Replies to post #687 on Earning Plays

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Monday, Oct. 27
Albemarle quarterly profit slips as sales rise 13%(7:40 pm ET)
SAN FRANCISCO (MarketWatch) -- Albemarle Corp. said late Monday its third-quarter profit fell lower while sales rose 13% compared to the period a year earlier. Albemarle (ALB: news, chart, profile) said net income for the period ended in September fell to $56.2 million, or 61 cents a share, from $59.1 million, or 61 cents a share in the same period a year earlier. Net sales rose to $660.5 million from $583.9 million. The Baton Rouge, Louisiana-based chemicals company estimated that the impact of Hurricanes Ike and Gustav are $11 million pretax.
Crane swings to profit; sales slip (5:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Crane Co. (CR: news, chart, profile) , a maker of highly-engineered industrial components, reported late Monday third-quarter net income of $36.1 million, or 60 cents a share. The company lost $196.9 million, or $3.29 a share, in the year-ago quarter, which included a $250 million one-time charge to cover asbestos-related liabilities. Excluding the liabilities provision, the company's third-quarter 2007 earnings were 87 cents a share. Revenue for the three months ended Sept. 30 fell 3% to $642.7 million from $664.1 million. Analysts surveyed by FactSet Research had predicted the company would earn 87 cents a share on $683 million in sales. Shares of the Stamford, Conn.-based company fell 93 cents to close at $15.86 ahead of the report.
Hercules posts 19% lower profit (4:44 pm ET)
SAN FRANCISCO (MarketWatch) -- Specialty chemical maker Hercules Co. (HPC: news, chart, profile) reported late Monday third-quarter net income of $39.5 million, or 35 cents a share, compared with $48.8 million, or 42 cents a share, a year ago. Revenue for the three months ended Sept. 30 rose 11% to $605.8 million. Analysts surveyed by FactSet Research had predicted the company would earn 41 cents a share on $603 million in sales. Shares of the Wilmington, Del.-based company rose 9 cents to close at $13.36 ahead of the report. Hercules agreed in July to be acquired by Ashland Inc. (ASH: news, chart, profile) , a $3.3 billion cash-and-stock deal. Hercules shareholders are scheduled to vote on the merger Nov. 5.
Plum Creek profit up 17%, sales rise 2%(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- Plum Creek Timber Co. (PCL: news, chart, profile) late Monday reported third-quarter net income rose 17% from a year ago as rural land sales and pulpwood demand offset weakness in the residential construction market. Plum Creek said it earned $69 million, or 40 cents a share. A year-earlier, Plum Creek earned $59 million, or 34 cents a share. Sales rose 2% to $414 million. The latest results matched the average analyst estimate, according to FactSet Research. For the fourth quarter, Seattle-based Plum Creek said it will earn between 17 cents and 22 cents a share, excluding earnings from a Montana conservation land sale. But the company said it expects to increase this forecast once the sale is completed.
Tidewater Inc. net income rises 10%(8:22 am ET)
NEW YORK (MarketWatch) -- Tidewater Inc. (TDW: news, chart, profile) said second-quarter net income for the three months ended Sept. 30 rose to $95.4 million, or $1.85 a share, from $86.5 million, or $1.56 a share in the year-ago period. Revenue at the New Orleans work boat fleet operator rose to $346.8 million from $319 million. Wall Street analysts expected earnings of $1.84 a share and revenue of $354 million, according to a survey by FactSet Research.
Arch Coal net income more than triples(8:15 am ET)
NEW YORK (MarketWatch) -- Arch Coal (ACI: news, chart, profile) on Monday said third-quarter net income more than tripled to $97.8 million, or 68 cents a share, from $27.3 million, or 19 cents a share in the year-ago period. Revenue increased to $770 million from $599 million. Wall Street analysts expected the St. Louis coal producer to earn 61 cents a share on revenue of $772 million, according to a survey by FactSet Research. Arch's trading and optimization function reported an $18.4 million loss in the third quarter, offset by a $26.9 million income tax benefit. "Despite a near-term softening of coal demand, we remain on pace to deliver our best financial performance in company history," Arch Coal said.
CNA Financial swings to loss; selling preferred stock(8:14 am ET)
BOSTON (MarketWatch) -- CNA Financial Corp. (CAN: news, chart, profile) on Monday reported a third-quarter net loss of $331 million, or $1.23 a share, compared with net income of $174 million, or 64 cents a share, in the year-ago quarter. The insurance company said it plans to issue $1.25 billion of non-voting cumulative senior preferred stock that Loews Corp. (L: news, chart, profile) has agreed to purchase. CNA also suspended its quarterly dividend.
FPL Group 3rd-quarter net up 45%, revenue up 18%(7:59 am ET)
TEL AVIV (MarketWatch) -- FPL Group Inc., (FPL: news, chart, profile) the Juno Beach, Fla., parent of Florida Power & Light Co., reported third-quarter net income rose 45% on 18% higher revenue. Earnings reached $774 million, or $1.92 a share, from $533 million, or $1.33, in the year-earlier period. Adjusted earnings were $1.25 a share against $1.23. Revenue rose to $5.39 billion from $4.58 billion.
Embarq posts rise in third-quarter profit(7:19 am ET)
NEW YORK (MarketWatch) -- Embarq Corp. (EQ: news, chart, profile) said Monday that its third-quarter profit rose to $160 million, or $1.11 a share, compared to $157 million, or $1.01 a share, in the year-earlier period. The telecom technology company said revenue fell to $1.53 billion from $1.59 billion in the year-ago period. Analysts surveyed by FactSet Research had forecast Embarq to earn $1.30 a share on revenue of $1.54 billion. The company said that charges related to job cuts impacted results by 29 cents a share in the latest quarter. Separately, the company agreed Monday to merge with CenturyTel Inc. (CTL: news, chart, profile) .
American Safety Insurance swings to loss(6:59 am ET)
TEL AVIV (MarketWatch) -- American Safety Insurance Holdings Ltd., (ASI: news, chart, profile) the Hamilton, Bermuda, insurer, swung to a third-quarter net loss on 14% higher net premiums earned. The loss was $4.3 million, or 42 cents a share, against net income of $7 million, or 64 cents, in the year-earlier period. Net premiums earned reached $41.7 million from $36.6 million. The loss in the latest period reflects a charge of $7.7 million to reflect the impaired value of debt and equity securities issued by Lehman Brothers, (LEHMQ: news, chart, profile) Freddie Mac (FRE: news, chart, profile) and Fannie Mae (FNM: news, chart, profile) and realized losses of $1.4 million as ASI sold other fixed-maturity securities "due to credit concerns about certain financial services companies." Excluding the losses, adjusted profit for the period was 46 cents a share against 64 cents.
Humana 3rd-quarter net off 39%; adjusted net above view(5:24 am ET)
TEL AVIV (MarketWatch) -- Humana Inc., (HUM: news, chart, profile) the Louisville, Ky., health-benefits provider, reported on Monday that third-quarter net income fell 39% on 13% higher revenue. Earnings declined to $183 million, or $1.09 a share, from $302.4 million, or $1.78, in the year-earlier period. The latest adjusted profit was $1.49 a share; the difference reflected 40 cents of losses associated with impairments in the investment and securities-lending portfolio as well as sales of distressed financial-related securities. Revenue reached $7.15 billion from $6.32 billion. A survey of analysts by FactSet Research produced consensus estimates of $1.47 of profit on revenue of $7.29 billion. The company said in a statement that the parent and its subsidiaries have enough capital and liquidity to meet all regulatory requirements and their own obligations.
Canon Inc Q3 net income down 21.1% on year(4:08 am ET)
HONG KONG (MarketWatch) -- Canon Inc. (JP:7751: news, chart, profile) (CAJ: news, chart, profile) reported Monday its net income for the third quarter fell 21.1% because of a stronger yen, softer demand for its electronics products and higher raw material costs. Canon said net income was 83.04 billion yen, compared with 105.30 billion yen a year earlier. The consensus estimate of analysts was net income of 97.6 billion yen. Canon also cut its full year net income target to 375 billion yen, from 500 billion yen it forecast in July. Canon said it expects an average exchange rate of around 100 against the U.S. dollar and 135 against the euro in the fourth quarter.
Persimmon to take $950 million charge as house prices drop(3:33 am ET)
LONDON (MarketWatch) -- U.K. home builder Persimmon (UK:PSN: news, chart, profile) said Monday it will take an additional 600 million pounds ($950 million) of provisions against its land holdings as it forecast a 10% reduction in selling prices in the second half of the year. The group, which had previously forecast a 5% reduction in selling prices in the second half, said the increasing turbulence in financial markets and lack of mortgage availability has pushed cancellation rates up to 35% in recent weeks. Margins are also coming under further pressure as incentives and marketing costs increase. The group said it still expects underlying trading results to be in line with expectations and that it will legally complete around 10,000 homes with sales revenue including completions to date of 1.8 billion pounds.
DSM 3rd-quarter net up 28%, sales up 9%(3:10 am ET)
TEL AVIV (MarketWatch) -- DSM, (RDSMY: news, chart, profile) (NL:00982: news, chart, profile) the Heerlen, Netherlands, manufacturer for industries including health care, pharmaceuticals, automotive, coatings and paint, and more, reported third-quarter net income rose 28% on 9% higher sales. Net reached 182 million euros, or 1.11 euros a share, from 142 million, or 0.8, in the year-earlier period. Profit per share from continuing operations before special items rose 41%. Sales reached 2.39 billion euros from 2.19 billion. Internally generated sales -- excluding acquisitions -- rose 12%. "[Price] management prevailed over volume," DSM said in a statement on Monday. Currency translations, reflecting mainly a weaker dollar, knocked 4% off sales. To cope with the current economic crisis, DSM said it's reducing inventories by temporarily idling plants. It's also tightening cost controls and risk-management efforts.
B/E Aerospace 3rd-quarter net up; rise in '08 results seen(2:45 am ET)
TEL AVIV (MarketWatch) -- B/E Aerospace, (BEAV: news, chart, profile) the Wellington, Fla., producer of aircraft-cabin interior products and distributor of aerospace fasteners and consumables, reported on Monday that third-quarter net income rose 16%, and adjusted profit rose 27%, on 37% higher sales. Earnings reached $51.8 million, or 54 cents a share, from $44.5 million, or 48 cents, in the year-earlier period. Adjusted to exclude $3.6 million of costs from the acquisition of Honeywell's (HON: news, chart, profile) consumables-solutions distribution business plus $3.6 million debt-prepayment costs, the latest profit was $56.6 million, or 59 cents a share. Shares outstanding rose 4.8% to 96.3 million. Sales rose to $587.8 million from $428.2 million. The company said it expects to earn $2.19 a share in 2008, excluding 6 cents of acquisition-related costs and 3 cents of debt-prepayment costs, on sales of $2.5 billion. A survey of analysts by FactSet Research produced consensus estimates of $2.16 of profit on $2.21 billion of sales for the year. In 2007, B/E earned $1.66 a share, or an adjusted $1.74, on sales of $1.68 billion. (Repeats to complete headline.)
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%.

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Tuesday, Oct. 28
STMicroelectronics swings to quarterly loss(6:35 pm ET)
SAN FRANCISCO (MarketWatch) -- STMicroelectronics NV on Tuesday said it swung to a third-quarter loss of $289 million, or 32 cents a share, from a profit of $187 million, or 20 cents a share in the same period a year earlier. The Geneva-based semiconductor company said net revenue in the period ended in September rose to $2.7 billion from $2.57 billion. STMicroelectronics (STM: news, chart, profile) cited "restructuring, impairment and non-recurring purchase accounting effects" as contributing to its results. The company said in a statement that its net revenue was boosted by sales in computer and telecom markets, but negatively impacted by sales in the automotive market, "reflecting the significant downturn in the automotive industry as a whole."
