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News Focus
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Replies to post #699 on Earning Plays

Replies to #699 on Earning Plays
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3xBuBu

11/10/08 7:00 PM

#700 RE: 3xBuBu #699

Monday, Nov. 10
Sirius XM loss widens on $4.8 billion charge(5:24 pm ET)
CHICAGO (MarketWatch) -- Sirius XM Radio Inc. (SIRI: news, chart, profile) said Monday that its third-quarter loss widened on a $4.8 billion impairment charge related to the reduced value of certain assets since it agreed to acquire XM in February 2007. The company said it lost $4.88 billion, or $1.93 a share, compared with a loss of $119.6 million, or 8 cents a share, a year earlier when it stood alone as Sirius Satellite Radio. Excluding the impairment charge, stock based compensation and other items, Sirius XM said it would have lost 9 cents a share in the September quarter. On a pro forma basis, revenue rose 16% to $613 million. Analysts polled by Thomson Reuters were expecting a loss of 9 cents a share on sales of $587 million. The company said it would delay the filing of its 10-Q for no more than five days to calculate the precise value of its intangible assets.
Starbucks profit drops amid restructuring(4:21 pm ET)
SAN FRANCISCO (MarketWatch) -- Starbucks Corp. (SBUX: news, chart, profile) late Monday reported fiscal fourth quarter profit fell sharply from a year ago, due to weaker store traffic and restructuring charges. Starbucks earned $5.4 million, or 1 cent a share. Excluding charges, Starbucks said it earned 10 cents, below Wall Street's target of 13 cents, according to a FactSet analyst survey. The Seattle-based coffee chain earned $158.5 million, or 21 cents a share, a year earlier. Starbucks has spent this year taking steps to rejuvenate its business, including shutting down more than 600 stores, cutting jobs, and introducing new menu items. For the quarter, sales rose to $2.5 billion, from $2.4 billion. Starbucks shares fell 3% in late trading.
American Electric Power keeps stable debt rating at Fitch(10:57 am ET)
NEW YORK (MarketWatch) -- American Electric Power (AEP: news, chart, profile) maintained its stable outlook at Fitch on Monday. The debt ratings agency said the move reflects its expectation that AEP will continue to benefit from the stable financial profiles of its regulated subsidiaries, as well as an overall continuation of generally balanced regulatory environments. A "constructive outcome" to the rate filings in Ohio for Ohio Power Co. and Columbus Southern Power Co. are expected.
Energy stocks rise with broad market, oil(9:38 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose along with the broad market and with higher oil prices on Monday amid optimism surrounding China's economic stimulus package and a jump in the financial sector. The Amex Oil Index (XOI: news, chart, profile) rose 2.8% to 972. The Amex Natural Gas Index (XNG: news, chart, profile) rallied 4% to 440.
Sempra Energy net income rises about 1%(9:16 am ET)
NEW YORK (MarketWatch) -- Sempra Energy (SRE: news, chart, profile) said third-quarter net income for the three months ended Sept. 30 rose by $3 million to $308 million, or $1.24 a share, from $305 million, or $1.15 a share in the year-ago period. Revenue at the San Diego, Calif. electric utility parent company rose to $2.69 billion from $2.66 billion. Analysts surveyed by FactSet expected earnings of $1.08 a share, on average. "Given the turmoil and dislocation in the financial markets, we are pleased with our third-quarter results," Sempra said. "We have assembled a diversified group of energy businesses that help us continue to meet our financial targets, even during down cycles in specific market segments."
Fannie Mae posts $29 billion loss in third quarter(8:37 am ET)
NEW YORK (MarketWatch) -- Fannie Mae (FNM: news, chart, profile) on Monday said its third-quarter loss widened to $29 billion, or $13 a share in its fiscal third quarter ending Sept. 30, from a loss of $1.52 billion, or $1.56 a share in the year-ago period. Fannie Mae also reported a decrease in the non-GAAP estimated fair value of its net assets, from a positive $35.8 billion on Dec. 31 to a negative $46.4 billion on Sept. 30. Third-quarter results were driven primarily by a $21.4 billion non-cash charge to establish a valuation allowance against deferred tax assets, as well as $9.2 billion in credit-related expenses arising from the ongoing deterioration in mortgage credit conditions and declining home prices, the Washington, D.C. lender said. On Sept. 6, Fannie Mae began operating under the conservatorship of the Federal Housing Finance Agency.
AIG rallies in pre-market; Fitch affirms debt ratings(8:25 am ET)
NEW YORK (MarketWatch) -- Fitch Ratings affirmed various American International Group Inc. (AIG: news, chart, profile) ratings and removed the insurance giant from Rating Watch Evolving on Monday. Fitch said the actions announced Monday by AIG, the U.S. Treasury and the Federal Reserve, "provide a high level of explicit and implicit U.S. government support for AIG as the company implements its previously announced restructuring plan." Shares of AIG rallied 25% to $2.64 in pre-market trades.
Tyson quarterly profit rises to 13 cents a share(8:20 am ET)
NEW YORK (MarketWatch) -- Tyson Foods Inc. (TSN: news, chart, profile) said Monday its fourth-quarter profit totaled $48 million, or 13 cents a share, from $32 million, or 9 cents a share, in the same quarter a year before. Analysts had expected earnings, on average, of 16 cents a share, compared with adjusted earnings of 14 cents, according to a FactSet Research survey. Tyson said its results were helped by a record 7.5% operating margin for pork, and came despite losses in its chicken segment. Revenue for the quarter was $7.2 billion compared to $6.6 billion in the year-ago period.
Allied Capital loss per share widens in quarter to $1.78(8:08 am ET)
NEW YORK (MarketWatch) -- Allied Capital Corp. (ALD: news, chart, profile) said Monday that its third-quarter loss was $318 million, or $1.78 a share. In the same period a year ago, Allied Capital lost $97 million, or 62 cents a share. Net investment income was $46 million, or 26 cents a share, compared to net investment income of $18 million or 12 cents a share for the year-ago quarter. Net realized gains in the period were 35 per share, or $62 million. Analysts polled by FactSet Research estimated, on average, earnings per share of 34 cents.
Frontier Communications earnings steady in quarter(7:21 am ET)
NEW YORK (MarketWatch) -- Frontier Communications Inc. (FTR: news, chart, profile) said Monday that third-quarter earnings were $47 millon, or 15 cents a share, compared to $47 million, or 14 cents a share, in the same period a year ago. Revenue was $558 million compared to $576 million. Analysts polled by FactSet Research estimated, on average, earnings per share of 16 cents and sales of $561 million. "Our 54.2 percent operating cash flow margin remains at a best-in-class level. With a solid balance sheet and liquidity position, including minimal debt maturities until 2011, Frontier is well positioned to push forward aggressively on our mission to be the leader in providing communications services to the customers in our markets," said Chief executive Maggie Wilderotter.
Isis Pharmaceuticals posts a third-quarter profit(7:16 am ET)
NEW YORK (MarketWatch) -- Isis Pharmaceuticals Inc. (ISIS: news, chart, profile) said Monday that its third-quarter net income applicable to common stock totaled $3.19 million, or 3 cents a share, compared to the year-earlier loss of $105.3 million, or $1.25 a share. On average, analysts polled by FactSet Research expected a loss of 5 cents a share. The company said that net income, which excludes the excess purchase price over the carrying value of a noncontrolling interest in Symphony GenIsis Inc., was $3.19 million in the quarter, compared to the year-earlier $20 million. The Carlsbad, Calif., drug company said revenue fell to $32.2 million from $38.6 million.
Willis Lease Finance results reflect strong jet-engine sales(6:41 am ET)
WASHINGTON (MarketWatch) -- Willis Lease Finance Corp. (WLFC: news, chart, profile) reported third-quarter net income of $10.7 million, o4 $1.13 a share, up fro $3.8 million, or 34 cents, earned in the same period last year. The Novato, Calif.-based lessor of commercial jet engines generated quarterly revenue of $45.9 million, up nearly 54% from the prior year's $29.8 million. Profit for the latest quarter included an $11.1 million gain before taxes from the sale of 10 engines totaling $63 million, Willis Lease said.
EchoStar 3rd-quarter loss widens due to securities losses(6:35 am ET)
TEL AVIV (MarketWatch) -- EchoStar Corp., (SATS: news, chart, profile) the Englewood, Colo., media-equipment and -services provider, reported a wider third-quarter net loss on 52% higher revenue. The loss was $308 million, or $3.43 a basic share, compared with $7 million, or 7 cents, in the year-earlier period. Revenue rose to $616 million from $404 million. The loss stemmed mainly from unrealized losses and impairments on securities, EchoStar said in a statement on Monday.
Nortel swings to a third-quarter loss, cuts outlook, jobs(6:31 am ET)
LONDON (MarketWatch) -- Canadian telecommunications-equipment firm Nortel Networks (NT: news, chart, profile) (CA:NT: news, chart, profile) on Monday said it swung to a third-quarter net loss of $3.4 billion, or $6.85 a share, compared to net income of $27 million, or 5 cents a share, earned in the year-earlier quarter. Profit in the latest quarter was hit by a $2.07 billion increase in the valuation allowance against deferred tax assets and a goodwill write-off of $1.14 billion as well as other smaller charges. Revenue fell 14% to $2.32 billion, as a result of a "challenging economic environment, competitive pressures and reduced spending by carrier customers," in particular in North America. The company also warned that its results for the year would come at the bottom of its previous guidance. It added that due to the economic downturn and currency fluctuations, results could come in lower than current expectations. In order to preserve cash, Nortel unveiled further restructuring measures expected to save $400 million annually by 2009. It plans to cut an additional 1,300 jobs and will extend its hiring freeze through 2009.
AIG reports third-quarter loss of $24.47 billion(6:19 am ET)
LONDON (MarketWatch) -- American International Group (AIG: news, chart, profile) , which announced a restructuring of its U.S. government support package, reported a third-quarter loss of $24.47 billion, or $9.05 a share. It earned $$3.09 billion, or $1.19 a share, in the year-earlier period. AIG said it was negatively affected by resturcturing, financial dislocation in global markets and catastrophe losses. Excluding $15.1 billion of capital losses, AIG would have reported a $9.24 billion quarterly loss.
Beazer Q4 closings fell 38%, conditions weakened; orders up(5:43 am ET)
TEL AVIV (MarketWatch) -- Beazer Homes USA Inc., (BZH: news, chart, profile) the Atlanta home builder, reported fiscal fourth-quarter closings of new homes fell 38% from the year-earlier period, to 2,441. Market conditions "continued to deteriorate" in the period ended Sept. 30 "amid further erosion of consumer confidence, heightened concerns about the overall economy, and disruptions in the financial and credit markets," Beazer said in a statement on Monday. Orders for new homes rose 10% to 1,083. The cancellation rate fell to 45.7% from 68.1% a year earlier and rose from 36.8% in the fiscal third quarter. At Sept. 30, Beazer had $584.3 million of cash, compared with $454.3 million a year earlier.
Cellcom 3rd-quarter net off 12%, adjusted profit up 20%(5:18 am ET)
TEL AVIV (MarketWatch) -- Cellcom Israel Ltd., (CEL: news, chart, profile) Israel's largest cellular carrier with 3.16 million subscribers, reported third-quarter net income fell 12%, and adjusted earnings rose 20%, on 5% higher revenue. Net was 239 million shekels ($70 million), or 2.45 shekels a share, compared with 271 million, or 2.78, in the year-earlier period. The year-ago figure reflects a 72-million-shekel release of a tax provision. Excluding the special item, the year-ago per-share profit was 2.04 shekels. Revenue reached 1.65 billion shekels from 1.57 billion. In the quarter, Cellcom added a net 40,000 new subscribers. Average revenue per subscriber slipped 0.8% to 154.3 shekels ($45.10) from 155.5 ($45.50). Churn -- defection of customers to other providers -- was 4.4% against 3.6% a year earlier and 4.7% in the second quarter. Beginning last December, Israel enabled cellular subscribers to port their phone numbers to other carriers.
HSBC pretax profit rises after reclassifying assets(3:48 am ET)
LONDON (MarketWatch) -- HSBC Holdings (UK:HSBA: news, chart, profile) (HBC: news, chart, profile) said Monday that its third-quarter pretax profit was ahead of the equivalent period a year earlier after the group reported a $3.4 billion gain on the changing value of its own debt and re-classified $13 billion of assets under new accounting rules. Without the reclassification of those assets, HSBC said pretax profit would have been reduced by $835 million. The bank took a write-down of $600 million on its credit trading positions and also wrote down the value of asset-backed securities by $4.8 billion in its available-for-sale portfolio, which doesn't affect the bottom line. At the end of September, the Tier 1 capital ratio was 8.9%. HSBC said the global economic slowdown will continue during the next few quarters. It said Asia should remain relatively more resilient, but will be hit by reduced export demand.
Inmarsat Holding net profit up 59%(2:50 am ET)
LONDON (MarketWatch) -- Satellite communications group Inmarsat (UK:ISAT: news, chart, profile) said Monday that net profit at its main Inmarsat Holding subsidiary rose 59% to $37.6 million as revenue grew 16% to $162.5 million. The result was ahead of market expectations, with Inmarsat saying it hasn't seen any impact from the weak global economy in the usage and takeup of its services.
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3xBuBu

11/11/08 8:21 PM

#701 RE: 3xBuBu #699

Tuesday, Nov. 11
Buffett, Ross close to deal over Dexia unit: report(7:24 am ET)
LONDON (MarketWatch) -- Billionaire U.S. investors Warren Buffett and Wilbur Ross are close to acquiring all or part of Dexia's (BE:000379613: news, chart, profile) bond insurance unit FSA, according to a report in Belgian newspaper De Tijd Tuesday. The Dexia unit, like other bond insurers, has been hit hard by the credit crisis. The bank received a 6.4 billion euros rescue package from the governments of Belgium, France and Luxembourg at the end of September, which also marked the departure of former CEO Axel Miller. New CEO Pierre Mariani has been looking at options for the unit and is expected to give and update on progress later in the Week. The De Tijd report said Buffett's Berkshire Hathaway (BRKA: news, chart, profile) (BRKB: news, chart, profile) and Ross' Assured Guaranty (AGO: news, chart, profile) are in particular interested in the part of FSA that guarantee's municipal bonds.
MarineMax swings to loss as same-store sales tumble 45%(7:00 am ET)
LONDON (MarketWatch) -- Recreational boat retailer MarineMax Inc. (HZO: news, chart, profile) said Tuesday that it swung to a fiscal fourth-quarter net loss of $11.1 million, or 60 cents a share, from a profit of $6.6 million, or 35 cents a share, a year earlier. Revenue for the quarter fell 48% to $165.6 million and same-store sales were down 45%. Excluding charges linked to closing seven stores, the loss for the quarter was 51 cents a share. Analysts polled by FactSet had been expecting an adjusted loss of 36 cents a share. "The already difficult economic environment grew increasingly challenging as the September quarter progressed resulting from the growing turmoil in the financial markets," said CEO William McGill. The company said it's accelerating cost-cutting measures.
Carmike swings to loss; sees `solid' 4th-quarter box office(6:39 am ET)
TEL AVIV (MarketWatch) -- Carmike Cinemas Inc., (CKEC: news, chart, profile) the Columbus, Ga., theater operator, swung to a third-quarter loss from a year-earlier profit on 7.4% lower revenue. The net loss was $203,000, or 2 cents a share, against net income of $2 million, or 15 cents, in the year-earlier period. Revenue fell to $122.9 million from $132.7 million. Revenue per patron from admissions and concession purchases rose, but 15% fewer patrons entered the theaters, Carmike said. The operator of 250 theatres in 36 U.S. states said it's cutting costs and interest expense. "We expect a solid fourth quarter at the box office," on the back of films like "Madagascar 2," "High School Musical 3: Senior Year" the new James Bond film "Quantum of Silence" and more, Chief Executive Michael W. Patrick said in a statement late on Monday.
Tyco International profit climbs on 7% sales growth(6:08 am ET)
LONDON (MarketWatch) -- Tyco International (TYC: news, chart, profile) said fiscal fourth-quarter to Sept. 26 net income jumped to $434 million, or 91 cents a share, from $181 million, or 36 cents a share. Revenue rose 7% to $5.28 billion. Adjusted earnings at the Bermuda conglomerate, which exclude 26 cents a share of restructuring costs, rose 42% to 81 cents a share. Analysts polled by FactSet expected earnings of 71 cents a share on revenue of $5.05 billion.
Midway Games loss widens; focus on new Mortal Kombat game(5:49 am ET)
TEL AVIV (MarketWatch) -- Midway Games Inc., (MWY: news, chart, profile) the Chicago producer of interactive entertainment including the Mortal Kombat video-game franchise, reported a wider third-quarter loss on 40% higher revenue. The loss widened to $75.9 million, or 83 cents a share, from $33.5 million, or 37 cents, in the year-earlier period. The adjusted losses were 72 cents versus 31 cents. The company expects to launch its flagship game, Mortal Kombat vs. DC Universe, for Xbox 360 (MSFT: news, chart, profile) and PS3 (SNE: news, chart, profile) Nov. 16 in North America and Nov. 21 in Europe. Looking ahead, Midway estimates an adjusted fourth-quarter loss of 7 cents a share, excluding 13 cents of stock-option, interest and tax expense. And it sees a full-year adjusted loss of $1.37, excluding 41 cents of those expenses. It pegs revenue at $105 million for the quarter and $210 million for the year.
Toll 4th-quarter revenue off 41%; firm can't estimate profit(5:30 am ET)
TEL AVIV (MarketWatch) -- Toll Brothers Inc., (TOL: news, chart, profile) the Horsham, Pa., home builder, reported fourth-quarter home-building revenue fell 41% from a year earlier and said it couldn't estimate fiscal 2009 profit because of uncertainty about housing-market and other economic trends. For the quarter ended Oct. 31, revenue totaled $691 million. Backlog fell 54% to $1.33 billion; in units, the backlog fell 48% to 2,046. Signed contracts in the quarter totaled 539 valued at $266.7 million, off 18% in units and 27% in dollars. The company had $1.63 billion of cash at Oct. 31, compared with $1.5 billion a year earlier. The "preliminary signs of stability" Toll had seen in early September "were upended by the past month's financial crisis," Robert I. Toll, chairman and chief executive, said in a statement. The company expects to report fourth-quarter write-downs of $120 million to $220 million tied to its communities, land and land options, and joint ventures.
Cinemark swings to 3rd-quarter profit, revenue up 1%(4:50 am ET)
TEL AVIV (MarketWatch) -- Cinemark Holdings Inc., (CNK: news, chart, profile) the Plano, Texas, movie-theater operator, swung to third-quarter profit from a year-earlier loss on 1% higher revenue. Net income was $20.4 million, or 19 cents a share, compared with a net loss of $23.4 million, or 22 cents, for the year-earlier period. Revenue reached $476.2 million from $471.5 million, reflecting revenue rises of 0.2% from admissions and 1.2% from concessions. Ticket prices rose an average 4.5%. Cinemark, which operates more than 4,700 theaters in North, Central and South America, said that in the fourth quarter, it continues to "generate strong cash flows as well as maintain a solid balance sheet."
BearingPoint shrinks loss, eyes debt revamp, names new CFO(4:16 am ET)
TEL AVIV (MarketWatch) -- BearingPoint Inc., (BE: news, chart, profile) the McLean, Va., management- and tech-consulting firm, reported a narrower third-quarter loss, withdrew its earnings estimates for the year, said it would begin talks with debtholders to restructure its debt, and named a new chief financial officer. The loss shrank to $30.5 million, or 14 cents a share, from $68 million, or 32 cents, in the year-earlier period. Revenue fell 7.1% to $801 million from $861.9 million. Operations swung to profit of $4.6 million from a year-earlier loss of $27.7 million, BE said. BearingPoint named Kenneth A. Hiltz CFO, succeeding Eddie Munson, who remains a director. Hiltz is a managing director at AlixPartners, the Southfield, Mich., financial-advisory firm, which Bearing Point retained in October.
Aer Lingus revenue rises 8.5%(2:46 am ET)
LONDON (MarketWatch) -- Irish airline Aer Lingus (UK:AERL: news, chart, profile) said Tuesday that total revenue in the first nine months of the year rose around 8.5%, with flown passenger numbers up around 9.7% to 7.7 million. The group said capacity rose sharply in both long- and short-haul flights, contributing to a 5.8 percentage point decline in long-haul load factor. The group said it expects to roughly break even in the second half of the year. It had previously forecast an annual operating loss in the range of 20 million euros ($25.5 million) to 30 million euros for 2008, but said Tuesday the loss will be closer to the 20 million euro end of the range. For 2009 the group is expecting to report a loss, including a 30 million euro impact from the introduction of a new Irish airport travel tax.
Taylor Wimpey may take more provisions as reservations fall(2:34 am ET)
LONDON (MarketWatch) -- Home builder Taylor Wimpey (UK:TW: news, chart, profile) said Tuesday that conditions in the U.K. housing market have remained extremely challenging, with net reservations down around 27% at 165 a week. The group said it's current order book stands at 6,607, compared to 11,074 at the same time a year ago, and added the absence of any improvement in market conditions increases the likelihood of it taking further provisions against its land and work in progress. Taylor Wimpey said it is continuing discussions with banks and other lenders to revise the covenants on its debt. The group said that while these discussions remain its top priority, it is also reviewing other "strategic options" which may be available to help reduce debt. The company also said sales rates in the U.S. have declined in recent weeks, with higher levels of cancellations.
CORRECT: Vodafone cuts sales outlook as profit falls(2:33 am ET)
LONDON (MarketWatch) -- Vodafone Group (UK:VOD: news, chart, profile) (VOD: news, chart, profile) , the world's largest mobile operator by sales, on Tuesday said first-half net income fell 35% to 2.14 billion pounds, or 4.02 pence a share, from 3.29 billion pounds, or 6.19 pence a share, earned in the year-earlier period. Profit in the latest period was hit by an impairment loss of 1.7 billion-pound impairment related to the group's Turkish business. Excluding one-time items, adjusted earnings came in at 7.52 pence a share, up 17% from a year earlier. Sales rose 17% to 19.9 billion pounds. The company also lowered its outlook for the year. It now expects revenue in the range of 38.8 billion pounds to 39.7 billion pounds, instead of its previous forecast of around 39.8 billion pounds, and adjusted operating profit of 11 billion pounds to 11.5 billion pounds. It also launched a one-billion pound cost reduction program and lifted its interim dividend by 3.2% to 2.57 pence a share. (Corrects the period of the results)
Monday, Nov. 10
Sirius XM loss widens on $4.8 billion charge(5:24 pm ET)
CHICAGO (MarketWatch) -- Sirius XM Radio Inc. (SIRI: news, chart, profile) said Monday that its third-quarter loss widened on a $4.8 billion impairment charge related to the reduced value of certain assets since it agreed to acquire XM in February 2007. The company said it lost $4.88 billion, or $1.93 a share, compared with a loss of $119.6 million, or 8 cents a share, a year earlier when it stood alone as Sirius Satellite Radio. Excluding the impairment charge, stock based compensation and other items, Sirius XM said it would have lost 9 cents a share in the September quarter. On a pro forma basis, revenue rose 16% to $613 million. Analysts polled by Thomson Reuters were expecting a loss of 9 cents a share on sales of $587 million. The company said it would delay the filing of its 10-Q for no more than five days to calculate the precise value of its intangible assets.
Starbucks profit drops amid restructuring(4:21 pm ET)
SAN FRANCISCO (MarketWatch) -- Starbucks Corp. (SBUX: news, chart, profile) late Monday reported fiscal fourth quarter profit fell sharply from a year ago, due to weaker store traffic and restructuring charges. Starbucks earned $5.4 million, or 1 cent a share. Excluding charges, Starbucks said it earned 10 cents, below Wall Street's target of 13 cents, according to a FactSet analyst survey. The Seattle-based coffee chain earned $158.5 million, or 21 cents a share, a year earlier. Starbucks has spent this year taking steps to rejuvenate its business, including shutting down more than 600 stores, cutting jobs, and introducing new menu items. For the quarter, sales rose to $2.5 billion, from $2.4 billion. Starbucks shares fell 3% in late trading.
American Electric Power keeps stable debt rating at Fitch(10:57 am ET)
NEW YORK (MarketWatch) -- American Electric Power (AEP: news, chart, profile) maintained its stable outlook at Fitch on Monday. The debt ratings agency said the move reflects its expectation that AEP will continue to benefit from the stable financial profiles of its regulated subsidiaries, as well as an overall continuation of generally balanced regulatory environments. A "constructive outcome" to the rate filings in Ohio for Ohio Power Co. and Columbus Southern Power Co. are expected.
Energy stocks rise with broad market, oil(9:38 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose along with the broad market and with higher oil prices on Monday amid optimism surrounding China's economic stimulus package and a jump in the financial sector. The Amex Oil Index (XOI: news, chart, profile) rose 2.8% to 972. The Amex Natural Gas Index (XNG: news, chart, profile) rallied 4% to 440.
Sempra Energy net income rises about 1%(9:16 am ET)
NEW YORK (MarketWatch) -- Sempra Energy (SRE: news, chart, profile) said third-quarter net income for the three months ended Sept. 30 rose by $3 million to $308 million, or $1.24 a share, from $305 million, or $1.15 a share in the year-ago period. Revenue at the San Diego, Calif. electric utility parent company rose to $2.69 billion from $2.66 billion. Analysts surveyed by FactSet expected earnings of $1.08 a share, on average. "Given the turmoil and dislocation in the financial markets, we are pleased with our third-quarter results," Sempra said. "We have assembled a diversified group of energy businesses that help us continue to meet our financial targets, even during down cycles in specific market segments."
Fannie Mae posts $29 billion loss in third quarter(8:37 am ET)
NEW YORK (MarketWatch) -- Fannie Mae (FNM: news, chart, profile) on Monday said its third-quarter loss widened to $29 billion, or $13 a share in its fiscal third quarter ending Sept. 30, from a loss of $1.52 billion, or $1.56 a share in the year-ago period. Fannie Mae also reported a decrease in the non-GAAP estimated fair value of its net assets, from a positive $35.8 billion on Dec. 31 to a negative $46.4 billion on Sept. 30. Third-quarter results were driven primarily by a $21.4 billion non-cash charge to establish a valuation allowance against deferred tax assets, as well as $9.2 billion in credit-related expenses arising from the ongoing deterioration in mortgage credit conditions and declining home prices, the Washington, D.C. lender said. On Sept. 6, Fannie Mae began operating under the conservatorship of the Federal Housing Finance Agency.
AIG rallies in pre-market; Fitch affirms debt ratings(8:25 am ET)
NEW YORK (MarketWatch) -- Fitch Ratings affirmed various American International Group Inc. (AIG: news, chart, profile) ratings and removed the insurance giant from Rating Watch Evolving on Monday. Fitch said the actions announced Monday by AIG, the U.S. Treasury and the Federal Reserve, "provide a high level of explicit and implicit U.S. government support for AIG as the company implements its previously announced restructuring plan." Shares of AIG rallied 25% to $2.64 in pre-market trades.
Tyson quarterly profit rises to 13 cents a share(8:20 am ET)
NEW YORK (MarketWatch) -- Tyson Foods Inc. (TSN: news, chart, profile) said Monday its fourth-quarter profit totaled $48 million, or 13 cents a share, from $32 million, or 9 cents a share, in the same quarter a year before. Analysts had expected earnings, on average, of 16 cents a share, compared with adjusted earnings of 14 cents, according to a FactSet Research survey. Tyson said its results were helped by a record 7.5% operating margin for pork, and came despite losses in its chicken segment. Revenue for the quarter was $7.2 billion compared to $6.6 billion in the year-ago period.
Allied Capital loss per share widens in quarter to $1.78(8:08 am ET)
NEW YORK (MarketWatch) -- Allied Capital Corp. (ALD: news, chart, profile) said Monday that its third-quarter loss was $318 million, or $1.78 a share. In the same period a year ago, Allied Capital lost $97 million, or 62 cents a share. Net investment income was $46 million, or 26 cents a share, compared to net investment income of $18 million or 12 cents a share for the year-ago quarter. Net realized gains in the period were 35 per share, or $62 million. Analysts polled by FactSet Research estimated, on average, earnings per share of 34 cents.
Frontier Communications earnings steady in quarter(7:21 am ET)
NEW YORK (MarketWatch) -- Frontier Communications Inc. (FTR: news, chart, profile) said Monday that third-quarter earnings were $47 millon, or 15 cents a share, compared to $47 million, or 14 cents a share, in the same period a year ago. Revenue was $558 million compared to $576 million. Analysts polled by FactSet Research estimated, on average, earnings per share of 16 cents and sales of $561 million. "Our 54.2 percent operating cash flow margin remains at a best-in-class level. With a solid balance sheet and liquidity position, including minimal debt maturities until 2011, Frontier is well positioned to push forward aggressively on our mission to be the leader in providing communications services to the customers in our markets," said Chief executive Maggie Wilderotter.
Isis Pharmaceuticals posts a third-quarter profit(7:16 am ET)
NEW YORK (MarketWatch) -- Isis Pharmaceuticals Inc. (ISIS: news, chart, profile) said Monday that its third-quarter net income applicable to common stock totaled $3.19 million, or 3 cents a share, compared to the year-earlier loss of $105.3 million, or $1.25 a share. On average, analysts polled by FactSet Research expected a loss of 5 cents a share. The company said that net income, which excludes the excess purchase price over the carrying value of a noncontrolling interest in Symphony GenIsis Inc., was $3.19 million in the quarter, compared to the year-earlier $20 million. The Carlsbad, Calif., drug company said revenue fell to $32.2 million from $38.6 million.
Willis Lease Finance results reflect strong jet-engine sales(6:41 am ET)
WASHINGTON (MarketWatch) -- Willis Lease Finance Corp. (WLFC: news, chart, profile) reported third-quarter net income of $10.7 million, o4 $1.13 a share, up fro $3.8 million, or 34 cents, earned in the same period last year. The Novato, Calif.-based lessor of commercial jet engines generated quarterly revenue of $45.9 million, up nearly 54% from the prior year's $29.8 million. Profit for the latest quarter included an $11.1 million gain before taxes from the sale of 10 engines totaling $63 million, Willis Lease said.
EchoStar 3rd-quarter loss widens due to securities losses(6:35 am ET)
TEL AVIV (MarketWatch) -- EchoStar Corp., (SATS: news, chart, profile) the Englewood, Colo., media-equipment and -services provider, reported a wider third-quarter net loss on 52% higher revenue. The loss was $308 million, or $3.43 a basic share, compared with $7 million, or 7 cents, in the year-earlier period. Revenue rose to $616 million from $404 million. The loss stemmed mainly from unrealized losses and impairments on securities, EchoStar said in a statement on Monday.
Nortel swings to a third-quarter loss, cuts outlook, jobs(6:31 am ET)
LONDON (MarketWatch) -- Canadian telecommunications-equipment firm Nortel Networks (NT: news, chart, profile) (CA:NT: news, chart, profile) on Monday said it swung to a third-quarter net loss of $3.4 billion, or $6.85 a share, compared to net income of $27 million, or 5 cents a share, earned in the year-earlier quarter. Profit in the latest quarter was hit by a $2.07 billion increase in the valuation allowance against deferred tax assets and a goodwill write-off of $1.14 billion as well as other smaller charges. Revenue fell 14% to $2.32 billion, as a result of a "challenging economic environment, competitive pressures and reduced spending by carrier customers," in particular in North America. The company also warned that its results for the year would come at the bottom of its previous guidance. It added that due to the economic downturn and currency fluctuations, results could come in lower than current expectations. In order to preserve cash, Nortel unveiled further restructuring measures expected to save $400 million annually by 2009. It plans to cut an additional 1,300 jobs and will extend its hiring freeze through 2009.
AIG reports third-quarter loss of $24.47 billion(6:19 am ET)
LONDON (MarketWatch) -- American International Group (AIG: news, chart, profile) , which announced a restructuring of its U.S. government support package, reported a third-quarter loss of $24.47 billion, or $9.05 a share. It earned $$3.09 billion, or $1.19 a share, in the year-earlier period. AIG said it was negatively affected by resturcturing, financial dislocation in global markets and catastrophe losses. Excluding $15.1 billion of capital losses, AIG would have reported a $9.24 billion quarterly loss.
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3xBuBu

11/12/08 6:58 PM

#702 RE: 3xBuBu #699

Wednesday, Nov. 12
Intel says fourth-quarter results to be 'below expectations'(5:05 pm ET)
SAN FRANCISCO (MarketWatch) -- Intel Corp. said late Wednesday that it expects financial results for its current, fourth fiscal quarter to be "below expectations." The chip maker and technology bellwether (INTC: news, chart, profile) said it now expects fourth-quarter revenue to be $9 billion, "plus or minus $300 million," which is lower than the company's previous expectation of between $10.1 billion and $10.9 billion. "Revenue is being affected by significantly weaker than expected demand in all geographies and market segments," Intel said in a statement. "In addition, the PC supply chain is aggressively reducing component inventories."
Crocs reports $148M loss(4:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Crocs Inc. (CROX: news, chart, profile) late Wednesday reported a third-quarter loss of $148 million, or $1.79 a share, battered by inventory write downs on its colorful sandals and restructuring charges to rejuvenate its once high-flying business. Sales fell 32% to $174 million. In the year-earlier period, Crocs earned $57 million, or 66 cents a share. Crocs warned more losses are coming as it downsizes. It expects to lose between 50 cents and 65 cents in the fourth quarter on sale of up to $120 million. Shares of Crocs closed ahead of the report at $1.90.
NetApp quarterly profit falls, as revenue grows 15%(4:11 pm ET)
SAN FRANCISCO (MarketWatch) - NetApp Inc. said late Wednesday its fiscal second-quarter net income slid to $49.2 million, or 15 cents a share, from $83.8 million, or 23 cents a share in the same period a year earlier. The Sunnyvale, Calif.-based storage technology company (NTAP: news, chart, profile) said revenue rose 15% to $911.6 million in the period ended in October. Excluding special items, NetApp said earnings for the quarter were 28 cents a share. Analysts surveyed by FactSet Research estimated NetApp would post earnings excluding special items of 28 cents a share, and $904.2 million in revenue.
Applied Materials profit falls 45%(4:07 pm ET)
SAN FRANCISCO (MarketWatch) -- Applied Materials Inc. (AMAT: news, chart, profile) on Wednesday reported a fiscal fourth-quarter profit of $231 million, or 17 cents a share, on sales of $2.04 billion. During the same period a year ago, the semiconductor-equipment and solar panel maker earned $422 million, or 30 cents a share, on sales of $2.37 billion. Excluding one-time items, Applied Materials would have earned $264 million, or 20 cents a share. Analysts surveyed by FactSet Research had forecast Applied Materials to earn 17 cents a share on $1.97 billion in revenue.
Google shares dip below $300 for first time since 2005(2:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Shares of Google Inc. fell below $300 on Wednesday for the first time since late 2005. Google (GOOG: news, chart, profile) , like other Internet companies, is expected to suffer from a slowdown in online advertising amid the ongoing financial crisis. Google shares fell $16.17 to $295.23 in afternoon trading. Google shares had not dipped below the $300 mark since Oct. 2005.
Best Buy warning lead to weakness for tech stocks(9:39 am ET)
SAN FRANCISCO (MarketWatch) -- Technology stocks fell in early trading Wednesday after Best Buy Co. (BBY: news, chart, profile) , the top electronics retailer in the U.S., cut its earnings outlook for 2009 due to weakness in consumer spending. The move is seen as negative for many PC and electronics companies that sell their products at Best Buy store. Among notable tech stocks, Hewlett-Packard Co. (HPQ: news, chart, profile) shares fell 2.7% to $32.14, Dell Inc. (DELL: news, chart, profile) was dow 4% at $10.92 and Apple Inc. (AAPL: news, chart, profile) fell 2.5% to $92.30. The Nasdaq Composite Index ($COMPQ: news, chart, profile) fell 22 points to 1,558.
Energy stocks retreat with oil prices, broad market(9:33 am ET)
NEW YORK (MarketWatch) -- Energy stocks moved lower both with the broad market and with falling oil prices on Wednesday morning. The Amex Oil Index (XOI: news, chart, profile) fell 2% to 894. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 1.8% to 405. Oil futures slipped $1.55 to trade at $57.78 a barrel.
Thomson Reuters net income falls(9:20 am ET)
NEW YORK (MarketWatch) -- Thomson Reuters Corp. (TRI: news, chart, profile) on Wednesday said third-quarter net income for the three months ended Sept. 30 fell to $380 million, or 46 cents a share, from $3 billion, or $4.61 a share in the year-ago period, which included a $2.7 billion boost from discontinued operations. The New York-based information provider said adjusted revenue rose 8% to $3.3 billion. Adjusted net income in the latest period totaled 48 cents a share, compared to the forecast of 30 cents a share in a survey of analysts by FactSet Research. Thomson Reuters confirmed its May 1 outlook for revenue and underlying operating profit margin. It increased its outlook for free cash flow margin.
Westfield confirms 2008 profit forecast, may buy assets(9:16 am ET)
NEW YORK (MarketWatch) -- Westfield Group (WEFIF: news, chart, profile) said Wednesday it still anticipates its 2008 earning will post a 5.5% rise despite the global economic slowdown. Australia's top shopping mall operator also said it would consider acquisitions of companies or assets that might be put up for sale, according to a Reuters report.
Tudor Pickering Holt initiates Spectra Energy at accumulate(8:41 am ET)
NEW YORK (MarketWatch) -- Tudor Pickering Holt on Wednesday initiated coverage of natural gas pipeline giant Spectra Energy (SE: news, chart, profile) with an accumulate rating. In a note to clients, the Houston-based energy research firm praised Spectra Energy as a long-term, stable name with a "nice 6% yield." Spectra was spun off from Duke Energy (DUK: news, chart, profile) in 2007.
Ralcorp Holdings net income more than triples(8:33 am ET)
NEW YORK (MarketWatch) -- Ralcorp Holdings Inc. (RAH: news, chart, profile) said Wednesday fourth-quarter net income for the three months ended Sept. 30 more than tripled to $41.1 million, or 90 cents a share, from $12.2 million, or 46 cents a share in the year-ago period. The St. Louis food company said sales rose to $873.5 million from $608.2 million. Looking ahead, Ralcorp said it expects challenges in 2009, but it remains confident in the growth prospects of its base businesses. The company said its acquisition of Post Foods will exceed its initial forecast in earnings before interest, taxes depreciation and amortization.
Tencent profit zooms, but downturn weighs on outlook(8:16 am ET)
NEW YORK (MarketWatch) -- Tencent Holdings Ltd. (TCEHF: news, chart, profile) said Wednesday its third-quarter profit rose to 745 million yuan ($109 million), or 0.4 yuan a share, from 426 million yuan, or 0.23 yuan a share, in the same quarter a year before. The Hong Kong-listed Chinese Web portal's revenue for the quarter was 2.02 billion yuan compared to 1.06 billion in the year-ago period. Despite the jump in profit, Hang Seng Index component Tencent warned that the global financial crisis could hit its bottom line, saying that while it "believes the long-term secular growth trend of online advertising is still intact, the drag of the overall advertising market ... may negatively affect the company's online advertising business." Still, the company said its Internet and wireless business was "more resilient than online advertising during a downturn."
HK Exchange profit down 43% on falling equities trade(7:19 am ET)
NEW YORK (MarketWatch) -- Stock Exchange of Hong Kong Ltd. (HKXCF: news, chart, profile) said Wednesday its third-quarter profit fell to 960 million Hong Kong dollars ($89 million), or 89 Hong Kong cents a share, from HK$1.68 billion, or HK$1.56 a share, in the same quarter a year before. Analysts had expected earnings on average of HK$1.13 billion, according to survey of six analysts cited by Bloomberg News. Total income for the quarter was HK$1.64 billion compared to HK$2.34 billion in the year-ago period. The hit to HK Exchange's profit came as average daily turnover value fell 35% during the quarter from a year earlier. The exchange operator said that in the 12 months to Sept. 30, Hong Kong's stock market capitalization fell 37% and that "what is [now] much needed is to restore calm in the current climate of fear and panic." It said is was studying possibly providing real-time market prices over the Internet. The company also said that it and Hong Kong's Securities and Futures Commission believe "the current environment is not conducive to introducing any changes to the short-selling regime, such as the suspension of the tick rule or other short-selling restrictions."
Avocent reaffirms earnings guidance(6:58 am ET)
LONDON (MarketWatch) -- Avocent Corp. (AVCNT: news, chart, profile) on Wednesday reaffirmed its earnings guidance for the fourth quarter. The IT operations management group said it expects to report operational earnings per share of 55 cents to 63 cents and revenue of between $175 million and $185 million.
Nice 3rd-quarter net up 18% on 23% higher revenue(6:53 am ET)
TEL AVIV (MarketWatch) -- Nice Systems Ltd., (NICE: news, chart, profile) the Ra'anana, Israel, producer of digital recording and archiving technology, reported third-quarter net income rose 18% on 23% higher revenue. Earnings reached $10.9 million, or 18 cents a share, from $9.2 million, or 17 cents, in the year-earlier period. Adjusted earnings were 43 cents against 38 cents. Shares outstanding rose 12% to 61.5 million. Revenue reached $162.5 million from $131.7 million. A survey of analysts by FactSet Research produced consensus estimates of 43 cents of profit on $161.1 million of revenue. In the fourth quarter, Nice expects to earn an adjusted 42 cents to 49 cents a share on revenue of $161 million to $168 million. FactSet's survey is looking for 49 cents and $168.9 million.
JA Solar swings to loss on Lehman hit(6:48 am ET)
LONDON (MarketWatch) -- JA Solar Holdings Co. (JASO: news, chart, profile) said Wednesday that it swung to a third-quarter net loss of $21 million, or 36 cents a share, from a profit of $24.4 million, or 17 cents a share, a year earlier. Revenue for the period more than doubled to $312.3 million from $125.2 million. The group said the bankruptcy of Lehman Brothers had a significant impact on earnings in the period. Adjusted for one-time items it made a profit of 24 cents a share. Analysts polled by FactSet had been expecting earnings of 30 cents a share. For the fourth quarter the group said it expects adjusted earnings to roughly break even due to turbulent markets and the declining euro. For 2009 the company is forecasting earnings of 90 cents a share. Analysts had been forecasting fourth-quarter earnings of 38 cents a share and 2009 earnings of $1.56 a share.
Targa Resources profit edges higher(6:31 am ET)
LONDON (MarketWatch) -- Natural gas company Targa Resources Partners (NGLS: news, chart, profile) said Wednesday that its third-quarter net profit rose 2% to $14.7 million, or 31 cents per limited partner unit, from $14.4 million, or 12 cents per unit, a year earlier. Revenue for the quarter rose 43% to $578.7 million. The group said its profit in the quarter was hit by a $9.4 million non-cash hedge loss as well as a $1 million loss related to Lehman Brothers hedges and $2.2 million due to hurricane disruptions.
ARYx to raise $21.6 mln in stock sale; posts 3rd-period net(5:24 am ET)
TEL AVIV (MarketWatch) -- ARYx Therapeutics Inc., (ARYX: news, chart, profile) the Fremont, Calif., biopharma company, said investors plan to buy 9.6 million common shares and warrants to buy another 2.9 million shares. The deal gives the company gross proceeds of $21.6 million. The combined price to buy one common share and one warrant to buy 0.3 share in the deal is $2.2375, ARYx said. The company's shares closed Tuesday at $2.20. The buyers include a new investor, New Enterprise Associates, as well as existing holders including MPM Capital and OrbiMed Advisors. Pacific Growth Equities is placement agent for the shares. Separately, the company swung to third-quarter net income of 17 cents a share from a loss of $6.30 a share in the year-earlier period. Revenue was $17.5 million compared with $1 million. The one-time increase in profit and revenue came as ARYx received the rest of a nonrefundable license fee from Procter & Gamble Pharmaceuticals, ARYx said. (PG: news, chart, profile) P&G terminated a collaboration agreement covering ARYx's prokinetic agent, ATI-7505.
Axel Springer shares climb as firm holds to 2008 view(3:36 am ET)
LONDON (MarketWatch) -- Shares of German publishing group Axel Springer (DE:550135: news, chart, profile) rose as the firm held onto its guidance for the year as it forecasts revenue and earnings before interest, tax, depreciation and amortization to rise. Nine-month income rose to 560.5 million euros ($714 million) from 179.6 million euros on the sale of its ProSiebenSat.1 stake, and its adjusted EBITDA rose 4% to 306.6 million euros. Revenue rose 8% to 1.99 billion euros, or a rise of 1.6% excluding acquisitions.
Natixis loses 250 million euros from trading since October(3:29 am ET)
PARIS (MarketWatch) -- French investment bank Natixis SA (FR:012068: news, chart, profile) said Wednesday that October's troubled markets generated a revenue loss of EUR250 million at its corporate and investment bank. The bank is due to publish third-quarter results Thursday but gave the CIB figure sooner following a newspaper report Wednesday that claimed it had lost EUR1 billion from its market activities last month. "In the framework of its normal market activities ... Natixis, like its peers, faced an extremely difficult October, without precedent. This caused negative revenue of EUR250 million, much lower than the figure given in the article," the bank said. French business daily La Tribune reported that the bank had lost EUR975 million from its trading operations.
Swiss Life drops after warning, buyback halt(3:26 am ET)
LONDON (MarketWatch) -- Swiss Life (CH:001485278: news, chart, profile) shares dropped sharply in early trade as the group said it doesn't expect to earn between 1.8 billion and 1.9 billion Swiss francs ($1.5 billion to $1.6 billion) for the year, as it predicted at the end of August, citing the "extraordinarily negative trend experienced on the financial markets since the end of September." From continuing operations, it will report a "clear loss" though it also will record gains of 1.5 billion francs from disposals. Swiss Life, in line with what other European banks have done, has reclassified bonds with a book value of around 15 billion francs out of its trading book. Swiss Life also is halting its stock buyback program and doesn't expect to pay a 600 million franc dividend. Third-quarter premiums dropped 11% to 3.08 billion francs.
Land Securities swings to $2.7 billion loss(2:56 am ET)
LONDON (MarketWatch) -- Commercial property real estate investment trust Land Securities (UK:LAND: news, chart, profile) said Wednesday that it swung to a six-month net loss of 1.73 billion pounds ($2.7 billion) from a profit of 367 million pounds a year earlier. The loss was mainly due to a 1.72 billion pound valuation deficit in the group's investment portfolio. Land Securities said revenue rose 3.7% to 761.6 million pounds and the adjusted operating loss was 1.28 billion pounds, compared to a 508.8 million pound profit. The firm said the speed and extent of the slowdown in commercial property has been greater than anticipated and added it will sell assets selectively to maintain the strength of its balance sheet.
Tullow U.K. production hit by delays(2:43 am ET)
LONDON (MarketWatch) -- Tullow Oil (UK:TLW: news, chart, profile) said Wednesday that it expects total production for 2008 to average 67,000 barrels of oil equivalent per day, down from its forecast in August of between 68,000 and 70,000 barrels of oil equivalent a day. The group said a strong production performance in Africa and Asia is helping offset lower production in the U.K. The group said U.K. production was hit by a delay in drilling and an extended maintenance shutdown as well as declining production at two fields. Tullow said a number of potentially transformational wells will be drilled in Ghana and Uganda over the next few months and it also expects the government of Ghana to sanction Phase 1 of a new development before the end of the year.
J Sainsbury 1st-half pretax profit up 11%(2:44 am ET)
TEL AVIV (MarketWatch) -- J Sainsbury Plc, (JSAIY: news, chart, profile) (UK:SBRY: news, chart, profile) the U.K. supermarket chain, reported fiscal first-half pretax profit up 11% on 7.6% higher sales and 3.9% higher comparable sales excluding fuel. For the 28 weeks ended Oct. 4, Sainsbury earned 258 million pounds ($402.8 million) before tax against 232 million in the year-earlier period. Underlying profit before tax rose 13% to 272 million pounds. Total sales reached 10.76 billion pounds from 10 billion. The company declared a dividend of 3.6 pence a share compared with 3 pence a year earlier.
Holcim 3rd-period net off; 2 U.S. plants, Spain site to shut(2:27 am ET)
TEL AVIV (MarketWatch) -- Holcim, (HCMLF: news, chart, profile) (CH:001221405: news, chart, profile) the Zurich cement producer, reported third-quarter net income fell 45% to 2.1 billion Swiss francs ($1.79 billion) as sales fell 4.7% to 19.3 billion francs. Holcim said it would close the Torredonjimeno plant in Spain and the U.S. plants at Dundee, Mich., and Clarksville, Mo., to cut costs. The company will report closing costs of 300 million francs for the fourth quarter. Cement deliveries in the quarter fell 3.5% to 108.8 million tons while deliveries of aggregates fell 7.1% to 127.3 million tons.
Santander Bancorp narrows 3rd-quarter net loss(1:58 am ET)
TEL AVIV (MarketWatch) -- Santander BanCorp, (SBP: news, chart, profile) the San Juan, Puerto Rico, financial-services firm, narrowed its third-quarter net loss as its net interest margin widened. The 91%-held unit of Spain's Banco Santander SA (STD: news, chart, profile) reported a loss of $8.2 million, or 18 cents a share, against $50.1 million, or $1.07, in the year-earlier period. On an adjusted basis the bank reported earnings of 11 cents against a loss of 20 cents. The net interest margin -- the difference between what a bank takes in on loans and pays out on deposits -- widened to 4.76% in the latest period from 3.56% a year earlier. The company pared operating expenses nearly 11%.
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3xBuBu

11/13/08 7:30 PM

#703 RE: 3xBuBu #699

Thursday, Nov. 13
Kohl's posts lower profit, cuts outlook(4:09 pm ET)
SAN FRANCISCO (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) on Thursday reported a third-quarter profit of $160.2 million, or 52 cents a share, down from $194 million, or 61 cents a share, a year ago. Sales fell less than 1% to $3.8 billion. Analysts polled by FactSet Research were looking for a profit of 52 cents a share on sales of $3.88 billion. Kohl's warned that it expects to post a profit of 90 cents to $1.05 a share in the fourth quarter, down from a prior range of $1.26 to $1.34 a share due to what the company described as "the most challenging" holiday season in years. Wall Street previously targeted earnings of $1.27 a share. Kohl's shares fell almost 3% in after-hours trading.
Platts analyst echoes prediction for OPEC production cut(2:22 pm ET)
NEW YORK (MarketWatch) -- Johh Kingston, director of oil for Platts, joined other industry observers Thursday in estimating that OPEC will cut production by an additional one million barrels a day at an emergency meeting later this month. The cut would come on top of a 1.5 million barrel trim just a few weeks ago. "It seems fairly certain they'll hold a meeting to discuss further cuts," he said on a conference call.
CORRECT: Maximus swings to 4th-quarter loss; adjusted net up(2:04 pm ET)
TEL AVIV (MarketWatch) -- Maximus (MMS: news, chart, profile) , the Reston, Va., provider of government services, swung to a fiscal fourth-quarter net loss from a year-earlier profit on 8.8% higher revenue. For the quarter ended Sept. 30, the loss was $1.8 million, or 9 cents a share, compared with net income of $14.2 million, or 63 cents, in the year-earlier period. Adjusted earnings from continuing operations were 71 cents in the latest period. Shares outstanding fell 17% to 18.7 million. Revenue reached $189.1 million from $173.7 million. For fiscal 2009, Maximus affirmed that it expects to earn $3 to $3.15 a share. It sees revenue of $750 million to $775 million. On average, analysts surveyed by FactSet Research expect the company to report fiscal 2009 earnings of $3.02 a share. (Corrects analysts' estimate for 2009 profit.)
Mizuho takes 71% hit to profit, will seek to raise new funds(7:59 am ET)
NEW YORK (MarketWatch) -- Mizuho Financial Group (MFG: news, chart, profile) said Thursday its first-half profit fell by 94.58 billion yen ($985 million), from 327.06 billion yen a year earlier. For the six months ended in September, the banking giant said it had suffered about 30 billion yen in losses related to the failure of Lehman Brothers. Following the earnings results, reports said the company planned to raise about 300 billion yen in fresh capital. The move, originally reported by the Nikkei business daily, would shore up Mizuho's balance sheet, hit by rising amounts of bad loans. Several reports said the funds would come from the sale of preferred securities to institutional investors in Japan. Bloomberg reported that the fundraising -- to take place as early as the end of this year -- wouldn't dilute common stock, while Agence France-Presse said the sale would be conducted through a Mizuho subsidiary in the Cayman Islands.
Dr Pepper Snapple earnings per share down 32%(7:22 am ET)
NEW YORK (MarketWatch) -- Dr Pepper Snapple Group Inc. (DPS: news, chart, profile) said Thursday that third-quarter earnings were $106 million, or 41 cents a share, compared to $154 million, or 61 cents a share, in the same period a year ago. Sales were $1.51 billion compared to $1.54 billion in last year's third quarter. Adjusted earnings per share were 45 cents compared to 63 cents. Analysts polled by FactSet Research estimated, on average, earnings per share of 51 cents and sales of $1.53 billion. For the full year of 2008 the company forecast earnings per share of $1.54 to $1.57. Shares fell 2% Wednesday to $20.91.
Average gasoline prices fall below $2.20 a gallon(7:08 am ET)
NEW YORK (MarketWatch) -- The average retail cost in the U.S. for a gallon of unleaded gasoline fell 2 cents to $2.18, according to the AAA Daily Fuel Gauge Report. A month ago, gasoline sold for $3.16 a gallon. A year ago, it sold for $3.11 a gallon. The highest recorded average price of $4.11 a gallon took place on July 17.
Urban Outfitters 3rd-quarter net rose 31%, sales rose 26%(6:18 am ET)
TEL AVIV (MarketWatch) -- Urban Outfitters Inc., (URBN: news, chart, profile) the Philadelphia apparel retailer, reported fiscal third-quarter earnings rose 31% on 26% higher total sales and 10% higher same-store sales. For the quarter ended Oct. 31, earnings reached $59.3 million, or 35 cents a share, from $45.4 million, or 27 cents, in the year-earlier period. Sales rose to $478 million from $379.3 million. The latest earnings met the average estimate of analysts surveyed by FactSet. In the quarter, gross-profit margin widened by 1.35 percentage points while selling, general and administrative expense fell 1.39 points, URBN said in a statement.
Wal-Mart net up better-than-forecast 10% but trims 2008 view(6:18 am ET)
LONDON (MarketWatch) -- Wal-Mart Stores (WMT: news, chart, profile) said its third-quarter to Oct. 31 net income rose 10% to $3.14 billion, or 80 cents a share, with revenue up 7% to $98.64 billion. From continuing operations, the Bentonville, Ark.-based retailing giant would have earned 77 cents a share, a penny above analyst estimates. "We are very pleased with our results this quarter," said Lee Scott, Wal-Mart Stores, Inc. president and chief executive officer. "Despite economic difficulties around the world, we achieved solid sales and earnings growth and we are optimistic about the upcoming holidays." It now sees earnings between $3.42 and $3.46 a share for the year, against a prior view of $3.43 to $3.50 and analyst expectations of $3.50.
Fortress Investment Group loss widens to $57 million(6:11 am ET)
LONDON (MarketWatch) -- Fortress Investment Group (FIG: news, chart, profile) , the private-equity and hedge fund manager, said its third-quarter loss widened to $57.4 million, or 66 cents a share, from $37.6 million, or 52 cents a share. After $185 million in redemptions and declining net asset value, its assets under management dropped to $34.3 billion from $35.1 billion in July. Fortress also was hurt by an $83 million loss from principal investments. Revenue dropped to $185 million from $247 million.
Charlotte Russe gets $198.3 mln bid from 2 firms(5:30 am ET)
TEL AVIV (MarketWatch) -- Two investment firms proposed to pay $9 to $9.50 a share cash for Charlotte Russe Holding Inc., (CHIC: news, chart, profile) the San Diego retailer of apparel and accessories for women in their teens and twenties. Charlotte Russe said in a statement late on Wednesday that the board would assess the proposal. The suitors, KarpReilly Capital Partners LP of Greenwich, Conn., and H.I.G. Capital LLC of Miami, said in a statement that KarpReilly holds 5.4%, or 1.12 million, of the retailer's shares. The deal price is as much as 17% above Charlotte Russe's closing price on Wednesday of $8.15, up 18%. And it's as much as 38% above Tuesday's close of $6.89. The $9.50 proposal would value Charlotte Russe at $198.3 million, based on about 20.9 million shares outstanding. The suitors said KarpReilly first approached Charlotte Russe about a deal "almost a year ago but was rebuffed by the board" then. Charlotte Russe on Wednesday said it named a new management team and reported a fiscal fourth-quarter loss of 32 cents a share -- and adjusted net income of 1 cent a share -- compared with profit of 33 cents in the year-earlier period. Comparable-store sales fell 3.8%. The company said the board "is confident" that with a new strategic plan it has been developing, the new executives will be "well positioned to reinvigorate growth and profitability."
Natixis shares rebound after revealing details of loss(3:20 am ET)
LONDON (MarketWatch) -- Shares in Natixis (FR:012068: news, chart, profile) rebounded around 5% in early trading Thursday after it announce late Wednesday that it swung to a net loss of 234 million euros in the third quarter, from a profit of 437 million euros a year earlier. The bank had already announced a revenue loss of 250 million euros at its investment banking division earlier in the day Wednesday, which prompted a roughly 16% drop in the shares in that trading session. The bank said late Wednesday that net write-downs in the quarter totalled 342 million euros.
Van der Moolen posts 3rd-quarter loss; revenue up 27%(3:04 am ET)
TEL AVIV (MarketWatch) -- Van der Moolen, (VDMEF: news, chart, profile) (NL:37017: news, chart, profile) the Amsterdam securities firm, reported a third-quarter loss of 7.5 million euros ($9.3 million), mainly as a result of discontinued operations and special items. After-tax adjusted profit from continuing operations was 500,000 euros, half the year-earlier figure. Pretax profit from continuing operations rose 71% to 2.4 million euros from 1.4 million a year earlier. On an adjusted basis, this figure rose 23% to 3.7 million euros. Third-quarter revenue from continuing operations rose 27% to 33.6 million euros from 26.5 million. For the fourth quarter, Van der Moolen said the proprietary-trading environment "remains challenging" and it sees "steady growth in brokerage activities in Europe and the U.S." The closing of the Online Trader business is on schedule, VDM said.
Bank of Ireland profit down 32%, scraps dividend(2:44 am ET)
LONDON (MarketWatch) -- Bank of Ireland (UK:BKIR: news, chart, profile) said Thursday that its fiscal first-half net profit fell 32% to 626 million euros ($779 million) as it also said it won't pay a dividend for the year. For the six months ended Sept. 30, a sharp rise in impairment losses helped offset stronger net interest income. The group said impairment losses on loans to customers more than tripled to 267 million euros from 79 million euros. The bank said investments at its life insurance arm were also hit by the sharp downturn in equity markets late in the period and it took an impairment of 40 million euros on the collapse of Washington Mutual. The bank scrapped its dividend to help strengthen its capital position and said it doesn't expect to resume payouts until more favorable economic conditions return. For the second half of the year Bank of Ireland said it expects underlying earnings per share to be marginally better than break-even.
Reed Elsevier sees good sales growth with unit sale in doubt(2:32 am ET)
LONDON (MarketWatch) -- Reed Elsevier (RUK: news, chart, profile) (ENL: news, chart, profile) , the Anglo-Dutch publishing group, said it's on track to record "good" revenue growth, "meaningful" margin improvement and "strong" adjusted earnings per share growth for the year. ChoicePoint, which was purchased for 2.1 billion pounds, is performing in line with expectations and the integration plans are on track. However, it said a "satisfactory outcome" for the planned sale of Reed Business Information cannot be certain with talks at an advanced stage. Reed said it's willing to providing financing support for any successful bid.
LSE profit up 19% as value traded on exchange declines(2:27 am ET)
LONDON (MarketWatch) -- The London Stock Exchange (UK:LSE: news, chart, profile) said Thursday that its net profit for the six months ended Sept. 30 rose 19% to 81.7 million pounds ($121.6 million) as revenue grew 70% to 345.5 million pounds due to the acquisition of Borsa Italiana. On a pro forma basis, revenue was up 5% or flat when compared at constant exchange rates. Operating profit was also up 5% on a pro forma basis or flat at constant exchange rates. The group said average daily trading volumes on its electronic trading system rose by a third, while the value traded fell 2%, dragged down by the falling value of the main indexes. The exchange lifted its interim dividend by 5% to 8.4 pence a share, but also said it would bring to an end the 500 million pound share buyback currently in place, saying it wants to maintain a more robust balance sheet and provide flexibility to pursue investment opportunities.
Technip 3rd-quarter net up 59% on 11% lower revenue(1:27 am ET)
TEL AVIV (MarketWatch) -- Technip, (TKPPY: news, chart, profile) (FR:013170: news, chart, profile) the Paris provideer of engineering and construction services for the oil-and-gas industry, reported third-quarter net income rose 59% on 11% lower revenue. Earnings reached 121.1 million euros ($150.7 million), or 1.15 euros a share, from 76.1 million euros, or 0.72, in the year-earlier period. Revenue fell to 1.93 billion euros from 2.17 billion. "Our full-year forecast is for around 7.3 billion euros of revenues, with a group operating margin above 8% reflecting a subsea margin well above our previous 18% target and an onshore/offshore combined operating margin on target at 3.8%," Technip said in a Thursday statement. Looking ahead in the current turbulent markets, customers' "projects which are well advanced in terms of procurement and construction are likely to proceed normally whereas future investments in new projects are more likely to be reassessed," Technip said.
Wednesday, Nov. 12
Intel says fourth-quarter results to be 'below expectations'(5:05 pm ET)
SAN FRANCISCO (MarketWatch) -- Intel Corp. said late Wednesday that it expects financial results for its current, fourth fiscal quarter to be "below expectations." The chip maker and technology bellwether (INTC: news, chart, profile) said it now expects fourth-quarter revenue to be $9 billion, "plus or minus $300 million," which is lower than the company's previous expectation of between $10.1 billion and $10.9 billion. "Revenue is being affected by significantly weaker than expected demand in all geographies and market segments," Intel said in a statement. "In addition, the PC supply chain is aggressively reducing component inventories."
Crocs reports $148M loss(4:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Crocs Inc. (CROX: news, chart, profile) late Wednesday reported a third-quarter loss of $148 million, or $1.79 a share, battered by inventory write downs on its colorful sandals and restructuring charges to rejuvenate its once high-flying business. Sales fell 32% to $174 million. In the year-earlier period, Crocs earned $57 million, or 66 cents a share. Crocs warned more losses are coming as it downsizes. It expects to lose between 50 cents and 65 cents in the fourth quarter on sale of up to $120 million. Shares of Crocs closed ahead of the report at $1.90.
NetApp quarterly profit falls, as revenue grows 15%(4:11 pm ET)
SAN FRANCISCO (MarketWatch) - NetApp Inc. said late Wednesday its fiscal second-quarter net income slid to $49.2 million, or 15 cents a share, from $83.8 million, or 23 cents a share in the same period a year earlier. The Sunnyvale, Calif.-based storage technology company (NTAP: news, chart, profile) said revenue rose 15% to $911.6 million in the period ended in October. Excluding special items, NetApp said earnings for the quarter were 28 cents a share. Analysts surveyed by FactSet Research estimated NetApp would post earnings excluding special items of 28 cents a share, and $904.2 million in revenue.
Applied Materials profit falls 45%(4:07 pm ET)
SAN FRANCISCO (MarketWatch) -- Applied Materials Inc. (AMAT: news, chart, profile) on Wednesday reported a fiscal fourth-quarter profit of $231 million, or 17 cents a share, on sales of $2.04 billion. During the same period a year ago, the semiconductor-equipment and solar panel maker earned $422 million, or 30 cents a share, on sales of $2.37 billion. Excluding one-time items, Applied Materials would have earned $264 million, or 20 cents a share. Analysts surveyed by FactSet Research had forecast Applied Materials to earn 17 cents a share on $1.97 billion in revenue.
Google shares dip below $300 for first time since 2005(2:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Shares of Google Inc. fell below $300 on Wednesday for the first time since late 2005. Google (GOOG: news, chart, profile) , like other Internet companies, is expected to suffer from a slowdown in online advertising amid the ongoing financial crisis. Google shares fell $16.17 to $295.23 in afternoon trading. Google shares had not dipped below the $300 mark since Oct. 2005.
Best Buy warning lead to weakness for tech stocks(9:39 am ET)
SAN FRANCISCO (MarketWatch) -- Technology stocks fell in early trading Wednesday after Best Buy Co. (BBY: news, chart, profile) , the top electronics retailer in the U.S., cut its earnings outlook for 2009 due to weakness in consumer spending. The move is seen as negative for many PC and electronics companies that sell their products at Best Buy store. Among notable tech stocks, Hewlett-Packard Co. (HPQ: news, chart, profile) shares fell 2.7% to $32.14, Dell Inc. (DELL: news, chart, profile) was dow 4% at $10.92 and Apple Inc. (AAPL: news, chart, profile) fell 2.5% to $92.30. The Nasdaq Composite Index ($COMPQ: news, chart, profile) fell 22 points to 1,558.
Energy stocks retreat with oil prices, broad market(9:33 am ET)
NEW YORK (MarketWatch) -- Energy stocks moved lower both with the broad market and with falling oil prices on Wednesday morning. The Amex Oil Index (XOI: news, chart, profile) fell 2% to 894. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 1.8% to 405. Oil futures slipped $1.55 to trade at $57.78 a barrel.
Thomson Reuters net income falls(9:20 am ET)
NEW YORK (MarketWatch) -- Thomson Reuters Corp. (TRI: news, chart, profile) on Wednesday said third-quarter net income for the three months ended Sept. 30 fell to $380 million, or 46 cents a share, from $3 billion, or $4.61 a share in the year-ago period, which included a $2.7 billion boost from discontinued operations. The New York-based information provider said adjusted revenue rose 8% to $3.3 billion. Adjusted net income in the latest period totaled 48 cents a share, compared to the forecast of 30 cents a share in a survey of analysts by FactSet Research. Thomson Reuters confirmed its May 1 outlook for revenue and underlying operating profit margin. It increased its outlook for free cash flow margin.
Westfield confirms 2008 profit forecast, may buy assets(9:16 am ET)
NEW YORK (MarketWatch) -- Westfield Group (WEFIF: news, chart, profile) said Wednesday it still anticipates its 2008 earning will post a 5.5% rise despite the global economic slowdown. Australia's top shopping mall operator also said it would consider acquisitions of companies or assets that might be put up for sale, according to a Reuters report.
Tudor Pickering Holt initiates Spectra Energy at accumulate(8:41 am ET)
NEW YORK (MarketWatch) -- Tudor Pickering Holt on Wednesday initiated coverage of natural gas pipeline giant Spectra Energy (SE: news, chart, profile) with an accumulate rating. In a note to clients, the Houston-based energy research firm praised Spectra Energy as a long-term, stable name with a "nice 6% yield." Spectra was spun off from Duke Energy (DUK: news, chart, profile) in 2007.
Ralcorp Holdings net income more than triples(8:33 am ET)
NEW YORK (MarketWatch) -- Ralcorp Holdings Inc. (RAH: news, chart, profile) said Wednesday fourth-quarter net income for the three months ended Sept. 30 more than tripled to $41.1 million, or 90 cents a share, from $12.2 million, or 46 cents a share in the year-ago period. The St. Louis food company said sales rose to $873.5 million from $608.2 million. Looking ahead, Ralcorp said it expects challenges in 2009, but it remains confident in the growth prospects of its base businesses. The company said its acquisition of Post Foods will exceed its initial forecast in earnings before interest, taxes depreciation and amortization.
Tencent profit zooms, but downturn weighs on outlook(8:16 am ET)
NEW YORK (MarketWatch) -- Tencent Holdings Ltd. (TCEHF: news, chart, profile) said Wednesday its third-quarter profit rose to 745 million yuan ($109 million), or 0.4 yuan a share, from 426 million yuan, or 0.23 yuan a share, in the same quarter a year before. The Hong Kong-listed Chinese Web portal's revenue for the quarter was 2.02 billion yuan compared to 1.06 billion in the year-ago period. Despite the jump in profit, Hang Seng Index component Tencent warned that the global financial crisis could hit its bottom line, saying that while it "believes the long-term secular growth trend of online advertising is still intact, the drag of the overall advertising market ... may negatively affect the company's online advertising business." Still, the company said its Internet and wireless business was "more resilient than online advertising during a downturn."
HK Exchange profit down 43% on falling equities trade(7:19 am ET)
NEW YORK (MarketWatch) -- Stock Exchange of Hong Kong Ltd. (HKXCF: news, chart, profile) said Wednesday its third-quarter profit fell to 960 million Hong Kong dollars ($89 million), or 89 Hong Kong cents a share, from HK$1.68 billion, or HK$1.56 a share, in the same quarter a year before. Analysts had expected earnings on average of HK$1.13 billion, according to survey of six analysts cited by Bloomberg News. Total income for the quarter was HK$1.64 billion compared to HK$2.34 billion in the year-ago period. The hit to HK Exchange's profit came as average daily turnover value fell 35% during the quarter from a year earlier. The exchange operator said that in the 12 months to Sept. 30, Hong Kong's stock market capitalization fell 37% and that "what is [now] much needed is to restore calm in the current climate of fear and panic." It said is was studying possibly providing real-time market prices over the Internet. The company also said that it and Hong Kong's Securities and Futures Commission believe "the current environment is not conducive to introducing any changes to the short-selling regime, such as the suspension of the tick rule or other short-selling restrictions."
Avocent reaffirms earnings guidance(6:58 am ET)
LONDON (MarketWatch) -- Avocent Corp. (AVCNT: news, chart, profile) on Wednesday reaffirmed its earnings guidance for the fourth quarter. The IT operations management group said it expects to report operational earnings per share of 55 cents to 63 cents and revenue of between $175 million and $185 million.
icon url

