Group (UK:EMG: news, chart, profile) said Monday that its funds under management fell around 6% in the six months to the end of September due to the turbulent markets as well as the impact of the strengthening dollar. The group said earnings per share for the period will be down around 5% from a year earlier. Net management fee income will be roughly flat from the prior year period and performance fee income will be down around 40% due to a lower contribution from its AHL fund. Sales in the period were up around 25% from a year earlier at $10 billion and net inflows were up 14% at $4.1 billion.
Friday, Sept. 26
Solar stocks fall on uncertain outlook for tax credits(2:19 pm ET)
NEW YORK (MarketWatch) -- Solar stocks fell Friday after the U.S. House of Representatives OK'd a measure to extend billions in tax credits for renewable energy, but the measure faces an uncertain future because it differs from the Senate version. The House voted 257-166 to approve legislation to extend a host of expiring tax measures, including credits for wind, solar, geothermal and other forms of renewable energy. "It's about what is going to be enacted into law, and the shelf life on this bill is very, very short," said Rep. Dave Camp, R-Mich., during House floor debate, according to a report from Dow Jones Newswires. First Solar (FSLR: news, chart, profile) fell 7% to $205.90. SunPower (SPWR: news, chart, profile) fell 9% to $86.18. SunTech Power (STP: news, chart, profile) fell 11% to $38.29.

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Tuesday, Sept. 30
Conexant raises earnings guidance(6:39 am ET)
LONDON (MarketWatch) -- Conexant Systems Inc. (CNXT: news, chart, profile) on Tuesday raised its fiscal fourth-quarter earnings guidance, citing lower expenses and better-than-expected margins. The semiconductor company said it now expects core net income of 24 cents to 26 cents a share. It had previously forecast earnings of 13 cents to 17 cents a share. It still expects revenue for the period to be within the forecast range of $120 million to $125 million.

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Wednesday, Oct. 1
Mosaic first-quarter net income jumps to $2.65 a share (5:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Mosaic Co. (MOS: news, chart, profile) late Wednesday reported its fiscal first-quarter net income rose to $1.18 billion, or $2.65 a share, from $305.5 million, or 69 cents a share, in the first quarter of last year. Foreign currency transaction gains totaled 13 cents a share in the quarter, compared with a loss of 3 cents a share a year earlier. Mosaic also said net unrealized mark-to-market derivative losses impacted gross margin by 18 cents a share, compared to net unrealized derivative losses of 5 cents a share a year ago. Revenue increased to $4.32 billion from $2 billion in the same period in 2007, said the Plymouth, Minn.-based fertilizer and feed company. Analysts surveyed by FactSet Research had forecasted the company to earn $2.83 a share on $4.05 billion in revenue.
Nabors sees quarterly profit of 65 cents to 68 cents a share(4:56 pm ET)
SAN FRANCISCO (MarketWatch) -- Nabors Industries (NBR: news, chart, profile) late Wednesday forecasted third-quarter earnings of 65 cents to 68 cents a share even after accounting for higher than expected operating income. The company is expecting a non-cash charge to its investment income of about $22 million, or 7 cents a share, before taxes, said Nabors. It projected another 5 cents a share charge for property losses from Hurricane Gustav and Hurricane Ike and a tax adjustment of nearly 6 cents a share as North American income exceeds earlier forecast. Analysts surveyed by FactSet Research are predicting the drilling contractor to earn 80 cents a share in the third quarter.
Immucor first-quarter net income rises to 28 cents a share (4:26 pm ET)
SAN FRANCISCO (MarketWatch) -- Immucor Inc. (BLUD: news, chart, profile) said late Wednesday that fiscal first-quarter profit rose to $20 million, or 28 cents a share, from $17.8 million, or 25 cents a share, a year ago. Revenue increased to $73.2 million from $63.6 million last year. Analysts surveyed by FactSet Research had forecast the company to earn 23 cents a share on revenue of $70.9 million. The medical test maker expects earnings to range from 94 cents to 98 cents a share and revenue of $292 million to $300 million in fiscal 2009. It projected a gross margin of 70% to 71%. Wall Street is forecasting the company to report earnings of 93 cents a share on revenue of $296.7 million.
Micron sees losses deepen on inventory, pricing charges(4:10 pm ET)
SAN FRANCISCO (MarketWatch) -- Micron Technology Inc. (MU: news, chart, profile) said its net loss deepened during its fourth fiscal quarter thanks mostly to charges related to inventory write-downs and price adjustments. For the period ended Aug. 28, the maker of memory chips reported a net loss of $344 million, or 45 cents a share, compared to a loss of $158 million, or 21 cents a share, for the same period last year. Excluding certain charges, the company said it would have lost $209 million, or 27 cents a share, for the recent quarter. Revenue rose slightly to $1.45 billion. Analysts were expecting a loss of 23 cents a share on revenue of $1.55 billion, according to consensus estimates from FactSet Research.
General Electric shares drop 9% on GE Capital concerns(11:15 am ET)
SAN FRANCISCO (MarketWatch) -- General Electric Co. (GE: news, chart, profile) shares fell 9% in midmorning trading Wednesday as Deutsche Bank lowered its expectations on the industrial conglomerate. Deutsche Bank shaved GE's stock-price target to $26, from $28. The broker also cut its 2008 earnings forecast to $2 a share, from $2.20. "Our adjustments largely reflect deterioration at GE Capital-driven by tighter credit markets, asset shrinkage and debt pay-down," wrote analyst Nigel Coe. In recent action, GE shares traded at $23.23, down $2.28. The stock, a component of the Dow Jones Industrial Average, is down 37% so far this year. By comparision, the Dow is down 20%.
Pritchard Capital trims Schlumberger view on hurricane costs(10:12 am ET)
NEW YORK (MarketWatch) -- Pritchard Capital on Wednesday reduced its third-quarter earnings target for Schlumberger (SLB: news, chart, profile) to reflect costs from Hurricanes Ike and Gustav after the oil services bellwether's meeting with investors. Pritchard now expects profit of $1.23 a share, down a nickel. Schlumberger stuck to its operating earnings forecasts as it takes aim at the beginning of a new stage of growth characterized by offshore exploration around the world, analysts noted.
Energy stocks fall with broad market(9:33 am ET)
NEW YORK (MarketWatch) -- Energy stocks felll with the broad market on Wednesday. The Amex Oil Index (XOI: news, chart, profile) subtracted 1.4% to 1,140. The Amex Natural Gas Index (XNG: news, chart, profile) fell 1.6% to 497. Investors are looking toward the latest weekly petroleum inventory in the wake of hurricanes Ike and Gustav.
ConocoPhillips promotes CFO to COO, names new CFO(8:42 am ET)
NEW YORK (MarketWatch) -- ConocoPhillips (COP: news, chart, profile) on Wednesday named John Carrig, currently executive vice president, Finance, and chief financial officer, as president and chief operating officer. He will continue to report to CEO Jim Mulva. Sig Cornelius, currently senior vice president, Planning, Strategy & Corporate Affairs, will become senior vice president, Finance, and chief financial officer of the oil major.
Petrohawk Energy trims capital budget by $500 million(7:11 am ET)
NEW YORK (MarketWatch) -- Petrohawk Energy Corp. (HK: news, chart, profile) said it's reducing its capital budget by 33% to $1 billion in 2009, as the Houston-based natural gas producer zeroes in on projects in the Haynesville and Fayetteville Shales. The company reiterated its third-quarter production estimate of 310 to 320 million cubic feet a day, and said it's considering the sale of fields in West Texas and Southeastern New Mexico.
Wolverine lifts outlook as profit climbs 6%(6:47 am ET)
LONDON (MarketWatch) -- Footwear company Wolverine World Wide Inc. (WWW: news, chart, profile) said Wednesday that its third-quarter net profit rose 5.8% to $31.2 million, or 62 cents a share, from $29.5 million, or 54 cents a share, as it also raised its earnings forecast for the year. Wolverine, which owns brands including Merrell and Hush Puppies, said revenue in the quarter ended Sept. 6 rose 2.8% to $318.9 million. Analysts polled by FactSet were expecting earnings of 60 cents a share in the latest quarter. Wolverine said it benefited from strong sales growth for Merrell as well as an improved margin across the group. based on the strength of the third quarter, the company said it has raised its earnings guidance for the year to a range of $1.87 to $1.92 a share.
Pediatrix Medical warns on third, fourth quarter earnings(6:10 am ET)
LONDON (MarketWatch) -- Pediatrix Medical Group (PDX: news, chart, profile) issued a profit warning for the third and fourth quarters, citing a shift in reimbursement for patient care from commercial payors to government payors and same-unit neonatal intensive care unit patient volume at the lower end of a predicted drop between 1% and 4%. It now sees third-quarter earnings per share between 81 cents and 83 cents a share and said it can't confirm its fourth-quarter view of 84 cents to 87 cents a share. Pediatrix had predicted third-quarter earnings of 84 cents a share.

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Thursday, Oct. 2
Global Payments quarterly profit rises to 71 cents a share(4:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Global Payments Inc. (GPN: news, chart, profile) late Thursday reported its fiscal first-quarter net income rose to $57.5 million, or 71 cents a share, from $43.6 million, or 53 cents a share, in the first quarter of 2007. Revenue increased to $405.8 million from $311 million in the same period a year ago, said the Atlanta-based electronic transaction processing services provider. Analysts polled by FactSet Research, on average, had forecast the company to report earnings of 60 cents a share on revenue of $394.2 million. The company also said it is raising its 2009 earnings outlook to $2.37 to $2.45 a share and hiked its revenue target to a range of $1.64 billion to $1.68 billion based on strong performance in the first quarter. Wall Street is projecting the company to report earnings of $2.27 a share on revenue of $1.67 billion in 2009.
Energy stocks lag broad market(9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks weighed on the broad market on Thursday as crude oil futures weakened. The Amex Oil Index (XOI: news, chart, profile) fell 2.3% to 1,114. Component Repsol (REP: news, chart, profile) fell 5.3% to $28.17. ConocoPhillips (COP: news, chart, profile) dropped 2.5% to $68.92. The Amex Natural Gas Index (XNG: news, chart, profile) subtracted 2.2% to 486. Curde futures slid $2.22 to $96.31.
RPM cuts 2009 profit forecast(9:09 am ET)
NEW YORK (MarketWatch) -- RPM International Inc. (RPM: news, chart, profile) said Thursday that it lowered its 2009 earnings forecast to a range of $1.75 to $1.85 a share, compared to its previous guidance of about $1.85 a share. On average, analysts polled by FactSet Research were looking for earnings of $1.88 a share for the period. The company, which makes specialty coatings, sealants and industrial products, cited the weak economy and domestic-market conditions, financial-market volatility and raw-material cost pressure. Shares of RPM closed Wednesday at $19.37.
Westar Energy cuts earnings forecast(7:18 am ET)
LONDON (MarketWatch) -- Westar Energy Inc. (WR: news, chart, profile) said Thursday it's cutting its third-quarter earnings forecast to a range of $1.35 to $1.45 a share from a range of $1.50 to $1.65 a share due to abnormally cool weather. The forecast excludes a one-time tax benefit recorded in the first quarter of the year. The company said cooling degree days for the third quarter were 14 percent below normal which it estimated will reduce earnings by about 10 cents per share.
Marriott profit drops 28%, warns 2009 profit to fall(6:41 am ET)
LONDON (MarketWatch) -- Marriott International (MAR: news, chart, profile) said third-quarter to Sept. 5 net income dropped 28% to $94 million, or 27 cents a share, and said next year's profit will fall. Adjusted earnings from continuing operations rose 10% to 34 cents a share, and revenue rose 1% to $2.96 billion. Analysts polled by FactSet had expected earnings of 32 cents a share on revenue of $2.95 billion. Revenue per available room, a key metric in the hotels industry, rose 3.4%. For the fourth quarter, it expects systemwide RevPAR to fall 1% to 3% and for earnings between 44 cents and 50 cents a share, and for 2009, it expects earnings between $1.48 and $1.60 a share against projected 2008 earnings between $1.62 and $1.68. Analysts had expected 2008 earnings of $1.79 and 2009 earnings of $1.86.
Hartmarx swings to 3rd-period loss; reduces staff(3:58 am ET)
TEL AVIV (MarketWatch) - Hartmarx Corp., (HMX: news, chart, profile) the Chicago apparel maker, swung to a third-quarter net loss on 8.3% lower revenue. For the quarter ended Aug. 31, the loss was $2.4 million, or 7 cents a share, compared with net income of $542,000, or 1 cent, in the year-earlier period. Average shares outstanding fell 4.3% to 35.1 million. Revenue fell to $124 million from $135.2 million. "Low consumer confidence; declines in discretionary apparel purchases, particularly by professional men; volatility in the financial-services sector, large retailers' requests to defer advance order shipments, and the deteriorating creditworthiness of small specialty-store retailers all contributed to a very difficult quarter," Chairman And Chief Executive Officer Homi B. Patel said in a statement. Hartmarx said it's cutting costs and paring administrative staff, and the fourth quarter will reflect the closing of a sewing facility in Missouri, affecting about 150 employees.
CORRECT: Marks & Spencer comparable sales, margin decline(3:13 am ET)
LONDON (MarketWatch) -- U.K. department store and food retailer Marks & Spencer (UK:MKS: news, chart, profile) said Thursday that group sales in the 13 weeks to Sept. 27 rose 0.4%, while U.K. sales declined 1.6%. The group said comparable sales in the U.K. were down 6.1%, due to declines in both general merchandise and food sales. Online and international sales both grew strongly. Marks & Spencer added it expects its U.K. gross margin to fall around 1 percentage point for the year, due to a greater reliance on promotions. "Consumers are increasingly cautious about their budgets. We have responded by offering our customers better values and more promotions across the business," the group said. (Corrects to show group sales rose 0.4%.)
SEC extends selective ban on short sales to Oct. 17(2:22 am ET)
TEL AVIV (MarketWatch) -- The Securities and Exchange Commission on Wednesday extended its selective ban on short-selling -- betting that a stock's price will drop -- until just before midnight Eastern Time Oct. 17, media reports said. Last month, the agency had banned short sales on nearly 1,000 financial-related and other stocks in an effort to prevent big stock-price declines. The Wall Street Journal reported that the SEC also required hedge-fund managers to disclose their short positions until Oct. 17 and that it would make this rule permanent. The paper also reported that the ban failed to prevent stock-price declines, increased the volatility in the stock market, and made trading more expensive for investors. The SEC extended the ban just before the Senate approved a revamped financial-rescue plan and sent it to the House for a vote on Friday, the Journal reported.
LaBranche sees net loss; adjusted net to exceed estimate(1:44 am ET)
TEL AVIV (MarketWatch) -- LaBranche & Co., (LAB: news, chart, profile) the New York specialist for exchange-listed securities, expects to report a third-quarter net loss of $4 million to $6.5 million, and adjusted net income of $12.5 million to $15 million. The net loss, LaBranche said late on Wednesday, reflects a $19.2 million loss from the decline in the estimated fair value of NYSE Group (NYX: news, chart, profile) shares that LaBranche holds. The net loss equals 7 cents to 11 cents a share. The adjusted net, which equals 20 cents to 24 cents a share, reflects in particular higher principal trading revenue at LAB's specialist and market-making division. Three analysts surveyed by FactSet Research produced a consensus estimate of adjusted profit of 5 cents a share. The company said it reported the estimates in light of the amount by which its adjusted profit exceeds consensus analysts' estimates and "in light of the adverse market conditions and expectations in the financial-services industry."

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Friday, Oct. 3
Energy stocks recover with broad market (9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks rebounded with the broad market on Friday. The Amex Oil Index (XOI: news, chart, profile) rose 1.9% to 1,078. The Amex Natural Gas Index (XNG: news, chart, profile) advanced 1.9%. Crude prices fell $2.22 to $91.75.
Anheuser-Busch: U.S. third-quarter beer volume growth good(8:34 am ET)
NEW YORK (MarketWatch) -- Anheuser-Busch Cos. Inc. (BUD: news, chart, profile) said Friday it saw good U.S. beer volume growth in the third quarter. "Driven by the successful national introduction of Bud Light Lime," Bud said its U.S. beer shipments to wholesalers were up 2.3%, while sales to retailers rose 3.6% compared to the same quarter of 2007. The company also said "the pricing environment in the U.S. beer market continues to be favorable," with revenue per barrel expected to rise almost by 4%.
Hewlett-Packard readying new smart phone, report says(8:32 am ET)
NEW YORK (MarketWatch) -- Hewlett-Packard Co. (HPQ: news, chart, profile) is readying a new smart phone that will be marketed to consumers, The Wall Street Journal reported Friday. Citing people briefed on the plan, the newspaper said the device will debut in Europe and will be sold by a mobile carrier in retail stores.

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Monday, Oct. 6
Sharp sees fiscal 2008 profit off 41% on cell phones: Nikkei(8:23 pm ET)
NEW YORK (MarketWatch) -- Sharp Corp. (SHCA.Y: news, chart, profile) said Monday that it now expects consolidated net profit to decline 41% on year to 60 billion yen ($590 million) for the 12 months ending March 2009, Nikkei reported, citing cell-phone business woes. The projection compares to an earlier forecast of a 3% increase, the report said.
Energy stocks rise off lows for the session(4:03 pm ET)
NEW YORK (MarketWatch) -- Energy stocks rose from lows earlier in the day, but still rang up big losses on Monday. The Amex Oil Index (XOI: news, chart, profile) closed at 1,018, down 4%, but reclaiming the 1,000 level after falling more than 10%.
SAP warns on third-quarter revenue(11:26 am ET)
LONDON (MarketWatch) -- German business software giant SAP (SAP: news, chart, profile) (DE:716460: news, chart, profile) warned on its third-quarter revenue, saying it was "below our expectations." It expects software and software-related service revenue up 13% to 14%, or up 16% to 17% on an adjusted basis. "The market developments of the past several weeks have been dramatic and worrying to many businesses. These concerns triggered a very sudden and unexpected drop in business activity at the end of the quarter," said Henning Kagermann, Co-CEO of SAP. Third quarter 2008 U.S. GAAP software revenues are expected to be between 740 million and 750 million euros, up 4% to 5%.
Energy stocks fall harder than broad market(9:36 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell harder than the broad market in morning action, tracking a $3 drop in crude oil futures to the $90 level. The Amex Oil Index (XOI: news, chart, profile) fell 5% to 1,006. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 5.1% to 433.
Netflix affirms earnings forecasts(8:20 am ET)
NEW YORK (MarketWatch) -- Netflix Inc. (NFLX: news, chart, profile) said Monday that earnings will be within its previous guidance for the third quarter of $16 million to $21 million with earnings per share of 26 cents to 34 cents. Revenue is expected to be $343 million to $348 million, excluding the one-time $6.5 million credit given to subscribers for a service outage. The company ended the third quarter with about 8.672 million subscribers, just under the low end of its guidance. For the fourth quarter Netflix sees earnings per share of 30 cents to 40 cents on revenue of $353 million to $359 million.
The Hartford gets $2.5 bln Allianz investment, warns(7:00 am ET)
LONDON (MarketWatch) -- The Hartford Financial Services Group (HIG: news, chart, profile) said it's going to get a $2.5 billion investment from Allianz (AZ: news, chart, profile) (DE:840400: news, chart, profile) as it cut its dividend and said it would report a third-quarter loss. The Hartford expects a net loss for the third quarter in the range of $8.50 to $8.80 per share, including net realized capital losses in the range of $7.05 to $7.25 per share, or approximately $2.1 billion to $2.2 billion. The vast majority of the realized capital losses are impairments on The Hartford's investment portfolio. About 75 percent of the impairments are related to investments in the financial services sector, which were negatively affected by recent market turmoil. The Hartford has reduced its quarterly dividend to 32 cents per share from 53 cents. Allianz will purchase, at $31 per share, $750 million of preferred shares convertible to common stock after receipt of applicable approvals, and $1.75 billion of 10% junior subordinated debentures. Allianz SE will also receive warrants which entitle it to purchase $1.75 billion of common stock at an exercise price of $25.32 per share, subject to shareholder approvals, which are due to expire in seven years.
United Community Banks to post 3rd-quarter loss(6:29 am ET)
TEL AVIV (MarketWatch) -- United Community Banks Inc., (UCBI: news, chart, profile) the Blairsville, Ga., bank-holding company, said on Monday that it would report a third-quarter loss of 84 cents a share after increasing its allowance for possible losses on bad loans to 1.91% of total loans from 1.53% at June 30. The move reflected "continued credit deterioration in the residential-construction portfolio," UCBI said. The loss equals a total $39.9 million. A survey of analysts by FactSet Research produced a consensus estimate of profit of 8 cents a share. The third-quarter provision for loan losses was $76 million while United Community charged off $56 million of loans. Assets not earning interest were 2.2% of total assets at Sept. 30, against 1.84% at June 30. "United continues to maintain a very strong capital position, well above the regulatory guidelines to be considered well-capitalized," President and Chief Executive Jimmy Tallent said in a statement. UCBI, serving Georgia, western North Carolina and eastern Tennessee, has assets of $8.3 billion.
State Auto Financial sees up to $60 mln of storm losses(6:14 am ET)
LONDON (MarketWatch) -- State Auto Financial Corp. (STFC: news, chart, profile) said Monday that its third-quarter results will include around $55 million to $60 million in pretax catastrophe losses related to storms. The firm said pretax catastrophe losses in the same quarter a year ago were $5.6 million and have averaged $11.8 million for the prior five years. State Auto said it will release its third-quarter results on Oct. 23.
MasTec lifts 2008 estimates, to buy wind-energy contractor(5:44 am ET)
TEL AVIV (MarketWatch) -- MasTec Inc., (MTZ: news, chart, profile) the Coral Gables, Fla., contractor focused on building and upgrading communications and utility infrastructure, on Monday updated its earnings estimates and said it would pay $200 million for a wind-energy and natural-gas-plant construction firm. The company lifted its estimate for 2008 and now expects earnings from continuing operations of 92 cents to 95 cents, against 9 cents -- or an adjusted 67 cents -- in 2007. Revenue should rise 32% to 34% from 2007, to a range of $1.38 billion to $1.4 billion, MasTech estimated. A survey of analysts by FactSet Research produced a consensus estimate of 92 cents of profit on $1.23 billion of revenue for 2008. For 2009, initial estimates show earnings growing 11% to 25% and revenue growing 40% to 45% from 2008, MasTec said. The year 2009 will reflect a book tax rate of 25% to 26% compared with 2% for 2008, MasTec said. MasTec agreed to acquire Wanzek Construction Inc. of Fargo, N.D. In addition to the purchase price, MasTec said it would assume $15 million of Wanzek debt.
Sharp cuts fiscal year net profit forecast to $580.3 million(5:12 am ET)
HONG KONG (MarketWatch) -- Sharp Corp. (JP:6753: news, chart, profile) Monday downgraded its profit outlook for the current fiscal year ending in March, citing disappointing sales of cellular telephone handsets and weakness in liquid crystal display panel prices. The Osaka-based firm lowered its group net profit outlook to 60 billion yen ($580.3 million) from its earlier estimate of 105 billion yen in late April. Operating profit was revised to 130 billion yen from 195 billion yen and sales were targeted at 3.42 trillion yen from 3.6 trillion yen previously.