Ace quarterly net falls 92%; Greenberg sees rates firming (4:55 pm ET)
SAN FRANCISCO (MarketWatch) -- Ace Ltd. (ACE: news, chart, profile) said late Tuesday that third-quarter net income came in at $54 million, or 16 cents a share, down 92% from a year earlier when the property and casualty insurer made $656 million, or $1.95 a share. Operating income, which excludes net realized investment gains and losses, was $1.51 a share, Ace added. That was in line with the average estimate of 15 analysts in a FactSet survey. Ace Chief Executive Evan Greenberg said insurance rates will begin to firm after a period of soft prices in recent years. "Given both the rapid destruction and increased cost of capital, combined with the damage inflicted on a number of companies in our industry, the soft market for P&C insurance is essentially over, and rates will begin to firm," he said in a statement.
Centex's quarterly loss narrows(4:41 pm ET)
BOSTON (MarketWatch) -- Centex Corp. (CTX: news, chart, profile) after Tuesday's closing bell reported a fiscal second-quarter loss of $172 million, or $1.38 a share, compared with a net loss of $643.8 million, or $5.26 a share, in the year-ago period. Sales orders decreased 54% to 2,728 units, the residential builder said. "The home-building industry continues to grapple with unprecedented economic conditions," said Centex Chief Executive Tim Eller in a statement.
Lincoln National quarterly net falls 55%(4:39 pm ET)
SAN FRANCISCO (MarketWatch) -- Lincoln National (LNC: news, chart, profile) said late Tuesday that third-quarter net income came in at $148 million, or 58 cents a share, down 55% from a year earlier when the annuity provider made $330 million, or $1.21 a share. Operating earnings, which exclude one-time items such as net realized investment gains and losses, were $316 million, or $1.23 a share, the company reported. Lincoln National was expected to make $1.25 a share, according to the average estimate of 16 analysts in a FactSet survey. Total gross realized losses on investments were $406 million in the latest quarter, which included losses of $211 million related to financial institutions and $80 million related to residential mortgage-backed securities, Lincoln explained. The company said it isn't updating its full-year guidance because of "volatile market conditions."
CACI first-quarter net income rises to 69 cents a share(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- CACI International Inc. (CAI: news, chart, profile) late Tuesday reported its fiscal first-quarter net income rose to $21 million, or 69 cents a share, from $18.3 million, or 60 cents a share, in the year-earlier quarter. Revenue increased to $654.8 million from $553.6 million in the same period a year ago, the information technology company said. Analysts surveyed by FactSet Research had forecast the company to earn 68 cents a share on revenue of $629.6 million. The company also reaffirmed earnings of $2.90 to $3.10 a share and revenue in the range of $2.55 billion to $2.65 billion in fiscal 2009. Wall Street expects CACI to report earnings of $3.09 a share on revenue of $2.63 billion.
DreamWorks profit declines on 'Shrek' comparison(4:23 pm ET)
CHICAGO (MarketWatch) -- DreamWorks Animation Inc. (DWA: news, chart, profile) said its third-quarter profit fell 20% compared with a year-ago quarter that included significant box-office proceeds from the animated sequel "Shrek The Third." The company said it earned $37.4 million, or 41 cents a share, compared with a year-earlier figure of $47 million, or 47 cents a share. Excluding a tax-related gain, DreamWorks Animation would have earned 38 cents a share in the latest three months. The company said fourth-quarter results would be driven by the home entertainment debut of "Kung Fu Panda."
Fiserv third-quarter net income falls to 48 cents a share (4:16 pm ET)
SAN FRANCISCO (MarketWatch) -- Fiserv Inc. (FISV: news, chart, profile) late Tuesday reported its third-quarter net income fell to $78 million, or 48 cents a share, from $121 million, or 73 cents a share, in the third quarter of 2007. The most recent quarter results included a 15 cents a share after-tax loss from the sale of the majority interest in Fiserv Insurance due to tax expense associated with the sale. Adjusted earnings from continuing operations were 81 cents a share. Revenue rose to $1.08 billion from $924 million in the same period a year earlier, the technology system provider said. Analysts surveyed by FactSet Research had forecast the company to earn 83 cents a share on revenue of $1.08 billion. Fiserv expects adjusted earnings of $3.28 to $3.32 a share in 2008. Analysts are projecting full-year earnings of $3.33 a share.
McKesson earnings climb during second quarter(4:10 pm ET)
LOS ANGELES (MarketWatch) - McKesson Corp. (MCK: news, chart, profile) said Tuesday that second-quarter net income was $327 million, or $1.17 a share, for the period ended in September, compared with $247 million, or 83 cents a share, for the same period a year ago. Reporting after the close, the San Francisco-based drug distribution giant said sales were $26.57 billion vs. last year's $24.45 billion. Analysts polled by FactSet Research had expected the company to earn $1 a share during the quarter. McKesson shares ended trading Tuesday up 8.2% to $39.90 amid a strong market rally.
Lufthansa warns on operating profit(12:21 pm ET)
LONDON (MarketWatch) -- German airline Lufthansa (DE:823212: news, chart, profile) warned an economic slowdown and the uncertainty around the financial market crisis has led it to downgrade annual earnings expectations, as it now sees 2008 operating profit around 1.1 billion euros ($1.38 billion). Analysts polled by Thomson Reuters had expected an operating profit of 1.29 billion euros. Nine-month operating profit dropped 9.3% to 984 million euros, nine-month net dropped to 551 million euros from 1.6 billion euros and revenue rose 13.6% to 18.6 billion euros. Lufthansa shares dropped 9.6% in Frankfurt.
Vishay swings to loss on charges, slim revenue growth(9:17 am ET)
NEW YORK (MarketWatch) -- Vishay Intertechnology Inc. (VSH: news, chart, profile) said Tuesday it swung to a loss in the third quarter and posted slim growth in sales of its seminconductors, citing hefty charges to its balance sheet stemming from the company's failed takeover attempt of International Rectifier Corp. (IRF: news, chart, profile) . Sales edged up to $739.1 million, compared to $729.6 million for the fiscal quarter that ended Sept. 27. Malvern, Pa.-based Vishay said it lost $312.8 million, or $1.68 a share, vs. a profit of $35.1 million, or 20 cents a share, in the year-ago period. It recorded a $357 million charge for impairment of goodwill, and a $4 million charge stemming from the International Rectifier tender offer.
Temple-Inland quarterly profit plummets to 3 cents a share(8:46 am ET)
NEW YORK (MarketWatch) -- Temple-Inland Inc. (TIN: news, chart, profile) said Tuesday its third-quarter profit totaled $3 million, or 3 cents a share, from $36 million, or 33 cents a share, in the same quarter a year before. Analysts had expected earnings on average of 5 cents a share, according to a FactSet Research survey. However, revenue for the quarter rose to $976 million compared to $963 million in the year-ago period. The Austin, Tex., company said that during the quarter, it reduced its headcount, incurring $1 million in severance charges.
U.S. Steel earnings propelled by higher prices(8:29 am ET)
NEW YORK (MarketWatch) -- U.S. Steel Corp. (X: news, chart, profile) posted a higher quarterly profit on Tuesday as revenue leaped 68%, surpassing most expectations and reflecting its ability to pass higher prices on to its customers. The company also cautioned, without giving specific estimates, that fourth-quarter earnings will fall as demand softens. U.S. Steel said it earned $919 million, or $7.79 a share, in the third quarter vs. $269 million, or $2.67 a share, in the year-ago period. Sales surged to $7.3 billion vs. $4.3 billion. Analysts expected the company to earn $6.90 a share on revenue of $6.96 billion, according to an average calculated by FactSet Research Systems.
Royal Caribbean profit rises to $1.92 a share(8:20 am ET)
NEW YORK (MarketWatch) -- Royal Caribbean Cruises Ltd. (RCL: news, chart, profile) said Tuesday its third-quarter profit totaled $412 million, or $1.92 a share, up from $395 million, or $1.84 a share, in the same quarter a year before. Analysts had expected earnings on average of $1.65 a share, according to a FactSet Research survey. Revenue for the quarter was $2.06 billion compared to $1.95 billion in the year-ago period. The company said it sees profit at 5 cents to 10 cents a share in fourth quarter, and $2.73 to $2.78 for the full year. It said it had $1.4 billion in cash, cash equivalents and undrawn credit as of Sept. 30.
Convergys swings to third-quarter loss(8:20 am ET)
NEW YORK (MarketWatch) -- Convergys Corp. (CVG: news, chart, profile) said Tuesday that it swung to a third-quarter loss of $140 million, or $1.15 a share, compared to a profit of $41.8 million, or 30 cents a share, in the year-ago period. Excluding the write-down of deferred charges, earnings would have been 29 cents a share. On average, analysts polled by FactSet Research expected earnings of 25 cents a share. Revenue was $676.2 million, compared with $703.7 million in the same period last year. Convergys expects fourth-quarter earnings of about 20 cents a share on revenue of $725 million to $745 million.
Bemis quarterly profit edges up to 44 cents a share(8:11 am ET)
NEW YORK (MarketWatch) -- Bemis Co. (BMS: news, chart, profile) said Tuesday its third-quarter profit totaled $44.3 million, or 44 cents a share, up from $41.0 million, or 40 cents a share, in the same quarter a year before. Analysts had expected earnings on average of 42 cents a share, according to a FactSet Research survey. Sales for the quarter were $984 million, compared to $906 million in the year-ago period. The packaging and materials company said it expects its fourth-quarter profit to come in at 40 cents to 44 cents a share.
Check Point Software net up 4.3%, revenue up 8.5%(7:56 am ET)
TEL AVIV (MarketWatch) -- Check Point Software Technologies Ltd., (CHKP: news, chart, profile) the Tel Aviv producer of Internet-security solutions, reported third-quarter net income rose 4.3% on 8.5% higher revenue. Earnings reached $80.1 million, or 37 cents a share, from $76.7 million, or 34 cents, in the year-earlier period. The latest adjusted earnings were 44 cents a share against 41 cents. Revenue rose to $199.7 million from $184 million. A survey of analysts by FactSet Research produced a consensus estimate of 42 cents of profit for the quarter.
Occidental earnings per share up 76% in quarter(7:50 am ET)
NEW YORK (MarketWatch) -- Occidental Petroleum Corp. (OXY: news, chart, profile) said Tuesday that third-quarter earnings rose to $2.27 billion, or $2.78 a share, compared to $1.32 billion, or $1.58 a share, in the year-ago period. Net sales were $7.06 billion compared to $4.84 billion a year ago. Analysts polled by FactSet Research estimated, on average, earnings per share of $2.78 and sales of $6.93 billion. Dr. Ray R. Irani, chairman and chief executive officer, said, "Our production grew by 3% for the third quarter and 5.5% for the first nine months compared to last year."
Ashland swings to loss in quarter(7:27 am ET)
NEW YORK (MarketWatch) -- Ashland Inc. (ASH: news, chart, profile) said Tuesday that it lost $10 million, or 15 cents a share in the fourth quarter. In the same period a year ago, Ashland earned $32 million, or 51 cents a share. The loss from continuing operations was $1 million, or 1 cent a share. Sales were $2.22 billion compared to $2.09 billion. In the same period a year ago Ashland's earnings from continuing operations was $32 million, or 51 cents a a share. The fourth quarter of 2008 included a loss from discontinued operations of $9 million, or 14 cents a share, which primarily consisted of various adjustments to asbestos-related insurance receivables. Analysts polled by FactSet Research estimated, on average, sales of $2.15 billion.