3xBuBu

11/14/08 6:52 PM

#704 RE: 3xBuBu #699

Friday, Nov. 14
Sun Microsystems to lay off 5,000 to 6,000 workers(8:15 am ET)
NEW YORK (MarketWatch) -- Sun Microsystems Inc. (JAVA: news, chart, profile) said Friday it'll lay off between 5,000 and 6,000 employees, or 15% to 18% of its work force, in a move to cut costs by $700-$800 million a year. The Santa Clara, Calif. tech firm will take $500 to $600 million in charges over the next 12 months in connection with the plan, of which it expects to incur approximately $375 to $450 million within its current fiscal year 2009. Sun Micro will break up its Software organization into new business groups: Application Platform Software, Systems Platforms, and Cloud Computing & Developer Platforms.
Nokia warns mobile industry sales will falll in 2009(8:08 am ET)
LONDON (MarketWatch) -- Nokia (NOK: news, chart, profile) (FI:NOK1V: news, chart, profile) warned that industry volumes for the fourth quarter will be lower than previously expected and said next year's sales will be down. "In the last few weeks, the global economic slowdown, combined with unprecedented currency volatility, has resulted in a sharp pull back in global consumer spending. The weaker consumer spending has impacted many industries, including the global mobile device market. The mobile device market has also been negatively impacted by the more limited availability of credit, which has limited the purchasing ability of some of our trade customers," Nokia said. Nokia still expects its market share to be at the same level or up from the third quarter.
Agilent earnings per share up 39% in quarter(8:05 am ET)
NEW YORK (MarketWatch) -- Agilent Technologies Inc. (A: news, chart, profile) said Friday that fourth-quarter earnings were $223 million, or 64 cents a share, compared to $160 million, or 42 cents, in the same period a year ago. On an adjusted basis Agilent earned 62 cents a share, up 34% over last year. Net revenue rose 2% to $1.48 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 59 cents and sales of $1.53 billion. First-quarter earnings per share are estimated at 34 cents to 38 cents. Agilent shares jumped 8% Thursday to $20.97.
Freddie Mac posts $25 bln loss; expects $14 bln payment (7:54 am ET)
NEW YORK (MarketWatch) -- Freddie Mac (FRE: news, chart, profile) said Friday its third-quarter loss increased by more than 20 times to $25.3 billion, or $19.44 a share in the three months ended Sept. 30, compared to $1.2 billion, or $2.07 a share in the year-ago period. Third-quarter results were driven primarily by a non-cash charge of $14.3 billion related to the establishment of a partial valuation allowance against the company's deferred tax assets, $9.1 billion in security impairments on available-for-sale securities and $6 billion in credit-related expenses arising from the "dramatic deterioration in market conditions." On Sept. 6, the company was placed under the conservatorship of Federal Housing Finance Agency (FHFA). The FHFA director has submitted a request to the U.S. Treasury for $13.8 billion. The company expects to receive the funds by Nov. 29.
Abercrombie & Fitch earnings per share fall 44%(7:21 am ET)
NEW YORK (MarketWatch) -- Abercrombie & Fitch Co. (ANF: news, chart, profile) on Friday said that third-quarter earnings were $63.9 million, or 72 cents a share, compared to $117.6 million, or $1.29, in the same period a year ago. Net sales fell 8% to $896.3 million from $973.9 million. Same-store sales fell 14%. Analysts polled by FactSet Research estimated, on average, earnings per share of 72 cents and sales of $917.0 million. The retailer expects earnings per share for the fourth quarter of $1.00 to $1.05 and $3.27 to $3.32 for fiscal 2008. Abercrombie & Fitch shares jumped 7% to $22.44.
U.S. gasoline prices fall to $2.15 a gallon(7:11 am ET)
NEW YORK (MarketWatch) -- The average U.S. retail price for a gallon of unleaded gasoline fell 3 cents to $2.15 a gallon on Friday, according to the AAA Daily Fuel Gauge Report. A month ago, gasoline sold for $3.13 a gallon and a year ago, it sold for $3.11 a gallon.
Constar loss widens as sales volumes decline(6:19 am ET)
LONDON (MarketWatch) -- Food packaging manufacturer Constar International Inc. (CNST: news, chart, profile) said Friday that its third-quarter net loss widened to $14.2 million, or $1.15 a share, from $1.2 million, or 9 cents a share, a year earlier. Revenue for the period rose 2% to $230.1 million. The group said consumer demand for products that use its containers fell significantly as record high gasoline prices and lower discretionary spending hit sales of single-serve beverages at gas and convenience stores. That volume weakness offset gains in new business and higher pricing, the group said. Total U.S. unit volume was down 7.3%.
Dexia sells FSA unit to Assured Guaranty, swings to loss(3:01 am ET)
LONDON (MarketWatch) -- Belgian-French bank Dexia (BE:000379613: news, chart, profile) said Friday that it swung to a third-quarter net loss of 1.54 billion euros from a profit of 439 million euros a year earlier as it also announced plans to sell its FSA bond insurance business to Assured Guaranty (AGO: news, chart, profile) . The bank said it will receive $772 million for the unit, with $361 million in cash and the rest in Assured Guaranty shares. The deal excludes the unit's $16.5 billion financial products portfolio, which is being put into run-off, with its assets guaranteed by the Belgian and French states. The group said its loss for the quarter was driven by 2.2 billion euros of write-downs and other hits from the financial crisis.
RAB Capital closes funds as assets under management slump(2:50 am ET)
LONDON (MarketWatch) -- Hedge fund manager RAB Capital (UK:RAB: news, chart, profile) on Monday said it will shut several funds and scrap its plans to build a retail fund business after assets under management slumped further in October. The group said assets under management had fallen to around $2.8 billion at the start of November from around $4.2 billion on Sept. 25 due to further asset outflows and negative investment performance. The group is closing "a number" of small hedge funds as well as three of its five funds-of-funds. It's also closing three regulated funds as part of the decision to drop plans for a retail fund business. Those closures along with further demands for redemptions already received, are expected to reduce assets under management to around $2 billion at the end of the year.
Tullett Prebon revenue climbs 26%(2:32 am ET)
LONDON (MarketWatch) -- Inter-dealer broker Tullett Prebon (UK:TLPR: news, chart, profile) said Friday that its revenue in the four months to the end of October rose 26% to 332 million pounds ($492 million) as high levels of volatility in the market continued. The firm said the performance reflects the strength of its market shares in foreign exchange, interest rate swaps and government bonds. The group also said it's taking action to reduce its cost base for next year.
Thursday, Nov. 13
Kohl's posts lower profit, cuts outlook(4:09 pm ET)
SAN FRANCISCO (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) on Thursday reported a third-quarter profit of $160.2 million, or 52 cents a share, down from $194 million, or 61 cents a share, a year ago. Sales fell less than 1% to $3.8 billion. Analysts polled by FactSet Research were looking for a profit of 52 cents a share on sales of $3.88 billion. Kohl's warned that it expects to post a profit of 90 cents to $1.05 a share in the fourth quarter, down from a prior range of $1.26 to $1.34 a share due to what the company described as "the most challenging" holiday season in years. Wall Street previously targeted earnings of $1.27 a share. Kohl's shares fell almost 3% in after-hours trading.
icon url

3xBuBu

11/17/08 8:35 PM

#705 RE: 3xBuBu #699

Monday, Nov. 17
CORRECT: Supertanker is hijacked off coast of Kenya(12:38 pm ET)
NEW YORK (MarketWatch) -- The U.S. Navy on Monday said pirates seized the supertanker Sirius Star as it sailed in the Indian Ocean more than 400 nautical miles south-east of the port of Mombasa, Kenya, with a full load of two million barrels of oil, according to reports Monday. Lt. Nathan Christensen, a spokesman for the U.S. Navy's 5th Fleet, told the BBC the attack was "unprecedented" in its distance from the shore. The ship and its crew of 25 is nearing a anchorage point at Eyl, a port in Somalia's Puntland region. It's the third tanker, and by far the largest, to be hijacked in the region. Vela International, the operator of the ship, said the crew were reported to be safe. (Correction: Mombasa is in Kenya, not Somalia.)
Energy stocks give up ground, but outperform broad market(9:34 am ET)
NEW YORK (MarketWatch) -- Energy stocks moved down, but a bit less than the broad market on Monday. The Amex Oil Index (XOI: news, chart, profile) fell 0.8% to 905. The Amex Natural Gas Index (XNG: news, chart, profile) fell 0.7% to 394. Sector leader Exxon Mobil (XOM: news, chart, profile) fell 0.5% to $73.33. Meanwhile, the Dow Jones Industrial Average ($DJ: news, chart, profile) retreated 1.8%, or 153 points, to 8,342.
Liberty Property cuts dividend, backs outlook(8:49 am ET)
BOSTON (MarketWatch) -- Liberty Property Trust (LRY: news, chart, profile) on Monday reduced its annual dividend rate to $1.90 a share from $2.50, which is expected to boost free cash flow by about $60 million a year. The excess funds will be used primarily to pay down outstanding debt, the real estate investment trust said. "It is clear that the continued unprecedented disruption of the capital markets and the accelerating decline of the economy are increasing the value of financial flexibility almost on a daily basis," said Chief Executive Bill Hankowsky in a prepared statement. Separately, Liberty affirmed its outlook for funds from operations, a common measure of REIT profitability. The company still expects FFO this year in the range of $3.14 to $3.16 a share, and between $3 and $3.20 a share for 2009.
Target earnings down about 24%(8:40 am ET)
NEW YORK (MarketWatch) -- Target Corp. (TGT: news, chart, profile) said Monday that third-quarter earnings fell to $369 million, or 49 cents a share, compared to $483 million, or 56 cents a share, in the same period a year ago. Sales rose 1.7% to $14.6 billion as newly opened stores offset a 3.3% fall in same-store sales. Analysts polled by FactSet Reearch estimated, on average, earnings per share of 48 cents and sales of $15.2 billion. "The current environment and our financial outlook have naturally reduced our appetite for investment in our business, and we have also temporarily suspended substantially all of our share repurchase activity. At this time, we have reduced our expected 2009 capital expenditures by about $1 billion,' said Chief Financial Officer Doug Scovanner. Target shares fell 7.5% Friday to $32.69.
Bank of America increasing stake in China Construction Bank(8:39 am ET)
NEW YORK (MarketWatch) -- Bank of America Corp. (BAC: news, chart, profile) said Monday it'll exercise its option to increase its stake in China Construction Bank Corp. to 19.1% from 10.8% by purchasing shares from China SAFE Investments Limited (Huijin). Bank of America acquired the option from Huijin in connection with its investment in Hang Seng Index component China Construction Bank in June 2005. Bank of America expects the purchase of the option shares will be completed by the end of November. Immediately following the purchase, Bank of America would hold about 44.7 billion H-shares of CCB. Shares being acquired under the option may not be sold until Aug. 29, 2011 without CCB's consent. "Bank of America intends to remain a long-term and significant strategic investor in CCB," the Charlotte, N.C. financial services giant said. "In addition, both companies intend to further their mutual cooperation and other initiatives under the 2005 Strategic Assistance Agreement."
Goldman execs forgo 2008 bonuses: WSJ(7:42 am ET)
NEW YORK (MarketWatch) -- Goldman Sachs' (GS: news, chart, profile) top executives have decided that they won't be collecting any bonuses for 2008, according to Monday's edition of The Wall Street Journal. The paper reported that the seven top executives at Goldman, including Chief Executive Officer Lloyd Blankfein, asked the board's compensation to grant them no bonuses, a request approved on Sunday. The executives will only receive their base salaries of $600,000 each, said the Journal. A Goldman spokesman said the executives felt the move was "the right thing" to do.
Average U.S. gasoline prices fall below $2.10 a gallon(7:21 am ET)
NEW YORK (MarketWatch) -- Average weekly gasoline prices continued declining, with the retail cost for a gallon of unleaded now $2.09 a gallon, off 2 cents from $2.11 a gallon on Sunday, according to the AAA Daily Fuel Gauge Report. A month ago, gasoline cost $2.89 a gallon and a year ago it cost $3.10 a gallon.
Lowe's earnings down 24% in quarter(7:18 am ET)
NEW YORK (MarketWatch) -- Lowe's Cos. Inc. (LOW: news, chart, profile) said Monday that third-quarter earnings fell to $488 million, or 33 cents a share, compared to $643 million, or 44 cents a share, in the same period a year ago. Sales were $11.73 billion compared to $11.57 billion. Same-store sales fell 5.9%. Analysts polled by FactSet Research estimated earnings per share of 28 cents a share and sales of $11.60 billion. Lowe's estimates fourth-quarter sales in the range of down 3% to up 2% and profit of 8 cents to 16 cents a share. Lowe's shares fell 8% on Friday to $18.23.
Orbotech swings to loss on 15% higher revenue(6:48 am ET)
TEL AVIV (MarketWatch) -- Orbotech Ltd., (ORBK: news, chart, profile) the Yavneh, Israel, producer of optical-inspection and process-control equipment for the electronics industry, swung to a third-quarter loss from a year-earlier profit and said it would make 15% cuts in its global workforce and in management salaries. The loss was $43.1 million, or $1.29 a share, against net income of $400,000, or 1 cent, in the year-earlier period. Revenue rose 15% to $94.8 million from $82.3 million. The loss reflects a $32.8 million after-tax charge to write down substantially all the goodwill and intellectual property of a Danish subsidiary. The company said on Monday that it also took charges of $5.4 million to write off the rest of the goodwill in its assembled PCB unit and $3.3 million for the first phase of cost cuts. ORBK plans a second phase of cost cuts and will take a related fourth-quarter charge.
Covidien revises sales outlook as quarterly profit rises(6:16 am ET)
LONDON (MarketWatch) -- Healthcare-products firm Covidien (COV: news, chart, profile) said fourth-quarter net income rose to $409 million, or 81 cents a share, from $34 million, or 7 cents a share, earned in the year-earlier quarter. Excluding one-time items, adjusted earnings from continuing operations rose 18% to 73 cents a share. Consensus forecasts were for earnings of 67 cents a share. Sales climbed 12% to $2.6 billion. The company revised its outlook for fiscal 2009 to reflect the negative impact of the recent strength of the U.S. dollar. It now expects sales next year to be flat to up 3%.
Tokyo office building rentals mark first fall in six years(4:32 am ET)
HONG KONG (MarketWatch)-- Rental prices in new office buildings in Tokyo fell for the first time in six years, according to an October survey conducted by Nikkei Inc. An index of asking prices on commercial space in buildings less than one year old fell to 152.1, down 43.48 points from a year earlier. Those in Osaka came to 134.23, down 31.28 points. Declines in both cities were the largest since the autumn of 1993. The survey also showed that asking rents in buildings more than a year old climbed slightly.
Franklin Covey net tripled, reflecting gain; sales off 22%(3:16 am ET)
TEL AVIV (MarketWatch) -- Franklin Covey Co., (FC: news, chart, profile) the Salt Lake City provider of consulting and training services to companies, government and academia, reported fiscal fourth-quarter net income tripled on 22% lower sales. For the quarter ended Aug. 31, net was $2.2 million, or 11 cents a share, compared with $612,000, or 3 cents, in the year-earlier period. Franklin Covey sold its consumer solutions unit in July. The company retains a 19.5% voting interest in the business, FC said. Earnings from operations, including a $9.1 million gain on the sale of the unit, more than doubled to $5.8 million from $2.6 million. The results also reflect a $2.1 million restructuring charge and a $1.5 million expense for an impaired asset. Sales fell to $52.3 million from $67.2 million.
icon url

3xBuBu

11/18/08 7:47 PM

#706 RE: 3xBuBu #699

Tuesday, Nov. 18
Phillips-Van Heusen quarterly profit slides to $1.03 a share(4:57 pm ET)
SAN FRANCISCO (MarketWatch) -- Phillips-Van Heusen Corp. (PVH: news, chart, profile) late Tuesday reported its third-quarter net income fell to $53.7 million, or $1.03 a share, from $60.9 million, or $1.05 a share, in the same quarter last year. Excluding items, the company would have earned $1.10 a share. Earnings were negatively impacted by a decline in same-store sales at heritage outlet retail business and a drop in gross margin due to increased promotional deals as a result of a more challenging economic environment. Revenue increased to $727.5 million from $696.4 million, said the clothing manufacturer. Analysts surveyed by FactSet Research had forecast earnings of $1.07 a share on revenue of $722.1 million. The company expects fourth-quarter earnings of 23 cents to 33 cents a share and 2008 earnings of $2.71 to $2.81 a share. Phillips-Van Heusen sees fourth-quarter revenue in a range of $595 million to $615 million and revenue of $2.51 billion to $2.53 billion in 2008.
Pacific Sunwear quarterly loss narrows to 4 cents a share (4:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Pacific Sunwear of California Inc. (PSUN: news, chart, profile) late Tuesday reported its third-quarter net loss narrowed to $2.5 million, or 4 cents a share, from a loss of $20 million, or 29 cents a share, in the same quarter last year. Loss from continuing operations came in at 5 cents a share. "Results for the third quarter of fiscal 2008 include an after-tax, non-cash goodwill impairment charge of approximately $4.2 million, or 6 cents per diluted share," said the clothing retailer. Revenue decreased to $323.6 million from $341.9 million a year ago. Analysts surveyed by FactSet Research had forecast a loss of a penny a share. Pacific Sunwear forecasted a loss of 3 cents to 8 cents a share in the fourth quarter due to additional promotional activity and an assumption of a same-store sales decrease in the "negative high-single digit range."
Petroleum shares move up with crude oil futures(9:35 am ET)
NEW YORK (MarketWatch) -- Shares of major petroleum producers and refiners rose along with crude oil prices Tuesday as a dip in producer prices sparked some buying in the sector. The Amex Oil Index (XOI: news, chart, profile) rose 0.8% to 892. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.1% to 395. Crude futures advanced 84 cents to $55.79, rising from 22-month lows in the previous session.
Economic woes cut into Host Hotels' forecast(8:48 am ET)
NEW YORK (MarketWatch) -- Host Hotels & Resorts Inc. (HST: news, chart, profile) said Tuesday that it is cutting its forecast for comparable hotel revenue per available room and is withdrawing its remaining 2008 guidance, which was given on Oct. 10. The lodging real estate investment trust blamed the "worsening economy, which is significantly slowing travel." It now expects comparable hotel RevPAR to fall 9% to 11% in the fourth quarter and about 3% for the full year. In October, the company had forecasted RevPAR to drop 3% to 5% in the fourth quarter and to remain flat to down 1% for the full year.
Medtronic shaves earnings view on inventory write-off, costs(8:42 am ET)
NEW YORK (MarketWatch) -- Medtronic Inc. (MDT: news, chart, profile) on Tuesday shaved 4 cents a share off its 2009 earnings forecast based on two one-time items. The medical technology giant expects earnings of $2.90 to $2.98 a share, compared to the analyst target of $2.98 a share in a survey by FactSet Research. The Minneapolis company said it'll book a charge of 3 cents a share to write off inventory after its launch of angioplasty products on a rapid exchange delivery system in the United States. The second factor is the recently closed acquisition of CryoCath Technologies, expected to take a bite of a penny a share on earnings.
Saks swings to 31 cent a share loss in quarter(8:20 am ET)
NEW YORK (MarketWatch) -- Saks Inc. (SKS: news, chart, profile) said Tuesday that it lost $48.8 million in the third quarter, or 31 cents a share. In the same period last year Saks earned $21.6 million, or 14 cents a share. This year's third quarter included after tax items totalling $24.5 million, or 18 cents a share. Sales were $698 million compared to $796 million. Analysts polled by FactSet Research estimated, on average, earnings of a penny a share and sales of $733.7 million. "The current macroeconomic and retail environment is unprecedented, and consequently, it is impossible to predict future performance with any degree of certainty," said Chief Executive Stephen Sadove. Saks shares fell 5% Monday to $3.85.
Hewlett-Packard Co. to beat Q4 and 2009 earnings estimates(8:11 am ET)
NEW YORK (MarketWatch) -- Hewlett-Packard Co. (HPQ: news, chart, profile) on Tuesday announced preliminary fourth-quarter earnings of 84 cents a share, with adjusted earnings of $1.03 a share. The company will release more details on Nov. 24. Analysts expected earnings of $1 a share, according to a survey by FactSet. "HP delivered another solid quarter as it continues to benefit from its global reach, diverse customer base, broad portfolio and numerous cost initiatives," the Palo Alto, Calif.-based tech firm said. For the first quarter, HP expects adjusted earnings of 93 to 95 cents a share, in line with the estimate of 94 cents a share. For 2009, the computer giant expects earnings of $3.38 to $3.53 a share, and adjusted earnings of $3.88 to $4.03 a share, ahead of the Wall Street target of $3.86 a share. The adjusted 2009 earnings exclude after-tax costs of approximately 50 cents a share, related primarily to the amortization of purchased intangibles.
Hijacked super tanker anchored in Somali port, reports say(7:33 am ET)
NEW YORK (MarketWatch) -- The Sirius Star super tanker owned by Saudi Aramco and hijacked more than 400 miles out at sea off the coast of Kenya is anchored off the Somali port of Harardhere, an official told AFP on Tuesday. The fully loaded super tanker carrying about $100 million worth of crude marked the boldest action ever by Somali pirates.
Medtronic net income falls 14% as revenue increases 14%(7:27 am ET)
NEW YORK (MarketWatch) -- Medtronic Inc. (MDT: news, chart, profile) on Tuesday said second-quarter net income for the three months ended Oct. 24 fell 14% to $571 million, or 51 cents a share, from $666 million, or 58 cents a share in the year-ago period. Adjusted net income totaled 67 cents a share in the latest period. The Minneapolis-based medical technology company said revenue rose 14% to $3.57 billion. Wall Street analysts expected earnings of 71 cents a share on revenue of $3.69 billion, according to a survey by FactSet Research. "As we look to the remainder of our fiscal year, our focus will be on maximizing the potential of new product launches, leveraging growth in markets outside the U.S. and continuing to deliver meaningful operating leverage," the company said.
Correct: Mothers Work shrinks loss; same-store sales up(6:31 am ET)
TEL AVIV (MarketWatch) -- Mothers Work Inc., (MWRK: news, chart, profile) the Philadelphia maternity-apparel retailer, narrowed its fiscal fourth-quarter loss on 3.9% lower total sales and 2.8% higher comparable-store sales. The latest loss was $4.8 million, or 80 cents a share, compared with $5.4 million, or 92 cents, in the year-earlier period. The adjusted losses were 44 cents against 92 cents. Sales fell to $130.5 million from $135.8 million. Mothers Work also said it would prepay $10 million of its term loan during the fiscal first quarter ending Dec. 31. For fiscal 2009, Mothers Work expects to earn 20 cents to 60 cents a share, compared with a fiscal 2008 loss of 23 cents. In July, MWRK had estimated it would earn 60 cents to $1 a share in fiscal 2009. Adjusted earnings are seen 23 cents to 63 cents for fiscal 2009 versus 14 cents in fiscal 2008. Net sales should decline 1.7% to 3.6%, to a range of $544 million to $555 million, as comparable-store sales range from down 2% from to level with the year earlier. Gross-profit margin should widen "modestly" in fiscal 2009 from fiscal 2008, Mothers Work said. (Adds outlook. Adds omitted word to show that same-store sales rose in fourth quarter.)
Home Depot cautions on full-year sales outlook(6:18 am ET)
WASHINGTON (MarketWatch) -- Updating its financial outlook, Home Depot Inc. (HD: news, chart, profile) said sales for the fiscal year ending in January could fall as much as 8% compared with the prior year. The company also expects that earnings per share from continuing operations will decline by about 24% on the year, a forecast it called "consistent with previous guidance." This doesn't include a charge taken in connnection with its "store rationalization" plan, under which 15 stores will be closed and 50 stores have been removed from Home Depot's expansion program. Analysts surveyed by FactSet Research are looking for full-year earnings of $1.70 a share, on average, as opposed to the $2.27 a share that Home Depot earned in the fiscal year ended in January 2008.
Home Depot's quarterly sales down 6.2%(6:11 am ET)
WASHINGTON (MarketWatch) -- Home Depot Inc. (HD: news, chart, profile) reported net income of $756 million, or 45 cents a share, for the third quarter ended Nov. 2, down from $1.09 billion, or 60 cents, earned in the same period last year. Quarterly sales generated by the Atlanta-based home-improvement retailer fell to $17.78 billion from the prior year's $18.96 billion, as comparable-store sales sank 8.3%. Excluding an extra week in the year-earlier third quarter, comp-store sales would have been down 7.1%, Home Depot said. Both customer transactions and average ticket were lower in the latest quarter, as "the housing and home improvement markets remain challenging," said Chairman and CEO Frank Blake. The consensus of 24 analysts surveyed by FactSet Research had been for Home Depot to earn 38 cents a share in the latest quarter.
Sigma Designs revises 3rd-quarter revenue outlook lower(6:06 am ET)
TEL AVIV (MarketWatch) -- Sigma Designs Inc., (SIGM: news, chart, profile) the Milpitas, Calif., provider of integrated system-on-chip solutions used to deliver multimedia entertainment throughout homes, revised its fiscal third-quarter revenue estimate lower. For the period ended Nov. 1, Sigma estimates revenue at $46.5 million, down 20% from the $58.2 million of the second quarter. The previous third-quarter estimate was revenue about comparable to the second-quarter level. For the fourth quarter Sigma sees revenue ranging from level with to down 10% from the third quarter. A survey of analysts by FactSet Research produced consensus estimates of $59.5 million for the third quarter and $61.9 million for the fourth quarter. Sigma said it had about $7 a share of cash and investments at the end of the third period.
Mitsubishi UFJ half-year net income off 64% to $954 million(5:31 am ET)
HONG KONG (MarketWatch) -- Mitsubishi UFJ Financial Group (JP:8306: news, chart, profile) , Japan's biggest bank, said Tuesday net income for the fiscal half-year ending Sept. 30 fell 64% because of decreased fees from derivative trading, reduced commissions, and impairments on securities. Net income for the half year fell to 92.02 billion ($953.9 million) from 256.72 billion yen a year earlier. The bank kept its lowered full-year forecast unchanged at 220 billion yen and 5.9 trillion yen in revenue. Shares of MUFG ended 6.7% lower in Tokyo trading Tuesday ahead of the earnings announcement.
EasyJet's annual profit declines 45% on fuel costs(2:59 am ET)
LONDON (MarketWatch) -- British budget airline easyJet Plc (UK:EZJ: news, chart, profile) on Tuesday said annual profit fell 45% to 83.2 million pounds, or 19.4 pence a share, from 152.3 million pounds, or 35.6 pence a share, earned a year earlier. The decline was mostly due to higher fuel costs. Sales rose 31% to 2.36 billion pounds. Passenger numbers rose 17% to 43.7 million. The airline said winter bookings for the first quarter are slightly ahead of last year, in part because of its decision to limit capacity. The outlook for the summer is uncertain due to the economic downturn and easyJet said it expects to see further downsizing and consolidation of many weak competitors. It cautioned that pre-tax margins would decline in the first half of fiscal 2009 because that's when the impact of higher fuel prices will be most acutely felt. Stelios Haji-Loannou, the founder of easyJet and a major shareholder, separately said he couldn't approve the accounts because of some of the accounting policies used. In particular he said easyJet may be overvaluing its slots at Gatwick. He also believes the dividend policy should be changed.
Burberry's first-half profit up 13%, trading getting tougher(2:45 am ET)
LONDON (MarketWatch) -- British luxury group Burberry (UK:BRBY: news, chart, profile) on Tuesday said first-half profit rose 13% to 74.8 million pounds, or 17pence a share, from 66.1 million pounds, or 14.9 pence a share, earned in the year-earlier period. Sales rose 20% to 539 million pounds. Burberry said that trading in the second half had become more difficult, particularly in the U.S. If initial trends continue, it said it expects adjusted profit before tax to be in the mid to lower-half of current market expectations. Burberry on Tuesday also announced a joint venture in the Middle East with its long-standing franchisee, the Jashanmal Group.
Carphone Warehouse' headline profit rises, sales dip 2%(2:32 am ET)
LONDON (MarketWatch) -- U.K. independent mobile phone retailer and broadband provider Carphone Warehouse (UK:CPW: news, chart, profile) on Tuesday said first-half profit jumped to 601 million pounds, or 65.8 pence a share, from 12 million pounds, or 1.4 pence a share, earned in the year-earlier period. Excluding special items such as a 603 million-pound gain on the disposal of some assets, the company would have earned 39 million pounds in the latest period compared with 44 million pounds last year. Revenue fell 2% to 697 million pounds. The company said the immediate consumer outlook remains "very uncertain" and cautioned that the next twelve months are likely to represent the "most challenging economic climate" it has operated in.
Icap 1st-half net up 8%; firm `confident about the outlook'(2:26 am ET)
TEL AVIV (MarketWatch) -- Icap, (IAPLY: news, chart, profile) (UK:IAP: news, chart, profile) the U.K. inter-dealer broker, reported fiscal first-half net income rose 8% and pretax profit rose 5% on 22% higher revenue. "Icap has continued to benefit from the generally high levels of volatility in the wholesale financial markets," Chief Executive Michael Spencer said in a Tuesday statement. For the six months ended Sept. 30, earnings reached 174 million pounds ($260.2 million), or 13.2 pence a share, from 161 million pounds, or 12.6 pence, in the year-earlier period. Adjusted profit was 17.2 pence against 15.4 pence. Revenue reached 764 million pounds from 626 million. "Revenue in October remained strong and, although cautious, we remain confident about the outlook," Spencer said.
Pier 1 sees pretax loss, same-store sales off 16%-18%(2:13 am ET)
TEL AVIV (MarketWatch) -- Pier 1 Imports Inc., (PIR: news, chart, profile) the Fort Worth, Texas, home-furnishing retailer, said that based "on current trends and a cautious view of Thanksgiving business," third-quarter comparable-store sales should fall 16% to 18%. The company expects a loss before interest, taxes, depreciation and amortization of $16 million to $20 million. These Ebitda figures exclude charges, Pier 1 said in a statement on Monday. The quarter's profit margin on merchandise is seen at about 52.5%. "The significant slowdown in consumer spending continues to affect our business," President and Chief Executive Alex Smith said in a statement. October traffic was down 10% from a year earlier and the average sale was lower, he said. At the same time, merchandise-margin rate "remains healthy," the company is judiciously managing inventory, and the balance sheet is still "strong," he said.
icon url

3xBuBu

11/19/08 8:09 PM

#707 RE: 3xBuBu #699

Wednesday, Nov. 19
Limited third-quarter net income slides to penny a share(4:44 pm ET)
SAN FRANCISCO (MarketWatch) -- Limited Brands Inc. (LTD: news, chart, profile) late Wednesday reported its third-quarter net income fell to $4.2 million, or a penny a share, from $12.1 million, or 3 cents a share, in the same quarter last year. Revenue also decreased to $1.82 billion from $1.92 billion. Analysts surveyed by FactSet Research had forecast the company to break even on revenue of $1.89 billion. Comparable store sales, a key retailing metric, decreased 7% in the quarter. The company expects fourth-quarter earnings of 85 cents to $1 a share and earnings of $1.20 to $1.35 a share in 2008. Wall Street is projecting the company to earn $1.01 a share, on average, in the fourth quarter.
Men's Wearhouse quarterly profit slides to 28 cents a share (4:30 pm ET)
SAN FRANCISCO (MarketWatch) -- Men's Wearhouse Inc. (MW: news, chart, profile) late Wednesday reported its third-quarter net income fell to $14.6 million, or 28 cents a share, from $37.1 million, or 69 cents a share. On an adjusted basis, the company earned 30 cents a share. Revenue decreased to $459.7 million from $512.1 million. Analysts surveyed by FactSet Research had forecast earnings of 27 cents a share on revenue of $477.7 million. The company expects its fourth-quarter results to range from breakeven to a loss of 18 cents a share and earnings of 92 cents to $1.10 a share in 2008.
PetSmart third-quarter profit rises to 28 cents a share (4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- PetSmart Inc. (PETM: news, chart, profile) late Wednesday reported its third-quarter net income rose to $35.8 million, or 28 cents a share, from $29.5 million, or 23 cents a share, in the same quarter last year. Revenue increased to $1.25 billion from $1.12 billion, said the nation's largest retailer of pet goods. Comparable store sales--or sales in stores open at least a year, a key retailing metric--grew 5.4% in the quarter. Analysts surveyed by FactSet Research had forecast earnings of 26 cents a share on revenue of $1.25 billion. The company expects to deliver fourth-quarter earnings of 59 cents to 62 cents a share. Wall Street is projecting PetSmart to earn 62 cents a share on average. In 2008, the retailer expects sales growth of high single digits and earnings of $1.49 to $1.52 a share.
Intuit posts quarterly loss, cuts sales guidance(4:14 pm ET)
SAN FRANCISCO (MarketWatch) - Tax preparation software maker Intuit Inc. said Wednesday its fiscal first-quarter net loss widened, and it cut its sales and profit guidance for fiscal 2009. Intuit said its net loss came in at $52.1 million, or 16 cents a share, compared to $20.8 million, or 6 cents a share in the same period a year earlier. Mountain View, Calif.-based Intuit (INTU: news, chart, profile) said revenue in the period ended in October rose 8% to $481.4 million. Excluding special items, Intuit said its net loss for the quarter was 9 cents a share. Analysts polled by FactSet Research had estimated that excluding special items, Intuit would break even for the quarter, and post $483.3 million in revenue.
Gasoline prices fall to $2.05 a gallon (10:33 am ET)
NEW YORK (MarketWatch) -- The average U.S. retail gasoline price fell 2 cents to $2.05 a gallon on Wednesday, according to the AAA Daily Fuel Gauge Report. A month ago, gasoline cost an average of $2.92 a gallon and a year ago it cost $3.09 a gallon.
Energy shares fall with the broad market (9:37 am ET)
NEW YORK (MarketWatch) -- Energy shares fell with the broad market in early action on Wednesday, ahead of weekly petroleum inventory data. The Amex Oil Index (XOI: news, chart, profile) fell 0.5% to 911. The Amex Natural Gas Index (XNG: news, chart, profile) fell 0.3% to 399. Halliburton (HAL: news, chart, profile) dropped 1.3% to $17.44 as it met with Wall Street analysts. Oil futures rose 43 cents to $54.82.
Halliburton CEO says firm well positioned despite oil prices(8:56 am ET)
NEW YORK (MarketWatch) -- Halliburton Co. (HAL: news, chart, profile) CEO Dave Lesar said the oil services giant is well positioned to profit "in any type of pricing environment" in the face of oil nearing $50 a barrel. Halliburton has been growing its international business at an annual rate of 27%, with a total of 54% of its business outside North America, Halliburton said in an analyst meeting. Lesar said Halliburton "has a lot of powder dry" and that it's prepared for the economic downturn. Halliburton helps customers reduce the cost per well, and decrease the number of wells needed, to extract fossil fuels.
Ross Stores earnings per share up 22% in quarter(8:51 am ET)
NEW YORK (MarketWatch) -- Ross Stores Inc. (ROST: news, chart, profile) said Wednesday that its third-quarter earnings were $57.3 million, or 44 cents a share, compared to $48.7 million, or 36 cents, in the same period a year ago. Sales rose 6% to $1.56 billion and same-store sales were even with the prior year period. Analysts polled by FactSet Research estimated, on average, earnings per share of 44 cents and sales of $1.58 billion. Ross cut its fourth-quarter earnings per share forecast to 69 cents to 75 cents and sees same-store sales down 1% to 3%. For fical 2008, Ross expects to earn $$2.26 to $2.32 a share. Ross shares were little changed Tuesday at $25.48.
BJ's Wholesale Club earnings per share up 37%(7:25 am ET)
NEW YORK (MarketWatch) -- BJ's Wholesale Club Inc. (BJ: news, chart, profile) said Wednesday that third-quarter earnings were $28.2 million, or 48 cents a share, compared to $22.7 million, or 35 cents, a year ago. Sales were $2.4 billion, an increase of 13.4% over the third quarter of 2007. Analysts polled by FactSet Research estimated, on average, earnings per share of 46 cents and sales of $2.4 billion. For the full year 2008, BJ's now expects earnings per share of $2.20 to $2.30, up from $2.10 to $2.20 previously forecast. For 2009, BJ's expects earnings of $2.27 to $2.39 a share. BJ's shares fell 1% on Tuesday to $33.57.
Update: LDK Solar 3rd-period net doubles, revenue triples(6:37 am ET)
TEL AVIV (MarketWatch) -- LDK Solar, (LDK: news, chart, profile) the Xinyu City, China, producer of solar wafers, the raw material for solar-power cells, reported third-quarter earnings doubled as revenue tripled. Net income was $88.4 million, or 77 cents an American depositary share, against $41.6 million, or 37 cents, in the year-earlier period. Sales reached $541.8 million from $158.7 million. A survey of analysts by FactSet Research produced consensus estimates of 73 cents of profit on $530 million of revenue. LDK estimates revenue at $555 million to $565 million in the fourth quarter. FactSet's survey is looking for $579.7 million. Gross-profit margin should range 18% to 21% in the fourth period, LDK said. (Adds outlook.)
Update: Trina Solar 3rd-period net up; year revenue view cut(6:17 am ET)
TEL AVIV (MarketWatch) -- Trina Solar, (TSL: news, chart, profile) the Changzhou, China, producer of solar-power equipment, reported third-quarter net income quadrupled as revenue tripled. Earnings reached $32.1 million, or $1.17 a share, from $7.8 million, or 31 cents, in the year-earlier period. Shares outstanding rose 12% to 28.4 million. Revenue rose to $290.7 million from $82.6 million. A survey of analysts by FactSet Research produced consensus estimates of $1.13 of profit on $289 million of revenue. For the year, Trina cut $50 million from the top and bottom of its estimated range, putting the new estimate at $800 million to $850 million. For the fourth quarter it expects revenue of $190 million to $210 million. FactSet's survey was looking for $271.9 million for the quarter and $882 million for the year. The company also trimmed its estimate of full-year gross margin, to a range 20% to 22% from the previous view of 23% to 25%.
PartyGaming quarterly revenue steady(2:50 am ET)
LONDON (MarketWatch) -- PartyGaming (UK:PRTY: news, chart, profile) said third-quarter revenue was virtually flat, at $117.7 million vs. $118 million, as growing casino, sports betting and bingo revenue was offset by declining poker revenue. It still expects annual "clean" EBITDA in line with its forecasts.
Tuesday, Nov. 18
Phillips-Van Heusen quarterly profit slides to $1.03 a share(4:57 pm ET)
SAN FRANCISCO (MarketWatch) -- Phillips-Van Heusen Corp. (PVH: news, chart, profile) late Tuesday reported its third-quarter net income fell to $53.7 million, or $1.03 a share, from $60.9 million, or $1.05 a share, in the same quarter last year. Excluding items, the company would have earned $1.10 a share. Earnings were negatively impacted by a decline in same-store sales at heritage outlet retail business and a drop in gross margin due to increased promotional deals as a result of a more challenging economic environment. Revenue increased to $727.5 million from $696.4 million, said the clothing manufacturer. Analysts surveyed by FactSet Research had forecast earnings of $1.07 a share on revenue of $722.1 million. The company expects fourth-quarter earnings of 23 cents to 33 cents a share and 2008 earnings of $2.71 to $2.81 a share. Phillips-Van Heusen sees fourth-quarter revenue in a range of $595 million to $615 million and revenue of $2.51 billion to $2.53 billion in 2008.
icon url

3xBuBu

11/20/08 9:16 PM

#708 RE: 3xBuBu #699

Thursday, Nov. 20
Gap profit slips, keeps full-year outlook(4:51 pm ET)
SAN FRANCISCO (MarketWatch) -- Gap Inc. (GPS: news, chart, profile) late Thursday reported its third-quarter profit rose 3% from a year-earlier, helped by tighter inventory controls. The clothing retail chain also backed its full-year profit forecast. Gap earned $246 million, or 35 cents a share, topping Wall Street's consensus forecast of 34 cents, according to a FactSet analyst survey. A year ago, Gap earned $238 million, or 30 cents a share. Sales fell more than 7% for the quarter ended Nov. 1. Gap said sales at stores open at least one year -- or same-store sales, a key retailing metric -- dropped 12%. Its Old Navy and Banana Republic chains posted the steepest declines. Gap said it expects to make between $1.30 and $1.35 a share for fiscal 2008.
Salesforce.com quarterly profit rises to 8 cents a share(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Salesforce.com Inc. (CRM: news, chart, profile) late Thursday reported its third-quarter net income rose to $10.1 million, or 8 cents a share, from $6.5 million, or 5 cents a share, in the same quarter last year. Revenue increased to $276.5 million from $192.8 million, said Salesforce.com, which sells subscriptions to business software hosted on the Internet. Analysts surveyed by FactSet Research had forecast earnings of 8 cents a share on revenue of $273.6 million. The company sees fourth-quarter earnings of 6 cents to 7 cents a share and revenue of $284 million to $285 million. Wall Street expects the company to post earnings of 8 cents a share and revenue of $273.6 million in the fourth-quarter. For fiscal 2010, the company projected revenue of $1.35 billion to $1.36 billion.
Zumiez third-quarter profit slides to 23 cents a share(4:15 pm ET)
SAN FRANCISCO (MarketWatch) -- Zumiez Inc. (ZUMZ: news, chart, profile) late Thursday reported its third-quarter net income fell to $6.8 million, or 23 cents a share, from $8.1 million, or 28 cents a share, in the same quarter a year earlier. Revenue increased to $112.2 million from $104 million a year ago, said the retailer. Comparable store sales fell 5.8% in the quarter. Analysts polled by FactSet Research had forecast earnings of 23 cents a share on revenue of $111.7 million. The company also reiterated its 2008 earnings outlook of 52 cents to 57 cents a share for 2008. Wall Street is projecting the company to earn 55 cents a share, on average, in 2008.
Autodesk posts profit gain despite slowing economy(4:14 pm ET)
SAN FRANCISCO (MarketWatch) - Autodesk Inc. said Thursday its fiscal third-quarter net income rose to $104.5 million, or 45 cents a share, from $84.8 million, or 35 cents a share in the same period a year earlier. Design software maker Autodesk (ADSK: news, chart, profile) said total net revenue in the period ended in October rose 13% to $607 million. Excluding special items, Autodesk said earnings rose to 56 cents a share. Analysts polled by FactSet Research had estimated Autodesk would post earnings excluding special items of 54 cents a share, and $607.5 million in revenue. Autodesk cited growing maintenance revenue and revenue from "emerging economies" for its growth in the period.
Dell reports earnings of $727 million(4:04 pm ET)
SAN FRANCISCO (MarketWatch) -- Dell Inc. (DELL: news, chart, profile) on Thursday reported a fiscal third-quarter profit of $727 million, or 37 cents a share, on revenue of $15.16 billion. During the same period a year ago, Dell earned $766 milion, or 34 cents a share, on $15.65 billion in sales. Analysts surveyed by FactSet Research, had forecast the computer giant to earn 32 cents a share on $16.3 billion in sales.
XTO founder says he's seen worse times in energy business(10:56 am ET)
NEW YORK (MarketWatch) -- XTO Energy (XTO: news, chart, profile) Founder and Chairman Bob Simpson said as bad as the energy business is right now with plunging prices and frozen debt markets, it was worse when fossil fuel prices bottomed in 1998. The Fort Worth, Texas natural gas producer has put together an extensive hedging strategy to protect against big price swings,he pointed out. "We've seen challenges before," said Simpson. "Everyone wants to say it's the worst it's ever been, but it isn't." Still, XTO said it'll take a break of three to six months in smaller "bolt-on" acquisitions as it focuses on paying down debt. XTO officials said companies with less active hedging programs will be forced to cut back drilling more drastically. XTO is trimming about three rigs to 90 in 2009.
Energy stocks resume their slide (9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks extended their slide on Thursday as oil fell below $50 a barrel for the first time in about two years. The Amex Oil Index (XOI: news, chart, profile) dropped 3.3% to 829. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 4% to 360. XTO Energy (XTO: news, chart, profile) retreated 7% to $30.68 after cutting its 2009 capital spending plans.
XTO cuts 2009 capital spending by $800 million(9:12 am ET)
NEW YORK (MarketWatch) -- Analysts at Houston-based energy research firm Tudor Pickering Holt said XTO Energy (XTO: news, chart, profile) cut its 2009 capital spending plans by about $800 million to $3.8 billion from the level of $4.6 billion that the company initially suggested in June. At that time, costs were seen rising more than now. XTO also trimmed its rig count in 2009 to 90 from 93 in the third quarter. While XTO expects production growth of 18%, Tudor Pickering Holt expects the actual figure to come in closer to 20%, "knowing XTO history."
Barnes & Noble swings to 34 cents a share loss in quarter(8:58 am ET)
NEW YORK (MarketWatch) -- Barnes & Noble Inc. (BKS: news, chart, profile) said Thursday that it lost $18.4 million, or 34 cents a share during the third quarter. In the same period a year ago, Barnes & Noble earned $4.4 million, or 7 cents a share. Sales fell 4.4% to $1.12 billion. Included in the results was a non-cash after-tax impairment charge of $7 million, or 13 cents a share, to reduce the asset-carrying value of certain store locations. Analysts polled by FactSet Research estimated, on average, a loss per share of 14 cents and sales of $1.17 billion. For the fourth quarter, the book seller sees same-store sales down 6% to 9% and earnings per share of $1.40 to $1.70. The full year earnings per share forecast was cut to $1.30 to $1.60 from $1.70 to $1.90.
GameStop posts higher adjusted third-quarter profit(8:48 am ET)
NEW YORK (MarketWatch) -- GameStop Corp. (GME: news, chart, profile) said Thursday that its third-quarter net income fell to $46.7 million, or 28 cents a share, from $52 million, or 31 cents a share, in the year-earlier period. On an adjusted basis, earnings rose to 38 cents a share from 32 cents a share. Sales at the Grapevine, Texas-based video-game retailer rose 5% to $1.7 billion compared to $1.61 billion in the prior-year quarter. Analysts polled by FactSet estimated, on average, earnings per share of 37 cents on sales of $1.83 billion. For the full year, the company expects earnings of $2.35 to $2.40 a share, which includes about 5 cents of accretion from the acquisition of Micromania. It sees total sales up 21% to 22% for the year, with same-store-sales growth of 10% to 11%. In the third quarter, same-store sales fell 1.8%, although the year-earlier quarter included the Halo 3 launch. The company said recent same-store-sales figures are "showing surprising strength given the unprecedented economic and financial crisis."
Chevron unable to meet contracts at Nigerian port(8:46 am ET)
NEW YORK (MarketWatch) -- Chevron (CVX: news, chart, profile) said Thursday it would be unable to meet its contractual obligations on exports from its Escravos oil terminal in Nigeria until the end of the year because of an attack by militants, according to published reports. "This is due to breach on the main onshore pipeline carrying about 90,000 barrels per day to Escravos," a company spokesman told AFP. "Repair plans are being prepared and it would be premature to estimate completion time." The pipeline that feeds into the Escravos export terminal was attacked on Friday.
Average retail gasoline prices fall to $2.02 a gallon(8:36 am ET)
NEW YORK (MarketWatch) -- Average U.S. retail unleaded gasoline prices fell 3 cents to $2.02 a gallon on Thursday, according to the AAA Daily Fuel Gauge Report. A month ago, gasoline sold for $2.89 a gallon and a year ago, it cost $3.09 a gallon. Gasoline averaged $1.72 a gallon in Missouri and $2.28 a gallon in California.
Ashland cuts quarterly dividend by 73%(8:07 am ET)
NEW YORK (MarketWatch) - Ashland Inc. (ASH: news, chart, profile) said Thursday it will cut its quarterly cash dividend to 7.5 cents a share from 27.5 cents a share. The dividend is payable Dec. 15 to shareholders of record as of the close of business on Dec. 1. "The board has chosen to set the dividend at a yield that is currently more consistent with the specialty chemical sector," the Covington, Ky. company said. "The new dividend amount also enables Ashland to conserve cash through the trough of the economic cycle and creates additional financial flexibility, while still providing shareholders a dividend at a level typical of our peers."
Grand Canyon Education IPO breaks IPO drought(7:40 am ET)
NEW YORK (MarketWatch) -- Grand Canyon Education Inc. (LOPE: news, chart, profile) priced 10.5 million shares at $12 a share for its stock market debut Thursday as the first U.S. initial public offering since August, marking the end of the longest IPO drought in at least a decade. The Phoenix-based online instruction firm raised $126 million with underwriters Credit Suisse (CS: news, chart, profile) and Merrill Lynch (MER: news, chart, profile) . While IPOs have been out of favor for months, Grand Canyon Education may catch an upswing from unemployed people seeking work. Meanwhile, shares of Apollo (APOL: news, chart, profile) , Corinthian College Inc. (COCO: news, chart, profile) and Capella Education (CPLA: news, chart, profile) have been hard hit of late. Grand Canyon cut its price range twice from $18-$20 to $16-$18 and then to $12-$14 before pricing at the low end of its revised range. The last IPO before Grand Canyon came from tech firm Rackspace Hosting (RAX: news, chart, profile) on Aug. 8 at $12.50 a share. It's trading at $5.89 now.
Vivendi not a long-term investor in NBC: report(7:25 am ET)
LONDON (MarketWatch) -- Vivendi (FR:012777: news, chart, profile) chief executive Jean-Bernard Levy told a conference in Barcelona that the company's 20% stake in NBC Universal isn't a long-term investment, according to a Dow Jones Newswires report. A decision over when and how to dispose of the stake could come in the next two or three weeks, when the current window to sell to General Electric (GE: news, chart, profile) expires, the report added. GE owns the remaining 80% of NBC Universal. Levy also said Vivendi hasn't seen any signs of a slowdown in sales.
PepsiCo to reiterate its 2008 core earnings outlook(7:10 am ET)
NEW YORK (MarketWatch) -- PepsiCo Inc. (PEP: news, chart, profile) on Thursday said it'll reaffirm its 2008 core earnings per share outlook at the Morgan Stanley Global Consumer and Retail Conference. Analysts expect earnings of $3.67 a share, according to a survey by FactSet Reseasrch. Pepsi Bottling Group's (PBG: news, chart, profile) restructuring initiative and impairment charge is expected to cost 7 cents a share in 2008 but the charge will not impact PepsiCo's full-year 2008 core results, the beverage giant said. Pepsi will also discuss its North American beverage plans for 2009.
Brady cuts outlook, sheds 800 jobs as profit rises 2%(6:49 am ET)
LONDON (MarketWatch) -- Brady Corp. (BRC: news, chart, profile) on Thursday reported a 2% rise in its fiscal first-quarter profit as it also cut its earnings forecast and announced plans to reduce its 8,000-strong workforce by 10% and freeze salaries. The group said profit rose to $37.1 million, or 69 cents per class A share, from $36.4 million, or 66 cents per share, a year earlier. Sales for the quarter fell 0.5% to $378.3 million. Analysts polled by FactSet were expecting earnings of 66 cents a share. The group, however, said it had seen a "marked slowdown" in its markets late in the quarter. The job cuts will be implemented in the second quarter along with a further reduction in spending. Restructuring charges of $30 million in fiscal 2009 should be balanced by cost savings. For fiscal 2009 it's now forecasting earnings of $1.40 to $1.59 a share including restructuring charges, compared to the previous forecast of $2.54 to $2.63 a share.
SunTech profit up 5%, warns on fourth-quarter sales(6:39 am ET)
LONDON (MarketWatch) -- Chinese-American solar module maker Suntech Power Holdings (STP: news, chart, profile) said third-quarter net income rose 5% to $55.9 million, or 33 cents a share, with revenue up 54% to $594 million. It would have earned 35 cents a share on an adjusted basis, the San Francisco- and Wuxi, China-based firm said. It expects fourth-quarter revenue between $345 million and $360 million, blaming dollar strength vs. the euro, the deferment of some customer orders and the seasonality impact due to winter in Northern Europe. It also cut its annual photovoltaic shipment target to 490 megawatts from 550 megawatts and expects 2009 shipments of more than 800 megawatts. Analysts polled by FactSet expected quarterly earnings of 44 cents a share on sales of $577 million and fourth-quarter sales of $620 million.
Stage Stores posts loss after goodwill charge, drop in sales(6:15 am ET)
LONDON (MarketWatch) -- Stage Stores Inc. (SSI: news, chart, profile) said Thursday that it swung to a fiscal third-quarter loss of $102.8 million, or $2.66 a share, from a profit of $2.4 million, or 6 cents a share, a year earlier. Revenue fell 6% to $333.8 million and same-store sales in the period declined 10.3%, or 7.6% excluding the estimated impact of Hurricanes Gustav and Ike. Stage Stores said its quarterly loss was mainly due to a non-cash goodwill impairment charge of $95.4 million. Excluding that charge it would have lost 19 cents a share. Analysts polled by FactSet were forecasting a loss of 15 cents a share. The group said it's not expecting the economic climate to improve in the fourth quarter and therefore sees same-store sales falling between 8% and 10%. For the fiscal fourth quarter the group forecast earnings of 64 cents to 70 cents a share and said adjusted earnings for the year excluding the goodwill impairment should be between 75 cents and 81 cents a share. Analysts had forecast earnings of 89 cents a share for the year.
Daily Mail shares up 5% after targeting cost savings(3:27 am ET)
LONDON (MarketWatch) -- Shares in U.K. newspaper publisher Daily Mail & General Trust (DMGT: news, chart, profile) rose around 5% early Thursday after it reported a drop of just 9% in underlying profit before tax to 262 million pounds ($391 million). The group said reported net profit fell 86% to 16.8 million pounds due to higher finance costs and the impact of amortization and goodwill impairments. Revenue for the period rose 3% to 2.31 billion pounds. The newspaper publisher said it's targeting cost savings of 100 million pounds to counter anticipated advertising weakness and newsprint price increases. It also said it's maintaining its final dividend at 9.9 pence a share.
Frutarom 3rd-quarter net up 61% on 37% higher revenue(2:46 am ET)
TEL AVIV (MarketWatch) -- Frutarom Industries Ltd., (FRUTF: news, chart, profile) (UK:FRUT: news, chart, profile) the Haifa, Israel, producer of flavors and fine ingredients, reported third-quarter net income rose 61% on 37% higher revenue. Earnings reached $9.4 million, or 17 cents a share, from $5.9 million, or 10 cents, in the year-earlier period. Revenue totaled $120 million. Revenue rose 32% excluding the strengthening of European currencies against the U.S. dollar, the company said in a statement on Thursday. Gross-profit margin widened to 37.7% from 36%. Internal growth at flavors and ingredients plus four acquisitions made in second-half 2007 contributed to the results, Frutarom said.
National Grid profit falls 82% as dividend rises(2:38 am ET)
LONDON (MarketWatch) -- U.K. electricity network operator National Grid (UK:NG: news, chart, profile) said Thursday that it's six-month net profit fell 82% to 425 million pounds ($635 million) after large one-off gains a year earlier, while revenue for the period rose 43% to 6.07 billion pounds. Operating profit excluding exceptional items was up around 1% at 1.08 billion pounds as costs also rose strongly. The group raised its dividend by 8% to 12.64 pence a share and said its outlook for the current year remains positive, with higher second-half profits for its non-regulated businesses offsetting timing issues in its electricity distribution and generation operations.
Air France-KLM profit tumbles 96% on charges, fuel(2:31 am ET)
LONDON (MarketWatch) -- Air France-KLM (FR:003112: news, chart, profile) said fiscal second-quarter net income dropped 96% to 28 million euros ($35 million), while revenue rose 3% to 6.69 billion euros. The airline took a 438 million euro charge relating to a change in the value of hedging instruments, and the year-earlier quarter included gains of 212 million euros from selling its Amadeus stake. Excluding one-time items, its profit would have dropped 49% as fuel prices climbed by 35%. The airline took aim at another 260 million euros of cost cuts through curtaining winter capacity growth, and it's expecting "operating profit clearly in profit" for the fiscal year after first half operating profit of 1.14 billion euros.
Ahold 3rd-quarter net off 8.9%, sales up 3.9%(1:26 am ET)
TEL AVIV (MarketWatch) -- Ahold, (AHONY: news, chart, profile) (NL:03325: news, chart, profile) the Amsterdam supermarket operator, reported third-quarter net income fell 8.9% on 3.9% higher sales. Profit was 195 million euros ($243.2 million) against 214 million in the year-earlier period. Profit from continuing operations fell 16% to 187 million euros. Sales reached 5.81 billion euros from 5.59 billion. At constant exchange rates, sales rose 7.6%. Ahold attributed the drop in net to higher income taxes and lower income from joint ventures. Income from ventures fell 43% to 30 million euros.
Wednesday, Nov. 19
Limited third-quarter net income slides to penny a share(4:44 pm ET)
SAN FRANCISCO (MarketWatch) -- Limited Brands Inc. (LTD: news, chart, profile) late Wednesday reported its third-quarter net income fell to $4.2 million, or a penny a share, from $12.1 million, or 3 cents a share, in the same quarter last year. Revenue also decreased to $1.82 billion from $1.92 billion. Analysts surveyed by FactSet Research had forecast the company to break even on revenue of $1.89 billion. Comparable store sales, a key retailing metric, decreased 7% in the quarter. The company expects fourth-quarter earnings of 85 cents to $1 a share and earnings of $1.20 to $1.35 a share in 2008. Wall Street is projecting the company to earn $1.01 a share, on average, in the fourth quarter.
icon url

3xBuBu

11/21/08 9:21 PM

#709 RE: 3xBuBu #699

Friday, Nov. 21
Goldman sees jobless rate at 9%, GDP shrinking into 2009(9:45 am ET)
NEW YORK (MarketWatch) -- Unemployment will reach 9%, from 6.5% currently, by the end of 2009 and the economy will shrink in each quarter until mid-2009, said economists at Goldman Sachs on Friday. The firm's forecasts are lower than previous predictions due to "continuing signs of falling domestic and foreign demand, labor market deterioration, renewed tightening in financial conditions, and an apparent impasse in fiscal policy pending the transfer of power to the Obama administration in late January," analysts wrote in a note. If unemployment reaches that level, it would be "unequivocally the worst single downturn on record since World War II." Gross domestic product will shrink 5% this quarter, and 3% and 1% in the subsequent quarters, they said. The forecast leads to a 25% decline in after-tax corporate profits, which would be the worst since the Great Depression.
Energy stocks gain back a fraction of bruising losses(9:36 am ET)
NEW YORK (MarketWatch) -- Natural gas stocks gained back a fraction of their steep 16% loss in the previous session in early action on Friday. The Amex Natural Gas Index (XNG: news, chart, profile) rose 2.7% to 325. The Amex Oil Index (XOI: news, chart, profile) rose 4.7% to 796. Crude prices rose 44 cents to $49.86.
Dell leads tech stocks up in early trading(9:34 am ET)
SAN FRANCISCO (MarketWatch) -- Technology stocks jumped in early trading Friday, led by PC maker Dell Inc. (DELL: news, chart, profile) , which reported better-than-expected earnings for the third quarter the previous evening. Dell shares were up nearly 4% following the opening bell. The Nasdaq Composite Index ($COMPQ: news, chart, profile) was up 2% to 1,344 following a bruising sell-off in the prevous two sessions. The Morgan Stanley High-Tech Index (MSH: news, chart, profile) was up 2.8%. The Philadelphia Semiconductor Index ($SOX: news, chart, profile) was up 0.4%.
Reliance Steel's October revenue beats targets(9:10 am ET)
NEW YORK (MarketWatch) -- Reliance Steel (RS: news, chart, profile) on Friday stood by its Oct. 16 decision to withold a fourth-quarter earnings forecast in the face of global economic uncertainty. But the Los Angeles metal producer said its October results "were solidly profitable and stronger than we had anticipated given the state of the economy." Reliance Steel said its sales totaled $918.2 million in October, with tons sold per day down 1.7% from levels in September. Average selling price in October fell 3.8% from September. In November, the company said it's seen decreased net income, but lower inventory costs and demand levels have allowed it to reduce its working capital, which, along with its continued profitable operations, is producing a "substantial amount of positive cash flow."
AnnTaylor swings to a loss of 24 cents a share(8:16 am ET)
NEW YORK (MarketWatch) -- AnnTaylor Stores Corp. (ANN: news, chart, profile) said Friday that it lost $13.4 million, or 24 cents a share, in the third quarter. In the same period a year ago AnnTaylor earned $40.8 million, or 66 cents a share. Sales fell to $527.2 million from $600.9 million. Excluding restructuring charges, earnings per share were break even, compared with 67 cents in last year's period. Same-store sales for the period were 19.4% lower. Analysts polled by FactSet Research estimated, on average, earnings per share of 6 cents and sales of $532.4 million. Given the volatility and uncertainty of the market, AnnTaylor said it would not give guidance for the fourth quarter, or the full year.
U.S. average gasoline prices fall below $2.00 a gallon(7:32 am ET)
NEW YORK (MarketWatch) -- Average U.S. retail gasoline prices fell below $2.00 a gallon for the first time since March 9, 2004, according to the AAA Daily Fuel Gauge Report. Prices edged down two cents to $1.99 a gallon on Friday. Gasoline sold for $2.86 a gallon one month ago and $3.09 a year ago.
J.M. Smucker earnings per share up 8% in quarter(7:22 am ET)
NEW YORK (MarketWatch) -- The J.M. Smucker Co. (SJM: news, chart, profile) said Friday that its second-quarter earnings were $51.5 million, or 94 cents a share, compared to $50.2 million, or 87 cents, in the same period a year ago. Sales rose 19% to $843.1 million. Excluding items, Smuckers second-quarter earnings per share were $1.02 in fiscal 2009. Analysts polled by FactSet Research estimated, on average, earnings per share of $1.00 and sales of $801.8 million. "The number of meals prepared and consumed at home, as recent market data indicate, continues to be trending upward in this challenging economic environment, and is currently at levels not seen since 1994," commented Co-Chief executive Tim Smucker. Smucker expects full year earnings per share of $3.45 to $3.50. Smucker shares fell 3% Thursday to $38.25.
Heinz quarterly profit grows 21% to $277 million(7:13 am ET)
NEW YORK (MarketWatch) -- H. J. Heinz Co. (HNZ: news, chart, profile) said Friday its third-quarter profit totaled $277 million, or 87 cents a share, from $227 million, or 71 cents a share, in the same quarter a year before. Analysts had expected adjusted earnings on average of 74 cents a share, according to a FactSet Research survey. Revenue for the quarter was $2.61 billion compared to $2.52 billion in the year-ago period. The food giant also reaffirmed its forecast for full-year organic sales growth of at least 6% and profit in the target range of $2.87 to $2.91 a share for the current 2009 fiscal year, which ends April 29.
Thursday, Nov. 20
Gap profit slips, keeps full-year outlook(4:51 pm ET)
SAN FRANCISCO (MarketWatch) -- Gap Inc. (GPS: news, chart, profile) late Thursday reported its third-quarter profit rose 3% from a year-earlier, helped by tighter inventory controls. The clothing retail chain also backed its full-year profit forecast. Gap earned $246 million, or 35 cents a share, topping Wall Street's consensus forecast of 34 cents, according to a FactSet analyst survey. A year ago, Gap earned $238 million, or 30 cents a share. Sales fell more than 7% for the quarter ended Nov. 1. Gap said sales at stores open at least one year -- or same-store sales, a key retailing metric -- dropped 12%. Its Old Navy and Banana Republic chains posted the steepest declines. Gap said it expects to make between $1.30 and $1.35 a share for fiscal 2008.
Salesforce.com quarterly profit rises to 8 cents a share(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Salesforce.com Inc. (CRM: news, chart, profile) late Thursday reported its third-quarter net income rose to $10.1 million, or 8 cents a share, from $6.5 million, or 5 cents a share, in the same quarter last year. Revenue increased to $276.5 million from $192.8 million, said Salesforce.com, which sells subscriptions to business software hosted on the Internet. Analysts surveyed by FactSet Research had forecast earnings of 8 cents a share on revenue of $273.6 million. The company sees fourth-quarter earnings of 6 cents to 7 cents a share and revenue of $284 million to $285 million. Wall Street expects the company to post earnings of 8 cents a share and revenue of $273.6 million in the fourth-quarter. For fiscal 2010, the company projected revenue of $1.35 billion to $1.36 billion.
Zumiez third-quarter profit slides to 23 cents a share(4:15 pm ET)
SAN FRANCISCO (MarketWatch) -- Zumiez Inc. (ZUMZ: news, chart, profile) late Thursday reported its third-quarter net income fell to $6.8 million, or 23 cents a share, from $8.1 million, or 28 cents a share, in the same quarter a year earlier. Revenue increased to $112.2 million from $104 million a year ago, said the retailer. Comparable store sales fell 5.8% in the quarter. Analysts polled by FactSet Research had forecast earnings of 23 cents a share on revenue of $111.7 million. The company also reiterated its 2008 earnings outlook of 52 cents to 57 cents a share for 2008. Wall Street is projecting the company to earn 55 cents a share, on average, in 2008.
Autodesk posts profit gain despite slowing economy(4:14 pm ET)
SAN FRANCISCO (MarketWatch) - Autodesk Inc. said Thursday its fiscal third-quarter net income rose to $104.5 million, or 45 cents a share, from $84.8 million, or 35 cents a share in the same period a year earlier. Design software maker Autodesk (ADSK: news, chart, profile) said total net revenue in the period ended in October rose 13% to $607 million. Excluding special items, Autodesk said earnings rose to 56 cents a share. Analysts polled by FactSet Research had estimated Autodesk would post earnings excluding special items of 54 cents a share, and $607.5 million in revenue. Autodesk cited growing maintenance revenue and revenue from "emerging economies" for its growth in the period.
Dell reports earnings of $727 million(4:04 pm ET)
SAN FRANCISCO (MarketWatch) -- Dell Inc. (DELL: news, chart, profile) on Thursday reported a fiscal third-quarter profit of $727 million, or 37 cents a share, on revenue of $15.16 billion. During the same period a year ago, Dell earned $766 milion, or 34 cents a share, on $15.65 billion in sales. Analysts surveyed by FactSet Research, had forecast the computer giant to earn 32 cents a share on $16.3 billion in sales.
XTO founder says he's seen worse times in energy business(10:56 am ET)
NEW YORK (MarketWatch) -- XTO Energy (XTO: news, chart, profile) Founder and Chairman Bob Simpson said as bad as the energy business is right now with plunging prices and frozen debt markets, it was worse when fossil fuel prices bottomed in 1998. The Fort Worth, Texas natural gas producer has put together an extensive hedging strategy to protect against big price swings,he pointed out. "We've seen challenges before," said Simpson. "Everyone wants to say it's the worst it's ever been, but it isn't." Still, XTO said it'll take a break of three to six months in smaller "bolt-on" acquisitions as it focuses on paying down debt. XTO officials said companies with less active hedging programs will be forced to cut back drilling more drastically. XTO is trimming about three rigs to 90 in 2009.
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3xBuBu