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Tuesday, Oct. 7
Toyota's 2008 operating profit expected to drop 40%: Nikkei (9:49 pm ET)
HONG KONG (MarketWatch) -- Toyota Motor Corp.'s (JP:7203: news, chart, profile) (TM: news, chart, profile) consolidated operating profit for the fiscal year ending in March is expected to decline 40% from its earlier forecast as the global financial crisis dampens global auto demand and higher commodity prices squeeze margins, according to a Japanese media report Wednesday. Toyota's consolidated operating profit is likely to amount to 1.3 trillion yen ($12.9 billion), down from its earlier forecast of 1.6 trillion yen, the Nikkei newspaper reported, without citing its source. The automaker is likely to have trouble achieving its global sales target of 9.5 million units, or about 25 trillion yen, because of falling demand in the U.S. and slower growth in China, the report said. Toyota's North American sales are likely to shrink to under 14 million units, from 16 million units a year earlier. Toyota shares were down 6.2% in late morning Tokyo trading.
Alcoa profit cut in half as aluminum prices fall(4:32 pm ET)
SAN FRANCISCO (MarketWatch) -- Aluminum giant Alcoa Inc. (AA: news, chart, profile) on Tuesday reported a third-quarter profit of $268 million, or 33 cents a share, down from $555 million, or 63 cents a share, a year ago when the company benefited from an asset sale. The most recent results include an after-tax charge of 4 cents a share relating to the curtailment of a smelter in Texas. Revenue fell to $7.23 billion from $7.39 billion a year ago. Analysts polled by FactSet Research were looking for a profit, on average, of 54 cents a share on sales of $7.27 billion. Alcoa warned that the profit squeeze from falling aluminum prices, shrinking demand and high input costs will have a greater impact going forward.
Yum quarterly profit up 4.4%, backs 2008 outlook(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Fast-food operator Yum Brands Inc. (YUM: news, chart, profile) late Tuesday reported its third-quarter profit rose 4.4% from a year ago. The company backed its 2008 profit outlook. Yum said it earned $282 million, or 58 cents a share, compared with a profit of $270 million, or 50 cents a share, in the year-earlier period. Yum said a favorable tax rate and a 10% reduction in its diluted common shares outstanding helped to offset a weak U.S. operating profit. For the quarter ended Sept. 6, sales rose 11% to $2.8 billion. Yum operates KFC, Pizza Hut, Taco Bell and Long John Silver's. Yum shares closed Tuesday at $27.50, down 81 cents. Year-to-date, the stock is down 28%.
Sealy third-quarter net income falls to 12 cents a share (4:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Sealy Corp. (ZZ: news, chart, profile) late Tuesday reported its third-quarter net income slid to $10.9 million, or 12 cents a share, nearly halved from $21.5 million, or 22 cents a share, in the third quarter last year. Revenue decreased to $405 million from $446.4 million in the same period a year ago, the Trinity, N.C.-based bedding products manufacturer said. Analysts surveyed by FactSet Research, on average, had forecast earnings of 9 cents a share on revenue of $394.3 million. The company did not provide an outlook for the quarters ahead but noted that it expects market weakness and cost pressures to continue in the near term.
Energy shares rebound with broad market(9:38 am ET)
NEW YORK (MarketWatch) -- Energy shares rebounded with the broad market on Tuesday. The Amex Oil Index (XOI: news, chart, profile) rose 1.7% to 1,039. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1.8% to 437. Total SA (TOT: news, chart, profile) rose 5.7% to $56.20 as a leading gainer among oil producers. Exxon Mobil (XOM: news, chart, profile) rose 71 cents to $78.03. Devon Energy (DVN: news, chart, profile) and Chesapeake (CHK: news, chart, profile) both rose about 3%. Crude prices jumped $3.48 to $91.29.
Safeway net income climbs 2.6%, reiterates 2008 profit (9:11 am ET)
NEW YORK (MarketWatch) -- Safeway Inc. (SWY: news, chart, profile) said Tuesday third-quarter net income for the three months ended Sept. 6 rose 2.6% to $199.7 million, or 46 cents a share, from $194.6 million, or 44 cents a share in the year-ago period. Revenue at the Pleasonton, Calif. supermarket chain rose to $10.17 billion from $9.78 billion. Analysts expected earnings of 48 cents a share and revenue of $10.04 billion, on average, according to a survey by FactSet Research. Safeway said it continues to expected 2008 earnings of $2.25 to $2.35 a share, compared to the Wall Street target of $2.25 a share.
Acuity Brands posts quarterly profit decline, sets job cuts(8:21 am ET)
NEW YORK (MarketWatch) -- Acuity Brands Inc. (AYI: news, chart, profile) said Tuesday that its fiscal fourth-quarter net income fell to $41.9 million, or $1.02 a share, from $51.5 million, or $1.16 a share, in the year-ago period. On a continuing operations basis, it earned $1.02 a share compared with 97 cents a share a year earlier. Net sales declined to $522.8 million from $540.4 million. The company also said it is accelerating its plan to streamline operations, which includes workforce reductions of about 800 positions.
Illinois Tool Works see lower third-quarter profit(8:14 am ET)
NEW YORK (MarketWatch) -- Illinois Tool Works Inc. (ITW: news, chart, profile) on Tuesday said it expects lower third-quarter profit because of a slowdown in its North American business in September. The Glenview, Ill. company now forecasts third-quarter income from continuing operations of 82-86 cents a share, compared to third-quarter adjusted income per share from continuing operations of 84 cents a share. Excluding discontinued operations, the company expects third quarter earnings of 86 to 90 cents a share.
Frontier Air September traffic down, load factor up(5:25 am ET)
TEL AVIV (MarketWatch) -- Frontier Airlines Holdings Inc., (FRNTQ: news, chart, profile) the Denver carrier, said late on Monday that in September, its mainline traffic fell 8.3% from the year-earlier month, to 711.9 million revenue passenger miles. A revenue passenger mile is one paying passenger carried one mile. Revenue per seat mile rose 15% to 8.78 cents. The load factor -- the percentage of its planes filled with paying passengers -- averaged 82.8%, or 4.9 percentage points wider than the figure in September 2007.
F5 sees Q4 revenue $171.3 mln; to meet or exceed net view (3:22 am ET)
TEL AVIV (MarketWatch) -- F5 Networks Inc., (FFIV: news, chart, profile) the Seattle provider of solutions to enable fast and secure delivery of applications to network users, estimated fiscal fourth-quarter revenue at $171.3 million, compared with its earlier estimate of $172 million to $174 million. For the quarter ended Sept. 30, the company estimated that it would meet or exceed its earnings targets on both a reported and adjusted basis, F5 Networks said. A survey of analysts by FactSet Research produced consensus estimates for the quarter of 27 cents of profit on $172.9 million of revenue. The results reflect, among other things, "a sharp slowdown in Europe during the last week of September," offset in part by "a slight rebound in Japan and U.S. federal revenues and by strong demand" for new entry-level products, President and Chief Executive John McAdam said in a statement. In the quarter, F5 bought back $50 million of its stock and ended the period with $450 million of cash and investments.
Munich Re reiterates earnings target(2:37 am ET)
LONDON (MarketWatch) -- German reinsurance group Munich Re (DE:843002: news, chart, profile) on Tuesday reiterated its mid-term goal of achieving earnings per share of 18 euros ($24.3) in 2010. Speaking on the market turmoil of recent days, CEO Torsten Jeworrek said "The re-evaluation of risks will be reflected in greater demand for cover from financially strong insurers and reinsurers like us, and in a markedly higher overall price level for reinsurance protection." The group also confirmed its commitment to achieving a return on risk-adjusted capital of at least 15% over the cycle.
Monday, Oct. 6
Sharp sees fiscal 2008 profit off 41% on cell phones: Nikkei(8:23 pm ET)
NEW YORK (MarketWatch) -- Sharp Corp. (SHCA.Y: news, chart, profile) said Monday that it now expects consolidated net profit to decline 41% on year to 60 billion yen ($590 million) for the 12 months ending March 2009, Nikkei reported, citing cell-phone business woes. The projection compares to an earlier forecast of a 3% increase, the report said.
Energy stocks rise off lows for the session(4:03 pm ET)
NEW YORK (MarketWatch) -- Energy stocks rose from lows earlier in the day, but still rang up big losses on Monday. The Amex Oil Index (XOI: news, chart, profile) closed at 1,018, down 4%, but reclaiming the 1,000 level after falling more than 10%.

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Wednesday, Oct. 8
Energy shares retreat ahead of weekly inventory data(9:38 am ET)
NEW YORK (MarketWatch) -- Energy shares fell with the broad market on Wednesday ahead of weekly inventory data and as crude futures fell below $88 a barrel. The Amex Oil Index (XOI: news, chart, profile) fell 1.3% to 947. The Amex Natural Gas Index (XNG: news, chart, profile) gave up 3% to 387. Sector leader Exxon Mobil (XOM: news, chart, profile) rose 43 cents to $76.50. Chevron (CVX: news, chart, profile) , a component of the Dow Jones Industrial Average along with Exxon, rose 3 cents to $73.38. Wall Street expects a 2.2 million barrel increase in petroluem inventories in the past week and an increase of 1.5 million barrels of gasoline, according to estimates reported by Susquehanna Financial.
Saks sees same store sales drop more than 10%(8:46 am ET)
NEW YORK (MarketWatch) -- Saks Inc. (SKS: news, chart, profile) said Wednesday that same store sales for the five weeks ending Oct. 4 dropped 10.9%. Total sales for the period dropped 11.1%, to $273.2 million. "Sales for September were below management's expectations," said Saks in a statement. "Management anticipates the extremely challenging economic environment will continue for the balance of the fiscal year and that comparable store sales for the second half of the fiscal year will fall below its previous expectation of flat to a low-single digit decline."
J.C. Penney posts same-store sales decline, cuts profit view(8:39 am ET)
NEW YORK (MarketWatch) -- J.C. Penney Co. (JCP: news, chart, profile) said Wednesday that its September sales at stores open at least one year fell 12.4%. Analysts, on average, had expected same-store sales to fall 9.9%, according to Thomson Reuters. Total company sales in September fell 10.9%. The retailer cut its third-quarter profit forecast to a range of 50 to 60 cents a share, from its previous view of 70 to 75 cents a share. Analysts polled by FactSet Research were, on average, expecting the company to report a profit of 74 cents a share.
Kohl's Corp. September same-store sales fall 5.5%(8:34 am ET)
NEW YORK (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) said September same-store sales fell 5.5%, compared to the Thomson Reuters estimate for a fall of 6.1%. Total sales rose 0.6%. The Menomonee Falls, Wis. retailer said it expects third-quarter net income at the low end of its forecast of 51 cents to 56 cents a share.
Monsanto reports jump in annual net income(8:32 am ET)
NEW YORK (MarketWatch) -- Monsanto Company (MON: news, chart, profile) reported on Wednesday a near-doubling of its net income in 2008, to $2 billion. The firm had 2007 net income of $993 million. Earnings per share for 2008 were $3.62 on an as-reported basis and $3.64 on an ongoing basis. Earnings per share for 2007 were $1.79. Monsanto said it had record sales of $11.4 billion in 2008, 36% higher than 2007. Monsanto also reported a fourth quarter net loss of $172 million Wednesday, compared to a net loss of $210 million for the fourth quarter of 2007. Loss per share for the fourth quarter was 31 cents on an as-reported basis and 3 cents on an ongoing basis. In the fourth quarter of 2007, loss per share was 39 cents.
The Wet Seal Sept. same-store sales off 7.5%(7:08 am ET)
NEW YORK (MarketWatch) -- The Wet Seal (WTSLA: news, chart, profile) said Wednesday that September same-store sales fell 7.5%. Total sales dipped 3.2% to $51 million. Analysts surveyed by Thomson Financial forecast a loss of 7.3% in September same-store sales. The Foothill Ranch, Calif. retailer continues to expect third-quarter net income of 5 cents a share to 7 cents a share.
Mothers Work widens loss estimate, reports sales fall(6:07 am ET)
LONDON (MarketWatch) -- Mothers Work (MWRK: news, chart, profile) said September same-store sales fell 1.3%, or up 2.7% when adjusting for calendar shift, and warned its fourth-quarter loss would be more than previously forecast. Overall sales fell 6% to $43.7 million. The company noted a fall in Sears leased department sales after closing them all in June as well as closures from Hurricanes Ike and Gustav. It says it will lose between 77 cents and 83 cents a share during the fourth quarter, including a 26-cents per share hit on the retirement of Dan Matthias as CEO, or an adjusted loss between 42 cents and 48 cents a share. It previously guided to an adjusted loss between 23 cents and 39 cents a share.
Costco's profit and sales rise(3:43 am ET)
HONG KONG (MarketWatch) - Costco Wholesale Corp. (COST: news, chart, profile) said Wednesday its fiscal fourth-quarter net income rose to $397.8 million, or 90 cents a share, from $372.4 million, or 83 cents a share, in the year-ago period. The results for the most recent quarter ended Aug. 31 included 7 cents a share in charges, and the year-earlier figure included 8 cents a share in charges, the company said. Net sales rose to $22.63 billion from $20.09 billion. Total revenue, which includes membership fees, rose to $23.1 billion from $20.48 billion. Analysts, on average, expected the warehouse club-operator to earn 92 cents a share, according to FactSet Research. For the month of September, Costco said sales at stores open at least one year rose 7% for the total company, with an 8% gain in the U.S. and a 2% increase internationally. Analysts polled by Thomson Reuters expected same-store sales for the month to rise 7.5%, on average.

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Thursday, Oct. 9
Prudential: Operating income hurt by market conditions(3:47 pm ET)
SAN FRANCISCO (MarketWatch) -- Prudential Financial Inc. (PRU: news, chart, profile) on Thursday said it expects third-quarter adjusted operating income of 60 cents to 90 cents a share for its financial services unit due to the recent financial market turmoil. The outlook includes a negative pre-tax impact of about $700 million from amortization costs, charges related to investment in fixed income and equity investment funds and other expenses. Prudential also expects third-quarter investment losses of $325 million and $375 million, including losses and impairments on holdings of securities issued by Lehman Brothers and Washington Mutual (WM: news, chart, profile) . At the same time, the company is suspending all buyback of common shares effective Friday. The company said it believes it has the liquidity to meet requirements at the parent company and at all subsidiaries and its fund needs will be modest until the end of the year.
Chico's FAS says September same-store sales tumble 15.6%(8:40 am ET)
NEW YORK (MarketWatch) -- Chico's FAS Inc. (CHS: news, chart, profile) said Thursday that its September sales at stores open at least one year fell 15.6%. Analysts, on average, had expected same-store sales to decline 18.5%, according to Thomson Reuters. Net sales for the five weeks ended Oct. 4 fell 9.3% to $159.5 million. "Our disappointing September sales results reflect the deteriorating macro economic environment," said Chairman and Chief Executive Officer Scott Edmonds. "This, combined with the unstable financial markets, has caused us to essentially withdraw our previous earnings outlook for the second half of this year as predictability of future results is extremely difficult at this time."
RPM International profit up 1.8%, sees tough year ahead(6:43 am ET)
LONDON (MarketWatch) -- Specialty coatings and sealants manufacturer RPM International Inc. (RPM: news, chart, profile) on Thursday reported a 1.8% rise in fiscal first quarter profit as it also said it's likely to face a tougher year than previously anticipated. The group said net profit for the quarter rose to $69.5 million, or 54 cents a share, from $68.3 million, or 53 cents a share a year earlier. Sales for the quarter grew 5.9% to $985.5 million. Analysts polled by FactSet had been expecting earnings of 52 cents a share in the quarter. RPM said the deterioration in the broader economy suggests the remainder of the fiscal year will be more volatile and difficult than previously though. The company said it's expecting earnings for the year of $1.75 to $1.85 a share.
Stage Stores warns as same-store sales slump 13.6%(6:10 am ET)
LONDON (MarketWatch) -- Stage Stores (SSI: news, chart, profile) said comparable store sales tumbled 13.6% in September, leading it to issue a profit warning. Analysts polled by Thomson Reuters had expected a 4% drop. The retailer said because of the anticipated sales shortfall and the increased pressure on gross margin to drive sales, its third quarter earnings will "significantly miss" the low end of its profit view of a one cent per share loss to a 5 cents a share profit. Stage Stores also is going to undertake a review of the carrying value of goodwill that could lead to a charge.
WH Smith profit dips, margin improves(2:58 am ET)
LONDON (MarketWatch) -- U.K. books and stationery retailer WH Smith (UK:SMWH: news, chart, profile) said Thursday that its net profit for the fiscal year ended Aug. 31 fell 1.7% to 59 million pounds from 60 million pounds as revenue rose 4% to 1.35 billion pounds. The group said comparable sales were down 2%, while gross margin improved 1.2 percentage points. The company said that given the current consumer environment it is expecting a "competitive" Christmas trading season and has planned accordingly. It added Finance Director Alan Stewart has indicated his intention to leave the company to pursue other interests and he will be replaced by Robert Moorhead, head of finance for the retail business.
Wood Group says demand has remained high(2:25 am ET)
LONDON (MarketWatch) -- Energy services company John Wood Group Plc (UK:WG: news, chart, profile) said Thursday that demand for its services has remained high despite the significant volatility in financial, commodity and currency markets. "We believe that our oil & gas customers' major development decisions are based on their assessment of longer term oil prices, and they are committed to long term investment programmes," the group said. Wood Group added that its overall funding position remains strong, with bank facilities of around $1 billion committed to July 2010.
Wednesday, Oct. 8
Energy shares retreat ahead of weekly inventory data(9:38 am ET)
NEW YORK (MarketWatch) -- Energy shares fell with the broad market on Wednesday ahead of weekly inventory data and as crude futures fell below $88 a barrel. The Amex Oil Index (XOI: news, chart, profile) fell 1.3% to 947. The Amex Natural Gas Index (XNG: news, chart, profile) gave up 3% to 387. Sector leader Exxon Mobil (XOM: news, chart, profile) rose 43 cents to $76.50. Chevron (CVX: news, chart, profile) , a component of the Dow Jones Industrial Average along with Exxon, rose 3 cents to $73.38. Wall Street expects a 2.2 million barrel increase in petroluem inventories in the past week and an increase of 1.5 million barrels of gasoline, according to estimates reported by Susquehanna Financial.
Saks sees same store sales drop more than 10%(8:46 am ET)
NEW YORK (MarketWatch) -- Saks Inc. (SKS: news, chart, profile) said Wednesday that same store sales for the five weeks ending Oct. 4 dropped 10.9%. Total sales for the period dropped 11.1%, to $273.2 million. "Sales for September were below management's expectations," said Saks in a statement. "Management anticipates the extremely challenging economic environment will continue for the balance of the fiscal year and that comparable store sales for the second half of the fiscal year will fall below its previous expectation of flat to a low-single digit decline."
J.C. Penney posts same-store sales decline, cuts profit view(8:39 am ET)
NEW YORK (MarketWatch) -- J.C. Penney Co. (JCP: news, chart, profile) said Wednesday that its September sales at stores open at least one year fell 12.4%. Analysts, on average, had expected same-store sales to fall 9.9%, according to Thomson Reuters. Total company sales in September fell 10.9%. The retailer cut its third-quarter profit forecast to a range of 50 to 60 cents a share, from its previous view of 70 to 75 cents a share. Analysts polled by FactSet Research were, on average, expecting the company to report a profit of 74 cents a share.
Kohl's Corp. September same-store sales fall 5.5%(8:34 am ET)
NEW YORK (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) said September same-store sales fell 5.5%, compared to the Thomson Reuters estimate for a fall of 6.1%. Total sales rose 0.6%. The Menomonee Falls, Wis. retailer said it expects third-quarter net income at the low end of its forecast of 51 cents to 56 cents a share.
Monsanto reports jump in annual net income(8:32 am ET)
NEW YORK (MarketWatch) -- Monsanto Company (MON: news, chart, profile) reported on Wednesday a near-doubling of its net income in 2008, to $2 billion. The firm had 2007 net income of $993 million. Earnings per share for 2008 were $3.62 on an as-reported basis and $3.64 on an ongoing basis. Earnings per share for 2007 were $1.79. Monsanto said it had record sales of $11.4 billion in 2008, 36% higher than 2007. Monsanto also reported a fourth quarter net loss of $172 million Wednesday, compared to a net loss of $210 million for the fourth quarter of 2007. Loss per share for the fourth quarter was 31 cents on an as-reported basis and 3 cents on an ongoing basis. In the fourth quarter of 2007, loss per share was 39 cents.
The Wet Seal Sept. same-store sales off 7.5%(7:08 am ET)
NEW YORK (MarketWatch) -- The Wet Seal (WTSLA: news, chart, profile) said Wednesday that September same-store sales fell 7.5%. Total sales dipped 3.2% to $51 million. Analysts surveyed by Thomson Financial forecast a loss of 7.3% in September same-store sales. The Foothill Ranch, Calif. retailer continues to expect third-quarter net income of 5 cents a share to 7 cents a share.
Mothers Work widens loss estimate, reports sales fall(6:07 am ET)
LONDON (MarketWatch) -- Mothers Work (MWRK: news, chart, profile) said September same-store sales fell 1.3%, or up 2.7% when adjusting for calendar shift, and warned its fourth-quarter loss would be more than previously forecast. Overall sales fell 6% to $43.7 million. The company noted a fall in Sears leased department sales after closing them all in June as well as closures from Hurricanes Ike and Gustav. It says it will lose between 77 cents and 83 cents a share during the fourth quarter, including a 26-cents per share hit on the retirement of Dan Matthias as CEO, or an adjusted loss between 42 cents and 48 cents a share. It previously guided to an adjusted loss between 23 cents and 39 cents a share.
Costco's profit and sales rise(3:43 am ET)
HONG KONG (MarketWatch) - Costco Wholesale Corp. (COST: news, chart, profile) said Wednesday its fiscal fourth-quarter net income rose to $397.8 million, or 90 cents a share, from $372.4 million, or 83 cents a share, in the year-ago period. The results for the most recent quarter ended Aug. 31 included 7 cents a share in charges, and the year-earlier figure included 8 cents a share in charges, the company said. Net sales rose to $22.63 billion from $20.09 billion. Total revenue, which includes membership fees, rose to $23.1 billion from $20.48 billion. Analysts, on average, expected the warehouse club-operator to earn 92 cents a share, according to FactSet Research. For the month of September, Costco said sales at stores open at least one year rose 7% for the total company, with an 8% gain in the U.S. and a 2% increase internationally. Analysts polled by Thomson Reuters expected same-store sales for the month to rise 7.5%, on average.

