Thursday, Nov. 6
Disney CEO: Consumer confidence worst in more than 30 years(5:02 pm ET)
CHICAGO (MarketWatch) -- Walt Disney Co. (DIS: news, chart, profile) Chief Executive Bob Iger told analysts that the company is seeing the lowest consumer confidence it has seen in more than three decades due to the dismal state of the economy, which could curtail consumer spending during the holiday season in 2008, "and almost certainly during calendar year 2009." Bookings at the company's theme parks and resorts during the last month "have fallen off considerably," Iger said during a conference call. He added that consumers are being "very careful about what they spend," and could be waiting to see if discounts become available. Iger emphasized that the company's exposure to local television advertising, one of the areas of biggest turmoil during the current crisis, is "limited," as Disney only owns 10 TV stations.
Assured Guaranty reports $63.3 mln quarterly net loss(4:43 pm ET)
SAN FRANCISCO (MarketWatch) -- Assured Guaranty (AGO: news, chart, profile) reported a third-quarter net loss of $63.3 million, or 70 cents a share, late Thursday. That compares to a net loss of $115 million, or $1.70 a share, a year earlier. Operating income, which excludes net realized investment gains and losses, was $26 million, or 28 cents a share, down from a year ago. Assured Guaranty was expected to make 48 cents a share, according to the average estimate of nine analysts polled by FactSet. The drop in operating income was mainly due to $82.5 million of pre-tax expenses mostly from guarantees sold by the company's bond insurance subsidiaries on residential mortgage-backed securities, Assured explained.
Genworth reports third-quarter net loss of $258 million(4:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Genworth Financial (GNW: news, chart, profile) reported a third-quarter net loss of $258 million, or 60 cents a share. That compares to net income of $339 million, or 76 cents a share, a year earlier. Net operating income, which excludes net realized investment gains and losses, was $220 million, or 51 cents a share, in the latest period. Genworth was expected to make 55 cents a share, according to the average estimate of 15 analysts in a FactSet survey. The insurer is suspending its common stock dividend and its share buyback program, while funneling $500 million in cash from its holding company into its life insurance operating subsidiaries. It's also considering asset sales, debt refinancing or a possible capital raise.
VeriSign swings to loss in third quarter(4:27 pm ET)
SAN FRANCISCO (MarketWatch) -- VeriSign Inc. (VRSN: news, chart, profile) late Thursday reported it swung to a third-quarter net loss of $200 million, or $1.02 a share, from a net income of $15 million, or 6 cents a share, in the same quarter last year. Excluding charges, including a 3-cent a share write-down related to investments affected by the Lehman bankruptcy, the company would have earned 25 cents a share. Revenue increased to $246.1 million from $215.7 million a year ago, said the provider of electronic commerce systems. Analysts surveyed by FactSet Research had forecast earnings of 24 cents a share on revenue of $243.1 million.
Fluor earnings jump 95%; narrows 2008 outlook (4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- Engineering and construction giant Fluor Corp. (FLR: news, chart, profile) reported late Thursday third-quarter net income rose to $183 million, or $1.01 a share, from $94 million, or 51 cents, a year ago. Revenue for the three months ended Sept. 30 rose 38% to $5.67 billion. Analysts surveyed by FactSet had predicted Fluor would report earnings of 91 cents a share on $5.8 billion in revenue. Reflecting a 31% increase in order backlog to $36.5 billion, the company narrowed its full-year 2008 earnings outlook to a range of $3.70 to $3.80 a share and estimated 2009 earnings at $3.90 to $4.20 a share. Shares of the Irving, Texas-based company fell 9.9% ahead of the report to close at $34.01. Shares are down nearly 56% over the past 12 months.
Disney profit declines 13% on Lehman charge(4:20 pm ET)
CHICAGO (MarketWatch) -- Walt Disney Co. (DIS: news, chart, profile) said its fourth fiscal quarter profit fell 13% due to a bad debt charge on a receivable from Lehman Bros. and the combination of higher expenses and less successful films at its studio entertainment division. The Burbank, Calif.-based entertainment conglomerate said it earned $760 million, or 40 cents a share, compared with a profit of $877 million, or 44 cents a share, in the same quarter a year ago. Excluding the charge and other special items, Disney would have earned 43 cents a share in the latest three months. Revenue rose 6% to $9.45 billion. Analysts polled by FactSet Research expected the company to report a profit of 49 cents a share on sales of $9.31 billion.