11/24/08 9:24 PM

#710 RE: 3xBuBu #699

Monday, Nov. 24
Donaldson quarterly net income rises to 60 cents a share(4:52 pm ET)
SAN FRANCISCO (MarketWatch) -- Donaldson Co. (DCI: news, chart, profile) late Monday reported its fiscal first-quarter net income rose to $48 million, or 60 cents a share, from $43.3 million, or 53 cents a share, in the same quarter last year. Revenue increased to $573.3 million from $525.6 million, the air and liquid filtration systems company said. Analysts polled by FactSet Research had forecast earnings of 54 cents a share on revenue of $561.8 million. Donaldson estimated its revenue in fiscal 2009 is likely to decrease by about $133 million, or 6%, from 2008 in light of the recent strength in the U.S. currency.
Analog Devices fourth-quarter income rises (4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- Analog Devices Inc. (ADI: news, chart, profile) late Monday reported its fourth-quarter operating income rose to $161 million from $120 million a year ago. Excluding items, operating income from continuing operations totaled $164 million, compared with $145 million in the same quarter last year. On a per-share basis, the company earned 49 cents a share from continuing operations, up from 30 cents a share, a year earlier. Revenue increased 6% to $661 million in the quarter, the semiconductor company said.
Hewlett-Packard earnings slip as sales rise 19%(4:15 pm ET)
SAN FRANCISCO (MarketWatch) - Hewlett-Packard Co. said late Monday that its fiscal fourth-quarter net earnings fell to $2.1 billion, or 84 cents a share, from $2.16 billion, or 81 cents a share in the same period a year earlier. Revenue in the period ended in October rose to $33.6 billion, the technology giant (HPQ: news, chart, profile) said. Excluding special items, H-P said earnings for the quarter were $1.03 a share. Analysts polled by FactSet Research estimated H-P would post earnings excluding special items of $1.08 a share, and $33.6 billion in revenue.
Citigroup cuts S&P 500 targets for 2008, 2009(2:59 pm ET)
SAN FRANCISCO (MarketWatch) -- Citing declining earnings outlooks and "extraordinary risk aversion," Citigroup U.S. equity strategist Tobias Levkovich on Monday cut his targets for the S&P 500 (.SPX: news, chart, profile) . He now sees the S&P 500 ending the year at 850, down from 1,200 previously and only 10 points higher than its current levels. By the end of 2009, the index of large capitalization companies should rebound modestly to 1,000 -- instead of the 1,300 previously targeted. "Stocks seem to be discounting a deep downturn but not yet a depression," he wrote. Plus, equity investors remain on the sidelines given attractive high-grade corporate debt alternatives, awful news in housing and widespread losses from previous investments.
Energy stocks move up with the broad market(9:36 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose with the broad market in early action on Monday. The Amex Oil Index (XOI: news, chart, profile) rose 2.5% to 877. The Amex Natural Gas Index (XNG: news, chart, profile) rose 2.2% to 366. Chesapeake Energy Corp. (CHK: news, chart, profile) rose 6% to $18.04.
Campbell Soup profit inches up to 71 cents a share(8:41 am ET)
NEW YORK (MarketWatch) -- Campbell Soup Co. (CPB: news, chart, profile) said Monday its first-quarter profit totaled $260 million, or 71 cents a share, from $270 million, or 70 cents a share, in the same quarter a year before. Analysts had expected earnings on average of 77 a share, according to a FactSet Research survey, matching Campbell's adjusted results for the period. Revenue for the quarter rose 3% to $2.25 billion. Campbell said that on a currency-neutral basis, it still expects 2009 earnings per share to rise by 5% to 7%, but that foreign exchange losses could reduce the result by approximately 5 percentage points.
Xerox sees 2009 profit at $1.00 to $1.25 a share(7:54 am ET)
NEW YORK (MarketWatch) -- Xerox Corp. (XRX: news, chart, profile) said Monday it expects its 2009 earnings to range between $1.00 and $1.25 a share, with operating profit between $1.4 billion and $1.7 billion. A survey of analysts by FactSet Research put the average Wall Street estimate for profit of $1.15 a share for the year. The company said that it doesn't expect to need to access the capital markets "in the foreseeable future," due to strong cash flow and existing credit facilities. "The restructuring actions we're taking this quarter are expected to deliver $200 million in savings next year," Chief Executive Anne Mulcahy said.
Friday, Nov. 21
Goldman sees jobless rate at 9%, GDP shrinking into 2009(9:45 am ET)
NEW YORK (MarketWatch) -- Unemployment will reach 9%, from 6.5% currently, by the end of 2009 and the economy will shrink in each quarter until mid-2009, said economists at Goldman Sachs on Friday. The firm's forecasts are lower than previous predictions due to "continuing signs of falling domestic and foreign demand, labor market deterioration, renewed tightening in financial conditions, and an apparent impasse in fiscal policy pending the transfer of power to the Obama administration in late January," analysts wrote in a note. If unemployment reaches that level, it would be "unequivocally the worst single downturn on record since World War II." Gross domestic product will shrink 5% this quarter, and 3% and 1% in the subsequent quarters, they said. The forecast leads to a 25% decline in after-tax corporate profits, which would be the worst since the Great Depression.
Energy stocks gain back a fraction of bruising losses(9:36 am ET)
NEW YORK (MarketWatch) -- Natural gas stocks gained back a fraction of their steep 16% loss in the previous session in early action on Friday. The Amex Natural Gas Index (XNG: news, chart, profile) rose 2.7% to 325. The Amex Oil Index (XOI: news, chart, profile) rose 4.7% to 796. Crude prices rose 44 cents to $49.86.
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3xBuBu

11/25/08 8:28 PM

#711 RE: 3xBuBu #699

Tuesday, Nov. 25
Borders posts deeper third-quarter loss, slower sales (5:48 pm ET)
SAN FRANCISCO (MarketWatch) -- Borders Group Inc. (BGP: news, chart, profile) late Tuesday reported its third-quarter loss from continuing operations rose to $172.2 million, or $2.85 a share, from a loss of $40 million, or 68 cents a share, in the same quarter last year. Analysts surveyed by FactSet Research, on average, had forecast the retail book and media chain would report a loss of 57 cents a share. The loss includes non-cash, non-operating charges totaling $133.2 million in the quarter, consisting primarily of deferred tax and fixed asset impairments, Borders said. Comparable-store sales for U.S. Borders superstores slid 12.8% for the quarter.
Coldwater Creek quarterly loss narrows (4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Coldwater Creek Inc. (CWTR: news, chart, profile) late Tuesday reported its third-quarter net loss narrowed to $1.3 million, or a penny a share, from a net loss of $6.2 million, or 7 cents a share, in the same quarter last year. Revenue decreased to $228.5 million from $271.2 million, said the apparel retailer. Analysts surveyed by FactSet Research, on average, had forecast a loss of 8 cents a share on revenue of $225.5 million. Coldwater Creek's same-store sales fell 20.5% during the period.
TiVo swings to profit, sees EchoStar benefit(4:14 pm ET)
SAN FRANCISCO (MarketWatch) - TiVo Inc. on Tuesday said its fiscal third-quarter net income rose to $100.6 million, or 98 cents a share, compared to a loss of $8.3 million, or 8 cents a share in the same period a year earlier. The maker of digital video recorder technology (TIVO: news, chart, profile) said it received $105 million in inital damages stemming from its patent litigation with EchoStar Communications. TiVo said net revenue in the period ended in October fell to $64.5 million from $75.5 million. Excluding the EchoStar damages, TiVo said it would have posted a net loss of $900,000. The company said its subscriber acquisition costs fell to $139 per subscriber, compared to $304 in the same period last year.
Bank reserves don't keep up with loan losses, FDIC says(11:22 am ET)
SAN FRANCISCO (MarketWatch) -- Bank loan losses surged during the third quarter but the reserves set aside for future problems didn't keep up, the Federal Deposit Insurance Corp. said on Tuesday. Net charge-offs totaled $27.9 billion in the quarter, up 156% from a year earlier, according to the FDIC's Quarterly Banking Profile. The net charge-off rate in the third quarter was 1.42%, up from 0.57% in the third quarter of 2007. The FDIC said this is the highest quarterly net charge-off rate for the industry since 1991. The failure of Washington Mutual (WAMUQ: news, chart, profile) on Sept. 25 meant that a significant amount of charge-off activity wasn't reflected in the latest quarter. Loan-loss reserves didn't keep pace with the growth in noncurrent loans, and the "coverage ratio" of reserves to noncurrent loans fell from 89 cents in reserves for every $1 of noncurrent loans to 85 cents, the FDIC said. "This is the tenth consecutive quarter that the industry's coverage ratio has fallen; it is now at its lowest level since the first quarter of 1993," the FDIC warned.
Energy stocks rise with broad market(9:36 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose in early action with the broad market on Tuesday, despite lower crude oil prices. The Amex Oil Index (XOI: news, chart, profile) rose 1.6% to 934. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.7% to 392. Oil futures fell 96 cents to $53.64, but staying well above its lows in recent sessions.
Dollar Tree's third-quarter profit rises(8:49 am ET)
NEW YORK (MarketWatch) -- Dollar Tree Inc. (DLTR: news, chart, profile) said Tuesday that third-quarter net income rose to $43.1 million, or 47 cents a share, from $35.9 million, or 38 cents a share, in the same period a year earlier. Sales increased 11.6% in the period to $1.11 billion from $998 million. Analysts polled by FactSet estimated, on average, earnings of 44 cents a share and sales of $1.1 billion. Dollar Tree sees fourth-quarter earnings of $1.07 to $1.15 a share and full-year earnings of $2.45 to $2.53 a share. Analysts are looking for a profit of $1.12 a share for the fourth quarter and $2.46 a share for the full year, according to FactSet.
FBR downgrades Legg Mason(8:23 am ET)
NEW YORK (MarketWatch) -- Asset manager Legg Mason Inc. [s:lm] saw its stock downgraded to underperform Tuesday by Friedman Billings Ramsey & Co. Friedman said it is "increasingly concerned about [Legg Mason's] $3.9 billion of non-bank structured investment vehicle exposure, as the expiration of support agreements begins as early as this month and asset values remain under pressure." Friedman revised its 12-month target price of Legg Mason's stock to $11 from $18. Legg's stock was down about 11% in pre-market trading, at $14.70. "While we believe there are several scenarios under which the company can avoid a complete liquidity crisis, we view Legg Mason shares as overvalued relative to peers, given its leveraged balanced sheet and falling earnings before interest, taxes, depreciation and amortization, which create additional risks to shareholders' equity," said Friedman.
Chico's earnings drop to a penny in quarter(7:51 am ET)
NEW YORK (MarketWatch) -- Chico's FAS Inc. (CHS: news, chart, profile) said Tuesday that its third-quarter earnings were $2 million, or 1 cent a share, compared to $24 million, or 13 cents a share, in the same period a year ago. Sales fell by 5.2% to $394 million. Analysts polled by FactSet Research estimated, on average, a loss per share of 2 cents and sales of $393 million. Chief Executive Scott Edmonds said, "The lower level of sales and transactions necessitated a greater-than-planned level of markdowns and, therefore, a lower gross margin." Chico's plans capital expenditures of about $110 million in 2008 compared to $202 million last year. Chico's shares rose 10% Monday to $2.35.
U.S. gasoline prices fall below $1.90 a gallon(7:48 am ET)
NEW YORK (MarketWatch) -- U.S. average gasoline prices fell below $1.90 a barrel on Tuesday, according to the AAA Daily Fuel Gauge Report. The current average price stands at $1.89 a gallon, down from $1.91 on Monday. A month ago, gasoline sold for $2.70 a gallon. A year ago, it sold for $3.09 a gallon.
U.S. Power Generating Co. withdraws $500 million IPO(7:39 am ET)
NEW YORK (MarketWatch) -- U.S. Power Generating Co., a New York-based wholesale power company, on Tuesday withdrew its $500 million initial public offering after filing to go public on Aug. 12. In a filing with the U.S. Securities and Exchange Commission, the company said it was pulling the deal "due to market conditions." Funds managed by Madison Dearborn Partners own a 46% stake in the company.
D.R. Horton loss widens to $2.63 a share(7:21 am ET)
NEW YORK (MarketWatch) -- D.R. Horton Inc. (DHI: news, chart, profile) said Tuesday that it lost $800 million in the fourth quarter, or $2.53 a share. In the same period a year ago it lost $50 million, or 16 cents a share. Sales fell to $1.75 billion compared to $3.12 billion. Analysts polled by FactSet Research estimated, on average, a loss of $1.87 a share and sales of $1.50 billion. Pre-tax charges included $365 million in impairment charges for owned inventory, $624 million in impairment charges for land and lots that were sold during the quarter and $86 million for write-offs of deposits and pre-acquisition costs related to land option contracts and goodwill impairment charges of $79.4 million. Chief Executive Donald Horton said, "We continue to adjust our business to the current homebuilding environment by reducing our homes under construction and our owned lot position, controlling costs and repaying debt."
Zale Corp. loss widens to $1.43 a share (7:18 am ET)
NEW YORK (MarketWatch) -- Zale Corp. (ZLC: news, chart, profile) said first-quarter loss for the three months ended Oct. 31 widened to $45.35 million, or $1.43 a share, from a loss of $26.7 million, or 58 cents a share in the year-ago period. Revenue fell to $364 mililon from $377 million. Analysts expected a loss of 85 cents a share on revenue of $382 million, according to a survey by FactSet Research. Zale Corp. withdrew its earnings foreasst for the coming quarter, but said it plans to generate free cash flow of not less than $50 million for fiscal year 2009.
Warner Music posts higher fourth-quarter profit(7:05 am ET)
NEW YORK (MarketWatch) -- Warner Music Group Corp. (WMG: news, chart, profile) said Tuesday that its fourth-quarter net income rose to $6 million, or 4 cents a share, from $5 million, or 3 cents a share, in the year-ago quarter. On average, analysts had been expecting a loss of 2 cents a share, according to data compiled by FactSet. Revenue declined 1% to $854 million from $867 million, with digital revenue up 28% from the year-earlier period to $167 million. "The volatile global economy and timing of our release schedule may result in back-end weighted fiscal 2009 results," said Steve Macri, the company's chief financial officer. Shares of Warner Music closed Monday at $2.80.
VimpelCom posts 45% revenue growth as quarterly net drops(6:48 am ET)
WASHINGTON (MarketWatch) -- Russia's Vimpel-Communications (VIP: news, chart, profile) reported third-quarter net income of $268.6 million, or 27 cents per American depositary share, down from $458.1 million, or 45 cents, earned in the same period during 2007. The consensus in a survey of four analysts' estimates compiled by FactSet Research had been for a profit of 37 cents a share. Quarterly revenue generated by the wireless telecom carrier reached $2.84 billion from the prior year's $1.96 billion. Operating income improved to $889.6 million from $674 million, as foreign-exchange losses ate into VimpelCom's bottom line. The company also said its mobile-services subscriber base increased climbed to 57.8 million, up 14% from 50.7 million at the end of September 2007. "Our operations have not yet been affected by the financial turmoil," VimpelCom said, adding that it's frozen new orders for capital expenditures, cut non-essential expenses, implemented a hiring freeze and renegotiated a number of contracts with vendors and suppliers to deal with any volatility arising from the recent financial crisis gripping Russia.
China Sunergy posts profit, cuts production guidance(6:46 am ET)
LONDON (MarketWatch) -- China Sunergy (CSUN: news, chart, profile) said it swung to a third-quarter net profit of $211,000, or a penny a share, as revenue rose to $119 million from $49 million. The Chinese solar cell maker said it would have earned 5 cents a share when excluding share-based compensation and a non-cash derivative loss. It added that its solar cell production of 35.7 megawatts was within company guidance. In the fourth quarter, it expects negative margins on reduced average selling prices and the relatively higher cost of polysilicon. It also expects production for the year of 107 to 112 megawatts, down from an earlier view between 125 and 145 megawatts. For 2009, it expects production between 180 and 210 megawatts, down from an earlier view of 220 to 250 megawatts, and a gross margin between 15% and 19%.
American Woodmark swings to loss on 16% lower sales(6:41 am ET)
TEL AVIV (MarketWatch) -- American Woodmark Corp., (AMWD: news, chart, profile) the Winchester, Va., producer of kitchen cabinets and vanities, swung to a fiscal second-quarter loss from net income a year earlier on 16% lower sales. For the quarter ended Oct. 31, the loss was $481,000, or 3 cents a share, compared with profit of $1.2 million, or 8 cents, in the year-earlier period. Sales fell to $134.9 million from $160.2 million. In the quarter remodeling sales fell in the low-teens percent while new-construction sales fell 20%, American Woodmark said in a statement on Tuesday.
Skanska to cut 5.7% of workforce; building markets weaker(4:52 am ET)
TEL AVIV (MarketWatch) -- Skanska AB, (SKSBY: news, chart, profile) (SE:SKAB: news, chart, profile) the Stockholm construction major, said it would cut 3,400, or about 5.7%, of its 60,000 jobs as residential and other building markets are weakening. Skanska said its fourth-quarter results would reflect a charge of 600 million Swedish kroner ($74.6 million) for severance costs. In a statement on Tuesday, Skanska said it expected 2009 volume to drop 15% in the Nordic region and "significantly" in other geographic areas. The cut of 3,400 -- affecting both administrative and project-level staff -- is about a sixth of its 20,500 workers in the Nordic region. It plans to cut 2,000 in Sweden, 600 in Finland and 800 in Norway. It has no construction operations in Denmark.
Formula Systems net off 45%; financing expense cited(2:08 am ET)
TEL AVIV (MarketWatch) -- Formula Systems Ltd., (FORTY: news, chart, profile) the Herzliya, Israel, provider of information-technology products and services, reported that third-quarter net fell 45% on 23% higher revenue. Earnings were $2.9 million, or 22 cents a share, against $5.2 million, or 34 cents, in the year-earlier period. Revenue reached $149.7 million from $121.7 million. Financial expenses jumped to $4.7 million from $175,000 a year earlier, largely because of debentures issued for two subsidiaries, Formula said in a statement on Tuesday. Pretax operating profit rose 54% to $10.5 million, Formula reported.
Monday, Nov. 24
Qantas cuts profit outlook, announces service reductions(10:15 pm ET)
HONG KONG (MarketWatch) -- Qantas Airways Ltd. (AU:QAN: news, chart, profile) , Australia's biggest carrier, warned that profit would fall by nearly two-thirds this year and said it will make additional reductions to flight services as demand eases. Net profit for the fiscal year ending June 30 will be around A$500 ($327 million), the airline said in a statement to the Sydney Stock Exchange Tuesday. As part of service reductions, the carrier said it would freeze all domestic growth plans for its main airline and its discount Jetstar airlines. It also said it would not take up the leases on two A330-200 aircraft as originally scheduled. It added that the reduction in flight service would equal the grounding of about 10 aircraft.
Donaldson quarterly net income rises to 60 cents a share(4:52 pm ET)
SAN FRANCISCO (MarketWatch) -- Donaldson Co. (DCI: news, chart, profile) late Monday reported its fiscal first-quarter net income rose to $48 million, or 60 cents a share, from $43.3 million, or 53 cents a share, in the same quarter last year. Revenue increased to $573.3 million from $525.6 million, the air and liquid filtration systems company said. Analysts polled by FactSet Research had forecast earnings of 54 cents a share on revenue of $561.8 million. Donaldson estimated its revenue in fiscal 2009 is likely to decrease by about $133 million, or 6%, from 2008 in light of the recent strength in the U.S. currency.
Analog Devices fourth-quarter income rises (4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- Analog Devices Inc. (ADI: news, chart, profile) late Monday reported its fourth-quarter operating income rose to $161 million from $120 million a year ago. Excluding items, operating income from continuing operations totaled $164 million, compared with $145 million in the same quarter last year. On a per-share basis, the company earned 49 cents a share from continuing operations, up from 30 cents a share, a year earlier. Revenue increased 6% to $661 million in the quarter, the semiconductor company said.
Hewlett-Packard earnings slip as sales rise 19%(4:15 pm ET)
SAN FRANCISCO (MarketWatch) - Hewlett-Packard Co. said late Monday that its fiscal fourth-quarter net earnings fell to $2.1 billion, or 84 cents a share, from $2.16 billion, or 81 cents a share in the same period a year earlier. Revenue in the period ended in October rose to $33.6 billion, the technology giant (HPQ: news, chart, profile) said. Excluding special items, H-P said earnings for the quarter were $1.03 a share. Analysts polled by FactSet Research estimated H-P would post earnings excluding special items of $1.08 a share, and $33.6 billion in revenue.
Citigroup cuts S&P 500 targets for 2008, 2009(2:59 pm ET)
SAN FRANCISCO (MarketWatch) -- Citing declining earnings outlooks and "extraordinary risk aversion," Citigroup U.S. equity strategist Tobias Levkovich on Monday cut his targets for the S&P 500 (.SPX: news, chart, profile) . He now sees the S&P 500 ending the year at 850, down from 1,200 previously and only 10 points higher than its current levels. By the end of 2009, the index of large capitalization companies should rebound modestly to 1,000 -- instead of the 1,300 previously targeted. "Stocks seem to be discounting a deep downturn but not yet a depression," he wrote. Plus, equity investors remain on the sidelines given attractive high-grade corporate debt alternatives, awful news in housing and widespread losses from previous investments.
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3xBuBu

11/26/08 6:52 PM

#712 RE: 3xBuBu #699

Dillard's loss widens to 76 cents a share vs 15-cent loss(7:44 am ET)
NEW YORK (MarketWatch) -- Dillard's Inc. (DDS: news, chart, profile) said Wednesday that it lost $56 million, or 76 cents a share, compared to a loss of $11 million, or 15 cents a share, in the same period a year ago. Net sales were $1.51 billion compared to $1.63 billion. Analysts polled by FactSet Research estimated, on average, a loss per share of 49 cents and sales of $1.54 billion. Capital expenditures in 2009 are expected to be approximately $120 million compared to approximately $192 million in 2008 as fewer stores are opened. Dillard's shares rose 25% Tuesday to $3.75.
Tiffany earnings per share cut in half(7:22 am ET)
NEW YORK (MarketWatch) -- Tiffany & Co. (TIF: news, chart, profile) said Wednesday that it earned $44 million, or 35 cents a share, in the third quarter. In the same period a year ago, Tiffany earned $102 million, or 74 cents a share. Net sales were $618 million compared to $627 million. Analysts polled by FactSet Research estimated, on average, earnings per share of 26 cents and sales of $697 million. Tiffany now expects full year 2008 net earnings in a range of $2.30 to $2.50 a share. Management is planning to reduce staffing in light of reduced consumer demand and to trim capital expenditures in order to achieve the most effective and prudent use of resources. "I can say that we will look for opportunities to increase market share, while simultaneously pursuing various cost reduction avenues appropriate for this environment, including a moderation in the rate of new store openings in 2009," said Chief Executive Michael Kowalsky.
Andersons cuts earnings guidance(7:01 am ET)
LONDON (MarketWatch) -- The Andersons Inc. (ANDE: news, chart, profile) on Wednesday cuts its earnings guidance for 2008 to a range of $2.00 to $2.80 a share from its previous range of $3.50 to $4.00 a share. The diversified group, which includes interests in agriculture and railcar leasing, said the cut was due to continued volatility in the plant nutrients sector.
Central Garden & Pet loss widens; debt reduced(5:14 am ET)
TEL AVIV (MarketWatch) -- Central Garden & Pet Co., (CENT: news, chart, profile) (CENTA: news, chart, profile) the Walnut Creek, Calif., retailer, late on Tuesday reported a wider fiscal fourth-quarter loss on 3.2% higher sales. For the quarter ended Sept. 27, the loss was $13.9 million, or 20 cents a share, against $1.7 million, or 2 cents, in the year-earlier period. Adjusted profit in the latest period was 6 cents a share. Sales reached $414 million from $401.3 million. The company noted that it cut its debt to $523 million at quarter end from $610 million a year earlier.
Porsche sees VW stake staying below 50% in 2008: report(4:30 am ET)
LONDON (MarketWatch) -- Porsche (DE:PAH003: news, chart, profile) CEO Wendelin Wiedeking said Wednesday that it's increasingly unlikely the firm will raise its stake in Volkswagen (DE:766400: news, chart, profile) to more than 50% in the remainder of the year, due to the worsening financial crisis, according to a Dow Jones Newswires report. Wiedeking said the sports car maker's goal is still to initially take its stake in VW to over 50% as soon as possible. In a separate statement Porsche said turnover in the first for months of fiscal 2009 is likely to be just over 2 billion euros, compared to 2.36 billion euros a year earlier. Sales will be around 25,200 units, down from 30,700 units a year earlier. Production is being scaled down to reflect demand, with its Zuffenhausen Plant due to close for seven days in January. Shares in Porsche rose 8.4% in Frankfurt.
Mitchells & Butlers loss widens, suspends dividend(2:54 am ET)
LONDON (MarketWatch) -- U.K. pub operator Mitchells & Butlers (UK:MAB: news, chart, profile) said Wednesday that its net loss for the fiscal year ended Sept. 27 widened to 176 million pounds from 10 million pounds as revenue edged up 1% to 1.91 billion pounds. The group said it will suspend dividend payments until drawing levels on its medium-term debt facility are adequately below 300 million pounds. The company said it had drawn around 514 million pounds on the facility at the start of the year and that has now fallen to 475 million pounds. Trading has been resilient in the first eight weeks of the new financial year, with comparable sales up 1%, mainly on stronger food sales.
Britvic revenue, underlying profit strengthen(2:43 am ET)
LONDON (MarketWatch) -- Soft drinks maker Britvic (UK:BVIC: news, chart, profile) said Wednesday that its net profit for the year ended Sept. 28 fell 25% to 31.8 million pounds, while revenue grew 29% to 926.5 million pounds. Excluding one-off items, net profit rose 20% to 53 million pounds. The group said its performance was helped by the broadening of its relationship with PepsiCo. (PEP: news, chart, profile) , including the addition of V Water and Gatorade to its U.K. portfolio. Conditions in the soft drinks market continue to be tough at the beginning of the new financial year and market visibility beyond the short-term remains limited, Britivic said. For the full year, its dividend increased to 12.6 pence from 11 pence a share.
United Utilities profit drops after tax charge(2:34 am ET)
LONDON (MarketWatch) -- Water utility United Utilities (UK:UU: news, chart, profile) said Wednesday that its net profit for the six months ended Sept. 30 fell 99% to 4.5 million pounds ($6.8 million) from 337.5 million pounds, while revenue rose 5% to 1.21 billion pounds. The drop in profit was mainly due to a deferred tax charge, while underlying pretax profit rose 4% to 252.7 million pounds. The group said its financing position remains robust and it has headroom to cover its projected financing needs into 2010. It also cut its interim dividend by 30% to 10.64 pence a share, as previously outlined.
Tuesday, Nov. 25
Borders posts deeper third-quarter loss, slower sales (5:48 pm ET)
SAN FRANCISCO (MarketWatch) -- Borders Group Inc. (BGP: news, chart, profile) late Tuesday reported its third-quarter loss from continuing operations rose to $172.2 million, or $2.85 a share, from a loss of $40 million, or 68 cents a share, in the same quarter last year. Analysts surveyed by FactSet Research, on average, had forecast the retail book and media chain would report a loss of 57 cents a share. The loss includes non-cash, non-operating charges totaling $133.2 million in the quarter, consisting primarily of deferred tax and fixed asset impairments, Borders said. Comparable-store sales for U.S. Borders superstores slid 12.8% for the quarter.
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3xBuBu

11/28/08 5:48 PM

#713 RE: 3xBuBu #699

Friday, Nov. 28
G. Willi-Food 3rd-quarter net down 79%, sales up 33%(7:51 am ET)
TEL AVIV (MarketWatch) -- G. Willi-Food International Ltd., (WILC: news, chart, profile) the Yavne, Israel, kosher-food producer, reported third-quarter net income fell 79% on 33% higher sales. Net income fell to 642,000 shekels, or 0.01 shekel a share, from 3.1 million shekels, or 0.27, in the year-earlier period. Earnings attributable to shareholders fell 97% to 88,000 shekels from 2.8 million. Sales reached 79.1 million shekels from 59.7 million. The company also cut its estimate of sales for the year to more than 320 million shekels from more than 330 million. Due to the dollar strengthening against the shekel, the figures translate to $80 million versus the previous $100 million.
STMicro cuts revenue view; demand eases, orders pushed out(2:29 am ET)
TEL AVIV (MarketWatch) -- STMicroelectronics, (STM: news, chart, profile) the Geneva chipmaker, cut its fourth-quarter-revenue forecast, citing slower billing, reduced demand, and order push-outs. In a statement on Friday, the company said it now sees revenue of $2.2 billion to $2.35 billion. On Oct. 28, it estimated fourth-period revenue at flat with to down 8% from the third-quarter's figure of $2.7 billion. The new estimate is 12.8% to 18.4% down from the third-quarter figure. Because of unused capacity, the company sees gross-profit margin at 38%, plus or minus 1 percentage point. In October, the company said gross margin would improve to 38.8% -- plus or minus a point. The Q3 figure was 37.2%. The situation "reflects the well-known weaknesses in the industry, across most geographies and market segments, and, in particular, in wireless, automotive, and computer peripherals," STMicro said. The company said that in reaction, it's further reducing manufacturing and cutting sourcing from third-party suppliers. And it's concentrating on controlling costs.
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3xBuBu

12/01/08 7:08 PM

#714 RE: 3xBuBu #699

Monday, Dec. 1
Shanda third-quarter net income rises to 68 cents per ADS (4:42 pm ET)
SAN FRANCISCO (MarketWatch) -- Shanda Interactive Entertainment Ltd. (SNDA: news, chart, profile) late Monday reported its third-quarter net income rose to 337.1 million yuan ($49.4 million), or 4.62 yuan (68 cents) per American Depositary share, up from 238.9 million yuan, or 3.26 yuan per ADS, in the year-ago period. On an adjusted basis, the company earned 4.78 yuan per ADS in the most recent quarter. Revenue increased to 936.5 million yuan ($137.3 million) from 656.3 million yuan, the China-based media company said. Analysts surveyed by FactSet Research were expecting, on average, a profit of 58 cents per ADS on revenue of $130.8 million.
Amex Natural Gas Index slides 5% as energy shares fall (9:38 am ET)
NEW YORK (MarketWatch) -- Energy stocks retreated with oil prices on Monday, with natural gas stocks leading the decline in early action. The Amex Natural Gas Index (XNG: news, chart, profile) fell 5% to 387. The Amex Oil Index (XOI: news, chart, profile) subtracted 4.7% to 922. Chesapeake Energy (CHK: news, chart, profile) fell 7% to $15.97, continuing its losses after a 15% slide in the previous session. U.S.-listed shares of China Petroleum & Chemical Corp. (SNP: news, chart, profile) dropped 6% to $62.75 after Goldman Sachs downgraded shares of the oil giant to sell.
TNK-BP chief executive officer steps down(9:21 am ET)
NEW YORK (MarketWatch) -- TNK-BP, the 50-50 oil partnership in Russia including oil giant BP (BP: news, chart, profile) , said Monday that founding President and CEO, Robert Dudley, stepped down after five years on the job. TNK-BP, Russia's third-largest oil company in terms of crude oil production, named Tim Summers as interim CEO in addition to his current duties as the company's chief operating officer. Summers is appointed chief executive until the appointment and commencement of a new non- affiliated CEO as agreed by the shareholders. "I depart TNK-BP after more than five challenging and immensely satisfying years building and leading this unique and progressive Russian oil major", Dudley said. "I wish the new management team every success in continuing the company's development."
OPEC's Badri expects production cut Dec. 17(7:34 am ET)
NEW YORK (MarketWatch) -- Organization of Petroleum Exporting Countries Secretary General Abdalla Salem El Badri signaled Monday that crude prices in the range of $70-$90 a barrel would be "very reasonable," according to reports. Crude oil futures subtracted $2.55 to $51.88 in electronic trades. OPEC plans to meet in Oran, Algeria on Dec. 17 to take action on a possible production cut. Meeting with reporters in Tehran, El Badri declined to specify the size of the expected curtailment. Badri blamed the "mismanagement of the U.S. economy" for falling oil demand and poor global economic conditions, Dow Jones Newswires reported. "Remember, what happened with the destruction of demand and (with) the world economy has nothing to do with oil. It's something else. It's the mismanagement of the American economy," El Badri said at an energy conference.
Chip sales in October fell 2.4% from year-earlier month: SIA(6:17 am ET)
TEL AVIV (MarketWatch) -- Global sales of semiconductors fell in October 2.4% to $22.47 billion from $23.03 billion in the year-earlier period, the Semiconductor Industry Association reported on Monday. The latest figure came in 2.1% below the September level of $22.96 billion, the SIA said. The financial crisis should hurt demand for semiconductors into 2009, said George Scalise, president of the San Jose, Calif., trade group. "For 2009, [personal-computer] unit shipments are forecast to decline by 5% and cellphone unit shipments are projected to be down by 9%. PCs and cellphones account" for about 60% of total demand for semiconductors, the executive said.
Finland's Rautaruuki warns on profit, to cut 1,000 jobs(2:52 am ET)
LONDON (MarketWatch) -- Finnish steel maker Rautaruuki (FI:RTRKS: news, chart, profile) cut its sales and profit view for the year, citing weakened demand and stock levels. It now expects sales to be slightly higher on a flat adjusted operating profit. Rautaruuki previously forecast sales growth "somewhat below 10%" and an increased adjusted operating profit. It may cut 1,000 jobs in a bid to save 60 million euros a year, at a one-time cost of around 10 million euros.
Qimonda sees wider loss and a possible deal with investors(2:40 am ET)
TEL AVIV (MarketWatch) -- Qimonda AG, (QI: news, chart, profile) the Munich chipmaker, expects to report that its fiscal fourth-quarter net loss widened from the third quarter. It said that within a few weeks it might announce a deal with strategic and financial investors, subject to regulatory clearances. And while talks with the investors proceed, the company said it would delay until mid-December reporting its full financials for fiscal 2008 ended Sept. 30. The wider loss stems from a write-down on its stake in Inotera Memories Inc., Qimonda said. Fourth-quarter sales rose 24% from the third period, to 476 million euros, Qimonda estimated. And productivity improvements helped the company narrow its negative gross margin for the quarter. Qimonda is delaying the full report because "the contours of a transaction would impact its financial condition, in particular with respect to the review of its long-lived assets for impairment that it announced in connection with the preparation of its full-year results." Qimonda is mostly held by Infineon Technologies (IFX: news, chart, profile) (DE:623100: news, chart, profile) .
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3xBuBu

12/02/08 6:18 PM

#715 RE: 3xBuBu #699

Tuesday, Dec. 2
Glu Mobile plans layoffs; will cut CEO's salary by 25%(4:47 pm ET)
SAN FRANCISCO (MarketWatch) -- Glu Mobile Inc. said Tuesday afternoon that it plans to reduce its headcount by an undisclosed amount in a cost-cutting move. The maker of mobile games (GLUU: news, chart, profile) said in a statement that its reductions will cut about $13 million from annual operating expenses. In addition to the layoffs, CEO Greg Ballard said he has asked the board to reduce his salary by 25% "until the company is demonstrating consistent progress toward our long-term goals."
Analysts sees 'compelling' valuations among oil drillers(11:21 am ET)
NEW YORK (MarketWatch) -- Valuations in the oil service and drilling sectors are "compelling," Barclays Capital analyst James D. Crandell said in a note to clients on Tuesday. Current stock prices among components of the Philadelphia Oil Service Index ($OSX: news, chart, profile) "largely discount what in our view is the most likely scenario - a sharp drop (25%) in North American exploration and production expenditures in 2009," Crandell said. Sector leader Baker Hughes' (BHI: news, chart, profile) U.S. rig count as of Nov. 26 was down by 75 from the prior week to 1,866 rigs, he noted. In recent action, the Philadelphia Oil Service Index traded 1% lower at 114.
Energy stocks rebound from crushing losses(9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks rebounded from crushing losses in the previous session, even as crude oil futures dipped slightly. The Amex Oil Index (XOI: news, chart, profile) rose 3% to 889, led by a jump of nearly 6% from Repsol (REP: news, chart, profile) . The Amex Natural Gas Index (XNG: news, chart, profile) rose 2.4% to 370.
CORRECT: General Electric sees Q4 net at low end of range(8:38 am ET)
NEW YORK (MarketWatch) -- General Electric Co. (GE: news, chart, profile) said Tuesday it expects fourth-quarter net income of 50-52 cents a share, the low end of its previously announced range of 50-56 cents a share. Analysts expected earnings of 52 cents a share for the component of the Dow Jones Industrial Average ($DJ: news, chart, profile) . GE also said it expects to book charges of $1 billion to $1.4 billion related to restructuring and other costs as it reviews losses in the current credit environment. GE reiterated plans to pay a dividend of $1.24 a share in 2009. "Our plans reflect a very difficult environment," GE CFO Keith Sherin said. "However, GE Capital expects to deliver exceptional relative performance in 2008. For 2009, we are targeting to reduce leverage to 6:1, lower outstanding commercial paper balance to $50 billion and reduce our overall funding needs." (Corrects date of dividend payout.)
Walgreens Nov. same-store sales slip(8:12 am ET)
NEW YORK (MarketWatch) -- Walgreens (WAG: news, chart, profile) said Tuesday its November sales at stores open at least one year fell 0.9%, and front-end same-store sales also fell 0.9%. Total sales rose 3.7% to $4.96 billion, the drugstore operator said. Black Friday and the following weekend saw stronger consumer traffic than a year ago, Walgreens said, but fewer items were purchased per transaction. Transactions on a same-store basis rose 1.7% in November. Pharmacy sales increased 2.4% in the month, while same-pharmacy sales slipped 0.9%, hurt by 2.3 percentage points due to generic drug introductions in the last 12 months.
Patterson-UTI rig count falls in November(7:23 am ET)
NEW YORK (MarketWatch) -- Patterson-UTI Energy Inc. (PTEN: news, chart, profile) on Tuesday said its November drill rig count fell to 261, down from 283 in October.
Staples Inc. net income falls 43%(7:14 am ET)
NEW YORK (MarketWatch) -- Staples Inc. (SPLS: news, chart, profile) on Tuesday said third-quarter net income for the three months ended Nov. 1 fell 43% to $157 million, or 22 cents a share, from $274.5 million, or 38 cents a share in the year-ago period. Adjusted earnings at the Framingham, Mass. office products retailer remained flat at 42 cents a share. Sales increased 34% to $7 billion. Adjusted sales fell 3% to $5 billion. Wall Street analysts expected earnings of 41 cents a share and revenue of $6.84 billion, according to a survey by FactSet Research.
CORRECT: Sears swings to loss on 8.3% lower sales(6:51 am ET)
TEL AVIV (MarketWatch) -- Sears Holdings Corp., (SHLD: news, chart, profile) the Hoffmann Estates, Ill., parent of Sears and Kmart stores, swung to a third-quarter net loss from a year-earlier profit on 8.3% lower total sales and 9% lower domestic same-store sales. The company also added $500 million to its share-buyback authorization, bringing the total available to $572 million. For the quarter ended Nov. 1, the loss was $146 million, or $1.16 a share, compared with net income of $4 million, or 3 cents, in the year-earlier period. Excluding special items, the adjusted loss for the latest quarter was 90 cents a share. Shares outstanding fell 10% to 125.5 million. Revenue fell to $10.66 billion from $11.62 billion. A survey of analysts by Thomson Reuters was looking for a loss of 49 cents for the quarter. (Corrects the source of the earnings estimate.)
Beazer Homes 4th-period loss widens, revenue off 35%(6:47 am ET)
TEL AVIV (MarketWatch) -- Beazer Homes USA Inc., (BZH: news, chart, profile) the Atlanta home builder, reported a wider fiscal fourth-quarter net loss on 35% lower revenue. For the quarter ended Sept. 30, the loss widened to $473.9 million, or $12.29 a share, from $155.2 million, or $4.03, in the year-earlier period. Revenue fell to $712.6 million from $1.09 billion. A survey of analysts by Thomson Reuters was looking for a loss of $2.10 a share. The backlog at Sept. 30 was 1,358 homes, down 55% from the year-earlier 2,985. The sales value of the backlog was $326.6 million, down 61% from $838.8 million.
Acorn Intl swings to loss and affirms full-year view(6:24 am ET)
TEL AVIV (MarketWatch) -- Acorn International Inc., (ATV: news, chart, profile) the Shanghai consumer-products company, swung to a third-quarter net loss from a year-earlier profit on 3.4% higher sales, and it affirmed its full-year outlook. The loss was $10.8 million, or 38 cents an American depositary share, against profit of $4.5 million, or 13 cents, in the year-earlier period. The adjusted loss per ADS was 4 cents. Sales reached $75.7 million from $73.2 million. The quarter was mixed, the company said, with the 2008 Beijing Olympics boosting its collectibles business and the domestic-financial-market decline weakened its sales of stock-tracking software.
Zoltek narrows loss on 17% higher revenue(3:28 am ET)
TEL AVIV (MarketWatch) -- Zoltek Cos., (ZOLT: news, chart, profile) the St. Louis supplier of carbon fibers used in wind turbines, narrowed its fiscal fourth-quarter net loss on 17% higher revenue. For the quarter ended Sept. 30, the loss shrank to $1.79 million, or 5 cents a share, from $1.84 million, or 6 cents, in the year-earlier period. Continuing operations produced losses of 5 cents against 4 cents. Revenue was in line with the company's pre-announcement in mid-October, up 17% to $51 million from $43.6 million. The results were hurt by a charge for a legal dispute and by higher raw-material and energy costs, Zoltek said in a statement late on Monday. Zoltek has expanded to ensure supply for large-volume users of carbon fibers, and the "fundamentals of alternative energy generally -- and wind energy in particular -- are extremely solid, with strong support from governments in Europe, Asia and North America," Chairman and Chief Executive Zsolt Rumy said.
Greene King pretax drops 15%, holds dividend(2:34 am ET)
LONDON (MarketWatch) -- U.K. pub chain Greene King (UK:GNK: news, chart, profile) said 24 week to Oct. 19 pretax profit fell 15% to 71.6 million pounds ($106.5 million), as revenue edged up 0.1% to 445 million pounds. The firm held its dividend at 7.3 pence a share. It said it had a "comfortable" covenant headroom, with no debt refinancing needed until 2012. It said trading conditions are the toughest it has known in a long time, as consumer confidence has dropped and deep discounting has encouraged the consuemr to stay at home, while higher costs have put margins under strain. Since the period end, same-store pub partners profit has "softened slightly" and same-store sales at Belhaven's managed pubs are ahead. It added external conditions are likely to worsen again in the new year.
Thomas Cook adjusted pretax climbs 32% after deal(2:27 am ET)
LONDON (MarketWatch) -- Thomas Cook Group (UK:TCG: news, chart, profile) said fiscal year to Sept. 30 adjusted profit before tax rose 32% to 309.3 million pounds ($460 million), with revenue up 12% to 8.81 billion pounds. Excluding the impact of translation and acquisitions, revenue was flat, it said. It increased its merger synergy target from the combination of MyTravel and Thomas Cook to 215 million pounds by 2010, up from 155 million pounds. Current trading is in line with its expectations, as "consumers remain intent on taking their holidays." It's forecasting an operating profit of 480 million pounds in 2010, up from 365.9 million pounds in the last fiscal year.
Goldman 4th-period loss may be up to $5-share: Journal(1:43 am ET)
TEL AVIV (MarketWatch) -- Goldman Sachs Group Inc., (GS: news, chart, profile) the New York investment bank, which has registered as a commercial bank, is likely to report a fiscal fourth-quarter loss of as much as $5 a share, five times the current analyst consensus, The Wall Street Journal reported. The expected loss for the quarter ended Nov. 28 would be the firm's first quarterly deficit since it went public in 1999, the Journal reported. The company will write down the value of assets in private equity, commercial real estate and more, the Journal reported.
Monday, Dec. 1
Shanda third-quarter net income rises to 68 cents per ADS (4:42 pm ET)
SAN FRANCISCO (MarketWatch) -- Shanda Interactive Entertainment Ltd. (SNDA: news, chart, profile) late Monday reported its third-quarter net income rose to 337.1 million yuan ($49.4 million), or 4.62 yuan (68 cents) per American Depositary share, up from 238.9 million yuan, or 3.26 yuan per ADS, in the year-ago period. On an adjusted basis, the company earned 4.78 yuan per ADS in the most recent quarter. Revenue increased to 936.5 million yuan ($137.3 million) from 656.3 million yuan, the China-based media company said. Analysts surveyed by FactSet Research were expecting, on average, a profit of 58 cents per ADS on revenue of $130.8 million.
icon url

3xBuBu

12/03/08 8:43 PM

#716 RE: 3xBuBu #699

Wednesday, Dec. 3
Synopsys' earnings rise 13%(5:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Synopsys Inc. (SNPS: news, chart, profile) on Wednesday reported a fiscal fourth-quarter profit of $46.4 million,or 32 cents a share, on revenue of $352.8 million. During the same period a year ago, the maker of semiconductor design software earned $41 million, or 27 cents a share, on $315.2 million in sales. Excluding one-time items, Synopsys would have earned $62.7 million, or 43 cents a share. By that measure, Synopsys topped the estimates of analysts surveyed by FactSet Research, who forecast the company to earn 35 cents a share on $349 million in sales.
Aeropostale third-quarter profit rises to 63 cents a share(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- Specialty teen retailer Aeropostale (ARO: news, chart, profile) late Wednesday reported its third-quarter net income rose to $42.6 million, or 63 cents a share, from $36 million, or 48 cents a share. Sales increased to $482 million from $412.6 million. Analysts surveyed by FactSet Research had forecast earnings of 62 cents a share on revenue of $482.1 million. Same-store sales in the quarter rose 7%. The company expects earnings in the fourth quarter to be in a range of 84 cents to 90 cents a share. Wall Street is projecting the company to earn 97 cents a share.
Energy stocks retreat ahead of inventory data(9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell with the broad market on Wednesday ahead of weekly inventory data. The Amex Oil Index (XOI: news, chart, profile) dropped 2.9% to 873. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 2% to 364. Chevron (CVX: news, chart, profile) fell 2.2% after the company said it may sell some refineries in the face of lower gasoline margins. In the energy utility sector, Constellation Energy Group (CEG: news, chart, profile) rose 14% to $28.78 after EDF (FR:EDF: news, chart, profile) offered $4.5 billion to buy a 50% stake in its nuclear power business.
Schlumberger reiterates business slowdown forecast(9:33 am ET)
NEW YORK (MarketWatch) -- Schlumberger (SLB: news, chart, profile) said Wednesday the company's fiscal year profit for 2008 will be below analysts' consensus estimates due to the worldwide economic slowdown and its effect on oil and gas exploration and production. "We have been consistent in our view that our results would be affected in the event of a severe global economic downturn, which we are now facing," said Chairman and Chief Executive Officer Andrew Gould. "However, we still maintain that in the longer term, the fundamentals of our industry are sound." Schlumberger did not quantify its earnings targets. Analysts expect the oil service giant to earn $1.30 a share in 2008, according to a survey by FactSet Research. Shares fell 9% to $39.77.
Del Monte earnings rise in quarter(8:26 am ET)
NEW YORK (MarketWatch) -- Del Monte Foods Co. (DLM: news, chart, profile) said Wednesday that second quarter earnings were $50 million, or 25 cents a share, compared to $26 million, or 13 cents, in the same period a year ago. Earnings from continuing operations were 14 cents compared with 13 cents last year. Sales rose to $901 million compared to $808 million a year ago. Analysts polled by FactSet Research estimated, on average, earnings per share of 12 cents and sales of $906 million. For fiscal 2009 Del Monte raised its sales-growth forecast to 8% to 10% above 2008 from 6% to 8%. It affirmed its fiscal 2009 earnings-per-share forecast of 58 cents to 62 cents, but expects to be in the mid, rather than the lower end of that range.
Exxon Mobil CEO gets 10% base salary increase (7:42 am ET)
NEW YORK (MarketWatch) -- Exxon Mobil Corp. (XOM: news, chart, profile) Chairman and Chief Executive Rex W. Tillerson will receive a 10% base salary increase to $2.06 million in 2009, up $187,000 from $1.87 million in 2008, according to a filing with regulators late Tuesday. Tillerson, who heads up the world's largest corporation with a market capitalization of nearly $400 billion, will be eligible for a bonus of $4 million, up from $3.36 million. He'll also receive restricted stock options on 225,000 shares under a 10-year lock-up agreement. Last year, Tillerson received 185,000 restricted shares.
Jacada affirms estimates for 2008 and cuts 24 jobs(4:36 am ET)
TEL AVIV (MarketWatch) -- Jacada Ltd., (JCDA: news, chart, profile) the Atlanta provider of solutions to boost efficiency in customer-service operations, said it would cut 14% of its worldwide staff and cut other costs "to align company operations with revenue targets for 2009." Jacada is "on track to meet our guidance for 2008, with revenue growth of 57% to 72% year over year and a reduction in annual [adjusted] net loss by as much as 40% to 50%," Chief Executive Paul O'Callaghan said in a statement late on Tuesday. Jacada is cutting 18 employees and six subcontractors, a move that'll save $2.3 million a year. The cuts, including a senior-management position in services, will come at all internal levels and in all regions, he said.
II-VI cuts estimate of 2nd-quarter operating profit, revenue(3:19 am ET)
TEL AVIV (MarketWatch) -- II-VI Inc., (IIVI: news, chart, profile) the Saxonburg, Pa., provider of engineered materials and parts, cut its estimates of fiscal second-quarter earnings and revenue. For the quarter ending Dec. 31, II-VI sees profit from continuing operations of 27 cents to 33 cents, against its previous view of 38 cents to 42 cents. Revenue should come in at $71 million to $76 million, compared with the previous estimate of $82 million to $86 million, the company said in a statement late on Tuesday. Francis J. Kramer, president and chief executive, cited "unprecedented changes in the economy" in and outside the U.S. The company's operations in October were in line with the previous estimates, but during November "we saw a sizable curtailing of demand for our product offerings from the non-military markets we serve," he said.
Stagecoach profit up 5.5%, plans job cuts in rail business(2:57 am ET)
LONDON (MarketWatch) -- U.K. bus and train operator Stagecoach Group (UK:SGC: news, chart, profile) said Wednesday that its net profit in the six months to Oct. 31 rose 5.5% to 69.4 million pounds from 65.8 million pounds as revenue grew 27% to 1.05 billion pounds. The group said it believes its bus operations should be relatively protected from the U.K. economic downturn, but its planning a cost reduction program for its rail business, which will include job cuts.
Anglo Irish Bank profit drops by a third(2:48 am ET)
LONDON (MarketWatch) -- Anglo Irish Bank (UK:ANGL: news, chart, profile) said Wednesday that its net profit in the fiscal year ending Sept. 30 fell 33% to 670 million euros ($852 million) from 998 million euros. The group said a 21% rise in net interest income to 1.89 billion euros was more than offset by a jump in total impairment charges to 879 million euros from 149 million euros. The group said the impairments include 500 million euros, or 0.71% of average customer lending, which it has chosen to add to collective provisions to reflect the worsening economy. The bank said it expects to achieve a core equity ration of between 7.5% and 8.5% within the next three years through retained earnings and will consider all opportunities to accelerate reaching this target.
Research in Motion cuts estimates of 3rd-period net, revenue(2:15 am ET)
TEL AVIV (MarketWatch) -- Research in Motion Ltd., (RIMM: news, chart, profile) (CA:RIM: news, chart, profile) the Waterloo, Ontario, producer of the iconic BlackBerry mobile-communications system, cut its estimates of fiscal third-quarter earnings and sales. At the same time, "Initial sales of new products have been very positive," said Jim Balsillie, co-chief executive at RIMM. For the quarter ended Nov. 29, Research in Motion estimates net income of US$0.67 to US$0.71 a share, compared with its previous estimate of 89 cents to 97 cents. The latest adjusted earnings are seen at 81 cents to 83 cents. It expects to report revenue of US$2.75 billion to US$2.78 billion, compared with its previous view of $2.95 billion to $3.1 billion. The new revenue estimate is about 65% above the figure for the year-earlier period. A survey of analysts by FactSet produced consensus estimates of 91 cents of profit on $2.94 billion of revenue. The earnings shortfall stems from the lower-than-expected revenue and a stronger U.S. dollar, RIMM said in a statement late on Tuesday. The revenue shortfall, in turn, reflects fewer unit shipments -- due to economic weakness in the U.S. and "shifts in product-launch dates within the quarter," RIMM said. The stronger U.S. dollar also hurt the revenue line, RIMM said. Gross-profit margin should be lower than expected, at 45% to 46%, RIMM said. Research in Motion estimates that it added 2.6 million subscribers in the quarter, compared with its earlier estimate of 2.9 million.
Tuesday, Dec. 2
Glu Mobile plans layoffs; will cut CEO's salary by 25%(4:47 pm ET)
SAN FRANCISCO (MarketWatch) -- Glu Mobile Inc. said Tuesday afternoon that it plans to reduce its headcount by an undisclosed amount in a cost-cutting move. The maker of mobile games (GLUU: news, chart, profile) said in a statement that its reductions will cut about $13 million from annual operating expenses. In addition to the layoffs, CEO Greg Ballard said he has asked the board to reduce his salary by 25% "until the company is demonstrating consistent progress toward our long-term goals."
icon url

3xBuBu

12/04/08 6:04 PM

#717 RE: 3xBuBu #699

Thursday, Dec. 4
Novell reports fourth-quarter net loss of 5 cents a share (4:30 pm ET)
SAN FRANCISCO (MarketWatch) -- Novell Inc. (NOVL: news, chart, profile) late Thursday reported a fourth-quarter net loss of $16.3 million, or 5 cents a share, compared with a net loss of $17.9 million, or 5 cents a share, in the same quarter a year earlier. The company reported a loss of 5 cents a share from continuing operations. Revenue slid marginally to $244.7 million from $244.9 million, the provider of open source software for businesses said. Analysts surveyed by FactSet Research had forecast earnings of 4 cents a share on revenue of $247.8 million. The company is targeting no less than 10% operating margin, on an adjusted basis, in fiscal 2009.
Guess profit rises 11% on solid sales growth (4:29 pm ET)
SAN FRANCISCO (MarketWatch) -- Clothing and apparel maker Guess? Inc. (GES: news, chart, profile) reported late Thursday fiscal third-quarter 2009 net income of $64 million, or 69 cents a share, up from $58.3 million, or 62 cents, a year ago. Revenue for the three months ended Nov. 1 rose 12.5% to $527.9 million. Analysts polled by FactSet Research had predicted the Los Angeles-based company would turn in a profit of 63 cents a share on $515 million in sales. The company said it sees earnings of $2.27 to $2.32 a share for the fiscal year ending Jan. 31, 2009, compared with analysts' estimates of $2.41. Guess shares rose 10 cents, or 0.7%, to close at $13.96 ahead of the report. They surged another 2.9% in after-hours trade.
Starbucks warns won't hit Wall Street earnings target(12:12 pm ET)
SAN FRANCISCO (MarketWatch) -- Starbucks (SBUX: news, chart, profile) Chief Financial Officer Troy Alstead said Thursday the coffee-shop chain is facing deteriorating comparable store-sales and the company won't meet Wall Street's profit target for the current quarter of 21 cents a share. Speaking to analysts in New York, Alstead didn't indicate what Starbucks will earn for the December quarter. He said sales at stores open at least one year have fallen 9% since the quarter began Sept. 29. While store traffic had perked up in October, sales weakened in November, he explained. The CFO said it was "too early" to predict fiscal first-quarter sales. And he said it wouldn't be "prudent" to give full-year profit targets. Starbucks did tell analysts it plans to cut an additional $200 million in costs over the next year, raising its expense-plan cuts to $400 million. Starbucks shares rose almost 2% to $8.78 in midday trading.
Safeway forecasts store traffic to improve in 2009(10:23 am ET)
SAN FRANCISCO (MarketWatch) -- Safeway Inc. (SWY: news, chart, profile) , one of the nation's largest grocery-store chains, on Thursday forecast its 2009 earnings will be in the range of $2.34 to $2.44 a share. Wall Street expects $2.36 a share, according to a FactSet Research analyst survey. Safeway said identical store sales, a key barometer of the supermarket chain's health, should be between 2% and 3%, excluding sales at its gas pumps. This signals that Safeway expects to improve store traffic despite the weak economy. For 2008, Safeway is targeting identical store sales growth of 1% to 2%. The grocer is in the midst of cutting corporate costs and prices for its food. Safeway operates 1,738 stores in the U.S. and Canada. Its regional chains include Vons, Randalls, Genuardi's and Dominick's. Safeway shares rose more than 2% in early trading. The stock is down 35% for the year.
Energy stocks move into the red(9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell with both the broad market and crude oil futures on Thursday. The Amex Oil Index (XOI: news, chart, profile) dropped 1.8% to 878. The Amex Natural Gas Index (XNG: news, chart, profile) declined 1.7% to 370. Exxon Mobil (XOM: news, chart, profile) fell 1% to $78.09. A spokesman for Exxon Mobil's Mobil Producing Nigeria said Thursday one person was killed during an attack of a convoy in the southern Nigerian state of Akwa Ibom. "The victim is not an MPN employee and his identity cannot be ascertained at this time," the company said, according to a report by AFP. Separately, shares of Murphy Oil (MUR: news, chart, profile) dropped 27 cents to $40.23. The company drew an upgrade to neutral from underweight at JP Morgan.
Ross same-store sales sink 2% in November, beat estimates(8:59 am ET)
NEW YORK (MarketWatch) -- Ross Stores Inc. (ROST: news, chart, profile) said Thursday its November sales at stores open at least one year fell 2%. Analysts, on average, had expected the same-store sales to fall 4.1%, according to Thomson Reuters. Total sales for the four weeks ended Nov. 29 rose 4% to $568 million.
Nordstrom same-store sales sink 15.9% in November(8:47 am ET)
NEW YORK (MarketWatch) -- Nordstrom Inc. (JWN: news, chart, profile) said Thursday its November sales at stores open at least one year fell 15.9%. Analysts, on average, had expected the same-store sales to fall 17.9%, according to Thomson Reuters. Total sales for the four weeks ended Dec. 1 fell 12.1% to $707 million. The company said that due to the timing of the Thanksgiving holiday, its results for November 2008 were negatively impacted due to one less week of holiday shopping compared with November 2007.
Viacom to lay off 850, or 7% of work force(8:47 am ET)
NEW YORK (MarketWatch) -- Viacom Inc. (VIA: news, chart, profile) , (VIAB: news, chart, profile) on Thursday said it would book a charge of $400 million to $450 million, or 42-48 cents a share, in its fourth quarter as it lays off about 850 employees or 7% of its work force. The New York-based media company said it's suspending senior management salary increases in 2009. The staffing and compensation actions and write-downs are expected to result in pre-tax savings of $200 million to $250 million in 2009. "We are moving rapidly to adapt to the challenges presented by the current economic environment," the company said.
Target sees December same-store sales declines(8:45 am ET)
NEW YORK (MarketWatch) -- Target Corp. (TGT: news, chart, profile) said Thursday it expects December sales at stores open longer than one year to show a mid-single digit to low double-digit decline. The discount retailer said the month's results will reflect the challenging and volatile economic environment.
Chico's reports 15.4% drop in sales (8:44 am ET)
NEW YORK (MarketWatch) -- Chico's FAS Inc. (CHS: news, chart, profile) said Thursday its November sales at stores open at least one year fell 15.4%, the exact figure predicted by analysts, according to Thomson Reuters. Net sales for the four weeks ended Nov. 29 fell 11.3% to $118.5 million.
Kohl's Corp. November same-store sales down 17.5%(8:41 am ET)
NEW YORK (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) said Thursday that sales at stores open at least a year fell 17.5% in November, compared to the target for a loss of 16.6% in a survey of Wall Street analysts by Thomson Reuters. Total sales dipped 13.7% to $1.75 billion. "November sales results were as expected, affected by both lower traffic than last year, and a significant sales shift due to a later Thanksgiving," the Menomonee Falls, Wis. retailer said. "Post-Thanksgiving results have been significantly stronger than our prior trend, driven by planned strong promotion."
J.C. Penney November same-store sales fall 11.9%(8:36 am ET)
NEW YORK (MarketWatch) -- J. C. Penney Company Inc. (JCP: news, chart, profile) said Thursday that comparable store sales decreased 11.9% for the four-week period ended Nov. 29. Wall Street analysts surveyed by Thomson Reuters expected a decline of 12.7%. Total company sales in November decreased 11.5% to $1.8 billion. "Black Friday shopping at JCPenney was strong across all areas of the country with customers responding well to the company's gift assortment and strong value proposition," the Plano, Texas company said.
TJX same-store sales down 12% in November (8:25 am ET)
NEW YORK (MarketWatch) -- TJX Cos. (TJX: news, chart, profile) said Thursday its November sales at stores open at least one year fell 12%, with a 6% decline on a constant currency basis. Analysts, on average, had expected the same-store sales to fall 8.4%, according to Thomson Reuters. Total sales for the four weeks ended Nov. 29 fell 9% to $1.6 billion.
CORRECT: Abercrombie same-store sales down 28%(8:26 am ET)
NEW YORK (MarketWatch) -- Abercrombie & Fitch Co. (ANF: news, chart, profile) said Thursday that sales at its stores open at least a year dropped 28%, compared to the target of 25.6% in a survey of analysts by Thomson Reuters. Total November sales dropped 24% to $267.3 million. (Corrects estimate figure.)
American Eagle Outfitters same-store sales down 11%(8:16 am ET)
NEW YORK (MarketWatch) -- American Eagle Outfitters (AEO: news, chart, profile) said Thursday that sales at stores open at least a year fell 11% in November, compared to the estimate for a decline of 15.2% in a survey of analysts by Thomson Reuters. Total November sales fell 5% to $272.8 million. The Pittsburgh retailer estimated fourth-quarter net income of 30-36 cents a share, compared to 66 cents a share last year. Analysts surveyed by FactSet Research are forecasting earnings of 38 cents a share.
BJ's November same-store sales rise, grocery helps(8:10 am ET)
NEW YORK (MarketWatch) -- BJ's Wholesale Club Inc. (BJ: news, chart, profile) said Thursday that its November sales at stores open at least one year rose 4.1%, including a 2.1% negative impact from gasoline sales. Excluding gasoline sales, BJ's same-store sales rose 6.2%, the company said. Analysts, on average, had expected same-store sales to rise 1.9%, according to Thomson Reuters. Total sales for the four weeks ended Nov. 29 rose 5.2% to $783.2 million. The warehouse-club operator cited stronger sales of food and consumables for its results, particularly in the fourth week of the month.
AT&T cutting 12,000 jobs, books $600 mln severance costs(8:06 am ET)
NEW YORK (MarketWatch) -- AT&T Inc. (T: news, chart, profile) said Thursday it'll take a $600 million charge in its fiscal fourth quarter as part of a plan to cut 12,000 jobs, or 4% of the Dallas-based telecommunication giant's work force. AT&T also plans to cut its 2009 capital expenditures over 2008 levels, with a specific dollar figure to be announced in January. "While AT&T is reducing jobs in some areas, it continues to add jobs in other parts of the business -- such as wireless, video and broadband -- to meet customer demand," the company said. AT&T cited economic pressures, a changing business mix and a more streamlined organizational structucture for the layoffs.
Wal-Mart's total U.S. same-store sales rise 3.4% in November(8:02 am ET)
NEW YORK (MarketWatch) -- Wal-Mart Stores Inc. (WMT: news, chart, profile) said Thursday its November sales at U.S. stores open at least one year, including its Sam's Club outlets, rose 3.4%, excluding the impact of fuel. With fuel, the figure was 3.0% Analysts, on average, had expected the same-store sales to rise 2.1%, according to Thomson Reuters. Total U.S. sales for the four weeks ended Nov. 28 rose 6.5% from a year earlier to $21.48 billion, while total company sales, including those overseas, rose 1.6%.
TD Bank earnings per share fall 19%(7:58 am ET)
NEW YORK (MarketWatch) -- TD Bank Financial Group (CA:TD: news, chart, profile) said Thursday that its fourth-quarter earnings were C$1.01 billion, or C$1.22 a share, compared to C$1.09 billion, or C$1.50, in the same period a year ago. Adjusted earnings per share were C79 cents, compared to C$1.40. Revenue was C$3.64 billion, compared to C$4.04 billion.
Valero scraps sale of two refineries, a third sale still on (7:53 am ET)
NEW YORK (MarketWatch) -- Valero Energy Corp. (VLO: news, chart, profile) has scrapped plans to sell two refineries which could have fetched a price of about $1 billion each, according to published reports. Spokesman Bill Day said the company's Memphis, Tenn. and Ardmore, Okla. facilities are no longer under strategic review, but its Aruba refinery in the Caribbean is still on the block. Valero bought the 275,000 barrel a day Aruba refinery in 2004. The facility was originally commissioned in 1929 by Standard Oil.
Limited reports November sales fall(7:23 am ET)
NEW YORK (MarketWatch) -- Limited Brands Inc. (LTD: news, chart, profile) said Thursday its November sales at stores open at least one year fell 12%. Analysts, on average, had expected its same-store sales to fall 11.6%, according to Thomson Reuters. Net sales for the four weeks ended Nov. 29 fell to $755.6 million compared to $858.7 million last year.
Smithfield Foods earnings slump in quarter (7:15 am ET)
NEW YORK (MarketWatch) -- Smithfield Foods Inc. (SFD: news, chart, profile) said Thursday that second-quarter earnings fell to $4.2 million, or 3 cents a share, compared to $17.4 million, or 13 cents, in the same period a year ago. Current results include a loss from continuing operations of $30.0 million, or 21 cents a share. Sales were $3.15 billion compared to $2.75 billion. Analysts polled by FactSet Research estimated, on average, a loss per share of 7 cents and sales of $3.17 billion.
Sanderson Farms swings to loss as chicken prices fall(6:55 am ET)
LONDON (MarketWatch) -- Sanderson Farms Inc. (SAFM: news, chart, profile) said Thursday that it swung to a loss of $51.9 million, or $2.56 a share in its fiscal fourth quarter, from a profit of $24.1 million, or $1.18 a share, a year earlier, due to falling demand for chicken from restaurants as consumers tighten their belts. The group said consumer demand at the retail level has remained relatively stable, but the decline in demand from food service and casual dining customers resulted in "very weak" market prices for white meat. Sales for the quarter rose 7.8% to $460.2 million. The group also said its export customers have experienced difficulty obtaining the credit needed to buy product, which hit dark meat prices. Excluding an adjustment to inventory values the loss was $1.06 a share. Analysts had been expecting a loss of 74 cents a share, according to a survey by FactSet.
Bombardier 3rd-quarter net doubles, revenue up 8.1%(6:26 am ET)
TEL AVIV (MarketWatch) -- Bombardier, (BDRAF: news, chart, profile) (BDRBF: news, chart, profile) (CA:BBD.A: news, chart, profile) (CA:BBD.B: news, chart, profile) the Montreal aerospace and transport giant, reported fiscal third-quarter net income more than doubled on 8.1% higher revenue. For the quarter ended Oct. 31, net income reached US$245 million, or US$0.14 a share, from $91 million, or $0.05, in the year-earlier period. Revenue rose to US$4.57 billion from $4.23 billion. The backlog at Oct. 31 was $51.9 billion, down 3.2% from $53.6 billion a year earlier. The drop stems from the U.S. dollar's strength against foreign currencies, Bombardier said.
Mothers Work same-store sales edge higher(6:17 am ET)
LONDON (MarketWatch) -- Mothers Work Inc. (MWRK: news, chart, profile) said Thursday its November sales at stores open at least one year rose 0.6%. Total sales for the month of November fell 5.3% to $44 million. Same-store sales were in line with the company's previous guidance of between flat and up 2%.
Copart 1st-quarter net off 0.9%, revenue up 4.1%(5:53 am ET)
TEL AVIV (MarketWatch) -- Copart Inc., (CPRT: news, chart, profile) the Fairfield, Calif., provider of vehicle-remarketing services, reported late on Wednesday that fiscal first-quarter net income slipped 0.9% on 4.1% higher revenue. For the quarter ended Oct. 31, earnings were $37.3 million, or 44 cents a share, compared with $37.6 million, or 41 cents, in the year-earlier period. Shares outstanding fell 5.9% to 85.3 million. Revenue reached $191.6 million from $184 million. A survey of analysts by FactSet Research produced a consensus estimate of 43 cents of profit on $197.3 million of revenue.
Toll shrinks 4th-quarter loss; can't forecast '09 net(5:24 am ET)
TEL AVIV (MarketWatch) -- Toll Brothers Inc., (TOL: news, chart, profile) the Horsham, Pa., home builder, narrowed its fiscal fourth-quarter loss on 40% lower revenue. The company declined to forecast earnings for fiscal 2009, citing "numerous uncertainties," but said revenue should drop significantly from fiscal 2008's total of $3.16 billion. For the quarter ended Oct. 31, the loss shrank to $78.8 million, or 49 cents a share, from $81.8 million, or 52 cents, in the year-earlier period. Adjusted earnings were 23 cents against 72 cents. Revenue fell to $698.9 million from $1.17 billion. A survey of analysts by FactSet Research produced a consensus estimate of a loss of 40 cents. Pre-tax write-downs totaled $175.9 million, down from $314.9 million. The backlog at Oct. 31 was valued at $1.33 billion, compared with $2.85 billion a year earlier. Toll estimated that in fiscal 2009 it would deliver 2,000 to 3,000 homes at an average price of $600,000 to $625,000. (Repeats to fix typographical error.)
Costco November same-store sales fell 5%, total down 3%(3:09 am ET)
TEL AVIV (MarketWatch) -- Costco Wholesale Corp., (COST: news, chart, profile) the Issaquah, Wash., warehouse retailer, reported that in November, comparable-store sales fell 5%. Total sales fell 3% to $5.55 billion from $5.72 billion in the year-earlier period. Same-store sales -- revenue from stores open at least a year, to eliminate the effects of new and closed stores -- were off 2% in the U.S. and 15% internationally, Costco said on Thursday.
Belden to cut 1,800, or 20% of jobs, consolidate production(2:59 am ET)
TEL AVIV (MarketWatch) -- Belden Inc., (BDC: news, chart, profile) the St. Louis producer of signal-transmission solutions for automation, data networks and electronics applications, said it will cut 1,800, or 20%, of its jobs and consolidate manufacturing operations. In a statement late on Wednesday, the company said it expects charges totaling 85 cents to $1 a share for the moves over the current and future periods. The cuts will save $50 million a year beginning in 2011; in 2009, the reductions should save $30 million, Belden estimated. The company also said that it will assess its goodwill levels in December and report any impairments in the year-end financials.
Michael Page warns market weakness spreading(2:51 am ET)
LONDON (MarketWatch) -- U.K. recruitment firm Michael Page International (UK:MPI: news, chart, profile) said Thursday that market conditions have weakened further in November as the loss of confidence first seen in the financial sector has spread rapidly to virtually every industry sector and geographic market in which it operates. The group said its full year pretax profit is likely to be around the bottom of the range of current analyst forecasts and added year-end headcount is now likely to be around 5,100.
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3xBuBu