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Friday, Oct. 10
Torchmark sees quarterly profit down to 72 cents a share (1:58 pm ET)
SAN FRANCISCO (MarketWatch) -- Torchmark Corp. (TMK: news, chart, profile) on Friday said it expects its third-quarter net income to fall to 72 cents a share from $1.41 a share in third quarter of 2007. The decline is due to a $70 million charge from a writedown of debt issued by AIG, Lehman Brothers and Washington Mutual. Analysts surveyed by FactSet Research are projecting the insurance holding company to earn $1.49 a share in the quarter. Net operating income in the third quarter is projected at $1.51 a share, up from $1.38 a share in the same period last year. Torchmark is scheduled to release third-quarter earnings on Oct. 22 after the market closes.
Lincoln Financial pre-announces third quarter profits(9:48 am ET)
NEW YORK (MarketWatch) -- Lincoln Financial Group (LNC: news, chart, profile) announced preliminary third-quarter results Friday, reporting expected profits between $120 million and $150 million, or 50 cents to 70 cents a share. Lincoln also said its board of directors has declared a quarterly dividend on common stock of 21 cents a share to be paid on Feb. 1, a cut from the 41.5 cents a share dividend paid in recent quarters. It said the cut would add about $50 million to capital each quarter. "While external conditions have pressured our earnings and stock price and have led to higher asset impairments, our liquidity position is strong both at the holding company and within our insurance operations," said Dennis Glass, president and chief executive officer.
Progressive posts losses for September and quarter(9:22 am ET)
NEW YORK (MarketWatch) -- Progressive Corp. (PGR: news, chart, profile) reported losses Friday for September and the third quarter. Net loss for the month was $630.8 million, or 95 cents a share. For the quarter, Progressive suffered a $684.2 million loss, or $1.03 cents a share. In the third quarter of 2007, Progressive reported net income of $299.2 million, or 42 cents a share.
Compuware's second-quarter profit to miss expectations(9:18 am ET)
NEW YORK (MarketWatch) -- Compuware Corp. (CPWR: news, chart, profile) said Friday that it expects to report second-quarter profit of about 8 cents a share on revenue of $268 million. On average, analysts polled by FactSet Research had expected the company to earn 15 cents a share on revenue of $308.8 million. "The current economic volatility has certainly extended buying cycles for businesses around the globe and unfortunately had a negative impact on the quarter," said Bob Paul, Compuware's president and chief operating officer. "Despite this difficult environment, I remain very optimistic about Compuware's future. I continue to believe that we will achieve our financial guidance for the year."
Brinker to post up to 35% drop in 1st-period share net(6:49 am ET)
TEL AVIV (MarketWatch) -- Brinker International Inc., (EAT: news, chart, profile) the Dallas operator of restaurants including Chili's, On the Border, Maggiano's and Romano's, estimated fiscal first-quarter per-share earnings fell as much as 35%. For the quarter ended Sept. 24, the company estimated late on Thursday that net income would range 22 cents to 23 cents a share, compared with 34 cents in the year-earlier period. Adjusted profit, before special items and excluding Macaroni Grill, is seen at 19 cents to 20 cents, down as much as 46% from the year-earlier 35 cents. Comparable-restaurant sales fell 4% in the latest quarter, or 3% excluding Macaroni Grill, Brinker said. Brinker now sees fiscal 2009 adjusted earnings falling 15% to 25% from fiscal 2008. It had previously estimated growth of 8% to 10%. Fiscal 2009 comparable-restaurant sales should decline 2% to 4%, Brinker estimated. Brinker had said in August that it agreed to sell a majority interest in Romano's Macaroni Grill to an affiliate of Golden Gate Capital for $131.5 million.
GE meets lowered outlook as profit drops 22%(6:37 am ET)
LONDON (MarketWatch) -- General Electric (GE: news, chart, profile) on Friday posted third-quarter results in line with the lowered outlook it gave in September. GE's net income dropped 22% to $4.31 billion, or 43 cents a share. From continuing operations, it earned 45 cents a share; GE had guided for earnings between 43 cents and 48 cents a share. Revenue rose 11% to $47.23 billion. GE said industrial growth should continue, and said the total orders backlog is up 20% to $170 billion. It added it's on track to earn roughly $20 billion this year.
Update: Host Hotels sees '08 net 81c-86c, margins to ease(6:33 am ET)
TEL AVIV (MarketWatch) -- Host Hotels & Resorts Inc., (HST: news, chart, profile) the Bethesda, Md., real-estate-investment trust focused on lodging, estimated it would earn 81 cents to 86 cents a share for fiscal 2008. Three analysts surveyed by FactSet Research produced a consensus estimate of 86 cents of profit for the year. Funds from operations are seen at $1.75 to $1.80 for the year. Operating-profit margins should narrow 2.8 to 3.2 percentage points from fiscal 2007; comparable hotel operating margins should shrink 1 point to 1.25 points, Host estimated. Comparable revenue per available room is expected to fall 3% to 5% for the fourth quarter; for the year the figure should range from flat with to down 1% from the year-earlier level, Host said. (Adds estimates of revenue per available room.)
Host Hotels 3rd-period net off 44%, FFO down 18%(6:19 am ET)
TEL AVIV (MarketWatch) -- Host Hotels & Resorts Inc., (HST: news, chart, profile) the Bethesda, Md., real-estate-investment trust focused on lodging, reported fiscal third-quarter net income fell 44% on 2.4% lower revenue. In the quarter ended Sept. 5, earnings fell to $54 million from $97 million in the year-earlier period. Net income available to common-stock holders fell 45% to $52 million, or 10 cents a share, from $95 million, or 18 cents, in the year-earlier period. The latest period included a gain of 2 cents a share from disposal of hotels. Revenue slipped to $1.17 billion from $1.2 billion. Host's third-period funds from operations, a closely watched metric among REITs, fell 18% to 31 cents a share. Comparable hotel revenue per available room fell 2.1% in the quarter.
Zhongpin raises earnings, revenue guidance(6:14 am ET)
LONDON (MarketWatch) -- Chinese meat and food processing company Zhongpin Inc. (HOGS: news, chart, profile) on Friday raised its earnings and revenue guidance for 2008, helped by lower pork prices and additional capacity at a new plant. The group said it now expects 2008 earnings of $1.15 to $1.19 a share, compared to its previous forecast of 98 cents to 41.07 a share. The group also said it is forecasting revenue of $550 million to $570 million, up from a previous forecast of $490 million to $520 million.
Asyst and suitor Aquest break off takeover talks(6:02 am ET)
TEL AVIV (MarketWatch) -- Asyst Technologies Inc., (ASYT: news, chart, profile) the Fremont, Calif., provider of automation solutions to producers of computer chips and flat-panel displays, said talks under which it might have been acquired by Aquest Systems Corp. have ended. In July, Aquest approached Asyst with a proposal to pay $6.50 a share for the company, a 66% premium to Asyst's share price at the time. Asyst shares closed on Thursday at $1.25, valuing the company at about $63 million. Late on Thursday, Asyst said Aquest, the closely held Sunnyvale, Calif., provider of automation equipment for the semiconductor industry, was "unable to assemble and submit a transaction proposal" to buy Asyst. In the second quarter ended Sept. 30, Asyst booked $110 million of new orders, up from $63 million in the fiscal first quarter. And in the first week of its third quarter, Asyst received $30 million of additional orders related to a new semiconductor fabrication plant in Asia, it said. The company also said it and Key Bank (KEY: news, chart, profile) agreed to amend the company's credit line.
Infosys profit up 17.3%, but shares drop after forecast cut(1:06 am ET)
HONG KONG (MarketWatch) -- Infosys Technologies (INFY: news, chart, profile) Friday reported a 17.3% growth in quarterly profits, helped by addition of new clients and stable billing rates, but its shares slumped after the Indian software company reduced its revenue and earnings-per-share estimates. Net income for the July-September period increased to $318 million, or 56 cents, from $271 million in the year-earlier quarter. The company lowered its EPS forecast for the year ending March 31 to $2.24 per American Depositary Share from at least $2.32 per ADS. It also cut its revenue forecast to a minimum of $4.72 billion from $4.97 billion predicted earlier. Infosys shares fell 6.9% in Mumbai morning trading.

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Monday, Oct. 13
Travelers reveals $1 billion catastrophe losses (8:28 am ET)
NEW YORK (MarketWatch) -- The Travelers Companies Inc. (TRV: news, chart, profile) announced Monday its initial estimate for catastrophe losses in the third quarter. It said the losses, primarily due to Hurricanes Ike, Gustav and Dolly, is about $1.05 billion pre-tax, $690 million after tax. Travelers also unveiled net realized investment losses in the third quarter of $170 million pre-tax, $115 million after tax. It said that figure included impairments of $67 million pre-tax, $44 million after tax, due to securities issued by Lehman Brothers Holdings (LEHMQ: news, chart, profile) .
Hang Seng Index soars 9.9% in late afternoon trading(3:38 am ET)
HONG KONG (MarketWatch) -- Hong Kong stocks shot sharply higher in afternoon trading Monday, recouping some of the steep losses from the previous week amid efforts by governments around the world to find a solution to the global financial crisis. The Hang Seng Index surged 9.9% to 16,259.48 in late afternoon trading, while the Hang Seng China Enterprises Index flared up 12.6% to 8,033.22. Castor Pang, a strategist at Sun Hung Kai Financial, attributed the surge to short-covering, adding the rebound didn't signal a change in the trend as it wasn't support by strong trading volumes.
B/E Aerospace cuts earnings goals on airline traffic fall(2:51 am ET)
LONDON (MarketWatch) -- B/E Aerospace (BEAV: news, chart, profile) lowered its guidance for the fourth quarter of 2008, 2009 and 2010, citing airline traffic falls. The aircraft cabin interior maker expects fourth-quarter adjusted earnings of 50 cents a share, 2009 earnings of $2 a share and earnings for 2010 that will be "higher" than 2009. For the third quarter, it expects "strong" adjusted earnings of 58 cents a share. Analysts polled by FactSet expected third-quarter earnings of 54 cents a share, fourth quarter EPS of 57 cents, 2009 EPS of $2.84 and 2010 EPS of $3.55.

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Tuesday, Oct. 14
CSX posts lower net but operating profit jumps 40% (5:28 pm ET)
SAN FRANCISCO (MarketWatch) -- CSX Corp. (CSX: news, chart, profile) reported late Tuesday third-quarter net income fell to $382 million, or 94 cents a share, from $407 million, or 91 cents, a year ago. The year-ago results included a $110 million one-time tax benefit. Excluding the tax benefit, earnings from continuing operations rose 40% to $382 million, or 94 cents a share, from $297 million, or 67 cents, in the year-ago period. Revenue for the three months ended Sept. 26 rose 18% to $2.96 billion. Analysts polled by FactSet had predicted the railroad would earn 93 cents a share on $2.88 billion in revenue. Shares of Jacksonville, Fla.-based CSX fell 3.5% to close at $48.14 ahead of the report.
Genentech reports higher third-quarter earnings(4:17 pm ET)
BOSTON (MarketWatch) -- Genentech Inc. (DNA: news, chart, profile) late Tuesday reported that third-quarter net income grew to $731 million, or 68 cents a share, from $685 million, or 64 cents a share, for the same quarter in 2007. Revenue for the biotech group increased to $3.4 billion, up from $2.9 billion the previous year. Excluding various items, Genentech would have reported adjusted earnings per share of 81 cents, up from 73 cents. According to analysts, Wall Street had been looking for the company to post adjusted earnings of 88 cents a share, on revenues of $3.35 billion.
Credit Agricole says it does not need more capital(11:55 am ET)
LONDON (MarketWatch) -- French bank Credit Agricole (FR:004507: news, chart, profile) said Tuesday that it does not need to raise capital. The group said it had a Tier 1 capital ratio of 8.9% at the end of June after completing a 5.9 billion euro ($8.1 billion) rights issue and reporting a first-half profit of nearly 1 billion euros. CEO Georges Pauget said that, like other French banks, Credit Agricole wouldn't exclude using a government capital facility to refinance hybrid capital if it is advantageous in terms of cost.
Phosphate Holdings files $200 million IPO (10:17 am ET)
NEW YORK (MarketWatch) -- Phosphate Holdings Inc. on Tuesday filed to raise up to $200 million in an initial public offering with underwriters Goldman Sachs (GS: news, chart, profile) and Merrill Lynch (MER: news, chart, profile) . The fertilizer company did not yet specify which exchange would list its shares. Currently, the company trades on the OTC markets under the symbol PHOS.
Grainger shares gain ground on higher profit(9:53 am ET)
SAN FRANCISCO (MarketWatch) -- Grainger, Inc. (GWW: news, chart, profile) shares added almost 5% in early trades Tuesday after the facilities maintenance contractor reported a third-quarter profit improvement and raised its outlook for the full year. The Lake Forest, Ill.-based company posted a third-quarter profit of $140.0 million, or $1.79 a share, up from $109.2 million, or $1.29 a share, a year earlier. Sales rose to $1.84 billion from $1.66 billion. Analysts polled by FactSet Research were looking for earnings, on average, of $1.53 a share on sales of $1.8 billion. Grainger raised its 2008 outlook to a range of $6.00 to $6.20 a share. Wall Street previously forecast a profit of $5.87 a share.
Gazprom eyes role in Denali pipeline project in Alaska (9:30 am ET)
NEW YORK (MarketWatch) -- Officials from Russian energy giant Gazprom (UK:OGZD: news, chart, profile) on Tuesday reiterated interest in taking part in a pipeline project to transport natural gas from Alaska to the U.S. market, according to published reports. In a recent visit to Alaska, the world's largest gas producer discussed gas production, transport and supply with counterparts in the U.S., including ConocoPhillips (COP: news, chart, profile) CEO Jim Mulva. ConocoPhillips and BP (BP: news, chart, profile) have proposed the $30 billion Denali pipeline project to connect natural gas fields in the North Slope of Alaska to the lower 48 states.
BP strikes oil in deep waters of the Gulf of Mexico(9:15 am ET)
NEW YORK (MarketWatch) -- BP America Inc. (BP: news, chart, profile) said Tuesday it struck oil at its Freedom Prospect in the deepwater Gulf of Mexico in 6,100 feet of water. Appraisal will be required to determine the size and commerciality of the discovery in a well drilled to a total depth of more than 29,000 feet. Noble Energy Inc. (NBL: news, chart, profile) holds a 37.5% working interest, Samson Offshore Company holds 25% and Marathon Oil Company (MRO: news, chart, profile) hold a 12.5% working interest. The lease was acquired by Noble Energy and Samson Offshore at a federal lease sale in 2006.
CORRECT: Supervalu net income falls 14%(8:14 am ET)
NEW YORK (MarketWatch) - Supervalu (SVU: news, chart, profile) on Tuesday said second-quarter net income fell 14% to $128 million, or 60 cents a share, from $148 million, or 69 cents a share in the year-ago period. The latest period includes a charge of a penny a share. Sales for the three months ended Sept. 6 rose slightly to $10.23 billion from $10.16 billion. Analysts surveyed by FactSet Research forecast earnings of 70 cents a share on revenue of $10.11 billion, on average. The Minneapolis-based supermarket chain expects 2009 earnings of $2.90 to $3 a share, excluding one-time items, compared to the Wall Street target of $2.96 a share. (Corrects 2009 earnings estimate.)
Johnson & Johnson profit rises to $1.17 a share(7:53 am ET)
NEW YORK (MarketWatch) -- Johnson & Johnson (JNJ: news, chart, profile) said Tuesday its third-quarter profit totaled $3.31 billion, or $1.17 a share, from $2.55 billion, or 88 cents a share, in the same quarter a year before. Analysts had expected earnings on average of $1.11 a share, according to a FactSet Research survey. Revenue for the quarter was $15.92 billion compared to $14.97 billion in the year-ago period. Domestic sales increased 11.2%, while international sales increased 14.7%. The company also raised its 2008 profit forecast to $4.50 to $4.53 a share, excluding one-time charges, while the FactSet survey tips annual earnings at $4.50.
XL Capital sees third quarter loss of up to $6.17 a share (7:44 am ET)
NEW YORK (MarketWatch) -- Insurer XL Capital Corp (XL: news, chart, profile) said on Tuesday it expects to report a third quarter loss of $1.65 billion to $1.67 billion, or $6.08 a share to $6.17 a share. That compares to the profit of $328 million, or $1.82 a share in the year-ago period. The estimates include previously announced charges, including $1.4 billion of costs associated with its acquisition of Syncora Holdings Ltd. in August. The company added that during the third quarter it, "raised capital sufficient to pay for our Syncora solution, to withstand the historic economic turbulence and its effects on our investment portfolio in the quarter, and to cover the demands of our estimated third quarter hurricane losses."
Boston Scientific says it has access to about $3 billion(7:41 am ET)
NEW YORK (MarketWatch) -- Boston Scientific Corp. (BSX: news, chart, profile) said Tuesday that it currently has access to approximately $3 billion in cash, with approximately $1.7 billion on hand and access to about $1.3 billion of additional cash through its revolving bank credit facility. The company said that the recent volatility of the financial markets and of its own stock price "have had no noticeable effect on the financial strength or ongoing financial performance of the company." It also said it was moving up its earnings call one day earlier, to Oct. 22, in order to avoid scheduling conflicts with calls of two other major medical device companies.
Polaris Industries profit falls, ups 2008 view(7:36 am ET)
LONDON (MarketWatch) -- Polaris Industries Inc. (PII: news, chart, profile) , the Medina, MN.,-based builder and supplier of snowmobiiles, ATVs, motorcycles and associated apparel Tuesday said third-quarter net income fell to $37.7 million, or $1.13 a share, from $38.8 million, or $1.06 a share. Sales rose to $580 million, up 7%, on strong ATV sales. The company said it was raising its 2008 earnings view to $3.47 to $3.50 a share on sales growth between 10% and 11%. Analysts polled by FactSet had expected third-quarter earnings of $1.10 a share and 2008 earnings of $3.45 a share.
Meadwestvaco Corp. lowers business outlook (7:15 am ET)
NEW YORK (MarketWatch) -- Meadwestvaco Corp. (MWV: news, chart, profile) on Tuesday warned its third-quarter profit will come in below the year-ago figure of $121 million, or 66 cents a share. Analysts surveyed by FactSet have been forecasting earnings of 44 cents a share, on average, for the three months ended Sept. 30. The Richmond, Va. packaging giant said its combined business segment profits for the third quarter will be modestly above previous quarter level of 34 cents a share, but below third quarter levels. Meadwestvaco cited the impact of higher input cost inflation, lower volumes in its Consumer & Office Products unit and weakening demand in some packaging end markets.
Heidrick & Struggles cuts its 2008 sales forecast(7:10 am ET)
NEW YORK (MarketWatch) -- Heidrick & Struggles International Inc. (HSII: news, chart, profile) said Tuesday it was cutting its 2008 net revenue forecast to "approximately $630 million" from a previous range of between $650 million and $660 million. It also cut its operating margin projection to about 10% from an estimate of 13% earlier. Chief Executive Officer Kevin Kelly cited "the challenging, and in many respects unprecedented, economic environment in which we are operating," but said the Chicago-based consulting service was helped by its geographic and product diversity.
Johnson Controls says 2009 earnings to fall 10% to 16%(7:05 am ET)
LONDON (MarketWatch) -- Industrial company Johnson Controls, Inc. (JCI: news, chart, profile) said it expects earnings to decline 10% to 16% to between $1.95 and $2.10 a share in fiscal 2009, as it struggles with the difficult economic environment and lower auto sales. The guidance falls short of consensus forecasts for earnings of $2.47 a share, according to estimates compiled by FactSet Research. The company also said 2009 sales would decline 3% to $37 billion, again lower than consensus forecasts of $39.85 billion. Turning to the fourth quarter, Johnson Controls said it expects adjusted earnings of 73 cents a share, in line with its guidance of 72 cents to 74 cents a share.
Daimler to close two plants, cut 3,500 jobs in North America(6:17 am ET)
LONDON (MarketWatch) -- German car maker Daimler AG (DE:710000: news, chart, profile) (DAI: news, chart, profile) said Tuesday that its Daimler Trucks North America unit will close two plants, shed around 3,500 jobs and discontinue one of its brands in response to continued depressed demand across the industry. The group said it will stop making vehicles under the Sterling Trucks brand in March 2009. It added its St. Thomas, Ontario, plant will cease truck manufacturing at that time, and its Portland, Oregon, plant will also close in June 2010. Daimler said 2,300 workers at the plants will be affected by mid-2010, including 720 previously announced cuts, and the company also plans to reduce its salaried workforce by around 1,200 positions. The group said the plans will cost around $600 million and are expected to result in annual earnings improvements of $900 million by 2011.
British Sept. annual CPI jumps to 5.2%(4:39 am ET)
LONDON (MarketWatch) -- British consumer inflation surged 0.5% in September, boosting the annual rate to 5.2% -- the highest year-on-year reading since March 1992, the Office for National Statistics said Tuesday. The rise exceeded forecasts for a 0.4% monthly rise and a 5.1% annual jump. The rise puts the annual rate more than three percentage points above the government's official target of 2%. August inflation rose at an annualized 4.7%. Meanwhile, the core inflation measure, which excludes energy, food, alcohol and tobacco, rose 0.2% in September for a 2.2% annual rate.
Bellway profit falls 84%, focuses on conserving cash(2:40 am ET)
LONDON (MarketWatch) -- U.K. home builder Bellway (UK:BWY: news, chart, profile) said Tuesday that its net profit for the year ended July 31 fell 84% to 27 million pounds ($47 million) as revenue slipped 15% to 1.15 billion pounds. The group said completed sales fell to 6,556 from 7,638 a year earlier and the average selling price also dropped 2% to 169,700 pounds. Bellway said it will pay a final dividend of 6 pence a share, taking the total payout for the year to 24.1 pence, compared to 43.1 pence a year earlier. The group said its strategy is aimed primarily at conserving cash and reducing the cost base.
Burberry revenue climbs 20%, sees Spanish business weakening(2:31 am ET)
LONDON (MarketWatch) -- Fashion company Burberry Gruop (UK:BRBY: news, chart, profile) said Tuesday that its first-half revenue rose 20% to 539 million pounds from 449 million pounds, driven by strong growth in Europe, the Americas and Asia Pacific. Underlying revenue was up 13%. Only the company's Spanish operations showed a decline in revenue, which it attributed to low consumer confidence due to the weak economic environment. Burberry said it expects wholesale revenue to fall around 20% in Spain in the second half and it's therefore planning for overall wholesale revenue to be roughly flat in the period. Retail revenue should benefit from a 12% increase in selling space year-on-year in the second half.
Shanghai Pudong Bank to report Jan to Sept profit rose 150%(12:10 am ET)
HONG KONG (MarketWatch) -- Shanghai Pudong Development Bank Co., which is 3% held by Citibank, said Tuesday it expects net profit for the January through September period to likely climb 150% on year, owing to lower taxes and wider loan margins. The lender, which is based and traded in Shanghai, reported a net profit of 3.92 billion yuan ($574 million) in the first nine months last year. The bank will report earnings for the nine-month period Oct. 30.