Interpublic swings to a third-quarter profit(7:28 am ET)
NEW YORK (MarketWatch) -- Interpublic Group (IPG: news, chart, profile) on Tuesday reported third-quarter net income of $45.7 million and net income applicable to common stockholders of $38.7 million, compared to the year-earlier net loss of $21.9 million and a net loss applicable to common stockholders of $28.8 million. On a per-share basis, the company swung to a third-quarter profit of 8 cents versus a 6-cent loss in the year-ago quarter. Revenue at the advertising and marketing services conglomerate rose to $1.74 billion from $1.56 billion. On average, analysts polled by FactSet estimated third-quarter earnings of 6 cents a share.
McGraw-Hill Q3 profit $1.23 a share vs $1.34 year(7:24 am ET)
NEW YORK (MarketWatch) -- McGraw-Hill Cos. (MHP: news, chart, profile) said Tuesday its third-quarter profit totaled $390 million, or $1.23 a share, down from $452 million, or $1.34 a share, in the same quarter a year before. Analysts had expected earnings on average of $1.24 a share, according to a FactSet Research survey, which compares to adjusted earnings of $1.28 a share reported Tuesday. Revenue for the quarter was $2.05 billion compared to $2.19 billion in the year-ago period. McGraw-Hill said they are now forecasting earnings per share of $2.63 to $2.65 in 2008, with profit of 40 cents to 42 cents a share in the fourth quarter.
Rogers Communications profit jumps 74%(7:21 am ET)
LONDON (MarketWatch) -- Rogers Communications Inc. (RCI: news, chart, profile) said Tuesday that its third-quarter net profit rose 74% to C$465 million, or C$0.73 a share, from C$268 million, or C$0.42 a share, a year earlier. Revenue for the period was up 14% at C$2.98 billion. The group launched Apple Inc.'s (AAPL: news, chart, profile) iPhone 3G in Canada in July and said it activated around 255,000 of the devices during the quarter, with around a third of those representing new wireless customers for the group. It added the initial sales volumes of the iPhone 3G drove significantly higher acquisition and retention costs in the wireless unit during the quarter. The group also lowered the top end of its 2008 forecast for adjusted operating profit, citing the high volumes of iPhone 3G units. It's now forecasting a range of C$4 billion to C$4.1 billion, compared to its previous forecast of C$4 billion to C$4.2 billion.
Masco profit shrinks to 9 cents a share from 56 cents(7:16 am ET)
NEW YORK (MarketWatch) -- Masco Corp. (MAS: news, chart, profile) said Tuesday its third-quarter profit dropped sharply to $33 million, or 9 cents a share, from $205 million, or 56 cents a share, in the same quarter a year before. Revenue for the quarter was $2.53 billion compared to $3.01 billion in the year-ago period. Masco said it estimates its full-year 2008 sales will decline by a percentage in the mid-teens compared to 2007, a narrowing of its previous forecast that for a percentage sales decline of low-double digits to mid-teens. "The unprecedented changes in the global economic and financial market environment make forecasting future business conditions extremely difficult," it said. The Taylor, Mich., maker of home improvement and building products said 2008 full-year earnings are now projected at 25 cents to 30 cents a share.
Entergy posts rise in third-quarter profit(7:15 am ET)
NEW YORK (MarketWatch) -- Entergy Corp. (ETR: news, chart, profile) said Tuesday that third-quarter net income rose to $470 million, or $2.41 a share, from $461 million, or $2.30 a share, in the year-ago period. Operational earnings rose to $2.50 a share from $2.30 a share. Analysts surveyed by FactSet Research forecast earnings of $2.53 a share, on average. Operating revenue rose to $3.96 billion from $3.29 billion. The New Orleans power-plant owner and electric utility giant also reaffirmed its 2008 earnings forecast of $6.50 to $6.90 a share, compared to the Wall Street target of $6.71 a share.
Teleflex swings to profit, sees earnings at top of range(6:44 am ET)
LONDON (MarketWatch) -- Teleflex Inc. (TFX: news, chart, profile) said Tuesday that it swung to a third-quarter net profit of $42.3 million, or $1.06 a share, from a loss of $57 million, or $1.45 a share, a year earlier. Teleflex, which manufactures products for the medical, aerospace and commercial markets, said revenue for the quarter grew 30% to $595.9 million, driven by acquisitions and favorable currency moves. Excluding one-off charges, earnings from continuing operations for the quarter were $1.11 a share. Analysts polled by FactSet had expected earnings of 98 cents a share. CEO Jeffrey Black said the firm is on target to achieve the top end of its previously-stated 2008 target for adjusted earnings of $3.90 to $4.00 a share.
Amedisys third-quarter net income rises to $23.5 million(6:38 am ET)
LONDON (MarketWatch) -- Nursing services company Amedisys Inc. (AMED: news, chart, profile) on Tuesday said third-quarter net income rose to $23.5 million, or 87 cents a share, compared to $20.2 million, or 77 cents a share, in the third quarter of 2007. Consensus expectations were for profit of 82 cents a share, according to a survey of analysts by FactSet Research. Amedisys said net service revenue rose to $321.6 million in the quarter, compared to $180.9 million in third-quarter 2007. The Baton Rouge, La.-based firm said it expects to see net service revenue of $1.15 billion to $1.175 billion in 2008, excluding the effects of any future acquisitions. Earnings per share are expected to total between $3.20 to $3.25, including any integration costs and excluding the effect of any future acquisitions.
Teppco 3rd-quarter net fell 1.3%, revenue rose 64%(6:33 am ET)
TEL AVIV (MarketWatch) -- Teppco Partners LP, (TPP: news, chart, profile) the Houston energy-storage and -transmission partnership, reported third-quarter net income fell 1.3% on 64% higher revenue. Profit fell to $47 million, or 40 cents a unit, from $47.6 million, or 44 cents, in the year-earlier period. Units outstanding rose 8.2% to 97.3 million. Revenue reached $4.03 billion from $2.46 billion. Earnings were hurt as the partnership lost $3.7 million of revenue due to the impact of Hurricanes Gustav and Ike.
Centene profit rises 15%, tops forecasts(6:29 am ET)
LONDON (MarketWatch) -- Healthcare firm Centene Corp. (CNC: news, chart, profile) said Tuesday that its third-quarter net profit rose 15% to $18.2 million, or 41 cents a share, from $15.9 million, or 36 cents a share, a year earlier. Revenue for the period grew 20% to $897.1 million. Excluding investment losses, earnings for the period were 48 cents a share. Analysts polled by FactSet had been expecting earnings of 45 cents a share. The group said the increase in revenue was primarily driven by membership growth, especially related to a new foster care contract in Texas.
Health Management Associates profit drops 79%(6:18 am ET)
LONDON (MarketWtach) -- Health Management Associates (HMA: news, chart, profile) said its third-quarter net income slumped 79% to $6.4 million, or 2 cents a share, while revenue rose 3% to $1.08 billion. The company said it would have earned 7 cents a share from continuing operations excluding refinancing costs. It still sees annual earnings from continuing operations between 41 cents and 47 cents a share on revenue between $4.4 billion and $4.6 billion. Analysts polled by FactSet estimated third-quarter earnings of 8 cents a share and annual earnings of 43 cents a share.
Whirlpool to cut 5,000 jobs, cuts 2008 earnings view(6:11 am ET)
LONDON (MarketWatch) -- Whirlpool (WHR: news, chart, profile) announced it was cutting 5,000 jobs as it closes a plant in Jackson, Tenn., cuts 500 salaried jobs in North America, and cuts 1,900 international jobs that are mostly in Europe. The actions are expected to produce savings of approximately $275 million a year. For the third quarter, Whirlpool's profit fell 7% to $163 million, or $2.15 a share, while sales edged 1.2% higher to $4.9 billion. For the year, Whirlpool increased its estimate of restructuring charges to $170 million from $100 million and lowered its earnings from continuing operations view to a range of $5.75 to $6 a share from a previous estimate between $7 and $7.50 a share. Its cash flow estimate was slashed to a range of $0 from $50 million, down from $500 million to $550 million, and Whirlpool halted its stock buyback plan. Analysts polled by FactSet expected earnings of $1.70 a share for the third quarter and $6.71 for the year.
Panasonic Corp. says quarterly net income fell 16% (5:33 am ET)
HONG KONG (MarketWatch) -- Panasonic Corp. (PC: news, chart, profile) [jp:6752] said Tuesday its net income for the three months ended Sept. 30 fell 16%, citing rapid declines in prices for digital products, slumping demand in Japan and overseas and high raw materials and energy prices. Panasonic, which changed its name from Matsushita Electric Industrial Co. earlier this month, said its won't revise its full-year profit forecast at this time because of volatility of exchange rates and stock prices, but noted it may review its outlook with a view to a downgrade when it releases third-quarter financial results. The electronics maker said net income fell to 55.5 billion yen ($586 million) from 65.8 billion yen a year earlier. Net sales for the period were down 4% to 2.19 trillion yen from 2.29 trillion yen a year earlier.

[3xBuBu]

Wednesday, Oct. 29
Murphy Oil profit jumps on stronger prices, higher output (5:36 pm ET)
SAN FRANCISCO (MarketWatch) -- Murphy Oil Corp. (MUR: news, chart, profile) , citing strong gains in its exploration and production business, reported late Wednesday third-quarter net income rose to $584.4 million, or $3.04 a share, from $199.5 million, or $1.04 a share, a year ago. Revenue for the three months ended Sept. 30 rose to $8.19 billion from $4.78 billion. Analysts polled by FactSet Research had predicted the El Dorado, Ark.-based company would earn $2.78 a share on $6.93 billion in revenue. Murphy Oil shares closed 5.4% higher at $47.31 ahead of the report. The stock is down 37% over the past 12 months.
Equity Residential quarterly FFO rises to 65 cents a share(5:16 pm ET)
SAN FRANCISCO (MarketWatch) -- Equity Residential (EQR: news, chart, profile) late Wednesday reported its third-quarter funds from operations rose to 65 cents a share from 58 cents a share in the year-ago period. Analysts polled by FactSet Research had forecast FFO of 63 cents a share. Its net income fell to $178.2 million from $457.7 million. Earnings available to common shares were 64 cents a share in the quarter compared with $1.62 a share a year earlier. Revenue increased to $538.3 million from $501.1 million, said the real estate investment trust.
Tesoro profit jumps five-fold, helped by one-time gain (5:12 pm ET)
SAN FRANCISCO (MarketWatch) -- Oil refiner Tesoro Corp. (TSO: news, chart, profile) reported late Wednesday third-quarter net income rose to $259 million, or $1.86 a share, from $47 million, or 34 cents a share, a year ago. The results benefitted from a one-time accounting change that added 29 cents a share to the bottom line. Revenue for the three months ended Sept. 30 rose to $8.7 billion from $5.9 billion. Analysts polled by FactSet had predicted the San Antonio, Texas, company would report earnings of $1.31 a share. Tesoro shares gained 29 cents to close at $9.90 ahead of the report. The stock is down nearly 84% over the past 12 months.