12/05/08 8:11 PM

#718 RE: 3xBuBu #699

Friday, Dec. 5
Chesapeake Energy down 12% as natural gas shares swoon(11:02 am ET)
NEW YORK (MarketWatch) -- Chesapeake Energy Corp. (CHK: news, chart, profile) fell 12% to $10.42 a share as a leading decliner among shares of natural gas producers on Friday. The Amex Natural Gas Index (XNG: news, chart, profile) swooned more than 7% to 312 as the laggard among major energy indexes.
Energy stocks retreats with broad market(9:40 am ET)
NEW YORK (MarketWatch) -- Energy stocks retreated along with the broad market and crude oil prices after the worst monthly U.S. job loss in 34 years. The Amex Oil Index (XOI: news, chart, profile) fell 1.4% to 832. The Amex Natural Amex (XNG: news, chart, profile) dropped 3% to 327. Among energy stocks in the spotlight, U.S. listed shares of Sinopec (SNP: news, chart, profile) fell 18 cents to $59.98. PetroChina (PTR: news, chart, profile) rose 87 cents to $79.67. China plans next month to raise tax on regular gasoline by five fold and diesel fuel tax by eight fold, in a move to take advantage of falling crude prices and encourage energy conservation, state-run media reported.
Sonoco cuts earnings outlook(8:38 am ET)
NEW YORK (MarketWatch) -- Sonoco (SON: news, chart, profile) on Friday lowered its fourth-quarter net income target to 48-52 cents a share from 60-64 cents a share. Analysts expected earnings of 61 cents a share, according to a survey by FactSet Research. "While sales volume and profitability have held up in our Consumer Packaging segment so far in the fourth quarter of 2008, our businesses that serve industrial markets are seeing a much larger than expected decline in volume and reduced profitability as a result of significantly slowing global economic conditions," Sonoco said.
CMI cutting 500 jobs, or 3.5% of work force(8:13 am ET)
NEW YORK (MarketWatch) -- Cummins Inc. (CMI: news, chart, profile) said Friday it would cut 500 jobs, 3.5% of the Columbus, Ind. manufacturer's work force. The maker of power generation and fuel systems cited deterioration in the U.S. economy and many other key markets around the world.
Brown-Forman posts rise in quarterly profit, raises outlook(7:14 am ET)
NEW YORK (MarketWatch) -- Brown-Forman Corp. (BF.B: news, chart, profile) said Friday its fiscal second-quarter profit rose to $143 million, or 94 cents a share, from $129 million, or 83 cents a share, in the same quarter a year before. However, analysts had expected earnings on average of 96 cents a share, according to a FactSet Research survey. Revenue for the quarter was $935 million compared to $893 million in the year-ago period. The makers of Jack Daniel's and Southern Comfort liquor and other products also raised its profit forecast for fiscal 2009 to between $3.00 and $3.20 a share, due to an estimated 12 cents a share net gain on the expected sale of Bolla and Fontana Candida.
Johnson Outdoors swings to loss(6:28 am ET)
LONDON (MarketWatch) -- Johnson Outdoors (JOUT: news, chart, profile) said it swung to a fourth-quarter ending Oct. 3 loss of $74.6 million, or $8.18 a share, after recording asset impairment charges and a deferred tax asset valuation allowance. It earned $900,000, or 10 cents a share, in the prior-year quarter. Sales slipped to $81.8 million from $87.3 million, with marine eletronics revenue down on weak boat markets and diving and watercraft revenue also falling. It added it was intensifying efforts to reduce operating costs, working capital and capital spending by more than $30 million combined, including by reducing its headcount by 7%.
Big Lots' third-quarter earnings fell 15%(6:11 am ET)
LONDON (MarketWatch) -- Closeout retailer Big Lots (BIG: news, chart, profile) said third-quarter net income fell 15% to $12.2 million from $14.3 million earned in the year-earlier quarter. Earnings from continuing operations came in at 15 cents a share compared to 14 cents a share a year earlier. Revenue for the period fell 0.9% to $1.02 billion. Same-store sales fell 0.2%. In the fourth quarter the retailer said it expects earnings from continuing operations in the range of 90 cents to 99 cents a share.
U.K. builder Berkeley reports 10% profit fall(2:26 am ET)
LONDON (MarketWatch) -- U.K. builder Berkeley Group (UK:BKG: news, chart, profile) said profit in the first half to Oct. 31 dropped 10% to 57 million pounds ($84 million), while revenue rose 2.5% to 452.6 million pounds. The builder, which didn't take any land write-downs, said sales reservations are down 55% from their historic average. It sold 968 units at an average price of 399,000, compared to 1,630 units at an average price of 245,000, as it sold more Central London sites and fewer affordable units. But it warned it's increasingly difficult to secure forward sales while there is uncertainty over the banks' future lending criteria and valuation metrics. "Until resolved, this uncertainty will result in a lower level of production, as Berkeley has always looked to match supply to demand on its sites," the company said.
Thursday, Dec. 4
Novell reports fourth-quarter net loss of 5 cents a share (4:30 pm ET)
SAN FRANCISCO (MarketWatch) -- Novell Inc. (NOVL: news, chart, profile) late Thursday reported a fourth-quarter net loss of $16.3 million, or 5 cents a share, compared with a net loss of $17.9 million, or 5 cents a share, in the same quarter a year earlier. The company reported a loss of 5 cents a share from continuing operations. Revenue slid marginally to $244.7 million from $244.9 million, the provider of open source software for businesses said. Analysts surveyed by FactSet Research had forecast earnings of 4 cents a share on revenue of $247.8 million. The company is targeting no less than 10% operating margin, on an adjusted basis, in fiscal 2009.
Guess profit rises 11% on solid sales growth (4:29 pm ET)
SAN FRANCISCO (MarketWatch) -- Clothing and apparel maker Guess? Inc. (GES: news, chart, profile) reported late Thursday fiscal third-quarter 2009 net income of $64 million, or 69 cents a share, up from $58.3 million, or 62 cents, a year ago. Revenue for the three months ended Nov. 1 rose 12.5% to $527.9 million. Analysts polled by FactSet Research had predicted the Los Angeles-based company would turn in a profit of 63 cents a share on $515 million in sales. The company said it sees earnings of $2.27 to $2.32 a share for the fiscal year ending Jan. 31, 2009, compared with analysts' estimates of $2.41. Guess shares rose 10 cents, or 0.7%, to close at $13.96 ahead of the report. They surged another 2.9% in after-hours trade.
Starbucks warns won't hit Wall Street earnings target(12:12 pm ET)
SAN FRANCISCO (MarketWatch) -- Starbucks (SBUX: news, chart, profile) Chief Financial Officer Troy Alstead said Thursday the coffee-shop chain is facing deteriorating comparable store-sales and the company won't meet Wall Street's profit target for the current quarter of 21 cents a share. Speaking to analysts in New York, Alstead didn't indicate what Starbucks will earn for the December quarter. He said sales at stores open at least one year have fallen 9% since the quarter began Sept. 29. While store traffic had perked up in October, sales weakened in November, he explained. The CFO said it was "too early" to predict fiscal first-quarter sales. And he said it wouldn't be "prudent" to give full-year profit targets. Starbucks did tell analysts it plans to cut an additional $200 million in costs over the next year, raising its expense-plan cuts to $400 million. Starbucks shares rose almost 2% to $8.78 in midday trading.
Safeway forecasts store traffic to improve in 2009(10:23 am ET)
SAN FRANCISCO (MarketWatch) -- Safeway Inc. (SWY: news, chart, profile) , one of the nation's largest grocery-store chains, on Thursday forecast its 2009 earnings will be in the range of $2.34 to $2.44 a share. Wall Street expects $2.36 a share, according to a FactSet Research analyst survey. Safeway said identical store sales, a key barometer of the supermarket chain's health, should be between 2% and 3%, excluding sales at its gas pumps. This signals that Safeway expects to improve store traffic despite the weak economy. For 2008, Safeway is targeting identical store sales growth of 1% to 2%. The grocer is in the midst of cutting corporate costs and prices for its food. Safeway operates 1,738 stores in the U.S. and Canada. Its regional chains include Vons, Randalls, Genuardi's and Dominick's. Safeway shares rose more than 2% in early trading. The stock is down 35% for the year.
Energy stocks move into the red(9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell with both the broad market and crude oil futures on Thursday. The Amex Oil Index (XOI: news, chart, profile) dropped 1.8% to 878. The Amex Natural Gas Index (XNG: news, chart, profile) declined 1.7% to 370. Exxon Mobil (XOM: news, chart, profile) fell 1% to $78.09. A spokesman for Exxon Mobil's Mobil Producing Nigeria said Thursday one person was killed during an attack of a convoy in the southern Nigerian state of Akwa Ibom. "The victim is not an MPN employee and his identity cannot be ascertained at this time," the company said, according to a report by AFP. Separately, shares of Murphy Oil (MUR: news, chart, profile) dropped 27 cents to $40.23. The company drew an upgrade to neutral from underweight at JP Morgan.
Ross same-store sales sink 2% in November, beat estimates(8:59 am ET)
NEW YORK (MarketWatch) -- Ross Stores Inc. (ROST: news, chart, profile) said Thursday its November sales at stores open at least one year fell 2%. Analysts, on average, had expected the same-store sales to fall 4.1%, according to Thomson Reuters. Total sales for the four weeks ended Nov. 29 rose 4% to $568 million.
Nordstrom same-store sales sink 15.9% in November(8:47 am ET)
NEW YORK (MarketWatch) -- Nordstrom Inc. (JWN: news, chart, profile) said Thursday its November sales at stores open at least one year fell 15.9%. Analysts, on average, had expected the same-store sales to fall 17.9%, according to Thomson Reuters. Total sales for the four weeks ended Dec. 1 fell 12.1% to $707 million. The company said that due to the timing of the Thanksgiving holiday, its results for November 2008 were negatively impacted due to one less week of holiday shopping compared with November 2007.
Viacom to lay off 850, or 7% of work force(8:47 am ET)
NEW YORK (MarketWatch) -- Viacom Inc. (VIA: news, chart, profile) , (VIAB: news, chart, profile) on Thursday said it would book a charge of $400 million to $450 million, or 42-48 cents a share, in its fourth quarter as it lays off about 850 employees or 7% of its work force. The New York-based media company said it's suspending senior management salary increases in 2009. The staffing and compensation actions and write-downs are expected to result in pre-tax savings of $200 million to $250 million in 2009. "We are moving rapidly to adapt to the challenges presented by the current economic environment," the company said.
Target sees December same-store sales declines(8:45 am ET)
NEW YORK (MarketWatch) -- Target Corp. (TGT: news, chart, profile) said Thursday it expects December sales at stores open longer than one year to show a mid-single digit to low double-digit decline. The discount retailer said the month's results will reflect the challenging and volatile economic environment.
Chico's reports 15.4% drop in sales (8:44 am ET)
NEW YORK (MarketWatch) -- Chico's FAS Inc. (CHS: news, chart, profile) said Thursday its November sales at stores open at least one year fell 15.4%, the exact figure predicted by analysts, according to Thomson Reuters. Net sales for the four weeks ended Nov. 29 fell 11.3% to $118.5 million.
Kohl's Corp. November same-store sales down 17.5%(8:41 am ET)
NEW YORK (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) said Thursday that sales at stores open at least a year fell 17.5% in November, compared to the target for a loss of 16.6% in a survey of Wall Street analysts by Thomson Reuters. Total sales dipped 13.7% to $1.75 billion. "November sales results were as expected, affected by both lower traffic than last year, and a significant sales shift due to a later Thanksgiving," the Menomonee Falls, Wis. retailer said. "Post-Thanksgiving results have been significantly stronger than our prior trend, driven by planned strong promotion."
J.C. Penney November same-store sales fall 11.9%(8:36 am ET)
NEW YORK (MarketWatch) -- J. C. Penney Company Inc. (JCP: news, chart, profile) said Thursday that comparable store sales decreased 11.9% for the four-week period ended Nov. 29. Wall Street analysts surveyed by Thomson Reuters expected a decline of 12.7%. Total company sales in November decreased 11.5% to $1.8 billion. "Black Friday shopping at JCPenney was strong across all areas of the country with customers responding well to the company's gift assortment and strong value proposition," the Plano, Texas company said.
TJX same-store sales down 12% in November (8:25 am ET)
NEW YORK (MarketWatch) -- TJX Cos. (TJX: news, chart, profile) said Thursday its November sales at stores open at least one year fell 12%, with a 6% decline on a constant currency basis. Analysts, on average, had expected the same-store sales to fall 8.4%, according to Thomson Reuters. Total sales for the four weeks ended Nov. 29 fell 9% to $1.6 billion.
CORRECT: Abercrombie same-store sales down 28%(8:26 am ET)
NEW YORK (MarketWatch) -- Abercrombie & Fitch Co. (ANF: news, chart, profile) said Thursday that sales at its stores open at least a year dropped 28%, compared to the target of 25.6% in a survey of analysts by Thomson Reuters. Total November sales dropped 24% to $267.3 million. (Corrects estimate figure.)
American Eagle Outfitters same-store sales down 11%(8:16 am ET)
NEW YORK (MarketWatch) -- American Eagle Outfitters (AEO: news, chart, profile) said Thursday that sales at stores open at least a year fell 11% in November, compared to the estimate for a decline of 15.2% in a survey of analysts by Thomson Reuters. Total November sales fell 5% to $272.8 million. The Pittsburgh retailer estimated fourth-quarter net income of 30-36 cents a share, compared to 66 cents a share last year. Analysts surveyed by FactSet Research are forecasting earnings of 38 cents a share.
BJ's November same-store sales rise, grocery helps(8:10 am ET)
NEW YORK (MarketWatch) -- BJ's Wholesale Club Inc. (BJ: news, chart, profile) said Thursday that its November sales at stores open at least one year rose 4.1%, including a 2.1% negative impact from gasoline sales. Excluding gasoline sales, BJ's same-store sales rose 6.2%, the company said. Analysts, on average, had expected same-store sales to rise 1.9%, according to Thomson Reuters. Total sales for the four weeks ended Nov. 29 rose 5.2% to $783.2 million. The warehouse-club operator cited stronger sales of food and consumables for its results, particularly in the fourth week of the month.
AT&T cutting 12,000 jobs, books $600 mln severance costs(8:06 am ET)
NEW YORK (MarketWatch) -- AT&T Inc. (T: news, chart, profile) said Thursday it'll take a $600 million charge in its fiscal fourth quarter as part of a plan to cut 12,000 jobs, or 4% of the Dallas-based telecommunication giant's work force. AT&T also plans to cut its 2009 capital expenditures over 2008 levels, with a specific dollar figure to be announced in January. "While AT&T is reducing jobs in some areas, it continues to add jobs in other parts of the business -- such as wireless, video and broadband -- to meet customer demand," the company said. AT&T cited economic pressures, a changing business mix and a more streamlined organizational structucture for the layoffs.
Wal-Mart's total U.S. same-store sales rise 3.4% in November(8:02 am ET)
NEW YORK (MarketWatch) -- Wal-Mart Stores Inc. (WMT: news, chart, profile) said Thursday its November sales at U.S. stores open at least one year, including its Sam's Club outlets, rose 3.4%, excluding the impact of fuel. With fuel, the figure was 3.0% Analysts, on average, had expected the same-store sales to rise 2.1%, according to Thomson Reuters. Total U.S. sales for the four weeks ended Nov. 28 rose 6.5% from a year earlier to $21.48 billion, while total company sales, including those overseas, rose 1.6%.
TD Bank earnings per share fall 19%(7:58 am ET)
NEW YORK (MarketWatch) -- TD Bank Financial Group (CA:TD: news, chart, profile) said Thursday that its fourth-quarter earnings were C$1.01 billion, or C$1.22 a share, compared to C$1.09 billion, or C$1.50, in the same period a year ago. Adjusted earnings per share were C79 cents, compared to C$1.40. Revenue was C$3.64 billion, compared to C$4.04 billion.
Valero scraps sale of two refineries, a third sale still on (7:53 am ET)
NEW YORK (MarketWatch) -- Valero Energy Corp. (VLO: news, chart, profile) has scrapped plans to sell two refineries which could have fetched a price of about $1 billion each, according to published reports. Spokesman Bill Day said the company's Memphis, Tenn. and Ardmore, Okla. facilities are no longer under strategic review, but its Aruba refinery in the Caribbean is still on the block. Valero bought the 275,000 barrel a day Aruba refinery in 2004. The facility was originally commissioned in 1929 by Standard Oil.
Limited reports November sales fall(7:23 am ET)
NEW YORK (MarketWatch) -- Limited Brands Inc. (LTD: news, chart, profile) said Thursday its November sales at stores open at least one year fell 12%. Analysts, on average, had expected its same-store sales to fall 11.6%, according to Thomson Reuters. Net sales for the four weeks ended Nov. 29 fell to $755.6 million compared to $858.7 million last year.
Smithfield Foods earnings slump in quarter (7:15 am ET)
NEW YORK (MarketWatch) -- Smithfield Foods Inc. (SFD: news, chart, profile) said Thursday that second-quarter earnings fell to $4.2 million, or 3 cents a share, compared to $17.4 million, or 13 cents, in the same period a year ago. Current results include a loss from continuing operations of $30.0 million, or 21 cents a share. Sales were $3.15 billion compared to $2.75 billion. Analysts polled by FactSet Research estimated, on average, a loss per share of 7 cents and sales of $3.17 billion.
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3xBuBu

12/08/08 8:00 PM

#719 RE: 3xBuBu #699

Monday, Dec. 8
CORRECT: Broadcom cuts view, citing recent 'cancellations'(7:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Chip maker Broadcom Corp. said late Monday that it's lowering guidance for its current fourth quarter, citing "significant pushouts and cancellations" by customers. Broadcom (BRCM: news, chart, profile) said that it now expects between $1.05 billion and $1.1 billion in revenue for the quarter including the acquisition of Advanced Micro Devices Inc.'s (AMD: news, chart, profile) digital-TV business, compared with prior guidance of between $1.17 billion and $1.24 billion excluding the acquisition. In addition, Broadcom said it now expects its gross margin to be down between 105 and 130 basis points sequentially, compared with a prior forecast of gross margin falling between 50 and 75 basis points. (Corrects revenue figures).
Pep Boys third-quarter net loss narrows(6:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Pep Boys-Manny, Moe & Jack (PBY: news, chart, profile) late Monday reported its third-quarter net loss narrowed to $7.3 million, or 14 cents a share, from a loss of $28 million, or 54 cents a share, in the same quarter last year. Net loss a year ago included a $50-million in pre-tax costs for an inventory write down, asset impairment and increased legal reserves, the company said. Revenue fell to $464.2 million from $528.8 million.
Danaher cuts fourth-quarter adjusted earnings outlook (4:56 pm ET)
SAN FRANCISCO (MarketWatch) -- Danaher Corp. (DHR: news, chart, profile) late Monday cut its fourth-quarter adjusted earnings outlook to $1.03 to $1.10 a share from its previous forecast of $1.17 to $1.25 a share. For 2008, the company expects adjusted earnings of $4.15 to $4.22 a share. "Global economic conditions have continued to deteriorate over the last several weeks impacting many of our customers as well as a number of our businesses. In addition, the strengthening of the dollar against other global currencies has created additional headwinds that will negatively impact our financial results," Chief Executive H. Lawrence Culp said in a statement.
FedEx cuts full-year profit outlook(4:42 pm ET)
SAN FRANCISCO (MarketWatch) -- FedEx Corp. (FDX: news, chart, profile) late Monday cut its full-year profit outlook to $3.50 to $4.75 a share as demand for its package-delivery services has weakened in the global economic slowdown. FedEx, of Memphis, Tenn., had expected to earn between $4.75 to $5.25 a share for its fiscal year that ends in May. On the upside, FedEx said it will make $1.58 a share for the quarter that ended Nov. 30, better than the $1.54 analysts had targeted, according to a FactSet Research survey.
Altera lowers fourth-quarter sales outlook (4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- Altera Corp. (ALTR: news, chart, profile) said late Monday it now projects fourth-quarter sales to fall 9% to 12% from the third quarter compared with its previous outlook of 1% growth to 3% decline. The company is experiencing slower-than-expected sales across all segments, particularly in the computer and storage and consumer market segments. Altera also forecast a gross of margin of about 69%, up from around 68% previously stated.
Energy stocks rise as Chesapeake Energy rallies(9:38 am ET)
NEW YORK (MarketWatch) -- Natural gas shares led gains in the energy sector on Monday after Chesapeake Energy (CHK: news, chart, profile) scrapped plans to issue stock and announced a healthy cash position. The Amex Natural Gas Index (XNG: news, chart, profile) jumped 7.8% to 362. The Amex Oil Index (XOI: news, chart, profile) rose 3.8% to 892. Chesapeake Energy rose 28% to $14.54.
MetLife to beat Wall Street earnings target (7:11 am ET)
NEW YORK (MarketWatch) -- MetLife (MET: news, chart, profile) said it expects fourth-quarter net income of $1.50 to $2.55 a share, including investment gains of up to $1.8 billion. The results reflect, "relatively modest credit losses and substantial derivative gains," the New York-based insurer said. Analysts surveyed by FactSet Research forecast earnings of 80 cents a share, on average. With an 11% expected increase in top line results for 2008, MetLife's core businesses continued to perform extremely well during the year, despite strong economic headwinds," said C. Robert Henrikson, chairman, president and chief executive officer of MetLife. "We are well positioned for the future, though clearly we are not immune from several market factors impacting our bottom line results this quarter."
Alvarion to cut 110, or 11%, of jobs, pare manager salaries(6:50 am ET)
TEL AVIV (MarketWatch) -- Alvarion Ltd., (ALVR: news, chart, profile) the Tel Aviv provider of wireless-broadband solutions, said it would cut 110, or 11%, of its jobs, cut management salaries and reduce other expenses. The company said it would take a $3 million charge for the initiatives, which are designed to save about $15 million of costs annually. Excluding the charge, the company affirmed the outlook it provided in early November. So far in the fourth quarter, customers haven't canceled or pushed out orders, "but we see lengthening sales cycles, and we remain cautious about the potential effect of the economic climate on WiMAX-related spending decisions as we move through next year," President and Chief Executive Tzvika Friedman said in a statement on Monday.
Friday, Dec. 5
Chesapeake Energy down 12% as natural gas shares swoon(11:02 am ET)
NEW YORK (MarketWatch) -- Chesapeake Energy Corp. (CHK: news, chart, profile) fell 12% to $10.42 a share as a leading decliner among shares of natural gas producers on Friday. The Amex Natural Gas Index (XNG: news, chart, profile) swooned more than 7% to 312 as the laggard among major energy indexes.
Energy stocks retreats with broad market(9:40 am ET)
NEW YORK (MarketWatch) -- Energy stocks retreated along with the broad market and crude oil prices after the worst monthly U.S. job loss in 34 years. The Amex Oil Index (XOI: news, chart, profile) fell 1.4% to 832. The Amex Natural Amex (XNG: news, chart, profile) dropped 3% to 327. Among energy stocks in the spotlight, U.S. listed shares of Sinopec (SNP: news, chart, profile) fell 18 cents to $59.98. PetroChina (PTR: news, chart, profile) rose 87 cents to $79.67. China plans next month to raise tax on regular gasoline by five fold and diesel fuel tax by eight fold, in a move to take advantage of falling crude prices and encourage energy conservation, state-run media reported.
Sonoco cuts earnings outlook(8:38 am ET)
NEW YORK (MarketWatch) -- Sonoco (SON: news, chart, profile) on Friday lowered its fourth-quarter net income target to 48-52 cents a share from 60-64 cents a share. Analysts expected earnings of 61 cents a share, according to a survey by FactSet Research. "While sales volume and profitability have held up in our Consumer Packaging segment so far in the fourth quarter of 2008, our businesses that serve industrial markets are seeing a much larger than expected decline in volume and reduced profitability as a result of significantly slowing global economic conditions," Sonoco said.
CMI cutting 500 jobs, or 3.5% of work force(8:13 am ET)
NEW YORK (MarketWatch) -- Cummins Inc. (CMI: news, chart, profile) said Friday it would cut 500 jobs, 3.5% of the Columbus, Ind. manufacturer's work force. The maker of power generation and fuel systems cited deterioration in the U.S. economy and many other key markets around the world.
Brown-Forman posts rise in quarterly profit, raises outlook(7:14 am ET)
NEW YORK (MarketWatch) -- Brown-Forman Corp. (BF.B: news, chart, profile) said Friday its fiscal second-quarter profit rose to $143 million, or 94 cents a share, from $129 million, or 83 cents a share, in the same quarter a year before. However, analysts had expected earnings on average of 96 cents a share, according to a FactSet Research survey. Revenue for the quarter was $935 million compared to $893 million in the year-ago period. The makers of Jack Daniel's and Southern Comfort liquor and other products also raised its profit forecast for fiscal 2009 to between $3.00 and $3.20 a share, due to an estimated 12 cents a share net gain on the expected sale of Bolla and Fontana Candida.
Johnson Outdoors swings to loss(6:28 am ET)
LONDON (MarketWatch) -- Johnson Outdoors (JOUT: news, chart, profile) said it swung to a fourth-quarter ending Oct. 3 loss of $74.6 million, or $8.18 a share, after recording asset impairment charges and a deferred tax asset valuation allowance. It earned $900,000, or 10 cents a share, in the prior-year quarter. Sales slipped to $81.8 million from $87.3 million, with marine eletronics revenue down on weak boat markets and diving and watercraft revenue also falling. It added it was intensifying efforts to reduce operating costs, working capital and capital spending by more than $30 million combined, including by reducing its headcount by 7%.
Big Lots' third-quarter earnings fell 15%(6:11 am ET)
LONDON (MarketWatch) -- Closeout retailer Big Lots (BIG: news, chart, profile) said third-quarter net income fell 15% to $12.2 million from $14.3 million earned in the year-earlier quarter. Earnings from continuing operations came in at 15 cents a share compared to 14 cents a share a year earlier. Revenue for the period fell 0.9% to $1.02 billion. Same-store sales fell 0.2%. In the fourth quarter the retailer said it expects earnings from continuing operations in the range of 90 cents to 99 cents a share.
U.K. builder Berkeley reports 10% profit fall(2:26 am ET)
LONDON (MarketWatch) -- U.K. builder Berkeley Group (UK:BKG: news, chart, profile) said profit in the first half to Oct. 31 dropped 10% to 57 million pounds ($84 million), while revenue rose 2.5% to 452.6 million pounds. The builder, which didn't take any land write-downs, said sales reservations are down 55% from their historic average. It sold 968 units at an average price of 399,000, compared to 1,630 units at an average price of 245,000, as it sold more Central London sites and fewer affordable units. But it warned it's increasingly difficult to secure forward sales while there is uncertainty over the banks' future lending criteria and valuation metrics. "Until resolved, this uncertainty will result in a lower level of production, as Berkeley has always looked to match supply to demand on its sites," the company said.
Thursday, Dec. 4
Novell reports fourth-quarter net loss of 5 cents a share (4:30 pm ET)
SAN FRANCISCO (MarketWatch) -- Novell Inc. (NOVL: news, chart, profile) late Thursday reported a fourth-quarter net loss of $16.3 million, or 5 cents a share, compared with a net loss of $17.9 million, or 5 cents a share, in the same quarter a year earlier. The company reported a loss of 5 cents a share from continuing operations. Revenue slid marginally to $244.7 million from $244.9 million, the provider of open source software for businesses said. Analysts surveyed by FactSet Research had forecast earnings of 4 cents a share on revenue of $247.8 million. The company is targeting no less than 10% operating margin, on an adjusted basis, in fiscal 2009.
Guess profit rises 11% on solid sales growth (4:29 pm ET)
SAN FRANCISCO (MarketWatch) -- Clothing and apparel maker Guess? Inc. (GES: news, chart, profile) reported late Thursday fiscal third-quarter 2009 net income of $64 million, or 69 cents a share, up from $58.3 million, or 62 cents, a year ago. Revenue for the three months ended Nov. 1 rose 12.5% to $527.9 million. Analysts polled by FactSet Research had predicted the Los Angeles-based company would turn in a profit of 63 cents a share on $515 million in sales. The company said it sees earnings of $2.27 to $2.32 a share for the fiscal year ending Jan. 31, 2009, compared with analysts' estimates of $2.41. Guess shares rose 10 cents, or 0.7%, to close at $13.96 ahead of the report. They surged another 2.9% in after-hours trade.
Starbucks warns won't hit Wall Street earnings target(12:12 pm ET)
SAN FRANCISCO (MarketWatch) -- Starbucks (SBUX: news, chart, profile) Chief Financial Officer Troy Alstead said Thursday the coffee-shop chain is facing deteriorating comparable store-sales and the company won't meet Wall Street's profit target for the current quarter of 21 cents a share. Speaking to analysts in New York, Alstead didn't indicate what Starbucks will earn for the December quarter. He said sales at stores open at least one year have fallen 9% since the quarter began Sept. 29. While store traffic had perked up in October, sales weakened in November, he explained. The CFO said it was "too early" to predict fiscal first-quarter sales. And he said it wouldn't be "prudent" to give full-year profit targets. Starbucks did tell analysts it plans to cut an additional $200 million in costs over the next year, raising its expense-plan cuts to $400 million. Starbucks shares rose almost 2% to $8.78 in midday trading.
Safeway forecasts store traffic to improve in 2009(10:23 am ET)
SAN FRANCISCO (MarketWatch) -- Safeway Inc. (SWY: news, chart, profile) , one of the nation's largest grocery-store chains, on Thursday forecast its 2009 earnings will be in the range of $2.34 to $2.44 a share. Wall Street expects $2.36 a share, according to a FactSet Research analyst survey. Safeway said identical store sales, a key barometer of the supermarket chain's health, should be between 2% and 3%, excluding sales at its gas pumps. This signals that Safeway expects to improve store traffic despite the weak economy. For 2008, Safeway is targeting identical store sales growth of 1% to 2%. The grocer is in the midst of cutting corporate costs and prices for its food. Safeway operates 1,738 stores in the U.S. and Canada. Its regional chains include Vons, Randalls, Genuardi's and Dominick's. Safeway shares rose more than 2% in early trading. The stock is down 35% for the year.
Energy stocks move into the red(9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell with both the broad market and crude oil futures on Thursday. The Amex Oil Index (XOI: news, chart, profile) dropped 1.8% to 878. The Amex Natural Gas Index (XNG: news, chart, profile) declined 1.7% to 370. Exxon Mobil (XOM: news, chart, profile) fell 1% to $78.09. A spokesman for Exxon Mobil's Mobil Producing Nigeria said Thursday one person was killed during an attack of a convoy in the southern Nigerian state of Akwa Ibom. "The victim is not an MPN employee and his identity cannot be ascertained at this time," the company said, according to a report by AFP. Separately, shares of Murphy Oil (MUR: news, chart, profile) dropped 27 cents to $40.23. The company drew an upgrade to neutral from underweight at JP Morgan.
Ross same-store sales sink 2% in November, beat estimates(8:59 am ET)
NEW YORK (MarketWatch) -- Ross Stores Inc. (ROST: news, chart, profile) said Thursday its November sales at stores open at least one year fell 2%. Analysts, on average, had expected the same-store sales to fall 4.1%, according to Thomson Reuters. Total sales for the four weeks ended Nov. 29 rose 4% to $568 million.
Nordstrom same-store sales sink 15.9% in November(8:47 am ET)
NEW YORK (MarketWatch) -- Nordstrom Inc. (JWN: news, chart, profile) said Thursday its November sales at stores open at least one year fell 15.9%. Analysts, on average, had expected the same-store sales to fall 17.9%, according to Thomson Reuters. Total sales for the four weeks ended Dec. 1 fell 12.1% to $707 million. The company said that due to the timing of the Thanksgiving holiday, its results for November 2008 were negatively impacted due to one less week of holiday shopping compared with November 2007.
Viacom to lay off 850, or 7% of work force(8:47 am ET)
NEW YORK (MarketWatch) -- Viacom Inc. (VIA: news, chart, profile) , (VIAB: news, chart, profile) on Thursday said it would book a charge of $400 million to $450 million, or 42-48 cents a share, in its fourth quarter as it lays off about 850 employees or 7% of its work force. The New York-based media company said it's suspending senior management salary increases in 2009. The staffing and compensation actions and write-downs are expected to result in pre-tax savings of $200 million to $250 million in 2009. "We are moving rapidly to adapt to the challenges presented by the current economic environment," the company said.
Target sees December same-store sales declines(8:45 am ET)
NEW YORK (MarketWatch) -- Target Corp. (TGT: news, chart, profile) said Thursday it expects December sales at stores open longer than one year to show a mid-single digit to low double-digit decline. The discount retailer said the month's results will reflect the challenging and volatile economic environment.
Chico's reports 15.4% drop in sales (8:44 am ET)
NEW YORK (MarketWatch) -- Chico's FAS Inc. (CHS: news, chart, profile) said Thursday its November sales at stores open at least one year fell 15.4%, the exact figure predicted by analysts, according to Thomson Reuters. Net sales for the four weeks ended Nov. 29 fell 11.3% to $118.5 million.
Kohl's Corp. November same-store sales down 17.5%(8:41 am ET)
NEW YORK (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) said Thursday that sales at stores open at least a year fell 17.5% in November, compared to the target for a loss of 16.6% in a survey of Wall Street analysts by Thomson Reuters. Total sales dipped 13.7% to $1.75 billion. "November sales results were as expected, affected by both lower traffic than last year, and a significant sales shift due to a later Thanksgiving," the Menomonee Falls, Wis. retailer said. "Post-Thanksgiving results have been significantly stronger than our prior trend, driven by planned strong promotion."
J.C. Penney November same-store sales fall 11.9%(8:36 am ET)
NEW YORK (MarketWatch) -- J. C. Penney Company Inc. (JCP: news, chart, profile) said Thursday that comparable store sales decreased 11.9% for the four-week period ended Nov. 29. Wall Street analysts surveyed by Thomson Reuters expected a decline of 12.7%. Total company sales in November decreased 11.5% to $1.8 billion. "Black Friday shopping at JCPenney was strong across all areas of the country with customers responding well to the company's gift assortment and strong value proposition," the Plano, Texas company said.
TJX same-store sales down 12% in November (8:25 am ET)
NEW YORK (MarketWatch) -- TJX Cos. (TJX: news, chart, profile) said Thursday its November sales at stores open at least one year fell 12%, with a 6% decline on a constant currency basis. Analysts, on average, had expected the same-store sales to fall 8.4%, according to Thomson Reuters. Total sales for the four weeks ended Nov. 29 fell 9% to $1.6 billion.
CORRECT: Abercrombie same-store sales down 28%(8:26 am ET)
NEW YORK (MarketWatch) -- Abercrombie & Fitch Co. (ANF: news, chart, profile) said Thursday that sales at its stores open at least a year dropped 28%, compared to the target of 25.6% in a survey of analysts by Thomson Reuters. Total November sales dropped 24% to $267.3 million. (Corrects estimate figure.)
icon url

3xBuBu

12/09/08 8:14 PM

#720 RE: 3xBuBu #699

Tuesday, Dec. 9
Pall profit jumps 19% (5:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Pall Corp. (PLL: news, chart, profile) reported late Tuesday fiscal first-quarter 2009 net income rose to $43.1 million, or 36 cents a share, from $36.1 million, or 29 cents a share, a year ago. Excluding restructuring and other one-time charges, earnings in the latest quarter totaled 40 cents a share compared with 36 cents a year ago. Revenue for the three months ended Oct. 31 rose 3% to $578 million. Analysts polled by FactSet Reserch had predicted the East Hills, N.Y.-based industrial machinery maker would earn 37 cents a share on $578 million in revenue. Pall shares fell 2.6% to close at $27.29 ahead of the report.
SAIC third-quarter net income rises to 30 cents a share (4:17 pm ET)
SAN FRANCISCO (MarketWatch) -- SAIC Inc. (SAI: news, chart, profile) late Tuesday reported its third-quarter net income rose to $120 million, or 30 cents a share, from $105 million, or 25 cents a share, a year earlier. Income from continuing operations were 29 cents a share, compared with 27 cents a share in the same quarter last year. Revenue increased to $2.63 billion from $2.36 billion in the year-ago period, the government services contractor said. Analysts surveyed by FactSet Research had forecast the company to earn 30 cents a share on revenue of $2.57 billion.
Electronic Arts sees 2009 revenue, earnings below forecast(4:09 pm ET)
SAN FRANCISCO (MarketWatch) -- Electronic Arts (ERTS: news, chart, profile) said late Tuesday it expects fiscal 2009 net revenue and earnings per share to be below the guidance previously announced in October due to lower than expected sales in North America and Europe. "The company is continuing to pursue cost saving initiatives including a reduction of its product portfolio for fiscal year 2010 with additional associated headcount reductions and facility consolidations," Electronic Arts said in a statement. It does not plan to provide an updated financial guidance before early February 2009.
U.S. average gasoline prices dip below $1.70 a gallon(12:28 pm ET)
NEW YORK (MarketWatch) -- The U.S. average gasoline price fell 2 cents to just below $1.70 a gallon on Tuesday, according to the AAA Daily Fuel Gauge Report. A month ago, gasoline sold for $2.26 a gallon. A year ago, it sold for $3.00 a gallon.
Discoveries boost Exco, Petrohawk as energy sector dips(9:34 am ET)
NEW YORK (MarketWatch) -- Exco Resources (XCO: news, chart, profile) rose 6% to $6.77 a share and PetroHawk Energy (HK: news, chart, profile) advanced 7% to $14.54 despite weakness among energy stocks on Tuesday after the two companies announced successful wells in the Haynesville Shale region of northern Louisiana and eastern Texas. Meanwhile, the Amex Natural Gas Index (XNG: news, chart, profile) fell 2% to 350 and the Amex Oil Index (XOI: news, chart, profile) dropped 1% to 903 after big run-ups in the previous session.
Novellus warns it will miss projections, plans job cuts(9:26 am ET)
NEW YORK (MarketWatch) -- Novellus Systems Inc. (NVLS: news, chart, profile) said Tuesday that it expects to report a fourth-quarter loss of at least 15 cents a share before items, with revenue, bookings and shipments also expected to come in below the guidance ranges provided during the company's Nov. 20 midquarter update. On average, analysts polled by FactSet Research were expecting a loss of 4 cents a share in the period. Citing recent weakness at Korean memory customers as well as "extremely limited" visibility, the company said it expects an incremental reduction of at least 10% in bookings, shipments and revenue for the fourth quarter. Novellus also said it will cut its global workfoce by about 10%. "In addition to headcount reductions, my salary will be reduced by 50% and I will not participate in the bonus program nor will I receive stock or option grants for 2009," said Richard Hill, chairman and chief executive officer.
Corning says it plans to reduce capital spending, expenses(9:25 am ET)
SAN FRANCISCO (MarketWatch) -- Corning Inc. (GLW: news, chart, profile) said Tuesday that it plans to reduce capital spending next year as nearly all of its businesses have been "negatively impacted" by the global recession. In a statement, the company said it is contemplating "permanent manufacturing capacity consolidation, reducing operating expenses to be flat or lower than 2008, and workforce reductions." Details will be given in the company's next earnings call in January. Corning said it expects to reduce 2009 capital spending to $1.1 billion, of which about $450 million relates to construction completed in 2008. The statement comes ahead of a planned presentation by the company at an investment conference on Tuesday.
Nucor expects to be `marginally' profitable in 4th quarter(9:05 am ET)
TEL AVIV (MarketWatch) -- Nucor Corp., (NUE: news, chart, profile) the Charlotte, N.C., steelmaker, estimated it would be "marginally" profitable in the fourth quarter as end users order less steel and reduce their inventories. Total steel shipments for the quarter should drop some 40% from the third quarter, and Nucor should use on average only a bit more than half its capacity in the fourth period, Nucor said in a statement on Tuesday. Because its plants are consuming higher-cost scrap and pig-iron inventories at a slower rate, it expects a small last-in-first-out inventory charge. It had been expecting a large LIFO credit. Scrap pricing has fallen in the course of the economic crisis, and those lower scrap prices should benefit the first quarter, the company said. Helping Nucor weather the economic storm: The balance sheet and cash flow are "strong," its production processes are flexible, and its product line is diverse, President and Chief Executive Dan DiMicco said.
Toro breaks even, will fall short of Q1 view(8:45 am ET)
NEW YORK (MarketWatch) -- The Toro Co. (TTC: news, chart, profile) said Tuesday it broke even in its fiscal fourth quarter, compared to net income of $6.5 million, or 16 cents a share in the year-ago period. The company's results in the latest period were reduced by a pre-tax charge of $4.7 million, or 8 cents a share on an after-tax basis, to account for workforce adjustments. Sales rose to $341.2 million from $332.5 million. Wall Street analysts expected earnings of 7 cents a share and revenue of $321 million, according to surveys by FactSet Research. The Bloomington, Minn. maker of lawn mowers and other equipment expects first-quarter earnings of 15-25 cents a share, below the Wall Street target of 39 cents a share.
Vail Resorts loss widens in first quarter(8:19 am ET)
NEw YORK (MarketWatch) -- Vail Resorts Inc. (MTN: news, chart, profile) said Tuesday that it lost $35 million, or 93 cents a share in the first quarter, compared to a loss of $25 million, or 63 cents a share, in the same period a year ago. Revenue grew to $153 million compared to $98 million in last year's period. Analysts polled by FactSet Research estimated, on average, a loss of 83 cents and sales of $153 million." We have just begun our 2008/2009 ski season and still have limited near-term visibility; therefore, we believe that it is too early to formally adjust our fiscal 2009 guidance," said Chief Executive Rob Katz.
Jarden gives revenue forecast for fourth quarter, 2009(7:46 am ET)
NEW YORK (MarketWatch) -- Jarden Corp. (JAH: news, chart, profile) said Tuesday that it expects to report fourth-quarter revenue of about $1.3 billion and 2009 revenue of more than $5 billion. The Rye, N.Y.-based consumer-products company said it will not provide guidance below the revenue line, but believes that the recent improvement in raw-material commodity costs will benefit margins in the second half of 2009. On average, analysts surveyed by FactSet Research are looking for Jarden to post revenue of $1.46 billion in the fourth quarter and $5.36 billion in 2009.
AutoZone earnings per share up 10.1% in quarter(7:20 am ET)
NEW YORK (MarketWatch) -- AutoZone Inc. (AZO: news, chart, profile) said Tuesday that first-quarter earnings were $131 million, or $2.23 a share, compared to $133 million, or $2.02, in the same period a year ago. Sales were $1.48 billion, compared to $1.46 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of $2.20 and sales of $1.49 billion. Sales for stores open at least one year, decreased 1.5% for the quarter.
Methode Electronics profit down 69% after charge(6:17 am ET)
LONDON (MarketWatch) -- Methode Electronics Inc. (MEI: news, chart, profile) said Tuesday that its fiscal second-quarter net profit fell 69% to $2.7 million, or 7 cents a share, from $8.8 million, or 24 cents a share, a year earlier. Revenue for the quarter dipped 9% to $121.3 million. The company, which designs and makes electro-mechanical devices, said sales were hurt by the weaker auto market in North America, while earnings were also impacted by $6.3 million of restructuring charges in the latest quarter.
Monday, Dec. 8
CORRECT: Broadcom cuts view, citing recent 'cancellations'(7:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Chip maker Broadcom Corp. said late Monday that it's lowering guidance for its current fourth quarter, citing "significant pushouts and cancellations" by customers. Broadcom (BRCM: news, chart, profile) said that it now expects between $1.05 billion and $1.1 billion in revenue for the quarter including the acquisition of Advanced Micro Devices Inc.'s (AMD: news, chart, profile) digital-TV business, compared with prior guidance of between $1.17 billion and $1.24 billion excluding the acquisition. In addition, Broadcom said it now expects its gross margin to be down between 105 and 130 basis points sequentially, compared with a prior forecast of gross margin falling between 50 and 75 basis points. (Corrects revenue figures).
Pep Boys third-quarter net loss narrows(6:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Pep Boys-Manny, Moe & Jack (PBY: news, chart, profile) late Monday reported its third-quarter net loss narrowed to $7.3 million, or 14 cents a share, from a loss of $28 million, or 54 cents a share, in the same quarter last year. Net loss a year ago included a $50-million in pre-tax costs for an inventory write down, asset impairment and increased legal reserves, the company said. Revenue fell to $464.2 million from $528.8 million.
Danaher cuts fourth-quarter adjusted earnings outlook (4:56 pm ET)
SAN FRANCISCO (MarketWatch) -- Danaher Corp. (DHR: news, chart, profile) late Monday cut its fourth-quarter adjusted earnings outlook to $1.03 to $1.10 a share from its previous forecast of $1.17 to $1.25 a share. For 2008, the company expects adjusted earnings of $4.15 to $4.22 a share. "Global economic conditions have continued to deteriorate over the last several weeks impacting many of our customers as well as a number of our businesses. In addition, the strengthening of the dollar against other global currencies has created additional headwinds that will negatively impact our financial results," Chief Executive H. Lawrence Culp said in a statement.
FedEx cuts full-year profit outlook(4:42 pm ET)
SAN FRANCISCO (MarketWatch) -- FedEx Corp. (FDX: news, chart, profile) late Monday cut its full-year profit outlook to $3.50 to $4.75 a share as demand for its package-delivery services has weakened in the global economic slowdown. FedEx, of Memphis, Tenn., had expected to earn between $4.75 to $5.25 a share for its fiscal year that ends in May. On the upside, FedEx said it will make $1.58 a share for the quarter that ended Nov. 30, better than the $1.54 analysts had targeted, according to a FactSet Research survey.
icon url

3xBuBu

12/10/08 7:07 PM

#721 RE: 3xBuBu #699

Wednesday, Dec. 10
Actuant cuts 2009 forecast(8:57 am ET)
NEW YORK (MarketWatch) -- Actuant Corp. (ATU: news, chart, profile) said Wednesday that it expects to report first-quarter earnings of 44 cents to 45 cents a share, excluding an asset-impairment charge, and revenue of about $375 million to $380 million. On Oct. 1, the Butler, Wisc.-based diversified industrial company provided a first-quarter forecast of 48 cents to 52 cents a share in profit on sales of $405 million to $415 million. For all of 2009, the company is now forecasting earnings of $1.60 to $1.80 a share, excluding the impairment charge, on revenues of $1.50 billion to $1.55 billion. The company's full-year prediction in October was for earnings of $2.25 to $2.35 a share on sales of $1.73 billion to $1.75 billion. The company cited worsening business conditions, in part, for the change in outlook, and said it was accelerating its cost-cutting actions, including facility consolidations and job cuts.
U.S. average retail gasoline prices dip to $1.68 a gallon(7:16 am ET)
NEW YORK (MarketWatch) -- Average U.S. retail gasoline prices fell a penny to $1.68 a gallon on Wednesday, according to the AAA Daily Fuel Gauge Report. A month ago, gasoline sold for $2.24 a gallon. A year ago, it sold for $3.00 a gallon.
Kodak withdraws forecast for full-year 2008 and second half(7:14 am ET)
NEW YORK (MarketWatch) -- Eastman Kodak Co. (EK: news, chart, profile) said Wednesday that it has withdrawn its second-half and full-year 2008 guidance for revenue growth, digital revenue growth, earnings from continuing operations, and cash generation because of the deepening global recession and changes in the value of the U.S. dollar. Kodak now sees growth below its October view and no new guidance will be issued until fourth-quarter results are announced on Jan. 29. In addition, Kodak executives will not get salary increases in 2009 and the company's 401(k) match is being temporarily suspended.
Dynegy sees 2009 earnings between $20M loss and $85M profit(6:59 am ET)
LONDON (MarketWatch) -- Energy provider Dynegy, Inc. (DYN: news, chart, profile) said it expects 2009 earnings on a GAAP basis to range from a $20 million loss to $85 million profit. It forecast adjusted earnings before interest, taxes, depreciation and amortization in the range of $825 million and $1 billion.
Powell Industries tops earnings forecasts(6:33 am ET)
LONDON (MarketWatch) -- Powell Industries Inc. (POWL: news, chart, profile) said Wednesday that its fiscal fourth-quarter net profit jumped to $8.3 million, or 72 cents a share, from $2.5 million, or 22 cents a share, a year earlier. Revenue for the quarter rose 11% to $167.1 million. Analysts polled by FactSet had been expecting earnings of 58 cents a share. The company, which makes equipment and systems to control electrical energy, said its backlog at the end of the quarter was $519 million, down from $553 million at the end of the third quarter. The group said it expects fiscal 2009 earnings per share to be in the range of $2.60 to $2.85. Analysts had been forecasting 2009 earnings of $2.84 a share.
Carillion sees profit rising 15% after drop in tax rate(2:28 am ET)
LONDON (MarketWatch) -- U.K. support services and construction group Carillion (UK:CLLN: news, chart, profile) said Wednesday that it expects underlying earnings per share for 2008 to grow around 15% compared to the previous year, helped by a strong trading performance and a lower effective tax rate. The firm said the earnings performance is around 5% ahead of previous expectations. Carillion said cost savings from its February acquisition of Alfred McAlpine increased by 10 million pounds ($14.7 million) to 50 million pounds and added it's also expecting to deliver strong growth in the Middle East. Performance at the construction services unit has been "satisfactory," with operating margin expected to exceed the 1% achieved in 2007, it added.
Agrium backs 2nd-half view, cuts nitrogen, phosphate output(2:25 am ET)
TEL AVIV (MarketWatch) -- Agrium Inc., (AGU: news, chart, profile) (CA:AGU: news, chart, profile) the Calgary, Alberta, retailer and wholesaler of agricultural products, affirmed its estimate of second-half earnings. Agrium also said it shut in production at its Fort Saskatchewan nitrogen facility and further pared output at other major nitrogen and phosphate plants in North America. The company estimates second-half earnings at US$3.30 to US$4 a share. Lower wholesale volumes and pricing and inventory-valuation adjustments could reduce operating results as much as 15% from the low end of its estimates, Agrium said. The company expects non-cash gains tied to its working capital denominated in foreign currency to offset the lower results. The production cuts reflect a significant buildup of fertilizer inventories and less available storage, the company said in a statement late on Tuesday.
Tuesday, Dec. 9
Pall profit jumps 19% (5:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Pall Corp. (PLL: news, chart, profile) reported late Tuesday fiscal first-quarter 2009 net income rose to $43.1 million, or 36 cents a share, from $36.1 million, or 29 cents a share, a year ago. Excluding restructuring and other one-time charges, earnings in the latest quarter totaled 40 cents a share compared with 36 cents a year ago. Revenue for the three months ended Oct. 31 rose 3% to $578 million. Analysts polled by FactSet Reserch had predicted the East Hills, N.Y.-based industrial machinery maker would earn 37 cents a share on $578 million in revenue. Pall shares fell 2.6% to close at $27.29 ahead of the report.
SAIC third-quarter net income rises to 30 cents a share (4:17 pm ET)
SAN FRANCISCO (MarketWatch) -- SAIC Inc. (SAI: news, chart, profile) late Tuesday reported its third-quarter net income rose to $120 million, or 30 cents a share, from $105 million, or 25 cents a share, a year earlier. Income from continuing operations were 29 cents a share, compared with 27 cents a share in the same quarter last year. Revenue increased to $2.63 billion from $2.36 billion in the year-ago period, the government services contractor said. Analysts surveyed by FactSet Research had forecast the company to earn 30 cents a share on revenue of $2.57 billion.
Electronic Arts sees 2009 revenue, earnings below forecast(4:09 pm ET)
SAN FRANCISCO (MarketWatch) -- Electronic Arts (ERTS: news, chart, profile) said late Tuesday it expects fiscal 2009 net revenue and earnings per share to be below the guidance previously announced in October due to lower than expected sales in North America and Europe. "The company is continuing to pursue cost saving initiatives including a reduction of its product portfolio for fiscal year 2010 with additional associated headcount reductions and facility consolidations," Electronic Arts said in a statement. It does not plan to provide an updated financial guidance before early February 2009.
U.S. average gasoline prices dip below $1.70 a gallon(12:28 pm ET)
NEW YORK (MarketWatch) -- The U.S. average gasoline price fell 2 cents to just below $1.70 a gallon on Tuesday, according to the AAA Daily Fuel Gauge Report. A month ago, gasoline sold for $2.26 a gallon. A year ago, it sold for $3.00 a gallon.
Discoveries boost Exco, Petrohawk as energy sector dips(9:34 am ET)
NEW YORK (MarketWatch) -- Exco Resources (XCO: news, chart, profile) rose 6% to $6.77 a share and PetroHawk Energy (HK: news, chart, profile) advanced 7% to $14.54 despite weakness among energy stocks on Tuesday after the two companies announced successful wells in the Haynesville Shale region of northern Louisiana and eastern Texas. Meanwhile, the Amex Natural Gas Index (XNG: news, chart, profile) fell 2% to 350 and the Amex Oil Index (XOI: news, chart, profile) dropped 1% to 903 after big run-ups in the previous session.
Novellus warns it will miss projections, plans job cuts(9:26 am ET)
NEW YORK (MarketWatch) -- Novellus Systems Inc. (NVLS: news, chart, profile) said Tuesday that it expects to report a fourth-quarter loss of at least 15 cents a share before items, with revenue, bookings and shipments also expected to come in below the guidance ranges provided during the company's Nov. 20 midquarter update. On average, analysts polled by FactSet Research were expecting a loss of 4 cents a share in the period. Citing recent weakness at Korean memory customers as well as "extremely limited" visibility, the company said it expects an incremental reduction of at least 10% in bookings, shipments and revenue for the fourth quarter. Novellus also said it will cut its global workfoce by about 10%. "In addition to headcount reductions, my salary will be reduced by 50% and I will not participate in the bonus program nor will I receive stock or option grants for 2009," said Richard Hill, chairman and chief executive officer.
Corning says it plans to reduce capital spending, expenses(9:25 am ET)
SAN FRANCISCO (MarketWatch) -- Corning Inc. (GLW: news, chart, profile) said Tuesday that it plans to reduce capital spending next year as nearly all of its businesses have been "negatively impacted" by the global recession. In a statement, the company said it is contemplating "permanent manufacturing capacity consolidation, reducing operating expenses to be flat or lower than 2008, and workforce reductions." Details will be given in the company's next earnings call in January. Corning said it expects to reduce 2009 capital spending to $1.1 billion, of which about $450 million relates to construction completed in 2008. The statement comes ahead of a planned presentation by the company at an investment conference on Tuesday.
Nucor expects to be `marginally' profitable in 4th quarter(9:05 am ET)
TEL AVIV (MarketWatch) -- Nucor Corp., (NUE: news, chart, profile) the Charlotte, N.C., steelmaker, estimated it would be "marginally" profitable in the fourth quarter as end users order less steel and reduce their inventories. Total steel shipments for the quarter should drop some 40% from the third quarter, and Nucor should use on average only a bit more than half its capacity in the fourth period, Nucor said in a statement on Tuesday. Because its plants are consuming higher-cost scrap and pig-iron inventories at a slower rate, it expects a small last-in-first-out inventory charge. It had been expecting a large LIFO credit. Scrap pricing has fallen in the course of the economic crisis, and those lower scrap prices should benefit the first quarter, the company said. Helping Nucor weather the economic storm: The balance sheet and cash flow are "strong," its production processes are flexible, and its product line is diverse, President and Chief Executive Dan DiMicco said.
Toro breaks even, will fall short of Q1 view(8:45 am ET)
NEW YORK (MarketWatch) -- The Toro Co. (TTC: news, chart, profile) said Tuesday it broke even in its fiscal fourth quarter, compared to net income of $6.5 million, or 16 cents a share in the year-ago period. The company's results in the latest period were reduced by a pre-tax charge of $4.7 million, or 8 cents a share on an after-tax basis, to account for workforce adjustments. Sales rose to $341.2 million from $332.5 million. Wall Street analysts expected earnings of 7 cents a share and revenue of $321 million, according to surveys by FactSet Research. The Bloomington, Minn. maker of lawn mowers and other equipment expects first-quarter earnings of 15-25 cents a share, below the Wall Street target of 39 cents a share.
Vail Resorts loss widens in first quarter(8:19 am ET)
NEw YORK (MarketWatch) -- Vail Resorts Inc. (MTN: news, chart, profile) said Tuesday that it lost $35 million, or 93 cents a share in the first quarter, compared to a loss of $25 million, or 63 cents a share, in the same period a year ago. Revenue grew to $153 million compared to $98 million in last year's period. Analysts polled by FactSet Research estimated, on average, a loss of 83 cents and sales of $153 million." We have just begun our 2008/2009 ski season and still have limited near-term visibility; therefore, we believe that it is too early to formally adjust our fiscal 2009 guidance," said Chief Executive Rob Katz.
Jarden gives revenue forecast for fourth quarter, 2009(7:46 am ET)
NEW YORK (MarketWatch) -- Jarden Corp. (JAH: news, chart, profile) said Tuesday that it expects to report fourth-quarter revenue of about $1.3 billion and 2009 revenue of more than $5 billion. The Rye, N.Y.-based consumer-products company said it will not provide guidance below the revenue line, but believes that the recent improvement in raw-material commodity costs will benefit margins in the second half of 2009. On average, analysts surveyed by FactSet Research are looking for Jarden to post revenue of $1.46 billion in the fourth quarter and $5.36 billion in 2009.
AutoZone earnings per share up 10.1% in quarter(7:20 am ET)
NEW YORK (MarketWatch) -- AutoZone Inc. (AZO: news, chart, profile) said Tuesday that first-quarter earnings were $131 million, or $2.23 a share, compared to $133 million, or $2.02, in the same period a year ago. Sales were $1.48 billion, compared to $1.46 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of $2.20 and sales of $1.49 billion. Sales for stores open at least one year, decreased 1.5% for the quarter.
Methode Electronics profit down 69% after charge(6:17 am ET)
LONDON (MarketWatch) -- Methode Electronics Inc. (MEI: news, chart, profile) said Tuesday that its fiscal second-quarter net profit fell 69% to $2.7 million, or 7 cents a share, from $8.8 million, or 24 cents a share, a year earlier. Revenue for the quarter dipped 9% to $121.3 million. The company, which designs and makes electro-mechanical devices, said sales were hurt by the weaker auto market in North America, while earnings were also impacted by $6.3 million of restructuring charges in the latest quarter.
icon url

3xBuBu

12/11/08 7:19 PM

#722 RE: 3xBuBu #699

Thursday, Dec. 11
BorgWarner cuts 2008 earnings outlook to $1.85-$1.95 a share(6:53 pm ET)
SAN FRANCISCO (MarketWatch) -- BorgWarner (BWA: news, chart, profile) late Thursday lowered its 2008 earnings outlook to a range of $1.85 to $1.95 a share, excluding special items. "Guidance was reduced to reflect rapidly deteriorating conditions in the auto industry that continue in every geographic region of the world," the company said in a statement. Its previous forecast for 2008 was $2.25 to $2.35 before special items. The company also said that it would have reduced its global workforce by about 2,900 people, or 17% of its workforce, by the end of the year. It is planning to shut down most of its North American operations for extended periods starting the week of Dec. 15 and will re-open at various times in January.
United Technologies sticks by 2008 earnings outlook (6:38 pm ET)
SAN FRANCISCO (MarketWatch) -- United Technologies Corp. (UTX: news, chart, profile) told analysts Thursday it is sticking by its 2008 earnings outlook of $4.90 a share, up 15% from year-ago results. At the same time, United Technologies President and Chief Executive Louis Chenevert warned the company is bracing for "difficult and uncertain economic conditions" in 2009 and sees revenue next year slipping to about $57 billion. Despite tough market conditions, the company said it expects to earn between $4.65 and $5.15 a share in 2009, adding that liquidity "is not an issue." Analysts polled by FactSet Research are looking, on average, for the giant aerospace company to earn $5.08 a share next year.
Lululemon's shares tumble on lowered forecast(10:18 am ET)
NEW YORK (MarketWatch) -- Shares of Lululemon Athletica Inc. (LULU: news, chart, profile) tumbled 25% in early trading Thursday, after the specialty-apparel retailer gave a full-year forecast that fell short of Wall Street's expectations. The Vancouver-based company said third-quarter earnings from continuing operations rose to $8.83 million, or 13 cents a share, from $7.6 million, or 11 cents a share, in the year-earlier period. Revenue rose 34% to $87 million. Analysts polled by Thomson Reuters were expecting earnings of 12 cents a share and revenue of $86 million. The company also lowered its 2008 guidance to 55 cents to 57 cents a share from 68 cents to 71 cents a share, citing trends in the macro environment and the weaker Canadian dollar. The latest mean estimates from analysts are for earnings of 67 cents a share.
Krispy Kreme loss widens to 9 cents a share(9:00 am ET)
NEW YORK (MarketWatch) -- Krispy Kreme Doughnuts Inc. (KKD: news, chart, profile) said Thursday that it lost $5.9 million, or 9 cents a share, in the third quarter. In the same period a year ago, the Winston-Salem, N.C., doughnut vendor lost $798,000, or a penny a share. Total revenue for the third quarter decreased 8.7% to $94 million. An analyst polled by FactSet Research estimated a loss of a penny a share. In 2011, Krispy Kreme sees the beginning of a prolonged period of growth, the company's Chief Executive Jim Morgan said in a statement.
Sara Lee cutting 700 jobs in outsourcing move(8:39 am ET)
NEW YORK (MarketWatch) -- Sara Lee Corp. (SLE: news, chart, profile) on Thursday said it will reduce its work force by 700 jobs as part of plan to cut costs by up to $250 million. The Downers Grove, Ill. cake maker said it'll outsource part of its North American and European transaction processing and applications development operations. At the end of fiscal year 2008, Sara Lee listed about 44,000 employees worldwide.
Ciena swings to fourth-quarter loss(8:16 am ET)
NEW YORK (MarketWatch) -- Ciena Corp. (CIEN: news, chart, profile) said Thursday that it swung to a fourth-quarter loss of $25.4 million, or 28 cents a share, from a profit of $30.4 million, or 30 cents a share, in the year-earlier period. On an adjusted basis, the company posted a fourth-quarter loss of 10 cents a share. Revenue for the quarter ended Oct. 31 fell to $179.7 million from $216.2 million in the year-earlier period. The company said it expects to report first-quarter revenue of $170 million to $185 million.
Baidu cuts quarterly revenue outlook as economy slows(8:00 am ET)
NEW YORK (MarketWatch) -- Baidu.com Inc. cut its fourth-quarter revenue outlook Thursday, trimming it to a range of $131 million to $133 million, from a previous target of $151 million to $155 million. In explaining the cut, China's largest Internet search provider cited the economic slowdown's greater-than-expected impact on online marketing and Baidu's removal of some paid search listings, particularly those by medical and pharmaceutical companies without licenses on file with the company.
Stanley Works cuts forecast, plans 2,000 job cuts(7:16 am ET)
NEW YORK (MarketWatch) -- Stanley Works (SWK: news, chart, profile) said Thursday that it now expects full-year 2008 earnings from continuing operations to come in within a range of $2.60 to $2.70 a share. Excluding an expected fourth-quarter charge of 70 cents a share related to its cost-reduction plan, it expects 2008 earnings from continuing operations of $3.30 to $3.40 a share, which is about 35 cents to 45 cents lower than previously expected. On average, analysts polled by FactSet Research were looking for 2008 earnings of $3.88 a share. The New Britain, Conn.-based toolmaker said its cost-reduction plan includes cutting about 2,000 jobs, or 10% of its current employee base and closing three manufacturing facilities, citing the impact of "severe weakness in the global economy."
Costco 1st-quarter net flat on 1% higher same-store sales(3:30 am ET)
TEL AVIV (MarketWatch) -- Costco Wholesale Corp., (COST: news, chart, profile) the Issaquah, Wash., warehouse retailer, reported fiscal first-quarter net income was about flat on 1% higher same-store sales and 3.6% higher total sales. For the quarter ended Nov. 23, earnings were $262.5 million, or 60 cents a share, compared with $262 million, or 59 cents, in the year-earlier period. Shares outstanding fell 1.2% to 440.5 million. Net sales reached $16.04 billion from $15.47 billion. Total revenue, including membership fees, rose 3.7% to $16.39 billion from $15.81 billion. A survey of analysts by FactSet Research produced a consensus estimate of 61 cents a share of profit. Same-store sales were hurt by foreign-currency translations. They were up 4% in local currency. The results were hurt by slower sales of non-food discretionary items, Costco said. The stronger U.S. dollar hurt share earnings by 3 cents. And the share earnings reflected charges of 5 cents for insurance- and investment-related matters.
Inditex profit edges up 2% after opening new stores(2:45 am ET)
LONDON (MarketWatch) -- Spanish fashion retailer Inditex (ES:014839601: news, chart, profile) said Thursday that its net profit rose 2% to 843 million euros ($1.1 billion) in the first nine months of fiscal 2008 after it opened 456 new stores in the period. Sales for the nine months to Oct. 31 rose 11% to 7.35 billion euros. The group, which owns the Zara, Massimo Dutti and Oysho chains, said its net cash position rose 9% to 525 million euros, even after the new store opening, which took the total number of stores to 4,147. Analysts polled by Dow Jones Newswires had, on average, been expecting a net profit of 858.2 million euros on sales of 7.35 billion euros. In the six weeks since the end of October Inditex said it had seen similar growth patterns to those of the third quarter.
Wednesday, Dec. 10
Actuant cuts 2009 forecast(8:57 am ET)
NEW YORK (MarketWatch) -- Actuant Corp. (ATU: news, chart, profile) said Wednesday that it expects to report first-quarter earnings of 44 cents to 45 cents a share, excluding an asset-impairment charge, and revenue of about $375 million to $380 million. On Oct. 1, the Butler, Wisc.-based diversified industrial company provided a first-quarter forecast of 48 cents to 52 cents a share in profit on sales of $405 million to $415 million. For all of 2009, the company is now forecasting earnings of $1.60 to $1.80 a share, excluding the impairment charge, on revenues of $1.50 billion to $1.55 billion. The company's full-year prediction in October was for earnings of $2.25 to $2.35 a share on sales of $1.73 billion to $1.75 billion. The company cited worsening business conditions, in part, for the change in outlook, and said it was accelerating its cost-cutting actions, including facility consolidations and job cuts.
icon url