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Wednesday, Oct. 15
Steel Dynamics nearly doubles profit (6:32 pm ET)
SAN FRANCISCO (MarketWatch) -- Steel Dynamics, Inc. (STLD: news, chart, profile) posted late Wednesday third-quarter net income of $193 million, or 98 cents a share, up from $100.6 million, or 53 cents, a year ago. Revenue for the three months ended Sept. 30 more than doubled to $2.56 billion from $1.16 billion a year ago. Analysts polled by FactSet had predicted the Fort Wayne, Ind.-based steelmaker would post earnings of $1.10 a share on $2.6 billion in revenue. Shares of the Steel Dynamics fell 18% to close at $7.33 ahead of the report. The stock is down 68% over the past 12 months.
UnitedHealth moves up release date for earnings(4:45 pm ET)
LOS ANGELES (MarketWatch) -- UnitedHealth Group (UNH: news, chart, profile) said late Wednesday that it would move up the date for its third-quarter earnings release by five days, from Oct. 21 to Thursday, Oct. 16. In a press release, UnitedHealth gave no reason for advancing its earnings report, saying only that Chief Executive Stephen J. Hemsley would discuss the results after their unveiling before the market opens. Amid a sharply down market, UnitedHealth shares ended trading Wednesday off 5.7% to $21.67.
Xilinx posts second-quarter profit decline(4:29 pm ET)
SAN FRANCISCO (MarketWatch) - Xilinx Inc. said Wednesday its fiscal second-quarter net income fell to $81.8 million, or 29 cents a share, from $89.7 million, or 30 cents a share in the same period a year earlier. That included special charges of $31.5 million, or the equivalent of 9 cents a share, Xilinx said. The San Jose, Calif.-based chipmaker (XLNX: news, chart, profile) said revenue for the period ended in September rose to $483.5 million, from $444.9 million. Analysts on average estimated Xilinx would post earnings of 36 cents a share for the quarter, on $482.4 million in revenue, according to FactSet Research.
EBay swings to profit following Skype charges(4:23 pm ET)
SAN FRANCISCO (MarketWatch) - EBay Inc. swung to a profit in the third quarter compared to the same period last year, when the online auction giant took a large write-off on its acquisition of Skype. On Wednesday afternoon, eBay (EBAY: news, chart, profile) reported net income of $492.2 million, or 38 cents a share, compared to a loss of $935.6 million, or 69 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 $592 million, or 46 cents a share, for the recent period. Revenue grew 12% to $2.12 billion. Analysts were expecting revenue of $2.14 billion and earnings excluding certain charges of 41 cents a share, according to consensus forecasts from FactSet Research.
Kinder Morgan Energy lifts profit, dividend (4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Kinder Morgan Energy Partners L.P. reported late Wednesday third-quarter net earnings of $329.8 million, or 48 cents a share, up from $213.8 million, or 24 cents, a year ago. Revenue for the three months ended Sept. 30 rose to $3.23 billion from $2.23 billion. Analysts polled by FactSet had predicted the Houston-based energy pipeline limited partnership would earn 58 cents a share on $3.4 billion in sales. The company increased its quarterly cash distribution per common share to $1.02 from 99 cents in the previous quarter and 88 cents a year ago. Kinder Morgan Energy shares fell $2.63, or 5.3%, ahead of the report to close at $47.12. The stock is down 9.4% over the past 12 months.
Chesapeake Energy leads losses in Amex Natural Gas Index(11:24 am ET)
NEW YORK (MarketWatch) -- Chesapeake Energy (CHK: news, chart, profile) led losses among components of the Amex Natural Gas Index (XNG: news, chart, profile) , with its shares down 19% to $17.57, still above its 52-week low of $11.99 on Oct. 10. Late Tuesday, the natural gas company said it expects fourth-quarter production of 197-201 billion cubc feet (Bcf). It also cut its 2009 production estimate to 893-913 Bcf, down from prior estimates of 943-963 Bcf. The company also expects 2010 natural gas production of 1,032-1,072 Bcf, down from prior estimates of 1,122-1,162 Bcf. Chesapeake expects total cash inflows of about $7.8 to $9 billion in 2009, down from its prior forecast for about $9.9 billion to $11.5 billion.
Marshall & Ilsley's third-quarter profit falls(8:57 am ET)
NEW YORK (MarketWatch) -- Marshall & Ilsley Corp. (MI: news, chart, profile) said Wednesday that it earned $83.1 million, or 32 cents a share, in the third quarter, compared to a profit of $219.9 million, or 83 cents a share, in the year-ago period. Analysts polled by FactSet Research had, on average, expected the firm to report earnings of 23 cents a share. The Milwaukee, Wis.-based company said the housing market's ongoing deterioration has continued to put stress on its construction and development portfolio.
Wells Fargo's net income falls 25%(8:15 am ET)
BOSTON (MarketWatch) -- Wells Fargo & Co. (WFC: news, chart, profile) , which is in an agreement to buy Wachovia Corp. (WB: news, chart, profile) , on Wednesday said its third-quarter net income fell 25% from the year-ago period to $1.64 billion. The San Francisco-based company said quarterly profit dropped to 49 cents a share from 64 cents a share. Total revenue rose 5% to $10.38 billion, Wells Fargo said. The bank raised its credit reserves by an additional $500 million, bringing the allowance for credit losses to $8 billion. Wells Fargo said it plans to complete its merger with Wachovia by year-end.
Hudson City Bancorp's third-quarter profit jumps(8:15 am ET)
NEW YORK (MarketWatch) -- Hudson City Bancorp (HCBK: news, chart, profile) said Wednesday that its third-quarter profit rose to $121.9 million, or 25 cents a share, from $74.4 million, or 15 cents a share, in the year-ago period. Analysts, on average, expected the company to earn 24 cents a share, according to FactSet Research. The company also said it is raising it quarterly dividend to 13 cents a share.
Trina Solar to meet or beat 2008 revenue estimate(8:09 am ET)
NEW YORK (MarketWatch) -- Trina Solar (TSL: news, chart, profile) said Wednesday it expects to meet or beat its 2008 revenue estimate of $850 million to $900 million. Operating profit margin in the third quarter is expected to be 15% to $17%, in line with company projections.
CORRECT: J.P. Morgan Chase net falls 85%(7:45 am ET)
NEW YORK (MarketWatch) -- J.P. Morgan Chase (JPM: news, chart, profile) said Wednesday its third-quarter net income for the three months ended Sept. 30 fell 85% to $527 million, or 11 cents a share from $3.4 billion, or 97 cents a share in the year-ago period. Revenue fell to $14.74 billion from $18.4 billion. The latest period include a charge of $1.2 billion to conform loan loss reserves and an extraordinary gain of $581 million related to the acquisition of Washington Mutual's banking operations, which closed on Sept. 25. Wall Street analysts expected a loss of 8 cents a share and revenue of $16.52 billion, according to a survey by FactSet Research. (Corrects earnings per share figure for year-ago net income.)
St. Jude Medical net income up 21%(7:42 am ET)
NEW YORK (MarketWatch) -- St. Jude Medical (STJ: news, chart, profile) on Wednesday said third-quarter net income rose 21% to $193 million, or 55 cents a share, from $160 million, or 46 cents a share in the year-ago period. Adjusted earnings in the latest period were 57 cents a share. Revenue rose 17% to $1.08 billion from $927 million. Analysts expected earnings of 57 cents a share and revenue of $1.08 billion, according to a survey by FactSet Research.
Coca-Cola posts higher third-quarter profit(7:16 am ET)
NEW YORK (MarketWatch) -- Coca-Cola Co. (KO: news, chart, profile) said Wednesday that its third-quarter net profit rose 14% to $1.89 billion, or 81 cents a share, from $1.65 billion, or 71 cents a share, in the year-earlier period. Net operating revenue for the quarter rose 9% to $8.39 billion. The beverage giant said that, adjusting for special items, earnings would have been 83 cents a share. Analysts polled by FactSet had been expecting earnings of 78 cents a share on revenue of $8.6 billion. The company said unit case volume increased 5% in the quarter, led by 7% growth in international markets, while North American volume fell 2%. It also said it's on track to deliver $400 million to $500 million in annualized savings from productivity initiatives by the end of 2011.
AmeriGas sees net $154 mln in '08, up to $170 mln in '09(7:11 am ET)
TEL AVIV (MarketWatch) -- AmeriGas Partners LP, (APU: news, chart, profile) the Valley Forge, Pa., retail marketer of propane, expects to report earnings of $154 million for fiscal 2008 ended Sept. 30. The partnership, held 44% by UGI Corp., (UGI: news, chart, profile) estimated earnings for fiscal 2009 in the range of $160 million to $170 million. AmeriGas issued the figures as part of a presentation to be delivered to investors and analysts at a meeting in New York on Wednesday.
UGI Corp. sees profit of $2.10 to $2.20 a shr in fiscal 2009(6:53 am ET)
WASHINGTON (MarketWatch) -- UGI Corp. (UGI: news, chart, profile) pegged projected earnings in the year ended Sept. 30 at about $2.00 a share. In addition, the company expects to generate earnings in a range of $2.10 to $2.20 a share in the fiscal year ending Sept. 30, 2009. The consensus profit estimates for fiscal 2008 and fiscal 2009 among three analysts as compiled by FactSet Research stand at $1.99 and $2.11 a share, respectively. Valley Forge, Pa.-based UGI's forecast for fiscal 2009 assumes normal winter weather patterns prevail, said Lon Greenberg, chairman and chief executive. UGI is a holding company with subsidiaries doing business in propane marketing, utility and energy marketing.
State Street's third-quarter earnings, sales rose(6:19 am ET)
LONDON (MarketWatch) -- State Street Corp. (STT: news, chart, profile) said third-quarter net income rose 33% to $477 million, or $1.09 a share, from $358 million, or 91 cents a share, earned in the year-earlier quarter. Excluding one-time items, earnings rose to $1.24 a share from $1.15 a share. Sales climbed 24% to $2.77 billion. Consensus forecasts were for earnings of $1.23 a share, according to a survey of analysts conducted by FactSet Research. The company said that due to "unprecedented market illiquidity" in the third quarter mark-to-market losses on its investments stood at $3.3 billion and asset-backed commercial paper losses at $2.1 billion. The company added it may take a pre-tax charge of $400 million to $450 million in the fourth quarter but said it still expects operating earnings growth at the high end of its 10% to 15% range for the year. State Street will also issue $2 billion of senior preferred shares to the U.S. Treasury along with warrants to purchase common stock with a total market price equal to about $300 million at the time of issuance.
Lufkin Industries profit climbs, ups 2008 view(6:16 am ET)
LONDON (MarketWatch) -- Lufkin Industries (LUFK: news, chart, profile) said third-quarter net income rose to $24.8 million, or $1.65 a share, from $19.1 million, or $1.26 a share. Sales rose 42% to $195 million, led by growth in its oilfield unit. Excluding a penny of one-time items, and the company's earnings came in ahead of FactSet-compiled estimates of $1.58 a share. It raised its 2008 earnings from continuing operations view to a range of $5.65 to $5.85 a share, up from $5.50 to $5.70.
Larsen & Toubro Q2 disappoints, shares drag on Sensex(3:36 am ET)
HONG KONG (MarketWatch) -- Shares of Larsen & Toubro tumbled nearly 10% in Mumbai trading Wednesday after the Indian engineering major reported a lower-than-expected 33% increase in fiscal second-quarter net income, dragging down the 30-stock Sensex. Larsen said its net income rose to 4.60 billion rupees ($94.3 million), or 15.74 rupees a share, in the July-September period, from 3.48 billion rupees in the same quarter a year earlier. Quarterly sales grew 40% to 76.82 billion rupees. Analysts polled by Factset Research expected a net income of 5.1 billion rupees on sales of 84.42 billion rupees. Larsen shares tumbled 9.7% in afternoon trading, dragging down the Sensex 4.2% to 10,998.80.
Autonomy profit more than doubles(2:58 am ET)
LONDON (MarketWatch) -- Infrastructure software firm Autonomy (UK:AU: news, chart, profile) said Wednesday that its third-quarter net profit more than doubled to $33.4 million, or 15 cents a share, from $12.2 million, or 6 cents a share, a year earlier. Revenue for the quarter rose 41% to $127.1 million. The group said adjusted earnings excluding one-time gains and losses were 17 cents a share for the quarter. The group said demand was driven by regulatory pressure on companies as the economic crisis has worsened. It added it's comfortable with the outlook for the rest of the year and sees a number of opportunities for 2009.
Renault group's September sales rose 1%(2:54 am ET)
TEL AVIV (MarketWatch) -- Renault's (RNSDY: news, chart, profile) (FR:013190: news, chart, profile) September sales rose 1% to 195,647 vehicles worldwide, the company said on Wednesday. The figure reflects sales at the group's three brands: Renault, which fell 2.6%, Dacia, which leaped 53%, and Renault Samsung, which fell 12.5%. In Europe, Renault group's market share widened by 0.4 percentage point to 8%, the company said. "Sales were resilient at 119,597 units (down 5%) in a market that fell 8.6% in September," a company statement said. Outside Europe, the group's sales rose 12% in the month.
KBC faces loss of more than $1.2 billion after write downs(2:40 am ET)
LONDON (MarketWatch) -- Belgian banking group KBC (BE:000356573: news, chart, profile) said Wednesday it will post a third-quarter net loss of between 880 million euros ($1.2 billion) and 930 million euros after taking a write-down of 1.6 billion euros on its portfolio of collateralized debt obligations. The group said Moody's Investor Service on Tuesday downgraded the credit ratings of a number of CDOs based on loss assumptions that are "far more stringent than any others before them." KBC said it has decided to apply this new ratings hypothesis to its entire CDO portfolio. The bank said its action would largely prevent its future results from being affected by future ratings downgrades. KBC added it continues to have a strong capital base and after the write-downs will still have a Tier 1 ratio for banking activities well above 8.5%.
BAE says trading meeting expectation, books gain from sales(2:29 am ET)
LONDON (MarketWatch) -- U.K. aerospace and defense group BAE Systems (UK:BA: news, chart, profile) said Wednesday that trading since the start of July has been in line with its expectations at the time of its half-year results. The group said it booked a gain of 132 million pounds ($230 million) on the completion of its BVT surface shipbuilding transaction and a further gain of 56 million pounds from the sale of its interest in Flagship Training Ltd. BAE said its earnings before interest, taxes, depreciation and amortization are benefiting from the recent strengthening of the dollar, but added the exchange rate move is having an adverse impact on its net cash/debt.

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Thursday, Oct. 16
Leggett & Platt profit falls by half, trims outlook (5:46 pm ET)
SAN FRANCISCO (MarketWatch) -- Leggett & Platt Inc. (LEG: news, chart, profile) reported late Thursday third-quarter net income of $32.7 million, or 20 cents a share, down from $65.7 million, or 37 cents, a year ago. Excluding one-time items, the company earned 34 cents a share from continuing operations. Revenue for the quarter ended Sept. 30 rose to $1.13 billion from $1.09 billion. Analysts polled by FactSet Research predicted the engineed parts maker would post per-share earnings of 30 cents on $1.05 billion in revenue. The company, citing weak market demand, said it expects to earn $1 to $1.15 a share for the full year, down from $1.10 to $1.40 estimated in July. Leggett & Platt shares closed at $18.57 ahead of the report, up 6.7% for the day.
Zions quarterly net income falls 72%(4:36 pm ET)
SAN FRANCISCO (MarketWatch) -- Zions Bancorporation (ZION: news, chart, profile) said late Thursday that third-quarter net income came in at $37.8 million, 72% lower than a year earlier when the bank made $135.7 million. Net income per common share came in at 31 cents versus $1.22 a year ago, the company reported. Nonperforming assets were $924.4 million at the end of September, up from $196.6 million a year earlier. Zions said this was driven mainly by deterioration in residential real estate acquisition, development and construction loans in the Southwest, and by continued weakening in Utah residential construction and commercial and industrial portfolios.
Capital One reports quarterly net income of $374 million(4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- Capital One Financial (COF: news, chart, profile) said late Thursday that it made net income of $374.1 million, or $1 a share, in the third quarter, up from a net loss of $81.7 million, or 21 cents a share, a year earlier. Earnings from continuing operations in the third quarter of 2008 were $385.8 million, or $1.03 a share, the credit card and banking company reported.
IBM earnings rise on strong software, services revenue(4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- IBM Corp. said Thursday that earnings grew 22% for the third quarter, in line with an earlier pre-announcement. The high-tech giant (IBM: news, chart, profile) reported operating income of $2.8 billion, or $2.05 per share, compared to earnings of $2.4 billion, or $1.68 per share, for the same period last year. Revenue rose 5% to $25.3 billion for the quarter. The company said revenue from its software segment grew by 12% to $5.2 billion during the period.
Google posts strong quarterly profit, sales gains(4:10 pm ET)
SAN FRANCISCO (MarketWatch) - Google Inc. on Thursday said its fiscal third-quarter profit and sales rose compared to the same period last year. Mountain View, Calif.-based Google (GOOG: news, chart, profile) said net income for the period ended in September rose to $1.35 billion, or $4.24 a share, from $1.25 billion, or $3.92 a share in the same period a year earlier. Net revenue rose to $4.04 billion. Excluding special items, Google said earnings for the quarter were $4.92 a share. Analysts on average had estimated Google would post earnings excluding special items of $4.74 a share, on net revenue of $4.04 billion, according to FactSet Research.
Energy stocks recover in early action(9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks recovered some of their bruising losses in the previous session ahead of key weekly inventory data on Thursday. The Amex Oil Index (XOI: news, chart, profile) rose 2.8% to 353. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1.5% to 816.
Nucor net climbs 93%, but outlook cloudy on economy(9:21 am ET)
NEW YORK (MarketWatch) -- Steel producer Nucor Corp. (NUE: news, chart, profile) said Thursday third-quarter net income for the three months ended Sept. 30 rose 93% to $734.6 million, or $2.31 a share, from the $381.2 million, or $1.29 per share in the year-ago period. Revenue climbed to $7.45 billion from $4.26 billion. Analysts surveyed by FactSet forecast earnings of $2.18 a share and revenue of $7.16 billion, on average. The Charlotte, N.C. company declined to provide an earnings estimate for the fourth quarter, given the economic turmoil surrounding the global credit crunch. "The business environment has obviously become significantly more challenging for everyone including Nucor," the company said. "These conditions are such that financial projections are not practical." Nucor said discussions between Sidenor S. A. of Greece and Nucor concerning the possible formation of a joint venture between the companies continue, but "the current turmoil in the world financial markets has delayed the completion of this effort."
Reliance Steel reports higher third-quarter profit(8:59 am ET)
NEW YORK (MarketWatch) -- Reliance Steel & Aluminum Co. (RS: news, chart, profile) said Thursday that its third-quarter net income rose to $152.5 million, or $2.07 a share, from $93.6 million, or $1.22 a share, in the year-earlier period. Analysts polled by FactSet Research, on average, projected earnings of $1.94 a share. The Los Angeles-based metals-services company said quarterly revenue increased to $2.57 billion from $1.81 billion a year earlier. Chairman and Chief Executive Officer David Hannah said the company was not comfortable giving fourth-quarter guidance, citing economic uncertainty, although he noted that he hasn't seen a significant decrease in business activity.
Vishay cuts third-quarter forecast for revenue, gross margin(8:46 am ET)
NEW YORK (MarketWatch) -- Vishay Intertechnology Inc. (VSH: news, chart, profile) on Thursday lowered its third-quarter revenue and gross-margin forecasts, citing deterioration in its end markets. The Malvern, Pa.-based chip maker said it expects to post revenue of $736 million to $742 million in the period, down from its previous guidance range of $750 million to $770 million. On average, analysts polled by FactSet Research were expecting revenue of $756.6 million. The company's gross-margin forecast was cut to a range of 21.4% to 21.8%, versus the previous expectation of about 23.2%. Vishay also said that it expects to record more impairment charges, which could be significant, in the third quarter.
Peabody Energy 3rd-quarter net up on 59% higher revenue(8:27 am ET)
TEL AVIV (MarketWatch) -- Peabody Energy Corp., (BTU: news, chart, profile) the St. Louis coal producer, reported third-quarter net income jumped on 59% higher revenue and raised its earnings estimate for the full year. Profit reached $369.6 million, or $1.36 a share, from $32.3 million, or 12 cents, in the year-earlier period. Earnings from continuing operations were $1.38 against 20 cents. Revenue rose to $1.91 billion from $1.2 billion. A survey of analysts by FactSet Research produced consensus estimates of 85 cents of profit on revenue of $1.67 billion. The company sold 66 million tons of coal, up 6% from a year earlier, and secured higher prices in all regions. The company now sees full-year profit from continuing operations of $3 to $3.25 a share, or as much as a doubling from the year earlier. FactSet's survey was looking for $2.80.
Illinois Tool Works net income falls 7.6%(8:14 am ET)
NEW YORK (MarketWatch) -- Illinois Tool Works Inc. (ITW: news, chart, profile) on Thursday said net income for the three months ended Sept. 30 fell 7.6% to $453.5 million, or 85 cents a share, from $491.1 milllion, or 84 cents a share in the year-ago period. The Glenview, Ill. manufacturer said revenue climbed to $4.15 billion from $3.74 billion. Analysts surveyed by FactSet Research forecast earnings of 86 cents a share and revenue of $4.14 billion, on average. "While our financial results in the third quarter were clearly impacted by slowing end markets, our decentralized businesses continue to assess local market conditions and implement aggressive cost-cutting initiatives where appropriate," the company said. Looking ahead, ITW expects fourth-quarter income of 74-82 cents a share, compared to the analyst target of 80 cents a share.
BB&T's quarterly net falls 19%(7:49 am ET)
BOSTON (MarketWatch) -- BB&T Corp. (BBT: news, chart, profile) on Thursday said its third-quarter net income fell to $358 million, or 65 cents a share, from $444 million, or 80 cents a share, in the same period the previous year. Provision for credit losses was $364 million in the third quarter, and exceeded net charge-offs by $122 million, the bank said. "While we are not immune to the unprecedented challenges in the financial markets, BB&T remains a strong and financially sound company," said Chief Executive John Allison in the earnings release.
Sonoco posts lower quarterly profit, cuts full-year forecast(7:46 am ET)
NEW YORK (MarketWatch) -- Sonoco (SON: news, chart, profile) said Thursday that third-quarter net income fell to $57.4 million, or 57 cents a share, from $64.5 million, or 63 cents a share, in the same period a year ago. Sales rose to $1.06 billion, compared to $1.03 billion. Quarterly base earnings, which exclude certain items such as restructuring charges, slipped to 60 cents a share from the year-earlier 64 cents. The company lowered its outlook for 2008 base earnings to a range of $2.36 to $2.40 a share, compared to its previous forecast of $2.44 to $2.47.
Huntington Bancshares 3rd-quarter net off, outlook cut(7:46 am ET)
TEL AVIV (MarketWatch) -- Huntington Bancshares Inc., (HBAN: news, chart, profile) the Columbus, Ohio, financial-services provider, reported third-quarter net income fell 17% and cut its full-year earnings target. Earnings were $115.2 million against $138.2 million in the year-earlier period. Earnings applicable to common shares fell 25% to $103.1 million, or 28 cents, from $138.2 million, or 38 cents. Shares outstanding rose 13% to 415 million. A survey of analysts by FactSet Research produced a consensus estimate of 21 cents of profit. The net interest margin -- the difference between what a bank takes in on loans and pays out on deposits -- narrowed to 3.29% from 3.52% a year earlier. For the year, the company now expects to earn $1.12 to $1.16 a share, compared with its previous estimate of $1.25 to $1.35. FactSet's survey had been looking for $1.02.
Media General profit climbs on broadcast earnings(7:43 am ET)
NEW YORK (MarketWatch) -- Media General Inc. (MEG: news, chart, profile) said Thursday its third-quarter profit totaled $6.15 million, or 28 cents a share, from $2.48 million, or 11 cents a share, in the same quarter a year before. Analysts had expected earnings on average of 30 cents a share, according to a FactSet Research survey. Revenue for the quarter was $194 million compared to $217 million in the year-ago period. Media General said its higher third-quarter results primarily reflected a 24.5% increase in Broadcast Division profits, lower interest expense and the absence this year of operating losses from SP Newsprint, which was divested in March.
Entergy net income to fall short of Wall Street estimate(7:28 am ET)
NEW YORK (MarketWatch) -- Entergy Corp. (ETR: news, chart, profile) on Thursday said it expects third-quarter earnings of about $2.40 a share and operating earnings of $2.49 a share. Analysts expect earnings of $2.53 a share, according to a survey by FactSet Research. The New Orleans-based power company cited lower results at its non-nuclear wholesale assets business and lower sales due to the effect of outages related to hurricanes Gustav and Ike.
Update: Baxter 3rd-quarter net up 19%, outlook raised(7:25 am ET)
TEL AVIV (MarketWatch) -- Baxter International Inc., (BAX: news, chart, profile) the Deerfield, Ill., health-care-products provider, reported third-quarter net income rose 19% on 16% higher sales and raised its earnings outlook for the full year. Net reached $472 million, or 74 cents a share, from $395 million, or 61 cents, in the year-earlier period. Adjusted earnings were 88 cents against 70 cents. Revenue rose to $3.15 billion from $2.75 billion. A survey of analysts by FactSet Research produced consensus estimates of 82 cents of profit on $3.07 billion of revenue. For the fourth quarter, Baxter expects adjusted earnings of 88 cents to 90 cents a share as revenue rises 7%. FactSet's survey is looking for 89 cents of profit. For the year the company expects to earn an adjusted $3.35 to $3.37 a share on sales -- excluding foreign-exchange effects -- up 5% to 6%. FactSet's survey is looking for $3.30. (Updates to add fourth-quarter and full-year outlook.)
Harley-Davidson's third-quarter profit drops(7:24 am ET)
NEW YORK (MarketWatch) -- Harley-Davidson Inc. (HOG: news, chart, profile) said Thursday that its third-quarter profit dropped to $166.5 million, or 71 cents a share, from $265 million, or $1.07 a share, in the year-earlier period. Sales declined to $1.42 billion from $1.54 billion. The company said it expects to report full-year earnings of $3.00 to $3.10 a share, compared with its previous forecast of $3.00 to $3.18. Analysts polled by FactSet Research expected, on average, a third-quarter profit of 79 cents a share and full-year earnings of $3.13 a share.
CIT Group widens loss in third quarter(7:22 am ET)
NEW YORK (MarketWatch) -- CIT Group Inc. (CIT: news, chart, profile) said Thursday its third-quarter loss totaled $317 million, or $1.11 a share, from $46 million, or 24 cents a share, in the same quarter a year before. Analysts had expected CIT would swing to profit, with predictions on average for earnings of 17 a share, according to a FactSet Research survey. Finance revenue for the quarter was $1.40 billion compared to $1.60 billion in the year-ago period.
United Technologies reports 6% profit rise, tweaks 2008 view(7:18 am ET)
LONDON (MarketWatch) -- United Technologies (UTX: news, chart, profile) , the conglomerate that's part of the Dow Jones Industrial Average, said its third-quarter profit rose 6% to $1.27 billion, or $1.33 a share. Results include a 3 cent charge on one-time items. Revenue rose 7% to $14.8 billion. It lifted the bottom end of its earnings guidance, now seeing annual earnings between $4.90 and $4.95 a share. Analysts polled by FactSet Research expected a profit of $1.31 a share for the quarter and $4.92 for the year.
Citi loses $2.8 billion in quarter, sheds 11,000 jobs (7:13 am ET)
NEW YORK (MarketWatch) -- Citigroup Corp. (C: news, chart, profile) said Thursday it lost $2.8 billion, or 60 cents a share, including a $4.4 billion pre-tax write-down in its Securities & Banking unit, in its fiscal third quarter ending Sept. 30. Citi also reported $4.9 billion in net credit losses, and a $3.9 billion net charge to increase loan loss reserves. In the year-ago period, the financial services giant earned $2.2 billion, or 44 cents a share. Loss from continuing operations in the latest period totaled $3.4 billion, compared to a year-ago gain of $2.1 billion. Revenue fell to $16.7 billion from $21.6 billion. Wall Street analysts expected a loss of 58 cents a share, according to a survey by FactSet Research. Citi said its headcount was reduced by approximately 11,000 since the second quarter of this year.
Report: BP exploring acquisitions of Chesapeake properties(7:02 am ET)
NEW YORK (MarketWatch) -- Oil giant BP PLC (BP: news, chart, profile) is exploring fresh acquisitions of properties owned by Chesapeake Energy Corp. [ (CHK: news, chart, profile) after already spending $3.7 billion in two deals earlier this year, The Wall Street Journal reported Thursday. A Chesapeake spokesman told the newspaper the company wants to sell a stake in a Pennsylvania gas-field similar to the Arkansas deal, but declined to comment on BP's reported interest.
PNC Financial's third-quarter net profit down 39%(7:01 am ET)
WASHINGTON (MarketWatch) -- PNC Financial Services Group Inc. (PNC: news, chart, profile) reported third-quarter net income of $248 million, or 71 cents a share, down from $407 million, or $1.19 a share, earned in the same period during 2007. The Pittsburgh-based company's quarterly revenue fell to $1.65 billion from the prior year's $1.75 billion. The consensus of 14 analysts surveyed by FactSet Research had been for PNC to post a profit of $1.02 a share. Net interest margin improved to 3.46% from 3.00% in the year-earlier third quarter, as net interest income hit $1 billion, up 31%, the company said. PNC's nonperforming assets were 1.16% of total loans and foreclosed assets as of Sept. 30, higher than both 1.00% at the end of June and 0.46% on Sept. 30, 2007.
Southwest swings to loss on fuel-hedging charge(6:53 am ET)
NEW YORK (MarketWatch) -- Southwest Airlines Co. (LUV: news, chart, profile) said Thursday that it swung to a third-quarter loss of $120 million, or 16 cents a share, compared to a year-earlier profit of $162 million, or 22 cents a share. Excluding charges mostly related to mark-to-market adjustments on part of its fuel-hedge portfolio, the company posted a quarterly profit of 9 cents a share. On average, analysts were expecting earnings of 8 cents a share, according to FactSet Research. The Dallas low-cost carrier said total operating revenue rose 12% to $2.89 billion from $2.59 billion. Shares of Southwest closed Wednesday at $11.56.
Bank of New York Mellon 3rd-quarter net off 53%(6:52 am ET)
TEL AVIV (MarketWatch) -- Bank of New York Mellon Corp., (BK: news, chart, profile) the New York financial-services giant, reported third-quarter fell 53%, reflecting charges for merger and integration as well as the settlement of Internal Revenue Service matters plus certain support agreements. Net income was $303 million, or 26 cents a share, against $640 million, or 56 cents, in the year-earlier period. The charges in the latest period totaled 46 cents a share. A survey of analysts by FactSet Research produced a consensus estimate of 54 cents of profit for the quarter.
Merrill Lynch's quarter shows multibillion-dollar losses(6:45 am ET)
WASHINGTON (MarketWatch) -- Merrill Lynch & Co. reported a third-quarter net loss of $7.47 billion, or $5.58 a share, wider than the loss of $2.2 billion, or $2.82 a share, registered in the same period during 2007. The New York-based investment firm, which has agreed to be acquired by Bank of America Corp. (BAC: news, chart, profile) , generated $16 million in revenue for the latest quarter, primarily reflecting the impact of a variety of write-downs that were partially offset by one-time gains. The company's loss from continuing operations worked out to $5.1 billion, or $5.56 a share, wider than a comparable loss of $2.4 billion, or $2.99 a share, for the year-earlier third quarter. The consensus in a survey of 16 analysts by FactSet Research had been for Merrill Lynch to post a quarterly loss of $4.97 a share. "We continue to reduce exposures and deleverage the balance sheet prior to the closing of the Bank of America deal," said John Thain, chairman and chief executive, in a statement.
Continental Air swings to loss on fuel costs, hurricane (6:33 am ET)
TEL AVIV (MarketWatch) -- Continental Airlines Inc., (CAL: news, chart, profile) the world's No. 5 airline, swung to a third-quarter loss from a year-earlier profit on 8.8% higher revenue as 62% higher fuel prices and the impact of Hurricane Ike hammered results. The Houston carrier's loss was $236 million, or $2.14 a share, reversing the year-earlier period's profit of $241 million, or $2.15. Shares outstanding fell 3.5% to 110 million. Revenue reached $4.16 billion from $3.82 billion. A survey of analysts by FactSet Research produced consensus estimates of a loss of $1.49 a share on revenue of $4.12 billion. Jet fuel averaged $3.49 a gallon in the latest quarter compared with $2.16 in the year-earlier period. Hurricane Ike cost the company about $50 million in the latest quarter, Continental said. Load factor, the percentage of seats filled with passengers, narrowed 1.8 percentage points to 82%.
Orbital Sciences third-quarter net falls to 20 cents a share(6:23 am ET)
LONDON (MarketWatch) -- Orbital Sciences (ORB: news, chart, profile) said Thursday its third-quarter net income fell to $12.1 million, or 20 cents a share, from $15.7 million, or 26 cents a share, a year ago. The results met the average estimate of analysts surveyed by FactSet. Orbital, which makes rockets and space systems for military and civilian use, said third-quarter revenue rose to $278.6 million from $275.6 million.
UnitedHealth Group net off 28% on 7.9% higher revenue(6:12 am ET)
TEL AVIV (MarketWatch) -- UnitedHealth Group, (UNH: news, chart, profile) the Minneapolis health-care-services provider, reported third-quarter net income fell 28% on 7.9% higher revenue. Net fell to $920 million, or 75 cents a share, from $1.28 billion, or 95 cents, in the year-earlier period. Shares outstanding declined 9% to 1.23 billion. Revenue reached $20.16 billion from $18.68 billion. A survey of analysts by FactSet Research produced consensus estimates of 73 cents of profit on $20.04 billion of revenue. The company estimated it would earn 77 cents to 80 cents a share in the fourth quarter. FactSet's survey is looking for 77 cents.
Nokia's third-quarter profit drops 30%, sales fall 5%(6:13 am ET)
LONDON (MarketWatch) -- Nokia Corp. (NOK: news, chart, profile) , the world's largest maker of mobile phones, Thursday said third-quarter net income fell 30% to 1.09 billion euros, or 0.29 euro a share, from 1.56 billion euros, or 0.40 euro a share, earned in the year-earlier quarter. Adjusted earnings came in a 0.33 euro a share, in line with analysts' forecasts. Sales fell 5% to 12.2 billion euros, missing consensus forecasts for sales of 12.7 billion euros. The Finnish manufacturer shipped 117.8 million units, down 3% sequentially. Market share declined to 38% from 40% in the second quarter and 39% in the year-earlier period, as the company had indicated it would last month. It confirmed it still expects to gain market share in mobile devices 2008. Sales at Nokia Siemens Networks fell 5% to 3.5 billion euros.