Allied Waste boosts profit on stronger sales, pricing (4:47 pm ET)
SAN FRANCISCO (MarketWatch) -- Allied Waste Inc. (AW: news, chart, profile) reported late Wednesday third-quarter net income of $112.5 million, or 26 cents a share, up from $27.2 million, or 5 cents a share, a year ago. Excluding one-time items, adjusted earnings from ongoing operations were 28 cents a share, up from 24 cents a year ago. Revenue for the three months ended Sept. 30 rose 3% to $1.61 billion from $1.56 billion. Analysts polled by FactSet Research had predicted earnings of 26 cents a share on $1.59 billion in revenue. Shares of the Phoenix, Ariz.-based waste hauling and recycling company closed unchanged ahead of the report at $8.71. The stock is down 30% over the past 12 months. Allied Waste is in the process of merging with Republic Services Inc. (RSG: news, chart, profile) , with shareholders set to vote on the proposal Nov. 14.
CA second-quarter net income rise to 39 cents a share(4:37 pm ET)
SAN FRANCISCO (MarketWatch) -- CA Inc. (CA: news, chart, profile) late Wednesday reported its fiscal second-quarter net income rose to $209 million, or 39 cents a share, from $137 million, or 26 cents a share, in the same quarter a year ago. Revenue increased to $1.11 billion from $1.07 billion. The company earned 41 cents a share on an adjusted basis. Analysts surveyed by FactSet Research had forecast the company to report earnings of 37 cents a share on revenue of $1.12 billion. The company also said it will buy back up to $250 million in common shares. For fiscal 2009, CA raised its earnings outlook to $1.31 to $1.38 a share from the previous $1.28 to $1.35 a share and increased its adjusted earnings forecast to $1.48 to $1.55 a share versus $1.45 to $1.52 a share. Wall Street is projecting the company to report earnings of $1.48 a share for the full year.
MetLife quarterly net income falls 38%(4:38 pm ET)
SAN FRANCISCO (MarketWatch) -- MetLife Inc. (MET: news, chart, profile) said late Wednesday that third-quarter net income came in at $630 million, down 38% from a year earlier when the insurance and annuity giant made $1.02 billion. Income from continuing operations was $1.03 billion, or $1.42 per common share. Operating earnings, which exclude net realized investment gains and losses, were $639 million, or 88 cents per common share, MetLife reported. The company was expected to make $1.02 a share, according to the average estimate of 17 analysts in a FactSet survey. MetLife said the $2.3 billion it raised recently by selling new shares will be used for "potential strategic initiatives."
Sanmina-SCI ekes out slight profit(4:35 pm ET)
SAN FRANCISCO (MarketWatch) -- Sanmina-SCI Corp. (SANM: news, chart, profile) on Wednesday reported a fourth-quarter profit of $22,000, or breakeven on a per-share basis, on revenue of $1.7 billion. During the same period a year ago, the electronics contract manufacturer lost $1.07 billion, or $2.03 a share, on $1.75 billion in sales. Excluding one-time items, Sanmina said it would have earned $24 million, or 5 cents a share. By that measure, the company met the earnings estimates of analysts surveyed by FactSet Research. However, Sanmina's sales fell short of analysts' forecasts of $1.86 billion in revenue. For its fiscal first quarter, Sanmina expects to break even, or earn up to 3 cents a share, excluding one-time items, on revenue between $1.425 billion and $1.625 billion.
CME third-quarter net income falls to $2.81 a share(4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- CME Group (CME: news, chart, profile) late Wednesday reported its third-quarter net income fell to $169 million, or $2.81 a share, from $202 million, or $3.87 a share, in the same quarter a year ago. The company earned $4.13 a share on an adjusted basis in the quarter. Revenue increased to $681 million from $565 million a year earlier. Analysts surveyed by FactSet Research had forecast CME Group to report earnings of $3.99 on revenue of $623.8 million. The company expects capital expenditures of $85 million to $95 million in the fourth quarter.
Hartford Financial reports $2.6 billion quarterly net loss(4:26 pm ET)
SAN FRANCISCO (MarketWatch) -- Hartford Financial Services (HIG: news, chart, profile) reported a large net loss late Wednesday. The insurance and annuity provider said it lost $2.6 billion, or $8.74 a share, in the period. That compares to net income of $851 million, or $2.68 a share, in the third quarter of 2007. Excluding most realized investment gains and losses, Hartford said it lost $422 million, or $1.40 a share, in the latest period. The insurer was expected to lose 59 cents a share, according to the average estimate of 17 analysts in a FactSet survey. Hartford said full-year earnings, excluding most realized investment gains and losses, will come in between $4.30 and $4.50 a share.
Prudential Financial swings to loss in third quarter(4:22 pm ET)
LOS ANGELES (MarketWatch) -- Prudential Financial Inc. (PRS: news, chart, profile) said Wednesday that it lost $108 million, or 23 cents a share, in the third quarter. A year ago, the financial services business reported income of $860 million, or $1.88 a share. Reporting after the close, the Newark, N.J.-based company said sales were $6.15 billion vs. last year's $6.78 billion. The company said operating income, excluding investment losses, was 74 cents a share. Analysts polled by FactSet Research had forecast the company would earn 96 cents a share. Prudential shares ended trading Wednesday down 3.4% to $35.25.
Hanesbrands profit falls 59%, plans to raise prices(4:21 pm ET)
SAN FRANCISCO (MarketWatch) -- Hanesbrands Inc. (HBI: news, chart, profile) late Wednesday said third-quarter net income fell 59% from a year ago to $15.9 million, or 17 cents a share, down from $38.9 million, or 40 cents a share. Profit was hurt by restrucuring charges and the bankruptcy of regional retailer Mervyn's. Hanesbrand, maker of Hanes underwear and Champion sportswear, said sales were unchanged from a year ago at $1.15 billion. The Winston Salem, N.C. apparel maker said it plans to raise U.S. retailer prices by an average of 4% in early 2009. Hanesbrands said price hikes will vary by product. Its stock closed ahead of the report at $13.41, up 4%. The shares are down 49% for the year.
Visa narrows loss, posts sales gains(4:17 pm ET)
SAN FRANCISCO (MarketWatch) -- Visa Inc. (V: news, chart, profile) on Wednesday said it narrowed its fourth-quarter loss to $356 million, or 45 cents per share of its Class A stock, from a loss of $1.66 billion, a year ago. Excluding one-time items, the credit card company said it earned 58 cents a share during the quarter. Revenue came in at $1.71 billion, up from $1.46 billion a year ago. Analysts polled by FactSet Research were looking for a profit, on average, of 56 cents a share with revenue of $1.68 billion.
Symantec posts quarterly profit, sales gains(4:12 pm ET)
SAN FRANCISCO (MarketWatch) - Symantec Corp. said Wednesday its fiscal second-quarter profit beat analysts' estimates as it saw strong sales to businesses. Cupertino, Calif.-based Symantec (SYMC: news, chart, profile) said net income in the period ended in October rose to $140 million, or 16 cents a share, from $50.4 million, or 6 cents a share in the same period a year earlier. Revenue rose to $1.52 billion from $1.42 billion. Excluding special items, security and storage software maker Symantec said earnings for the quarter rose to 37 cents a share. Analysts had estimated the company would post earnings excluding special items of 35 cents a share for the quarter, and $1.54 billion in revenue, according to FactSet Research.
RealNetworks swings to third-quarter loss(4:06 pm ET)
SAN FRANCISCO (MarketWatch) -- RealNetworks Inc. (RNWK: news, chart, profile) swung to a loss for the third quarter despite a small gain in revenue. For the period ended Sept. 30, the company reported a net loss of $4.5 million, or 3 cents a share, compared to earnings of $4.3 million, or 3 cents a share, for the same period last year. Revenue rose 5% to $152 million. Analysts were looking for a net loss of 3 cents a share on revenue of $153.5 million, according to consensus estimates from Thomson Reuters.
Energy stocks hold on to gains after expected rate cut(2:23 pm ET)
NEW YORK (MarketWatch) -- Energy stocks held onto gains, but fell slightly from earlier levels, after the Federal Open Market Committee moved to cut interest rates by a half point, as expected. The Amex Oil Index (XOI: news, chart, profile) rose 4.2% to 913. The Philadelphia Oil Service Index ($OSX: news, chart, profile) rose 9.2% to 146. The Amex Natural Gas Index (XNG: news, chart, profile) advanced 4.4% to 402. Sector leader and Dow component Exxon Mobil (XOM: news, chart, profile) fell 12 cents to $74.74 and Chevron (CVX: news, chart, profile) added 1% to $70.96. Earlier, Exxon Mobil was up 1% to $75.63 and Chevron (CVX: news, chart, profile) was up 2.2% to $71.56. The Philadelphia Oil Service Index was up 10% at 147. The Amex Natural Gas Index rose 5.5% to 406. The Amex Oil Index was up 4.4% to 915.
Hercules Offshore rallies despite lower earnings(11:24 am ET)
NEW YORK (MarketWatch) -- Hercules Offshore (HERO: news, chart, profile) rallied 19% to $6.13 after the Houston firm said the business of repairing damage from Hurricanes Ike and Gustav will provide it a boost through the first quarter of next year. The operater of a fleet of 35 jackup rigs, 27 barge rigs, 65 liftboats, three submersible rigs, one platform rig and a fleet of marine support vessels said it earned $33 million, or 37 cents a share in its third quarter, down from $48.4 million, or 59 cents a share in the year-ago period. Hercules said the hurricanes hurt results in the latest period. "The global financial crisis and lower commodity prices will almost certainly result in a number of our customers reducing their capital spending in 2009," Hercules said. "However, with our significant international contract backlog working mostly for national oil companies, coupled with our greater than $325 million in liquidity...we are well positioned for any downturn in our domestic customers' capital spending."
Sony profit tumbles 72%(10:27 am ET)
NEW YORK (MarketWatch) -- Sony Corp. (SNE: news, chart, profile) said Wednesday its second-quarter profit fell almost 72% to 20.8 billion yen ($215 million) from 73.7 billion yen in the year-earlier quarter. The Tokyo-based electronics giant said sales and operating revenue fell 0.5% to 2.07 trillion yen from 2.08 trillion a year earlier. The results roughly matched preliminary numbers that the company reported earlier this month. On a per-share basis, profit was 19.8 yen compared 70.1 yen in the second quarter of 2007. Sony's electronics segment was particularly hard hit, "mainly due to the deterioration of the cost of sales ratio, reflecting a decline in unit selling prices and a decrease in equity in net income for Sony Ericsson," it said.
Legg Mason shares rebound after earnings(10:05 am ET)
BOSTON (MarketWatch) -- Shares of Legg Mason Inc. (LM: news, chart, profile) rallied as much as 31% on Wednesday morning after the asset manager reported a quarterly loss, but analysts said the results were better than expected. Alan Rambaldini, an analyst at Morningstar Inc., said Legg Mason shares rebounded after being "oversold" on Tuesday ahead of the earnings report when the stock dropped more than 6% even though the broad market rallied. Investors on Wednesday were reacting to quarterly results that were "not as bad as they could have been," while the 9% fall in assets under management was less than the declines seen by other asset managers that have already reported, Rambaldini said.
Allergan issues 2008, 2009 financial forecasts(9:50 am ET)
BOSTON (MarketWatch) -- Allergan Inc. (AGN: news, chart, profile) issued its 2008 financial forecaston Wednesday, stating it sees total product sales of $4.29 billion to $4.34 billion. Sales of its popular cosmetic treatment Botox should come in between $1.27 billion and $1.29 billion. Adjusted earnings per share are seen at $2.53 to $2.57 a share. For the fourth quarter 2008, Allergan expects to post adjusted earnings per share of 72 cents a share to 76 cents a share, on total net sales of $990 million to $1.04 billion. Allergan said that because of the global economic downturn, it now sees lower growth in 2009 and is forecasting adjusted earnings per share growth of 5% to 12% over 2008. The company will release a more detailed 2009 forecast in February, when it issues its 2008 financial results. The company added it hopes to see a return to adjusted earnings per share growth in the mid-to-high teens when the world economy rebounds.