3xBuBu

12/12/08 6:42 PM

#723 RE: 3xBuBu #699

Friday, Dec. 12
Energy stocks retreat with broad market, oil prices(9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks slid with the broad market on Friday in the wake of gloomy economic data, the failed auto bailout and lower oil prices. The Amex Oil Index (XOI: news, chart, profile) fell 3.4% to 922. The Amex Natural Gas Index (XNG: news, chart, profile) dove 4.3% to 363. Transocean (RIG: news, chart, profile) dropped 7% to $54.29 after S&P said it would remove the company from the S&P 500 Index next Thursday because the driller is moving its headquarters to Switzerland. Pittsburgh-based Equitable Resources Inc. (EQT: news, chart, profile) dipped 1% to $30.80 after the natural gas producer was named to replace Transocean. Crude prices fell $4.01 to $43.97.
Steel Dynamics lowers 2008 profit forecast(9:33 am ET)
NEW YORK (MarketWatch) -- Steel Dynamics Inc. (STLD: news, chart, profile) said Friday that it expects to report 2008 earnings in the range of $2.35 to $2.40 a share, compared with its previous estimate of about $3.25. The Fort Wayne, Ind.-based steelmaker also forecast a fourth-quarter loss of 35 cents to 40 cents a share, citing lower demand for steel and recycled metal. "We are cautiously optimistic about market conditions as we enter December," said Keith Busse, the company's chairman and chief executive officer.
Harsco cuts 2008 profit forecast, reaffirms 2009 view(9:13 am ET)
NEW YORK (MarketWatch) -- Harsco Corp. (HSC: news, chart, profile) said Friday that it expects to report 2008 earnings from continuing operations of $3.15 to $3.20 a share, excluding a fourth-quarter restructuring charge. Its previous forecast range was $3.20 to $3.25 a share, excluding the charge. The Harrisburg, Pa.-based industrial-services firm cited "the current turmoil and uncertainty" in its end markets. Harsco also reaffirmed its forecast for for 2009 earnings from continuing operations of $3.20 to $3.30 a share, assuming "there will begin to be some relief from the current volatility and the beginning of a return of economic confidence by the second half of 2009."
Goldman Sachs sees oil at $30 a barrel in next three months(8:29 am ET)
NEW YORK (MarketWatch) -- Goldman Sachs on Friday cut its 2009 outlook for oil prices to $45 a barrel from $80 a barrel in the face of the global economic slowdown, while raising the possibility that crude could dip below $40 a barrel shortly. "The global credit crunch...now threatens to push oil prices below $40 a barrel in the near term as the impact of the global economic recession has swung the oil market from pricing demand destruction in 2008 to pricing supply destruction in 2009," Goldman said in a note to clients. Goldman lowered its three-month West Texas Intermediate crude target to $30 a barrel. In electronic trades on Friday, oil prices fell $3.30 to $44.68 a barrel.
Average U.S. gasoline prices hold steady at $1.66 a gallon(7:30 am ET)
NEW YORK (MarketWatch) -- Average regular U.S. gasoline prices held steady at $1.66 a gallon at the pump on Friday, according to the AAA Daily Fuel Gauge Report. A month ago, gasoline sold for $2.20 a gallon. A year ago, it sold for $2.99 a gallon.
Analyst ups Sunoco Q4 view but eyes lower gasoline margins(7:27 am ET)
NEW YORK (MarketWatch) -- Back Bay Research analyst Jacques Rousseau on Friday upped his fourth-quarter profit target for Sunoco Inc. (SUN: news, chart, profile) to $2.15 a share from $1.90 a share, but said he's eying lower gasoline margins as the price of the fuel continues to drop. While Sunoco will likely post stronger earnings than its peers, "refining margins have weakened considerably in November and December...primarily due to negative gasoline margins," he said in a note to clients. Sunoco is mulling a plan to unlock value by spinning off its Coke unit, but Rousseau doesn't believe it will occur until credit markets improve. He reiterated his hold rating and $38 a share price target on the stock.
Lloyds TSB says HBOS losses won't impact capital adjustment(7:09 am ET)
LONDON (MarketWatch) -- Lloyds TSB (UK:LLOY: news, chart, profile) (LYG: news, chart, profile) said Friday that the trading udpate from HBOS (UK:HBOS: news, chart, profile) earlier in the session was broadly in line with the impairment analysis conducted by Lloyds in October. Lloyds, which is in the process of buying HBOS, also said the impairment losses being incurred by HBOS are not currently expected to have a significant impact on the size of the negative capital adjustment it will make when the deal closes. Lloyds also noted that its income will be reduced by around 300 million pounds ($448 million) over the next year due to changes in the timing of income recognition from payment protection insurance. In addition, it expects to make a provision of around 120 million pounds to cover higher costs from the financial services compensation scheme and has written off its 30 million pound investment in Bradford & Bingley.
Las Vegas Sands reportedly to cut 216 jobs, stop bonuses(7:08 am ET)
NEW YORK (MarketWatch) -- Casino giant Las Vegas Sands Corp. (LVS: news, chart, profile) plans to cut 216 full-time employees from its Las Vegas properties, The Wall Street Journal reported Friday. Sands, which employs a total of 10,000 workers at the two properties, confirmed it would notify employees starting Friday, the report said. Sands is also eliminating $6.5 million in management bonuses for 2008, the report said. The news follows data from Nevada gambling regulators saying gambling revenue on the Las Vegas Strip fell 26% in October from the year before.
UBM sees results in line with expectation, cuts 350 jobs(2:38 am ET)
LONDON (MarketWatch) -- Media and events group United Business Media (UK:UBM: news, chart, profile) said Friday that it expects to deliver 2008 earnings and revenue in line with the market consensus. The group said the combination of the strong dollar and a good performance from its major events, data and workflow products meant UBM achieved its highest monthly operating profit of the last six years in November, however it added certain print advertising and secondary events remain weaker. UBM said its previously announced action to reduce costs will result in a fall of around 350 in its global headcount in the second half of the year.
HBOS sees further sharp rise in bad debt charges(2:30 am ET)
LONDON (MarketWatch) -- U.K. bank HBOS (UK:HBOS: news, chart, profile) said Friday it has seen an acceleration in the deterioration of credit quality in recent weeks, while pressure on net interest margins is rising due to the cuts to U.K. interest rates. The group estimated its impairment charge on corporate credit for the first 11 months of the year at 3.3 billion pounds ($5 billion), up from 1.7 billion pounds at the end of September. Impairments on unsecured retail lending were around 1 billion pounds, compared to 0.8 billion pounds at the end of September and the secured lending charge rose to 0.7 billion pounds from 0.4 billion pounds, with the figures likely to get worse. Estimated losses due to the market dislocation have also risen by around 400 million pounds to 2.2 billion pounds, the bank said. It made the statement ahead of a meeting to vote on its proposed takeover by Lloyds TSB (UK:LLOY: news, chart, profile) .
Thursday, Dec. 11
BorgWarner cuts 2008 earnings outlook to $1.85-$1.95 a share(6:53 pm ET)
SAN FRANCISCO (MarketWatch) -- BorgWarner (BWA: news, chart, profile) late Thursday lowered its 2008 earnings outlook to a range of $1.85 to $1.95 a share, excluding special items. "Guidance was reduced to reflect rapidly deteriorating conditions in the auto industry that continue in every geographic region of the world," the company said in a statement. Its previous forecast for 2008 was $2.25 to $2.35 before special items. The company also said that it would have reduced its global workforce by about 2,900 people, or 17% of its workforce, by the end of the year. It is planning to shut down most of its North American operations for extended periods starting the week of Dec. 15 and will re-open at various times in January.
United Technologies sticks by 2008 earnings outlook (6:38 pm ET)
SAN FRANCISCO (MarketWatch) -- United Technologies Corp. (UTX: news, chart, profile) told analysts Thursday it is sticking by its 2008 earnings outlook of $4.90 a share, up 15% from year-ago results. At the same time, United Technologies President and Chief Executive Louis Chenevert warned the company is bracing for "difficult and uncertain economic conditions" in 2009 and sees revenue next year slipping to about $57 billion. Despite tough market conditions, the company said it expects to earn between $4.65 and $5.15 a share in 2009, adding that liquidity "is not an issue." Analysts polled by FactSet Research are looking, on average, for the giant aerospace company to earn $5.08 a share next year.
Lululemon's shares tumble on lowered forecast(10:18 am ET)
NEW YORK (MarketWatch) -- Shares of Lululemon Athletica Inc. (LULU: news, chart, profile) tumbled 25% in early trading Thursday, after the specialty-apparel retailer gave a full-year forecast that fell short of Wall Street's expectations. The Vancouver-based company said third-quarter earnings from continuing operations rose to $8.83 million, or 13 cents a share, from $7.6 million, or 11 cents a share, in the year-earlier period. Revenue rose 34% to $87 million. Analysts polled by Thomson Reuters were expecting earnings of 12 cents a share and revenue of $86 million. The company also lowered its 2008 guidance to 55 cents to 57 cents a share from 68 cents to 71 cents a share, citing trends in the macro environment and the weaker Canadian dollar. The latest mean estimates from analysts are for earnings of 67 cents a share.
Krispy Kreme loss widens to 9 cents a share(9:00 am ET)
NEW YORK (MarketWatch) -- Krispy Kreme Doughnuts Inc. (KKD: news, chart, profile) said Thursday that it lost $5.9 million, or 9 cents a share, in the third quarter. In the same period a year ago, the Winston-Salem, N.C., doughnut vendor lost $798,000, or a penny a share. Total revenue for the third quarter decreased 8.7% to $94 million. An analyst polled by FactSet Research estimated a loss of a penny a share. In 2011, Krispy Kreme sees the beginning of a prolonged period of growth, the company's Chief Executive Jim Morgan said in a statement.
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3xBuBu

12/15/08 4:29 PM

#724 RE: 3xBuBu #699

Monday, Dec. 15
RBC Capital Markets upgrades Schlumberger to outperform(10:39 am ET)
NEW YORK (MarketWatch) -- RBC Capital Markets shuffled ratings on several oil service stocks on Monday, including an upgrade of sector leader Schlumberger (SLB: news, chart, profile) to outperform from peer perform. RBC Capital Markets cited the oil service giant's geographic and product service breadth and said its earnings will decline the least through 2010 relative to its large cap peer group. Schlumberger shares rose 6.4% to $43.69. RBC downgraded Allis-Chalmers Energy Inc. (ALY: news, chart, profile) , Cameron International, National Oilwell Varco (NOV: news, chart, profile) , Noble Corp. (NE: news, chart, profile) and Weatherford (WFT: news, chart, profile) to sector perform from outperform. Rowan Companies Inc. (RDC: news, chart, profile) drew a downgrade to underperform from sector perform on "risks associated with reduced activity and pricing in the offshore jackup market."
Atmel lowers revenue forecast, plans job cuts(9:24 am ET)
NEW YORK (MarketWatch) -- Atmel Corp. (ATML: news, chart, profile) said Monday that it now expects its fourth-quarter revenue will be down 12% to 18% from the $400 million recognized in the third quarter. Its previous forecast, given on Oct. 29, was for revenue to be down 3% to up 3% from the third-quarter level. The company cited economic weakness and a sharp slowdown in demand for the lowered outlook. Atmel also said it will cut its North American workforce by 11% and implement a 10-day shutdown for non-manufacturing employees, among other planned actions to lower its costs.
Aetna continues to expects earnings of $3.90-$3.95 a share(8:09 am ET)
NEW YORK (MarketWatch) -- Aetna Inc. (AET: news, chart, profile) on Monday said it continues to expect to report 2008 operating earnings of $3.90 to $3.95 a share, compared to the Wall Street target of $3.93 a share, according to a survey of analysts by FactSet Research. For 2009, Aetna said it expects 2009 earnings growth of 3% to 5%, subject to pension expense, which will be determined based on Dec. 31 market data. "We are confident that Aetna has the financial strength and flexibility to manage in the current economic environment," the company said.
Royal DSM cuts 2008 outlook; will pare 1,000, or 5% of jobs(3:44 am ET)
TEL AVIV (MarketWatch) -- Royal DSM, (RDSMY: news, chart, profile) (NL:00982: news, chart, profile) the Heerlen, Netherlands, manufacturer for industries including human and animal nutrition and health, personal care, pharmaceuticals, automotive, coatings and paint, and more, cut its estimate of 2008 adjusted operating profit and will pare expenses including 1,000, or about 5%, of its jobs. The company now estimates 2008 adjusted operating profit above 900 million euros, up abot 10% from 2007. When the company reported for the third quarter, in October, it had pegged the 2008 figure at 1 billion euros. The expense-reduction moves are designed to save 100 million euros ($135 million) a year beginning in 2010, DSM said. The costs of the expense reductions are about 50 million to 100 million euros, of which the fourth quarter will reflect 20 million, DSM said. The company said that as it conserves cash, it doesn't expect to contribute cash to its pension plans for now. Meantime, DSM said it is "very soundly financed." Fourth-quarter demand has dropped off in the company's materials-science lines that are exposed to weaker consumer spending, DSM said. Plants have been temporarily closed, contract workers have been reduced, and projects have been postponed, DSM said.
Electrolux, citing weak demand, to cut more than 3,000 jobs(3:09 am ET)
TEL AVIV (MarketWatch) -- Electrolux AB, (ELUXY: news, chart, profile) (SE:ELUXY: news, chart, profile) (SE:ELUXB: news, chart, profile) the Stockholm appliance giant, said on Monday that due to weak appliance demand, it won't meet its forecast for 2008 and will cut costs, including more than 3,000 jobs. "Demand for appliances in Europe and North America declined considerably in the two last weeks of November" and has continued down sharply this month, the company said in a statement. Through November, operating earnings totaled 2.7 billion kronor ($340 million), and seasonally low sales in December may cause an operating loss for the month, Electrolux said. It thus won't make the 2008 estimate of adjusted operating earnings of 3.3 billion to 3.9 billion Swedish kronor ($415 million to $491 million). The company will pare staff from all operations worldwide in the fourth quarter and in 2009, and fourth-quarter results will reflect costs of 1.2 billion kronor for the expense reductions. The moves are designed to save 1.1 billion kronor a year beginning in 2010, Electrolux said. Withal, the company said it's continuing to move production to lower-cost countries, which will further pare the payroll. That effort began in 2004 and will end in 2010. The company, with brands including Electrolux, AEG-Electrolux, Eureka and Frigidaire, employed 57,000 people at year's end 2007.
icon url

3xBuBu

12/16/08 10:35 PM

#725 RE: 3xBuBu #699

Tuesday, Dec. 16
Xilinx cuts third-quarter view on weaker-than-expected sales(5:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Xilinx Inc. (XLNX: news, chart, profile) late Tuesday cut its third-quarter sales outlook to reflect sluggish business. The company now expects quarterly sales to decline 6% to 10% from the previous period, compared with its previous forecast of up 2% to down 2%. But it projected sales from the wireless communications and defense end markets to increase quarter-on-quarter while gross margin is expected to be unchanged at 63% to 64%. Operating expenses are estimated to be about $175 million to $177 million, below the original forecast of about $180 million. Xilinx will release its third-quarter results on Jan. 14.
Hovnanian quarterly loss narrows to $5.79 a share (4:57 pm ET)
SAN FRANCISCO (MarketWatch) -- Hovnanian Enterprises (HOV: news, chart, profile) reported late Tuesday its after-tax loss available to common stockholders in the fourth quarter was $450.5 million, or $5.79 a share, compared with a net loss of $469.3 million, or $7.42 a share, in the same quarter last year. Revenue fell to $721.4 million from $1.39 billion a year earlier. "The housing industry typically leads the U.S. economy into and out of recessions. It is important that a housing stimulus package is passed in order for a turnaround to occur in housing and the U.S. economy overall," President and Chief Executive Ara Hovnanian said in a statement.
Adobe posts quarterly results at high end of projections(4:13 pm ET)
SAN FRANCISCO (MarketWatch) - Adobe Systems Inc. said Tuesday its fiscal fourth-quarter net income rose to $245.9 million, or 46 cents a share, from $222.2 million, or 38 cents a share in the same period a year earlier. San Jose-based Internet and design software maker Adobe said revenue for the period ended in November rose to $915.3 million from $911.2 million. Excluding special items, Adobe said earnings for the period were 60 cents a share. Analysts on average estimated Adobe (ADBE: news, chart, profile) would post earnings excluding special items of 57 cents a share, on $917.7 million in revenue, according to FactSet Research. Adobe earlier this month issued disappointing early projections for its fourth-quarter results, which included earnings excluding special items between 59 and 60 cents a share, and revenue between $912 million and $915 million.
Energy stocks mixed after Fed rate cut(2:32 pm ET)
NEW YORK (MarketWatch) -- Shares of petroleum and natural gas producers rose after the Federal Reserve cut the funds interest rate to a record low of 0.25%, but oil drillers remained in the red. The Amex Oil Index (XOI: news, chart, profile) rose 2.8% to 970. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1.9% to 378. The Philadelphia Oil Service Index ($OSX: news, chart, profile) fell 1.6% to 122.
Exxon Mobil commmits $1 billion for clean diesel boost(10:12 am ET)
NEW YORK (MarketWatch) -- ExxonMobil (XOM: news, chart, profile) said Tuesday it will invest more than $1 billion in three refineries to increase its supply of cleaner burning diesel by about six million gallons per day. The company will construct new units and modify existing facilities at its Baton Rouge, Louisiana; Baytown, Texas; and Antwerp, Belgium, refineries.
Exterran Holdings up on share buyback boost(10:09 am ET)
NEW YORK (MarketWatch) -- Oil service firm Exterran Holdings Inc. (EXH: news, chart, profile) rose 5.5% to $20.94 after it set plans to increase its share purchase program to $300 million to $200 million. It also extended its buyback timeline to December, 2010 from August, 2009. Analysts at Pritchard Capital said the move marks an "encouraging sign of optimism."
Goldman shifts fiscal year-end to December(9:12 am ET)
BOSTON (MarketWatch) -- Goldman Sachs Group Inc. (GS: news, chart, profile) on Tuesday said its board has approved a change that shifts the company's fiscal year-end to the last Friday of December. Previously, the firm's fiscal year had ended in November. Goldman, which has converted to a bank-holding company, said the change is effective for its 2009 fiscal year.
Goldman reports loss in trading and principal investments(8:46 am ET)
BOSTON (MarketWatch) -- Goldman Sachs Group Inc. (GS: news, chart, profile) before Tuesday's opening bell said its trading and principal investments business saw negative net revenue of $4.36 billion in the fourth quarter, compared with net revenue of $6.93 billion in the year-ago quarter. The company also swung to negative net revenue of $3.4 billion in the fixed-income, currencies and commodities business. The results were hurt by "unprecedented weakness across the broader credit markets, reflecting broad-based declines in asset values [and] substantially reduced levels of liquidity," Goldman said. The principal investments business booked a net loss of $3.6 billion in the fourth quarter. Goldman Sachs shares were up about 3% in premarket trading.
Vishay says revenue to fall short of forecast(8:39 am ET)
NEW YORK (MarketWatch) -- Vishay Intertechnology Inc. (VSH: news, chart, profile) said Tuesday that fourth-quarter revenue will be below the company's previous outlook. Vishay now expects fourth-quarter revenue to be in the range of $560 million to $590 million, down from a range of $640 million to $670 million. In response to market conditions, the company expects restructuring and severance charges of approximately $15 million to $30 million in the fourth quarter of 2008.
Eaton cuts fourth quarter outlook(8:29 am ET)
NEW YORK (MarketWatch) -- Eaton Corp. (ETN: news, chart, profile) revised its fourth quarter earnings guidance on Tuesday, saying it now expects profits per share to be between 90 cents and $1. According to FactSet Research, the previous earning guidance expected between $1.70 and $1.80 a share. Analysts polled by FactSet are expecting earnings of $1.69 a share. Eaton had previously expected the fourth quarter to be flat with the year-ago period. It said on Tuesday it now expects a decline of between 3% and 4%. "We have experienced recent, dramatic deceleration in global demand in our automotive, truck and hydraulics segments," said Alexander Cutler, chairman and chief executive officer. "We have also begun to see weakness in certain markets within our electrical and aerospace businesses." Cutler added that Eaton has cut 3,400 staff this year. "We continue to evaluate a range of additional actions to further align our cost structure to the lower markets," he said. "Our current expectation is that these additional actions will be taken very early in 2009."
Goldman's investment-banking revenue falls 48%(8:28 am ET)
BOSTON (MarketWatch) -- Goldman Sachs Group Inc. (GS: news, chart, profile) on Tuesday said fourth-quarter net revenue in investment banking fell 48% from the year-earlier period to $1.03 billion. The company blamed a sharp slowdown in mergers and acquisitions for the 54% decline in net revenue from its financial-advisory business, which came in at $547 million. The credit crunch also took a toll on the firm's underwriting business, and net revenue there dropped 37% to $460 million, said Goldman, which has converted to a bank-holding company and participated in the government's financial rescue.
GE Energy wins $3 billion turbine contract with Iraq(8:27 am ET)
NEW YORK (MarketWatch) -- General Electric (GE: news, chart, profile) said Tuesday it inked a $3 billion contract with the government of Iraq for power generation equipment. The Fairfield, Conn. conglomerate's GE Energy unit will provide heavy-duty frame 9E multi-fuel gas turbines capable of supplying 7,000 megawatts of electricity. Iraq plans to install the units at key sites around the country to provide support for the electricity grid.
Goldman Sachs posts $2.12 billion loss in fourth quarter (8:26 am ET)
NEW YORK (MarketWatch) -- Goldman Sachs (GS: news, chart, profile) on Tuesday reported its first ever loss as a public company in the fourth quarter, posting a deficit of $2.12 billion, or $4.97 a share, compared to a profit of $3.22 billion, or $7.01 a share in the year ago period. The firm's net revenue fell to negative $1.58 billion from $10.74 billion a year ago. "Our results for the fourth quarter reflect extraordinarily difficult operating conditions, including a sharp decline in values across virtually every asset class," Lloyd Blankfein, Goldman's chief executive, said in a press release.
Johnson Controls withdraws 2009 forecast(8:24 am ET)
NEW YORK (MarketWatch) -- Johnson Controls Inc. (JCI: news, chart, profile) on Tuesday said it's withdrawing its 2009 targets as its eyes a first-quarter loss tied to deteriorating automobile production. Analysts surveyed by FactSet Research forecast earnings of 20 cents a share for the coming quarter and earnings of $1.83 a share for 2009. The Milwaukee industrial firm also cut its 2009 capital spending forecast by about $350 million to $625 million. The company did not specify the size of its loss in the first quarter, traditionally the weakest period of the year. Johnson Control said it does expect to post a profit in 2009. "We are optimistic about the new U.S. Administration's infrastructure investment plans which target energy efficiency improvements in federal buildings and schools, two of our building efficiency businesses' largest markets," the company said. "This could substantially strengthen the growth opportunities for our company."
Best Buy earnings drop to 13 cents a share from 53 cents(8:17 am ET)
NEW YORK (MarketWatch) -- Best Buy Co. (BBY: news, chart, profile) said Tuesday that it earned $52 million, or 13 cents a share in the third quarter, compared to $228 million, or 53 cents, in the same period a year ago. Revenue was $11.5 billion, compared to $9.9. billion last year in the quarter. Analysts polled by FactSet Research estimated, on average, earnings per share of 28 cents and sales of $11.1 billion. Same-store sales fell by 5.3% in the period. On an adjusted basis, Best Buy earned 35 cents in the quarter. The retailer says nearly all employees are eligible for voluntary separation packages, but involuntary job cuts may be required. Capital spending will be cut by approximately 50% next year, including a substantial reduction in new store openings in the United States, Canada and China, in preparation for a difficult business environment.
Ener1's $30 million credit to fund operations through 2009 (7:17 am ET)
NEW YORK (MarketWatch) -- Ener1 (HEV: news, chart, profile) said Tuesday it secured $30 million in credit to allow it to continue operations until 2010 as the lithium-ion battery maker gears up for a contract to supply systems to Think electric vehicles in Oslo, Norway. "The environment for automotive suppliers and manufacturers has reached a nadir," the New York company said. "However, demand to supply advanced battery systems for the dozens of hybrid and electric vehicle programs already committed to by the world's automakers will remain healthy and robust."
FactSet Research net climbs 21%, surpassing estimate(7:12 am ET)
NEW YORK (MarketWatch) -- FactSet Research Systems Inc. (FDS: news, chart, profile) said Tuesday first-quarter net income for the three months ended Nov. 30 increased 21% to $35.6 million, or 73 cents a share, from $29.4 million, or 58 cents a share in the year-ago period. The Norwalk, Conn. data and analysis provider said revenue increased 16% to $155.6 million. Analysts surveyed by Thomson Reuters forecast earnings of 63 cents a share, on average. The company expects second-quarter revenue of $156 million to $159 million, with operating margins of 31.5% to 33%, including FactSet Fundamentals.
GE analysts unsure if firm will continue forecasts: Journal(7:02 am ET)
TEL AVIV (MarketWatch) -- General Electric Co. (GE: news, chart, profile) analysts wonder whether the Fairfield, Conn., industrial and financial-services giant might stop forecasting quarterly earnings, The Wall Street Journal reported. Chairman and Chief Executive Jeffrey Immelt is set to offer his annual review of operations on Tuesday. GE missed its forecasts in the first and third quarters, which contributed to a 54% stock drop this year, the Journal reported. Also in focus: the prospect of a cut in the 31-cent quarterly dividend, which currently provides a 7% yield but costs the company $12 billion a year, the Journal reported.
ABM 4th-period net off 23% on 31% higher revenue(3:07 am ET)
TEL AVIV (MarketWatch) -- ABM Industries Inc., (ABM: news, chart, profile) the New York provider of janitorial, parking, security and engineering services, reported late on Monday that fiscal fourth-quarter earnings fell 23% on 31% higher revenue. For the quarter ended Oct. 31, earnings fell to $11.6 million, or 22 cents a share, from $15 million, or 30 cents, in the year-earlier period. Earnings from continuing operations were flat at 29 cents a share; on an adjusted basis, profit from continuing operations rose 28%. Revenue rose to $905.8 million from $691.4 million. The revenue growth reflects the acquisition of OneSource Services in November 2007. For the first half of 2009, ABM expects to earn 42 cents to 50 cents a share from operations, or an adjusted 46 cents to 54 cents.
Beckman Coulter affirms 2008 outlook, outlines 2009 goals(2:39 am ET)
TEL AVIV (MarketWatch) -- Beckman Coulter Inc., (BEC: news, chart, profile) the Orange County, Calif., provider of products to simplify and automate biomedical testing, late on Monday affirmed its 2008 earnings outlook. In 2008, the company expects to earn $3.55 to $3.65 a share as revenue rises 12%. A survey of analysts by FactSet Research produced a consensus estimate of $3.58 for the year. For 2009, Beckman Coulter targets 10% earnings growth as sales grow 5% on a constant-currency basis. FactSet's survey is looking for $3.93 in 2009.
Drax sees fuel prices holding steady in 2009(2:25 am ET)
LONDON (MarketWatch) -- Power station operator Drax Group (UK:DRX: news, chart, profile) said Tuesday that trading since its last update in late October has continued in line with expectations, though commodity prices have been volatile. The group said it expects fuel costs for 2009, excluding the cost of purchasing emissions allowances, to be similar to those in 2008. The group said it expects to close 2008 with between 125 million pounds ($191 million) and 130 million pounds in cash and expects to distribute all excess cash to shareholders.
icon url

3xBuBu

12/17/08 6:38 PM

#726 RE: 3xBuBu #699

Wednesday, Dec. 17
Ryder to focus on key markets, plans to cut 700 positions(4:45 pm ET)
SAN FRANCISCO (MarketWatch) -- Ryder System Inc. (R: news, chart, profile) said late Wednesday that it is discontinuing operations in some of its Latin American markets to concentrate on core markets and cutting up to 3,100 positions, about 700 in the U.S. and the rest from discontinued operations elsewhere. Ryder estimates pre-tax charges of about $60 million to $67 million in the fourth quarter and projected its earnings per share at the low end of the $1.03 to $1.13 range previously forecast.
Nike posts higher profit on overseas growth(4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- Nike Inc. (NKE: news, chart, profile) on Wednesday reported a fiscal second-quarter profit of $391 million, or 80 cents a share, up from $359.4 million, or 71 cents a share, a year earlier. Revenue rose 6% to $4.6 billion. Sales growth in Europe and Asia Pacific made up for a slight decline in the U.S. market, the shoe-making giant said. Analysts polled by FactSet Research were looking for a profit, on average, of 78 cents a share with sales of $4.69 billion. Nike shares closed up 2% at $50.64 ahead of the release but are still down 21% since the beginning of the year.
Paychex reports second-quarter profit of 39 cents a share (4:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Paychex Inc. (PAYX: news, chart, profile) late Wednesday reported its fiscal second-quarter net income fell to $140.2 million, or 39 cents a share, from $147.1 million, or 40 cents a share, in the same quarter last year. Revenue increased to $524.2 million from $507.8 million a year earlier, said the payroll and human resources services company. Analysts surveyed by FactSet Research had forecast earnings of 40 cents a share on revenue of $530.4 million. The company also said it revised its fiscal 2009 outlook to reflect the current economic and financial conditions, and projected the economic weakness to continue through the remainder of the fiscal year. The company now expects revenue growth of 2% to 4% and net income decline of 7% to 5%.
Take-Two Interactive sees net loss grow in fourth quarter(4:08 pm ET)
SAN FRANCISCO (MarketWatch) -- Take-Two Interactive Software Inc. said Wednesday that its net loss grew in the fourth fiscal quarter while video game sales came in slightly below Wall Street's estimates. For the fourth fiscal quarter, the video game publisher (TTWO: news, chart, profile) reported a loss of $15 million, or 20 cents a share, compared to a loss of $7.1 million, or 10 cents a share, for the same period last year. Revenue grew nearly 11% to $323.4 million. Analysts were expecting earnings of 5 cents a share on revenue of $326.7 million, according to consensus estimates from FactSet Research.
Cooper Tire to close Georgia facility, affecting 1,400 jobs(9:29 am ET)
NEW YORK (MarketWatch) -- Cooper Tire & Rubber Co. (CTB: news, chart, profile) said Wednesday that it will close its manufacturing facility in Albany, Ga., which employs about 1,400 workers. The company expects to save about $75 million to $80 million after implementation, and it sees related restructuring charges of $150 million to $175 million. Cooper Tire cited pressure from increased lower-priced imports and softening domestic demand for products.
Morgan Stanley exiting some proprietary trading strategies(8:52 am ET)
BOSTON (MarketWatch) -- Morgan Stanley (MS: news, chart, profile) on Wednesday said within its institutional securities business, it is "engaging in a deliberate and focused reduction of balance sheet-intensive businesses." The moves include a "resizing" of its prime brokerage unit, the exit of select proprietary trading strategies, the reduction of principal investments and the closure of residential mortgage origination. Morgan Stanley in its fourth-quarter earnings release said it is targeting an additional $2 billion in cost savings including previously announced headcount reductions and additional non-compensation expense savings.
Morgan's asset-management business sees $76.5 bln outflow(8:36 am ET)
BOSTON (MarketWatch) -- Morgan Stanley (MS: news, chart, profile) in its fourth-quarter earnings release Wednesday said its asset-management business saw net customer outflows of $76.5 billion for the quarter, primarily in its money market and long-term fixed-income funds. Morgan Stanley said assets under management or supervision at the end of November were $399 billion, down 33% from a year ago. The company blamed "unprecedented" reductions in asset values and customer outflows.
Morgan Stanley reports $1.8 bln of investment losses(8:21 am ET)
BOSTON (MarketWatch) -- Morgan Stanley (MS: news, chart, profile) on Wednesday said fourth-quarter investment losses were $1.8 billion as a result of losses in real estate funds and other investments. Advisory revenue fell 32% from the year-ago quarter to $528 million, while underwriting revenue dropped 63% to $215 million. The company before the opening bell said fixed-income sales and trading net losses narrowed to $1.2 billion from $7.9 billion in the year-earlier period. Morgan Stanley shares were down 6% in premarket trading.
Morgan Stanley posts $2.30 billion loss in fourth quarter(8:17 am ET)
NEW YORK (MarketWatch) -- Morgan Stanley (MS: news, chart, profile) on Wednesday posted its own deficit for the fourth quarter, dogged, like rival Goldman Sachs which reported a day earlier, by frozen credit markets, falling asset prices and stagnant underwriting. Morgan said it lost $2.30 billion, or $2.34 a share in the fiscal fourth quarter, compared to a loss of $3.59 billion, or $3.61 a share. Net revenues were $1.8 billion, compared with negative $400 million in last year's fourth quarter. Analysts polled by Thomson Reuters expected the firm to lose $298 million, or 34 cents a share on revenue of $3.78 billion.
ConAgra earnings per share fall 24% in quarter(7:52 am ET)
NEW YORK (MarketWatch) -- ConAgra Foods (CAG: news, chart, profile) said Wednesday that it earned $168 million, or 38 cents a share, in the second quarter compared to $245 million, or 50 cents, in the same period a year ago. Earnings per share from continuing operations were 38 cents versus 28 cents a year ago. Sales rose 10.6% to $3.26 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 39 cents and sales of $3.19 billion. ConAgra said that it sees fiscal 2009 earnings per share from continuing operations above $1.50.
Newell Rubbermaid warns of lower fourth-quarter results(7:46 am ET)
NEW YORK (MarketWatch) -- Newell Rubbermaid Inc. (NWL: news, chart, profile) said Wednesday that it is cutting its normalized fourth-quarter earnings forecast to a range of 6 cents to 10 cents a share from its prior view of 29 cents to 34 cents a share, citing ongoing economic weakness and its impact on retail consumers. For the full year, the Atlanta-based consumer-products company expects normalized earnings of $1.17 to $1.21 per diluted share vs. its previous forecast of $1.40 to $1.45 a share. On average, analysts surveyed by FactSet Research were looking for a profit of 32 cents a share in the fourth quarter and $1.43 a share for the full year. "Our expectations are for a more challenging business environment in 2009 than any we've seen to date," said Mark Ketchum, president and chief executive officer. The company said it is reducing its salaried workforce by 8% to 10%, which began in 2008 and will continue in 2009, and a wage and salary freeze. It is also temporarily shutting down some manufacturing facilities.
Joy Global posts higher fourth-quarter profit(7:18 am ET)
NEW YORK (MarketWatch) -- Joy Global Inc. (JOYG: news, chart, profile) said Wednesday that its fourth-quarter net income rose to $118 million, or $1.11 a share, from $69.6 million, or 64 cents a share, in the year-earlier period. On average, analysts polled by FactSet Research expected earnings of $1.08 a share for the quarter. Sales also increased to $1.03 billion from $736 million. The mining-equipment company said it expects fiscal 2009 earnings of $3.60 to $4.00 a share and revenue of $3.5 billion to $3.7 billion. "Despite the predictability that our backlogs provide, we must also consider this [economic] uncertainty as we manage through 2009," said Mike Sutherlin, president and chief executive officer of Joy Global. "Therefore, we have taken steps to restrict increases in headcount, expenses and capital expenditures to ensure we can deliver performance under a wider range of possible outcomes."
General Mills earnings per share fall 4.4% in quarter(7:18 am ET)
NEW YORK (MarketWatch) -- General Mills (GIS: news, chart, profile) said Wednesday that it earned $378 million, or $1.09 a share, in the second quarter compared to $391 million, or $1.14, a year ago. Net sales grew by 8.3% to $4.01 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of $1.23 and sales of $3.99 billion. The company increased its full-year earnings guidance to $3.83 to $3.87 per share. Previously, 2009 earnings guidance was $3.81 to $3.85.
Magellan Health sets 2009 financial objectives(6:45 am ET)
WASHINGTON (MarketWatch) -- Magellan Health Services Inc. (MGLN: news, chart, profile) expects to post 2009 earnings in a range of $1.96 to $2.51 a share, the specialty health-care management organization said. The Avon, Conn.-based company also pegged net revenue for the year at $2.5 billion to $2.6 billion. The consensus among six analysts' profit estimates in a survey by FactSet Research has been for Magellan to earn $1.99 a share next year. The company also said it's repurchased some $132 million in stock under a $200 million buyback authorization approved by Magellan's board last July. The company's 2009 projections reflect the impact of such repurchases but exclude the impact of potential further buybacks.
BNP Paribas shares slide after investment banking loss(3:10 am ET)
LONDON (MarketWatch) -- Shares in French bank BNP Paribas (FR:013110: news, chart, profile) fell over 9% in early trading Wednesday after the group said late Tuesday that its corporate and investment banking arm registered a 710 million euro pretax loss in the first 11 months of the year. The group said it was considering cutting worldwide staffing levels in the division by around 5% and will take other measures including reducing market risk and bond inventories. BNP Paribas said the group as a whole was "largely profitable" over the 11-month period.
Sports Direct underlying profit rises 7.4%, sticks to target(2:54 am ET)
LONDON (MarketWatch) -- Sports Direct (UK:SPD: news, chart, profile) said Wednesday that its net profit for the 6 months to Oct. 28 jumped to 65.9 million pounds ($102.6 million) from 13 million pounds as revenue rose 2.9% to 687.7 million pounds. Excluding one-time gains, underlying earnings before interest, taxes, depreciation and amortization was up 7.4% at 89.8 million pounds. The group said trading conditions continue to be challenging, but added it remains confident with its forecast for underlying earnings of 135 million pounds for fiscal 2009.
John Wood Group sees challenging outlook for 2009(2:44 am ET)
LONDON (MarketWatch) -- Energy services company John Wood Group (UK:WG: news, chart, profile) said Wednesday that its performance for 2008 is anticipated to be in line with market expectations, but added the outlook for 2009 is more challenging. The group said indications are that there will be a reduction in spending by clients, with a knock-on impact on service company activity. The group said it will announce its preliminary results for 2008 on March 3.
Tuesday, Dec. 16
Xilinx cuts third-quarter view on weaker-than-expected sales(5:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Xilinx Inc. (XLNX: news, chart, profile) late Tuesday cut its third-quarter sales outlook to reflect sluggish business. The company now expects quarterly sales to decline 6% to 10% from the previous period, compared with its previous forecast of up 2% to down 2%. But it projected sales from the wireless communications and defense end markets to increase quarter-on-quarter while gross margin is expected to be unchanged at 63% to 64%. Operating expenses are estimated to be about $175 million to $177 million, below the original forecast of about $180 million. Xilinx will release its third-quarter results on Jan. 14.
Hovnanian quarterly loss narrows to $5.79 a share (4:57 pm ET)
SAN FRANCISCO (MarketWatch) -- Hovnanian Enterprises (HOV: news, chart, profile) reported late Tuesday its after-tax loss available to common stockholders in the fourth quarter was $450.5 million, or $5.79 a share, compared with a net loss of $469.3 million, or $7.42 a share, in the same quarter last year. Revenue fell to $721.4 million from $1.39 billion a year earlier. "The housing industry typically leads the U.S. economy into and out of recessions. It is important that a housing stimulus package is passed in order for a turnaround to occur in housing and the U.S. economy overall," President and Chief Executive Ara Hovnanian said in a statement.
Adobe posts quarterly results at high end of projections(4:13 pm ET)
SAN FRANCISCO (MarketWatch) - Adobe Systems Inc. said Tuesday its fiscal fourth-quarter net income rose to $245.9 million, or 46 cents a share, from $222.2 million, or 38 cents a share in the same period a year earlier. San Jose-based Internet and design software maker Adobe said revenue for the period ended in November rose to $915.3 million from $911.2 million. Excluding special items, Adobe said earnings for the period were 60 cents a share. Analysts on average estimated Adobe (ADBE: news, chart, profile) would post earnings excluding special items of 57 cents a share, on $917.7 million in revenue, according to FactSet Research. Adobe earlier this month issued disappointing early projections for its fourth-quarter results, which included earnings excluding special items between 59 and 60 cents a share, and revenue between $912 million and $915 million.
icon url

3xBuBu

12/19/08 5:14 PM

#727 RE: 3xBuBu #699

Friday, Dec. 19
Energy stocks move up with broad market(9:33 am ET)
NEW YORK (MarketWatch) -- Energy stocks moved up with the broad market in early action on Friday. The Amex Oil Index (XOI: news, chart, profile) rose 0.3% to 948. The Amex Natural Gas Index (XNG: news, chart, profile) advanced 1.7% to 367.
Electronic Arts to lay off additional 400 workers(9:32 am ET)
NEW YORK (MarketWatch) -- Electronic Arts (ERTS: news, chart, profile) on Friday said it'll lay off 400 people more people than it initially announced on October 30. In all, the Redwood City, Calif. video game company will trim 1,000 jobs, or about 10% of its work force, with most cuts coming by the end of March. EA expects the restructuring plan will result in annual cost savings of approximately $120 million and restructuring charges of approximately $55-65 million over the next several quarters. The restructuring also calls for consolidation or closure of at least nine studio and publishing locations.
Southwestern Energy boosts capital spending by $500 million(9:19 am ET)
NEW YORK (MarketWatch) -- Southwestern Energy Corp. (SWN: news, chart, profile) late Thursday said it plans to spend $2 billion on capital projects in 2009, up from about $1.5 billion in 2008. All but $500 million of the budget will go toward boosting production at the company's Fayetteville Shale play in Arkansas. The S&P 500 ($SPX: news, chart, profile) component targeted 2009 total oil and gas production of 280 to 284 billion cubic feet equivalent, an increase of approximately 48% over the company's current forecasted 2008 production of 190 to 192 billion cubic feet equivalent.
Lam Research sees ongoing loss of 4 cents-5 cents a share(8:34 am ET)
NEW YORK (MarketWatch) -- Lam Research Corp. (LRCX: news, chart, profile) said Friday it had lowered its outlook for the December quarter to expect revenue of $270 million to $285 million and said it sees an ongoing loss of 4 cents to 5 cents a share. "Business conditions in the semiconductor equipment sector have deteriorated further in recent weeks," Chief Executive Steve Newberry said in a statement. "As a result of these conditions we are adjusting our December quarter outlook and we expect this challenging environment will persist going into 2009."
Bristol-Myers' Mead Johnson Nutrition files $1 billion IPO(8:12 am ET)
NEW YORK (MarketWatch) -- Bristol-Myers Squibb Co. (BMY: news, chart, profile) on Friday filed a $1 billion initial public offering for its Mead Johnson Nutrition unit, with plans to list the Evansville, Ind. pediatric nutrition company on the New York Stock Exchange under the symbol MJN. Citi (C: news, chart, profile) , Morgan Stanley (MS: news, chart, profile) , Credit Suisse (CS: news, chart, profile) and J.P. Morgan (JPM: news, chart, profile) are underwriting the IPO. Founded in 1911, Mead Johnson became a wholly owned subsidiary of Bristol-Myers in 1967.
CarMax Inc. swings to a loss, suspends 2009 outlook(7:58 am ET)
NEW YORK (MarketWatch) -- CarMax Inc. (KMX: news, chart, profile) on Friday said it swung to a third-quarter loss of $21.9 million, or 10 cents a share, from a profit of $29.8 million, or 14 cents a share in the year-ago period. Excluding a reduction of 12 cents a share tied to write-downs at CarMax Auto Finance and other items, the company earned 2 cents a share. The Richmond, Va. car retailer said revenue fell 23% to $1.46 billion. Analysts expected earnings of 2 cents a share on revenue of $1.6 billion, according to a FactSet Research survey. "As a result of the unprecedented declines in traffic and sales and the continuing volatility in the asset-backed credit markets, we do not believe we can make a meaningful projection of fiscal 2009 earnings," CarMax said.
Jabil earnings per share fall 27% in first quarter(7:46 am ET)
NEW YORK (MarketWatch) -- Jabil Circuit Inc. (JBL: news, chart, profile) said Friday that it earned $46 million, or 22 cents a share, in the first quarter compared to $62 million, or 30 cents, in the same period a year ago. Revenue was steady at $3.38 billion compared to $3.37 billion a year ago. Analysts polled by FactSet Research estimated, on average, earnings per share of 28 cents and sales of $3.43 billion. In the second quarter, Jabil sees a profit of 4 cents to 8 cents a share and revenue of $2.8 billion to $3.0 billion.
Cintas Corp. net income falls 13%(7:21 am ET)
NEW YORK (MarketWatch) -- Cintas Corp. (CTAS: news, chart, profile) on Friday said second-quarter net income for the three months ended Nov. 30 fell 13% to $71.8 million, or 47 cents a share, from $82.9 million, or 53 cents a share in the year-ago period. Revenue rose slightly to $985.2 million from $983.9 million. The Cincinnati-based uniform and supply service provider was expected to earn 55 cents a share on revenue of $1 billion, according to an analyst survey by FactSet Research. Cintas said it's striking its profit and revenue targets for the year given uncertainties throughout the marketplace. "Our strong cash flow and healthy balance sheet will be a great advantage to us under these circumstances," the company said.
Weyerhaeuser cuts dividend, warns of lower earnings(7:14 am ET)
NEW YORK (MarketWatch) -- Weyerhaeuser Co. (WY: news, chart, profile) said Friday that it is reducing its quarterly dividend to 25 cents a share from 60 cents a share. The forest-products company also warned that fourth-quarter earnings will come in significantly below expectations, blaming the ongoing housing slump and weak pulp market, and that it sees challenging market conditions continuing through 2009. Weyerhaeuser also said its board approved the repurchase of up to $250 million of the company's shares and set a wage freeze for executives and salaried workers.
ABB to take $850 million charge, slash costs(2:30 am ET)
LONDON (MarketWatch) -- Switzerland's ABB (ABB: news, chart, profile) (CH:001222171: news, chart, profile) said Friday that it will book pretax provisions of $850 million in the fourth quarter to cover potential costs related to regulatory investigations in the U.S. and Europe. The previously-disclosed investigations are probing suspect payments and alleged anti-competitive practices, the power and automation technology group said. The provisions will also cover the impact of a tax dispute and write-downs related to a weaker business environment. ABB said its order intake for October and November reflected weakening market conditions and added earnings will be hit by volatility in exchange rates and commodity prices. The company will launch a $1 billion cost reduction program, with more details to be announced in February, but added it remains confident of hitting its 2008 growth targets.
Thursday, Dec. 18
Accenture says quarterly net income rises 26%(4:46 pm ET)
SAN FRANCISCO (MarketWatch) -- Accenture Ltd. (ACN: news, chart, profile) said late Thursday that fiscal first-quarter net income came in at $479.9 million, up 26% from a year earlier when the consulting and out-sourcing firm made $381.3 million. Net income per share, which includes minority interests in some Accenture businesses, came in at 74 cents versus 60 cents a year earlier. Net revenues were $6.02 billion, up 6% in U.S. dollars. Operating income grew 12% to $815 million and the operating margin increased by 70 basis points to 13.5%, Accenture reported.
Research In Motion earnings rise as forecast beats targets(4:16 pm ET)
SAN FRANCISCO (MarketWatch) -- Research In Motion Ltd. saw its earnings rise in its fiscal third quarter as the smartphone maker issued a forecast for the current period that was above Wall Street's estimates. For the quarter ended Nov. 31, RIM (RIMM: news, chart, profile) posted earnings of $396.3 million, or 69 cents a share, compared to earnings of $370.5 million, or 65 cents a share, for the same period last year. Excluding certain charges, the company said it would have earned $477.3 million, or 83 cents a share, for the period. Revenue grew 66% to $2.78 billion. The results were in line with the company's pre-announcement two weeks ago. For the current period, RIM said it expects to earn between 83-91 cents a share on revenue of $3.3 billion and $3.5 billion. Analysts were expecting earnings of 86 cents a share on revenue of $3 billion, according to consensus estimates from FactSet Research.
Oracle profit slips amid souring economy(4:08 pm ET)
SAN FRANCISCO (MarketWatch) - Oracle Corp. said Thursday its fiscal second-quarter profit fell slightly lower amid the souring economy. The Redwood Shores, Calif.-based business software maker (ORCL: news, chart, profile) said net income for the period ended in November fell to $1.27 billion, or 25 cents a share, from $1.3 billion, or 25 cents a share in the same period a year earlier. Revenue rose 6% to $5.6 billion. Excluding special items, Oracle said earnings for the quarter were 34 cents a share. Analysts polled by FactSet Research estimated Oracle would post earnings excluding special items of 35 cents a share, and $5.8 billion in revenue.
Energy stocks fall with lower oil prices(9:48 am ET)
NEW YORK (MarketWatch) -- Energy stocks surrendered Thursday to oil trading below $40 a barrel for the first time in four years. The Amex Oil Index (XOI: news, chart, profile) fell 1.9% to 977. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 2.2% to 369. The Philadelphia Oil Service Index ($OSX: news, chart, profile) subtracted 1.6% to 125.
Russia's Mechel doubles profit for January-September(9:45 am ET)
NEW YORK (MarketWatch) -- Mechel OAO (MTL: news, chart, profile) said Thursday its profit for the January-September period more than doubled to $1.64 billion, or $3.93 a share, from $706 million, or $1.70 a share, in the same timeframe last year. The New York-listed Russian mining giant said its revenue for the nine months ended Sept. 30 jumped $8.58 billion, from $4.65 billion in the year-ago quarters. Mechel Chief Executive Officer Igor Zyuzin cited favorable market conditions for mining and steel products, acquisitions and strong organic growth. Over the summer, public criticism of Mechel by Russian Prime Minister Vladimir Putin wiped out billions of dollars from Mechel's market capitalization, as investors fled the stock on concerns that the company could follow the fate of oil company Yukos, which was forced to be nationalized and its cheif executive jailed. Mechel's share price leapt 9% in early Thursday trade to $5.39.
Carnival posts higher fourth-quarter profit, cuts 2009 view(9:28 am ET)
NEW YORK (MarketWatch) -- Carnival Corp. (CCL: news, chart, profile) (CUK: news, chart, profile) said Thursday that its fourth-quarter net income rose to $371 million, or 47 cents a share, from $358 billion, or 44 cents a share, in the year-earlier period. The cruise operator said revenue for the three months ended Nov. 30 increased to $3.3 billion from $3.12 billion. The company now sees 2009 earnings of $2.25 to $2.75 a share, compared to its prior view of $2.50 to $3.00 a share. For the first quarter, Carnival expects earnings of 20 cents to 22 cents a share.
Sony may cut more jobs to survive downturn, president says(8:25 am ET)
NEW YORK (MarketWatch) -- Sony Corp. (SNE: news, chart, profile) may make further restructuring moves, including adding more job cuts to its recent round of layoffs, according to a Kyodo news service interview with the company's President Ryoji Chubachi published Thursday. The Japanese firm said last week it would cut 16,000 jobs, but Chubachi said more steps -- including further lay-offs -- may be needed. "With only these measures, we cannot fully survive the current economic situation," he told Kyodo. Chubachi said business conditions are getting worse, with demand for its consumer appliances falling, especially since late November, a trend which he said "would not be a temporary but a long-lasting one." He also said Sony would have to reassess its goal of expanding its personal computer, Blu-ray Disc and semiconductor operations into "trillion yen businesses" by March 2011.
FedEx cutting CEO pay by 20% to help save costs(8:09 am ET)
NEW YORK (MarketWatch) -- FedEx Corp. (FDX: news, chart, profile) said Thursday it would institute a hiring freeze and cut salaries as part of a plan to reduce costs. Effective Jan. 1, Chief Executive Officer Frederick Smith will recieve a 20% cut; other senior FedEx executives will get a 7.5%-10% reduction. FedEx's remaining U.S. salaried exempt personnel will draw a reduction of 5%. Separately, FedEx said second-quarter earnings for the three months ended Nov. 30 rose 3% to $493 million, or $1.58 a share, from $479 million ,or $1.54 a share in the year-ago period. Revenue rose 1% to $9.54 billion. The Memphis-based package delivery giant was expected to earn $1.58 a share, according to a FactSet Research survey. FedEx expects "very difficult" economic conditions through calendar 2009. "We are taking additional actions necessary to help offset weak demand, protect our business and minimize the loss of jobs," the company said.
Worthington swings to a loss of $2.02 a share(8:08 am ET)
NEW YORK (MarketWatch) -- Worthington Industries Inc. (WOR: news, chart, profile) said Thursday that it lost $160 million in the second quarter, or $2.02 a share, compared to year-ago earnings of $15 million, or 18 cents a share. An inventory writedown had a negative impact of 86 cents a share in the period and a good will impairment had a negative impact of $1.07 a share. Sales were $745 million, an increase of 4%. Analysts polled by FactSet Research estimated, on average, earnings per share of 6 cents and sales of $776 million. "We believe the steps we have announced to close or idle facilities, sell non-core assets, reduce the work force and work schedules and, in general, to cut costs throughout the company are required in this extraordinary period." Chief Executive John McConnell said.
CORRECT: AWK registers $690 million in stock(8:07 am ET)
NEW YORK (MarketWatch) -- American Water Works Company Inc. (AWK: news, chart, profile) on Thursday registered $690 million in stock. (Corrects error on nature of stock offering.)
Coca-Cola Enterprises raises 2008 forecast(7:54 am ET)
NEW YORK (MarketWatch) -- Coca-Cola Enterprises Inc. (CCE: news, chart, profile) said Thursday that it expects to report comparable earnings of $1.28 to $1.31 a share in 2008, up from its forecast of $1.25 to $1.29 a share, given on Oct. 23. On average, analysts polled by FactSet Research were looking for a profit of $1.26 a share. The company cited stronger-than-expected volume performance in North America, solid European performance and ongoing efforts to control operating expenses as reasons for the revision. It expects mid-single-digit growth in earnings per share in 2009.
Actuant earnings slashed in first quarter(7:49 am ET)
NEW YORK (MarketWatch) -- Actuant Corp. (ATU: news, chart, profile) said Thursday that first-quarter earnings fell to $11.6 million, or 19 cents a share, compared to $27.4 million, or 43 cents in the same period a year ago. Sales fell to $380 million from $415 million. Excluding a charge of 26 cents a share related to the company's recreational vehicle line and other itmes, earnings per share were 45 cents vs. 52 cents a year ago. Analysts polled by FactSet Research estimated, on average, earnings per share of 47 cents and sales of $400 million.
Pentair cuts forecast, plans to cut workforce(7:22 am ET)
NEW YORK (MarketWatch) -- Pentair Inc. (PNR: news, chart, profile) on Thursday lowered its forecast for adjusted fourth-quarter earnings from continuing operations to a range of 40 cents to 42 cents a share, compared to its previous view of 52 cents to 55 cents a share. On average, analysts polled by FactSet Research expected earnings of 48 cents a share. For the full year 2008, the company expects adjusted earnings of $2.19 to $2.21 a share, compared to its earlier forecast of $2.28 to $2.31. Analysts were looking for $2.29 a share. In 2009, the company sees earnings of $1.70 to $2.00 a share on an 8% to 10% decline in sales. The Golden Valley, Minn., water treatment and storage products manufacturer said it is responding to deteriorating economic conditions by accelerating restructuring actions, among other actions, and it expects to cut about 1,600 jobs, or more than 10% of its workforce, this year.
Covance cuts 2008 outlook but forecasts growth in 2009(7:21 am ET)
NEW YORK (MarketWatch) -- Covance Inc. (CVD: news, chart, profile) lowered its 2008 profit outlook Thursday, saying it now expects earnings of $3.02 a share with "low double-digit" revenue growth. It previous forecast the year would bring $3.18 a share profit with revenue growing in the "low-teens" on a percentage basis. However, the drug company also said it expects full-year 2009 revenue growth of approximately 5% to 10% and earnings per share of $3.00 to $3.20, based on its budgeted level for the U.S. dollar. Excluding the impact of foreign exchange, it sees revenue growth in the range of approximately 10% to 15% and earnings growth in the range of approximately 8% to 15%. For the first quarter of 2009, the company expects a modest sequential decline in earnings per share from the fourth quarter of 2008, relating largely to new operations coming online. Covance shares ended Wednesday up over 4% at $42.78.
Alliant Energy sees 2008 earnings near $2.65 a share(7:21 am ET)
NEW YORK (MarketWatch) -- Alliant Energy Corp. (LNT: news, chart, profile) on Thursday said it expects 2008 earnings at or slightly below $2.65 a share. Analysts expect earnings of $2.66 a share for Alliant, according to a survey by FactSet Research.
Pier 1 Imports' third-quarter loss widens(6:18 am ET)
LONDON (MarketWatch) -- Pier 1 Imports, Inc. (PIR: news, chart, profile) said its third-quarter net loss widened to $36.9 million, or 41 cents a share, from $10 million, or 11 cents a share, in the year-earlier quarter. Consensus forecast were for a loss of 25 cents a share, according to a survey of 13 analysts conducted by FactSet Research. Same-store sales for the quarter fell 17.8%, in line with previous guidance. Total sales dropped 20% to $301 million. The company said it expects the current challenging environment to continue "well into fiscal 2010" and possibly longer.
Petrofac expects to meeting market expectations for earnings(2:35 am ET)
LONDON (MarketWatch) -- Oil and gas services group Petrofac (UK:PFC: news, chart, profile) said Thursday that it expects net profit for 2008 to be in line with the market consensus of $259.6 million. The group said total backlog at the end of the year is expected to be around $4 billion, compared to $4.4 billion a year earlier. "The group has a strong balance sheet and we are well positioned to take advantage of any opportunities that may arise from current market conditions," said CEO Ayman Asfari.
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3xBuBu

12/22/08 5:39 PM

#728 RE: 3xBuBu #699

Monday, Dec. 22
Red Hat earnings grow nearly 20% in third quarter(4:12 pm ET)
SAN FRANCISCO (MarketWatch) -- Red Hat Inc. (RHT: news, chart, profile) said Monday afternoon that earnings for the third fiscal quarter grew nearly 20% despite a hit to revenue from unfavorable exchange rates. For the period ended Nov. 30, the company reported net income of $24.3 million, or 12 cents per share, compared to earnings of $20.3 million, or 10 cents per share, for the same period last year. Excluding stock-based compensation and other charges, the company said it would have earned $48.4 million, or 24 cents a share, for the recent period. Revenue grew 22% to $165.3 million. Analysts were expecting earnings of 18 cents a share on revenue of $166.4 million, according to estimates from Thomson Reuters.
St. Jude Medical acquires MediGuide(8:53 am ET)
NEW YORK (MarketWatch) -- St. Jude Medical Inc. (STJ: news, chart, profile) said Monday that it acquired all of the outstanding shares of MediGuide Inc., including the 41.3% stake owned by Elbit Systems Ltd. (ESLT: news, chart, profile) , for $283 million in cash and the assumption of net liabilities of about $17 million. Under terms of the deal, St. Jude will pay $138 million of the purchase price in December and then make payments of $111 million in November 2009 and up to $34 million in April 2010. St. Jude will record a special fourth-quarter charge of about $300 million; excluding that charge, the deal does not affect the company's profit forecast for 2008 or 2009.
Aaron Rents raises 2009 profit forecast(8:48 am ET)
NEW YORK (MarketWatch) -- Aaron Rents Inc. (RNT: news, chart, profile) on Monday raised its 2009 earnings forecast to a range of $1.70 to $1.85 a share from its prior view of $1.65 to $1.80 a share, citing strength in business trends. On average, analysts polled by FactSet Research were looking for earnings of $1.73 a share. The Atlanta-based company, which rents and sells furniture and appliances, also said it expects fourth-quarter same-store revenue to rise 5% to 7% from the year-ago period, although its earnings forecast for the quarter and fiscal year 2008 remains unchanged. "Unlike many other specialty retailers, our business has been thriving in this economic environment," said Robert Loudermilk, chief executive officer. "We give customers the ability to obtain necessary home furnishings through non-credit based lease plans not available to them at traditional retail outlets."
Sysco warns of lagging second quarter(8:26 am ET)
NEW YORK (MarketWatch) -- Sysco Corp. (SYY: news, chart, profile) said Monday that it expects flat to slightly negative year-on-year sales for its second quarter of fiscal year 2009, which ends Dec. 27. Sysco also said that for the second quarter through November it has seen about a $45 million fall in the cash surrender value of corporate-owned life insurance. "These investments, which are used to fund certain of Sysco's retirement plans, will continue to fluctuate as the underlying securities are primarily tied to market performance," said the firm in a statement.
Roper Industries cuts fourth-quarter earnings forecast(8:26 am ET)
NEW YORK (MarketWatch) -- Roper Industries Inc. (ROP: news, chart, profile) on Monday lowered its fourth-quarter earnings forecast to a range of 73 cents to 76 cents a share, compared to its prior view of 83 cents to 86 cents a share, citing lower demand in certain units as well as unfavorable effects from foreign exchange. On average, analysts polled by FactSet Research were looking for earnings of 82 cents a share in the period. For the full year, the company expects to report earnings of $3.03 to $3.06 a share, excluding a previously reported charge of 2 cents a share. Analysts are looking for $3.12 a share in the period, according to FactSet. The Sarasota, Fla., maker of fluid handling, industrial control and analytical instrumentation products raised its guidance for full-year operating cash flow to at least $415 million, up from $344 million in 2007.
Visa pours $1.1 billion into escrow account(8:16 am ET)
NEW YORK (MarketWatch) -- Visa Inc (V: news, chart, profile) said Monday that it has deposited $1.1 billion into a previously-established litigation escrow account. The account is part of a plan set up when Visa went public. It provides coverage and a payment mechanism for judgments or settlements in specific U.S. legal cases, protecting Visa and its Class A and Class C shareholders from any direct losses. Under terms of the plan, money deposited in the account is at the expense of Class B shareholders, via a reduction in their as-converted share count. "This transaction not only adds the necessary funds to our litigation escrow, but effectively acts as a $1.1 billion Class B share repurchase program," said Joseph Saunders, chairman and chief executive officer.
Steelcase posts lower third-quarter profit(7:42 am ET)
NEW YORK (MarketWatch) -- Steelcase Inc. (SCS: news, chart, profile) said Monday that its third-quarter profit fell to $0.4 million, or break-even on a per-share basis, from $31.3 million, or 22 cents a share, in the year-earlier period. For the quarter ended Nov. 28, revenue declined to $811.3 million from $885.9 million. The Grand Rapids, Mich., office-furniture maker said it expects to report a fourth-quarter net loss of 4 cents to 10 cents a share, including restructuring costs. Shares of Steelcase closed Friday at $5.73.
Park Electrochemical posts lower quarterly sales, profit(6:52 am ET)
WASHINGTON (MarketWatch) -- Park Electrochemical Corp. (PKE: news, chart, profile) reported net income of $2.9 million, or 14 cents a share, for the third quarter ended Nov. 30, down from $8.8 million, or 43 cents, earned in the year-earlier period. Quarterly sales generated by the Melville, N.Y.-based supplier of advanced materials fell to $49.2 million from the prior year's $63.7 million.
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3xBuBu

12/23/08 5:23 PM

#729 RE: 3xBuBu #699

Tuesday, Dec. 23
American Greetings swings to third-quarter loss on charges(7:45 am ET)
NEW YORK (MarketWatch) -- American Greetings (AM: news, chart, profile) said Tuesday that it swung to a third-quarter loss of $193.3 million, or $4.25 a share, from a profit of $29 million, or 52 cents a share, in the year-earlier period. In the latest quarter, goodwill and other asset-impairment charges reduced earnings by $4.46 a share. Revenue for the company declined to $454.1 million from $485.8 million. The Cleveland, Ohio-based greeting-card company said it cannot provide an earnings forecast for the rest of the fiscal year, citing the possibility of more store closings as one contributing factor.
Old Dominion Freight lowers 2008 profit forecast(7:03 am ET)
WASHINGTON (MarketWatch) -- Old Dominion Freight Line Inc. (ODFL: news, chart, profile) , citing "difficult" economic conditions, has revised lower its 2008 profit range. As revised, the Thomasville, N.C.-based less-than-truckload carrier said it sees earnings for the year in a range of $1.73 to $1.76 a share. Old Dominion has previously pegged 2008 profit to come within a range of $1.90 to $1.95 a share; the consensus analyst estimate as compiled by FactSet Research stands at $1.87 a share. Earl Congdon, the company's executive chairman, pointed to weakness in tonnage, competitive pricing pressures and harsh weather seen recently in parts of the U.S. as factors behind the revision.
Monday, Dec. 22
Unisys to lay off 1,300 in cost-cutting move(7:09 pm ET)
SAN FRANCISCO (MarketWatch) -- Unisys Corp. (UIS: news, chart, profile) said Monday evening that it plans to take "agressive actions" to reduce costs, which will include laying off about 1,300 workers. In a statement, the IT services company said it will also seek reductions in third-party expenses, facility consolidations and a suspension of company matching contributions to the U.S. 401(k) plan. The company also said it will forgo 2009 salary increases in most of its markets. Unisys said it will take a restructuring charge of $80 million to $85 million in the fourth quarter as a result of the cost reductions.
Red Hat earnings grow nearly 20% in third quarter(4:12 pm ET)
SAN FRANCISCO (MarketWatch) -- Red Hat Inc. (RHT: news, chart, profile) said Monday afternoon that earnings for the third fiscal quarter grew nearly 20% despite a hit to revenue from unfavorable exchange rates. For the period ended Nov. 30, the company reported net income of $24.3 million, or 12 cents per share, compared to earnings of $20.3 million, or 10 cents per share, for the same period last year. Excluding stock-based compensation and other charges, the company said it would have earned $48.4 million, or 24 cents a share, for the recent period. Revenue grew 22% to $165.3 million. Analysts were expecting earnings of 18 cents a share on revenue of $166.4 million, according to estimates from Thomson Reuters.
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3xBuBu