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Friday, Oct. 17
ING faces $670 million loss, says capital remains strong(11:28 am ET)
LONDON (MarketWatch) -- Dutch banking and insurance group ING (ING: news, chart, profile) (NL:30360: news, chart, profile) said Friday that it expects to report a net loss of around 500 million euros ($670 million) in the third quarter after taking impairments and other pretax charges of 1.6 billion euros as well as loan loss provisions of 400 million euros. The group said the Tier 1 capital ratio of its banking operations is above target at 8.5% as of Sept. 30. It added it will consider the merits of a government capital injection program once the details are available. Separately ING also took write-downs of around 1.5 billion euros on its Alt-A, subprime and collateralized debt obligations investments, which was reflected in shareholders' equity. Shares in the group fell 20%, but were off earlier lows following rumors it would need to raise capital.
Genuine Parts posts rise in third-quarter profit(9:04 am ET)
NEW YORK (MarketWatch) -- Genuine Parts Co. (GPC: news, chart, profile) said Friday that its third-quarter net income rose to $131 million, or 81 cents a share, from $128.6 million, or 76 cents a share, in the year-earlier period. On average, analysts polled by FactSet Research expected earnings of 80 cents a share. The Atlanta distributor of automobile replacement parts said sales rose to $2.88 billion from $2.8 billion a year ago.
Wilmington Trust profit cut in half (8:15 am ET)
NEW YORK (MarketWatch) -- Wilmington Trust (WL: news, chart, profile) said on Friday that it earned $22.9 million, or 34 cents a share in the third quarter, compared to $46.2 million, or 67 cents a share a year ago. The company said loan loss provisions in the quarter climbed to $19.6 million from $8.9 million a year ago. Analysts polled by Thomson Reuters had expected the company to earn 42 cents.
Pfizer to settle painkiller litigation for $894 million(8:15 am ET)
NEW YORK (MarketWatch) -- Pfizer Inc. (PFE: news, chart, profile) said Friday that it agreed in principle to settle litigation related to its pain treatments Bextra, which was taken off the U.S. market in 2005, and Celebrex. The New York-based pharmaceutical giant said that the personal-injury settlements will resolve more than 90% of known claims brought by law firms representing people who allege that Pfizer's pain medications caused heart attacks, strokes or other injury. The company also agreed in principle to resolve claims brought by 33 states and the District of Columbia, primarily relating to alleged Bextra promotional practices. As a result of these settlements, Pfizer will take a third-quarter pre-tax charge of $894 million. Shares of Pfizer closed Thursday at $16.97.
First Horizon loss widens after increasing loan provisions(7:14 am ET)
LONDON (MarketWatch) -- Banking group First Horizon National Corp. (FHN: news, chart, profile) said Friday that its third-quarter net loss widened to $118.3 million, or 59 cents a share, from $14.2 million, or 11 cents a share, while revenue rose 20% to $528.3 million. Analysts polled by FactSet had been expecting a loss of 12 cents a share. The firm increased its provision for loan losses to $340 million from $220 million in the second quarter and $43 million a year earlier. Net charge-offs rose to $154.7 million from $127.7 million in the second quarter. For the year as a whole First Horizon said it's still forecasting net charge-offs at the upper end of its $485 million to $585 million range.
Comerica third-quarter net income drops to $28 million(7:15 am ET)
LONDON (MarketWatch) -- Dallas-based financial-services firm Comerica Inc. (CMA: news, chart, profile) on Friday said third-quarter net income fell to $28 million from $181 million in the third quarter of 2007. Income from continuing operations fell to $27 million, or 18 cents a share, from $180 million, or $1.17 a share, in the same quarter of last year. Third-quarter results included a $174 million provision for credit losses, compared to $45 million for third-quarter 2007. Comerica also recognized an after-tax charge of 40 cents a share tied to a previously announced offer to repurchase auction-rate securities from customers at par. Other special factors included a gain of 11 cents a share tied to sales of shares in Visa Inc. and a 4 cent a share charge tied to settlements with the Internal Revenue Service.
Schlumberger meets estimates with13% profit rise(6:08 am ET)
LONDON (MarketWatch) -- Schlumberger Ltd. (SLB: news, chart, profile) , the oil services giant, said third-quarter net income rose 13% to $1.53 billion, or $1.25 a share. Revenue climbed to $7.26 billion from $5.93 billion. Analysts polled by FactSet had expected a profit of $1.25 a share. Fourth-quarter activity may be limited both by the recent rapid deterioration of credit markets and by the strengthening production of North American natural gas. Schlumberger said it anticipates a slowing in the rate of increase of customer spending in 2009, but said the weakness of the current supply base, the age of the production profile and the decrease in reserve replacement are such that any significant drop in exploration and production investment would rapidly provoke an even stronger recovery.
Caisse d'Epargne faces $800 million derivatives loss(4:47 am ET)
LONDON (MarketWatch) -- French banking group Caisse d'Epargne said Friday that it lost around 600 million euros ($809 million) following an "incident" in its derivatives business. The group said the loss was due to extreme market volatility in the week of Oct. 6. It added that the bank's strong capital position means the loss won't affect customers and that it has informed regulators. Caisse d'Epargne is a mutually owned bank and is a major shareholder in Natixis (FR:012068: news, chart, profile) .
Catlin sees $200 million hurricane loss(2:35 am ET)
LONDON (MarketWatch) -- Insurance and reinsurance company Catlin Group (UK:CGL: news, chart, profile) said Friday that its losses from Hurricanes Ike and Gustav are estimated at around $200 million. The group said its total net investment return for the first nine months of the year was -0.9% after valuing all investments on a mark-to-market basis, including an unrealized loss of $118 million on fixed income investments. Catlin said its investments remain defensively positioned, with the majority in cash and government securities. Around 11% is invested in hedge funds and 2% in equities.
Bunzl revenue grows 15%(2:29 am ET)
LONDON (MarketWatch) -- Outsourcing and distribution company Bunzl (UK:BNZL: news, chart, profile) said Friday that group revenue rose 15% in the third quarter and overall trading has been in line with the group's expectations at the time of its interim results in August. Bunzl said revenue growth was driven by a mix of acquisitions, favorable currency moves and organic growth.
Satyam second-quarter profit rises 42% year-on-year(12:42 am ET)
HONG KONG (MarketWatch) -- Satyam Computer Services (SAY: news, chart, profile) Friday reported a 42% jump in fiscal second-quarter profit as a weakened Indian rupee boosted its software exports revenue and operating profit margins. Group net income for the July-September period jumped to 5.81 billion rupees ($120.3 million), or 8.63 rupees a share, from 4.09 billion rupees in the same period a year earlier. Satyam shares rose 0.9% in Mumbai morning trading.
Thursday, Oct. 16
Leggett & Platt profit falls by half, trims outlook (5:46 pm ET)
SAN FRANCISCO (MarketWatch) -- Leggett & Platt Inc. (LEG: news, chart, profile) reported late Thursday third-quarter net income of $32.7 million, or 20 cents a share, down from $65.7 million, or 37 cents, a year ago. Excluding one-time items, the company earned 34 cents a share from continuing operations. Revenue for the quarter ended Sept. 30 rose to $1.13 billion from $1.09 billion. Analysts polled by FactSet Research predicted the engineed parts maker would post per-share earnings of 30 cents on $1.05 billion in revenue. The company, citing weak market demand, said it expects to earn $1 to $1.15 a share for the full year, down from $1.10 to $1.40 estimated in July. Leggett & Platt shares closed at $18.57 ahead of the report, up 6.7% for the day.
Zions quarterly net income falls 72%(4:36 pm ET)
SAN FRANCISCO (MarketWatch) -- Zions Bancorporation (ZION: news, chart, profile) said late Thursday that third-quarter net income came in at $37.8 million, 72% lower than a year earlier when the bank made $135.7 million. Net income per common share came in at 31 cents versus $1.22 a year ago, the company reported. Nonperforming assets were $924.4 million at the end of September, up from $196.6 million a year earlier. Zions said this was driven mainly by deterioration in residential real estate acquisition, development and construction loans in the Southwest, and by continued weakening in Utah residential construction and commercial and industrial portfolios.
Capital One reports quarterly net income of $374 million(4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- Capital One Financial (COF: news, chart, profile) said late Thursday that it made net income of $374.1 million, or $1 a share, in the third quarter, up from a net loss of $81.7 million, or 21 cents a share, a year earlier. Earnings from continuing operations in the third quarter of 2008 were $385.8 million, or $1.03 a share, the credit card and banking company reported.
IBM earnings rise on strong software, services revenue(4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- IBM Corp. said Thursday that earnings grew 22% for the third quarter, in line with an earlier pre-announcement. The high-tech giant (IBM: news, chart, profile) reported operating income of $2.8 billion, or $2.05 per share, compared to earnings of $2.4 billion, or $1.68 per share, for the same period last year. Revenue rose 5% to $25.3 billion for the quarter. The company said revenue from its software segment grew by 12% to $5.2 billion during the period.
Google posts strong quarterly profit, sales gains(4:10 pm ET)
SAN FRANCISCO (MarketWatch) - Google Inc. on Thursday said its fiscal third-quarter profit and sales rose compared to the same period last year. Mountain View, Calif.-based Google (GOOG: news, chart, profile) said net income for the period ended in September rose to $1.35 billion, or $4.24 a share, from $1.25 billion, or $3.92 a share in the same period a year earlier. Net revenue rose to $4.04 billion. Excluding special items, Google said earnings for the quarter were $4.92 a share. Analysts on average had estimated Google would post earnings excluding special items of $4.74 a share, on net revenue of $4.04 billion, according to FactSet Research.
Energy stocks recover in early action(9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks recovered some of their bruising losses in the previous session ahead of key weekly inventory data on Thursday. The Amex Oil Index (XOI: news, chart, profile) rose 2.8% to 353. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1.5% to 816.
Nucor net climbs 93%, but outlook cloudy on economy(9:21 am ET)
NEW YORK (MarketWatch) -- Steel producer Nucor Corp. (NUE: news, chart, profile) said Thursday third-quarter net income for the three months ended Sept. 30 rose 93% to $734.6 million, or $2.31 a share, from the $381.2 million, or $1.29 per share in the year-ago period. Revenue climbed to $7.45 billion from $4.26 billion. Analysts surveyed by FactSet forecast earnings of $2.18 a share and revenue of $7.16 billion, on average. The Charlotte, N.C. company declined to provide an earnings estimate for the fourth quarter, given the economic turmoil surrounding the global credit crunch. "The business environment has obviously become significantly more challenging for everyone including Nucor," the company said. "These conditions are such that financial projections are not practical." Nucor said discussions between Sidenor S. A. of Greece and Nucor concerning the possible formation of a joint venture between the companies continue, but "the current turmoil in the world financial markets has delayed the completion of this effort."
Reliance Steel reports higher third-quarter profit(8:59 am ET)
NEW YORK (MarketWatch) -- Reliance Steel & Aluminum Co. (RS: news, chart, profile) said Thursday that its third-quarter net income rose to $152.5 million, or $2.07 a share, from $93.6 million, or $1.22 a share, in the year-earlier period. Analysts polled by FactSet Research, on average, projected earnings of $1.94 a share. The Los Angeles-based metals-services company said quarterly revenue increased to $2.57 billion from $1.81 billion a year earlier. Chairman and Chief Executive Officer David Hannah said the company was not comfortable giving fourth-quarter guidance, citing economic uncertainty, although he noted that he hasn't seen a significant decrease in business activity.
Vishay cuts third-quarter forecast for revenue, gross margin(8:46 am ET)
NEW YORK (MarketWatch) -- Vishay Intertechnology Inc. (VSH: news, chart, profile) on Thursday lowered its third-quarter revenue and gross-margin forecasts, citing deterioration in its end markets. The Malvern, Pa.-based chip maker said it expects to post revenue of $736 million to $742 million in the period, down from its previous guidance range of $750 million to $770 million. On average, analysts polled by FactSet Research were expecting revenue of $756.6 million. The company's gross-margin forecast was cut to a range of 21.4% to 21.8%, versus the previous expectation of about 23.2%. Vishay also said that it expects to record more impairment charges, which could be significant, in the third quarter.
Peabody Energy 3rd-quarter net up on 59% higher revenue(8:27 am ET)
TEL AVIV (MarketWatch) -- Peabody Energy Corp., (BTU: news, chart, profile) the St. Louis coal producer, reported third-quarter net income jumped on 59% higher revenue and raised its earnings estimate for the full year. Profit reached $369.6 million, or $1.36 a share, from $32.3 million, or 12 cents, in the year-earlier period. Earnings from continuing operations were $1.38 against 20 cents. Revenue rose to $1.91 billion from $1.2 billion. A survey of analysts by FactSet Research produced consensus estimates of 85 cents of profit on revenue of $1.67 billion. The company sold 66 million tons of coal, up 6% from a year earlier, and secured higher prices in all regions. The company now sees full-year profit from continuing operations of $3 to $3.25 a share, or as much as a doubling from the year earlier. FactSet's survey was looking for $2.80.
Illinois Tool Works net income falls 7.6%(8:14 am ET)
NEW YORK (MarketWatch) -- Illinois Tool Works Inc. (ITW: news, chart, profile) on Thursday said net income for the three months ended Sept. 30 fell 7.6% to $453.5 million, or 85 cents a share, from $491.1 milllion, or 84 cents a share in the year-ago period. The Glenview, Ill. manufacturer said revenue climbed to $4.15 billion from $3.74 billion. Analysts surveyed by FactSet Research forecast earnings of 86 cents a share and revenue of $4.14 billion, on average. "While our financial results in the third quarter were clearly impacted by slowing end markets, our decentralized businesses continue to assess local market conditions and implement aggressive cost-cutting initiatives where appropriate," the company said. Looking ahead, ITW expects fourth-quarter income of 74-82 cents a share, compared to the analyst target of 80 cents a share.
BB&T's quarterly net falls 19%(7:49 am ET)
BOSTON (MarketWatch) -- BB&T Corp. (BBT: news, chart, profile) on Thursday said its third-quarter net income fell to $358 million, or 65 cents a share, from $444 million, or 80 cents a share, in the same period the previous year. Provision for credit losses was $364 million in the third quarter, and exceeded net charge-offs by $122 million, the bank said. "While we are not immune to the unprecedented challenges in the financial markets, BB&T remains a strong and financially sound company," said Chief Executive John Allison in the earnings release.
Sonoco posts lower quarterly profit, cuts full-year forecast(7:46 am ET)
NEW YORK (MarketWatch) -- Sonoco (SON: news, chart, profile) said Thursday that third-quarter net income fell to $57.4 million, or 57 cents a share, from $64.5 million, or 63 cents a share, in the same period a year ago. Sales rose to $1.06 billion, compared to $1.03 billion. Quarterly base earnings, which exclude certain items such as restructuring charges, slipped to 60 cents a share from the year-earlier 64 cents. The company lowered its outlook for 2008 base earnings to a range of $2.36 to $2.40 a share, compared to its previous forecast of $2.44 to $2.47.
Huntington Bancshares 3rd-quarter net off, outlook cut(7:46 am ET)
TEL AVIV (MarketWatch) -- Huntington Bancshares Inc., (HBAN: news, chart, profile) the Columbus, Ohio, financial-services provider, reported third-quarter net income fell 17% and cut its full-year earnings target. Earnings were $115.2 million against $138.2 million in the year-earlier period. Earnings applicable to common shares fell 25% to $103.1 million, or 28 cents, from $138.2 million, or 38 cents. Shares outstanding rose 13% to 415 million. A survey of analysts by FactSet Research produced a consensus estimate of 21 cents of profit. The net interest margin -- the difference between what a bank takes in on loans and pays out on deposits -- narrowed to 3.29% from 3.52% a year earlier. For the year, the company now expects to earn $1.12 to $1.16 a share, compared with its previous estimate of $1.25 to $1.35. FactSet's survey had been looking for $1.02.
Media General profit climbs on broadcast earnings(7:43 am ET)
NEW YORK (MarketWatch) -- Media General Inc. (MEG: news, chart, profile) said Thursday its third-quarter profit totaled $6.15 million, or 28 cents a share, from $2.48 million, or 11 cents a share, in the same quarter a year before. Analysts had expected earnings on average of 30 cents a share, according to a FactSet Research survey. Revenue for the quarter was $194 million compared to $217 million in the year-ago period. Media General said its higher third-quarter results primarily reflected a 24.5% increase in Broadcast Division profits, lower interest expense and the absence this year of operating losses from SP Newsprint, which was divested in March.
Entergy net income to fall short of Wall Street estimate(7:28 am ET)
NEW YORK (MarketWatch) -- Entergy Corp. (ETR: news, chart, profile) on Thursday said it expects third-quarter earnings of about $2.40 a share and operating earnings of $2.49 a share. Analysts expect earnings of $2.53 a share, according to a survey by FactSet Research. The New Orleans-based power company cited lower results at its non-nuclear wholesale assets business and lower sales due to the effect of outages related to hurricanes Gustav and Ike.
Update: Baxter 3rd-quarter net up 19%, outlook raised(7:25 am ET)
TEL AVIV (MarketWatch) -- Baxter International Inc., (BAX: news, chart, profile) the Deerfield, Ill., health-care-products provider, reported third-quarter net income rose 19% on 16% higher sales and raised its earnings outlook for the full year. Net reached $472 million, or 74 cents a share, from $395 million, or 61 cents, in the year-earlier period. Adjusted earnings were 88 cents against 70 cents. Revenue rose to $3.15 billion from $2.75 billion. A survey of analysts by FactSet Research produced consensus estimates of 82 cents of profit on $3.07 billion of revenue. For the fourth quarter, Baxter expects adjusted earnings of 88 cents to 90 cents a share as revenue rises 7%. FactSet's survey is looking for 89 cents of profit. For the year the company expects to earn an adjusted $3.35 to $3.37 a share on sales -- excluding foreign-exchange effects -- up 5% to 6%. FactSet's survey is looking for $3.30. (Updates to add fourth-quarter and full-year outlook.)
Harley-Davidson's third-quarter profit drops(7:24 am ET)
NEW YORK (MarketWatch) -- Harley-Davidson Inc. (HOG: news, chart, profile) said Thursday that its third-quarter profit dropped to $166.5 million, or 71 cents a share, from $265 million, or $1.07 a share, in the year-earlier period. Sales declined to $1.42 billion from $1.54 billion. The company said it expects to report full-year earnings of $3.00 to $3.10 a share, compared with its previous forecast of $3.00 to $3.18. Analysts polled by FactSet Research expected, on average, a third-quarter profit of 79 cents a share and full-year earnings of $3.13 a share.
CIT Group widens loss in third quarter(7:22 am ET)
NEW YORK (MarketWatch) -- CIT Group Inc. (CIT: news, chart, profile) said Thursday its third-quarter loss totaled $317 million, or $1.11 a share, from $46 million, or 24 cents a share, in the same quarter a year before. Analysts had expected CIT would swing to profit, with predictions on average for earnings of 17 a share, according to a FactSet Research survey. Finance revenue for the quarter was $1.40 billion compared to $1.60 billion in the year-ago period.