Bally Technologies quarterly profit rises (4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Bally Technologies Inc. (BYI: news, chart, profile) late Thursday reported its fiscal first-quarter net income rose to $30.3 million, or 52 cents a share, from $21.3 million, or 37 cents a share, in the same quarter a year earlier. Revenue increased to $237.4 million from $189 million a year ago, said the Las Vegas gaming-device maker. Analysts surveyed by FactSet Research had forecast earnings of 49 cents a share on revenue of $222.4 million.
Qualcomm earnings fall 22% in fourth quarter(4:10 pm ET)
SAN FRANCISCO (MarketWatch) -- Qualcomm Inc. (QCOM: news, chart, profile) said Thursday afternoon that net income fell 22% for the fourth fiscal quarter as sales jumped 43% for the same period. For the quarter ended Sept. 30, the company reported earnings of $878 million, or 52 cents a share, compared to earnings of $1.1 billion, or 67 cents a share, for the same period last year. Exlcuding charges related to stock options and other items, the company said it would have earned $1.06 billion, or 63 cents a share. Revenue grew to $3.3 billion from $2.3 billion. Analysts were expecting earnings of 60 cents a share on revenue of $2.86 billion, according to consensus estimates from Thomson Reuters.
Cisco Systems losses lead hardware stocks down(4:11 pm ET)
SAN FRANCISCO (MarketWatch) -- The major personal computer and hardware companies saw their shares bruised for another trading session Thursday. A weak forecast from networking giant Cisco Systems Inc. (CSCO: news, chart, profile) was considered one of the reasons for the sell off. Cisco's shares fell 45 cents, or 2.6%, to close at $16.94. Other declines came from Apple Inc. (AAPL: news, chart, profile) , IBM Corp. (IBM: news, chart, profile) , Dell Inc. (DELL: news, chart, profile) , Hewlett-Packard Co. (HPQ: news, chart, profile) and Sun Microsystems Inc. (JAVA: news, chart, profile) , all of which saw their shares fall at least 4% by the time the market closed.
National City takes $1.34 billion goodwill write-down(3:45 pm ET)
SAN FRANCISCO (MarketWatch) -- National City Corp. (NCC: news, chart, profile) said on Thursday that it will take a $1.34 billion goodwill write-down stemming from its agreement to be acquired by PNC Financial Services Group (PNC: news, chart, profile) . The write-down was all associated with National City's Corporate Banking business. Reflecting this non-cash charge, the bank said its third-quarter net loss is now $2.1 billion, or $7.40 a share, versus $729 million, or $5.86 a share, previously reported. Stockholders' equity is revised to $15.8 billion, versus $17.2 billion. There is no effect on tangible equity, cash flow, or regulatory capital, National City added.
Charles River Labs dives on financial outlook(12:30 pm ET)
BOSTON (MarketWatch) -- Charles River (CRL: news, chart, profile) shares plunged 23% to $26.11 in midday trading Thursday on a weakened 2008 financial outlook. Late Wednesday, the research services provider said it now sees 2008 sales growing by only 9% to 10%, down from its previous outlook of 12% to 14%. Earnings per share are now seen at $2.48 to $2.52, down from $2.59 to $2.65. Adjusted earnings per share are expected to come in between $2.83 and $2.87, compared with its previous forecast of $2.94 to $3.00. Charles River attributed the shortfall to an anticipated slowdown in spending for outsourced research services by its pharmaceutical clients and a strengthening of the U.S. dollar abroad.
Charges pull Wendy's/Arby's Group to a quarterly loss(12:03 pm ET)
CHICAGO (MarketWatch) -- The newly merged Wendy's/Arby's Group slipped into the loss column in the third quarter as the fast-food chain's sales declined. Including restructuring charges, Arby's, formerly known as Triarc, (WEN: news, chart, profile) lost $12.1 million, or 13 cents a share, in the period, a turn from a profit of $3.7 million, or 4 cents a share, in the year-ago period. Revenue came in at $285 million, down from $287 million as a 1.2% drop at Wendy's more than offset a slight increase at Arby's.
Ambac chief says Moody's downgrade 'disappointing'(9:25 am ET)
NEW YORK (MarketWatch) -- Ambac Financial Group (ABK: news, chart, profile) on Thursday responded to the ratings downgrade of Ambac Assurance Corp. by Moody's Investor Services, calling the decision "disappointing." David Wallis, president and chief executive officer at Ambac, said, "It appears that this rating action has been precipitated by our earnings announcement. It is disappointing that Moody's has come to a ratings conclusion without the benefit of completing its own analysis of our portfolio." Ambac said in a statement that the downgrade, a cut of four levels to Baa1 from Aa3 could create a cash shortfall of $3.2 billion.