12/26/08 10:20 PM

#730 RE: 3xBuBu #699

Friday, Dec. 26
Energy stocks rise with broad market(9:38 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose in early action on Friday, taking their cue from higher crude oil prices and modest gains in the broad market. The Amex Oil Index (XOI: news, chart, profile) rose 0.8% to 922. The Amex Natural Gas Index ]s: xng] rose 1.9% to 362. Crude prices advanced 28 cents to $35.63.
Amazon says 2008 holiday season is its 'best ever'(8:20 am ET)
NEW YORK (MarketWatch) -- Amazon.com Inc. (AMZN: news, chart, profile) said Friday that the 2008 holiday season "finished as its best ever." It said it sold over 6.3 million items worldwide on its peak day, Dec. 15. The online retailer also said it had shipped more than 99% of orders in time to meet holiday deadlines. Amazon said top sellers in consumer electronics included Samsung's (SSNLF: news, chart, profile) 52-inch LCD high-definition television, the Apple (AAPL: news, chart, profile) iPod touch and the Acer (ACEIY: news, chart, profile) Aspire One 8.9-inch netbook. "We are extremely grateful to our customers," said Amazon Chief Executive and founder Jeff Bezos.
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3xBuBu

12/29/08 6:15 PM

#731 RE: 3xBuBu #699

Monday, Dec. 29
Cal-Maine Foods profit down 32%(6:42 am ET)
LONDON (MarketWatch) -- Cal-Maine Foods Inc. (CALM: news, chart, profile) said Monday that its fiscal second-quarter net profit fell 32% to $27.2 million, or $1.14 a share, from $40.2 million, or $1.69 a share, a year earlier. Sales in the quarter ended Nov. 29 rose 6.5% to $238.3 million. The egg supplier said the results reflect good demand for eggs at the retail level, but a declining demand from the food service sector. It added it expects to pay a dividend for the quarter of around 38.2 cents a share.
KBC to take $1.3 billion hit from CDO downgrades(2:37 am ET)
LONDON (MarketWatch) -- KBC Group (BE:000356573: news, chart, profile) said Monday that write-downs on its portfolio of collateralized debt obligations will knock around 900 million euros ($1.3 billion) off its fourth-quarter net profit. The firm said a downgrade of several CDOs by rating agency Moody's Investor Service led to write-downs of 300 million euros. The remainder of the write-down stems from applying the new rating assumptions to its entire CDO portfolio and from the changing value of guarantees written by bond insurers following the downgrade. KBC said it will publish its fourth quarter results on Feb. 12.
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3xBuBu

12/31/08 1:43 AM

#732 RE: 3xBuBu #699

Tuesday, Dec. 30
Cosco warns 2008 profit to fall below last year's level(11:36 pm ET)
HONG KONG (MarketWatch) -- Shares of Cosco Corp. fell more than 5% Wednesday after the shipbuilder said it expects profit this year will be lower than last year because of the global economic downturn and the fallout of declining exports upon the shipping industry. Cosco said it will increase provisions for "doubtful debts" as some of its customers struggle to meet obligations. "In light of the adverse global economic climate and the deteriorating market conditions facing the shipping industry over the past few months, the company's shipbuilding subsidiaries have recently received requests for delays in making payment by several ship owners," Cosco said in a filing to Singapore securities officials late Tuesday. Cosco also said it faced higher shipbuilding costs, particularly for materials such as steel, as well as higher costs in fulfilling offshore marine contracts. Cosco did not provide details of its provisions for bad debts for the financial year ending Dec. 31.
Banks heading for first quarterly loss since 1990: WSJ(8:02 am ET)
NEW YORK (MarketWatch) -- U.S. banks and savings institutions are heading for their first overall quarterly loss since 1990, according to a report in Tuesday's Wall Street Journal. The Journal said that since posting a combined profit of $1.7 billion in the third quarter, the situation has gotten worse for the 8,300 institutions with deposits backed by the Federal Deposit Insurance Corp. The $1.7 billion profit was a 94% drop from the year-ago period. The Journal reported that nearly one quarter of U.S. financial institutions reported a net loss for the quarter ending Sept. 30, and that percentage is likely to climb in the fourth quarter, with some analysts predicting that even entities such as J.P. Morgan Chase & Co. (JPM: news, chart, profile) will report losses.
Weekly chain-store sales fall from year-ago: survey(8:00 am ET)
NEW YORK (MarketWatch) -- Chain-store sales for the week ended Dec. 27 fell 1.8% from the year-ago period, according to a survey released Tuesday by the International Council of Shopping Centers and Goldman Sachs. On a week-over-week basis, sales fell 1.5%. "The 2008 recession, widespread heavy discounting and adverse pre-holiday weather all coalesced to produce the weakest holiday season since at least 1970," said Michael Niemira, ICSC's chief economist. "Although there is another week in the fiscal month, December's sales are unlikely to get much help from the post-Christmas shopping." ICSC expects December same-store sales to fall by at least 1%.
Gazprom profit surges 83%(2:50 am ET)
LONDON (MarketWatch) -- Russia natural gas giant OAO Gazprom (UK:OGZD: news, chart, profile) said Tuesday that its net profit for the six months ended June 30 rose 83% to 573.8 billion roubles ($19.4 billion) from 313.2 billion roubles as sales grew 52% to 1.74 trillion roubles. The group said the increase in sales was due to both higher volumes in Europe and higher selling prices across all regions.
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3xBuBu

01/05/09 8:54 PM

#733 RE: 3xBuBu #699

Monday, Jan. 5
LDK cuts fourth-quarter revenue outlook on slower demand(4:57 pm ET)
SAN FRANCISCO (MarketWatch) -- LDK Solar Co. (LDK: news, chart, profile) late Monday cut its fourth-quarter revenue outlook to $425 million to $435 million from $555 million to $565 million previously forecast on slower demand. The manufacturer of multicrystalline solar wafers said clients requested delays in shipments until 2009 due to the current economic crisis and tight credit markets. It expects gross margin to drop to 10% to 13% from 18% to 21% previously projected. The company sees revenue of $2.3 billion to $2.5 billion and a gross margin of 22% to 27% in fiscal 2009.
Energy stocks rise with crude prices (9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose with oil prices on Monday. The Amex Oil Index (XOI: news, chart, profile) rose 26 cents to $46.60. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1% to 399. Crude futures advanced 26 cents to $46.60.
Pepco Energy wins $5 billion government contract(9:34 am ET)
NEW YORK (MarketWatch) -- Pepco Energy Services, a unit of Pepco Holdings Inc. (POM: news, chart, profile) , said it won a five year contract worth up to $5 billion from the U.S. Department of Energy. Pepco Energy Services conducts comprehensive energy audits and identifies improvements that will save energy at government facilities. In consultation with agency customers, Pepco Energy Services will design and construct projects that meet the agency's needs and arranges financing to pay for it. These improvements are projected to generate savings sufficient to pay for the project over the term of the contract.
Borders same-store holiday sales drop more than 14%(9:03 am ET)
NEW YORK (MarketWatch) -- Borders Group (BGP: news, chart, profile) said Monday that sales at Borders superstores open more than a year fell 14.4% during the holiday season, as compared to the same period in 2007. The group's total consolidated sales were $868.8 million, an 11.7% decline during the nine weeks ended Jan. 3 from the year before. Total sales for just the Borders superstore segment were $652.6 million, a 13.6% decrease. Borders.com sales for the holiday period were $20.3 million. "Overall, holiday sales started slow and improved during the latter part of the season," the books and music retailer said.
Progress Energy sees adjusted profit of $2.95-$3.10 a share(8:53 am ET)
NEW YORK (MarketWatch) -- Progress Energy Inc. (PGN: news, chart, profile) said Monday it expects adjusted 2009 earnings of $2.95 to $3.15 a share, compared to the latest Wall Street estimate of $3.10 a share in a survey of analysts by FactSet Research. The Raleigh, N.C. utility also plans to cut its capital spending plans by $250 million. "In the midst of a global economic slowdown, our company is continuing to deliver superior service for our customers, create value for our shareholders and control our costs," the company said.
Apple chief Steve Jobs afflicted with 'hormone imbalance'(8:35 am ET)
NEW YORK (MarketWatch) -- Apple (AAPL: news, chart, profile) CEO Steve Jobs said Monday he's been afflicted by a hormone imbalance that has caused weight loss. "The remedy for this nutritional problem is relatively simple and straightforward, and I've already begun treatment," Jobs said in an open letter to the Apple community. "But, just like I didn't lose this much weight and body mass in a week or a month, my doctors expect it will take me until late this Spring to regain it. I will continue as Apple's CEO during my recovery." Apple's board of directors said in a separate statement it supports his actions.
Truck maker Navistar sees '09 profit of $5.10-$5.60 a share(7:11 am ET)
NEW YORK (MarketWatch) -- Navistar International Corp. (NAV: news, chart, profile) said Monday it expects 2009 earnings of $5.10 to $5.60 a share. Analysts had expected earnings of $6.45 a share from the Warrenville, Ill. truck maker. Navistar said its forecast is based on current market conditions. "Our profitability in 2008 in turbulent economic conditions demonstrates our ability to grow outside our core North American business by growing beyond the cyclicality of our traditional markets into other profitable businesses," Navistar said.
U.K. regulator probing profit warning wave: report(2:42 am ET)
LONDON (MarketWatch) -- The U.K. Financial Services Authority is probing leading companies over possible failure to disclose key information to the stock market, according to a report in the Financial Times that cited a former prosecutor and unnamed lawyers for big companies. The FSA's inquiries have led to an increase in cases referred to its enforcement department for full investigation, people familiar with the matter told the newspaper. Firms that have been probed include Rentokil Initial (UK:RTO: news, chart, profile) and Rok (UK:ROK: news, chart, profile) , the newspaper added. Rentokil said it had received no sanction, and Rok said it was told the regulator's approach was not unusual.
Friday, Jan. 2
Dynegy dissolving greenfield joint venture with LS Power(9:18 am ET)
NEW YORK (MarketWatch) -- Dynegy Inc (DYN: news, chart, profile) said Friday it would dissolves a joint venture with LS Power Associates, L.P. LS Power will receive $19 million in cash during the first quarter to reflect the relative value of assets exchanged. Dynegy said it would record a loss in 2009 related to the transaction. LS Power will acquire full ownership and developmental rights associated with various "greenfield" projects under consideration in Arkansas, Georgia, Iowa, Michigan and Nevada.
Sunoco Inc. draws downgrade at Soleil Securities (7:23 am ET)
NEW YORK (MarketWatch) -- Sunoco Inc. (SUN: news, chart, profile) drew a downgrade to hold from buy at Soleil Securities on Friday, amid concerns over rising distillate inventories. Despite a positive outlook for Sunoco's Coke and Logistics units, the Philadelphia petroleum refining firm could face more depressed refining margins, noted analyst Jacques Rousseau. Sunoco's share price has risen 25% since Dec. 15, ahead of the 15% gain for its peer group, and well ahead of the 4% rise in the S&P 500.
Wednesday, Dec. 31
Petroleum shares ending year with modest losses(9:42 am ET)
NEW YORK (MarketWatch) -- Energy stocks began the last trading day of 2008 with modest losses. The Amex Oil Index (XOI: news, chart, profile) fell 0.3% to 966.6. The Amex Natural Gas Index (XNG: news, chart, profile) traded flat at 371.
GMAC to issue $11.6 billion in new notes(8:25 am ET)
NEW YORK (MarketWatch) -- GMAC said Wednesday it will issue $11.9 billion in new GMAC senior guaranteed notes of various series and approximately $2.6 billion aggregate liquidation preference of new GMAC cumulative perpetual preferred stock. The financing arm owned by Cerberus Capital Management L.P. and General Motors Corp. (GM: news, chart, profile) consumated private exchange offers and cash tender offers to purchase or exchange its debt.
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3xBuBu

01/07/09 8:28 PM

#734 RE: 3xBuBu #699

Wednesday, Jan. 7
EMC delivers preliminary results; will cut 2,400 jobs(4:50 pm ET)
SAN FRANCISCO (MarketWatch) -- EMC Corp. (EMC: news, chart, profile) on Wednesday reported preliminary results for its fiscal fourth quarter. The storage-technology company said it earned between 13 cents and 14 cents a share on revenue of approximately $4 billion. Excluding restructuring charges, the impact of stock-based compensation and other items, EMC said it earned between 30 cents and 31 cents a share, which was in line with its prior estimates. The company also said it would cut 2,400 jobs, or about 6% of its information infrastructure workforce as part of an effort to cut its costs by $350 million in 2009. Additionally, EMC suspended salary increases and said Chief Executive Joe Tucci and other senior executives would take a pay cut this year. EMC said it would give more details when it reports its complete quarterly results on Jan. 27.
Intel revenue warning leads to early tech losses(9:41 am ET)
SAN FRANCISCO (MarketWatch) -- Losses from Intel Corp. (INTC: news, chart, profile) helped drive the tech sector south early Wednesday after the chipmaker warned that it expects its fourth-quarter revenue to fall 23% from a year ago to $8.2 billion. Intel shares fell 66 cents, or 4.5%, to $14.68 after the warning. Other tech stocks in the red included Microsoft Corp. (MSFT: news, chart, profile) , Apple Inc. (AAPL: news, chart, profile) and Cisco Systems Inc. (CSCO: news, chart, profile) . The tech-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) fell 32 points, or almost 2%, to 1,619.
Intel sees fourth-quarter revenue drop of 23% from year ago(9:18 am ET)
NEW YORK (MarketWatch) -- Intel Corp. (INTC: news, chart, profile) said Wednesday its preliminary fourth-quarter revenue was approximately $8.2 billion, down 23% from the year-earlier period. The forecast is lower than the company's November projection due to "further weakness in end demand and inventory reductions by ... customers in the global PC supply chain," the Santa Clara, Calif., chip maker said. It also said it will take a non-cash fourth-quarter charge of about $950 million from a loss in the value of its stake in Clearwire Corp. (CLWR: news, chart, profile) . Intel is slated to announce its fourth-quarter earnings Jan. 15.
Citing impairment charge, Time Warner predicts 2008 loss(8:58 am ET)
NEW YORK (MarketWatch) -- Time Warner Inc. (TWX: news, chart, profile) said Wednesday that a $25 billion non-cash impairment charge on "certain of its goodwill and identifiable intangible assets in the fourth quarter," will lead to a net loss in 2008. On Nov. 5, the company said it expected 2008 earnings from continuing operations in the range of $1.04 to $1.07 a share. Also Wednesday, Time Warner Cable Inc. (TWC: news, chart, profile) said it expects to incur a $15 billion non-cash impairment charge on "certain of its indefinite-lived intangible assets (i.e., its cable franchise rights)." Time Warner Cable said that it too expects a net loss for 2008.
Japan's NSSC shuttering some steel plants for six months(8:16 am ET)
NEW YORK (MarketWatch) -- Japan's top steel maker, Nippon Steel & Sumikin Stainless Steel Corp., said Wednesday it would suspend some thin-sheet production lines for at least six months, as demand from homebuilders and electronics makers drops, the Nikkei newspaper reported. NSSC -- a joint venture between Nippon Steel Corp. (NISTF: news, chart, profile) and Sumitomo Metal Industries Ltd. (STMNF: news, chart, profile) -- said the closures would begin in February and could continue longer than six months if demand remains weak, according to the report. Workers affected will be relocated or retrained, the report said. NSSC, which commands a leading 30% share of the domestic market for stainless steel, is already operating at about half capacity for thin-sheet steel.
Constellation Brands' third-quarter adjusted profit rises(7:51 am ET)
NEW YORK (MarketWatch) -- Constellation Brands Inc. (STZ: news, chart, profile) said Wednesday that its third-quarter earnings fell to $83.5 million, or 38 cents a share, from $119.6 million, or 55 cents a share, in the year-earlier period. Adjusted earnings totaled $132 million, or 60 cents a share, versus $121 million, or 55 cents a share, in the year-ago period. Analysts polled by FactSet Research estimated, on average, earnings of 60 cents a share. Sales at the alcoholic-beverage maker fell to $1.03 billion compared to $1.41 billion. Constellation now expects to report comparable full-year earnings of $1.68 to $1.72 a share, compared to its previous forecast of $1.68 to $1.76.
Jarden sees fourth-quarter sales slightly over $1.3 billion(7:43 am ET)
NEW YORK (MarketWatch) -- Jarden Corp. (JAH: news, chart, profile) said Wednesday it expects that its revenue for the fourth quarter will be "slightly above the provided guidance of $1.3 billion." Full year revenue for 2008 is expected to be approximately $5.35 billion, the Rye, N.Y. company said.
Family Dollar first-quarter per-share profit rises 13.5%(7:18 am ET)
NEW YORK (MarketWatch) -- Family Dollar Stores Inc. (FDO: news, chart, profile) said Wednesday its fiscal first-quarter profit rose $59.3 million, or 42 cents a share, up 13.5% from $51.9 million, or 37 cents a share, in the same quarter a year before. Analysts had expected earnings on average of 40 cents a share, according to a FactSet Research survey. Revenue for the quarter was $1.75 billion compared to $1.68 billion in the year-ago period. The Matthews, N.C., retailer said its same-store sales -- sales for those locations open longer than a year -- rose about 6% during the December reporting period. For the second quarter, the company said it expects same-store sales will increase 3% to 5% and earnings per share will be between 48 cents and 52 cents. Family Dollar ended trade Tuesday at $24.33, down 3.8%
Cabot Microelectronics warns of 33% drop in revenue(6:12 am ET)
LONDON (MarketWatch) -- Cabot Microelectronics (CCMP: news, chart, profile) said Wednesday that it expects to report a roughly 33% decline in revenue for its fiscal first-quarter ended Dec. 31, due to significantly lower demand. The group, which provides materials for the semiconductor industry, said it sees revenue in the quarter of between $62 million and $63 million. "Over the past few months we have seen an unprecedented drop in demand for our products, which we believe is driven by significantly reduced consumer and business spending on electronics amid an uncertain economic environment," said CEO William Noglows. He added the company is taking "a number of actions," to improve its operating effectiveness.
Oil services firm Natco sets guidance for 2009(6:09 am ET)
LONDON (MarketWatch) -- Natco (NTG: news, chart, profile) , a Houston oil services firm, said it expects to earn $2 a share on revenue of $725 million in 2009. The company's guidance is premised on commodity prices for U.S. natural gas averaging $5.50 per thousand cubic feet and oil prices averaging $55 per barrel for the year. Given those assumptions, the average U.S. rig count can be expected to fall to approximately 1,450 for the year. Analysts polled by FactSet expected the firm to earn $2.04 a share on revenue of $662 million.
Ethan Allen to combine some lines, affecting 350 jobs(4:08 am ET)
TEL AVIV (MarketWatch) -- Ethan Allen Interiors Inc., (ETH: news, chart, profile) the Danbury, Conn., producer and retailer of home furnishings, said late on Tuesday it would consolidate the operations of its Eldred, Pa., upholstery-manufacturing plant and several retail-service centers, a move affecting a total of 350 jobs. In the second half of fiscal 2009 ending June 30, Ethan Allen said, it will record mostly non-cash restructuring charges of 18 cents to 20 cents a share. The company owns the real estate associated with the Eldred plant. The output from the plant will be transferred to company facilities in North Carolina and California, where Ethan Allen plans to expand production. The business of the retail centers will be transferred to other locations in the same markets, Ethan Allen said.
KBR: 2009 net view in line with analyst range; buyback set(3:48 am ET)
TEL AVIV (MarketWatch) -- KBR, (KBR: news, chart, profile) the Houston provider of engineering and construction services for energy, petrochemicals, government and infrastructure applications, said late on Tuesday that its current estimates of fiscal 2009 earnings are in line with the current range of analyst estimates. A survey of analysts by FactSet Research produced consensus estimates for the year of $1.76 a share of profit on $11.04 billion of revenue. Separately, the board adopted a buyback program under which KBR will reduce its shares outstanding to 160 million and maintain them at that level. At Sept. 30, KBR had 167 million weighted-average shares outstanding.
Sodexo first-quarter revenue up 5.6%; organic up 3.2%(1:29 am ET)
TEL AVIV (MarketWatch) -- Sodexo, (SDXAY: news, chart, profile) (FR:012122: news, chart, profile) the Paris provider of food and facilities-management services, reported fiscal first-quarter revenue rose 5.6% and organic growth -- revenue excluding acquisitions and currency fluctuations -- of 3.2%. For the quarter ended Nov. 30, revenue reached 3.98 billion euros ($5.37 billion) from 3.76 billion in the year-earlier period. The company said the result was in line with its expectations and it affirmed the targets that it set out in November. Organic growth for revenue in North America rose 5.6%, "but the impact of the economic crisis begins to weigh on corporate services," the company said in a statement on Wednesday. In the UK and Ireland revenue fell 23%, because of an unfavorable comparison from a year earlier, which reflected the Rugby World Cup hospitality contract. Excluding that accord, revenue grew 9.1% in the UK and Ireland.
Tuesday, Jan. 6
Microchip Tech expects earnings of 21 to 24 cents a share(4:29 pm ET)
SAN FRANCISCO (MarketWatch) -- Microchip Technology Inc. (MCHP: news, chart, profile) on Tuesday said it expects to earn between 21 cents and 24 cents a share for its fiscal third-quarter, ended Dec. 31. Excluding one-time items, the maker of microcontroller and analog semiconductors estimates it will earn between 23 cents and 26 cents a share. Microchip also said it expects its sales to fall 29% to 32% from the $269.7 million it reported for its second fiscal quarter. Chief Executive Steve Sanghi said that because of deteriorating market conditions, Microchip would continue with a pay cut for its worldwide, non-manufacturing employees that was first implemented in December. The company will give full quarterly results on Jan. 29.
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3xBuBu

01/08/09 7:34 PM

#735 RE: 3xBuBu #699

Thursday, Jan. 8
Lawson Software quarterly profit rises to 3 cents a share (4:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Lawson Software Inc. (LWSN: news, chart, profile) late Thursday reported its second-quarter net income rose to $4.2 million, or 3 cents a share, from $3.7 million, or 2 cents a share, in the same quarter in 2007. Excluding special items, the business software maker would have earned 10 cents a share. Revenue decreased to $206.4 million from $218.6 million a year ago. Analysts polled by FactSet Research had forecast earnings of 7 cents a share on $207.4 million in revenue. Lawson Software expects third-quarter revenue of $183 million to $187 million and earnings of 3 cents to 6 cents a share.
Exxon favors carbon tax over cap and trade for CO2 curbs (2:36 pm ET)
NEW YORK (MarketWatch) -- Exxon Mobil (XOM: news, chart, profile) CEO Rex Tillerson said Thursday the current economic slowdown, efficiency improvements and alternative energy won't greatly dampen global energy demand, still expected to grow by 35% between 2005 and 2030. Tillerson said Exxon Mobil supports a carbon tax to curb greenhouse gases rather than a cap and trade system. "A carbon tax strikes us as a more direct, transparent and effective approach," said Tillerson. "It is easier to apply globally, avoids the establishment of new markets for trading emissions and new regulators to monitor them, can be implemented through the existing tax infrastructure and made revenue neutral to mitigate the impact on the economy."
GameStop's holiday same-store sales rise 10.2%(10:08 am ET)
NEW YORK (MarketWatch) -- GameStop Corp. (GME: news, chart, profile) said Thursday that its same-store sales for the nine-week holiday period from Nov. 2 through Jan. 3 rose 10.2%. For the same period, total sales were $2.86 billion, up 22.3% from the year-earlier period. The video-game retailer said that it expects to report fourth-quarter earnings of $1.31 to $1.34 a share and full-year earnings of $2.37 to $2.40 a share. On average, analysts polled by FactSet Research were looking for earnings of $1.31 a share for the fourth quarter and $2.38 a share for the full year.
Petroleum shares rise, but natural gas shares lose ground(9:38 am ET)
NEW YORK (MarketWatch) -- Shares of petroleum producers and refiners managed to eke out some gains in early action, despite lower oil prices and losses in the broad market. The Amex Oil Index (XOI: news, chart, profile) rose 0.4% to 993. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 0.9% to 395.
Private equity fundraising falls 60% in Q4(9:28 am ET)
NEW YORK (MarketWatch) -- Private equity funds raised approximately $43 billion in the fourth quarter, down significantly from nearly $100 billion in the year-ago period, according to a Dow Jones Private Equity Analyst. Overall, 363 U.S.-based private equity funds raised $265.6 billion in 2008, 18% below the recorded $325.8 billion raised by 506 funds in 2007. News Corp. owns Dow Jones Private Equity Analyst and MarketWatch, the publisher of this report.
Schlumberger mulling job cuts, analysts say(9:20 am ET)
NEW YORK (MarketWatch) -- Oil service giant Schlumberger (SLB: news, chart, profile) plans to cut 10% of its head count, Pritchard Capital Partners analysts said in a note to clients on Thursday. Analysts attributed the job cut estimate to sources at the company. Pritchard also expects the company's fourth-quarter results to be "choppy." Pritchard noted the market will react favorably, since the company, "is proactively addressing costs" and that negative news on earnings is already priced into the stock. Schlumberger disclosed 80,000 employees as of Dec. 31, 2007 in its latest annual report.
Saks same-store sales drop almost 20% in December(8:53 am ET)
NEW YORK (MarketWatch) -- Saks Inc. (SKS: news, chart, profile) said Thursday its December sales at stores open at least one year fell 19.8%. Analysts, on average, had expected the same-store sales to fall 10%, according to Thomson Reuters. Total sales for the five weeks ended Jan. 3 fell 18.9% to $363 million. Saks also said it "continues to expect a significant year-over-year decrease in the gross margin rate for the fourth quarter."
Ross Stores same-store sales flat in December (8:50 am ET)
NEW YORK (MarketWatch) -- Ross Stores (ROST: news, chart, profile) said Thursday same-store sales for the five weeks ended Jan. 5 were flat, compared to a 3% increase in the year-ago period. Analysts surveyed by Thomson Reuters expected a loss of 0.7%, on average. Ross Stores said total sales rose 6% to $755 million. The Pleasanton, Calif. retailer lifted the low end of its fourth-quarter earnings outlook to 73 cents a share, from its earlier view of 69 cents a share, and kept the upper end of its target at 75 cents a share. Analysts expect earnings of 72 cents a share, according to a survey by FactSet Research.
Aeropostale says December same-store sales up 12%(8:46 am ET)
NEW YORK (MarketWatch) -- Aeropostale Inc. (ARO: news, chart, profile) said Thursday that its December sales at stores open at least one year rose 12%. Analysts, on average, had expected same-store sales to fall 4.2%, according to Thomson Reuters. Net sales for the five weeks ended Jan. 3 rose 25% to $392.7 million. Aeropostale said it now expects fourth quarter earnings in the range of 90 cents to 92 cents a share, compared to its previously issued guidance of 84 cents to 90 cents a share.
Kohl's December same-store sales decline 1.4%(8:45 am ET)
NEW YORK (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) said Thursday that its December sales at stores open at least one year fell 1.4%. Analysts, on average, had expected same-store sales to fall 5.5%, according to Thomson Reuters. Total sales for the five weeks ended Jan. 3 rose 3.6% from the year-earlier period. The retailer said it was "comfortable" with the analyst consensus expectation for a fourth-quarter profit of 98 cents a share.
Nordstrom posts December sales decline, won't meet forecast(8:40 am ET)
NEW YORK (MarketWatch) -- Nordstrom Inc. (JWN: news, chart, profile) said Thursday that its December sales at stores open at least one year fell 10.6%. Analysts, on average, had expected same-store sales to fall 13%, according to Thomson Reuters. Sales for the five weeks ended Jan. 3 fell 8.0% to $1.13 billion. The retailer said it does not expect to meet its previous fourth-quarter earnings forecast of 35 cents to 45 cents a share, blaming higher-than-expected competitive markdown pressure.
Barnes & Noble holiday same-store sales down 7.7%(8:41 am ET)
NEW YORK (MarketWatch) -- Barnes & Noble Inc. (BKS: news, chart, profile) said Thursday same-store sales for the nine-week period from Nov. 2 to Jan. 3 fell 7.7%, in line with its fourth-quarter forecast for a drop of 6% to 9%. Total sales dipped 5.2% to $1.1 billion during the period. The New York-based book seller said it expects 2008 earnings of $1.30 to $1.60 a share, in-line with its previously issued target. Analysts expect 2008 earnings of $1.42 a share with a fourth-quarter earnings of $1.52 a sahre, according to a survey by FactSet Research.
BJ's same-store sales up 1.6% in December(8:24 am ET)
NEW YORK (MarketWatch) -- BJ's Wholesale Club Inc. (BJ: news, chart, profile) said Thursday its December sales at stores open at least one year rose 1.6%. Excluding gasoline sales, same-store sales rose 5.9% from the year-earlier month. Analysts, on average, had expected the same-store sales to rise 3.1%, according to Thomson Reuters. Total sales for the five weeks ended Jan. 3 rose 3.2% to $1.06 billion.
American Eagle's December same-store sales fall 17%(8:18 am ET)
NEW YORK (MarketWatch) -- American Eagle Outfitters Inc. (AEO: news, chart, profile) said Thursday that its December sales at stores open at least one year fell 17%. Analysts, on average, had expected same-store sales to fall 12.3%, according to Thomson Reuters. Total sales for the five weeks ended Jan. 5 fell 10% to $493.5 million. The retailer lowered its fourth-quarter earnings forecast to a range of 19 cents to 21 cents a share, excluding any potential charge retailed to investment securities. That compares with its prior view of 30 cents to 36 cents a share. On average, analysts polled by FactSet Research were looking for 33 cents a share.
A&P swings to a narrower-than-expected loss(8:16 am ET)
NEW YORK (MarketWatch) -- The Great Atlantic & Pacific Tea Company Inc. (A&P) (GAP: news, chart, profile) said Thursday it lost $13.63 million, or 26 cents a share in its third-quarter ended Nov. 29, compared to net income of $57.3 million, or $1.36 a share in the year-ago period. Adjusted income from operations increased to $17.4 million versus an adjusted loss from operations of $12.1 million in last year's third quarter. Sales for the third quarter rose to $2.1 billion versus $1.3 billion last year. Analysts expected a loss of 37 cents a share for the Montvale, N.J. supermarket chain, according to a survey by FactSet Research. "Despite the challenging economic environment, we delivered strong results in our third quarter with solid sales and year-over-year earnings improvement," the company said. "We completed the integration of the Pathmark acquisition and look forward to future rewards of this strategic decision."
Abercrombie & Fitch December same-store sales down 24%(8:17 am ET)
NEW YORK (MarketWatch) -- Abercrombie & Fitch Co. (ANF: news, chart, profile) said Thursday that its December sales at stores open at least one year fell 24%. Analysts, on average, had expected same-store sales to fall 23.5%, according to Thomson Reuters. Net sales for the five weeks ended Jan. 3 fell 11% to $45.6 million.
Bemis cuts fourth-quarter earnings outlook(8:16 am ET)
BOSTON (MarketWatch) -- Bemis Co. (BMS: news, chart, profile) on Thursday said it expects fourth-quarter earnings to come in about 25% lower than its previous outlook of 40 cents to 44 cents a share. Analysts surveyed by Thomson Reuters are looking for quarterly earnings of 42 cents a share, on average. The company blamed the reduced estimate on currency effects and sales-volume decreases in certain product lines. Bemis is scheduled to report fourth-quarter results on Jan. 27.
Gap same-store sales down 14%, cuts 2008 profit view (8:07 am ET)
NEW YORK (MarketWatch) -- Gap Inc. (GPS: news, chart, profile) said Thursday same-store sales fell 14% in December, compared to the target for a loss of 9.3% in a survey of analysts by Thomson Reuters. Total sales fell 12% to $1.93 billion. The San Francisco retailer said it now expects 2008 earnings of $1.27 to $1.30 a share, down from its previous estimate of $1.30 to $1.35 a share. Fiscal year 2007 earnings totaled $1.05 a share. "December was challenging, as customers waited until late in the month to shop and we faced a highly competitive promotional environment," said Sabrina Simmons, chief financial officer of Gap Inc. "We responded aggressively across our brands with compelling offers, which helped us clear through a significant amount of holiday inventory, but resulted in merchandise margins below last year."
RPM International profit falls (7:52 am ET)
NEW YORK (MarketWatch) -- RPM International (RPM: news, chart, profile) said Thursday that its fiscal second quarter net income for the period ended November 30 fell to $41.7 million, or 33 cents a share, compared to $54.9 million, or 43 cents a share a year ago. Net sales for the period fell to $890 million, from $905.7 million.
UPDATE: Wal-Mart falls short of same-store-sales estimate(7:48 am ET)
NEW YORK (MarketWatch) -- Wal-Mart Stores Inc. (WMT: news, chart, profile) said Thursday that December same-store sales rose 1.7% excluding fuel, falling short of the estimate for an increase of 2.8% in a survey of analysts by Thomson Reuters. In the year-ago period, Wal-Mart said same-store sales rose 2.4%. "Due to the difficult economy and severe winter weather in some regions, the holiday season was more challenging for retailers than expected," said Eduardo Castro-Wright, vice chairman, Wal-Mart Stores Inc. The retailing giant also cut its forecast for fourth-quarter earnings from continuing operations to a range of 91 cents to 94 cents a share, compared to its prior view of $1.03 to $1.07 a share. The company cited higher expenses and lower-than-expected sales at Sam's Club and Wal-Mart International. (Updates to include fourth-quarter outlook.)
Zale two-month same-store sales fell 19.6%(7:35 am ET)
TEL AVIV (MarketWatch) -- Zale Corp., the Dallas jewelry retailer, reported that for November and December, comparable-store sales fell 19.6%, while total revenue also fell nearly 20%, to $582 million from $723 million in the year-earlier period. Same-store sales fell 13% in November and 22% in December, Zale said in a statement on Thursday. "December sales improved during the week leading up to Christmas, and the general post-Christmas trend has been good as well," Zale said.
Wolverine announces 450 staff cuts(7:26 am ET)
NEW YORK (MarketWatch) -- Wolverine World Wide Inc. (WWW: news, chart, profile) said Thursday it will cut about 450 staff as part of a restructuring plan. The plan will also see consolidation of its North American distribution into its existing Michigan warehouses and Wolverine's European distribution operations into one facility. Wolverine said it will also likely outsource leather processing and close its Rockford, Mich.-based tanning facility. The changes will cost between $31 million and $36 million. The staff cuts alone will generate annualized pre-tax benefits of between $17 million and $19 million, said Wolverine.
New York & Co. Inc. sees Q4 loss of about 20 cents a share(7:26 am ET)
NEW YORK (MarketWatch) -- New York & Co. Inc. (NWY: news, chart, profile) said it would reduce its field management staff by about 12% and its corporate office staff by 10% and take $25 million, or 26 cents a share, in restructuring charges during the fourth quarter, including about $22 million in non-cash charges for the impairment of store assets and $3 million in cash charges related primarily to severance costs. The retailer will close up to 50 of its 600 stores. The moves are aimed at producing pre-tax savings of approximately $175 million over the next five years, of which approximately $30 million is expected to be realized in fiscal year 2009. New York & Co. expects a loss of about 20 cents a share for the fourth quarter, compared to the latest estimate for a loss of 14 cents a share in a survey of analysts by FactSet Research.
J. Crew cuts forecast on lower sales trends(7:22 am ET)
NEW YORK (MarketWatch) -- J. Crew Group Inc. (JCG: news, chart, profile) on Thursday lowered its earnings forecast for the fourth quarter and fiscal 2008, blaming lower sales and gross margins. The apparel retailer now sees a fourth-quarter loss of 24 cents to 29 cents a share, compared to its previous guidance of 5 to 10 cents a share in profit. For the full year, it projects earnings of 77 cents to 82 cents a share, versus its previous expected range of $1.11 to $1.16. On average, analysts surveyed by FactSet Research were looking for J. Crew to report a profit of 7 cents a share in the fourth quarter and $1.14 a share for the full year.
The Shaw Group's adjusted earnings beat target(7:16 am ET)
NEW YORK (MarketWatch) -- The Shaw Group Inc. (SGR: news, chart, profile) on Thursday said it lost $40 million, or 48 cents a share in its first-quarter ended Nov. 30, compared to net income of $2.2 million, or 3 cents a share in the year-ago period. Revenue for the industrial firm rose to $1.9 billion from $1.7 billion. Excluding the Baton Rouge, La. company's Westinghouse unit, The Shaw Group earned 75 cents a share in the latest period. The Westinghouse results, "reflect siginficant non-cash foreign exchange translation losses resulting from an appreciation of the Japanese yen against the U.S. dollar," the company said. Analysts surveyed by FactSet Research forecast earnings of 65 cents a share on revenue of $1.83 billion, on average. "We continue to experience significant bookings, including the engineering, procurement and construction contract to construct two Westinghouse AP1000 nuclear power units for Progress Energy at its Levy County, Fla., site, which we announced earlier this week," the company said.
Cardinal Health cuts fiscal 2009 adjusted earnings outlook(7:17 am ET)
NEW YORK (MarketWatch) -- Cardinal Health (CAH: news, chart, profile) said Thursday it was lowering its fiscal 2009 adjusted continuing-operations earnings outlook to $3.50-$3.60 a share, down from the previous forecast of $3.80-$3.95. The move was partly due to "a deferral in hospital capital spending affecting its Clinical and Medical Products segment." Chief Executive Kerry Clark said: "It is difficult to forecast the exact duration and potential long-term changes in hospital spending patterns, but the company is taking appropriate cost actions to mitigate the impact." For the fiscal second quarter ended Dec. 31, however, the adjusted earnings from continuing operations are expected to be "at least" 90 cents a share.
Limited Brands December same-store sales down 10%(7:05 am ET)
NEW YORK (MarketWatch) -- Limited Brands Inc. (LTD: news, chart, profile) on Thursday said same-store sales fell 10% in December. Analysts surveyed by Thomson Reuters forecast a same-store sales decline of 7.8% for the Columbus, Ohio retailer. The company currently estimates that fourth-quarter earnings will be between 55 and 70 cents a share, lower than the forecast of 90 cents a share in a survey of analysts by FactSet Research.
Manitowoc to report earnings at bottom end of forecast(6:49 am ET)
LONDON (MarketWatch) -- The Manitowoc Co. (MTW: news, chart, profile) said Thursday that it expects to report adjusted 2008 earnings toward the low end of its previous guidance range of $3.15 to $3.25 a share. The company, which manufactures capital goods from cranes to refrigeration equipment, said it expects adjusted earnings for 2009 to be in a range of $1.35 to $1.60 a share. It added revenue at its crane business is likely to fall around 20% in 2009, but this will be offset by a sharp increase from its foodservice operations following the acquisition of Enodis. Analysts polled by FactSet had been expecting earnings of $3.17 a share for 2008 and $2.70 a share for 2009.
Teleflex 2009 earnings midpoint below analyst estimates(6:41 am ET)
LONDON (MarketWatch) -- Teleflex (TFX: news, chart, profile) , the Limerick, Pa. engineering firm, said it expects adjusted earnings between $4.10 and $4.40 a share in 2009, with revenue above $2.4 billion. Restructuring and other special charges related to the Arrow integration and recently announced commercial group restructuring program are anticipated to be in the range of 30 cents to 40 cents a share for the year. Analysts polled by FactSet Research expected earnings of $4.36 for 2009.
Urban Outfitters two-month same-store sales off 1%(6:23 am ET)
TEL AVIV (MarketWatch) -- Urban Outfitters Inc., (URBN: news, chart, profile) the Philadelphia apparel retailer, reported that for November and December, same-store sales slipped 1%. Total sales for the two months rose 9% to $389 million, Urban Outfitters said in a statement on Thursday. Comparable sales rose 3% at Urban Outfitters stores, fell 6% at Anthropologie stores and declined 13% at the Free People chain. "The highly promotional selling environment forced us to take higher markdowns versus the comparable period last year, but we finished the holiday season with clean and lean inventories, which are well-positioned for the spring selling season," Chief Executive Officer Glen T. Senk said.
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3xBuBu

01/09/09 7:16 PM

#736 RE: 3xBuBu #699

Friday, Jan. 9
CVS Caremark shares fall 10% on 2009 outlook(10:05 am ET)
SAN FRANCISCO (MarketWatch) -- CVS Caremark Corp. (CVS: news, chart, profile) shares fell 10% early Friday after the big drug-store chain projected a 2009 profit below Wall Street's expectations. It also warned its same-store sales growth for the first quarter will slow. For 2009, CVS said it will earn $2.53 to $2.61 a share, before certain charges, compared to current analysts' estimate of $2.68 a share, according to FactSet Research. For the first quarter, CVS said same-store sales -- a gauge of retail health -- will grow between 1% to 3%, below the average analyst estimate of 3.1%. It said earnings before charges will be in the range of 53 cents to 55 cents a share. CVS stuck by its 2008 profit outlook. At last check, CVS shares traded at $26.26, a loss of $3.08.
Builder stocks fall after KB Home results, job report(10:04 am ET)
BOSTON (MarketWatch) -- Home-builder shares were down in early dealings Friday after the Labor Department said the economy shed more than a half-million jobs in December, capping a year in which the U.S. saw its biggest job loss since 1945. KB Home (KBH: news, chart, profile) shares lost as much as 10% on Friday morning after the company said its quarterly revenue fell by more than half and warned the housing market could worsen in 2009. The iShares Dow Jones U.S. Home Construction Index Fund (ITB: news, chart, profile) , and ETF tracking builder stocks, was down about 6% in recent action. Lennar Corp. (LEN: news, chart, profile) shares lost 20%.
Retail gasoline prices up 10 cents in past week to $1.78(9:17 am ET)
NEW YORK (MarketWatch) -- Average U.S. retail gasoline prices rose to $1.78 a gallon, up from $1.68 a gallon a month ago, according to the AAA Daily Fuel Gauge Report. A year ago, gasoline sold for $3.10 a gallon.
Stryker sees double-digit gains in 2009 earnings per share(9:13 am ET)
NEW YORK (MarketWatch) -- Medical products maker Stryker Corp. (SYK: news, chart, profile) said it expects 2008 adjusted earnings of $2.82 to $2.84 a share. Wall Street analysts expect 2008 earnings of $2.83 a share, according to a survey by FactSet Research. The Kalamazoo, Mich. company said fourth-quarter revenue rose 3.6% to $1.72 billion, in line with analyst targets. Stryker expects adjusted 2009 earnings of $3.12 to $3.22 a share, compared to the analyst target of $3.15 a share. "Despite great uncertainty in the global economy and continued pressure on hospital capital expenditure budgets, we believe the strength of our global franchises combined with our focus on cost controls will allow us to deliver solid top line growth and double-digit EPS gains in 2009," Stryker said.
KB Home reports narrower quarterly loss(8:14 am ET)
BOSTON (MarketWatch) -- KB Home (KBH: news, chart, profile) before Friday's opening bell reported a fourth-quarter net loss of $307.3 million, or $3.96 a share, compared with a loss of $772.7 million, or $9.99 a share, in the year-earlier period. The home builder said total revenue dropped to $919 million from $2.07 billion. "Housing market and general economic conditions in 2009 are expected to remain difficult or possibly worsen as the timing of any meaningful recovery for the home-building industry remains uncertain," said Jeffrey Mezger, KB Home's chief executive, in the earnings release.
R.R. Donnelley lowers FY2008 adjusted earnings view(6:44 am ET)
LONDON (MarketWatch) -- R.R. Donnnelley & Sons Co. (RRD: news, chart, profile) , a provider of print products and services, cut its 2008 adjusted earnings guidance to the range of $2.80 to $2.90 a share, compared to an earlier forecast of $3.08 to $3.11 a share. The new guidance is based in expected revenue for the year of $11.5 billion. R.R. Donnelley sees fourth-quarter adjusted earnings at 51 cents to 61 cents a share and revenue of roughly $2.7 billion. The company said it plans to continue to pay the present quarterly dividend of 26 cents a share. It also cautioned investors that because of the uncertainty in the global economic climate, it doesn't plan to provide earnings guidance for 2009 at its Feb. 25 conference call.
Greenbrier Cos. swing to $3.3 mln. first-quarter loss(6:35 am ET)
LONDON (MarketWatch) -- Rail transportation equipment maker The Greenbrier Cos. (GBX: news, chart, profile) on Friday said it swung to a first-quarter net loss of $3.3 million, or 20 cents a share, compared to net earnings of $2.6 million, or 16 cents a share, in the same period of the previous year. First-quarter results included a 4-cent, non-cash charge for "interest and foreign-exchange expense." Consensus expectations were for earnings of 15 cents a share, according to a survey of seven analysts by FactSet Research. The company said first-quarter revenues were $256 million, down $30 million from the first quarter of the previous year. Greenbrier CFO Mark Rittenbaum said the company has sufficient liquidity to meet business needs and little exposure to near-term debt rollovers. The Lake Oswego, Ore.-based company also said it would pay a quarterly cash dividend of 4 cents a share.
Home Inns sees quarterly revenue at low end of guidance(6:32 am ET)
LONDON (MarketWatch) -- Chinese hotel chain Home Inns & Hotels Management Inc. (HMIN: news, chart, profile) on Friday warned that the global economic downturn had led to reduced business travel activities in China and a contraction in revenue per available room in the fourth quarter. RevPar fell 9% in that quarter and comparable RevPar dropped 0.9% compared to the same period a year earlier. As a result, the company now expects fourth-quarter revenue at the lower end of its previously forecast range of 535 million yuan ($78 million) to 555 million yuan.
Integra Lifesciences warns on dollar rise, hospital spending(6:23 am ET)
LONDON (MarketWatch) -- Integra LifeSciences (IART: news, chart, profile) said 2008 and 2009 earnings and revenue will be below previous guidance. Revenue in 2008 is seen between $654 million and $655 million, or 1% below prior guidance. Earnings per share and adjusted earnings per share will be lower than previous guidance, which the company blamed on a rapid strengthening of the U.S. dollar and a contraction in hospital capital spending. It now seens 2009 revenue between $720 million and $740 million, against a prior view of $735 million to $755 million. Adjusted earnings per share are seen between $2.20 and $2.40 a share, compared to $2.35 to $2.55 it previously saw.
Colfax unveils 2009 guidance and preliminary 2008 figures(6:15 am ET)
LONDON (MarketWatch) -- Colfax Corp. (CFX: news, chart, profile) , a provider of engineered fluid handling products and systems, said it expects fiscal 2009 earnings to be in the range of 80 cents to 87 cents a share and adjusted net earnings of between $1.10 and $1.17 a share, excluding the impact of asbestos-related items. The company sees organic sales growth excluding the impact of exchange-rate fluctuations and acquisitions, in the range of 1% to 3%. Colfax sees 2008 sales at roughly $605 million, up 19%.
Postbank again warns of loss for 2008(5:24 am ET)
LONDON (MarketWatch) -- Deutsche Postbank (DE:800100: news, chart, profile) said Friday that it will post a "significant" loss for 2008 after completely eliminating equity holdings from its investment portfolio in the fourth quarter. The announcement reiterated a warning in November that its earnings would be hit hard in the short-term by plans to slash risk and unwind its investments. The bank said Friday that its actions would stabilize its Tier 1 capital ratio and significantly improve its risk profile. Shares in the bank fell 2.9% in early Frankfurt trading.
BBA Aviation shares jump after reduction in net debt(3:21 am ET)
LONDON (MarketWatch) -- Shares in BBA Aviation (UK:BBA: news, chart, profile) rose 10.1% in early London trading after the aviation services and system support group said underlying net debt at the end of 2008 is likely to be lower than expected thanks to a continued focus on cash generation. The group said trading performance for the year as a whole will be in line with market expectations. BBA said it has around 200 million pounds ($304 million) of undrawn facilities available going into 2009 and that most of its banking facilities are committed until 2012.
Natixis shares drop after report of heavy losses(3:17 am ET)
LONDON (MarketWatch) -- Shares in France's Natixis (FR:012068: news, chart, profile) dropped 4.4% in early Paris trading after Les Echos newspaper reported the investment banking group could report a loss of between 1.5 billion euros ($2.1 billion) and 2 billion euros for 2008. The losses mean the bank could also need a further capital injection, the report added.
Misys sees profit growth as finance chief departs(2:38 am ET)
LONDON (MarketWatch) -- U.K. software and services provider Misys (UK:MSY: news, chart, profile) said Friday that it expects revenue for the six months to Nov. 30 "to exceed high teens growth" and adjusted operating profit for the period to exceed the 35 million pounds ($53 million) it reported a year earlier. Pro forma comparable revenue growth, which removes the impact of the acquisition of Allscripts Healthcare Solutions, will be in the mid-single digits, the company said. Total order intake is also expected to be up slightly from 198 million pounds a year earlier. Misys also said that its Chief Financial Officer Jim Malone has resigned by mutual agreement and will step down from the board with immediate effect. James Gelly has been appointed as acting chief financial officer.
icon url

3xBuBu

01/12/09 7:12 PM

#737 RE: 3xBuBu #699

Monday, Jan. 12
CSX expects fourth-quarter earnings of 63 cents a share(5:02 pm ET)
SAN FRANCISCO (MarketWatch) -- CSX Corp. (CSX: news, chart, profile) late Monday said it expects fourth-quarter earnings to be about 63 cents a share, including a noncash impairment charge of around 27 cents a share related to the write-down of its investment in The Greenbrier resort in West Virginia. Excluding one time items, earnings are likely to be about 90 cents a share. Revenue is projected to total $2.7 billion on the back of higher yields and fuel recovery, the transportation company said. Analysts surveyed by FactSet Research are forecasting the company to earn $1 a share on revenue of $2.76 billion in the fourth quarter. CSX plans to release its operating results after the market closes on Jan. 20.
Alcoa swings to loss as demand, sales slump(4:14 pm ET)
SAN FRANCISCO (MarketWatch) - Alcoa Inc. (AA: news, chart, profile) swung to an expected fourth quarter loss Monday as it took hefty restruturing charges to deal with weak global demand for aluminum. Alcoa said it lost $1.2 billion, or $1.49 a share. In the year-earlier period, the aluminum giant earned $632 million, or 75 cents a share. Sales fell to $5.7 billion from $7 billion. Alcoa is in the midst of cutting 15,000 jobs, curbing more production, and slashing its capital budget to make it through the downtrodden economy. Alcoa shares have lost 68% in value over the past year, making it one of the worst performers among the 30 components that make up the Dow Jones Industrial Average. The stock closed at $10.06 on Monday.
S&P downgrades Waddell & Reed to sell(4:04 pm ET)
NEW YORK (MarketWatch) -- Standard & Poor's on Monday downgraded its recommendation on asset manager Waddell & Reed Financial (WDR: news, chart, profile) to sell from hold. Matthew Albrecht, S&P analyst, said he sees a year-on-year fall in assets under management of more than 25%, "led by equities, and pressure on the management fee rate." He added, "We look for lower average asset balances to pressure results throughout 2009." Albrecht also cut earnings estimates per share "following sharp equity market declines" to $1.38 from $1.51 in 2008 and to $1.18 from $1.60 for 2009. Waddell & Reed will announce its fourth-quarter results on Jan. 27. Shares of Waddell & Reed were down 7.4% in late trading Monday, at $15.22.
Energy stocks retreat on falling crude prices(9:36 am ET)
NEW YORK (MarketWatch) -- Hess Corp. (HES: news, chart, profile) led the Amex Oil Index (XOI: news, chart, profile) into the red on Monday morning as petroleum producers felt the sting of lower oil prices. Hess Corp. fell 3.7% to $53.44. Integrated oil giant BP (BP: news, chart, profile) dipped 2.4% to $45.99. The Amex Oil Index dropped 1.6% to 963. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 1.3% to 384. Crude futures fell $2.57 to $38.26.
Constellation to sell off low-end spirits(9:34 am ET)
CHICAGO (MarketWatch) -- Constellation Brands (STZ: news, chart, profile) is selling a raft of its low-end spirits brands to New Orleans-based Sazerac for $334 million, the alcohol behemoth said Monday. The deal, which is expected to produce after-tax proceeds of about $210 million, includes $274 million in cash and $60 million in financing and will help Constellation pay down debt. Among the brands it is getting rid of are Barton, Skol, Mr. Boston, Fleischmann's, Chi-Chi's pre-mixed cocktails and Montezuma tequila, with total volume of 10 million cases and revenue of $200 million a year. The company, which is also the world's largest wine producer, will keep its Svedka vodka, Black Velvet Canadian whisky and Paul Masson Grande Amber brandy brands, which have combined annual volume of about 5 million cases.
Landry's scraps plan to go private, to refinance debt(8:12 am ET)
NEW YORK (MarketWatch) -- Landry's Restaurants Inc. (LNY: news, chart, profile) said Monday it's cancelling a plan to go private and instead will pursue alternative financing for $400 million in senior notes. The Houston eatery chain cited "unusual circumstances" with its lead lenders Jefferies Funding LLC, Jefferies & Company, Inc., Jefferies Finance LLC and Wells Fargo Foothill and the Securities and Exchange Commission. The company expects the closing of the refinancing will occur prior to the end of February 2009. "We felt that it was in the best interests of our stockholders to terminate the Merger Agreement in order to maintain the alternative financing," the company said. Landry's shares closed at $12.35 on Friday, close to the buyout offer of $13.50 a share from the company's CEO, Tilman J. Fertitta.
Average U.S. retail gasoline prices edge up toward $1.80(7:50 am ET)
NEW YORK (MarketWatch) -- Average U.S. retail gasoline prices rose to $1.79 a gallon over the weekend, according to the AAA Daily Fuel Gauge Report. A month ago, gasoline sold for $1.66 a gallon. A year ago, it sold for $3.08 a gallon.
Aladdin Knowledge Systems agrees to buyout at 20% premium(7:09 am ET)
NEW YORK (MarketWatch) -- Aladdin Knowledge Systems Ltd. (ALDN: news, chart, profile) on Monday said it will be acquired by an investor group lead by Vector Capital, a private equity firm specializing in the technology industry, in a transaction valued at approximately $160 million. Aladdin shareholders will receive $11.50 a share in cash, a 20% premium over the stock's closing price of $9.60 a share on Friday. Aladdin's announced on Jan. 5 that it was in continuing discussions with Vector Capital regarding a possible strategic transaction. Wells Fargo (WFC: news, chart, profile) has committed to provide debt financing in support of the acquisition.
UBS shares drop after report of heavy losses(4:36 am ET)
LONDON (MarketWatch) -- Shares in Swiss banking giant UBS (UBS: news, chart, profile) (CH:002489948: news, chart, profile) fell around 5% Monday after the SonntagsZeitung newspaper reported Sunday that the firm may report a fourth-quarter loss of around 8 billion Swiss francs ($7.2 billion). The result in the final quarter would take the bank's losses for the year to over 20 billion francs, the newspaper said. UBS reported a small profit for the third quarter, but warned at the time that the last few months of 2008 would be tough as previous gains on the value of its own debt were reversed and weak global markets limited its ability to earn fees from wealthy clients.
EpiCept to end drug-discovery efforts, cut 65% of jobs(1:38 am ET)
TEL AVIV (MarketWatch) -- EpiCept Corp., (EPCT: news, chart, profile) the Tarrytown, N.Y., drugmaker, said on Monday that it is ending its drug-discovery activity, cutting 65% of its workforce, and focusing on registering Ceplene for marketing in the U.S. and Canada and on clinical-development programs. The company will cut most of the jobs immediately and the rest over six months, taking a first-quarter charge of $2.5 million to close a San Diego facility. The moves will save at least $5.5 million a year, EpiCept said. The company said it would offer its proprietary drug-discovery technology for sale or seek a partner for it. Ceplene, a drug that's been cleared for marketing in Europe, treats acute myeloid leukemia.
Friday, Jan. 9
CVS Caremark shares fall 10% on 2009 outlook(10:05 am ET)
SAN FRANCISCO (MarketWatch) -- CVS Caremark Corp. (CVS: news, chart, profile) shares fell 10% early Friday after the big drug-store chain projected a 2009 profit below Wall Street's expectations. It also warned its same-store sales growth for the first quarter will slow. For 2009, CVS said it will earn $2.53 to $2.61 a share, before certain charges, compared to current analysts' estimate of $2.68 a share, according to FactSet Research. For the first quarter, CVS said same-store sales -- a gauge of retail health -- will grow between 1% to 3%, below the average analyst estimate of 3.1%. It said earnings before charges will be in the range of 53 cents to 55 cents a share. CVS stuck by its 2008 profit outlook. At last check, CVS shares traded at $26.26, a loss of $3.08.
Builder stocks fall after KB Home results, job report(10:04 am ET)
BOSTON (MarketWatch) -- Home-builder shares were down in early dealings Friday after the Labor Department said the economy shed more than a half-million jobs in December, capping a year in which the U.S. saw its biggest job loss since 1945. KB Home (KBH: news, chart, profile) shares lost as much as 10% on Friday morning after the company said its quarterly revenue fell by more than half and warned the housing market could worsen in 2009. The iShares Dow Jones U.S. Home Construction Index Fund (ITB: news, chart, profile) , and ETF tracking builder stocks, was down about 6% in recent action. Lennar Corp. (LEN: news, chart, profile) shares lost 20%.
Retail gasoline prices up 10 cents in past week to $1.78(9:17 am ET)
NEW YORK (MarketWatch) -- Average U.S. retail gasoline prices rose to $1.78 a gallon, up from $1.68 a gallon a month ago, according to the AAA Daily Fuel Gauge Report. A year ago, gasoline sold for $3.10 a gallon.
Stryker sees double-digit gains in 2009 earnings per share(9:13 am ET)
NEW YORK (MarketWatch) -- Medical products maker Stryker Corp. (SYK: news, chart, profile) said it expects 2008 adjusted earnings of $2.82 to $2.84 a share. Wall Street analysts expect 2008 earnings of $2.83 a share, according to a survey by FactSet Research. The Kalamazoo, Mich. company said fourth-quarter revenue rose 3.6% to $1.72 billion, in line with analyst targets. Stryker expects adjusted 2009 earnings of $3.12 to $3.22 a share, compared to the analyst target of $3.15 a share. "Despite great uncertainty in the global economy and continued pressure on hospital capital expenditure budgets, we believe the strength of our global franchises combined with our focus on cost controls will allow us to deliver solid top line growth and double-digit EPS gains in 2009," Stryker said.
KB Home reports narrower quarterly loss(8:14 am ET)
BOSTON (MarketWatch) -- KB Home (KBH: news, chart, profile) before Friday's opening bell reported a fourth-quarter net loss of $307.3 million, or $3.96 a share, compared with a loss of $772.7 million, or $9.99 a share, in the year-earlier period. The home builder said total revenue dropped to $919 million from $2.07 billion. "Housing market and general economic conditions in 2009 are expected to remain difficult or possibly worsen as the timing of any meaningful recovery for the home-building industry remains uncertain," said Jeffrey Mezger, KB Home's chief executive, in the earnings release.
R.R. Donnelley lowers FY2008 adjusted earnings view(6:44 am ET)
LONDON (MarketWatch) -- R.R. Donnnelley & Sons Co. (RRD: news, chart, profile) , a provider of print products and services, cut its 2008 adjusted earnings guidance to the range of $2.80 to $2.90 a share, compared to an earlier forecast of $3.08 to $3.11 a share. The new guidance is based in expected revenue for the year of $11.5 billion. R.R. Donnelley sees fourth-quarter adjusted earnings at 51 cents to 61 cents a share and revenue of roughly $2.7 billion. The company said it plans to continue to pay the present quarterly dividend of 26 cents a share. It also cautioned investors that because of the uncertainty in the global economic climate, it doesn't plan to provide earnings guidance for 2009 at its Feb. 25 conference call.
Greenbrier Cos. swing to $3.3 mln. first-quarter loss(6:35 am ET)
LONDON (MarketWatch) -- Rail transportation equipment maker The Greenbrier Cos. (GBX: news, chart, profile) on Friday said it swung to a first-quarter net loss of $3.3 million, or 20 cents a share, compared to net earnings of $2.6 million, or 16 cents a share, in the same period of the previous year. First-quarter results included a 4-cent, non-cash charge for "interest and foreign-exchange expense." Consensus expectations were for earnings of 15 cents a share, according to a survey of seven analysts by FactSet Research. The company said first-quarter revenues were $256 million, down $30 million from the first quarter of the previous year. Greenbrier CFO Mark Rittenbaum said the company has sufficient liquidity to meet business needs and little exposure to near-term debt rollovers. The Lake Oswego, Ore.-based company also said it would pay a quarterly cash dividend of 4 cents a share.
Home Inns sees quarterly revenue at low end of guidance(6:32 am ET)
LONDON (MarketWatch) -- Chinese hotel chain Home Inns & Hotels Management Inc. (HMIN: news, chart, profile) on Friday warned that the global economic downturn had led to reduced business travel activities in China and a contraction in revenue per available room in the fourth quarter. RevPar fell 9% in that quarter and comparable RevPar dropped 0.9% compared to the same period a year earlier. As a result, the company now expects fourth-quarter revenue at the lower end of its previously forecast range of 535 million yuan ($78 million) to 555 million yuan.
Integra Lifesciences warns on dollar rise, hospital spending(6:23 am ET)
LONDON (MarketWatch) -- Integra LifeSciences (IART: news, chart, profile) said 2008 and 2009 earnings and revenue will be below previous guidance. Revenue in 2008 is seen between $654 million and $655 million, or 1% below prior guidance. Earnings per share and adjusted earnings per share will be lower than previous guidance, which the company blamed on a rapid strengthening of the U.S. dollar and a contraction in hospital capital spending. It now seens 2009 revenue between $720 million and $740 million, against a prior view of $735 million to $755 million. Adjusted earnings per share are seen between $2.20 and $2.40 a share, compared to $2.35 to $2.55 it previously saw.
Colfax unveils 2009 guidance and preliminary 2008 figures(6:15 am ET)
LONDON (MarketWatch) -- Colfax Corp. (CFX: news, chart, profile) , a provider of engineered fluid handling products and systems, said it expects fiscal 2009 earnings to be in the range of 80 cents to 87 cents a share and adjusted net earnings of between $1.10 and $1.17 a share, excluding the impact of asbestos-related items. The company sees organic sales growth excluding the impact of exchange-rate fluctuations and acquisitions, in the range of 1% to 3%. Colfax sees 2008 sales at roughly $605 million, up 19%.
Postbank again warns of loss for 2008(5:24 am ET)
LONDON (MarketWatch) -- Deutsche Postbank (DE:800100: news, chart, profile) said Friday that it will post a "significant" loss for 2008 after completely eliminating equity holdings from its investment portfolio in the fourth quarter. The announcement reiterated a warning in November that its earnings would be hit hard in the short-term by plans to slash risk and unwind its investments. The bank said Friday that its actions would stabilize its Tier 1 capital ratio and significantly improve its risk profile. Shares in the bank fell 2.9% in early Frankfurt trading.
BBA Aviation shares jump after reduction in net debt(3:21 am ET)
LONDON (MarketWatch) -- Shares in BBA Aviation (UK:BBA: news, chart, profile) rose 10.1% in early London trading after the aviation services and system support group said underlying net debt at the end of 2008 is likely to be lower than expected thanks to a continued focus on cash generation. The group said trading performance for the year as a whole will be in line with market expectations. BBA said it has around 200 million pounds ($304 million) of undrawn facilities available going into 2009 and that most of its banking facilities are committed until 2012.
Natixis shares drop after report of heavy losses(3:17 am ET)
LONDON (MarketWatch) -- Shares in France's Natixis (FR:012068: news, chart, profile) dropped 4.4% in early Paris trading after Les Echos newspaper reported the investment banking group could report a loss of between 1.5 billion euros ($2.1 billion) and 2 billion euros for 2008. The losses mean the bank could also need a further capital injection, the report added.
Misys sees profit growth as finance chief departs(2:38 am ET)
LONDON (MarketWatch) -- U.K. software and services provider Misys (UK:MSY: news, chart, profile) said Friday that it expects revenue for the six months to Nov. 30 "to exceed high teens growth" and adjusted operating profit for the period to exceed the 35 million pounds ($53 million) it reported a year earlier. Pro forma comparable revenue growth, which removes the impact of the acquisition of Allscripts Healthcare Solutions, will be in the mid-single digits, the company said. Total order intake is also expected to be up slightly from 198 million pounds a year earlier. Misys also said that its Chief Financial Officer Jim Malone has resigned by mutual agreement and will step down from the board with immediate effect. James Gelly has been appointed as acting chief financial officer.
icon url