[3xBuBu]

Tuesday, Oct. 21
Norfolk Southern profit jumps 35% (6:20 pm ET)
SAN FRANCISCO (MarketWatch) -- Norfolk Southern Corp. (NSC: news, chart, profile) reported late Tuesday third-quarter net income of $520 million, or $1.37 a share, up from $386 million, or 97 cents a share, a year earlier. Revenue for the quarter rose 23% to $2.89 billion from $2.35 billion. Analysts polled by FactSet Research were looking for a profit, on average, of $1.21 a share on $2.76 billion in revenue. The Norfolk, Va.-based railroad cited continued revenue growth from coal, up 52% from a year ago, for the bulk of its gains. General merchandise and intermodal freight hauling also improved. Norfolk Southern shares fell 3.7% to close at $53.87 ahead of the report but jumped as much as 5.8% to $57 in after-hours trade.
Apple earnings climb 26%, iPod, Mac sales rise(4:51 pm ET)
SAN FRANCISCO (MarketWatch) -- Apple Inc. (AAPL: news, chart, profile) on Tuesday reported a fiscal fourth-quarter profit of $1.14 billion, or $1.26 a share, on revenue of $7.9 billion, up from of $904 million, or $1.01 a share, on $6.22 billion in sales in the same period a year ago. Analysts surveyed by FactSet Research had forecast Apple to earn $1.10 a share on revenue of $8.02 billion. Apple said that when adjusting to eliminate the impact of subscription-based accounting related to certain products, it would have earned $2.44 billion on $11.68 billion in sales. For its first quarter, Apple estimates it will earn between $1.06 to $1.35 share on revenue in a range of $9 billion to $10 billion.
QLogic reports quarterly net income of 20 cents a share (4:48 pm ET)
SAN FRANCISCO (MarketWatch) -- QLogic Corp. (QLGC: news, chart, profile) late Tuesday reported its second-quarter net income rose to $27.2 million, or 20 cents a share, from $22.6 million, or 16 cents a share, in the second quarter of 2007. On an adjusted basis, the company would have earned 34 cents a share. Revenue increased to $171.2 million from $140.3 million in the same period a year earlier, said the networking and storage company. Analysts surveyed by FactSet Research had forecast QLogic to post earnings of 28 cents a share on $170 million in revenue.
Yahoo posts profit decline, to reduce headcount by 10%(4:40 pm ET)
SAN FRANCISCO (MarketWatch) -- Sunnyvale, Calif.-based Internet giant Yahoo Inc. said Tuesday its fiscal third-quarter profit fell lower, and that it will seek to control costs by cutting roughly 10% of its workforce. Yahoo said net income in the quarter fell to $54.3 million, or 4 cents a share, from $151.3 million, or 11 cents a share in the same period a year earlier. Excluding special items, Yahoo said earnings for the period ended in September fell to 9 cents a share. Meanwhile net revenue rose to $1.33 billion. Analysts on average had estimated Yahoo (YHOO: news, chart, profile) would report earnings of 8 cents a share for quarter, and $1.37 billion in net revenue, according to FactSet Research.
Sigma-Aldrich third-quarter profit rises to 64 cents a share(4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Sigma-Aldrich Corp. (SIAL: news, chart, profile) late Tuesday reported its third-quarter net income rose to $81.9 million, or 64 cents a share, from $71.6 million, or 54 cents a share, in the third quarter of 2007. Revenue increased to $540.6 million from $503.2 million in the same period a year earlier, said the St. Louis-based biochemical and organic chemicals maker. Analysts surveyed by FactSet Research had forecast the company to report earnings of 66 cents a share on revenue of $563.4 million. The company also reaffirmed its 2008 earnings outlook of $2.62 to $2.72 a share. Wall Street is projecting the company will earn $2.68 a share in 2008.
VMware earnings jump 28% on strong sales growth(4:08 pm ET)
SAN FRANCISCO (MarketWatch) -- VMware Inc. (VMW: news, chart, profile) reported a sharp jump in third-quarter earnings thanks mostly to strong growth in services revenue. For the quarter ended Sept. 30, the company reported earnings of $83.3 million, or 21 cents a share, compared to earnings of $64.7 million, or 18 cents a share, for the same period the previous year. Excluding the cost of stock options and other items, the company said it would have earned $93 million, or 24 cents a share, for the recent period. Revenue rose to $472.1 million from $357.8 million last year. Analysts were expecting earnings of 20 cents a share on revenue of $464.6 million, according to consensus estimates from FactSet Research.
E-Trade reports quarterly net loss of $50.5 million(4:06 pm ET)
SAN FRANCISCO (MarketWatch) -- E-Trade Financial Corp. (ETFC: news, chart, profile) late Tuesday reported a third-quarter net loss of $50.5 million, or nine cents a share. That compares to a net loss of $58.4 million, or 14 cents a share, a year earlier. The discount brokerage firm realized roughly $660 million in gains from sales of non-core assets, such as its Canadian business, during the latest quarter. Losses from continuing operations in the third quarter reached 60 cents a share, the company added. E-Trade was expected to lose 24 cents a share in the period, according to the average estimate of 13 analysts in a FactSet survey. E-Trade set aside $518 million in provisions to cover loan losses in the latest quarter. That was up by $199 million from the previous quarter. The company increased its forecast for losses from its home equity portfolio by 20% for 2008 through 2010. E-Trade said provisions probably peaked in the third quarter and charge-offs will begin to improve in 2009. However, it said it doesn't expect to make a profit in the fourth quarter of 2008.
TI, Sun Micro, Lexmark lead tech losses(9:43 am ET)
SAN FRANCISCO (MarketWatch) -- Technology stocks fell along with the broader market in early trading Tuesday, with the tech-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) falling 31 points to 1,739. The losses were led by disappointing earnings reports and outlooks from Texas Instruments Inc. (TXN: news, chart, profile) , Sun Microsystems Inc. (JAVA: news, chart, profile) and Lexmark International Inc. (LXK: news, chart, profile) . The tech sector also awaited earnings reports due after the market close from Apple Inc. (AAPL: news, chart, profile) , Yahoo Inc. (YHOO: news, chart, profile) and VMware Inc. (VMW: news, chart, profile) .
McClatchy swings to profit; no relief in sight for ad sales(9:29 am ET)
CHICAGO (MarketWatch) -- Newspaper publisher McClatchy Co. (MNI: news, chart, profile) said Tuesday that it swung to a third-quarter profit from a year-earlier quarter that included a massive non-cash charge on a decrease in the value of its assets. As the industry remains mired in a protracted decline in print advertising that has persisted for more than two years, Chief Executive Gary Pruitt said ad sales continue to look bleak in October. McClatchy said it earned $4.2 million, or 5 cents a share, in the latest three months. In the third quarter of 2007, the company posted a loss of $1.35 billion, or $16.40 a share. Excluding an adjustment to a gain, the write-down of certain Internet investments, and other items, McClatchy would have earned $10.4 million, or 13 cents a share, in the quarter ended Sept. 30, 2008. Revenue plunged 16.4% to $451.6 million, reflecting a more than 31% drop in classified advertising, the traditional main source of income for newspapers. Analysts polled by FactSet Research were expecting, on average, a profit of 13 cents a share, excluding stock-based compensation, on revenue of $454.1 million.
Constellation Energy Group names new CFO(9:24 am ET)
NEW YORK (MarketWatch) -- Constellation Energy Group (CEG: news, chart, profile) on Tuesday named Jonathan W. Thayer as chief financial officer. The Baltimore-based electric power firm is moving toward closing its merger with MidAmerican Energy Holdings Company, which is owned by Berkshire Hathaway (BRKA: news, chart, profile) . Thayer succeeds John R. Collins, who has stepped down from his role as chief financial officer and will move into an advisory capacity to assist with the MidAmerican merger and other strategic initiatives. Collins will continue to serve as chairman of Constellation Energy Partners, LLC (CEP: news, chart, profile) , which is 28% owned by Constellation Energy.
Ashland expects to break even in fourth quarter(9:17 am ET)
NEW YORK (MarketWatch) -- Ashland Inc. (ASH: news, chart, profile) said Tuesday that it expects fourth-quarter earnings from continuing operations to be near break-even. The Covington, Ky.-based producer of chemicals and motor oil blamed several factors, including a loss at Ashland Water Technologies, lower-than-expected volumes at Ashland Distribution, a higher effective tax rate and about $7 million of restructuring costs. The quarter, which ended Sept. 30, is also expected to include a loss from discontinued operations of nearly $10 million. The company is slated to release results on Oct. 28.
NVR's net income falls 60% on housing woes(9:07 am ET)
BOSTON (MarketWatch) -- NVR Inc. (NVR: news, chart, profile) on Tuesday morning said its third-quarter net income fell 60% from the year-earlier period to $36.6 million, or $6.12 a share. Four analysts surveyed by Thomson Reuters had forecast profit of $7.86 a share, on average. The home builder said new orders in the third quarter fell 25%, reflecting continuing weak demand for housing.
M&T Bank profit falls 54%(8:55 am ET)
NEW YORK (MarketWatch) -- M&T Bank Corp (MTB: news, chart, profile) said Tuesday that its third quarter profit slipped 54% in the third quarter, to $91.2 million, or 82 cents a share, compared to $199.2 million, or $1.83 a share a year ago. "Nonperforming loans trended higher during the recent quarter, even though net charge-offs of loans were down slightly. Both remain at manageable levels," M&T Chief Financial Oficer Rene Jones said in a press release.
Precision Castparts posts profit, but eyes Boeing strike(8:49 am ET)
NEW YORK (MarketWatch) -- Precision Castparts Corp. (PCP: news, chart, profile) on Tuesday said second-quarter net income rose to $269.3 million, or $1.91 a share, from $235.4 million, or $1.68 a share, in the year-ago period. The Portland, Ore., metal components maker said sales for the three months ended Sept. 28 rose to $1.82 billion from $1.72 billion. Analysts surveyed by FactSet forecast earnings of $1.90 a share on revenue of $1.84 billion, on average. "Like other aerospace suppliers, we are feeling the impact of the Boeing (BA: news, chart, profile) strike, and the longer it lasts, the more orders will get pushed out," said Mark Donegan, chairman and chief executive officer. "Demand on our Special Metals aerospace operations had already begun to fall late in the second quarter, and we are now seeing the impact on our third-quarter sales expectations across the balance of our aerospace businesses."
Tracinda sells $18 mln in Ford stock as it changes focus(8:25 am ET)
NEW YORK (MarketWatch) -- Tracinda Corp., the holding company for billionaire investor Kirk Kerkorian, on Tuesday disclosed that it sold 7.3 million shares of Ford (F: news, chart, profile) on Oct. 20 at an average price of $2.43 a share for proceeds of about $17.7 million. The Los Angeles company said it'll focus on the gaming and hospitality, as well as the oil and gas industries, "in light of current economic and market conditions." Tracinda said it plans to further reduce its holdings of Ford common stock, including the possible sale of all of its remaining 133.5 million shares, or 6% of the auto maker's outstanding shares, depending upon market conditions and available sales prices.
CORRECT: BlackRock profit down 15%(8:26 am ET)
LONDON (MarketWatch) -- BlackRock Inc. (BLK: news, chart, profile) said Tuesday that its third-quarter net profit fell 15% to $217.7 million, or $1.62 a share, from $255.2 million, or $1.94 a share, a year earlier. Total revenue for the quarter rose 1% to $1.31 billion. The company said adjusted earnings for the quarter were $1.71 a share. Analysts polled by FactSet had been expecting adjusted earnings of $1.96 a share. The group said the weak environment negatively impacted flows and market values in all asset classes during the quarter. Assets under management fell 12% since the end of June to $1.26 trillion, driven by lower asset valuations, outflows from money market funds and the strengthening of the dollar. (Corrects to show the consensus forecast was for adjusted earnings.)
Lilly to take $1.4 billion charge related to Zyprexa probe(8:21 am ET)
NEW YORK (MarketWatch) -- Eli Lilly and Co. (LLY: news, chart, profile) said Tuesday that it is in advanced talks to resolve ongoing probes by the U.S. Attorney's Office for the Eastern District of Pennsylvania related to past U.S. marketing and promotional practices for its antipsychotic drug Zyprexa. As a result, the pharmaceutical giant expects to record a third-quarter charge of $1.42 billion, or $1.29 a share.
Freeport-McMoRan Copper & Gold net falls by a third(8:15 am ET)
NEW YORK (MarketWatch) -- Freeport-McMoRan Copper & Gold Inc. (FCX: news, chart, profile) on Tuesday said third-quarter net income fell to $523 million, or $1.31 a share, from $775 million, or $1.87 a share in the year-ago period. Revenue fell to $4.6 billion from $5.1 billion. Operating income fell to $1.1 billion from $1.88 billion. Wall Street analysts expected earnings of $1.45 a share on revenue of $4.9 billion, according to a survey by FactSet Research. Average realized price per pound for copper fell 11% to $3.14 per pound from $3.53 per pound. "Our third-quarter results reflect strong operating performance during a period of weakening commodity prices and economic uncertainty," the company said. "We are financially strong and well positioned to continue our long range strategy of adding to our mineral reserves and increasing our production capacity." The Phoenix-based mining giant said it'll be responsive to current market conditions by reducing costs and capital spending and curtailing high-cost operations if required.
Mueller Industries posts decline in third-quarter profit(7:48 am ET)
NEW YORK (MarketWatch) -- Mueller Industries Inc. (MLI: news, chart, profile) said Tuesday that its third-quarter net income fell to $18.7 million, or 50 cents a share, from $31.3 million, or 84 cents a share, in the year-earlier period. The Memphis, Tenn., maker of copper tubes and fittings said sales for the quarter declined to $665.5 million from $693.7 million.
Caterpillar profit falls but company reaffirms 2008 outlook (7:48 am ET)
NEW YORK (MarketWatch) -- Heavy equipment maker Caterpillar (CAT: news, chart, profile) said Tuesday its net income slipped 6% to $868 million, or $1.39 a share in the third quarter, from $927 million, or $1.40 a year ago. The company said that revenue in the quarter rose however, climbing 13% to $12.98 billion from $11.44 billion a year ago. Caterpillar reaffirmed its full year 2008 earnings outlook of $6 a share and said its financial services unit continues to have good access to capital. Analysts polled by Thomson Reuters had expected the company to earn $1.41 a share.
Lockheed Martin profit rises, boosts 2008 profit view(7:46 am ET)
NEW YORK (MarketWatch) -- Lockheed Martin Corp. (LMT: news, chart, profile) on Tuesday said its third-quarter net income rose to $782 million, or $1.92 a share, from $766 million, or $1.80 a share, from the year-ago period. Net sales slipped to $10.58 billion from $11.1 billion. Analysts, on average, expected it to earn $1.89 a share on sales of $10.74 billion, according to FactSet. For the year, the global security company raised its earnings target range to $7.55 to $7.70 a share, from $7.45 to $7.60 a share. It expects sales of $41.9 billion to $42.9 billion for the year. Analysts polled by FactSet Research expect it to earn $7.74 a share on sales of $42.96 billion, on average.
Celanese profit climbs 23%, outlook cut on economic slowdown(7:39 am ET)
LONDON (MarketWatch) -- Chemicals manufacturer Celanese Corp. (CE: news, chart, profile) said Tuesday that its third-quarter net profit rose 23% to $158 million, or 97 cents a share, from $128 million, or 76 cents a share, a year earlier. Net sales for the quarter rose 16% to $1.82 billion, driven by higher pricing, increased volumes in some products and favorable currency moves. Adjusted earnings edged up to 78 cents a share from 73 cents, matching analyst forecasts. The group also cut its outlook for 2008 adjusted earnings to a range of $3.40 to $.355 a share from a range of $3.60 to $3.85 a share, saying it expects the slowdown in Europe and the U.S. to continue and that it has also seen signs of slowing growth in Asia.
Biogen Idec net climbs 73%(7:29 am ET)
NEW YORK (MarketWatch) -- Biogen Idec Inc. (BIIB: news, chart, profile) on Tuesday said third-quarter net income climbed to $206.8 million, or 70 cents a share, from $119.4 million, or 41 cents a share in the year-ago period. Adjusted net income rose to 98 cents a share from 58 cents a share. Revenue climbed 38% to $1.09 billion. Analysts expected earnings of 87 cents a share and revenue of $1 billion, on average. Fro 2008, Biogen expects adjusted earnings above $3.50 a share, representing growth consistent with its goal of 20% compounded annual growth through 2010.
Quest Diagnostics posts higher third-quarter profit(7:25 am ET)
NEW YORK (MarketWatch) -- Quest Diagnostics Inc. (DGX: news, chart, profile) said Tuesday that its third-quarter net income rose to $110.8 million, or 57 cents a share, from $98.0 million, or 51 cents a share, in the year-earlier period. Adjusted earnings were 86 cents a share in the period. Revenue increased to $1.83 billion from $1.77 billion. Analysts polled by FactSet had been expecting earnings of 82 cents a share on revenue of $1.84 billion. For the full year, the company, which provides diagnostic testing, information and services, said it expects adjusted earnings of $3.17 to $3.22 a share from continuing operations, compared to the previous range of $3.10 to $3.20.
Waters Corp.'s third-quarter net profit rises 34%(7:24 am ET)
LONDON (MarketWatch) -- Waters Corporation (WAT: news, chart, profile) said third-quarter net income rose 34% to $71.5 million, or 71 cents a share, from $53.2 million, or 52 cents a share, earned in the year-earlier quarter. Adjusted earnings came in at 79 cents a share vesus 62 cents a share a year earlier. Consensus forecasts were for earnings of 74 cents a share, according to a poll of 10 analysts surveyed by FactSet Research. Sales climbed 10% to $353 million.
Omnicom net rises 5.6%(7:22 am ET)
NEW YORK (MarketWatch) -- Omnicom Group Inc. (OMC: news, chart, profile) on Tuesday said third-quarter net income climbed 5.6% to $213.6 million, or 69 cents a share, from $202.2 million, or 62 cents a share in the year-ago period. The New York-based advertising, media, marketing and communications holding company said worldwide revenue rose 6.9% to $3.32 billion. Analysts expected earnings of 68 cents a share and revenue of $3.35 billion, on average.
Regions Financial net income falls 80%(7:18 am ET)
NEW YORK (MarketWatch) -- Regions Financial Corp. (RF: news, chart, profile) on Tuesday said third-quarter net income fell to $79.5 million, or 11 cents a share from $394.2 million, or 56 cents a share in the year-ago period. Adjusted earnings in the latest period totaled 15 cents a share. Analysts expected earnings of 28 cents a share for the Birmingham, Ala. lender, according to a survey by FactSet Research. "This past quarter will likely be regarded as one of the most turbulent and challenging periods in the history of the financial services industry," said Dowd Ritter, chairman, president and chief executive officer. "Credit quality and capital adequacy issues, along with a slowing economy, have created an unprecedented operating environment for financial companies. Regions is taking aggressive actions to counter its effects and is well-positioned to weather the storm."
U.S. Bancorp profit down 47%(7:09 am ET)
LONDON (MarketWatch) -- U.S. Bancorp. (USB: news, chart, profile) said Tuesday that its third-quarter net profit fell 47% to $576 million, or 32 cents a share, from $1.1 billion, or 62 cents a share, a year earlier. The firm said the latest quarter included losses of $411 million, or 18 cents a share, on lower securities valuations and an incremental provision of 10 cents a share for credit losses. U.S. Bancorp said net interest income rose 16.7 from a year earlier to $1.97 billion. Analysts polled by FactSet were expecting earnings of 49 cents a share in the latest quarter. At the end of the quarter the group said it had a Tier 1 capital ratio of 8.5%. Net charge offs in the third quarter were $498 million and the company said it expects that level to increase in the fourth quarter.
Tellabs loses nearly $1 billion on write-off(7:09 am ET)
LONDON (MarketWatch) -- Tellabs (TLAB: news, chart, profile) said it swung to a third-quarter loss of $999 million, or $2.51 a share, mostly on an impairment charge as it completely wrote off the goodwill associated with its broadband and transport segments. Tellabs earned $4 million, or a penny a share in the year-earlier period, and excluding charges would have earned 5 cents a share in the third quarter of 2008. Revenue fell 7% to $424 million. Analysts polled by FactSet expected a profit of 3 cents a share for the third quarter. It expects fourth-quarter 2008 revenue to be flat to down from the third quarter of 2008, in a range from $424 million to the low $400 millions. Tellabs said it needs to further reduce its workforce.
ENGlobal 'disappointed' as it forecasts earnings drop(6:59 am ET)
LONDON (MarketWatch) -- ENGlobal (EN: news, chart, profile) said it was "disappointed" as it forecast third-quarter earnings per share to fall to 11 cents to 13 cents a share, down from 15 cents a share in the prior year. Revenue is seen rising to $123.2 million from $96.8 million. The company cited lost billing revenue and margin related to hurricanes, improved employee benefits, project overruns and higher overhead costs in its construction unit. Analysts polled by FactSet had expected earnings of 24 cents a share.