Ann Taylor expands restructuring program(9:24 am ET)
NEW YORK (MarketWatch) -- AnnTaylor Stores Corp. (ANN: news, chart, profile) said Thursday it plans additional actions designed to further reduce costs and enhance operational efficiency, and said it was cutting its third-quarter earnings-per-share forecast to about the break-even point. It said third-quarter sales at stores open at least one year fell about 19% from the year-ago period. The expanded restructuring plans will result in pre-tax charges of $65 million to $70 million over the coming three years, with annualized savings of $80 million to $90 million. President and Chief Executive Kay Krill said that "third-quarter financial results are tracking well below our previous expectations" and that Ann Taylor "will be significantly scaling back capital spending in 2009."
PG&E posts higher profit, sticks to 2009 forecast(9:23 am ET)
WASHINGTON (MarketWatch) - PG&E Corp. (PCG: news, chart, profile) on Thursday reported a 9% increase in third-quarter profit and left its forecast for 2008 and 2009 unchanged despite a slowing U.S. economy. In the latest quarter, the energy company said earnings rose to $304 million, or 83 cents a share, from $278 million, or 77 cents a share, in the same quarter of 2007. Revenue climbed 10.8% to $3.67 billion. For 2009, PG&E predicted it would earn $3.15 to $3.25 a share from core operations, adjusted for onetime items. The company also said it's placed more than $900 million in debt to fund capital spending aimed at generating higher long-term growth.
Anheuser-Busch net income falls 5.7%(9:20 am ET)
NEW YORK (MarketWatch) -- Anheuser-Busch Cos. (BUD: news, chart, profile) said Thursday that its net income fell 5.7% to $666 million, or 90 cents a share, compared to $707 million, or 95 cents a share a year ago. Net sales for the quarter rose 6.6%, to $4.92 billion, from $4.62 billion last year. Analysts polled by Thomson Reuters had, on average, expected the company to earn $1.04 a share.
DirecTV earnings rise in third quarter(9:18 am ET)
NEW YORK (MarketWatch) -- DirecTV Group (DTV: news, chart, profile) said Thursday that third-quarter earnings were $368 million, or 33 cents a share, compared to $319 million, or 27 cents a share, in the same period a year ago. Revenue was $4.98 billion compared to $4.33 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 47 cents and sales of $4.80 billion.
TJX same-store sales drop 6% in October amid forex losses(8:59 am ET)
NEW YORK (MarketWatch) -- TJX Cos. (TJX: news, chart, profile) said Thursday its October sales at stores open at least one year fell 6%, "driven by the precipitous drop in foreign currency exchange rates versus the U.S. dollar which was not anticipated by the company." Excluding the effect of the foreign exchange losses, same-store sales would have been down 1%. Analysts, on average, had expected the same-store sales to fall 0.8%, according to Thomson Reuters. Total sales for the four weeks ended Nov. 1 fell 2% to $1.48 billion. TJX said third-quarter earnings per share from continuing operations will be near the high end of its previously estimated range of 55 cents to 58 cents, with more recent foreign-exchange gains possibly offseting the lower-than-expected October sales.
Blackstone's quarterly loss widens(8:57 am ET)
BOSTON (MarketWatch) -- Private equity firm Blackstone Group (BX: news, chart, profile) on Thursday said its third-quarter loss widened to $340.3 million, or $1.27 a share, from $113.2 million, or 44 cents a share, in the year-ago period. Blackstone said total asset under management rose 18% from the previous year to $116.3 billion. The company said it is "well positioned from a capital and liquidity perspective."
Frontier Oil earnings fall in quarter(8:56 am ET)
NEW YORK (MarketWatch) -- Frontier Oil Corp. (FTO: news, chart, profile) said Thursday that third-quarter earnings were $72 million, or 70 cents a share, compared to $137 million, or $1.28 a share, in the same period a year ago. Revenue was $2.20 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 67 cents on sales of $2.22 billion. Frontier Chief Executive James Gibbs said, "Despite the distressed economy and persisting weakness in gasoline demand this year, Frontier has remained profitable due to strong diesel margins, lower cost feedstock, and improving operations."
Nordstrom says sales fall sharply, cuts outlook (8:52 am ET)
CHICAGO (MarketWatch) -- Nordstrom (JWN: news, chart, profile) said Thursday that its October sales at stores open at least one year fell 15.7%. Analysts, on average, had expected same-store sales at the department-store chain to be down 13.1%, according to Thomson Reuters. Total sales for the four-week period ended Nov. 3 fell 15.5% to $529 million. In its monthly sales report, the company said "the economic and competitive retail environment remained challenging" last month and that it now expects third-quarter earnings to come in slightly below a previously announced target of 32 cents to 37 cents a share.