3xBuBu

01/13/09 7:30 PM

#738 RE: 3xBuBu #699

Tuesday, Jan. 13
Nvidia warns about weak fourth-quarter revenue(9:15 am ET)
NEW YORK (MarketWatch) -- Nvidia Corp. (NVDA: news, chart, profile) on Tuesday warned that its fourth-quarter revenue will come in lower than it previously expected. The Santa Clara, Calif.-based chip maker now sees revenue declining 40% to 50% sequentially, blaming weak end-user demand and inventory reductions by its channel partners. On average, analysts surveyed by FactSet Research were looking for revenue of $805.3 million for the quarter ending Jan. 25.
Anadarko Petroleum wins federal appeal on royalties case(9:11 am ET)
NEW YORK (MarketWatch) -- Anadarko Petroleum (APC: news, chart, profile) won a decision by the Fifth Circuit Court of Appeals in New Orleans in a move that could block the federal government from getting as much as $10 billion from oil industry production in the U.S. Gulf of Mexico, according to a report in Tuesday's Wall Street Journal. The federal appeals court sided with a lower court ruling that the federal government couldn't collect royalties from eight oil and natural gas production leases held by Anadarko. The decision could affect other companies that obtained leases between 1996 and 2000. The specific dispute centers on $157 million that the U.S. Interior Department was trying to collect from Kerr-McGee Corp., later bought by Anadarko.
Beazer's new-home orders fall 56%(8:41 am ET)
BOSTON (MarketWatch) -- Beazer Homes USA Inc. (BZH: news, chart, profile) on Tuesday said preliminary net new home orders totaled 551 in its fiscal first quarter, down 56% from the year-earlier period. The Atlanta-based home builder said home closings for the quarter ended Dec. 31 fell 53% to 938 units. Beazer is scheduled to report full quarterly results on Feb. 9.
CORRECT: Cummins to lay off 800 more workers (8:27 am ET)
NEW YORK (MarketWatch) -- Cummins Engine Company Inc. (CMI: news, chart, profile) said Tuesday it plans to cut 800 jobs by the end of February. The Columbus, Ind. maker of fuel systems and controls will also reduce executive salaries by 10% this year and freeze other wages. Combined with its previous actions taken in December, Cummins will have reduced its professional workforce by more than 1,400 people or 10%. (Corrects spelling of company.)
Lexmark: Fourth-quarter results to be weaker than expected(7:17 am ET)
LONDON (MarketWatch) -- Printing- and imaging-equipment maker Lexmark International Inc. (LXK: news, chart, profile) on Tuesday said fourth-quarter operating results will be weaker than expected due to a deteriorating global economic environment. The company now expects a 17% year-over-year decline in fourth-quarter revenue, compared to earlier guidance that forecasted a decline in the low to mid teens. The Lexington, Ky.-based company now expects fourth quarter earnings of 19 to 24 cents a share. Restructuring charges will total around 52 cents a share, about 22 cents more than previously forecast in October. Fourth-quarter results will also include a 30-cent tax benefit. Overall, earnings excluding restructuring charges are expected between 71 and 76 cents, compared to earlier guidance of 70 to 80 cents, the company said. First quarter earnings are seen between 52 and 62 cents a share, while revenues are forecast to decline in the mid- to high-teens percentage range.
Mesa Air net loss narrows(6:25 am ET)
LONDON (MarketWatch) -- U.S. airline Mesa Air Group Inc. (MESA: news, chart, profile) said Tuesday that its fiscal fourth-quarter net loss narrowed to $30.6 million, or $1.15 a share, from $68.2 million, or $2.37 a share, a year earlier. Revenue for the quarter fell 0.8% to $325.3 million as a fall in capacity was partially offset by an increase in fuel revenue. Losses from continuing operations for the quarter were $22.3 million, or 83 cents a share. Pro forma net income, which excludes among other things the impact of vendor settlements, equity investments and a settlement with Aloha Airlines, rose 41% to $3.1 million.
EADS CEO Gallois reiterates financial targets(6:19 am ET)
NEWPORT, Wales (MarketWatch) -- European aerospace and defense giant and Airbus parent EADS (FR:005730: news, chart, profile) on Tuesday confirmed its financial targets for 2008. "None of our objectives are changed because of the economic crisis," EADS Chief Executive Louis Gallois said at a press conference. He stressed, however, that the top priority for the group at the moment is cash preservation and that the company doesn't plan to make a major acquisition in the current climate. Regarding Airbus, Gallois said EADS was ready to increase financing support to customers in order to protect deliveries in 2009. He also said that Airbus was ready to adjust production rates if necessary to avoid building inventories.
QLT says appeals court upholds patent ruling against firm(3:37 am ET)
TEL AVIV (MarketWatch) -- QLT Inc., (QLTI: news, chart, profile) (CA:QLT: news, chart, profile) the Vancouver biopharmaceutical company focused on ophthalmology, said the U.S. Court of Appeals for the First Circuit affirmed a lower court's judgment against it in a patent case brought by Massachusetts Eye and Ear Infirmary. The court upheld a ruling from U.S. District Court for the District of Massachusetts in a case involving a patent and certain research results of the infirmary as they relate to QLT's Visudyne drug. QLT said it is considering whether to appeal the case further. The district court found QLT liable under Massachusetts state law for unfair trade practices and awarded the infirmary 3.01% of past, present and future sales of the drug, the company said. QLT estimates that it must pay the infirmary $113.2 million plus legal fees and interest. In addition, Massachusetts General Hospital is claiming higher payments from QLT based on the amounts QLT must pay the infirmary, a claim QLT said it disputes.
Peugeot sales decline as market share holds steady(2:35 am ET)
LONDON (MarketWatch) -- French car maker Peugeot (FR:012150: news, chart, profile) said Tuesday that its total sales of vehicles in completed and kit form in 2008 fell 4.9% to 3.26 million units. The group said its global market shares was maintained at 5% and its market share in Western Europe was steady at 13.8%, though total registrations in the region dropped 8.6% to 2.13 million units.
Monday, Jan. 12
Infosys quarterly profit rises 33.3% from year-ago period(11:45 pm ET)
HONG KONG (MarketWatch) -- Infosys Technologies (INFY: news, chart, profile) Tuesday said its profit for the quarter ended Dec. 31 jumped 33.3% from the year-ago period, helped by the rupee's depreciation and in spite of a decline in billing rates. Quarterly net income increased by a third to 16.41 billion rupees ($336 million), while revenue jumped 35.5% to 57.86 billion rupees, as the company added 30 new clients during the period. Chief operating officer S.D. Shibulal said its billing rates fell 1.8% "on a constant currency basis." Infosys shares climbed 2.6% in a downbeat Mumbai market.
CSX expects fourth-quarter earnings of 63 cents a share(5:02 pm ET)
SAN FRANCISCO (MarketWatch) -- CSX Corp. (CSX: news, chart, profile) late Monday said it expects fourth-quarter earnings to be about 63 cents a share, including a noncash impairment charge of around 27 cents a share related to the write-down of its investment in The Greenbrier resort in West Virginia. Excluding one time items, earnings are likely to be about 90 cents a share. Revenue is projected to total $2.7 billion on the back of higher yields and fuel recovery, the transportation company said. Analysts surveyed by FactSet Research are forecasting the company to earn $1 a share on revenue of $2.76 billion in the fourth quarter. CSX plans to release its operating results after the market closes on Jan. 20.
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3xBuBu

01/15/09 12:33 AM

#739 RE: 3xBuBu #699

Wednesday, Jan. 14
Nortel supplier Flextronics to 'weather economic volatility'(10:08 am ET)
NEW YORK (MarketWatch) -- Electronics services company Flextronics (FLEX: news, chart, profile) said Wednesday it had reduced its exposure to client Nortel Networks Corp. (NT: news, chart, profile) in advance of Nortel's filing for bankruptcy protection. Singapore-based Flextronics didn't assign a value to potential losses from Canadian telecom giant Nortel but said it would detail the impact during its coming earnings call on Jan. 28. The company said it "has been proactively engaged in executing a risk mitigation plan with respect to its relationship with Nortel for a period of several months." Flextronics Chief Executive Mike McNamara added that his company's "strategy of customer and market diversification will continue to allow us to be in a position to weather economic volatility." Flextronics shares were down over 8% at $2.75 in early Wednesday trade on the Nasdaq.
CORRECT: VF sees fourth-quarter profit at $1.00-$1.05/share(9:36 am ET)
NEW YORK (MarketWatch) -- VF Corp. (VFC: news, chart, profile) said Wednesday it expects to report fourth-quarter of between $1.00 and $1.05 a share. The apparel maker said it plans "agressive actions" to cut costs, which will result in a fourth-quarter charge of about 30 cents a share, but it didn't announce any job cuts in the statement. Excluding the charge, the projected quarterly earnings would represent a decline of 7% to 11% from the $1.46 a share reported in the fourth quarter of 2007. Analysts polled by FactSet Research expect, on average, $1.46-a-share profit for the quarter when VF reports earnings in February. For the full year 2008, VF said revenues are expected to rise about 6%. For 2009, it said it expects earnings per share -- excluding charges from pension expenses due to the fall in securities markets and from foreign exchange impacts -- to "exceed our 10% to 11% long-term earnings growth target." (Corrects 2009 expectations to note exclusion of certain charges.)
Nortel files for bankruptcy protection(9:13 am ET)
WASHINGTON (MarketWatch) -- Nortel Networks Corp., once the largest company in Canada, has filed for bankruptcy protection, victimized by the deepening economic slump. Nortel (NT: news, chart, profile) on Wednesday filed for Chapter 11 bankruptcy protection in the U.S. and is making similar filing in Toronto and Europe. In recent months sales have fallen sharply, especially in North America. The company's stock price, which once topped $860 a share adjusted for reverse stock splits, recently tumbled to as little as 21 cents. Nortel owes creditors about $3.8 billion, but efforts to sell assets to meet current obligations faltered after the global financial crisis struck in October. The Canadian maker of equipment for phone networks has struggled for years after the Internet boom collapsed in early 2001. An accounting scandal in 2004 that forced out Nortel's CEO further weakened the company.
Deutsche Bank warns of $6.4 billion loss in fourth quarter(5:22 am ET)
LONDON (MarketWatch) -- Deutsche Bank (DE:514000: news, chart, profile) (DB: news, chart, profile) said Wednesday that it expects to report a net loss of around 4.8 billion euros ($6.4 billion) for the fourth quarter of 2008 due to a weak performance in credit trading, higher provisions on its exposure to bond insurers and measures to reduce its exposure to risky assets. For the year as a whole, Deutsche Bank said it expects to report a loss of around 3.9 billion euros. The bank said it's made little use of accounting rules allowing it to revalue it own debt and said it could have booked an additional pretax gain of 5.5 billion euros if it had used the fair-value options. It also said it expects its Tier 1 capital ratio to be in line with its 10% target rate at the end of the year, reflecting a dividend accrual of 0.50 euros a share for 2008. Shares in Deutsche Bank fell 7.5% after the announcement.
FirstGroup reports 'good' growth while Greyhound sales fall(2:39 am ET)
LONDON (MarketWatch) -- FirstGroup (UK:FGP: news, chart, profile) , the U.K. rail and bus operator, said fiscal third-quarter growth was "good," with a 7.6% advance in U.K. comparable bus passenger revenue and a 7.2% advance in U.K. comparable rail revenue offsetting a 4.5% drop in Greyhound comparable revenue. Its North American First Student and First Transit contract businesses continue to perform well and benefit from the successful integration and early achievement of the target synergy run rate of $150 million a year. The company said it's highly profitable, cash generative and resilient despite the increasingly uncertain economic outlook.
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3xBuBu

01/15/09 7:07 PM

#740 RE: 3xBuBu #699

Thursday, Jan. 15
Genentech earnings jump 47% in fourth quarter(4:07 pm ET)
SAN FRANCISCO (MarketWatch) - Genentech Inc. saw earnings rise 47% during the fourth quarter on strong drug sales. For the period ended Dec. 31, the biotechnology giant (DNA: news, chart, profile) reported earnings of $931 million, or 87 cents a share, compared to earnings of $632 million, or 59 cents a share, for the same period last year. Excluding one-time items and stock-options expenses, the company said it would have earned $1 billion, or 95 cents a share. Revenue grew 25% to $3.7 billion. Analysts were expecting earnings of 97 cents a share on revenue of $3.63 billion, according to estimates from FactSet Research.
Energy stocks turn around with broad market(2:48 pm ET)
NEW YORK (MarketWatch) -- Energy stocks reversed course and moved higher along with the broad market on Thursday afternoon. The Amex Oil Index (XOI: news, chart, profile) rose 0.8% to 928. The Amex Natural Gas Index (XNG: news, chart, profile) advanced 0.7% to 365. The Philadelphia Oil Service Index ($OSX: news, chart, profile) rose 0.9% to 120.
Coventry shares tumble on 2009 forecast(9:00 am ET)
NEW YORK (MarketWatch) -- Shares of Coventry Health Care Inc. (CVH: news, chart, profile) tumbled more than 12% in premarket trading Thursday. During an investor presentation at the J.P. Morgan Healthcare Conference late Wednesday, the company said it was on track to earn 60 cents a share in the fourth quarter and expects to earn $1.70 to $1.90 a share in 2009, or $2 a share excluding some items. On average, analysts polled by FactSet Research were looking for earnings of 59 cents a share for the fourth quarter and $2.28 a share for the fiscal year ending in December 2009.
Marshall & Ilsley swings to $1.55/share loss, will cut jobs(8:47 am ET)
NEW YORK (MarketWatch) -- Marshall & Ilsley Corp. (MI: news, chart, profile) said Thursday its fourth-quarter loss totaled $391 million, or $1.55 a share, swinging from a profit of $494 million, or $1.83 a share, in the same quarter a year before. Net interest income for the quarter was $469 million compared to $426 million in the year-ago period, while loan loss provisions rose to $850 million from $235 million. The financial services firm, which received $1.7 billion from a stock sale to the U.S. Treasury in November, also said it plans to cut 830 jobs, or 8% of its workforce, and would give no bonuses to its executives for 2008. It also reduced the annual cash retainer for its directors by 25% and slashed its quarterly dividend to 1 cent a share. It said these initiatives are expected cut expenses by approximately $100 million on an annualized, pre-tax basis.
UnitedHealth settles out-of-network suit for $350 million(8:40 am ET)
NEW YORK (MarketWatch) -- UnitedHealth Group (UNH: news, chart, profile) said Thursday it'll pay $350 million to settle class action litigation related to reimbursement for out-of-network medical services. The Minneapolis company said it'll pay for the settlement with cash on hand, and the accrual will be included in financial results for the fourth quarter, as part of operating costs for GAAP accounting. The agreement contains no admission of wrongdoing. The agreement resolves class action litigation filed on behalf of the American Medical Association, health plan members, health care providers and state medical societies, the company said.
Tata Consultancy profit edges up by less than expected(8:33 am ET)
NEW YORK (MarketWatch) -- Tata Consultancy Services (TACSF: news, chart, profile) said Thursday its third-quarter profit rose by 1.63% from the year-ago period to 13.52 billion rupees ($275 million), which was below expectations. India's largest software exporter and rival of beleaguered Satyam Computer Services had been expected to earn 13.93 billion rupees by a Dow Jones Newswires survey, and 14.13 billion by a Reuters survey. In the third quarter of 2007, Tata CS earned 13.31 billion rupees. Revenue was up 24% from the year before.
Autodesk Inc. to cut 750 jobs, miss earnings target(8:12 am ET)
NEW YORK (MarketWatch) -- Autodesk Inc. (ADSK: news, chart, profile) on Thursday said it's cutting 750 jobs, or about 10% of its work force, in a move to save $130 million a year starting in fiscal 2010. The San Rafael, Calif. simulation software company said it'll spin out its Location Services business to Hale Capital Partners, a private equity firm, with no financial details disclosed. Autodesk lowered its fourth-quarter target for adjusted non-GAAP earnings to 18-24 cents a share, lower than the target of 30 cents a share in a survey of analysts by FactSet Research. The company's profit estimate excludes 15-16 cents a share in restructuring charges, 7 cents a share in stock-based compensation expense and 7 cents a share for acquisition-related charges.
Report: Chavez courting oil giants for production boost(7:41 am ET)
NEW YORK (MarketWatch) -- Venezuelan President Hugo Chavez is courting Western oil giants' expertise to help the country boost production in the face of lower petroleum prices, The New York Times reported Thursday. Chavez officials have been soliciting bids from Chevron (CVX: news, chart, profile) , Royal Dutch Shell (RDSA: news, chart, profile) and Total (TOT: news, chart, profile) as the country looks to maintain oil revenue flowing into social programs that help boost Chavez's support from voters. "If re-engaging with foreign oil companies is necessary to his political survival, then Chávez will do it," Roger Tissot, an authority on Venezuela's oil industry at Gas Energy, told the newspapers. "He is a military man who understands losing a battle to win the war."
J.P. Morgan upgrades Motorola to overweight(7:30 am ET)
NEW YORK (MarketWatch) -- J.P. Morgan on Thursday upgraded shares of Motorola (MOT: news, chart, profile) to overweight from neutral. The tech firm drew praise for its new cost cutting efforts, which will put its mobile devices business on track to break even in 2010. "While we expect dismal results for the next two-three quarters as Motorola refocuses its handset line-up, we continue to estimate the sum-of-the-parts for Motorola's non-handset business to be worth $7 a share, and with our new higher degree of confidence that Mobile Devices can at least hit and maintain breakeven profitability in 2010, we believe the segment should become less of a drag on valuation driving our upgrade."
J.P. Morgan credit card business swings to loss (7:27 am ET)
NEW YORK (MarketWatch) -- J.P. Morgan Chase (JPM: news, chart, profile) said Thursday that its credit card business swung to a deficit in the fourth quarter as higher loss provisions bit. The unit lost $371 million in the fourth quarter, an almost $1 billion swing from last year's $609 million profit. The bank's provision for credit losses in the quarter was $3.97 billion, compared to $1.79 billion a year ago.
J.P. Morgan's investment bank lost $2.4 billion (7:07 am ET)
NEW YORK (MarketWatch) -- J.P. Morgan Chase (JPM: news, chart, profile) said Thursday that its investment banking operations lost $2.4 billion in the fourth quarter. "The weaker results reflected a decrease in net revenue and a higher provision for credit losses, partially offset by lower noninterest expense," the firm said. Net revenue was negative $302 million, down from $3.5 billion last year, as investment banking fees and advisory fees fell 17% and 10% respectively. Credit loss provisions at Morgan' investment bank rose to $765 million in the quarter, compared to $200 million last year.
J.P. Morgan adds $4.1 billion to loan loss provisions (7:01 am ET)
NEW YORK (MarketWatch) -- J.P. Morgan Chase (JPM: news, chart, profile) said Thursday that it added $4.1 billion in loan loss reserves in the fourth quarter to cover rising defaults across its loan portfolio. During the year, the firm increased its total allowance for loan losses to $23.2 billion. Chief Executive Jamie Dimon, in a press release, said Thursday that, "If the economic environment deteriorates further, which is a distinct possibility, it is reasonable to expect additional negative impact on our market-related businesses, continued higher loan losses and increases to our credit reserves."
J.P. Morgan net falls sharply, but tops Wall Street view(6:43 am ET)
NEW YORK (MarketWatch) - J.P. Morgan Chase (JPM: news, chart, profile) said Thursday that a $1.1 billion benefit from merger-related items helped the firm post a $702 million, or 7 cents a share, fourth-quarter profit, compared to a profit of $3 billion, or 86 cents a share, in the year -ago period. Total net revenue dipped to $17.23 billion in the quarter, from $17.38 billion last year. Analysts at ThomsonReuters had expected the company to break even on revenue of $18.83 billion. J.P. Morgan had originally planned to report earnings next week, but moved that date up, making it the first of the major banks and S&P 500 financial stocks to post fourth-quarter earnings. Rival Citigroup (C: news, chart, profile) will report its fourth-quarter earnings Friday morning.
MUFG books $2.8 billion equity loss in recent quarter (4:24 am ET)
HONG KONG (MarketWatch) -- Mitsubishi UFJ Financial Group Inc. (MTU: news, chart, profile) (JP8306: news, chart, profile) said Thursday it will book a 257 billion yen ($2.9 billion) write-down on equity holdings for the December-ending quarter. MUFG records write-downs on securities on a quarterly basis, but did not disclose the impact of these changes on its earnings for the first three fiscal quarters to Dec. 31. The Tokyo-based banking group said the value of these securities could fluctuate in the final months before the fiscal year end March 31. The loss ranks as the largest yet reported by a Japanese financial institution since the sharp sell-off in global stock markets last autumn, according to wire reports.
Sanyo cuts net income forecast to zero for March-ending year(3:23 am ET)
HONG KONG (MarketWatch) -- Sanyo Electric Co. (JP:6764: news, chart, profile) Thursday lowered it net income forecast for the current fiscal year to nil, saying it doesn't expect to earn a profit this fiscal year because of losses in its semiconductor business and poor sales in its components business. Sanyo had forecast in May a net profit of 35 billion yen ($392.7 million) for the fiscal year ending March 31. Operating profit is now forecast at 30 billion yen, down 61% from a year earlier, while sales are expected to ease 6% to 1.9 trillion yen. Sanyo had earlier forecast sales would rise to 2.02 trillion yen. The electronics group made a net profit of 28.7 billion yen last year.
Europe new-car registrations in Dec. off most in 15 years(3:00 am ET)
TEL AVIV (MarketWatch) -- European new-passenger-car registrations fell 7.8% to 14.7 million in 2008, the sharpest decline in 15 years, the European Automobile Manufacturers' Association reported. "New-car demand dropped by 8.4% in Western Europe, with the downturn most prominent in the last quarter (down 19.3% compared to the fourth quarter of 2007)," the trade group said in a statement on Thursday. New-car registrations in Europe fell 17.8% in December, the second-worst monthly performance of the year after the 25.8% drop in November, the group said. Registrations grew in four countries: Finland, up 11.2%, Portugal, 5.7%, Belgium, up 2.1%, and Switzerland, up 1%.
ASML Holding swings to 4th-quarter loss; sales off 48%(2:44 am ET)
TEL AVIV (MarketWatch) -- ASML Holding NV, (ASML: news, chart, profile) (NL:60340: news, chart, profile) the Veldhoven, Netherlands, producer of lithography systems for the semiconductor industry, swung to a fourth-quarter net loss from a year-earlier profit on 48% lower sales. The loss was 88 million euros ($115.9 million) compared with profit of 193 million euros in the year-earlier period. In the latest quarter, adjusted earnings -- excluding restructuring and impairment charges -- were 11 million euros. Sales were 494 million euros against 955 million a year earlier. Fourth-quarter gross margin was 7.9%, or an adjusted 35.5% excluding charges. ASML took fourth-quarter charges of 138 million euros to lower its cost base and introduce more cost-competitive equipment. Net bookings in the quarter were 13 systems valued at 127 million euros. The order backlog at Dec. 31 was 755 million euros, with 41 systems at an average selling price of €18.4 million. The backlog of Sept. 28 was 1.03 billion euros, consisting of 53 systems at an average sale price of 19.4 million euros. For the first quarter, ASML expects sales of 180 million to 200 million euros and a gross margin of about 8%.
Carphone Warehouse sees profit in line with recent forecasts(2:41 am ET)
LONDON (MarketWatch) -- U.K. mobile phone retailer and telecoms group Carphone Warehouse (UK:CPW: news, chart, profile) said Thursday that it expects to earn 12 pence (17.5 cents) to 13 pence a share this fiscal year, in line with recent market forecasts, as it also laid out strategic goals for fiscal 2010. The group said revenue at Best Buy Europe rose 13% to 1.01 billion pounds, while at its TalkTalk telecoms unit, revenue fell 2% to 347 million pounds. The firm said it is making cash generation a priority and is targeting earnings in fiscal 2010 of around the same level as the current year after investment in the launch of Best Buy big box stores in the U.K.
Experian revenue dips 5% after exchange rate moves(2:32 am ET)
LONDON (MarketWatch) -- U.K. credit checking group Experian (UK:EXPN: news, chart, profile) said Thursday that its revenue fell 5% in the fiscal third quarter, as its U.K. business was hurt by changes to exchange rates. At constant exchange rates, revenue was up 6%. Organic revenue growth was 5%, but the company said it expects this rate to slow in the fourth quarter due to the weak economy. "Our cost efficiency programme is progressing well and for the full year we are on track to achieve our objectives of broadly maintaining margins, growing profits and delivering strong cash flow conversion," said CEO Don Robert.
Home Retail sales slide, margin declines(2:26 am ET)
LONDON (MarketWatch) -- The U.K.'s Home Retail Group (UK:HOME: news, chart, profile) said Thursday that sales at its two main divisions declined in the 18 weeks to Jan. 3, while margins were also hit by increased promotional activity. The group said, however, that it expects group benchmark profit before tax to be around the market consensus of 320 million pounds ($467 million). At its Argos catalog retail unit, the group said total sales fell 3.6% to 1.85 billion pounds and comparable sales were down 7.5%. At its Homebase home improvement arm, total sales dropped 3.8% to 479 million pounds and comparable sales were down 10.2%.
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3xBuBu

01/16/09 10:02 PM

#741 RE: 3xBuBu #699

Friday, Jan. 16
Barclays sees full-year profit topping analyst forecasts(3:36 pm ET)
SAN FRANCISCO (MarketWatch) -- Barclays PLC (BARC: news, chart, profile) said Friday that full-year profit will likely exceed analyst forecasts, adding that directors of the bank know no reason why its share price slumped. The board of the U.K. bank expects full-year pre-tax profit, including all costs, impairments and market valuations, to come in above 5.3 billion pounds, which is the consensus forecast of sell-side analysts. Barclays also said its tier one capital ratio will be roughly 9.5% at the end of 2008. This ratio is a closely watched measure of banks' financial strength. Barclays shares slumped 25% during U.K. trading on Friday. Barclays will report results Feb. 17.
Energy stocks rise with the broad market(9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose with the broad market on Friday. The Amex Oil Index (XOI: news, chart, profile) rose 2.2% to 947. The Amex Natural Gas Index (XNG: news, chart, profile) rose 2.5% to 372. The Dow Jones Industrial Average ($DJ: news, chart, profile) rose 1.1% to 8,303. Among movers from the energy patch, Anadarko Petroleum (APC: news, chart, profile) jumped 3.6% to $39.28.
PPG Industries net income falls by 65%, eyes more cost cuts (9:36 am ET)
NEW YORK (MarketWatch) -- PPG Industries Inc. (PPG: news, chart, profile) on Friday said fourth-quarter net income fell to $71 million, or 43 cents a share, from $200 million, or $1.22 a share in the year-ago period. The latest earnings figure included a one-time boost of 2 cents a share related to an asbestos settlement. Sales rose 3% to $3.2 billion. Analysts expected earnings of 53 cents a share, according to a survey by FactSet Research. "Our early read on 2009 is that the first quarter and possibly the first half of the year is shaping up to be an even greater challenge than the fourth quarter 2008 due to further weakening demand," the Pittsburgh maker of paints and coatings said. "We continue to evaluate further cost actions that may result in additional restructuring and related cost savings during the year."
Schwab quarterly profit roughly same as year-ago result(8:58 am ET)
NEW YORK (MarketWatch) -- Charles Schwab Corp. (SCHW: news, chart, profile) said Friday its fourth-quarter profit totaled $308 million, or 27 cents a share, roughly flat from $308 million, or 26 cents a share, in the same quarter a year before. The results also matched those of analysts, who had expected earnings on average of 26 a share, according to a FactSet Research survey. Net revenue for the quarter was $1.28 billion compared to $1.35 billion in the year-ago period. The San Francisco-based investment firm said the fourth quarter results included $25 million in pre-tax severance charges.
Sealed Air Corp. to book charge of $20 million (8:40 am ET)
NEW YORK (MarketWatch) -- Sealed Air Corp. (SEE: news, chart, profile) said Friday it will book a fourth-quarter pre-tax charge of $20 million, or 7 cents a share, for the decline in the fair market value of its auction rate securities investments. The Elmwood Park, N.J. packaging giant expects to report fourth-quarter sales of $1.1 billion to $1.2 billion, including a $60 million to $70 million negative impact from foreign currency translation. Sealed Air's fourth-quarter Wall Street revenue target is just under $1.2 billion, according to a survey of analysts by FactSet Research.
First Horizon narrows fourth-quarter loss(7:24 am ET)
NEW YORK (MarketWatch) -- First Horizon National Corp. (FHN: news, chart, profile) said Friday that its fourth-quarter net loss narrowed to $55.7 million, or 27 cents a share, from $248.6 million, or $1.88 a share, in the year-earlier period. Analysts polled by FactSet had been expecting a loss of 33 cents a share. The financial-services company said it lowered its provision for loan losses by $60 million sequentially to $280 million. Net charge-offs rose to $191.2 million from $154.7 million in the third quarter.
Johnson Controls posts loss, sees second-quarter loss(7:14 am ET)
NEW YORK (MarketWatch) -- Johnson Controls (JCI: news, chart, profile) said Friday its fiscal first-quarter loss totaled $608 million, or $1.02 a share, swinging from a profit of $235 million, or 39 cents a share, in the same quarter a year before. Revenue for the quarter was $7.34 billion compared to $9.48 billion in the year-ago period. The Milwaukee, Wis., diversified company said it "expects to report a overall loss in its fiscal second quarter similar in scale to the first quarter's operating loss but with improved performance by its Building Efficiency and Power Solutions businesses."
Citigroup consumer banking business slows (6:59 am ET)
NEW YORK (MarketWatch) -- Citigroup Inc (C: news, chart, profile) said Friday that revenues declined 22% at its consumer banking operations, driven by a 47% decline in investment sales, lower mortgage servicing revenue, the impact of foreign exchange, lower volumes and spread compression. Credit costs jumped 23%, and included credit losses of $1.1 billion and a loan loss reserve addition of $2.3 billion net loan loss reserve build, mainly in North America. The firm cited, "additional reserves for increased numbers of loan modification adjustments to customer loans across all product lines."
Citigroup posts $8.3 billion loss, will split up company(6:20 am ET)
NEW YORK (MarketWatch) -- Citigroup (C: news, chart, profile) on Friday reported a net loss of $8.29 billion, or $1.72 a share, versus a loss of $9.83 billion, or $1.99 a share, a year earlier. The latest quarter's results include $6.1 billion in net credit losses and a $6.0 billion net loan loss reserve build. Citi was expected to lose $1.12 a share, according to the average estimate of 11 analysts in a FactSet survey. The Wall Street Journal said earlier this week that the bank could report a quarterly operating loss of at least $10 billion. Citi also said Friday that it will realign into two businesses, Citicorp and Citi Holdings, saying that the new structure will enable it to, "to focus on driving the performance of its core businesses and, separately, on realizing value from non-core assets."
Quarterly losses: $1.8 bln for B. of A., $15 bln for Merrill(6:09 am ET)
LONDON (MarketWatch) -- Bank of America (BAC: news, chart, profile) swung to a fourth-quarter loss of $1.79 billion, or 48 cents a share, on escalating credit costs, including additions to reserves, and significant writedowns and trading losses in the capital markets businesses. Analysts polled by FactSet had estimated a 24 cents a share profit. The Charlotte, N.C. bank noted that preliminary Merrill Lynch results indicate a fourth-quarter loss of $15.31 billion; the Merrill results weren't reflected in B. of A.'s quarterly numbers. The U.S. government earlier announced a plan to inject $20 billion and guarantee another $118 billion of losses.
Sony Ericsson swings to loss as volume slumps(2:46 am ET)
LONDON (MarketWatch) -- Mobile handset maker Sony Ericsson said Friday that it swung to a fourth-quarter net loss of 187 million euros ($245 million) from a profit of 373 million euros a year earlier after a sharp drop in the number of units shipped. The joint venture between Sony Corp. (SNE: news, chart, profile) and Ericsson (ERIC: news, chart, profile) (SE:ERICB: news, chart, profile) said sales fell 23% to 2.91 billion euros and units shipped fell 21% to 24.2 million due to lower demand and a reduction in the availability of credit to consumers. The group took a 133 million restructuring charge in the quarter and said it's targeting a further 180 million euros of annual cost savings on top of the 300 million euros of savings previously announced. The firm said it estimates the global handset market grew around 6% in 2008, compared to its previous estimated of 10%, and added it expects the global market to contract in 2009, with a continued decline in the industry average selling price.
Goldman Sachs downgrades HSBC to sell(12:16 am ET)
HONG KONG (MarketWatch) -- Goldman Sachs downgraded banking giant HSBC Holdings (HK:5: news, chart, profile) (HBC: news, chart, profile) to a sell from neutral on likely further impact from the lender's exposure to the U.S. property and housing markets. The brokerage expects HSBC to post a loss of $1.5 billion in 2009 as its bills continue to add up, particularly referring to HSBC's $134 billion household subprime business and its $92 billion consumer and commercial property loan book. Goldman said HSBC will likely maintain its 2008 dividend payout at 2007 levels, but "we question the prudence of HSBC paying dividends in 2009." It set HSBC's 12-month price target at HK$49 ($6.28). HSBC dropped 3.3% to HK$63.80 in Hong Kong, extending losses to a fifth straight session.
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3xBuBu

01/20/09 7:18 PM

#742 RE: 3xBuBu #699

Tuesday, Jan. 20
Bank of New York quarterly net income falls 88%(4:49 pm ET)
SAN FRANCISCO (MarketWatch) -- Bank of New York Mellon Corp. (BK: news, chart, profile) said late Tuesday that fourth-quarter net income came in at $61 million, down 88% from a year earlier when the custodial bank and asset management company made $520 million. Net income applicable to common shareholders, which excludes dividends paid on preferred securities, was $28 million, or two cents a share, in the latest period, the company added. Fourth quarter income from continuing operations, before an extraordinary item and after preferred stock dividends, was $53 million, or five cents per common share, Bank of New York said. The results include write-downs on securities, which knocked 65 cents a share off earnings. Restructuring expenses, existing support agreements and merger and integration costs reduced earnings by another 22 cents a share in the period, the company said. Bank of New York was expected to make 69 cents a share in the latest fourth quarter, according to the average estimate of 17 analysts in a Thomson Reuters survey.
Lower fuel costs drive CSX Corp.'s profit higher(4:26 pm ET)
SAN FRANCISCO (MarketWatch) -- CSX Corp. (CSX: news, chart, profile) on Tuesday reported a fourth-quarter profit of $692 million, or 63 cents a share, compared with $597 million, or 85 cents a share, a year earlier. Excluding a charge relating to the write-down of its investment in the Greenbrier resort, earnings for the transportation company would have come in at 90 cents a share. Revenue rose 4% to $2.7 billion. Analysts polled by FactSet Research were looking for a profit, on average, of 91 cents a share with revenue of $2.73 billion.
IBM reports 12% earnings increase(4:18 pm ET)
SAN FRANCISCO (MarketWatch) -- IBM Corp. (IBM: news, chart, profile) on Tuesday reported a fiscal fourth-quarter profit of $4.4 billion, or $3.28 share, on revenue of $27 billion. During the same period a year ago, IBM earned $2.80 billion, or $2.80 a share, on $28.9 billion in sales. Analysts surveyed by FactSet Research had forecast IBM to earn $3.03 a share on revenue of $27.9 billion for the quarter ended in December. For 2009, IBM said it expects to earn at least $9.20 a share.
Petroleum shares retreat at the open(9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell with the broad market and crude oil prices as the financial sector signaled more trouble in the economy on Tuesday. The Amex Oil Index (XOI: news, chart, profile) fell 1.2% to 929. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.5% to 368. Crude prices dropped $1.72 to $34.79 as investors kept an eye on the midday presidential inauguration of Barack Obama.
Precision Castparts third-quarter net income dips 3%(9:30 am ET)
NEW YORK (MarketWatch) -- Precision Castparts Corp. (PCP: news, chart, profile) said Tuesday third-quarter net income fell to $239.1 million, or $1.70 a share, from $246.5 million, or $1.76 a share in the year-ago period. Net income from continuing operations totaled $1.69 a share. Sales fell to $1.61 billion from $1.67 billion, partly on a $129 million impact from the two-month strike at Boeing (BA: news, chart, profile) . Analysts expected earnings of $1.68 a share, according to a survey by FactSet Research. "While Boeing aircraft production rates are resuming, PCC does not expect recovery to pre-strike levels in its fiscal fourth quarter," the company said.
Jefferies loss widens to $2.41 a share (9:07 am ET)
NEW YORK (MarketWatch) -- Jefferies Group Inc. (JEF: news, chart, profile) said Tuesday that it lost $443 million, or $2.41 a share, in the fourth quarter. In the same period a year ago, Jefferies lost $24 million, or 17 cents a share. Revenue fell to $243 million, from $662 million in the same period a year ago. The fourth quarter net loss includes approximately $328 million after taxes of exceptional items, $303 million of which represents non-cash, after-tax charges. Analysts polled by FactSet Research estimated, on average, a loss per share of $1.23 and sales of $197 million for the bank and securities firm.
Forest Laboratories earnings per share fall 35%(8:28 am ET)
NEW YORK (MarketWatch) -- Forest Laboratories Inc. (FRX: news, chart, profile) said Tuesday that it earned $188 million, or 62 cents a share, in the third quarter compared to $302 million, or 96 cents a share, in the same period a year ago. Sales were steady with the year-ago period at $998 million. Excluding charges, earnings per share were $1.03 in the latest period. Analysts polled by FactSet Research estimated, on average, earnings per share of 78 cents and sales of $994 million. The New York City based pharmaceutical company raised its forecast for the fiscal year ending March 31 to a range of $3.35 to $3.45 a share from prior guidance of $3.30 to $3.40.
CORRECT: Regions loss per share is $9.01 in quarter(8:04 am ET)
NEW YORK (MarketWatch) -- Regions Financial Corp. (RF: news, chart, profile) said Tuesday that it lost $6.24 billion, or $9.01 a share in the fourth quarter. In the same period a year ago Regions earned $71.1 million, or 10 cents a share. The loss was mainly driven by a $6 billion charge for good-will impairment. Excluding the charge, Regions' loss was 35 cents a share. Analysts polled by FactSet Research estimated, on average, a loss per share of 4 cents. (Corrects type of charge)
Fastenal earnings rise 11%(8:01 am ET)
NEW YORK (MarketWatch) -- The Fastenal Company (FAST: news, chart, profile) said fourth-quarter earnings rose 11% to $62.5 million, or 42 cents a share, from $56.2 million, or 38 cents a share in the year-ago period. Revenue rose 5% to $545 million. Wall Street analysts expected earnings of 41 cents a share on revenue of $553 million, according to a survey by FactSet Research.
Qualcomm buys some assets from AMD for $65 mln cash(7:44 am ET)
NEW YORK (MarketWatch) -- Qualcomm Inc. (QCOM: news, chart, profile) has acquired some assets that once made up the basis of AMD's (AMD: news, chart, profile) handheld business, the technology companies said Tuesday. The assets include certain graphics and multimedia technology assets, intellectual property and resources. Under terms of the deal, Qualcomm has offered to hire some design and development teams from AMD's handheld business, and cash consideration from Qualcomm to AMD is about $65 million. Qualcomm expects the acquisition to be about 2 cents dilutive to pro forma 2009 earnings per share and accretive to earnings by the second half of calendar year 2010.
Parker Hannifin earnings fall in quarter(7:30 am ET)
NEW YORK (MarketWatch) -- Parker Hannifin Corp. (PH: news, chart, profile) said Tuesday that its second-quarter earnings were $155 million, or 96 cents a share, compared to $212 million, or $1.23 a share, in the same period a year ago. Second- quarter sales were $2.7 billion, a decline of 5% from $2.8 billion in the same quarter a year ago. Analysts polled by FactSet Research estimated, on average, earnings per share of 88 cents and sales of $2.7 billion for the Cleveland, Ohio-based motion control technology company. For fiscal 2009, the company revised guidance for earnings from continuing operations to the range of $3.85 to $4.25 per diluted share. Previous guidance for earnings from continuing operations was $5.35 to $5.75 per diluted share.
MGIC sees more losses in 2009(7:16 am ET)
NEW YORK (Marketwatch) -- Private mortgage insurance provider MGIC Investment Corp. (MTG: news, chart, profile) on Tuesday said its fourth-quarter loss narrowed to $273.3 million, or $2.21 a share, compared to a loss of $1.47 billion or $18.17 a share in the year-ago period. Revenue for the three months ended Dec. 31 rose 3% to $412 million. New insurance written in the fourth quarter was $5.5 billion, compared to $24 billion in the fourth quarter a year ago. CEO Curt S. Culver said falling home values and the impact of the recession continue to materially impact the company's financial results. The company does not expect a return to profitability in 2009. "Despite the difficult operating environment, the company has adequate resources to meet its claim obligations," MGIC said.
United Rentals cuts profit view, sees $1.1 bln charge(6:07 am ET)
TEL AVIV (MarketWatch) -- United Rentals Inc., (URI: news, chart, profile) the Greenwich, Conn., equipment-rental company, expects to report a fourth-quarter charge of about $1.1 billion, tied mostly to goodwill from acquisitions the company made from 1997 through 2000. And the company expects full-year earnings below its previous estimate but said it couldn't yet specify numbers. The charge requires no cash outlays and won't affect URI's cash position, cash flow from operations, liquidity or credit lines, United Rentals said in a statement late on Monday. The company now expects to report 2008 revenue of $3.27 billion, compared with its previously estimated range of $3.3 billion to $3.4 billion. The revised estimates, Chief Executive Officer Michael Kneeland said, reflect "external factors such as the current construction cycle and the macroeconomy, as well as our decision to accelerate branch closures into the fourth quarter of 2008." The current year will be "challenging," but United Rentals is well-positioned to manage through the downturn, he said. In late October, the company had revised its 2008 outlook for adjusted earnings to a range of $2.55 to $2.65, from a previous range of $3.15 to $3.25, "reflecting the acceleration of softness in the company's end markets." (Adds ticker symbol.)
H.B. Fuller swings to 4th-quarter loss; revenue off 3%(5:23 am ET)
TEL AVIV (MarketWatch) -- H. B. Fuller Co., (FUL: news, chart, profile) the St. Paul, Minn., producer of adhesives, sealants, paints and specialty chemicals, swung to a fiscal fourth-quarter loss from a year-earlier profit on 3% lower revenue. For the quarter ended November 29, the loss was $42 million, or 86 cents a share, compared with net income of $25.7 million, or 43 cents, in the year-earlier period. On an adjusted basis, excluding impairment charges, earnings from continuing operations were 24 cents a share against 51 cents. Shares outstanding fell 18% to 49 million. Revenue slipped to $350.2 million from $360.9 million. A survey of analysts by FactSet Research produced a consensus estimate of 24 cents of profit for the quarter. In a statement late on Monday, Chief Executive Michele Volpi declined to provide fiscal 2009 earnings estimates because of "the continuing volatility and uncertainty in the global markets." The first quarter "will be relatively weak, reflecting the typical seasonal pattern of our business and the continuation of the demand disruption" of the fourth quarter. "We expect significant improvement in subsequent quarters," she said. FactSet's survey is looking for 22 cents a share of profit in the first quarter. (Adds ticker symbol.)
Land Securities sees markets worsening, pays down debt(2:52 am ET)
LONDON (MarketWatch) -- U.K. real estate group Land Securities (UK:LAND: news, chart, profile) said Tuesday that it's continuing to focus on balance sheet management and leasing as its markets experienced an accelerated deterioration in the last quarter. Portfolio voids, or empty property, rose to 4.6% from 4.3% at the end of September. Since the end of September the group has sold Trillium for 750 million pounds has made other disposals of 213.8 million pounds. Cash from these sales was largely used to pay down debt. The group said that net borrowing at Dec. 31, adjusted for the sale of Trillium, was 5.69 billion pounds at an average cost of 5%.
Logitech 3rd-quarter net off 70%, sales down 16%(2:43 am ET)
TEL AVIV (MarketWatch) -- Logitech International Corp., (LOGI: news, chart, profile) (CH:002575132: news, chart, profile) the Fremont, Calif., producer of computer peripherals, reported that fiscal third-quarter net income fell 70% on 16% lower revenue. For the quarter ended Dec. 31, Logitech earned $40.5 million, or 22 cents a share, compared with $133.6 million, or 71 cents, in the year-earlier period. Sales fell to $627.5 million from $744.2 million. The year-earlier profit figure included a $27.8 million gain on sales of investments and a $5.5 million impairment loss on the value of short-term investments. Gross-profit margin for the quarter narrowed to 29.9% from 36.9%. Third-quarter retail sales fell 16% from the year earlier. Hurting gross margin were "a significantly stronger dollar and a retail environment that was highly promotional, particularly in the Americas," President and Chief Executive Officer Gerald P. Quindlen said in a statement. The executive added: "All indications point to an even weaker retail environment in the coming months. Consequently, our plans assume that in [the fourth quarter] we will see year-over-year declines in sales, operating income before restructuring charges, and gross margin that are similar to or worse than the year-over-year declines" of the third quarter. "However, we expect to continue to generate positive cash flow from operations as we focus on preserving the strength of our balance sheet."
Kesa Electricals comparable sales drop 5.5%(2:39 am ET)
LONDON (MarketWatch) -- U.K. retailer Kesa Electricals (UK:KESA: news, chart, profile) said Tuesday that comparable sales in the period from Nov. 1 to Jan. 8 fell 5.5%, while total sales rose 11% due to exchange rate moves. Total sales in local currencies fell 2.2%. The group said comparable sales at its U.K. Comet stores were down 2.5% after a strong post-Christmas period, though discounting led to a 1.7 percentage-point drop in margin at the division. Same-store sales at its Darty arm in France fell 6.2%, while margin remained stable.
Air France-KLM warns of operating loss(2:31 am ET)
LONDON (MarketWatch) -- Air France-KLM (FR:003112: news, chart, profile) said Tuesday that it will record an operating loss in the third quarter of fiscal 2009 due to a slight weakening in passenger unit revenue and a strong decline in cargo revenue. The group said it wasn't able to benefit from lower oil prices because of the negative impact of hedges it put in place. For fiscal 2009, the airline said operating income should remain positive, but the level of profit will depend on how the economic situation develops in the coming weeks.
Monday, Jan. 19
RBS faces loss, will convert government stake(2:32 am ET)
LONDON (MarketWatch) -- Royal Bank of Scotland (UK:RBS: news, chart, profile) (RBS: news, chart, profile) said Monday that it expects to report a loss before goodwill impairments of 7 billion pounds ($10.4 billion) to 8 billion pounds for the year as it also announced plans to replace 5 billion pounds of preference share held by the government with ordinary shares. The group said it's still reviewing the carrying value of its goodwill and said the it expects its underlying performance to be around break-even for the year. The group said credit impairment losses for the year are around 6.5 billion pounds to 7 billion pounds, while credit market write-downs for the year are around a net 8 billion pounds. Converting the government's preference share holding will save the bank around 600 million pounds a year in interest payments and will improve its core Tier 1 ration by around one percentage point.
Friday, Jan. 16
Barclays sees full-year profit topping analyst forecasts(3:36 pm ET)
SAN FRANCISCO (MarketWatch) -- Barclays PLC (BARC: news, chart, profile) said Friday that full-year profit will likely exceed analyst forecasts, adding that directors of the bank know no reason why its share price slumped. The board of the U.K. bank expects full-year pre-tax profit, including all costs, impairments and market valuations, to come in above 5.3 billion pounds, which is the consensus forecast of sell-side analysts. Barclays also said its tier one capital ratio will be roughly 9.5% at the end of 2008. This ratio is a closely watched measure of banks' financial strength. Barclays shares slumped 25% during U.K. trading on Friday. Barclays will report results Feb. 17.
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Wednesday, Jan. 21
Noble Corp. posts 23% higher profit(6:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Offshore drilling rig contractor Noble Corp. (NE: news, chart, profile) late Wednesday posted fourth-quarter net income of $418.6 million, or $1.59 a share, up from $347.4 million, or $1.29 a share, a year ago. Revenue for the three months ended Dec. 31 rose to $910 million from $831 million. Analysts polled by FactSet Research had forecast the company would earn $1.10 a share on $917 million in revenue. Shares of Noble rose 12% to close at $23.30 ahead of the report. The stock is down 49% over the past 12 months, compared with a 53% drop by the Philadelphia Oil Services Index ($OSX: news, chart, profile) over the same period. Noble is incorporated in the Cayman Islands but maintains its executive offices in Sugar Land, Texas.
Continental Airlines to book $170M of charges(4:58 pm ET)
SAN FRANCISCO (MarketWatch) -- Continental Airlines (CAL: news, chart, profile) plans to book $170 million in fourth-quarter charges. In a statement Wednesday afternoon, Continental said it will record a loss of $125 million from a fuel derivative contract with a bankrupt counterparty and $44 million in pension plan settlement charges resulting from pilot retirements in 2008. The other charges include the write down of auction-rate securities and severance charges. Continental reports earnings Jan. 29. In trading Wednesday, Continental shares closed at $17.37, down 11%.
EBay earnings slide 30% in fourth quarter(4:39 pm ET)
SAN FRANCISCO (MarketWatch) -- EBay Inc. said net income fell more than 30% during the fourth quarter as sales came under pressure from the slowing economy and increased competition. For the period ended Dec. 31, the online auction giant (EBAY: news, chart, profile) reported earnings of $367 million, or 29 cents a share, compared with earnings of $531 million, or 39 cents a share, for the same period last year. Excluding charges related to stock options, the company said it would have earned $524 million, or 41 cents a share, for the recent period. Revenue fell more than 6% to $2.04 billion. Analysts were expecting earnings of 39 cents a share on revenue of $2.1 billion, according to consensus estimates from FactSet Research.
Sanmina-SCI swings to net loss in first quarter(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- Sanmina-SCI Corp. (SANM: news, chart, profile) late Wednesday reported it swung to a first-quarter net loss of $25.3 million, or 5 cents a share, from a net income of $7.9 million, or a penny a share, in the same quarter last year. Revenue decreased to $1.42 billion from $1.78 billion a year ago, the electronics contract manufacturer said. Analysts surveyed by FactSet Research had forecast earnings of a penny a share on revenue of $1.48 billion. In the second quarter, the company is targeting revenue of $1.3 billion and plans to breakeven on per-share basis.
Burlington Northern posts higher profit(4:09 pm ET)
SAN FRANCISCO (MarketWatch) -- Burlington Northern Santa Fe Corp. (BNI: news, chart, profile) on Wednesday reported a fourth-quarter profit of $615 million, or $1.79 a share, up from $517 million, or $1.46 a share, a year ago. Revenue for the Ft. Worth, Tex.-based railroad operator rose to $4.37 billion from $4.25 billion a year earlier. Analysts polled by FactSet Research were looking for a profit, on average, of $1.77 a share on sales of $4.45 billion. Burlington stock finished up 7.1% at $65.59 but is still down almost 15% in the past year.
Energy stocks move into the green (9:40 am ET)
NEW YORK (MarketWatch) -- Energy stocks recovered some of their big losses in the previous session in early action on Wednesday. The Amex Oil Index (XOI: news, chart, profile) rose 1.4% to 905, with blue chip oil giant Exxon Mobil (XOM: news, chart, profile) up 36 cents to $76.65. The Amex Natural Gas Index (XNG: news, chart, profile) rose 2.4% to 355.
IBM leads rally in tech sector(9:41 am ET)
SAN FRANCISCO (MarketWatch) -- IBM Corp. (IBM: news, chart, profile) led a rally in the tech sector in early trading Wednesday, as the tech giant's shares climbed $5.72, or 7%, to $87.74. IBM benefited from delivering strong quarterly results on Tuesday and saying it expects to earn $9.20 a share this year. Apple Inc. (AAPL: news, chart, profile) shares also rose, climbing $1.50, or 2%, to $79.11, and online retailer eBay Inc. (EBAY: news, chart, profile) climbed 45 cents a share, or 3.6%, to $12.99 in advance of those company's earnings results, due after the market close. The tech-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) rose 28 points to 1,468.
AMR loss widens to $1.22 a share in fourth quarter(9:17 am ET)
NEW YORK (MarketWatch) -- AMR Corp. (AMR: news, chart, profile) said Wednesday that it lost $340 million in the fourth quarter, or $1.22 a share. In the same period last year AMR lost $69 million, or 28 cents a share. Excluding charges for aircraft groundings, restructuring and other items, AMR's loss was $214 million, or 77 cents a share. Revenue fell 3.1% to $5.5 billion. AMR expects full-year capacity to decrease by nearly 7 percent in 2009 compared to 2008. Analysts polled by FactSet Research estimated, on average, a loss per share of 88 cents and revenue of $5.60 billion. AMR expects full-year capacity to decrease by nearly 7 percent in 2009 compared to 2008.
Progressive Corp. net income falls 33%(9:13 am ET)
NEW YORK (MarketWatch) -- Progressive Corp. (PGR: news, chart, profile) said Wednesday fourth-quarter net income fell 33% to $159.3 million, or 24 cents a share, from $236.1 million, or 34 cents a share in the year-ago period. Net premiums written remained flat at about $3.1 billion. Analysts expected earnings of 34 cents a share, according to a survey by FactSet Research.
UAL Corp. loss per share is $9.91 in fourth quarter(8:49 am ET)
NEW YORK (MarketWatch) -- UAL Corp. said Wednesday that it lost $1.30 billion, or $9.91 a share, in the fourth quarter. In the same period a year ago UAL lost $53 million, or 47 cents a share. Excluding non-cash net mark-to-market hedge losses and certain accounting charges, UAL lost $4.42 a share. The airline said it will further reduce the number of salaried and management employees by approximately 1,000 positions by the end of 2009.
Northern Trust's quarterly net rises(8:34 am ET)
BOSTON (MarketWatch) -- Northern Trust Corp. (NTRS: news, chart, profile) on Wednesday said its fourth-quarter net income rose to $342.3 million, or $1.47 a share, from $125 million, or 55 cents a share, in the same period the previous year. The financial-services firm said total revenue rose 18% to $1.15 billion. Analysts surveyed by Thomson Reuters had been looking for revenue of $968.2 million. "Despite the extremely difficult economic conditions, our sound balance sheet and prudent business model enabled us to achieve record fourth quarter performance, and our 2008 full year results were strong in the context of the environment," said Chief Executive Frederick Waddell. Shares of Northern Trust rose more than 10% in premarket trading Wednesdsay.
U.S. Bancorp profit falls 65%(8:24 am ET)
NEW YORK (MarketWatch)-- U.S. Bancorp (USB: news, chart, profile) said Wednesday that its fourth quarter net income fell 65%, to $330 million, or 15 cents a share, from $942 million, or 53 cents a share a year ago. Analysts polled by FactSet had expected the company to earn 26 cents a share in the fourth quarter. The company said it recorded $635 million in credit loss provisions in the quarter, and posted $253 million of securities losses, which collectively netted out to 34 cents a share of charges. "Higher credit costs were a major contributor to the decline in net income this quarter, and the costs were in the middle of the range we communicated last December," Chief Executive Richard Davis said in a press release.
Hudson City Bancorp per-share profit jumps 56%(8:21 am ET)
NEW YORK (MarketWatch) -- Hudson City Bancorp Inc. (HCBK: news, chart, profile) said Wednesday its fourth-quarter profit rose to $124.3 million, or 25 cents a share, from $77.5 million, or 16 cents a share, in the same quarter a year before. Analysts had expected earnings on average of 27 cents a share, according to a FactSet Research survey. The Paramus, N.J. financial firm also increased its quarterly dividend to 14 cents a share from 9 cents in the year-earlier quarter. Total interest and dividend income for the quarter was $712 million compared to $588 million in the year-ago period. However, loan loss provisions also rose, totaling $9 million for the quarter compared to $2 million a year ago. Hudson City Chief Executive Ronald Hermance said: "We recognize that our growth in 2009 may be affected by the current economic conditions. However, we believe that 2009 will present many opportunities for us. While mortgage rates have decreased for conforming loans, rates for our primary product, jumbo mortgage loans, should still provide attractive returns."
LaBranche reports lower quarterly earnings, revenue(8:13 am ET)
BOSTON (MarketWatch) -- LaBranche & Co. (LAB: news, chart, profile) on Wednesday said its fourth-quarter net income fell to $3 million, or 5 cents a share, from $18 million, or 29 cents a share, in the year-earlier period. The trading specialist said total revenue dropped to $93.7 million from $118.5 million, while three analysts polled by Thomson Reuters has forecast revenue of $95.5 million, on average. LaBranche shares are up about 1% so far in 2009.
SPX Corp. sees 2009 profit down 10% to 16%(8:10 am ET)
NEW YORK (MarketWatch) -- SPX Corp. (SPW: news, chart, profile) said Wednesday it expects 2009 earnings from continuing operations of $5.40 to $5.80 per share, down 10% to 16% from 2008. Wall Street analysts expected the Charlotte, N.C. manufacturing giant to earn $5.51 a share, according to a survey by FactSet Research. The company expects to take restructuring charges of $65 million, or about 85 cents a share, in 2009. "These charges are primarily focused on cost reductions in response to the slowing global economy," the company said. "We believe the company is well-positioned to meet the challenges ahead, including the uncertain economic environment," SPX said. "Our available liquidity of over one billion dollars will provide us flexibility in making strategic capital allocation decisions."
Allegheny Tech net falls 26%, warns of shortfall(8:00 am ET)
NEW YORK (MarketWatch) -- Allegheny Technologies Inc. (ATI: news, chart, profile) said Wednesday fourth-quarter net income fell 26% to $110.9 million, or $1.15 a share, from $148.9 million, or $1.45 a share in the year-ago period. Revenue for the three months ended Dec. 31 fell to $1.11 billion from $1.27 billion in the year-ago period. Wall Street analysts expected earnings of 89 cents a share on revenue of $1.1 billion, according to a survey by FactSet Research. Looking ahead, Allegheny said it expects first-quarter results to be at or near breakeven, as a result of the challenging economy, an expected increase in retirement benefit expenses, and a $70 million raw materials/surcharge mismatch. It will pay an additional $132 million in retirement benefit costs for the year. Analysts expected earnings of 76 cents a share for the first quarter.
Abbott earnings per share 98 cents versus 77 cents (7:47 am ET)
NEW YORK (MarketWatch) -- Abbott (ABT: news, chart, profile) said Wednesday that it earned $1.54 billion, or 98 cents a share in the fourth quarter, compared to $1.20 billion, or 77 cents a share, in the same period a year ago. On an adjusted basis Abbott earned $1.06 in the quarter, compared to 93 cents, a year ago. Sales rose 10% to $7.95 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of $1.06 and sales of $8.05 billion. In addition, Abbott affirmed its forecast of 2009 earnings per share of $3.65 to $3.70. "2008 was another highly productive and successful year for Abbott," said Chief Executive Miles D. White.
Coach posts decline in quarterly profit, reduces growth plan(7:14 am ET)
NEW YORK (MarketWatch) -- Coach Inc. (COH: news, chart, profile) said Wednesday that its second-quarter profit fell to $216.9 million, or 67 cents a share, from $252.3 million, or 69 cents a share, in the year-earlier period. On average, analysts polled by FactSet Research were looking for earnings of 68 cents a share. Sales at the U.S. luxury leather-goods seller slipped to $960.3 million from $978 million. Coach is not providing a forecast for the rest of the fiscal year, though the company said it is cutting back its planned number of new stores from the current run rate of 40 North American retail locations a year to about 20, while also suspending retail store expansions.
United Technologies net income rises 8%(7:11 am ET)
NEW YORK (MarketWatch) -- United Technologies Corp. (UTX: news, chart, profile) said fourth-quarter net income rose 8% to $1.15 billion, or $1.23 a share, from $1.06 billion, or $1.08 a share in the year-ago period. The latest quarter includes a one-time gain of 6 cents a share. The negative impact of foreign exchange translation and Pratt & Whitney Canada's currency hedging was 6 cents a share for the quarter. Revenue dipped 1% to $14.5 billion from $14.7 billion. Wall Street analysts expected earnings of $1.23 a share and revenue of $14.85 billion, according to a survey by FactSet Research. The company plans to accelerate 2009 restructuring and launch approximately $150 million of actions in the first quarter. The aerospace and elevator giant confirmed its prior expectation for 2009 earnings per share of $4.65 to $5.15, a range of plus or minus 5%, excluding the impact of any acquisition related costs resulting from the adoption of SFAS 141.
BlackRock profit slumps 84%, misses estimates(7:09 am ET)
LONDON (MarketWatch) -- Fund manager BlackRock (BLK: news, chart, profile) said its fourth-quarter net income slumped 84% to $53 million, or 40 cents a share, as revenue dropped 26% to $1.06 billion. On an adjusted base, the New York-based firm earned 68 cents a share, compared to FactSet-compiled analyst estimates of $1.26 a share. The company said asset values dropped by $80.5 billion, though assets under management grew $48.6 billion on $129.1 billion of net new business and a 10% organic growth rate. "Problems accelerated in the second half of the year and 2009 is beginning on difficult footing with greater headline risk of growing unemployment, weak earnings and increased bankruptcies," said Chairman and CEO Laurence D. Fink.
Range Resources fourth-quarter production up 17%(6:23 am ET)
LONDON (MarketWatch) -- Range Resources Corp. (RRC: news, chart, profile) said production rose 17% to 403 millions of cubic feet equivalent per day in the fourth quarter. For 2009, the company said it anticipates drilling roughly 730 wells. For the fourth quarter, development and exploration expenditures are estimated at roughly $210 million, funding the drilling of 129 wells. For the quarter the company also said that oil and gas price realizations averaged $6.86 per mcfe, down 17% on the year-earlier period.
SocGen to post $2.6 billion annual profit(3:06 am ET)
LONDON (MarketWatch) -- French banking group Societe Generale (FR:013080: news, chart, profile) said Wednesday that it expects to roughly break even in the fourth quarter, resulting in a net profit for 2008 of around 2 billion euros ($2.6 billion). The statement came after the French government late Tuesday announced it would inject a further 10.5 billion euros into the country's banking sector. SocGen said its Tier 1 capital ratio was around 8.5% at the end of December and would be close to 9% after taking into account the second tranche of the French government's support package. It added the board will make a decision on any dividend payout on Feb. 17.
RAB Capital assets under management down 74%(2:49 am ET)
LONDON (MarketWatch) -- Hedge fund manager RAB Capital (UK:RAB: news, chart, profile) said Wednesday that its assets under management fell 74% in 2008 to $1.9 billion at the end of December, compared to $7.2 billion a year earlier. The level of assets was slightly below the $2 billion the company predicted in November when it said it would close several funds because of the continued deterioration in markets. RAB said Wednesday that it expects management and performance fees for the year to fall around 59% to 51 million pounds and that operating profit will be in line with market expectations. The fund manager also said it expects to take an impairment charge for the year due to the effect of market movements on its available-for-sale financial assets, which are principally investments in RAB funds.
Tullow Oil selling new shares to fund growth(2:37 am ET)
LONDON (MarketWatch) -- U.K. energy company Tullow Oil (UK:TLW: news, chart, profile) said Wednesday that it will sell new shares representing around 9.1% of its existing issued share capital to finance growth opportunities in Ghana and Uganda. The group said it will sell the shares to new and existing institutional investors. Separately Tullow said that production averaged 66,000 barrels of oil equivalent per day in 2008, in line with previous guidance. The average realized oil price was around $93 a barrel before the impact of hedges and $74 a barrel after the impact of hedges.
Ericsson 4th-quarter net off 31% on 23% higher sales(2:28 am ET)
TEL AVIV (MarketWatch) -- Ericsson, (ERIC: news, chart, profile) (ERICB: news, chart, profile) the Stockholm telecommunications-equipment giant, reported fourth-quarter net income fell 31% on 23% higher sales. Earnings were 3.9 billion Swedish kronor ($461 million) against 5.6 billion in the year earlier period. On a per-share basis, the earnings were 1.21 kronor versus 1.77 kronor. Earnings after financial items were 9.5 billion kronor versus 7.6 billion a year earlier. Sales reached 67 billion kronor from 54.5 billion. Gross-profit margin narrowed to 35.2% from 36.1%. Sony Ericsson (SNE: news, chart, profile) (JP:6758: news, chart, profile) posted a fourth-quarter loss of 67 million kronor, reflecting 65 million kronor of charges, Ericsson reported. In a statement on Wednesday, Ericsson President and Chief Executive Carl-Henric Svanberg said the company was targeting annual savings of 10 billion kronor, beginning in the second half of 2010.
Barry Callebaut 1st-quarter revenue up 0.7%(1:28 am ET)
TEL AVIV (MarketWatch) -- Barry Callebaut AG, (BYCBF: news, chart, profile) (CH:000900296: news, chart, profile) the Zürich producer of chocolate, reported that fiscal first-quarter sales by volume rose 2% to 338,513 metric tons. For the quarter ended Nov. 30, revenue rose 0.7% to 1.43 billion Swiss francs. In local currency, revenue rose 7.2% to 1.52 billion Swiss francs ($1.32 billion). In a statement on Wednesday, Barry Callebaut said that "in a tough economic environment," profitability is "on track as a result of higher margins and strict cost control." And the company affirmed its four-year financial targets for fiscal 2008 through fiscal 2011.
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01/22/09 11:20 PM