Comcast: Economy hurts new sign-ups; existing base stable(9:42 am ET)
CHICAGO (MarketWatch) -- Comcast Corp. (CMCSA: news, chart, profile) (CMCSK: news, chart, profile) Chief Operating Officer Steve Burke said Wednesday that the economic meltdown has affected the company's ability to attract new subscribers, but has not increased the number of cancellations. "It's not that people who have our service are leaving," he told analysts on a conference call. "[What we see] is that there's less propensity to upgrade, less propensity to take our services when someone moves into town."
Energy share add to gains ahead of Fed move(9:39 am ET)
NEW YORK (MarketWatch) -- Energy shares added to big gains in the previous session as crude prices rose ahead of an expected interest rate cut by the U.S. Federal Reserve. The Amex Oil Index (XOI: news, chart, profile) climbed 1.5% to 890. The Amex Natural Gas Index (XNG: news, chart, profile) jumped 2.5% to 394.
Allergan posts higher third-quarter earnings(9:35 am ET)
BOSTON -- Allergan Inc. (AGN: news, chart, profile) reported higher third-quarter earnings early Wednesday. For the quarter ended Sept. 30, the Botox-maker posted net income from continuing operations of 55 cents a share, compared with 50 cents a share for the same quarter in 2007. Excluding various items, Allergan would have reported adjusted earnings of 65 cents a share versus 58 cents a share. Net sales rose to $1.08 billion, up 10.5% from last year, buoyed by increased sales for its cosmetic treatment Botox and eyecare products. Excluding the impact of a favorable exchange rate, sales would have risen 8.6%.
Toshiba posts lower-than-expected loss, hit by chip prices(9:28 am ET)
NEW YORK (MarketWatch) -- Japanese electronics giant Toshiba Corp. (TOSBF: news, chart, profile) said Wednesday it suffered a net loss of 38.4 billion yen ($390.1 million) during the April-September fiscal half-year, according to reports. This compared with a 45.7 billion yen profit a year earlier, Bloomberg reported, adding that sales fell 5.3% to 3.5 trillion yen. It was the first half-year loss for the company since 2003, according to the Associated Press. For the quarter, the Tokyo-based company reported a net loss of 26.85 billion yen, a sharp downturn from the 25.0 billion yen profit it booked during the same period last year, the AP said. However, the deficit was 23% smaller than the company had projected on Sept. 19, when it cut its full-year profit forecast by 46% and said net income will tumble to a four-year low of 70 billion yen, according to Bloomberg. The Japanese chipmaker left its annual estimates unchanged, it said. The quarter's biggest casualty was the electronic devices segment, which wilted under Toshiba's struggling semiconductor business, AP reported.
PetroChina posts 30% rise in quarterly net income(9:05 am ET)
HONG KONG (MarketWatch) -- PetroChina Co. (PTR: news, chart, profile) (HK:857: news, chart, profile) , Asia's largest oil and gas producer, said Wednesday its net income for the three months ending Sept. 30 climbed 30% from a year earlier, as the firm benefited from growth in crude oil and natural gas output, higher petroleum prices, and as a government subsidy helped to offset refining losses. Net profit totaled 39.89 billion yuan ($5.83 billion), up from 30.70 billion yuan a year earlier. The result exceeded forecasts of 34.9 billion yuan in profit, according to Reuters, which averaged three analysts estimates. Crude oil output during the quarter rose 2.8% to 652.6 million barrels, and natural gas increased 16.3% to 1.368 trillion cubic feet. PetroChina said its averaged realized price for crude came to $97.24 per barrel, compared to $60.93 per barrel in the year earlier period.
MGM Mirage earnings slump in quarter(9:03 am ET)
NEW YORK (MarketWatch) -- MGM Mirage (MGM: news, chart, profile) said Wednesday that third-quarter net income of $61 million, or 22 cents a share, compared to $184 million, or 62 cents, in the year-ago period. Revenue was $1.95 billion compared to $2.07 billion. Less promotional expences revenue was $1.79 billion. Results for the 2008 quarter included a non-cash write-down of $30 million, or 7 cents a share, related to the 36-hole Primm Valley Golf Club and underlying land. Results for the third quarter of 2007 included $135 million, or 30 cents a share, of income related to insurance proceeds received for Hurricane Katrina. Analysts polled by FactSet Research estimated, on average, sales of $1.84 billion.
GM total quarterly sales down 11.4% from year-ago quarter(8:57 am ET)
NEW YORK (MarketWatch) -- General Motors Corp. (GM: news, chart, profile) said Wednesday it sold slightly above 2.1 million vehicles globally during the third quarter, an 11.4% drop from the same period a year earlier. The drop in sales was due to "continuing economic pressures in the U.S. market, which pushed North America sales down 18.9%, and growing pressure in Europe, where sales were down 12.3%," GM said. The company put in a stronger performance in emerging markets, with total sales for the Latin America, Africa and Middle East region rising 3.4% and Asia-Pacific sales up 2.6%.
CORRECT: Meredith quarterly profit slips to 41 cents a share(8:50 am ET)
NEW YORK (MarketWatch) -- Meredith Corp. (MDP: news, chart, profile) said Wednesday its fiscal 2009 first-quarter profit totaled $18.6 million, or 41 cents a share, from $33.4 million, or 68 cents a share, in the same quarter a year before. This matched analyst expectations on average for earnings of 41 cents a share, according to a FactSet Research survey. Revenue for the quarter was $370 million compared to $404 million in the year-ago period. Meredith said it expects full-year earnings per share of $2.50 to $2.85, with profit for the second quarter expected to range from approximately 47 cents to 52 cents a share. But the company added that "a number of uncertainties remain that may affect our outlook." (Corrects revenue figures.)
Sinopec quarterly profit falls 39%, annual loss possible(8:29 am ET)
NEW YORK (MarketWatch) -- Oil refiner China Petroleum & Chemical Corp., better known as Sinopec (SNP: news, chart, profile) , posted a 39% fall in third-quarter earnings as higher crude prices pushed its refining business deep into the red, Reuters reported Wednesday. The company also said it could post a loss for the whole of 2008. Sinopec said its net profit came to 8.17 billion yuan ($1.2 billion) from July to September, versus a revised 13.41 billion yuan a year earlier, according to the report.
Legg Mason swings to loss after charges(8:21 am ET)
BOSTON (MarketWatch) -- Legg Mason Inc. (LM: news, chart, profile) on Wednesday reported a fiscal second-quarter loss of $103.8 million, or 74 cents a share, compared with net income of $177.5 million, or $1.23 a share, in the year-earlier period. The Baltimore-based investment manager said the latest quarter's results included charges of $191.1 million, or $1.35 a share, to support its money market funds that were pressured during the credit crunch. Assets under management fell 9% during the quarter to $841.9 billion as a result of lower markets and net outflows, Legg Mason said.
AGCO earnings per share up 30% in quarter(8:21 am ET)
NEW YORK (MarketWatch) -- AGCO Corp. (AG: news, chart, profile) said Wednesday that third-quarter earnings rose to $103 million, or $1.04 a share, compared to $77 million, or 80 cents a share, in the same period last year. Sales grew to $2.09 billion compared to $1.61 billion for the Duluth, Ga., farm equipment maker and distributor. Analysts polled by FactSet Research estimated, on average, sales of $2.03 billion. For the full year of 2008, AGCO is targeting earnings per share in the $3.90 to $4.00 range.

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Thursday, Oct. 30
Scientific Games swings to profit (4:57 pm ET)
CHICAGO (MarketWatch) -- Scientific Games (SGMS: news, chart, profile) swung to a third-quarter profit, fueled by improved results at its Lottery Systems Group. After the close of trading Thursday, the company said it earned $25.4 million, or 27 cents a share. In the third quarter of 2007, it posted a loss of $2.9 million, or 3 cents a share. Excluding stock-based compensation, the company's profit would have been $31.3 million, or 33 cents a share, in the latest three months. Revenue came in at $291.9 million, an increase of 9%. The average estimate of analysts polled by FactSet Research had been for the company to earn 31 cents a share on revenue of $307 million.
Chesapeake Energy profit jumps on one-time gains (4:30 pm ET)
SAN FRANCISCO (MarketWatch) -- Chesapeake Energy Corp. (CHK: news, chart, profile) reported late Thursday third-quarter net income rose to $3.28 billion, or $5.61 a share, from $346 million, or 72 cents, a year ago. The results benefitted from a $2.85 billion unrealized non-cash after-tax mark-to-market gain on energy and interest hedges. For the three months ended Sept. 30, the Oklahoma City, Okla.-based natural gas company said revenue rose to $7.49 billion from $2.03 billion. Excluding one-time items, the company had earnings of $486 million, or 85 cents a share. Analysts polled by FactSet Research, who typically exclude one-time items, had predicted the company would report earnings of 88 cents a share on $3.79 billion in revenue. Chesapeake shares rose 6.9% ahead of the report to close at $22.07.
Morningstar third-quarter profit rises to 45 cents a share(4:27 pm ET)
SAN FRANCISCO (MarketWatch) -- Morningstar Inc. (MORN: news, chart, profile) late Thursday reported its third-quarter net income rose to $22.2 million, or 45 cents a share, from $19.9 million, or 41 cents a share, in the same quarter a year ago. Operating income increased 8.7% to $34.2 million while consolidated revenue rose to $125.5 million from $111.9 million a year earlier, said the mutual fund rating specialist. The company's operating margin was 27.2% in the third quarter, compared with 28.1% in the same period in 2007. "Operating margin declined slightly in the third quarter because of increased operating expense in most categories and higher office lease expense, which was partially offset by lower bonus expense," said Morningstar in a statement.
BMC Software posts profit slip, raises guidance(4:21 pm ET)
SAN FRANCISCO (MarketWatch) -- BMC Software Inc. said Thursday its fiscal second-quarter net income fell to $70 million, or 36 cents a share, from $77 million, or 38 cents a share in the same period a year earlier. Revenue for the period ended in September rose 11% to $467 million. Excluding special items, BMC (BMC: news, chart, profile) said earnings for the quarter rose 19% to 56 cents a share. Analysts on average estimated BMC would post earnings excluding special items of 51 cents a share, and $467 million in revenue, according to Thomson Reuters. BMC said it's raising its guidance for the full year. The company said it now expects earnings excluding special items to be between $2.15 to $2.25 a share for the period.
Macau boosts Wynn Resorts as Vegas slumps(4:19 pm ET)
CHICAGO (MarketWatch)-- Wynn Resorts said that growth in Macau offset a slump in Las Vegas, pushing third-quarter profit higher. The casino operator earned $51.1 million, or 49 cents a share, on the period, up from $44.7 million, or 41 cents a share. Adjusted to exclude various items, Wynn would have earned 62 cents a share. Revenue came in at $769.2 million, up form $653.4 million. The take at its operations in Macau rose 36.6%, overcoming declines in both gambling and non-gambling revenue in Las Vegas. The average estimate of analysts polled by FactSet Research had been for the company to earn 58 cents a share on revenue of $754 million.
Express Scripts earnings jump 41% on higher sales(4:19 pm ET)
LOS ANGELES (MarketWatch) -- Express Scripts Inc. (ESRX: news, chart, profile) reported third-quarter net income of $201.9 million, or 81 cents a share, compared with $142.9 million, or 56 cents a share, for the same period a year ago. Reporting after the close, the St. Louis-based provider of pharmacy benefit services said sales were $5.45 billion vs. last year's $5.36 billion. Analysts polled by FactSet Research had expected the company to earn 78 cents a share. The company said it expects full-year earnings to hit $3.07 to $3.10 a share, and $3.63 to $3.73 a share for 2009. The FactSet estimates are $3.07 and $3.62, respectively. Shares soared amid a broader rally, jumping 12.7% to $57.57.