Saks October same-store sales sink by more than 16%(8:49 am ET)
NEW YORK (MarketWatch) -- Saks Inc. (SKS: news, chart, profile) said Thursday its October sales at stores open at least one year fell 16.6%. Analysts, on average, had expected the same-store sales to fall 11.8%, according to Thomson Reuters. Total sales at company-owned stores for the four weeks ended Nov. 1 fell 18.6% to $219 million.
Kohl's October same-store sales decline 9.0%(8:50 am ET)
NEW YORK (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) said Thursday that its October sales at stores open at least one year fell 9.0%. Analysts, on average, had expected same-store sales to fall 6.4%, according to Thomson Reuters. Total sales for the four weeks ended Nov. 1 fell 4.8% to $1.21 billion. The retailer said it still expects its quarterly earnings to come in at the low end of its forecasted range of 51 cents to 56 cents a share.
J.C. Penney's October same-store sales fall 13%(8:46 am ET)
NEW YORK (MarketWatch) -- J.C. Penney Co. (JCP: news, chart, profile) said Thursday that its October sales at stores open at least one year fell 13%, citing declining mall traffic and slower consumer spending. Analysts, on average, had expected same-store sales to fall 13.2%, according to Thomson Reuters. Total sales for the four weeks ended Nov. 1 fell 11.8% to $1.36 billion. The department-store retailer expects third-quarter earnings of 53 cents to 55 cents a share, including a 2-cent gain from a real-estate sale, compared to its previous forecast of 50 cents to 60 cents a share.
Target sees November same-store sales decline(8:45 am ET)
NEW YORK (MarketWatch) -- Target Corp. (TGT: news, chart, profile) said Thursday it expects its November sales at stores open at least a year to decline in a range of 9% to 6%. The discount retailer cited a loss of seven post-Thanksgiving shopping days in November for the weakness, as well as the soft macro environment.
Ross Stores October same-store sales down 2%(8:43 am ET)
NEW YORK (MarketWatch) -- Ross Stores Inc. (ROST: news, chart, profile) said Thursday its October sales at stores open at least one year fell 2%. Analysts, on average, had expected the same-store sales to fall 0.8%, according to Thomson Reuters. Total sales for the four weeks ended Nov. 1 rose 4% to $490 million. President and Chief Executive Michael Balmuth said Ross now estimates third-quarter earnings per share to come in at 43 cents or 44 cents. Ross is slated to announce those earnings Nov. 19. "While we believe our resilient off-price model continues to hold up well in today's difficult macro-economic and retail climate, we remain cautious given the likelihood of a very promotional holiday season," Balmuth said.
Target October same-store sales down 4.8%(8:29 am ET)
NEW YORK (MarketWatch) -- Target Corp. (TGT: news, chart, profile) said Thursday its October sales at stores open at least one year fell 4.8%. Analysts, on average, had expected the same-store sales to fall 2.8%, according to Thomson Financial. Net sales for the four weeks ended Nov. 1 fell 0.7% to $4.42 billion. "Sales for the month of October were very disappointing, with continued volatility in daily results," said Gregg Steinhafel, president and chief executive officer.
CORRECT: Abercrombie's same-store sales fall 20%(8:27 am ET)
CHICAGO (MarketWatch) -- Abercrombie & Fitch (ANF: news, chart, profile) said Thursday that its October sales at stores open at least one year fell 20%. Analysts, on average, had expected same-store sales at the apparel retailer to be down 14.4%, according to Thomson Reuters. Total sales at Abercrombie (ANF: news, chart, profile) for the four-week period ended Nov. 3 fell 14% to $251.1 million. (Correct to show that same-store sales declined in the month.)
Cablevision swings to third-quarter profit(8:26 am ET)
NEW YORK (MarketWatch) -- Cablevision Systems Corp. (CVC: news, chart, profile) said Thursday that it swung to a third-quarter profit of $27.1 million, or 9 cents a share, from a loss of $79.3 million, or 27 cents a share, in the prior-year quarter. The cable operator said net revenue rose to $1.74 billion, compared with $1.51 billion. On average, analysts polled by FactSet Research were expecting earnings of 13 cents a share on revenue of $1.68 billion. Shares of Cablevision closed Wednesday at $16.93.
American Eagle Outfitters' October same-store sales off 12%(8:18 am ET)
NEW YORK (MarketWatch) -- American Eagle Outfitters Inc. (AEO: news, chart, profile) said Thursday its October sales at stores open at least one year fell 12%, compared to a 3% drop seen in October 2007. Analysts, on average, had expected the same-store sales to fall 8%, according to Thomson Financial. Total sales for the four weeks ended Nov. 1 fell 3% to $205 million.
Market Data 
Markets 
AI