[3xBuBu]

Wednesday, Oct. 22
Sallie Mae quarterly 'core earnings' net income slides (5:44 pm ET)
SAN FRANCISCO (MarketWatch) -- SLM Corp. (SLM: news, chart, profile) , more commonly known as Sallie Mae, late Wednesday reported third-quarter "core earnings" net income of $117 million, or 19 cents a share, down from $259 million, or 59 cents a share, in the third quarter of last year. Earnings on a "core" basis exclude the effect of accounting for derivatives. The educational lender reported a net loss of $159 million or 40 cents a share, narrowing from a loss of $344 million or 85 cents a share, in the third quarter of 2007.
Noble Corp. profit rises on strong oil drilling demand (5:24 pm ET)
SAN FRANCISCO (MarketWatch) -- Offshore oil driller and rig owner Noble Corp. (NE: news, chart, profile) reported late Wednesday third-quarter net income rose to $382.5 million, or $1.43 a share from $318.3 million, or $1.18 a share, a year ago. Revenue for the three months ended Sept. 30 rose 16% to $835 million. Analysts surveyed by FactSet had predicted the Sugar Land, Texas-based company would earn $1.38 a share on $866 million in sales. Shares of Noble closed ahead of the report with a 16% loss at $25.59. The stock is down 50% over the past 12 months.
Smurfit-Stone posts profit on tax issue, sales flat(5:15 pm ET)
SAN FRANCISCO (MarketWatch) -- Smurfit-Stone Container Corp. (SSCC: news, chart, profile) , a provider of cardboard boxes and paper packaging, late Wednesday swung to a third-quarter profit of $62 million, or 24 cents a share. The profit was largely helped by resolving Canadian tax issues. A year-earlier, the company lost $96 million, or 38 cents a share. Sales for the quarter ended Sept. 30 were almost unchanged from a year ago at $1.8 billion. Smurfit-Stone, whose shares are down 92% this year, said it's in compliance with all its financial covenants. And despite the global economic slowdown, the company said its fourth-quarter results will be better than the just-ended quarter, driven by higher selling prices and lower costs. Smurfit-Stone shares closed at 87 cents.
Pulte Homes third-quarter loss narrows to $1.11 a share (5:08 pm ET)
SAN FRANCISCO (MarketWatch) -- Pulte Homes Inc. (PHM: news, chart, profile) late Wednesday reported its third-quarter loss narrowed to $280.4 million, or $1.11 a share, from a loss of $787.9 million, or $3.12 a share, in the third quarter of 2007. The quarterly loss includes a $266.6 million pre-tax charges related to inventory impairments and other land-related charges. Revenue decreased to $1.56 billion from $2.47 billion in the same period a year earlier, said the Bloomfield Hills, Mich.-based company. Analysts surveyed by FactSet Research had projected the company to report a loss of 52 cents on revenue of $1.57 billion. Net new home orders for the quarter totaled 3,008 homes, a 34% decline from the same quarter a year ago.
Con-way posts higher profit (5:04 pm ET)
SAN FRANCISCO (MarketWatch) -- Freight and trucking company Con-way Inc. (CNW: news, chart, profile) reported late Wednesday third-quarter net income rose to $38.8 million, or 81 cents a share, from $37.3 million, or 78 cents a share, a year ago. The year-ago profit included a one-time, after-tax charge that trimmed 9 cents a share from the bottom line. Revenue for the three months ended Sept. 30 rose 23% to $1.37 billion from $1.11 billion. Analysts polled by FactSet were looking for earnings of 65 cents a share on revenue of $1.28 billion. Con-way stuck by its earlier full-year earnings estimate of $2.60 to $2.80 a share. Shares of the San Mateo, Calif.-based company closed ahead of the report with a 4% loss at $33.48. The stock is down 23% over the past 12 months.
Amerigroup net up; beats estimates by 23 cents(4:49 pm ET)
LOS ANGELES (MarketWatch) -- Amerigroup Corp. (AGP: news, chart, profile) said after the close Wednesday that third-quarter net income was $39.4 million, or 74 cents a share, compared with $31.2 million, or 58 cents a share, for the same period a year ago. Sales for the Virginia Beach, Va.-based health insurer were $1.12 billion vs. last year's $1.03 billion. Analysts polled by FactSet Research expected the company to earn 51 cents a share during the quarter. The company also raised its operating earnings estimate for the year to a range of $2.58 to $2.63 a share, from $2.30 to $2.40. Its 2009 estimate is now $2.50 to $2.65 a share. Amerigroup shares ended the day down 9.4% to $17.82.
CORRECT: Citrix Systems posts quarterly slip in profits(4:39 pm ET)
SAN FRANCISCO (MarketWatch) -- Citrix Systems Inc. said Wednesday its fiscal third-quarter net income fell to $49.1 million, or 26 cents a share, from $60.7 million, or 33 cents a share in the same period a year earlier. The Fort Lauderdale, Florida-based business software maker said revenue for the period ended Sep. 30 rose to $398.9 million from $349.9 million. Excluding special items, Citrix (CTXS: news, chart, profile) said earnings for the period rose to 43 cents a share. (Corrects revenue figure for the period.)
Torchmark quarterly net income falls 52%(4:37 pm ET)
SAN FRANCISCO (MarketWatch) -- Torchmark Corp. (TMK: news, chart, profile) said late Wednesday that third-quarter net income came in at $63.2 million, or 72 cents a share, down 52% from a year earlier when the insurer made $132.9 million, or $1.41 a share. The company realized losses of $71.4 million on its investments. Operating income, which excludes net realized investment gains and losses, came in at $132.3 million, or $1.51 a share. Torchmark was expected to make $1.50 a share, according to the average estimate of 12 analysts in a FactSet survey.
Ryland third-quarter loss widens to $1.54 a share (4:30 pm ET)
SAN FRANCISCO (MarketWatch) -- The Ryland Group (RYL: news, chart, profile) late Wednesday reported its third-quarter loss widened to $65.7 million, or $1.54 a share, from a net loss of $54.7 million, or $1.30 a share, in the third quarter of 2007. Revenue fell to $543.8 million from $737.2 million in the same period last year. The homebuilder took pretax charges of $60.4 million for inventory valuation adjustments. Analysts surveyed by FactSet Research had forecast the company to lose 77 cents a share on revenue of $491.9 million. Homebuilding revenues slid to $526.2 million from $717.5 million in the year-earlier quarter while new orders decreased 31.6%. The company said its inventory of unsold homes stood at 719 units at the end of September, down 12.6% from the end of 2007.
Allstate reports $923 million quarterly net loss(4:29 pm ET)
SAN FRANCISCO (MarketWatch) -- Allstate Corp. (ALL: news, chart, profile) late Wednesday reported a third-quarter net loss of $923 million, or $1.71 a share, as the property and casualty insurer paid big hurricane-related claims and realized more than $1 billion of pre-tax investment losses. On an operating basis, which excludes net realized investment gains and losses, Allstate said it lost $190 million, or 35 cents a share. Allstate was expected to make 77 cents a share, according to the average estimate of 17 analysts in a FactSet survey.
C.R. Bard profit jumps 9% on improved margins(4:28 pm ET)
SAN FRANCISCO (MarketWatch) -- C.R. Bard, Inc. (BCR: news, chart, profile) late Wednesday reported a third-quarter profit of $111.2 million, or $1.09 a share, up from $102.1 million, or 96 cents a share, a year ago. Revenue rose 13% to $616 million. Analysts polled by FactSet Research were looking for a profit, on average, of $1.08 a share on sales of $611 million. The Murray Hill, N.J.-based medical device company attributed the improvement to increased demand for its broader product portfolio as well as expanded margins.
Amgen reports dramatically higher earnings on charges(4:22 pm ET)
BOSTON (MarketWatch) -- Amgen Inc. (AMGN: news, chart, profile) reported dramatically higher earnings late Wednesday, due largely to higher sales and hefty charges taken in the year-ago period. For the third quarter, Amgen posted net income of $1.16 billion, or $1.09 a share. This compares with $201 million, or 18 cents a share for the same quarter last year, which featured massive charges for acquisitions and restructuring. Excluding such charges, Amgen would had reported adjusted earnings of $1.23 a share versus $1.08 share. Revenue rose 7% to $3.88 billion. A poll of analysts by FactSet Research pegged the biotech giant at reporting earnings per share of $1.09, on revenue of $3.68 billion.
Seagate Technology earnings fall to $60 million(4:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Seagate Technology (STX: news, chart, profile) on Wednesday reported a fiscal first-quarter profit of $60 million, or 12 cents a share, on revenue of $3.03 billion. During the same period a year ago, the hard-disk drive maker earned $355 million, or 64 cents a share, on $3.3 billion in sales. Excluding charges and one-time items of 14 cents a share, Seagate would have earned 26 cents a share. Analysts surveyed by FactSet Research had forecast a profit of 26 cents a share on revenue of $3.17 billion.
Amazon posts quarterly profit, sales gains(4:07 pm ET)
SAN FRANCISCO (MarketWatch) - Amazon.com Inc. said Wednesday its fiscal third-quarter net income rose 48% to $118 million, or 27 cents a share, from $80 million, or 19 cents a share in the same period a year earlier. Revenue for the period ended in September rose 31% to $4.26 billion. Analysts on average had estimated that the online retailer (AMZN: news, chart, profile) would post earnings of 25 cents a share for the quarter, and $4.27 billion in revenue, according to FactSet Research.
Blockbuster comfortable with analysts' third-quarter outlook(3:49 pm ET)
SAN FRANCISCO (MarketWatch) -- Blockbuster Inc. (BBI: news, chart, profile) said Wednesday it is reaffirming its 2008 adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, outlook and expressed "comfort" with analysts' estimates. Analysts surveyed by FactSet Research are forecasting the company to report a loss of 15 cents a share on revenue of $1.27 billion in the third quarter. For 2008, Wall Street is projecting the company to report EBITDA of $304.7 million. Blockbuster also said its domestic same-store revenues rose 5.1% while its domestic same-store rental revenues increased 0.8% in the third quarter. The company is scheduled to release third-quarter results on Nov. 6 after the financial markets close.
Energy stocks fall sharply on lower crude(9:40 am ET)
NEW YORK (MarketWatch) -- Investors in energy stocks shrugged off double-digit earnings gains from ConocoPhillips (COP: news, chart, profile) and Baker Hughes (BHI: news, chart, profile) on Wednesday amid a sell-off tied to sharply lower crude oil futures. The Amex Oil Index (XOI: news, chart, profile) fell back by 5% to 860, led lower by a 17% dip from Repsol (REP: news, chart, profile) . The Amex Natural Gas Index (XNG: news, chart, profile) dropped 5.1% to 398. Crude futures fell $3.26 to $68.92. ConocoPhillips (COP: news, chart, profile) subtracted 5% to $51.26. Baker Hughes (BHI: news, chart, profile) retreated 15.6% to $32.67.
Apple, EMC rise, but most other tech stocks retreat early(9:39 am ET)
SAN FRANCISCO (MarketWatch) -- Technology stocks showed some signs of life in early trading Wednesday, but the overall sector was in the red, due to broad-market fears about the economy. The tech-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) fell 22 points to 1,675, with losses coming from Microsoft Corp. (MSFT: news, chart, profile) , Intel Corp. (INTC: news, chart, profile) and Dell Inc. (DELL: news, chart, profile) . However, some gainers emerged, as Apple Inc. (AAPL: news, chart, profile) rose $7.79 a share, or almost 9%, to $99.57 and EMC Corp. (EMC: news, chart, profile) added 61 cents, or 6.3%, to reach $10.26 following those companies' strong earnings reports.
Genzyme posts higher adjusted profit(9:25 am ET)
NEW YORK (MarketWatch) -- Genzyme Corp. (GENZ: news, chart, profile) said Wednesday that its third-quarter net income fell to $119.6 million, or 42 cents a share, from $159.3 million, or 58 cents a share, in the year-ago period. Results in the most recent quarter reflect a $100 million licensing fee for PTC124, a genetic disease drug in late-stage development. On an adjusted basis, quarterly profit was $1.04 a share. On average, analysts polled by FactSet Research expected earnings of 92 cents a share. Revenue at the biotechnology company rose to $1.16 billion from $960.2 million. Genzyme said it expects adjusted earnings of about $4.70 a share in 2009, rising to about $7.00 a share by 2011.
ConocoPhillips net income climbs 41%(8:41 am ET)
NEW YORK (MarketWatch) -- ConocoPhillips (COP: news, chart, profile) said Wednesday third-quarter net income rose to $5.19 billion, or $3.39 a share from $3.67 billion, or $2.23 a share in the year-ago period. The latest period includes adjustments for its 2007 Venezuela impairment. Analysts expected earnings of $3.22 a share, according to a survey by FactSet Research. "Our U.S. operations were impacted by Hurricanes Gustav and Ike during the quarter, but despite these impacts, our overall operating performance was good," said Jim Mulva, chairman and chief executive officer. Revenue rose to $71.4 billion from $47.9 billion. Third-quarter average realized price per barrel of oil rose to $114.20 from $73.01, but fell from $119.24 in the second quarter.
Northern Trust swings to loss after charges(8:28 am ET)
BOSTON (MarketWatch) -- Northern Trust Corp. (NTRS: news, chart, profile) before Wednesday's opening bell said it swung to a third-quarter loss of $129.4 million, or 58 cents a share, from net income of $208.3 million, or 93 cents a share, in the year-earlier quarter. The Chicago-based custody bank and asset manager said the latest quarter's results included after-tax charges of $353.2 million, or $1.59 a share, related to previously disclosed steps to support its clients and investors during the upheaval in credit markets. Total revenue rose 5% to $938.5 million, while analysts polled by Thomson Reuters had forecast revenue of $1.06 billion. The third quarter "represented an extraordinarily challenging period for the financial-services industry and world economy," said Northern Trust Chief Executive Frederick Waddell in the earnings release.
Ryder third-quarter profit rises despite slower sales(8:13 am ET)
NEW YORK (MarketWatch) -- Ryder System Inc. (R: news, chart, profile) said Wednesday its third-quarter profit totaled $70.2 million, or $1.25 a share, from $65.5 million, or $1.11 a share, in the same quarter a year before. Analysts had expected earnings on average of $1.27 a share, according to a FactSet Research survey, compared to adjusted profit of $1.22 a share. Revenue for the quarter, however, fell to $1.626 billion compared to $1.648 billion in the year-ago period. Ryder also cut its full-year 2008 profit forecast to $4.43-$4.53 a share from a previous projection of $4.60-$4.70. For the fourth quarter, it foresees earnings at $1.03-$1.13 a share.
Rohm and Haas net edges up ahead of Dow Chemical acquisition(8:08 am ET)
LONDON (MarketWatch) -- Rohm and Haas (ROH: news, chart, profile) said its third-quarter profit edged up to $131 million, or 67 cents a share, from $129 million, or 61 cents a share, while sales rose 12% to $2.47 billion. Adjusted earnings excluding 24 cents a share of one-time items would have climbed to 90 cents a share, up 3%. The company, which is being bought by Dow Chemical (DOW: news, chart, profile) , was forecast to earn 87 cents a share, according to analysts polled by FactSet Research.
Reynolds American net falls 41%(7:54 am ET)
NEW YORK (MarketWatch) -- Reynolds American Inc. (RAI: news, chart, profile) on Wednesday said third-quarter net income fell 41% to $211 million, or 72 cents a share, from $358 million, or $1.21 a share in the year-ago period. Excluding items, the Winston-Salem, N.C. owner of R.J. Reynolds Tobacco Co. earned $1.29 a share in the latest period. Revenue fell 1% to $2.27 billion. Wall Street analysts expected earnings of $1.20 a share and revenue of $2.26 billion, according to a survey by FactSet Research. Reynolds American said it now expects adjusted 2008 earnings to increase by the low single digits, compared to its earlier projection for an in-line year.
General Dynamics quarterly profit up 16% to $634 million(7:47 am ET)
NEW YORK (MarketWatch) -- General Dynamics (GD: news, chart, profile) said Wednesday its third-quarter profit rose 16.1% to $634 million, or $1.59 a share, from $546 million, or $1.34 a share, in the same quarter a year before. Analysts had expected earnings on average of $1.51 a share, according to a FactSet Research survey. Sales for the quarter was $7.14 billion compared to $6.83 billion in the year-ago period. The Falls Church, Va., company said its total backlog at the end of the quarter was $60.5 billion, compared to $55.3 billion at the end of the previous quarter.
Applied Biosystems first-quarter profit jumps to $77 million(7:22 am ET)
NEW YORK (MarketWatch) -- Applied Biosystems Inc. (ABI: news, chart, profile) said Wednesday its first-quarter profit totaled $77.2 million, or 44 cents a share, from $61.7 million, or 32 cents a share, in the same quarter a year before. The company said its prior results were restated to reflect the spin-off of its Celera Group into a separately traded company in July. Analysts had expected earnings on average of 40 cents a share, according to a FactSet Research survey. Revenue for the quarter was $533 million compared to $501 million in the year-ago period.
EMC posts lower third-quarter profit(7:19 am ET)
NEW YORK (MarketWatch) -- EMC Corp. (EMC: news, chart, profile) said Wednesday that its third-quarter net income fell to $411.3 million, or 20 cents a share, from $492.9 million, or 23 cents a share, in the year-earlier period. Adjusted to exclude items, earnings were 25 cents a share, up from the year-earlier 22 cents. On average, analyst polled by FactSet Research expected earnings of 20 cents a share. The Hopkinton, Mass., data systems company said quarterly consolidated revenue grew to $3.72 billion from $3.3 billion a year ago. EMC said it expects fourth-quarter earnings of 23 cents to 24 cents a share. Excluding items, it projects a profit of 30 cents to 31 cents in the period. Wall Street is looking for 25 cents a share, according to FactSet.
Wachovia posts $24 billion loss ahead of Wells Fargo deal(7:17 am ET)
NEW YORK (MarketWatch) -- Wachovia Corp. (WB: news, chart, profile) on Wednesday said it swung to a third-quarter loss of $4.8 billion, or $2.23 a share, excluding impairment and expenses. Total third-quarter loss totaled $23.9 billion, or $11.09 a share. In the year-ago period, Wachovia posted a net income of $1.7 billion, or 90 cents a share. The Charlotte, N.C. lender said it's on track to close its sale to Wells Fargo (WFC: news, chart, profile) . "We believe that it was prudent for Wachovia to put these losses behind them," said Wells Fargo's Chief Financial Officer Howard Atkins. "The asset write-downs, reserve build, and other items are consistent with our acquisition assumptions."
First Midwest profit down 11% as loan loss provisions rise(7:10 am ET)
LONDON (MarketWatch) -- First Midwest Bancorp. (FMBI: news, chart, profile) said Wednesday that its third-quarter net profit fell 11% to $24.2 million, or 50 cents a share, from $27.2 million, or 55 cents a share, a year earlier. Total interest income for the quarter fell around 15% to $101.5 million. Excluding a $1.7 million write-off and a tax gain of $2.5 million, earnings in the latest quarter were 47 cents a share. Analysts polled by FactSet were expecting earnings of 51 cents a share. The group said the lower profit was largely due to higher loan loss provisions, which rose to $13 million from $470,000.
Philip Morris third-quarter net income up 21%, affirms view(7:08 am ET)
LONDON (MarketWatch) -- Tobacco giant Philip Morris International, Inc. (PM: news, chart, profile) said third-quarter earnings rose 21% to $2.08 billion, or $1.01 a share, from $1.73 billion, or 82 cents a share, earned in the year-earlier quarter. Adjusted earnings came in at 93 cents a share, beating consensus forecasts of 90 cents a share, according to a poll of 11 analysts surveyed by FactSet Research. Sales rose 17.5% to $6.95 billion, helped by favorable currency fluctuations. The company affirmed its outlook for 2008 adjusted earnings per share in the range of $3.32 to $3.38. Philip Morris increased its quarterly dividend by 17.4% to 54 cents a share.
Glaxo profit drops 21.5%, won't buy back stock in 2009(7:07 am ET)
LONDON (MarketWatch) -- GlaxoSmithKline (GSK: news, chart, profile) (UK:GSK: news, chart, profile) , Europe's largest drugmaker, said third-quarter net income fell 21.5% to 1.06 billion pounds ($1.72 billion), while revenue rose 7% to 5.88 billion pounds. Glaxo said sales growth in vaccines, emerging markets and consumer healthcare helped offset impact of generic competition to U.S. pharmaceuticals. It's upping its third-quarter dividend by 8% to 14 pence a share but said it doesn't plan to make stock buybacks in 2009. Glaxo said it's only seen a modest impact on its consumer products in certain territories from the global economy "changes" and said there are around 30 assets in late-stage development.