Unum quarterly net falls 42%(4:17 pm ET)
SAN FRANCISCO (MarketWatch) -- Unum Group (UNM: news, chart, profile) said late Thursday that third-quarter net income came in at $108 million, or 32 cents a share, down 42% from a year earlier when the disability insurer made $187 million, or 52 cents a share. Excluding net realized investment gains and losses, the company said it made $216.9 million, or 64 cents a share, in the third quarter of 2008. Unum was expected to make 62 cents a share, according to the average estimate of 13 analysts in a FactSet survey. The benefit ratio of Unum's U.S. group disability business was 89.3% in the latest quarter, an improvement from the 92.1% recorded in the third quarter of 2007.
Sun Micro swings to $1.68 billion loss(4:15 pm ET)
SAN FRANCISCO (MarketWatch) -- Sun Microsystems Inc. (JAVA: news, chart, profile) on Thursday reported a first-quarter loss of $1.68 billion, or $2.24 a share, on revenue of $2.99 billion. During the same period a year ago, Sun earned $89 million, or 10 cents a share, on sales of $3.22 billion. Excluding one-time items, the computer server and software company would have lost $65 million, or 9 cents a share. The loss was greater than what the company forecast when it gave preliminary results on Oct. 20. Sun said that its results were affected by a $1.45 billion charge for goodwill impairment and $63 million in restructuring charges.
McAfee profit slips as sales rise 27%(4:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Security software maker McAfee Inc. said Thursday its fiscal third-quarter net income fell to $48.8 million, or 31 cents a share, from $63.4 million, or 39 cents a share in the same period a year earlier. Revenue for the period ended Sep. 30 rose 27% to $409.7 million. Excluding special items, McAfee (MFE: news, chart, profile) said earnings rose to 53 cents a share. Analysts on average had estimated McAfee would post earnings excluding special items of 49 cents a share, according to Thomson Reuters.
Electronic Arts sees net loss grow in second quarter(4:10 pm ET)
SAN FRANCISCO (MarketWatch) - Electronic Arts saw net losses grow for its second fiscal quarter despite a strong jump in video game sales. The game publisher (ERTS: news, chart, profile) reported a net loss of $310 million, or 97 cents a share, for the quarter ended Sept. 30 compared to a net loss of $195 million, or 62 cents a share, for the same period the previous year. Revenue jumped 40% to $894 billion. On a non-GAAP basis, the company said it would have lost $20 million, or 6 cents a share, on revenue of $1.13 billion. Analysts were expecting a net loss of 7 cents a share on revenue of $1.08 billion for the period, according to consensus estimates from FactSet Research.
Hartford Financial slumps 47% on capital concern(1:07 pm ET)
SAN FRANCISCO (MarketWatch) -- Hartford Financial Services (HIG: news, chart, profile) shares slumped 47% during afternoon trading Thursday on concern the insurer may need to raise more capital. The company reported a big third-quarter loss late Wednesday and said that it couldn't gauge the amount of extra capital it has because of market volatility. The results left "lingering capital questions," Andrew Kligerman, an analyst at UBS, wrote in a note to clients on Thursday. Hartford shares were 47% lower at $10.49 during recent afternoon action.
Exxon Mobil reiterates capital spending plans(12:20 pm ET)
NEW YORK (MarketWatch) -- Exxon Mobil (XOM: news, chart, profile) stuck to its capital spending forecast of $25 billion to $35 billion a year for the next five years, even as smaller companies have issued cutbacks. Production fell during the quarter by about 2%, as expected, after adjustments for maintenance, hurricane outages, depletion of existing wells and other factors. Exxon Mobil expects higher production from the North Sea in the fourth quarter, and progress on updates in Nigeria. Looking ahead to production in 2009, the oil giant expects a boost from a new liquid natural gas project in Qatar.
NRG net nearly triples; mulls Exelon merger offer(11:16 am ET)
NEW YORK (MarketWatch) -- NRG Energy (NRG: news, chart, profile) shares rose 4.4% to $22.96 after the power firm said net income more than doubled to $784 million, or $2.83 per share, compared to $268 million, or 93 cents a share in the year-ago period. The latest period included a pre-tax unrealized net mark-to-market gain of $826 million. Operating income for the third quarter rose 13% to $623 million on "strong" performance in Texas. The Princeton, N.J. firm OK'd a $300 million stock buyback. It also continues to study the Oct. 19 unsolicited merger proposal from Exelon Corp. (EXC: news, chart, profile) . NRG said it would "determine the appropriate response in due course" to the merger offer.
Hartford shares fall 30% after cuts full-year view(10:06 am ET)
BOSTON (MarketWatch) -- Shares of Hartford Financial Services Group Inc. (HIG: news, chart, profile) were down more than 30% in early trading Thursday after the insurance company reported a $2.6 billion loss. "The risk of a rating agency downgrade and the inability of management to provide comfort on the level of their capital cushion make it very difficult to assess the downside or to argue that there is significant upside in the near term," said Fox-Pitt Kelton analyst Gary Ransom, who downgraded Hartford shares to in-line from outperform. Hartford after Wednesday's closing bell also cut its full-year profit outlook.
Visteon loss widens as automaker customers cut production(9:56 am ET)
SAN FRANCISCO (MarketWatch) -- Visteon Corp. (VC: news, chart, profile) on Thursday reported a third-quarter loss of $188 million, or $1.45 a share, compared with a loss of $109 million, or 84 cents a share, a year ago. Sales fell to $2.11 billion from $2.55 billion due to lower demand for parts from automaker customers as well as plant closures and divestitures, the auto-parts maker said. Analysts polled by FactSet Research were looking for a loss, on average, of $1.03 a share with sales of $2.23 billion. CEO Donald Stebbins said the company will no longer provide financial forecasts for 2009 and further "significant" restructuring is to be expected. Visteon shares added 1 cent to 73 cents in recent trading.
Natural gas shares lead gains in energy sector(9:37 am ET)
NEW YORK (MarketWatch) -- Natural gas shares led gains in the energy sector as sector leader Exxon Mobil (XOM: news, chart, profile) beat Wall Street expectations with its third-quarter profit update. The Amex Natural Gas Index (XNG: news, chart, profile) rose 3.5% to 414. The Amex Oil Index (XOI: news, chart, profile) rose 1.8% to 922. Exxon Mobil (XOM: news, chart, profile) rose 4 cents to $74.69. Marathon Oil (MRO: news, chart, profile) rose 4.5% to $26.77. Apache Corp. (APA: news, chart, profile) rose 4.4% to $78.09.
Expedia earnings inch higher in quarter(9:20 am ET)
NEW YORK (MarketWatch) -- Expedia Inc. (EXPE: news, chart, profile) said Thursday that third-quarter earnings were $95 million, or 33 cents a share, compared to $100 million, or 32 cents a share, in the same period a year ago. Revenue was $833 million compared to $760 million. Analysts polled by FactSet Research estimated, on average, earnings per share of 39 cents and sales of $830 million. "Yes, it's a difficult environment, but that's everyone's news, and for travel any predictions about its depth or duration would be foolish," said Expedia Chairman Barry Diller.
CBS CEO: Network ad market 'not booming'(9:15 am ET)
CHICAGO (MarketWatch) -- CBS Corp. (CBS: news, chart, profile) Chief Executive Les Moonves said Thursday that ad sales during the current television season, known as the "scatter" market, are "obviously not booming as in years past." Speaking to analysts on a conference call, Moonves added that the current ratings strength of the CBS Television Network, which is the ratings leader in all key demographics over the first five weeks of the season, will allow it to be a "beneficiary" of ad spending in the coming weeks.
Marathon Oil net income doubles to $2 billion(9:03 am ET)
NEW YORK (MarketWatch) -- Marathon Oil (MRO: news, chart, profile) on Thursday said third-quarter net income rose to $2.06 billion, or $2.90 a share, from $1.02 billion, or $1.49 a share in the year-ago period. Adjusted net income rose to $2.76 a share from $1.48 a share. Analysts expected the Houston energy firm to post earnings of $2.23 a share, according to a survey by FactSet Research.
Apache Corp. net income up 94%(9:00 am ET)
NEW YORK (MarketWatch) -- Apache Corp. (APA: news, chart, profile) said Thursday third-quarter net income rose 94% to $1.2 billion or $3.52 a share, from $612 million or $1.83 a share in the year-ago period. Analysts expected earnings of $3.68 a share, according to a survey by FactSet Research. Third-quarter production declined 9%. "We faced several challenges on the production side during the third quarter; we also had strong earnings, continued progress on our pipeline of development projects, and drilling success in several areas," said G. Steven Farris, Apache's president and chief executive officer.
Redstone reiterates: No intention of selling Viacom or CBS(8:43 am ET)
CHICAGO (MarketWatch) -- Viacom Inc. (VIA.B: news, chart, profile) and CBS Corp. (CBS: news, chart, profile) Executive Chairman Sumner Redstone reiterated Thursday that he has no intention of selling either Viacom or CBS in the wake of his sale of stock in the two companies to comply with certain debt covenants. Speaking during a conference call related to CBS' third-quarter results, Redstone said he is "confident" that the National Amusements holding company will soon reach a "fair" deal that will satisfy its creditors.
Ball Corp. Q3 net grows by 67%(8:41 am ET)
NEW YORK (MarketWatch) -- Ball Corp. (BLL: news, chart, profile) on Thursday said third-quarter earnings rose 67% to $101.9 million, or $1.05 a share, from $60.9 million, or 59 cents a share in the year-ago period. Sales rose to $2 billion from $1.9 billion. Results in the latest period include a charge of 8 cents a share for plant closures in Commerce, Calif.; Brampton, Ontario; and Kent, Wash. Analysts expected earnings of $1.09 a share and revenue of $2 billion, according to a survey by FastSet Research.
Cigna profit down 53%(8:35 am ET)
LONDON (MarketWatch) -- Health benefits group Cigna Corp. (CI: news, chart, profile) said Thursday that its third-quarter net profit fell 53% to $171 million, or 62 cents a share, from $365 million, or $1.28 a share, a year earlier. Revenue for the period rose 10% to $4.85 billion. Adjusted earnings fell to 89 cents a share from $1.13. Analysts polled by FactSet were expecting adjusted earnings of $1.06 a share. Cigna said its bottom line included a $61 million loss related to unfavorable equity markets and interest rate movements. For 2008, Cigna said it is expecting earnings of $3.40 to $3.50 a share, including an expected fourth quarter loss of 45 cents a share related to variable annuioty death benefits. Later Thursday, the company said it projects 2009 adjusted income from operations to be in the range of $1.09 billion to $1.18 billion, or $4.00 to $4.30 a share. It said it expects its medical membership in 2009 to decline by approximately 2%.
Konica Minolta first-half net income down 22%; cuts forecast(8:34 am ET)
HONG KONG (MarketWatch) -- Konica Minolta Holdings Inc. (JP:4902: news, chart, profile) said Thursday net income for the fist half ended Sept. 30 fell 22% because of softer corporate orders for copiers amid the global slowdown, a stronger yen, falling product prices and higher commodity prices. The Tokyo-based maker of copiers, cameras and electronic components said net income fell to 29.28 billion yen ($297.46 million) from 37.64 billion yen a year earlier. Sales were up 1.5% to 532.97 billion yen. Konica Minolta cut its net profit outlook by 40% to 42 billion yen from its May forecast of 70 billion yen. Sales for the fiscal year are expected at 1.04 trillion yen, compared to its earlier forecast of 1.11 trillion yen.
RiskMetrics reports higher net income(8:13 am ET)
BOSTON (MarketWatch) -- RiskMetrics Group Inc. (RMG: news, chart, profile) before Thursday's opening bell said third-quarter net income rose to $6.3 million, or 9 cents a share, from $0.5 million, or a penny a share, in the year-earlier quarter. Total revenue climbed 22% to $75.6 million, the company said. Wall Street analysts had forecast net income of 8 cents a share, according to a survey conducted by Thomson Reuters.
Exxon Mobil earnings rise 58%, setting record (8:11 am ET)
NEW YORK (MarketWatch) -- Exxon Mobil Corp. (XOM: news, chart, profile) said Thursday third-quarter net income rose 58% to a record of $14.8 billion, or $2.86 a share from $9.4 billion, or $1.70 a share in the year-ago period. Excluding items, earnings at the Irving, Texas oil producing and refining giant rose 42% to $13.38 billion, or $2.59 a share, from $9.4 billion, or $1.70 a share. Exxon Mobil reiterated its target for 2008 capital and exploration spending of $25 billion. Wall Street analysts expected earnings of $2.38 a share, according to a survey by FactSet Research.
Colgate-Palmolive earnings per share up 22% in quarter(8:11 am ET)
NEW YORK (MarketWatch) -- Colgate-Palmolive Company (CL: news, chart, profile) said third-quarter earnings were $500 million, or 94 cents a share, compared to $420 million, or 77 cents a share, a year ago. Adjusted earnings in the period were 99 cents a share. Sales rose 13% to $3.99 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 97 cents on sales of $3.99 billion. "Given our strong momentum and excellent savings initiatives, we are comfortable with external profit expectations for the fourth quarter and full year 2008," said Chief Executive Officer Ian Cook.
IntercontinentalExchange's net rises 12%(8:02 am ET)
BOSTON (MarketWatch) -- IntercontinentalExchange Inc. (ICE: news, chart, profile) on Thursday said its third-quarter net income rose to $75 million, or $1.04 a share, from $66.7 million, or 93 cents a share, in the same period the previous year. Total revenue rose to $201.4 million from $151.7 million, the derivatives exchange said. Analysts polled by Thomson Reuters had been looking for earnings of $1.04 a share on revenue of $201.7 million.
Alliant profit rises 27%, lifts earnings outlook(7:58 am ET)
LONDON (MarketWatch) -- Aerospace and defense group Alliant Techsystems Inc. (ATK: news, chart, profile) on Thursday reported a 27% rise in fiscal second-quarter net profit, helped by strengthening margins, as it also raised its earnings outlook for the year. The group said profit rose to $65 million, or $1.87 a share, from $51.2 million, or $1.44 a share, a year earlier. Revenue for the quarter grew 6% to $1.09 billion. Analysts polled by FactSet had been expecting earnings of $1.79 a share. Based on the improved earnings as well as benefits related to a lower share count and the extension of a tax credit, Alliant raised its earnings guidance for the fiscal year by 15 cents to a range of $7.40 to $7.50 a share. The group said sales growth was driven by its armaments division, reflecting significant increases in commercial products, particularly law enforcement and international ammunition sales.
CORRECT: Kodak earnings triple on items, lowers revenue view(7:49 am ET)
NEW YORK (MarketWatch) -- Eastman Kodak (EK: news, chart, profile) said third-quarter net income tripled to $101 million, or 35 cents a share, from $32 million, or 11 cents a share in the year-ago period. After items, the company posted an adjusted gain of 22 cents a share, compared to 46 cents a share in the year-ago period. Changes to the company's post-employment boosted earnings in the lastest quarter by 31 cents a share, offset by restructuring costs of 16 cents a share. Revenue fell 5% to $2.41 billion from $2.53 billion. Analysts expected the company to earn 23 cents a share on revenue of $2.55 billion, according to a survey by FactSet. The Rochester, N.Y. digital imaging and film company said it now expects its 2008 revenue to decline by 3% to 5%, compared to its earlier forecast for growth of 0% to 2%.

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Friday, Oct. 31
American Axle posts wider loss as automakers cut production(11:41 am ET)
SAN FRANCISCO (MarketWatch) -- American Axle & Manufacturing Holdings (AXL: news, chart, profile) on Friday said it swung to a third-quarter loss on hefty charges relating to job cuts, plant closures and other restructuring efforts. The company reported a loss of $440.9 million, or $8.54 a share, vs. a profit of $13.5 million, or 25 cents a share, a year ago. Results in the most recent quarter included one-time charges totaling $7.71 a share. Sales were cut by a third to $528.1 million as top automaker customers continued to curtail production. Shares jumped 22% to $3.08 in early trades.
Tata Motors net profit falls by 34%, eyes capex cuts(9:44 am ET)
NEW YORK (MarketWatch) -- Tata Motors Ltd. (TTM: news, chart, profile) said Friday third-quarter net profit fell to 3.46 billion rupees, or about $70 million, from 5.26 billion rupees a year ago, a company statement said. The auto maker is mulling cuts to capital spending in the face of a global economic slowdown, according to published reports. The Mumbai company said profits were hit by rising input costs, high interest rates and lack of financing. Sales volumes declined by 1.1% to 135,037 vehicles. Tata Motors reiterated plans to launch its Nano small car, billed as the world's cheapest car, in March.
Energy stocks open with losses(9:34 am ET)
NEW YORK (MarketWatch) -- Energy stocks began the last trading day of a historically bad month for equities by posting more losses. The Amex Oil Index (XOI: news, chart, profile) fell 1.2% to 929. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 0.7% to 424. Chevron (CVX: news, chart, profile) subtracted 52 cents to $73.66 after beating Wall Street earnings targets.
Washington Post quarterly profit falls 86% to $1.08 a share(9:02 am ET)
NEW YORK (MarketWatch) -- Washington Post Co. (WPO: news, chart, profile) said Friday its third-quarter profit fell sharply to $10.3 million, or $1.08 a share, from $72.5 million, or $7.60 a share, in the same quarter a year before. The results were affected by a $82.7 million operating loss from the newspaper division and $20.6 million in foreign currency losses, the company said. Revenue for the quarter was $1.13 billion compared to $1.02 billion in the year-ago period.
ArvinMeritor trimming 1,250 workers, may scrap spin-off(8:59 am ET)
NEW YORK (MarketWatch) -- ArvinMeritor Inc. (ARM: news, chart, profile) said it'll take a fourth-quarter restructuring charge of $190 million for costs tied to laying off 1,250 workers. The Troy, Mich. auto parts maker said it may now scrap the spin-off of its Light Vehicle Systems business in favor of a sale.
Weyerhaeuser Co. posts narrower-than-expected loss(8:46 am ET)
NEW YORK (MarketWatch) -- Weyerhaeuser Co. [w: wy] on Friday said third-quarter net income rose to $280 million, or $1.33 a share, from $101 million, or 47 cents a share in the year-ago period. Excluding one-time items, the Federal Way, Wash.-based lumber producer said it lost a penny a share. Revenue fell to $2.6 billion from $4.1 billion. Analysts expected a loss of 4 cents a share on revenue of $2.42 billion, according to a survey by FactSet Research. "We expect housing market conditions will remain difficult, and our businesses will continue to aggressively manage costs and inventory accordingly," said Dan Fulton, president and chief executive officer. "As a result of actions we've already taken, we have a strong balance sheet and good liquidity. We're meeting the challenges of today's markets, while preparing for stronger markets in the future."
Chevron Corp. net income more than doubles to $8 billion(8:37 am ET)
NEW YORK (MarketWatch) -- Chevron Corp. (CVX: news, chart, profile) on Friday said third-quarter net income rose 114% to $7.9 billion, or $3.85 a share, from $3.7 billion, or $1.75 a share in the year-ago period. Revenue rose to $76 billion from $54 billion. Exploration and production profits rose to $6.18 billion from $3.4 billion. Refining, marketing and transportation earnings increased to $1.83 billion from $377 million. Analysts expected the San Ramon, Calif. integrated oil giant to earn $3.20 a share, on average, according to a survey by FactSet Research. The company reported capital and exploratory expenditures of $5.5 billion for the third quarter, compared with $5.2 billion a year earlier. Common stock buybacks in the 2008 quarter totaled $2 billion.
Average U.S. retail gasoline prices fall to $2.50 a gallon(8:15 am ET)
NEW YORK (MarketWatch) -- Average U.S. retail gasoline prices for a gallon of unleaded fell 4 cents to $2.50 a gallon in the last day, according to the AAA Fuel Gauge Report. A month ago, gasoline sold for $3.62 a gallon and a year ago it sold for $2.91.
Progress Energy earnings per share down 4% in quarter(7:45 am ET)
NEW YORK (MarketWatch) -- Progress Energy (PGN: news, chart, profile) said Friday that its third-quarter earnings were $309 million, or $1.18 a share, compared to $319, or $1.24 a share, in the same period a year ago. Operating revenue was $2.70 billion compared to $2.75 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of $1.25 on sales of $2.90 billion. The Raleigh, N.C. utility sees 2008 ongoing earnings in the $2.95 to $3.05 per share range, which is the lower end of the previously announced guidance.
Apartment Investment swings to third-quarter profit(7:18 am ET)
NEW YORK (MarketWatch) -- Apartment Investment and Management Co. (AIV: news, chart, profile) said Friday its third-quarter profit totaled $164 million, or $1.81 a share, swinging from a loss of $21 million, or 20 cents a share, in the same quarter a year before. Analysts on average had expected a loss of 26 cents a share, according to a FactSet Research survey. Revenue for the quarter was $396 million compared to $360 million in the year-ago period. However, the company also cut its full-year forecast for funds from operations from a range of $3.33 to $3.43 a share to a range of $3.06 to $3.16 to take into consideration additional shares issued in connection with a Aug. 29 special dividend and casualty losses associated with Hurricane Ike and Tropical Storm Fay.
American Electric Power net falls 9%(7:12 am ET)
NEW YORK (MarketWatch) -- American Electric Power Co. (AEP: news, chart, profile) on Thursday said third-quarter net income for the three months ended Sept. 30 fell 9% to $374 million, or 93 cents a share, from $407 million, or $1.02 a share in the year-ago period. Ongoing earnings for the Columbus, Ohio power plant operator dropped to 93 cents a share from $1.16 a share in the year-ago period. Revenue fell to $3.8 billion from $4.2 billion. AEP tightened its 2008 ongoing earnings forecast to $3.15 to $3.25 a share. Wall Street analysts expected earnings of $1.05 a share for the third quarter, and $3.22 a share for the year.
OneBeacon loses $210 million on investment losses(7:04 am ET)
LONDON (MarketWatch) -- OneBeacon Insurance (OB: news, chart, profile) swung to a loss of $210 million, or $2.21 a share, for the third quarter as its return of invested assets was -7.1%. Catastrophe losses primarily from Hurricanes Ike and Gustav also hurt the firm. It earned $76 million, or 82 cents a share, in the year-earlier quarter. Revenue dropped to $162.8 million from $566.6 million. Analysts polled by FactSet expected a profit of 28 cents a share.