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Thursday, Oct. 23
Eastman Chemical profit jumps five-fold(5:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Eastman Chemical Co. (EMN: news, chart, profile) on Thursday posted a third-quarter profit of $100 million, or $1.33 a share, up from $20 million, or 24 cents a share, a year ago. Sales rose 8% to $1.8 billion. Analysts polled by FactSet Research were looking for a profit of $1.34 a share on revenue of $1.8 billion. "We delivered solid third-quarter earnings despite significant raw material and energy cost volatility, uncertain prospects for the global economy, and difficulty in the financial markets," Chairman and CEO Brian Ferguson said. He said he expects Eastman to post a profit at the low end of the current analyst range, which is 90 cents a share for the fourth quarter. Eastman's stock fell 3.7% to close at $36.83.
Interactive Brokers quarterly net climbs 23%(4:51 pm ET)
SAN FRANCISCO (MarketWatch) -- Interactive Brokers Group (IBKR: news, chart, profile) said late Thursday that third-quarter net income came in at $27.2 million, or 65 cents a share, up 23% from a year earlier when the broker made $22.2 million, or 53 cents a share. Net revenues climbed to $497 million from $445.1 million, the company added. Interactive Brokers was expected to make 58 cents a share, according to the average estimate of three analysts polled by FactSet.
Microchip Technology sees earnings jump following charge(4:40 pm ET)
SAN FRANCISCO (MarketWatch) -- Microchip Technology Inc. (MCHP: news, chart, profile) said Thursday that earnings rose 26% for its second fiscal quarter, thanks in part to a charge taken for the same period last year. The company reported earnings of $76.5 million, or 41 cents a share, compared to earnings of $60.7 million, or 27 cents a share, for the same period last year. Excluding the effects of stock options, the company said it would have earned 45 cents a share for the recent quarter. Revenue rose 4% to $269.7 million. Analysts were expecting earnings of 41 cents a share on revenue of $273.5 million, according to consensus estimates from FactSet Research.
Aflac's third-quarter profit slides to 21 cents a share(4:37 pm ET)
SAN FRANCISCO (MarketWatch) -- Aflac Inc. (AFL: news, chart, profile) late Thursday reported its third-quarter net income fell to $100 million, or 21 cents a share, from $420 million, or 85 cents a share, in the third quarter of 2007. About $198 million of the after-tax investment losses in the quarter partly stems from the company's decision to sell its holdings in Lehman Brothers and Washington Mutual and impair its investment in Ford Motor. Operating earnings, which exclude net realized investment gains and losses, were $493 million, or $1.02 a share, said the health insurer. Aflac also said it expects 2008 operating earnings per share to rise 15%, excluding the impact of the Japanese yen.
Chubb quarterly net income falls 64%(4:30 pm ET)
SAN FRANCISCO (MarketWatch) -- Chubb Corp. (CB: news, chart, profile) said late Thursday that third-quarter net income came in at $264 million, or 73 cents a share, down 64% from a year earlier when the property and casualty insurer made $738 million, or $1.87 a share. Operating income, which excludes after-tax realized investment gains and losses, declined to $338 million, or 93 cents a share. Chubb was expected to make $1.03 a share, according to the average estimate of 17 analysts in a FactSet survey. The results were dented by hurricane-related claims, plus losses and impairments on Chubb's investments.
Federated quarterly net income slips 3%(4:23 pm ET)
SAN FRANCISCO (MarketWatch) -- Federated Investors Inc. (FII: news, chart, profile) said late Thursday that third-quarter net income came in at $56.2 million, or 56 cents a share, down 3% from a year earlier when the mutual fund company made $57.7 million, or 57 cents a share. Earnings from continuing operations were 56 cents a share in the latest quarter, the company added. Federated was expected to make 54 cents a share, according to the average estimate of nine analysts in a FactSet survey. Total managed assets were $344 billion at the end of September, up 25% from a year ago and up 3% from the end of June, Federated reported.
Synovus swings to third-quarter net loss (4:23 pm ET)
SAN FRANCISCO (MarketWatch) -- Synovus Financial (SNV: news, chart, profile) late Thursday reported it swung to a third-quarter net loss of $26.9 million, or 8 cents a share, from a net income of $134.9 million, or 41 cents a share, in the third quarter of 2007. Analysts surveyed by FactSet Research had forecast the company to earn 8 cents a share. Nonperforming loans totaled $770 million as of Sept. 30, an increase of $143 million from the second quarter, the company said. The ratio of nonperforming assets to loans, impaired loans held for sale, and other real estate was 3.58% at the end of the quarter, compared to 3% in the previous quarter and 1.16% in the third quarter of 2007.
Burlington Northern boosts profit jumps 31% (4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- Burlington Northern Santa Fe Corp. (BNI: news, chart, profile) reported late Thursday third-quarter net income rose to $695 million, or $2.00 a share, from $530 million, or $1.48 a share, a year ago. Revenue for the three months ended Sept. 30 rose 20% to $4.91 billion. Analysts polled by FactSet had predicted the company would earn $1.69 a share on $4.79 billion in revenue. Shares of Forth Worth, Texas-based railroad rose 72 cents to close at $81.58 ahead of the report.
Microsoft posts quarterly profit, sales gains(4:15 pm ET)
SAN FRANCISCO (MarketWatch) - Microsoft Corp. on Thursday posted a slight fiscal first-quarter profit gain and sales growth that topped Wall Street analysts' estimates. The Redmond, Wash.-based software giant (MSFT: news, chart, profile) said net income for the quarter ended in September rose to $4.37 billion, or 48 cents a share, from $4.29 billion, or 46 cents a share in the same period a year earlier. Revenue rose 9% to $15.06 billion. Analysts on average had estimated Microsoft would post earnings of 47 cents a share for the quarter, and $14.8 billion in revenue, according to FactSet Research.
MEMC earnings rise almost 21%(4:07 pm ET)
SAN FRANCISCO (MarketWatch) -- MEMC Electronic Materials Inc. (WFR: news, chart, profile) on Thursday reported a fiscal third-quarter profit of $182.8 million, or 80 cents a share, on revenue of $546 million. During the same period a year ago, the maker of silicon wafers for the semiconductor industry earned $151.5 million, or 65 cents a share, on $531.4 million in sales. Excluding one-time items, MEMC would have earned $195.8 million, or 86 cents a share. Analysts surveyed by FactSet Research had forecast MEMC to earn 89 cents a share on $537 million in revenue.
Home-builder stocks crushed after earnings reports(3:06 pm ET)
BOSTON (MarketWatch) -- Home-builder stocks were down sharply Thursday after two of the industry's largest names reported significant quarterly losses that contributed to fears that a housing recovery could be some time in the future. Pulte Homes Inc. (PHM: news, chart, profile) and Ryland Group Inc. (RYL: news, chart, profile) after Wednesday's closing bell reported quarterly losses of $280.4 million and $65.7 million, respectively. "The home-building operating environment significantly worsened during the third quarter of 2008," said Pulte Chief Executive Richard Dugas. Pulte shares were off 25% in afternoon trade Thursday. An exchange-traded fund tracking home-builder stocks, iShares DJ U.S. Home Construction (ITB: news, chart, profile) , was down 14% at last check.
Renault cuts operating margin view for 2008(12:06 pm ET)
LONDON (MarketWatch) -- Renault (FR:013190: news, chart, profile) , in a statement after the close of trading in Paris, became the latest automaker to warn of deteriorating sales, noting that the European car market could fall 8% in 2008 and that some emerging markets are showing signs of slowing growth. It expects its own volumes to slightly exceed 2007 levels and for operating margins to range between 2.5% and 3%. Renault previously forecast margins of 4.% this year. It said it's going to assess the consequences of the deterioration in market conditions as it issues its 2009 outlook. Third-quarter revenue fell 2.2% to 9.15 billion euros.
Diamond Offshore dividend boost draws praise(10:04 am ET)
NEW YORK (MarketWatch) -- Diamond Offshore (DO: news, chart, profile) on Thursday increased its special dividend to $1.88 a share for the third quarter from $1.25 a share for the past four quarters. Analysts at Macquarie Research Equities (USA) said combined with the regular quarterly dividend of 12.5 cents a share, the payments equate and annualized yield of 12.42%. Both dividends are payable to shareholders of record on Nov. 3. "We believe this will be viewed as a substantial positive given the uncertainty in the overall market and the massive sell-off in the stock this year (down 54%), which is in line with the sector average of down 55% for the (sector)," analysts said in a note to clients. Diamond Offshore shares jumped 6.6% to $68.91 in recent action.
ProLogis posts profit decline, cuts full-year view(9:57 am ET)
NEW YORK (MarketWatch) -- ProLogis (PLD: news, chart, profile) on Thursday said funds from operations, a key profitability measure for real estate investment trusts, in the third quarter fell to 63 cents a share from $1.41 in the year-ago period. The company lowered its full-year FFO outlook to a range of $3.60 to $3.70 a share, citing credit-market and general economic turmoil.
Amazon losses highlight tech trading action(9:38 am ET)
SAN FRANCISCO (MarketWatch) -- Technology stocks put in a mixed performance in early trading Thursday, with online retalier Amazon.com Inc. (AMZN: news, chart, profile) in the spotlight. Amazon's shares fell $4.28, or 8.5%, to $45.71 after the company gave a disappointing outlook for its fiscal fourth quarter late Wednesday. Gains came from Apple Inc. (AAPL: news, chart, profile) , IBM Corp. (IBM: news, chart, profile) and Microsoft Corp. (MSFT: news, chart, profile) and the tech-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) rose 12 points to 1,628.
Energy stocks regain their footing(9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose in early action on Thursday as oil and gas shares regained their footing from big losses in the previous session. The Amex Natural Gas Index (XNG: news, chart, profile) rose 3.3% to 388. The Amex Oil Index (XOI: news, chart, profile) rose 2.4% to 833. National Oilwell Varco (NOV: news, chart, profile) jumped nearly 8% to $26.38 a day after giving up about 20% of their value. Diamond Offshore (DO: news, chart, profile) rose 7% to $69. Exxon Mobil (XOM: news, chart, profile) rose 2.6% to $66.23.
Franklin Resources' net falls 30%(9:10 am ET)
BOSTON (MarketWatch) -- Investment manager Franklin Resources Inc. (BEN: news, chart, profile) on Thursday said its fiscal fourth-quarter net income dropped 30% from the year-ago period to $305.1 million, or $1.30 a share. The San Mateo, Calif.-based company said quarterly revenue fell 19% to $1.32 billion. Wall Street analysts had forecast, on average, net income of $1.46 a share on revenue of $1.38 billion.
India's Reliance posts 7.4% profit jump(8:56 am ET)
NEW YORK (MarketWatch) -- India's largest private company, Reliance Industries Ltd. (RELLF: news, chart, profile) , said Thursday its second-quarter profit rose 7.4% to 41.22 billion rupees ($822 million) from 38.37 billion in the year ago quarter. The results beat analysts' forecast for a 39 billion rupee profit, according to reports from Reuters and Agence France-Presse. Reuters attributed the energy giant's gains to stronger-than-expected refining margins: $13.40 a barrel compared to the benchmark Asian Dubai crack margin of about $5.80 a barrel during the period. Revenue at company was 447.9 billion rupees, up from 320.4 billion rupees a year earlier.
Ensco earnings higher in quarter(8:48 am ET)
NEW YORK (MarketWatch) -- Ensco International Inc. (ESV: news, chart, profile) said Thursday that third-quarter earnings rose to $282 million, or $1.99 a share, compared to $267 million, or $1.82 a share, in the year-ago period. Revenue was steady at $636 million. Results include the loss of a jack-up rig in the Gulf of Mexico in the aftermath of Hurricane Ike and resulted in a loss from discontinued operations of 13 cents a share. Analysts polled by FactSet Research estimated, on average, earnings per share of $2.11 on sales of $648 million.
New York Times posts decline in third-quarter profit(8:39 am ET)
CHICAGO (MarketWatch) -- New York Times Co. (NYT: news, chart, profile) said Thursday that third-quarter net income fell to $6.53 million, or 5 cents a share, compared with a profit of $13.4 million, or 9 cents a share, in the same quarter a year ago. Including $10.3 million, or 7 cents a share, in severance costs related to the shutdown of a New York area newsstand distribution subsidiary, New York Times announced a preliminary third-quarter loss from continuing operations of 1 cent per share for the quarter ended Sept. 30. Excluding the severance costs, the company would have earned 6 cents a share. Revenue fell 9% to $687 million. On average, analysts surveyed by Thomson Reuters had been looking for New York Times Co. to report a profit of 4 cents a share on revenue of $691.7 million.
Cooper Industries net rises 20%, cutting 1,000 jobs(8:28 am ET)
NEW YORK (MarketWatch) -- Cooper Industries (CBE: news, chart, profile) on Thursday said third-quarter net income rose 20% to $205.8 million, or $1.17 a share, from $171.9 million, or 93 cents a share in the year-ago period. Earnings from continuing operations increased to $1.08 a share from 93 cents a share. Adjusted earnings were 97 cents a share. Revenue rose 15% to $1.73 billion. Cooper Industries was expected to earn 95 cents a share on revenue of $1.7 billion, according to a survey by FactSet Research. Looking ahead, the Houston-based electrical products manufacturer said it'll cut 1,000 jobs and take a charge of $22 million in severance expenses in the fourth quarter. Excluding the charge, it expects fourth-quarter earnings of 83-92 cents a share, compared to the target of 93 cents a share.
Union Pacific earnings per share up 38% in quarter(8:21 am ET)
NEW YORK (MarketWatch) -- Union Pacific Corp. (UNP: news, chart, profile) said Thursday that third-quarter earnings rose to $703 million, or $1.38 a share, compared to $532 million, or $1.00 a share, in the year-ago period. Revenue rose to $4.84 billion compared to $4.19 billion. Operating income climbed 21% to $1.2 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of $1.30 and sales of $4.84 billion. "UP expects to produce strong year-over-year earnings growth in the fourth quarter despite the continuing effect of the economic slowdown on our business," Chief Executive Jim Young said.
Level 3 narrows loss in third quarter(8:16 am ET)
NEW YORK (MarketWatch) -- Level 3 Communications Inc. (LVLT: news, chart, profile) said Thursday its third-quarter loss totaled $120 million, or 8 cents a share, from a loss of $174 million, or 11 cents a share, in the same quarter a year before. Analysts had expected a loss on average of 8 cents a share, according to a FactSet Research survey. Revenue for the quarter shrank to $1.07 billion compared to $1.09 billion in the year-ago period. It said it expects 2008 pre-tax earnings, excluding one-time items, to fall between $980 million and $1.0 billion, narrowed from the previous forecast of $950 million to $1.1 billion.
National Oilwell Varco net up 50%, beats target(8:14 am ET)
NEW YORK (MarketWatch) -- National Oilwell Varco (NOV: news, chart, profile) said Thursday third-quarter net income rose by about 50% to $547.7 million, or $1.31 a share, from $366 million, or $1.02 a share as the oil services giant's business grew from the acquisition of Grant Prideco, which closed in April. Excluding 9 cents a share from the impact of Hurricane Ike and other items, adjusted earnings in the latest period were $1.44 a share. Sales rose to $3.6 billion from $2.58 billion. Analysts expected earnings of $1.31 a share and revenue of $3.6 billion, on average. "While the worldwide financial problems and credit disruptions indicate some near term uncertainty in our industry, our significant capital backlog, our market leading products and services and our exceptionally strong balance sheet position our company well to withstand near term weakness and prepare for the inevitable improvement in demand," the company said.
Janus third quarter earnings nearly halved(8:15 am ET)
NEW YORK (MarketWatch) -- Janus Capital (JNS: news, chart, profile) said Thursday that its third quarter net income fell by almost half, to $26 million, or 16 cents a share, from $50.8 million, or 29 cents a share a year ago. Revenues fell to $275.4 million, from $284.6 million. Analysts polled by Thomson Reuters had expected the company to earn 24 cents a share in the period. Assets under management fell to $150.50 billion, from $208 billion. The company also said it will cut about 9% of its staff and it expects to take a $7 million severance charge in the fourth quarter.
UPS profit slips, cautious on year(8:00 am ET)
NEW YORK (MarketWatch) -- UPS (UPS: news, chart, profile) on Thursday said its third-quarter net income fell to $970 million, or 96 cents a share, from $1.08 billion, or $1.02 a share, from the year-ago period. On an adjusted basis, which excludes the impact of the supply chain & freight segment restructuring charge, it earned $1.05 a share. Revenue rose to $13.11 billion from $12.21 billion. Analysts, on average, expected it to earn 89 cents a share on revenue of $13 billion, according to FactSet Research. "Based on economic forecasts, we anticipate a challenging environment for a number of quarters going forward," Chief Financial Officer Kurt Kuehn said in a statement. "We believe the U.S. consumer will be very conservative with spending this year." The company said it still expects 2008 earnings per share should be toward the lower end of the $3.50 to $3.70 a share range that it provided mid-year. Analysts polled by FactSet were expecting a profit for the year of $3.57 a share.
Black & Decker's third-quarter profit declines(7:58 am ET)
NEW YORK (MarketWatch) -- Black & Decker Corp. (BDK: news, chart, profile) said Thursday that its third-quarter earnings fell to $85.8 million, or $1.42 a share, from $104.6 million, or $1.59 a share, in the year-earlier period. The Towson, Md., toolmaker said revenue fell to $1.57 billion from $1.63 billion. Black & Decker said it expects to earn 70 cents to 90 cents a share in the fourth quarter and $5.20 to $5.40 a share for the full year, excluding restructuring charges.
Update: L-3 3rd-quarter net up 6.5%; '08 outlook lifted(7:55 am ET)
TEL AVIV (MarketWatch) -- L-3 Communications, (LLL: news, chart, profile) the New York aerospace and defense company, reported third-quarter net income rose 6.5% on 6.2% higher revenue and increased its earnings estimate for the year. Earnings reached $212 million, or $1.73 a share, from $199 million, or $1.56, in the year-earlier period. Shares outstanding fell 3.4% to 122.6 million. Revenue rose to $3.66 billion from $3.45 billion. A survey of analysts by FactSet Research produced consensus estimates of $1.71 of profit on $3.7 billion of revenue. For the year, L-3 now expects to earn at least $7.47 a share, or at least an adjusted $6.75. It had projected an adjusted $6.71 to $6.75. It maintained its sales estimate at $14.7 billion. (Adds outlook.)
R.H. Donnelley quarterly profit rises, sales drop(7:54 am ET)
NEW YORK (MarketWatch) -- R.H. Donnelley Corp. (RHD: news, chart, profile) said Thursday its third-quarter profit totaled $26.1 million, or 38 cents a share, from $18.1 million, or 25 cents a share, in the same quarter a year before. The results were well above analysts' expectations of a loss on average of 12 cents a share, according to a FactSet Research survey. Revenue for the quarter was $648 million compared to $671 million in the year-ago period. For the full year, the advertising company said its expects revenue of $2.6 billion.
Southern earnings per share inch higher in quarter(7:50 am ET)
NEW YORK (MarketWatch) -- Southern Co. (SO: news, chart, profile) said Thursday that third-quarter earnings rose to $780 million, or $1.01 a share, compared to $762 million, or $1.00 a share, a year ago. Revenue for the third quarter was $5.43 billion compared with $4.83 billion in the third quarter of 2007, a 12.3% increase. Analysts polled by FactSet Research estimated, on average, earnings per share of $1.02 and sales of $5.43 billion.

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Friday, Oct. 24
Citadel: main hedge fund down 35% this year through Oct. 20(4:51 pm ET)
SAN FRANCISCO (MarketWatch) -- Citadel Investment Group Founder Ken Griffin said on Friday that his firm's largest hedge fund, known as Kensington/Wellington, had fallen 35% so far this year, through the end of Oct. 20. Still, Griffin noted that most of the losses happened in the month after Lehman Brothers (LEHMQ: news, chart, profile) collapsed and stressed that performance has been better recently. In contrast, Citadel's market-making business has performed "spectacularly" this year and will be a major driver for the firm in future, Griffin said during a conference call with holders of the firm's medium-term notes. Still, Citadel will have to change its business to reflect unprecedented de-leveraging and fear in the markets. Some businesses, such as long/short equity trading, won't be affected much, but others will have to be more efficient in their use of Citadel's balance sheet, Griffin explained.
Analysts see more drilling cuts ahead for natural gas firms(1:59 pm ET)
NEW YORK (MarketWatch) -- Analysts at Pritchard Capital Partners expect more natural gas producers to cut back on drilling plans on the heels of formal announcements from at least 10 companies. Energy firms will finance drilling from their cash flow, because equity and debt markets have dried up. Newfield Exploration (NFX: news, chart, profile) , Chesapeake Energy (CHK: news, chart, profile) , Petrohawk Energy Corp. (HK: news, chart, profile) , Penn Virginia Corp. (PVA: news, chart, profile) , SandRidge Energy Inc. (SD: news, chart, profile) , Quicksilver Resources (KWK: news, chart, profile) , Equitable Resources (EQT: news, chart, profile) , Denbury Resources (DNR: news, chart, profile) , ATP Oil & Gas (ATPG: news, chart, profile) and Energy XXI (EXXI: news, chart, profile) have all curbed their capital spending.
Gannett to suspend monthly revenue reports(11:05 am ET)
CHICAGO (MarketWatch) -- Gannett Co. (GCI: news, chart, profile) said on a conference call that it intends to suspend monthly revenue reports indefinitely, partly because of the month-to-month volatilty of online revenue trends. The company is also making the move "because we don't believe providing this information on a monthly basis is significantly more helpful than simply providing it on a quarterly basis," said Gracia Martore, Gannett's chief financial officer. "We are not running our company on a month to month basis," she went on. "We are running our company on a more intermediate-to-long term basis. I think as we look at the trends, we will provide you with good information every quarter and that will hopefully be ample for all of you understand the direction the business is going in." Two analysts on the call told senior executives that Gannett's decision comes at an unfortunate time for many investors, who will want as many updates as possible given the many difficulties facing newspapers and television stations in the current climate.
Gannett's third-quarter profit falls(8:54 am ET)
NEW YORK (MarketWatch) -- Gannett Co. Inc. (GCI: news, chart, profile) said Friday that its third-quarter net income fell more than 30% to $158 million, or 69 cents a share, from $234 million, or $1.01 a share, in the year-earlier period. Excluding severance expenses, earnings in the period would have been 76 cents a share. A FactSet Research survey of analysts, on average, projected earnings of 75 cents a share. The McLean, Va., newspaper publisher said revenue fell 9% to $1.64 billion from $1.8 billion.
Exelon earnings fall in quarter(8:52 am ET)
NEW YORK (MarketWatch) -- Exelon Corp. (EXC: news, chart, profile) said Friday that third-quarter earnings were $700 million, or $1.06 a share, compared to to $780 million, or $1.15 a share, in the year-ago period. Adjusted operating earnings were $706 million, or $1.07 a share, compared with $823 million, or $1.21 a share, in 2007. Sales were $5.23 billion compared to $5.03 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of $1.07 and sales of $5.23 billion. Operating earnings for 2008 are expected to be near the bottom of its guidance range of $4.15 to $4.30 per share, the company said.
XTO Energy to reduce debt by $1 billion in 2009(8:41 am ET)
NEW YORK (MarketWatch) -- XTO Energy (XTO: news, chart, profile) said it plans to reduce its debt by about $1 billion in 2009. The Fort Worth, Texas natural gas producer said it's hedged approximately 70% of its expected natural gas production in 2009 at an equivalent price of $11 per million cubic feet equivalent, higher than the recent futures prices of $6.21. "Given these hedges and the current commodity strip pricing, XTO anticipates record cash flow and production volumes with the financial strength to reduce debt," said Bob R. Simpson, chairman and chief executive officer. "With our focus on delivering performance, particularly in these challenging times, we will continue to look for opportunities to increase our hedge position."
Energy stocks drop sharply in pre-market trades(8:11 am ET)
NEW YORK (MarketWatch) -- Exxon Mobil Corp. (XOM: news, chart, profile) shares fell 8.4% in pre-market trades Friday, dipping $5.89 to $64.50 after OPEC moved to cut production by 1.5 million barrels a day. Oil futures subtracted $4.77 to $73.07. Futures for the Dow Jones Industrial Average ($DJ: news, chart, profile) fell 550 points. In pre-market trades, Chevron (CVX: news, chart, profile) fell 5.7% to $63 and ConocoPhillips (COP: news, chart, profile) gave up 9.7% to $46.50. Schlumberger (SLB: news, chart, profile) dropped 9.7% to $47. XTO Energy (XTO: news, chart, profile) subtracted 11% to $28.50. Chesapeake Energy (CHK: news, chart, profile) dropped 12.8% to $18.70.
Fortune Brands posts higher profit on one-time gain(7:49 am ET)
NEW YORK (MarketWatch) -- Fortune Brands Inc. (FO: news, chart, profile) said Friday that its second-quarter profit rose to $336 million, or $2.21 a share, from $209 million, or $1.33 a share, in the year-ago period. The Deerfield, Ill. maker of home and hardware products said revenue fell 10% to $1.92 billion from $2.15 billion, citing an "increasingly challenging economic environment." Excluding items, Fortune Brands said it earned $1.11 a share from continuing operations, down from $1.34 a share last year. Analysts polled by FactSet Research were looking for earnings, on average, of $1.09 a share. The company said it was targeting fourth-quarter earnings, before items, to be down at a low-30s-to-high-40s percentage rate versus the year-earlier $1.39 a share. For the full year, it is targeting results to be down at a high-teens-to-mid-20s percentage rate compared to $5.06 a share in 2007.
CORRECT: ITT Corp. net falls 6%, cuts '08 view on costs(7:47 am ET)
NEW YORK (MarketWatch) -- ITT Corp. (ITT: news, chart, profile) said Friday third-quarter net income fell 6% to $216.3 million, or $1.18 a share, from $230.1 million, or $1.25 a share in the year-ago period. Adjusted earnings totaled $1.12 a share in the latest period. Revenue at the White Plains, N.Y. industrial firm increased to $2.88 billion from $2.18 billion. Analysts expected earnings of $1.06 a share on revenue of $2.8 billion, according to a survey by Factset Research Inc. Looking ahead, ITT Corp. trimmed its 2008 earnings outlook by 14 cents a share to a range of $3.97-$4.03 a share to account for $48 million in additional restructuring charges in the fourth quarter. The company also trimmed its 2008 revenue outlook to $11.6 billion from $11.7 billion. On the plus side, ITT sees an improvement of 3 cents a share from operational performance. (Corrects figure for change in profit outlook.)
T. Rowe's net falls 13%(7:44 am ET)
BOSTON (MarketWatch) -- Investment manager T. Rowe Price Group Inc. (TROW: news, chart, profile) on Friday said its third-quarter net income fell to $152.8 million, or 56 cents a share, from $174.8 million, or 63 cents a share, in the year-earlier quarter. The Baltimore-based firm said assets under management declined 11% during the quarter to $345 billion. Net revenue fell to $554.8 million from $571 million. Analysts had forecast earnings of 56 cents a share on revenue of $551.6 million, according to a poll conducted by Thomson Reuters.
Viad cuts earnings outlook even as quarterly profit rises(6:19 am ET)
LONDON (MarketWatch) -- Viad Corp. (VVI: news, chart, profile) , a provider of convention- and event-marketing services, said third-quarter net income nearly doubled to $16.8 million, or 81 cents a share, from $8.5 million, or 41 cents a share, earned in the year-earlier quarter. Adjusted earnings came in at 70 cents a share. Consensus forecasts were for earnings of 68 cents a share. Sales climbed 32% to $302.4 million. The group lowered its 2008 earnings guidance to a range of $2.12 to $2.22 a share, compared to an earlier forecast of $2.17 to $2.32 a share, citing lower revenue expectations at Becker Group as customers spend less on holiday decorations. In the fourth quarter the company expects earnings in the range of 1 cent to 11 cents a share and revenue between $195 million and $220 million.
ICBC third-quarter profit rises 25.5% on-year(5:22 am ET)
HONG KONG (MarketWatch) -- Industrial & Commerical Bank of China (HK:1398: news, chart, profile) , the mainland's largest lender, Friday reported a 25.5% growth in third-quarter profit on strong growth in interest income, although fee income declined during the quarter. Net income attributable to shareholders came in at 28.20 billion yuan ($4.13 billion), or 0.09 yuan a share, from 22.46 billion yuan in the year-earlier period. ICBC shares lost 7.4% in Hong Kong and 2.6% in Shanghai before the results were declared.
Maruti Suzuki second-quarter profit tumbles 37% on-year(4:53 am ET)
HONG KONG (MarketWatch) -- Maruti Suzuki India said Friday its fiscal second-quarter net income dropped 37% from the year-ago period due to an increase in raw material costs and higher depreciation charges. The company, India's largest car maker by market share, said net profit dropped to 2.96 billion rupees ($60 million), although sales revenue grew 6.1% during the quarter. Analysts polled by FactSet estimated a profit of 3.77 billion rupees. Maruti shares tumbled 12.7% in Mumbai afternoon trading.
National Express on track for 2008 targets(2:42 am ET)
LONDON (MarketWatch) -- Bus and train operator National Express Group (UK:NEX: news, chart, profile) said Friday that it's on track to hit its growth targets in 2008, with comparable revenue growth for the year to date of 9% in its rail portfolio and 7% in its bus operations. The group said it will continue to focus on minimizing costs as customers are becoming increasingly focused on securing the best value for money possible.
Software AG profit, revenue strengthen(2:32 am ET)
LONDON (MarketWatch) -- Germany's Software AG (DE:330400: news, chart, profile) said Friday that its third-quarter earnings before interest and taxes rose 50% to 48.7 million euros as revenue grew 14% to 180.1 million euros. The group said revenue growth was driven by both growth from both licenses and maintenance, while revenue from the professional services arm declined slightly. The company added its EBIT margin also strengthened to 27% from 20.5%.
Ahold's third-quarter sales rise 3.9%(2:17 am ET)
LONDON (MarketWatch) -- Dutch supermarket giant Ahold (NL:03325: news, chart, profile) on Friday said third-quarter sales rose 3.9% to 5.8 billion euros. At constant exchange rates, they climbed 7.6%. The company said it remains "vigilant" to any changes in consumer and competitor behavior. In the U.S., sales fell 1.7% to 3.37 billion euros. In Europe, sales increased 12.8% to 2.44 billion euros.

[3xBuBu]

<font color=GREEN>ER Week 08-10-27

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