Barnes Group third-quarter profit rises to $28.9 million(6:51 am ET)
LONDON (MarketWatch) -- Aerospace and industrial components manufacturer Barnes Group Inc. (B: news, chart, profile) said Friday that third-quarter net income rose to $28.9 million, or 51 cents a share, from $27.7 million, or 47 cents a share, in the same period last year. Consensus expectations were for profit of 53 cents a share, according to FactSet Research. Net sales fell to $337.1 million from $360.4 million in third-quarter 2007. The Bristol, Conn.-based firm said the drop was tied in part to slowing global economic conditions, including a sharp decline in the North American transportation market. A strike by machinists at Boeing also impacted revenues at Barnes Aerospace, the company said.
Problem loans prove costly for Columbia Bancorp(6:49 am ET)
WASHINGTON (MarketWatch) -- Columbia Bancorp (CBBO: news, chart, profile) reported a third-quarter net loss of $14.1 million, or $1.41 a share, a reversal from the prior year's profit of $3.9 million, or 38 cents a share. The Dalles, Ore.-based company took a loan-loss provision of $25.4 million during the latest quarter, reflecting a "continued and significant decline" in the fair values of properties used to secure residential construction and development loans. Non-accrual loans jumped to $63.2 million in the September quarter, and net charge-offs increased by $19.5 million from second-quarter levels, Columbia Bancorp's data showed. A pair of analysts surveyed by FactSet Research had been looking for a quarterly loss of 10 cents a share.
Aon beats targets as profit drops 43%(6:43 am ET)
LONDON (MarketWatch) -- Chicago insurance brokerage Aon Corp. (AOC: news, chart, profile) said third-quarter net income dropped 43% to $117 million, or 40 cents a share, on results from discontinued operation Automobile Insurance Specialists and post-close adjustments from the sale of Combined Insurance Companies of America and Sterling Life Insurance. From adjusted continuing operations, earnings would have climbed 33% to 69 cents a share, and revenue rose 6% to $1.85 billion. Analysts polled by FactSet expected earnings of 63 cents a share. Before any potential reinvestment of savings, the 2007 restructuring program is now expected to result in cumulative cost savings of approximately $75-80 million in 2008, $220-245 million in 2009 and $300 million in 2010, primarily as a result of additional cost savings opportunities to streamline non-client facing support functions globally.
Advanced Medical Optics' quarterly sales up 1%(6:32 am ET)
WASHINGTON (MarketWatch) -- Advanced Medical Optics Inc. (EYE: news, chart, profile) reported third-quarter net income of $7.1 million, or 11 cents a share, a reversal from the prior year's loss of $25.9 million, or 43 cents a share. Quarterly sales for the Santa Ana, Calif.-based supplier of eye-care products rose 1% to $275.6 million from $273.2 million a year earlier. Results for the latest quarter included one-time items that had the effect of reducing earnings per share by 4 cents, the company said. The consensus of nine analysts surveyed by FactSet Research had been for a quarterly profit of 17 cents a share. Advanced Medical Optics also projected 2008 earnings on an adjusted basis of 70 cents to 80 cents a share, with sales pegged in a range of $1.17 billion to $1.2 billion; analysts' average profit forecast for 2008 stands at 82 cents a share.
EV3 third-quarter net loss narrows to $7.3 million(6:26 am ET)
LONDON (MarketWatch) -- Plymouth, Minn.-based medical device-maker EV3 Inc. (EVVV: news, chart, profile) on Friday said its third-quarter net loss narrowed to $7.3 million, or 7 cents a share, from a loss of $36.5 million, or 60 cents a share, in the same period a year ago. Consensus expectations were for a loss of 8 cents a share, according to FactSet Research. Net sales rose to $107 million from $65.1 million in the third quarter of 2007. Third-quarter earnings included a special charge of $20.2 million, EV3 said. The company's non-GAAP adjusted net income was $3.9 million, or 4 cents a share. EV3 said it expects fourth-quarter net sales of $102 million to $107 million and adjusted net earnings of 4 to 6 cents a share.
Chart Industries posts 68% quarterly profit growth(6:21 am ET)
WASHINGTON (MarketWatch) -- Chart Industries Inc. (GTLS: news, chart, profile) reported third-quarter net income of $20.4 million, or 70 cents a share, up from $12.1 million, or 42 cents, earned in the same period during 2007. The Cleveland-based manufacturer of equipment used to produce and store hydrocarbon and industrial gases generated quarterly sales of $188.8 million, up 15% from the prior year's $163.7 million. Earnings per share for the latest quarter included 1 cent for nonrecurring costs tied to the repurchase and retirement of $6.8 million of the company's high-yield senior subordinated notes. The consensus of six analysts surveyed by FactSet Research had been for Chart Industries to earn 69 cents a share. Chart Industries also adjusted lower its 2008 sales forecast, to a range of $750 million to $770 million, but affirmed full-year profit's expected to be in the range of $2.55 to $2.65 a share.
KBR profit climbs 35% on 39% revenue growth(6:21 am ET)
LONDON (MarketWatch) -- Engineering group KBR (KBR: news, chart, profile) said its third-quarter profit rose 35% to $85 million, or 51 cents a share, with revenue up 39% to $3.01 billion. From continuing operations, the Halliburton spin-off would have earned 44 cents a share, including 4 cents to 5 centsd a share related to Hurricane Ike. Analysts polled by FactSet Research had expected a profit of 42 cents a share.
Alliant profit down on flood clean-up costs, narrows view(6:17 am ET)
LONDON (MarketWatch) -- Alliant Energy (LNT: news, chart, profile) said its third-quarter net income dropped to $108.5 million, or 98 cents a share, from $119.6 million, or $1.08 a share, hurt by clean-up and restoration costs resulting from severe flooding in Iowa earlier this year. Revenue rose to $980.3 million from $907.3 million. From continuing operations, it would have earned 99 cents a share. It narrowed its 2008 earnings range to $2.65 to $2.75 a share, from $2.60 to $2.80 a share.
Builder M.D.C. narrows loss to $118 million(6:08 am ET)
LONDON (MarketWatch) -- Denver builder M.D.C. Holdings (MDC: news, chart, profile) narrowed its third-quarter loss to $118 million, or $2.55 a share, from $155.4 million, or $3.40 a share. It took a pretax charge of $95.4 million for asset impairments and a $61.1 million increase in deferred tax asset valuation allowance. Revenue dropped to $361.2 million from $686.7 million. MDC received orders, net of cancellations, for 667 homes with an estimated sales value of $182.0 million during the 2008 third quarter, compared with net orders for 1,228 homes with an estimated sales value of $365.0 million during the same period in 2007.
Nissan Motor quarterly net income falls 39%(5:52 am ET)
HONG KONG (MarketWatch) -- Nissan Motor (JP:7201: news, chart, profile) (NSANY: news, chart, profile) , Japan's third-biggest car maker by volume, said Friday net income in the three months to Sept. 30 fell 39% from a year earlier because of the yen's rise, slower U.S. sales, and provisions for higher impairment charges on leased vehicles. The automaker also warned its profit for the fiscal year would be about half its earlier forecast. Net income amounted to 73.5 billion yen ($690 million), compared to 120.1 billion yen a year earlier. Revenue for the quarter fell 3.7% to 2.5 trillion yen. Nissan declared an interim dividend of 11 yen per share. Quarterly worldwide vehicle sales climbed 2.7% to 966,000 units. Sales in the U.S. fell 5.1% to 263,000 and those in Europe climbed 1.3% to 149,000 units. Nissan slashed its full fiscal year net income forecast to 160 billon yen from 340 billion yen.
Mitsubishi UFJ slashes half-year, full-year profit forecasts(4:22 am ET)
HONG KONG (MarketWatch) -- Japan's Mitsubishi UFJ Financial Group (JP:8306: news, chart, profile) (MTU: news, chart, profile) Friday slashed its profit forecasts for the fiscal first half as well as the full year because of a fall in fee and trading income, higher credit costs and losses on investments. The banking giant said it expects net income of 100 billion yen ($1.02 billion) for the six months ended Sept. 30, as compared to its previous estimate of 270 billion yen. For the full year ending March 31, net income is now forecast at 220 billion yen, 66% lower than its earlier estimate of 640 billion yen.
Barclays to raise up to $11.9 billion, reports write-downs(3:59 am ET)
LONDON (MarketWatch) -- Barclays (BCS: news, chart, profile) (UK:BARC: news, chart, profile) said it's going to raise up to 7.3 billion pounds ($11.9 billion) of capital from existing and new investors, a deal that will allow it to boost its reserves without taking U.K. government aid. It's going to issue of 3 billion pounds of reserve capital instruments bearing an annual coupon of 14% and up to 4.3 billion pounds of mandatorily convertible notes to Qatar Holding and Sheikh Mansour Bin Zayed Al Nahyan. Excluding the possbile exercise of associated warrants, Barclays would have reported a tier one ratio of 11.3% and an equity tier one ratio of 7.6% as of June 30. Barclays also reported that nine-month pretax income was slightly ahead, as cost growth grew broadly in line with "strong" income growth. For the third quarter, it's going to take write downs of 1.2 billion pounds, offset by a 1.1 billion pound gain on the fair valuation of issued notes. That gain looks set to disappear for the fourth quarter, with a reversal of 1 billion pounds of gains during October.
NYSE Euronext meets forecasts with 33% profit fall(3:40 am ET)
LONDON (MarketWatch) -- NYSE Euronext (NYX: news, chart, profile) (FR:NYX: news, chart, profile) , the operator of the New York Stock Exchange, Euronext European stock exchanges and the Liffe futures exchange, said third-quarter net income fell to $174 million, or 66 cents a share, from $258 million, or 97 cents a share. Excluding the operations of GL Trade, merger expenses, exit costs and other non-recurring items, and NYSE Euronext's profit would have dropped 4% to $192 million, or 72 cents a share, while revenue rose 17% to $1.16 billion. Analysts polled by FactSet Research had forecast a profit of 72 cents a share on revenue of $1.19 billion. NYSE said it expects to exceed the targeted $100 million in savings on the Amex acquisition, and it foresees the bulk of the related integration to be completed by the middle of next year.
Friends Provident to keep Lombard, spin off F&C; sales fall(3:29 am ET)
LONDON (MarketWatch) -- U.K. insurer Friends Provident (UK:FP: news, chart, profile) said nine-month total life and pension sales dropped 14% to 701 million pounds ($1.15 billion). It also said it has a 1 billion pound insurance groups directive surplus, no material exposure to below investment grade corporate bonds, that it's going to keep European life insurer Lombard International, will distribute its 52% stake in fund manager F&C Asset Management (UK:FCAM: news, chart, profile) by mid 2009 and won't change its dividend policy. "We received a number of proposals for Lombard but it is clear to me that we should not only retain but also develop this unique business. Having carefully weighed the options for F&C, we intend to distribute our 52% holding to our shareholders by the middle of next year," said CEO Trevor Matthews.
BSkyB adjusted profit climbs 22% after adding new customers(3:24 am ET)
LONDON (MarketWatch) -- U.K. satellite broadcaster and operator BSkyB (BSY: news, chart, profile) (UK:BSY: news, chart, profile) said fiscal first-quarter adjusted profit rose 22% to 106 million pounds ($173 million), with revenue up 5% to 1.25 billion pounds. It saw 87,000 net new customers during the period, said its churn rate fell 0.4 percentage points to 10.9% and said its average revenue user rose 19 pounds to 430 pounds. It took a 24 million pound write-off of its investment in ITV (UK:ITV: news, chart, profile) . It said the consumer environment will "remain challenging." BSkyB is 39% held by News Corp., which also owns MarketWatch, the publisher of this report.

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<font color=GREEN>ER Week 08-11-03
Monday ER Watch
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Tuesday ER Watch
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AC

Wednesday ER Watch
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Thursday ER Watch
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AC
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Friday ER Watch
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