#744 RE: 3xBuBu #699

Thursday, Jan. 22
MEMC Electronic quarterly profit shrinks to 33 cents a share(4:30 pm ET)
SAN FRANCISCO (MarketWatch) -- MEMC Electronic Materials Inc. (WFR: news, chart, profile) late Thursday reported its fourth-quarter net income fell to $73.2 million, or 33 cents a share, from $376.4 million, or $1.62 a share, in the same quarter last year. Excluding one-time items, MEMC would have earned $145.9 million, or 65 cents a share. Revenue decreased to $425.7 million from $535.9 million a year earlier, said the maker of silicon wafers for the semiconductor industry. Analysts surveyed by FactSet Research had forecast MEMC to earn 61 cents a share on $413.9 million in revenue. The company said revenue in the first quarter could fall by as much as 50% sequentially due to end market weakness and "low order visibility" in the semiconductor industry on reduced consumer spending and limited access to credit.
Capital One reports quarterly net loss of $1.4 billion(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Capital One Financial (COF: news, chart, profile) reported a quarterly net loss late Thursday. The credit card company said its fourth-quarter net loss was $1.4 billion, or $3.74 per common share. That compares with net income of $226.6 million, or 60 cents per common share, in the fourth quarter of 2007, Capital One noted. The company was expected to make 33 cents a share, according to the average estimate of 19 analysts in a Thomson Reuters survey. Capital One said it added $1 billion to its allowance for loan losses in anticipation of increasing charge-offs in 2009. The company expects the U.S. unemployment rate to reach 8.7% by the end of 2009 and that, on average, home prices in the U.S. will fall another 10% by the end of the year.
Federated quarterly net income edges higher(4:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Federated Investors (FII: news, chart, profile) said late Thursday that fourth-quarter net income came in at $54.3 million, up slightly from a year earlier when the fund management company made $52.7 million. Earnings per share were 54 cents vs. 52 cents. Results for the fourth quarter of 2008 included a favorable impact of $2.6 million, or three cents a share, from lower deferred tax expense, Federated reported. The company was expected to make 50 cents a share, according to the average estimate of nine analysts polled by Thomson Reuters.
Google beats estimates with profit, sales gains(4:08 pm ET)
SAN FRANCISCO (MarketWatch) - Google Inc. said late Thursday its fiscal fourth-quarter net income fell sharply to $382 million, or $1.21 a share, from $1.2 billion, or $3.79 a share in the same period a year earlier. Mountain View, Calif.-based Internet giant Google (GOOG: news, chart, profile) said net revenue in the period ended in December rose to $4.2 billion. Excluding special items, Google said earnings for the period were $5.10 a share. Analysts on average had been estimating Google would post earnings excluding special items of $4.95 a share on $4.1 billion in net revenue, according to Thomson Reuters.
Aflac says it's 'comfortable' with its capital position(1:07 pm ET)
SAN FRANCISCO (MarketWatch) -- Aflac Inc. (AFL: news, chart, profile) said Thursday that it's "comfortable" with its capital position in the wake of a Morgan Stanley analyst note that warned investors about potential losses within the insurer's investment portfolio. "We're comfortable with our current capital position and are constantly monitoring our investment portfolio," Laura Kane, a spokeswoman at Aflac, said. "We will be issuing our earnings release on February 2nd and specific details will be available then." Aflac shares fell 30% to $25.31 during afternoon trading on Thursday.
GE takes part in $20 million venture round for blade maker(9:47 am ET)
NEW YORK (MarketWatch) -- Privately-held wind turbine blade supplier TPI Composites Inc. said Thursday it received a $20 million investment from a unit of General Electric (GE: news, chart, profile) and other investors. The Scottsdale, Ariz. blade maker received the money from GE's investment arm, Landmark Growth Capital Partners, as well as NGP Energy Technology Partners and Angeleno Group.
Energy stocks move lower with broad market(9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell with the broad market on Thursday morning, giving back gains from the previous session. The Amex Oil Index (XOI: news, chart, profile) fell 2.6% to 916. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 2.8% to 360. Investors are keeping a close watch on an expected rise in petroleum inventories in the U.S. government's weekly supply data due out during the session. Natural gas supplies will aso be updated.
Sherwin-Williams profit cut in half(9:21 am ET)
WASHINGTON (MarketWatch) - Sherwin-Williams' profit was cut in half in the fourth quarter, weighed down by slumping revenue and impairment charges, the paint maker and retailer reported Thursday. Earnings, including charges of 18 cents a share, came in at $50.2 million, or 42 cents a share, down from $100.8 million, or 80 cents in the year-ago period. Revenue fell to $1.7 billion from $1.85 billion. The average estimate of analysts polled by FactSet Research had been for the company to earn 53 cents share on $1.82 billion in revenue. Christopher Connor, Sherwin-Williams (SHW: news, chart, profile) chief executive said in the earnings report that "during the fourth quarter, the demand contraction in the end markets we serve became more severe and widespread as the U.S. economy rapidly deteriorated further and global economies quickly weakened."
Microsoft profit declines, software maker to cut 5,000 jobs(9:13 am ET)
WASHINGTON (MarketWatch) - Microsoft Corp. (MSFT: news, chart, profile) on Thursday reported an 11% drop in fiscal second-quarter profit and said it will cut 5,000 jobs as demand weakened for its Windows software. The Redmond, Wash.-based company also said it would cease giving per-share forecasts for the rest of 2009 because of the uncertainty caused by a slumping U.S. and global economy. In the final three months of 2008, meanwhile, Microsoft said earnings fell to $4.17 billion, or 47 cents a share, from $4.71 billion, or 50 cents a share, in the year-earlier quarter. Revenue edged up slightly to $16.63 billion from $16.4 billion from a year ago. Microsoft was expected to earn 48 cents a share on revenue of $17.1 billion, according to the consensus of analysts surveyed by FactSet Research. In premarket trades, shares of Microsoft sank as much as 7%.
CIT losses grow, firm completes transition to bank (8:46 am ET)
NEW YORK (MarketWatch) - Commercial finance firm CIT Group Inc. (CIT: news, chart, profile) said Thursday its fourth-quarter loss grew to $203.8 million, or 69 cents a share, from $130.8 million, or 69 cents a share a year ago. The loss includes preferred dividends of $20.4 million in the latest quarter compared to $7.5 million a year ago. There were 294.7 million average common shares outstanding in the 2008 quarter, compared to 189.8 million in 2007. CIT also said Thursday that it has completed its conversion to a bank holding company.
Huntington Banchares loss grows (8:44 am ET)
NEW YORK (MarketWatch) -- Ohio's Huntington Bancshares (HBAN: news, chart, profile) said Thursday its fourth-quarter loss grew to $440.4 million, or $1.20 a share, compared to a loss of $239.3 million, or 65 cents a share in the year-ago quarter. Results included the payment of preferred dividends totaling $23.2 million in 2008, compared to none in 2007.
Interactive Brokers profit rises 7%(8:43 am ET)
NEW YORK (MarketWatch) -- Interactive Brokers (IBKR: news, chart, profile) said Thursday its fourth quarter profit rose 7% to $20.3 million, or 49 cents a share, compared to $18.9 million, or 46 cents a share a year ago. Total net revenue rose to $429.3 million from $397.5 million a year ago. Analysts polled by Thomson Reuters had expected the company to report a 53 cents a share profit in the fourth quarter.
Exelon net income climbs 26%; reiterates 2009 target(8:41 am ET)
NEW YORK (MarketWatch) -- Exelon Corp. (EXC: news, chart, profile) said fourth-quarter net income climbed 26% to $707 million, or $1.07 a share, from $562 million, or 84 cents a share in the year-ago period. The company's adjusted earnings rose to $1.07 a share from $1.02 a share. Analysts expected earnings of $1.04 a share, according to a survey by FactSet Research. Adjusted revenue dipped to $4.55 billion from $4.65 billion a year ago. Looking ahead, the electric power company said it continues to expect 2009 operating earnings of $4.00 to $4.30 a share, compared to the analyst target of $4.22 a share. "We expect 2009 to be a year of many challenges, but we will work to mitigate the impact," the company said.
Ranbaxy posts $139 million quarter loss, hit by derivatives(8:29 am ET)
NEW YORK (MarketWatch) -- Ranbaxy Laboratories Ltd. (RBXLF: news, chart, profile) said Thursday it posted a net loss of 6.80 billion rupees ($139 million) in the fourth quarter, hurt by derivatives losses, reports said. The result compared with a profit of 1.88 billion rupees a year earlier. The average forecast from a Dow Jones poll of eight analysts was for a net profit at 21 million rupees, according to The Wall Street Journal. The Indian pharmaceutical giant reported revenue for the three months ended Dec. 31 was up 6.4% to 19.10 billion rupees. Its mark-to-market losses related to derivative contracts totaled 7.84 billion rupees.
Meredith posts lower second-quarter profit(8:20 am ET)
NEW YORK (MarketWatch) -- Meredith Corp. (MDP: news, chart, profile) said Thursday that its second-quarter profit fell to $12.5 million, or 28 cents a share, from $36.1 million, or 75 cents a share, in the year-earlier quarter. Excluding a special charge, earnings would have been 49 cents a share in the latest period. On average, analysts were expecting earnings of 47 cents a share, according to a FactSet Research survey. The Des Moines, Iowa-based media and marketing company said quarterly revenue was $366 million compared to $396 million in the year-ago period. Meredith said it expects full-year earnings of $2.00 to $2.25 a share, excluding the second-quarter charge, and third-quarter profit of 55 cents to 60 cents a share. Analysts were looking for a profit of $2.36 a share for the year and 75 cents for the third quarter, according to FactSet.
Northrop Grumman sees loss, discloses charge(8:18 am ET)
NEW YORK (MarketWatch) -- Northrop Grumman (NOC: news, chart, profile) said it expects to record a loss when it releases its fourth quarter results. The defense contracting giant cited $3 billion to $3.4 billion for impairment of goodwill. The company expects 2008 earnings per share from continuing operations before the charge to meet the upper end of $5.20 per share for its forecast. Wall Street analysts expect earnings of $5.21 a share, according to a survey by FactSet Research.
Union Pacific quarterly profit rises 35%, beats forecast(8:16 am ET)
NEW YORK (MarketWatch) -- Union Pacific Corp. (UNP: news, chart, profile) said Thursday its fourth-quarter profit rose to $661 million, or $1.31 a share, from $491 million, or 93 cents 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. Revenue for the quarter was $4.29 billion compared to $4.20 billion in the year-ago period. While the Omaha, Neb., rail transportation company didn't give a specific financial forecast, Chief Executive Jim Young said: "Although we expect 2009 will be a difficult year for our company, our customers and our employees, we are challenging ourselves to deliver an even higher level of performance." Shares of the company rose 0.47% in pre-market trade following the release.
BB&T Corp. net falls 31% during 'challenging' time(7:46 am ET)
NEW YORK (MarketWatch) -- BB&T Corp. (BBT: news, chart, profile) said fourth-quarter net income fell 31% to $284 million, or 51 cents a share, from $411 million, or 75 cents a share in the year-ago period. Operating income totaled 44 cents a share in the latest quarter. Wall Street analysts expected earnings of 52 cents a share in the fourth quarter, according to a survey by FactSet Research. "The year 2008 was very challenging and credit deterioration remains a significant concern; however, BB&T's performance ranks among the top performers in the financial services industry," the company said.
IGT profit slips to 22 cents a share from 36 cents year ago(7:43 am ET)
NEW YORK (MarketWatch) -- International Game Technology (IGT: news, chart, profile) said Thursday its first-quarter profit totaled $65.7 million, or 22 cents a share, from $113.7 million, or 36 cents a share, in the same quarter a year before. The Reno, Nev., gaming machine company said the results were affected by various one-time charges equivalent to 7 cents a share. Analysts had expected earnings on average of 26 cents a share, according to a FactSet Research survey. Revenue for the quarter was $602 million compared to $646 million in the year-ago period.
Update: M&T Bank 4th-quarter net rose 57%(7:39 am ET)
TEL AVIV (MarketWatch) -- M&T Bank Corp., (MTB: news, chart, profile) the $65.8 billion-asset Buffalo, N.Y., banking company, reported that fourth-quarter net income rose 57% as deposits grew for a fifth consecutive quarter and commercial and real estate loans increased. Net was $102.2 million, or 92 cents a share, compared with $64.9 million, or 60 cents, in the year-earlier period. Operating earnings were $1 a share against 77 cents. A survey of analysts by FactSet Research produced a consensus estimate of $1.13 a share of profit for the quarter. The provision for credit losses in the quarter rose to $51 million from $101 million a year earlier. Net charge-offs of loans nearly tripled to $144 million from $53 million. (Adds earnings estimate.)
Update: SunTrust swings to loss as charge-offs rise(7:36 am ET)
TEL AVIV (MarketWatch) -- SunTrust Banks Inc., (STI: news, chart, profile) the $189.3-billion-asset Atlanta banking firm, swung to a fourth-quarter loss from a year-earlier profit, as loan charge-offs increased and it added to reserves. SunTrust also cut its quarterly dividend to 10 cents a share from 54 cents. The company reported a loss available to common-share holders of $379.2 million, or $1.08 a share, compared with net income of $3.3 million, or 1 cent a share, in the year-earlier period. A survey of analysts by FactSet Research produced a consensus estimate of profit of 9 cents a share for the quarter. The company recorded a provision for loan losses of $962.5 million, which is $410 million more than net charge-offs. The allowance for possible losses on bad loans thus increased to 1.86% of total loans. Operating losses in the fourth quarter were $236.1 million, stemming primarily from losses on "borrower misrepresentations and insurance-claim denials, "and $100 million tied to mortgage-reinsurance reserves, SunTrust reported. And "market-valuation losses on loans and securities carried at fair value" were $145 million. (Adds earnings estimate and ticker symbol.)
CORRECT: Tenet sees $5 mln quarterly profit(7:28 am ET)
LONDON (MarketWatch) -- Tenet Healthcare Corp. (THC: news, chart, profile) said Thursday that it expects to report a fourth-quarter net profit of around $5 million and an adjusted operating profit of around $197 million, though it also said it couldn't confirm previous comments on the outlook for 2009 because of a lack of visibility into demand. Tenet said it still intends to comment on its outlook when it releases its full results in late February. For the fourth quarter of 2007, Tenet reported a net loss of $75 million. The group said net revenue in the quarter is expected to rise 4.9% on a same-hospital basis to $2.17 billion. Separately, the company announced it has commenced an offer to exchange up to $1.6 billion of outstanding notes maturing in Dec. 2011 and June 2012 for an equal amount of new senior notes maturing in 2014 and 2019. (Corrects spelling of company name.)
Entergy sees lower fourth-quarter operating profit(7:21 am ET)
NEW YORK (MarketWatch) -- Entergy (ETR: news, chart, profile) said Thursday it expects to report lower fourth-quarter operating earnings partly on a profit slowdown at its utility unit. The New Orleans power firm said earnings climbed at Entergy Nuclear. Earnings for Entergy's Non-nuclear Wholesale Assets business remained flat. Entergy sees fourth quarter as-reported earnings of approximately 88 cents a share and operational earnings of 98 cents a share. Wall Street analysts forecast earnings of $1.03 a share, according to a survey by FactSet Research.
Baxter quarterly profit rises 19%, beats forecast(7:20 am ET)
NEW YORK (MarketWatch) -- Baxter International Inc. (BAX: news, chart, profile) said Thursday its fourth-quarter profit rose 19% to $569 million, or 91 cents a share, from $478 million, or 74 cents a share, in the same quarter a year before. Analysts had expected earnings on average of 89 cents a share, according to a FactSet Research survey. Sales for the quarter were $3.13 billion compared to $3.01 billion in the year-ago period. The Deerfield, Ill., biotech company said it expects first-quarter profit to be between 80 cents and 82 cents a share, excluding any special items, with sales to be flat after adjusting for an unfavorable foreign-exchange impact. For the full year, Baxter expects sales, excluding the impact of foreign exchange, to grow approximately 7% with earnings of $3.70 to $3.78 a share.
Comerica 4th-quarter net off 83%; provisions higher(7:11 am ET)
TEL AVIV (MarketWatch) -- Comerica Inc., (CMA: news, chart, profile) the $67.5 billion-asset Dallas banking firm, reported that fourth-quarter net income fell 83% as it increased its provision for losses on possible bad loans. Net income was $20 million against $119 million in the year-earlier period. Profit applicable to common stock was $3 million, or 2 cents a share, compared with $119 million, or 79 cents, a year earlier. The fourth-quarter provision for loan losses was $192 million, compared with $108 million for the year-earlier quarter. The latest results, Comerica said in a statement on Thursday, also reflected $18 million, or 12 cents a share, of severance expenses. Comerica said it had reduced the workforce about 5% in 2008 and it expects to cut another about 5% of its jobs by the end of the first quarter. Comerica said it is freezing salaries in 2009 for the top 20% of its workforce. And it will expand banking centers at a slower rate and cut capital spending and discretionary expense.
Popular loss widens to $703 million on loan hits(6:59 am ET)
LONDON (MarketWatch) -- San Juan, Puerto Rico bank Popular (BPOP: news, chart, profile) said its fourth-quarter loss widened to $702.9 million, or $2.55 a share, from $294.1 million, or $1.06 a share. From continuing operations, it lost $2.28 a share, compared to FactSet compiled estimates of a 13 cents a share loss. "Our disappointing results reflect deteriorating economic conditions both in the U.S. mainland and Puerto Rico, which resulted in substantial loss for the fourth quarter principally caused by a significant increase in the allowance for loan losses and the valuation allowance equal to 100% of the deferred tax asset related to our U.S. mainland operations," said Chairman and CEO Richard L. Carrion.
Lockheed Martin steers Street lower on 2009 profit(6:54 am ET)
WASHINGTON (MarketWatch) -- Lockheed Martin Corp. (LMT: news, chart, profile) updated its financial forecast for 2009, slightly raising its projection for net sales but lowering its estimated range for earnings per share. As revised, the defense contractor pegs full-year earnings at $7.05 to $7.25 a share, down from a range of $7.65 to $7.90 a share as set forth last October. The consensus estimate in a survey by FactSet Research of analysts who follow Lockheed Martin stands at $7.83 a share. The company also adjusted its 2009 sales forecast to a range of $44.7 billion to $45.7 billion, as opposed to between $44.25 billion and $45.25 billion previously.
Fiat profit drops, cuts outlook and dividend(6:51 am ET)
MILAN (MarketWatch) -- Two days after securing an alliance with U.S. car maker Chrysler LLC, Italian car maker Fiat SpA (IT:F: news, chart, profile) was forced to cut its dividend for 2008 and halt a share buyback as sales and profits dived. Underlining the deterioration in European auto markets, the company also cut its guidance for 2009, warning that sales will fall further. Net profit attributable to shareholders fell to EUR1.61 billion in 2008, compared with EUR1.95 billion in 2007 as sales of its autos fell 20%, in line with market expectations. It now only expects a group net profit of over EUR300 million in 2009, after dramatically slashing its target for trading profit - or operating earnings before asset disposals, restructuring costs or other one-time items - to EUR1 billion from a previous target range of EUR3.4 billion to EUR3.6 billion.
Fifth Third reports $2.2 billion loss after goodwill charge(6:51 am ET)
LONDON (MarketWatch) -- Fifth Third Bancorp (FITB: news, chart, profile) on Thursday said it swung to a fourth-quarter net loss of $2.18 billion, or $3.82 a share from a profit of $16 million, or 3 cents a share, a year earlier. The result was due to a $965 million goodwill impairment charge as well as losses on loans transferred to its held-for-sale book of $800 million and provisions for loan losses of $729 million. During the quarter, Fifth Third sold $3.4 billion in preferred shares to the U.S. Department of the Treasury, which pushed its Tier 1 capital ratio up to 10.59%.
Lockheed Martin's quarterly profit increases 3%(6:47 am ET)
WASHINGTON (MarketWatch) -- Lockheed Martin Corp. (LMT: news, chart, profile) reported fourth-quarter net income of $823 million, or $2.05 a share, up from $799 million, or $1.89 a share, earned in the final three months of 2007. The Bethesda, Md.-based defense contractor and provider of technology services generated quarterly sales of $11.13 billion, up from the prior year's $10.84 billion. The consensus profit estimate as derived by FactSet Research in a survey of 17 analysts had been for earnings of $1.91 a share. Segment-level operating profit was essentially unchanged at nearly $1.26 billion.
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3xBuBu

01/23/09 7:20 PM

#745 RE: 3xBuBu #699

Friday, Jan. 23
Aflac says it doesn't need to raise new capital(10:26 am ET)
SAN FRANCISCO (MarketWatch) -- Aflac Inc. (AFL: news, chart, profile) said Friday that it doesn't need to raise new capital as the insurer tries to calm concerns about some of its investment exposures. The company estimated that it had roughly $500 million to $1 billion in excess cash at the end of 2008. "We believe our capital position is more than adequate to support our current ratings," Aflac Chief Financial Officer Kriss Cloninger said in a statement. "We continue to expect strong statutory earnings in the future, which we estimate were $1.5 billion for the full year of 2008. Accordingly, we do not see a need for raising additional capital." Aflac shares jumped 13% to $25.83 during morning trading Friday. That recouped some of the 37% slump on Thursday.
Energy stocks fall deeply into the red with broad market(9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell deeply into the red with the broad market on Friday on fresh jitters tied to corporate earnings and the global recession. The Amex Oil Index (XOI: news, chart, profile) fell 2.5% to 892. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 1.6% to 353. Schlumberger (SLB: news, chart, profile) rose 2% to $38.10, bucking the trend.
Genuine Parts warns its 2008 results will fall short(9:02 am ET)
NEW YORK (MarketWatch) -- Genuine Parts Co. (GPC: news, chart, profile) warned Friday that its full-year results will fall short of its previous forecast. The Atlanta distributor of automobile replacement parts said it expects to post 2008 sales growth of about 2% and earnings of $2.85 to $2.90 a share, including a 7-cent charge for the lower investment value in the company's retirement plan. Its prior outlook was for 3% sales growth and earnings of $3.12 to $3.18 a share. On average, analysts polled by FactSet Research were expecting full-year earnings of $3.11 a share. The company is slated to release its results on Feb. 17.
Suntech taking loss on silicon inventories; laying off 800(8:50 am ET)
NEW YORK (MarketWatch) -- Suntech Power Holdings Co. Ltd. (STP: news, chart, profile) said it would book an inventory provision in the range of $46 million to $58 million as a result of the rapid decline in silicon prices in the fourth quarter. Suntech sees fourth-quarter gross margin of -1% to +2%. The company said it reduced its workforce by approximately 800 employees and suspended hiring a further 2,000 new staff as part of its decision to maintain its current production capacity. Suntech's headcount as of December 31 was 9,070. The solar cell maker expects fourth-quarter revenue of $405 million to $420 million, above its target of about $353 million.
Xerox posts lower fourth-quarter profit(7:16 am ET)
NEW YORK (MarketWatch) -- Xerox Corp. (XRX: news, chart, profile) said Friday that its fourth-quarter net income fell to $1 million, or breakeven on a per-share basis, from $382 million, or 41 cents a share, in the year-earlier period. On an adjusted basis, which excludes charges for restructuring and an equipment write-off, earnings in the latest quarter were 30 cents a share. On average, analysts polled by FactSet had expected a profit of 34 cents a share. Revenue fell 10% to $4.37 billion in the three months ended Dec. 31. The copier-technology company expects first-quarter earnings of 16 cents to 20 cents a share, compared to the FactSet consensus estimate of 24 cents.
GE's fourth-quarter net profit fell 46%; sees difficult 2009(6:50 am ET)
LONDON (MarketWatch) -- General Electric Co. (GE: news, chart, profile) said fourth-quarter net profit attributable to shareholders fell 46% to $3.65 billion, or 35 cents a share, from $6.97 billion, or 66 cents a share, earned in the year-earlier quarter. The results included $1.5 billion of after-tax restructuring and other charges. Adjusted earnings came in at 37 cents a share, in line with the consensus forecast, according to a poll of nine analysts surveyed by FactSet Research. Sales declined 5% to $46.2 billion, reflecting the stronger U.S. dollar and lower core growth. GE said it expects 2009 to be "extremely difficult" but is working to strengthen its cash flow and liquidity. It said it remains committed to its planned $1.24 dividend for the year.
Harley-Davidson profit down 58%, plans to cut shipments(6:21 am ET)
LONDON (MarketWatch) -- Harley-Davidson Inc. (HOG: news, chart, profile) said Friday that its fourth-quarter net profit fell 58% to $77.8 million, or 34 cents a share, from $186.1 million, or 78 cents a share, a year earlier as it also announced plans to restructure and reduce shipments in 2009. The group said revenue for the final quarter of 2008 fell 6.8% to $1.29 billion and worldwide retail sales of its motorcycles fell 13.1% from a year earlier as U.S. demand slumped. In the first quarter of 2009, the company expects to ship between 74,000 and 78,000 new motorcycles, representing a 3.5% to 8.5% increase on a year earlier. But for 2009 as a whole it expects to ship between 264,000 and 273,000 units -- a decline of 10% to 13%. Margin will be between 30.5% and 31.5%, compared to 34.5% in 2008, but the firm said it won't give earnings guidance because of the volatile economic environment.
UPDATE: Qimonda files for insolvency(5:22 am ET)
LONDON (MarketWatch) -- German chip maker Qimonda (QI: news, chart, profile) (DE:A0KEAT: news, chart, profile) said Friday that it has filed for insolvency in a Munich court. The company said the decision was due to the "massive drop in prices in the DRAM industry" as well as dramatically reduced access to financing on the capital markets. A previously agreed 325 million euro ($421 million) financing package involving the German state of Saxony, several banks and Qimonda's main shareholder Infineon Technologies (IFX: news, chart, profile) could not be completed in time, the company said. The court will appoint a preliminary insolvency administrator, who will analyze the company's situation in the coming days. Qimonda said it assumes it will be able to continue operating and that German insolvency laws offer the opportunity to accelerate its restructuring plans. Shares in Infineon fell around 5% in Frankfurt. [Updates to include company statement.]
Fortis Bank faces $18 billion loss(3:41 am ET)
LONDON (MarketWatch) -- Fortis Banque, the former Belgian banking arm of Fortis (BE:000380118: news, chart, profile) and now controlled by the Belgian government, said late Thursday that it made a net loss of 14.1 billion euros ($18.2 billion) in the first nine months of 2008. The bank also said it will lose between 4 billion euros and 5 billion euros in the final quarter of the year. France's BNP Paribas (FR:013110: news, chart, profile) had agreed to some Fortis assets and banking operations, but that deal has been put on hold after a court ruled shareholders must be given a say in the plans.
Gottex assets under management drop 29%, plans job cuts(2:49 am ET)
LONDON (MarketWatch) -- Switzerland's Gottex Fund Management Holdings (CH:003381261: news, chart, profile) said Friday that its assets under management fell 29% to $9.6 billion in the course of the fourth quarter due to a mix of negative performance, client outflows and foreign exchange moves. The group said it will cut costs by at least 30% and reduce its headcount by between 15% and 20%, effective from the end of March. It also said it will reopen some funds, revise its incentive fee structure by linking it to performance over a longer period and reduce management fees on some products. The group added it doesn't expect to see benefits from its plans in terms of assets under management growth for six to 12 months.
Barclays still sees profit for 08 after write-downs: report(2:39 am ET)
LONDON (MarketWatch) -- John Varley, the CEO of U.K. bank Barclays (UK:BARC: news, chart, profile) [s:bcs] said the bank will make a profit in 2008 even after taking all necessary write-downs, the Independent newspaper reported Friday. He also said that Barclays intended to pay in cash, rather than shares, if it participated in a government plan to insure banks' assets against further losses. Separately the Financial Times reported that Frits Seegers, chief executive of Barclays' retail and commercial division pledged almost all the 900,000 shares he holds in the bank as collateral for a loan to fund a 952,000 pound ($1.3 billion) share purchase just before the credit crisis started.
Thursday, Jan. 22
MEMC Electronic quarterly profit shrinks to 33 cents a share(4:30 pm ET)
SAN FRANCISCO (MarketWatch) -- MEMC Electronic Materials Inc. (WFR: news, chart, profile) late Thursday reported its fourth-quarter net income fell to $73.2 million, or 33 cents a share, from $376.4 million, or $1.62 a share, in the same quarter last year. Excluding one-time items, MEMC would have earned $145.9 million, or 65 cents a share. Revenue decreased to $425.7 million from $535.9 million a year earlier, said the maker of silicon wafers for the semiconductor industry. Analysts surveyed by FactSet Research had forecast MEMC to earn 61 cents a share on $413.9 million in revenue. The company said revenue in the first quarter could fall by as much as 50% sequentially due to end market weakness and "low order visibility" in the semiconductor industry on reduced consumer spending and limited access to credit.
Capital One reports quarterly net loss of $1.4 billion(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Capital One Financial (COF: news, chart, profile) reported a quarterly net loss late Thursday. The credit card company said its fourth-quarter net loss was $1.4 billion, or $3.74 per common share. That compares with net income of $226.6 million, or 60 cents per common share, in the fourth quarter of 2007, Capital One noted. The company was expected to make 33 cents a share, according to the average estimate of 19 analysts in a Thomson Reuters survey. Capital One said it added $1 billion to its allowance for loan losses in anticipation of increasing charge-offs in 2009. The company expects the U.S. unemployment rate to reach 8.7% by the end of 2009 and that, on average, home prices in the U.S. will fall another 10% by the end of the year.
Federated quarterly net income edges higher(4:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Federated Investors (FII: news, chart, profile) said late Thursday that fourth-quarter net income came in at $54.3 million, up slightly from a year earlier when the fund management company made $52.7 million. Earnings per share were 54 cents vs. 52 cents. Results for the fourth quarter of 2008 included a favorable impact of $2.6 million, or three cents a share, from lower deferred tax expense, Federated reported. The company was expected to make 50 cents a share, according to the average estimate of nine analysts polled by Thomson Reuters.
Google beats estimates with profit, sales gains(4:08 pm ET)
SAN FRANCISCO (MarketWatch) - Google Inc. said late Thursday its fiscal fourth-quarter net income fell sharply to $382 million, or $1.21 a share, from $1.2 billion, or $3.79 a share in the same period a year earlier. Mountain View, Calif.-based Internet giant Google (GOOG: news, chart, profile) said net revenue in the period ended in December rose to $4.2 billion. Excluding special items, Google said earnings for the period were $5.10 a share. Analysts on average had been estimating Google would post earnings excluding special items of $4.95 a share on $4.1 billion in net revenue, according to Thomson Reuters.
Aflac says it's 'comfortable' with its capital position(1:07 pm ET)
SAN FRANCISCO (MarketWatch) -- Aflac Inc. (AFL: news, chart, profile) said Thursday that it's "comfortable" with its capital position in the wake of a Morgan Stanley analyst note that warned investors about potential losses within the insurer's investment portfolio. "We're comfortable with our current capital position and are constantly monitoring our investment portfolio," Laura Kane, a spokeswoman at Aflac, said. "We will be issuing our earnings release on February 2nd and specific details will be available then." Aflac shares fell 30% to $25.31 during afternoon trading on Thursday.
GE takes part in $20 million venture round for blade maker(9:47 am ET)
NEW YORK (MarketWatch) -- Privately-held wind turbine blade supplier TPI Composites Inc. said Thursday it received a $20 million investment from a unit of General Electric (GE: news, chart, profile) and other investors. The Scottsdale, Ariz. blade maker received the money from GE's investment arm, Landmark Growth Capital Partners, as well as NGP Energy Technology Partners and Angeleno Group.
Energy stocks move lower with broad market(9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell with the broad market on Thursday morning, giving back gains from the previous session. The Amex Oil Index (XOI: news, chart, profile) fell 2.6% to 916. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 2.8% to 360. Investors are keeping a close watch on an expected rise in petroleum inventories in the U.S. government's weekly supply data due out during the session. Natural gas supplies will aso be updated.
Sherwin-Williams profit cut in half(9:21 am ET)
WASHINGTON (MarketWatch) - Sherwin-Williams' profit was cut in half in the fourth quarter, weighed down by slumping revenue and impairment charges, the paint maker and retailer reported Thursday. Earnings, including charges of 18 cents a share, came in at $50.2 million, or 42 cents a share, down from $100.8 million, or 80 cents in the year-ago period. Revenue fell to $1.7 billion from $1.85 billion. The average estimate of analysts polled by FactSet Research had been for the company to earn 53 cents share on $1.82 billion in revenue. Christopher Connor, Sherwin-Williams (SHW: news, chart, profile) chief executive said in the earnings report that "during the fourth quarter, the demand contraction in the end markets we serve became more severe and widespread as the U.S. economy rapidly deteriorated further and global economies quickly weakened."
Microsoft profit declines, software maker to cut 5,000 jobs(9:13 am ET)
WASHINGTON (MarketWatch) - Microsoft Corp. (MSFT: news, chart, profile) on Thursday reported an 11% drop in fiscal second-quarter profit and said it will cut 5,000 jobs as demand weakened for its Windows software. The Redmond, Wash.-based company also said it would cease giving per-share forecasts for the rest of 2009 because of the uncertainty caused by a slumping U.S. and global economy. In the final three months of 2008, meanwhile, Microsoft said earnings fell to $4.17 billion, or 47 cents a share, from $4.71 billion, or 50 cents a share, in the year-earlier quarter. Revenue edged up slightly to $16.63 billion from $16.4 billion from a year ago. Microsoft was expected to earn 48 cents a share on revenue of $17.1 billion, according to the consensus of analysts surveyed by FactSet Research. In premarket trades, shares of Microsoft sank as much as 7%.
CIT losses grow, firm completes transition to bank (8:46 am ET)
NEW YORK (MarketWatch) - Commercial finance firm CIT Group Inc. (CIT: news, chart, profile) said Thursday its fourth-quarter loss grew to $203.8 million, or 69 cents a share, from $130.8 million, or 69 cents a share a year ago. The loss includes preferred dividends of $20.4 million in the latest quarter compared to $7.5 million a year ago. There were 294.7 million average common shares outstanding in the 2008 quarter, compared to 189.8 million in 2007. CIT also said Thursday that it has completed its conversion to a bank holding company.
Huntington Banchares loss grows (8:44 am ET)
NEW YORK (MarketWatch) -- Ohio's Huntington Bancshares (HBAN: news, chart, profile) said Thursday its fourth-quarter loss grew to $440.4 million, or $1.20 a share, compared to a loss of $239.3 million, or 65 cents a share in the year-ago quarter. Results included the payment of preferred dividends totaling $23.2 million in 2008, compared to none in 2007.
Interactive Brokers profit rises 7%(8:43 am ET)
NEW YORK (MarketWatch) -- Interactive Brokers (IBKR: news, chart, profile) said Thursday its fourth quarter profit rose 7% to $20.3 million, or 49 cents a share, compared to $18.9 million, or 46 cents a share a year ago. Total net revenue rose to $429.3 million from $397.5 million a year ago. Analysts polled by Thomson Reuters had expected the company to report a 53 cents a share profit in the fourth quarter.
Exelon net income climbs 26%; reiterates 2009 target(8:41 am ET)
NEW YORK (MarketWatch) -- Exelon Corp. (EXC: news, chart, profile) said fourth-quarter net income climbed 26% to $707 million, or $1.07 a share, from $562 million, or 84 cents a share in the year-ago period. The company's adjusted earnings rose to $1.07 a share from $1.02 a share. Analysts expected earnings of $1.04 a share, according to a survey by FactSet Research. Adjusted revenue dipped to $4.55 billion from $4.65 billion a year ago. Looking ahead, the electric power company said it continues to expect 2009 operating earnings of $4.00 to $4.30 a share, compared to the analyst target of $4.22 a share. "We expect 2009 to be a year of many challenges, but we will work to mitigate the impact," the company said.
Ranbaxy posts $139 million quarter loss, hit by derivatives(8:29 am ET)
NEW YORK (MarketWatch) -- Ranbaxy Laboratories Ltd. (RBXLF: news, chart, profile) said Thursday it posted a net loss of 6.80 billion rupees ($139 million) in the fourth quarter, hurt by derivatives losses, reports said. The result compared with a profit of 1.88 billion rupees a year earlier. The average forecast from a Dow Jones poll of eight analysts was for a net profit at 21 million rupees, according to The Wall Street Journal. The Indian pharmaceutical giant reported revenue for the three months ended Dec. 31 was up 6.4% to 19.10 billion rupees. Its mark-to-market losses related to derivative contracts totaled 7.84 billion rupees.
Meredith posts lower second-quarter profit(8:20 am ET)
NEW YORK (MarketWatch) -- Meredith Corp. (MDP: news, chart, profile) said Thursday that its second-quarter profit fell to $12.5 million, or 28 cents a share, from $36.1 million, or 75 cents a share, in the year-earlier quarter. Excluding a special charge, earnings would have been 49 cents a share in the latest period. On average, analysts were expecting earnings of 47 cents a share, according to a FactSet Research survey. The Des Moines, Iowa-based media and marketing company said quarterly revenue was $366 million compared to $396 million in the year-ago period. Meredith said it expects full-year earnings of $2.00 to $2.25 a share, excluding the second-quarter charge, and third-quarter profit of 55 cents to 60 cents a share. Analysts were looking for a profit of $2.36 a share for the year and 75 cents for the third quarter, according to FactSet.
Northrop Grumman sees loss, discloses charge(8:18 am ET)
NEW YORK (MarketWatch) -- Northrop Grumman (NOC: news, chart, profile) said it expects to record a loss when it releases its fourth quarter results. The defense contracting giant cited $3 billion to $3.4 billion for impairment of goodwill. The company expects 2008 earnings per share from continuing operations before the charge to meet the upper end of $5.20 per share for its forecast. Wall Street analysts expect earnings of $5.21 a share, according to a survey by FactSet Research.
Union Pacific quarterly profit rises 35%, beats forecast(8:16 am ET)
NEW YORK (MarketWatch) -- Union Pacific Corp. (UNP: news, chart, profile) said Thursday its fourth-quarter profit rose to $661 million, or $1.31 a share, from $491 million, or 93 cents 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. Revenue for the quarter was $4.29 billion compared to $4.20 billion in the year-ago period. While the Omaha, Neb., rail transportation company didn't give a specific financial forecast, Chief Executive Jim Young said: "Although we expect 2009 will be a difficult year for our company, our customers and our employees, we are challenging ourselves to deliver an even higher level of performance." Shares of the company rose 0.47% in pre-market trade following the release.
BB&T Corp. net falls 31% during 'challenging' time(7:46 am ET)
NEW YORK (MarketWatch) -- BB&T Corp. (BBT: news, chart, profile) said fourth-quarter net income fell 31% to $284 million, or 51 cents a share, from $411 million, or 75 cents a share in the year-ago period. Operating income totaled 44 cents a share in the latest quarter. Wall Street analysts expected earnings of 52 cents a share in the fourth quarter, according to a survey by FactSet Research. "The year 2008 was very challenging and credit deterioration remains a significant concern; however, BB&T's performance ranks among the top performers in the financial services industry," the company said.
IGT profit slips to 22 cents a share from 36 cents year ago(7:43 am ET)
NEW YORK (MarketWatch) -- International Game Technology (IGT: news, chart, profile) said Thursday its first-quarter profit totaled $65.7 million, or 22 cents a share, from $113.7 million, or 36 cents a share, in the same quarter a year before. The Reno, Nev., gaming machine company said the results were affected by various one-time charges equivalent to 7 cents a share. Analysts had expected earnings on average of 26 cents a share, according to a FactSet Research survey. Revenue for the quarter was $602 million compared to $646 million in the year-ago period.
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01/26/09 9:58 PM

#746 RE: 3xBuBu #699

Monday, Jan. 26
Albemarle misses estimates but turns a profit(9:56 pm ET)
NEW YORK (MarketWatch) -- Albemarle Corp. (ALB: news, chart, profile) said late Monday its fourth-quarter profit totaled $13.1 million, or 14 cents a share, from $58.6 million, or 60 cents a share, in the same quarter a year before. Excluding one-time items, Albemarle earned 42 cents a share, while analysts had expected earnings on average of 49 cents a share, according to a FactSet Research survey. Revenue for the quarter was $518 million compared to $599 million in the year-ago period. The Baton Rouge, La. chemical company said that it "is taking steps to restructure our operations and cut costs," and that it expects "2009 will be challenging until consumer demand returns and global markets rebound."
Steel Dynamics swings to loss (7:07 pm ET)
SAN FRANCISCO (MarketWatch) -- Steel Dynamics Inc. (STLD: news, chart, profile) , hit by "significant weakening" in the steel and metal recycling sector, reported late Monday a fourth-quarter net loss of $82.7 million, or 45 cents a share. The company posted net income of $97.9 million, or 50 cents a share, a year earlier. The latest results include a $35 million loss on hedges. Fourth-quarter 2008 sales fell to $1.21 billion from $1.45 billion a year earlier. Analysts polled by FactSet Research had predicted the Fort Wayne, Ind.-based company would post a loss of 23 cents a share on $1.53 billion in sales. Steel Dynamics shares closed ahead of the report with a 65-cent decline at $10.24. The stock is down 60% over the past 12 months.
Pactiv profit climbs 17%, sales up 1%(6:02 pm ET)
SAN FRANCISCO (MarketWatch) -- Pactiv Corp. (PTV: news, chart, profile) , maker of Hefty trash bags and plastic cookware utensils, late Monday reported fourth-quarter net income rose on increased selling prices, lower commodity costs, and manufacturing downtime. Pactiv reported net income of $69 million, or 52 cents a share, compared to net income of $59 million, or 45 cents a share, a year-earlier. Sales rose 1% to $883 as higher prices offset declining demand. Pactiv forecast first-quarter earnings between 44 cents and 48 cents a share. For the full year, the company pegged its profit in the range of $1.80 to $2.00 a share. Pactiv shares closed Monday at $21.44.
Crane swings to loss on restructuring, liability charges (6:00 pm ET)
SAN FRANCISCO (MarketWatch) -- Crane Co. (CR: news, chart, profile) , a maker of highly-engineered industrial components, reported late Monday a fourth-quarter net loss of $8.3 million, or 14 cents a share. The company posted net income of $45.2 million, or 74 cents a share, in the year-ago quarter. The latest results were hit by an after-tax restructuring charge of $25.7 million, or 44 cents a share, and after-tax environmental liability provision of $15.8 million, or 27 cents a share. Excluding one-time items, earnings were $33.2 million, or 56 cents a share. Revenue for the three months ended Dec. 31 fell 12% to $589.3 million from $666 million. Analysts surveyed by FactSet Research had predicted the company would earn 45 cents a share on $617 million in sales. The company forecast full-year 2009 earnings of $2.10 to $2.40 a share, a wide range the company said reflected "considerable uncertainty about the global economy." Shares of the Stamford, Conn.-based company rose 3 cents to close at $16.43 ahead of the report.
Zions reports quarterly net loss of $482.98 mln(4:52 pm ET)
SAN FRANCISCO (MarketWatch) -- Zions Bancorp (ZION: news, chart, profile) said late Monday that it lost money in the fourth quarter of 2008 as the bank bolstered loan loss reserves and took big charges. Zions reported a quarterly net loss of $482.98 million, versus net income of $45.5 million a year earlier. Net income applicable to common shareholders was $498.1 million, or $4.36 per diluted share. The results included non-cash charges from goodwill impairment of $2.97 per diluted share and impairment and valuation losses on securities of $1.07 per diluted share, Zions said. The provision for loan losses was $285.2 million in the latest quarter, up from $156.6 million in the third quarter of 2008, Zions said. Excluding the goodwill charge and the securities write-downs, Zions said it lost 32 cents a share from its main banking operations. Zions was expected to lose 30 cents a share, according to the average estimate of 20 analysts in a Thomson Reuters poll.
American Express quarterly net income falls 79%(4:43 pm ET)
SAN FRANCISCO (MarketWatch) -- American Express (AXP: news, chart, profile) said late Monday that fourth-quarter net income came in at $172 million, or 15 cents a share, down 79% from a year earlier when the credit card company made $831 million, or 72 cents a share. Revenue, net of interest expenses, declined 11% to $6.51 billion, the company added. Income from continuing operations was $238 million, or 21 cents a share. American Express was expected to make 22 cents a share, according to the average estimate of 17 analysts in a Thomson Reuters survey. Consolidated provisions totaled $1.4 billion in the latest quarter, down from $1.5 billion in the year-ago period, which included a significant credit related charge. Overall cardmember spending declined 10% year-over-year, or 5% after adjusting for foreign exchange rates, Amex said. "We remain cautious about the economic outlook through 2009, and expect cardmember spending to remain soft with past-due loans and write-offs rising from current levels," Chief Executive Kenneth Chenault said in a statement.
QLogic third-quarter net income rises to 24 cents a share(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- QLogic Corp. (QLGC: news, chart, profile) late Monday reported its third-quarter net income slid to $30.8 million from $31.9 million in the third quarter of 2008 but on a per-share basis, earnings edged up to 24 cents a share from 23 cents a share. Excluding items, QLogic would have earned 34 cents a share. Revenue increased to $163.7 million from $158 million from a year earlier, the networking and storage company said. Analysts surveyed by FactSet Research had forecast earnings of 27 cents a share on revenue of $163.6 million.
McKesson swings to loss on litigation charge(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- McKesson Corp. (MCK: news, chart, profile) on Monday reported a third-quarter loss of $20 million, or 7 cents a share, vs. a profit of $201 million, or 69 cents a share, a year ago. Excluding a pre-tax litigation charge of $493 million, the company would have earned $291 million, or $1.05 a share. Revenue for the health-care company rose to $27.1 billion from $26.5 billion last year. Analysts polled by FactSet Research were looking for earnings of 79 cents a share with revenue of $27.2 billion.
Netflix profit climbs 45% as subscriber costs drop(4:16 pm ET)
CHICAGO (MarketWatch) -- Online DVD-rental firm Netflix Inc. (NFLX: news, chart, profile) said Monday that its fourth-quarter profit rose 45% as subscriber-acquisition costs declined sharply. The Los Gatos, Calif.-based company said that it earned $22.7 million, or 38 cents a share, compared with $15.7 million or 23 cents a share a year ago. Excluding stock-based compensation, Netflix would have earned $24.6 million or 41 cents a share for the three months ended Dec. 31. Revenue rose to $359.6 million from $302.4 million. Analysts polled by FactSet Research were expecting a profit of 36 cents a share, excluding stock-based compensation, on sales of $354.3 million. It cost $26.67 to acquire each subscriber, down from $34.58 a year earlier, Netflix said. Netflix ended the fourth quarter with about 9.39 million subscribers, up 26% from the 7.48 million customers it had at the end of the fourth quarter of 2007.
Amgen earnings rise 15% in fourth quarter(4:09 pm ET)
SAN FRANCISCO (MarketWatch) - Amgen reported Monday afternoon that net income rose 15% for the fourth quarter despite flat sales. For the quarter ended Dec. 31, the biotechnology company (AMGN: news, chart, profile) reported earnings of $961 million, or 91 cents a share, compared to earnings of $835 million, or 76 cents a share, for the same period the previous year. Excluding charges related to stock options, the company said it would have earned $1.1 billion, or $1.06 a share, for the recent period. Revenue was flat at $3.75 billion. Analysts were expecting earnings of $1.07 per share on revenue of $3.79 billion, according to consensus estimates from Thomson Reuters.
Energy stocks rise; Halliburton earnings boost share price(9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks added to gain from the previous session on Monday. The Amex Oil Index (XOI: news, chart, profile) rose 1.1% to 943. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1% to 376. Halliburton (HAL: news, chart, profile) jumped 5% to $19.23 after its earnings update. Weatherford (WFT: news, chart, profile) rose 4.5% to $11.33. Crude prices fell 78 cents to $45.69.
Tyson swings to 1st-quarter loss on flat sales(8:24 am ET)
TEL AVIV (MarketWatch) -- Tyson Foods Inc., (TSN: news, chart, profile) the Springdale, Ark., producer of beef, chicken and pork, swung to a fiscal first-quarter loss from a year-earlier profit on about flat sales. For the quarter ended Dec. 27, the loss was $112 million, or 30 cents a share, compared with net income of $34 million, or 10 cents, in the year-earlier period. Continuing operations generated a loss of 32 cents against profit of 12 cents. Sales edged 0.7% higher to $6.52 billion from $6.48 billion. A survey of analysts by FactSet Research produced consensus estimates of a loss of 21 cents a share on $6.82 billion of sales. Losses in the chicken business reflect higher grain costs and wider losses from commodity-risk-management activities related to grain purchases, Tyson said in a statement on Monday. The beef market has improved since December, interim President and Chief Executive Leland Tollett said. "Pork margins are expected to remain above normalized levels," and the "prepared-foods business will continue to experience solid returns because of the demand for processed meats such as pizza toppings, ham, bacon and lunch meat." The company is working aggressively to return the chicken business to profitability, he said.
Grainger earnings edge higher in fourth quarter(8:18 am ET)
NEW YORK (MarketWatch) -- Grainger (GWW: news, chart, profile) said Monday that it earned $108 million, or $1.39 a share, in the fourth quarter. In the same period a year ago, Grainger earned $104 million, or $1.28 a share. Sales fell slightly to $1.59 billion, vs $1.61 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of $1.33 and sales of $1.60 billion. "We were pleased with our operating performance, particularly given the challenging economic environment in the fourth quarter. Our 11.4 percent operating margin was an improvement of approximately 100 basis points over 2007," said Grainger Chief Executive Jim Ryan.
Freeport Mcmoran Copper swings to loss after expenses (8:14 am ET)
NEW YORK (MarketWatch) -- Freeport Mcmoran Copper and Gold (FCX: news, chart, profile) said Monday that lost $13.9 billion, or $36.78 a share in the fourth quarter, compared to a profit of $414 million, or $1.05 a share. The 2008 quarterly results include special items totaling $14.0 billion; $36.84 per share, and, that absent those costs, the company would have reported a profit of $23 million, or 6 cents a share. The company also said it expects copper and molybdenum sales to be lower in 2009 and 2010 than it previously estimated.
McDonald's Corp. net falls 23%(8:04 am ET)
NEW YORK (MarketWatch) -- McDonald's Corp. (MCD: news, chart, profile) said fourth-quarter net income fell 23% to $985.3 million, or 87 cents a share, from $1.27 billion, or $1.06 a share in the year-ago period. Sales at the fast food giant dipped 3% to $5.67 billion. Analysts expected earnings of 84 cents a share and revenue of $5.72 billion, according to a survey by FactSet Research. For 2009, the Oak Brook, Ill. component of the Dow Jones Industrial Average ($DJ: news, chart, profile) plans to invest $2.1 billion of capital to open about 1,000 new McDonald's restaurants and reinvest in its existing locations.
Sealed Air net income falls 41%, eyes weak 2009(7:40 am ET)
NEW YORK (MarketWatch) -- Sealed Air Corp. (SEE: news, chart, profile) said Monday net income fell to $47.3 million, or 26 cents a share, from $79.7 million, or 43 cents a share in the year-ago period. Excluding items, net income in the latest quarter for the Elmwood Park, N.J. packaging giant totaled 39 cents a share. Revenue dipped to $1.17 billion from $1.25 billion. Analysts expected earnings of 35 cents a share on sales of $1.17 billion, according to a survey by FactSet Research. "Although we are hopeful that the stimulus measures being implemented by various governments around the world will speed the economic recovery, we are basing our planning on a very weak global economy in 2009," the company said.
Kimberly-Clark reports 4th qtr net income fells 8.1%(7:35 am ET)
MADRID (MarketWatch) -- Dallas consumer products giant Kimberly-Clark Corp. reported that fourth-quarter net income fell 8.1% on a 3.4% fall in sales. Profit fell to $419 million, or $1.01 a share from $456 million, or $1.07 in the year-earlier period. Adjusted earnings were $1.01 against $1.11. The company had estimated the quarter's profit at between $1.02 and $1.07. Sales fell to $4.6 billion from $4.76 billion. The company said it expects adjusted earnings per share in 2009 will be similar to 2008, in a range of $4.00 to $4.20, "despite significant headwinds from pension expense and currency effects." A survey of analysts by FactSet Research produced a consensus estimate of $1.03 of profit for the quarter.
Quest Diagnostics earnings up in fourth quarter(7:26 am ET)
NEW YORK (MarketWatch) -- Quest Diagnostics Inc. (DGX: news, chart, profile) said Monday that earnings from continuing operations rose to $170 million, or 87 cents a share, compared to $154 million, or 79 cents, in the same period a year ago. The latest period includes a 5-cents-a-share charge for job cuts and a 5-cents-a-share benefit from tax issues. Fourth-quarter revenue increased 1.7% to $1.8 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 80 cents and sales of $1.8 billion. For 2009, the company expects earnings from continuing operations of between $3.50 and $3.70 a share, excluding special charges and revenue growth of approximately 3%.
Weatherford posts rise in fourth-quarter profit(7:13 am ET)
NEW YORK (MarketWatch) -- Weatherford International Ltd. (WFT: news, chart, profile) said Monday that fourth-quarter income rose to $348.1 million, or 50 cents a share, from $331 million, or 47 cents a share, in the year-ago period. The Houston-based oil-services firm said its income from continuing operations rose to 53 cents a share, excluding an after-tax loss of 3 cents a share. Revenue increased to $2.63 billion from $2.19 billion. Analysts surveyed by FactSet Research had forecast earnings of 53 cents a share on revenue of $2.62 billion, on average.
Halliburton net income falls 32%(7:10 am ET)
NEW YORK (MarketWatch) -- Halliburton (HAL: news, chart, profile) said Monday fourth-quarter net income fell to $468 million, or 53 cents a share, from $690 million, or 75 cents a share in the year-ago period. Net income for the fourth quarter was negatively impacted by a $308 million charge to discontinued operations, or 34 cents a share, primarily related to the prospective settlements of the Department of Justice and Securities and Exchange Commission Foreign Corrupt Practices Act investigations. Operating income rose to 87 cents a share from 74 cents a share. Revenue rose 17% to $4.9 billion. Analysts expected earnings of 74 cents a share and revenue of $4.85 billion for Halliburton.
Eaton profit down 36%, sees break-even first quarter(7:10 am ET)
LONDON (MarketWatch) -- Eaton Corp. (ETN: news, chart, profile) said Monday that its fourth-quarter net profit fell 36% to $163 million, or 98 cents a share, from $256 million, or $1.71 a share, a year earlier. Revenue for the period rose 3.3% to $3.49 billion. Excluding charges related to the integration of acquisitions, the manufacturer of power management systems said operating earnings were $1.08 a share. Analysts polled by FactSet were expecting earnings of $1.06 a share. The group said its sales growth was driven by acquisitions, which offset lower organic sales and the effect of exchange rate moves. The company said it has cut more jobs in January after a continued decline in its end markets and that total reductions in 2008 and 2009 are around 10% of its workforce. The group expects to break even in the first quarter of 2009 as shutdowns at customers' plants extend into the middle of the quarter. For 2009 as a whole it is forecasting operating earnings of $4.20 to $5.20 a share.
Pfizer to buy Wyeth for $68 billion as earnings fall 90%(6:33 am ET)
LONDON (MarketWatch) -- Pfizer (PFE: news, chart, profile) said it's struck a deal to buy rival drugmaker Wyeth (WYE: news, chart, profile) for $68 billion in cash and stock. The deal, valuing Wyeth at $50.19 a share, offers each holder of Wyeth $33 in cash and 0.985 of a Pfizer share. Pfizer said the deal will lift adjusted earnings in the second full year after closing and yield cost savings of $4 billion by the third year. A consortium of banks has provided commitments for a total of $22.5 billion in debt. Pfizer said it's going to lower its quarterly dividend to 16 cents a share. Pfizer also reported its fourth-quarter results, with net income dropping 90% to $266 million, or 4 cents a share, with revenue down 4% to $12.35 billion. Its adjusted earnings of 65 cents a share topped FactSet-compiled analyst estimates for 59 cents a share.
Covidien first-quarter profit slips 8.1%(6:26 am ET)
LONDON (MarketWatch) -- Health-care products maker Covidien Ltd. on Monday said first-quarter net income slipped to $386 million, or 74 cents a share, from $420 million, or 84 cents a share, in the same period the previous year. Earnings from continuing operations were 76 cents a share, the Bermuda-based company said. A survey of analysts by FactSet Research produced a consensus estimate of 70 cents a share. Covidien said first-quarter net sales rose 6% to $2.5 billion from $2.3 billion in the same quarter a year ago. Selling, general and administrative expenses rose versus the first quarter of last year, the company said, due to legal settlements and planned growth in selling and marketing. The costs were partially offset by benefits from foreign exchange. Research and development expense rose 18% compared to the previous year and represented 3.7% of sales, the company said.
Danaher's fourth-quarter profit fell 5%(6:19 am ET)
LONDON (MarketWatch) -- Danaher Corp. (DHR: news, chart, profile) , a diversified manufacturing and technology company, said fourth-quarter net profit fell nearly 5% to $306 million, or 92 cents a share, from $320 million, or 97 cents a share, earned in the year-earlier quarter. Excluding one-time items such as restructuring charges of around 18 cents a share, adjusted earnings came in at $1.11 a share. The consensus forecast was for earnings of $1.04 a share, according to a survey 17 analysts polled by FactSet Research. Sales inched 1% higher to $3.18 billion.
Wolseley says global downturn hits company hard in Nov., Dec(3:15 am ET)
MADRID (MarketWatch) -- U.K. building materials supplier Wolseley (UK:WOS: news, chart, profile) on Monday reported a further downturn in business in November and December owing to the global economy. Revenue rose 3% in the five months ended Dec. 31, while trading profit fell 45%. The company also said adverse movements in foreign exchange rates had worsened its overall net debt positions. Profit before tax, exceptional items and amortization and impairment of acquired intangibles fell 66% in the period. Wolseley said net debt rose by 22% since July 31 to 3 billion pounds ($4 billion), mostly due to a 557 million pound adverse currency effect. The company expects an improvement in net debt by Jan. 31, but said that will depend on exchange rates. "The Group expects macroeconomic conditions to deteriorate in the short term and until conditions stabilize, Wolseley is unlikely to see any upturn in its markets."
BNP Paribas to report $1.8 billion loss, raise more capital(2:47 am ET)
LONDON (MarketWatch) -- French bank BNP Paribas (FR:013110: news, chart, profile) said Monday that it will report a net loss of around 1.4 billion euros ($1.8 billion) for the final quarter of 2008 and that it intends to raise further capital from the government's latest support package. The bank said its corporate and investment banking division recorded a pretax loss of around 2 billion euros in the quarter due to the volatile capital markets. BNP Paribas also expects the sharp drop in stock markets to lead to an impairment on its investment portfolio of around 400 million euros. The bank said it will propose issuing 5.1 billion euros of preference shares to the French state and the simultaneous repayment of 2.55 billion euros of subordinated debt that it issued to the state in December. The additional capital will lift its Tier 1 ratio by around half a percentage point to 8%.
Barclays not seeking capital, will announce results early(2:31 am ET)
LONDON (MarketWatch) -- Barclays' (UK:BARC: news, chart, profile) (BCS: news, chart, profile) Chairman and CEO Marcus Agius and John Varley said in a letter to shareholders Monday that the bank has around 36 billion pounds ($49 billion) of committed equity capital and reserves and is not seeking any further capital subscription. The bank said, however, that it will bring the release of its final results forward to Feb. 9 in an effort to reassure shareholders. Total gross credit market write-downs in 2008 will be 8 billion pounds, and net write-downs will be 5 billion pounds. The bank reiterated an earlier announcement that it will report a pretax profit "well ahead" of the 5.3 billion pound consensus forecast and that its Tier 1 capital ratio stands at around 9.5%. The bank also said it has made a good start to 2009, in particular at its investment banking arm following the integration of businesses acquired from Lehman Brothers.
Friday, Jan. 23
Aflac says it doesn't need to raise new capital(10:26 am ET)
SAN FRANCISCO (MarketWatch) -- Aflac Inc. (AFL: news, chart, profile) said Friday that it doesn't need to raise new capital as the insurer tries to calm concerns about some of its investment exposures. The company estimated that it had roughly $500 million to $1 billion in excess cash at the end of 2008. "We believe our capital position is more than adequate to support our current ratings," Aflac Chief Financial Officer Kriss Cloninger said in a statement. "We continue to expect strong statutory earnings in the future, which we estimate were $1.5 billion for the full year of 2008. Accordingly, we do not see a need for raising additional capital." Aflac shares jumped 13% to $25.83 during morning trading Friday. That recouped some of the 37% slump on Thursday.
Energy stocks fall deeply into the red with broad market(9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell deeply into the red with the broad market on Friday on fresh jitters tied to corporate earnings and the global recession. The Amex Oil Index (XOI: news, chart, profile) fell 2.5% to 892. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 1.6% to 353. Schlumberger (SLB: news, chart, profile) rose 2% to $38.10, bucking the trend.
Genuine Parts warns its 2008 results will fall short(9:02 am ET)
NEW YORK (MarketWatch) -- Genuine Parts Co. (GPC: news, chart, profile) warned Friday that its full-year results will fall short of its previous forecast. The Atlanta distributor of automobile replacement parts said it expects to post 2008 sales growth of about 2% and earnings of $2.85 to $2.90 a share, including a 7-cent charge for the lower investment value in the company's retirement plan. Its prior outlook was for 3% sales growth and earnings of $3.12 to $3.18 a share. On average, analysts polled by FactSet Research were expecting full-year earnings of $3.11 a share. The company is slated to release its results on Feb. 17.
icon url

3xBuBu

01/28/09 12:27 AM

#747 RE: 3xBuBu #699

Tuesday, Jan. 27
E-Trade sees 2009 customer trading activity down 15-20%(5:07 pm ET)
SAN FRANCISCO (MarketWatch) -- E-Trade Financial (ETFC: news, chart, profile) expects customer trading activity to fall as much as 20% in 2009 as the stock market becomes less volatile and remains at relatively low levels, Chief Financial Officer Bruce Nolop said Tuesday. Daily Average Revenue Trades, or DARTs, may be 15% to 20% lower this year, he said in an interview. Margin, or loans extended to E-Trade brokerage clients, probably won't rebound strongly after a big decline in the fourth quarter, Nolop added. The company is planning to reduce costs in this environment, mostly through using contractors less and eliminating unfilled jobs. It will also shift spending to product development and away from advertising, the CFO explained.
Norfolk Southern profit jumps 13% (4:44 pm ET)
SAN FRANCISCO (MarketWatch) -- Norfolk Southern Corp. (NSC: news, chart, profile) reported late Tuesday fourth-quarter net income rose to $452 million, or $1.21 a share, from $399 million, or $1.02, a year ago. Revenue for the railroad rose to $2.5 billion from $2.45 billion, with gains from hauling coal offsetting declines for general merchandise and container freight. Analysts polled by FactSet Research had, on average, expected the Norfolk, Va.-based company to earn $1.19 a share on $2.61 billion in revenue. Norfolk Southern shares rose 6.7% ahead of the report to close at $37.65.
Yahoo swings to a loss as Bartz era begins(4:27 pm ET)
SAN FRANCISCO (MarketWatch) - Yahoo Inc. on Tuesday posted a fourth-quarter net loss of $303 million, or 22 cents a share, compared to a profit of $206 million, or 15 cents a share in the same period a year earlier. The Sunnyvale, Calif.-based Internet giant (YHOO: news, chart, profile) said net revenue in the period ended in December fell 2% to $1.38 billion. Analysts on average have been estimating that Yahoo would post earnings of 13 cents a share, and $1.37 billion in net revenue, according to FactSet Research. Yahoo appointed Carol Bartz as its new chief executive earlier this month, as the company attempts a turnaround amid the flagging economy.
C.H. Robinson profit rises 4.3%(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- C.H. Robinson Worldwide (CHRW: news, chart, profile) on Tuesday reported a fourth-quarter profit of $88.9 million, or 52 cents a share, up from $85.3 million, or 49 cents a share, a year earlier. Revenue for the transportation company came in at $1.955 billion, compared with $1.952 billion a year ago. Analysts polled by FactSet Research were looking for a profit, on average, of 52 cents a share with $2.24 billion in sales.
Stryker profit rises, led by orthopedic implant sales(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Medical products maker Stryker Corp. (SYK: news, chart, profile) reported late Tuesday fourth-quarter net income rose to $277.7 million, or 69 cents a share, up from $276.1 million, or 66 cents, a year ago. Revenue for the three months ended Dec. 31 rose 3.6% to $1.72 billion, led by a 4.2% gain in orthopedic implant sales. Analysts surveyed by FactSet Research had, on average, expected the Kalamazoo, Mich.-based company to report earnings of 74 cents a share on $1.72 billion in revenue. The company stuck by its previous full-year earnings outlook of $3.12 to $3.22 a share for 2009. Stryker shares rose 3.8% to close at $41.05 ahead of the report. The stock is down 38% over the past 12 months.
Molex swings to a loss for the second fiscal quarter(4:21 pm ET)
SAN FRANCISCO (MarketWatch) -- Molex Inc. swung to a net loss on heavy restructuring charges for its second fiscal quarter. For the period ended Dec. 31, Molex (MOLX: news, chart, profile) reported a net loss of $87.2 million, or 50 cents a share, compared to earnings of $59.2 million, or 33 cents a share, for the same period last year. The results include charges totaling 70 cents a share related to restructuring and goodwill impairment. Revenue fell 21% to $666.7 million. Analysts were expecting earnings of 14 cents a share on revenue of $656.6 million, according to Thomson Reuters. The company said it expects revenue between $500 million and $570 million for the current quarter, below the $628.5 million predicted by analysts.
Waddell & Reed reveals fourth-quarter loss(4:12 pm ET)
NEW YORK (MarketWatch) -- Waddell & Reed Financial Inc. (WDR: news, chart, profile) said Tuesday that for the fourth quarter it suffered a net loss of $700,000, or 1 cent a share. The firm reported net income of $35.1 million, or 42 cents a share, in the fourth quarter of 2007. Waddell & Reed said that excluding unusual and non-recurring charges, fourth quarter net income would have been $17.4 million, or 21 cents a share. Analysts surveyed by FactSet Research had expected, on average, a fourth-quarter profit of 25 cents a share, excluding the non-recurring charges. The biggest charge was a $16.5 million restructuring charge, made up mainly of severance costs associated with a voluntary separation program.
E-Trade reports $276 million quarterly net loss(4:10 pm ET)
SAN FRANCISCO (MarketWatch) -- E-Trade Financial (ETFC: news, chart, profile) reported a quarterly net loss late Tuesday as the discount brokerage and banking company set aside more money to cover losses in its loan portfolios. The fourth-quarter net loss came in at $276 million, or 50 cents a share, versus a loss of $1.7 billion, or $3.98 a share, a year earlier. E-Trade was expected to lose 23 cents a share, according to the average estimate of 12 analysts in a Thomson Reuters survey. The results included $513 million of extra provisions to cover losses mainly in E-Trade's portfolios of mortgages and home-equity loans. The company now has a total of $1.1 billion set aside to cover loan losses, up 24% from the third quarter. E-Trade also said that its application for an investment from the Treasury Department's Troubled Asset Relief Program is still being reviewed. Chief Financial Officer Bruce Nolop said the company has been surprised by how long the review is taking, but stressed that it doesn't need the extra capital.
Energy stocks fall into the red as crude retreats(9:35 am ET)
NEW YORK (MarketaWatch) -- Energy stocks moved into the red Tuesday after two straight days of gains. The Amex Oil Index (XOI: news, chart, profile) fell 0.9% to 952. The Amex Natural Gas Index (XNG: news, chart, profile) dipped 0.5% to 379. Crude oil prices retreated 67 cents to $45.06. Valero (VLO: news, chart, profile) fell 3.7% to $24.90. BJ Services (BJS: news, chart, profile) rose 2.8% to $12.25.
Nucor earnings slump in quarter(9:15 am ET)
NEW YORK (MarketWatch) -- Nucor Corp. (NUE: news, chart, profile) said Tuesday that fourth-quarter earnings were $106 million, or 34 cents a share, compared to $365 million, or $1.26 a share, in the same period last year. Sales fell 6% in the quarter to $4.15 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 42 cents and sales of $3.7 billion. The steel maker declined to give guidance for the first quarter, saying it had little visibility in light of the dramatic global slowdown.
Avery Dennison earnings per share down 47%(8:58 am ET)
NEW YORK (MarketWatch) -- Avery Dennison said Tuesday that fourth-quarter earnings were $43 million, or 43 cents a share, compared to $79 million, or 81 cents, in the same period a year ago. On an adjusted basis, the label-making company earned 65 cents a share compared to $1.08. Sales fell to $1.51 billion from $1.71 billion in last year's period. Analysts polled by FactSet Research estimated, on average, earnings per share of 45 cents and sales of $1.56 billion.
AK Steel warns of operating loss on planned maintenance(8:52 am ET)
NEW YORK (MarketWatch) -- AK Steel Holding Corp. (AKS: news, chart, profile) said Tuesday it lost $430.6 million, or $3.88 a share in its fiscal fourth quarter, compared to net income of $106.7 million, or 95 cents a share, in the year-ago period. Excluding items, net income fell to $600,000 from $164 million. Adjusted operating profit dropped to $10.3 million from $153.5 million. The West Chester, Ohio steel maker said the latest period included a non-cash charge of $700 million related to its pension plans. Net sales fell 14% to $1.46 billion. Analysts expected earnings of 6 cents a share on revenue of $1.25 billion, according to a survey by FactSet Research. AK Steel expects to post a "significant" operating loss for the first quarter as it shuts down a blast furnace for maintenance. It expects shipments in the second quarter of 2009 to improve, and, coupled with lower raw material costs compared to the first quarter, AK Steel expects to generate a "modest operating profit" for the second quarter.
Temple-Inland swings to fourth-quarter loss(8:45 am ET)
NEW YORK (MarketWatch) -- Temple-Inland Inc. (TIN: news, chart, profile) said Tuesday that it swung to a fourth-quarter loss of $6 million, or 6 cents a share, from a profit of $1.17 billion, or $10.76 a share, in the same quarter a year before. Excluding special items, earnings were 11 cents a share in the latest period, compared to the year-earlier 23 cents. Analysts had expected, on average, a loss of 2 cents a share, according to a FactSet Research survey. The Austin, Tex.-based company, which makes corrugated packaging and building products, said revenue for the quarter rose to $973 million compared to $937 million in the year-ago period.
U.S. Steel sees first-quarter operating loss(8:43 am ET)
NEW YORK (MarketWatch) -- United States Steel Corp. (X: news, chart, profile) said Tuesday that it earned $308 million, or $2.65 a share, in the fourth quarter. In the same period a year ago the company earned $35 million, or 29 cents a share. Fourth-quarter income was increased by 65 cents a share by certain items. Sales were $4.6 billion compared to $4.5 billion a year earlier. Analysts polled by FactSet Research estimated, on average, earnings per share of 87 cents and sales of $4.2 billion. Chief Executive John Surma said, "We expect an operating loss in the first quarter as results continue to reflect the extremely difficult global economic environment. We do not know when conditions may improve, but we are well positioned to fully participate in a market recovery when it occurs."
Peabody Energy net income rises eightfold(8:36 am ET)
NEW YORK (MarketWatch) -- Peabody Energy (BTU: news, chart, profile) said fourth-quarter net income rose eightfold to $293.3 million, or $1.10 a share, from $35.8 million, or 13 cents a share in the year-ago period. The year-ago period included a loss of $108 million related to income tax. Operating profit more than doubled to $386 million from $151 million. Revenue increased to $1.88 billion from $1.17 billion. Analysts expected earnings of 73 cents a share on revenue of $1.67 bililon, according to a survey by FactSet Research. Looking ahead, the company expects to sell 230 to 250 million tons of coal in 2009.
Charges push Convergys into fourth-quarter loss(8:23 am ET)
NEW YORK (MarketWatch) -- Relationship management firm Convergys Corp. (CVG: news, chart, profile) said Tuesday it had a net loss of $29.3 million, or 24 cents a share, in the fourth quarter, compared with a profit of $45.3 million, or 34 cents a share in the year-ago period. The loss was caused by charges that represented a hit to fourth-quarter earnings of 54 cents a share. Convergys said the negative impact was from non-cash goodwill impairment in the HR Management segment of $61.1 million and restructuring expenses of $20.3 million.
Valero loses $3 billion on non-cash impairment costs(8:21 am ET)
NEW YORK (MarketWatch) -- Valero Energy Corp. (VLO: news, chart, profile) on Tuesday said it lost $3.28 billion, or $6.36 a share, compared to a profit of $567 million, or $1.04 a share in the year-ago period. The San Antonio-based oil refining giant earned $1.41 a share, excluding a noncash loss from the impairment of goodwill of $4.1 billion. Operating revenue fell to $18.6 billion from $28.7 billion. Analysts expected earnings of 91 cents a share, according to a survey by FactSet Research. Valero's goodwill impairment loss represents a write-off of the entire balance of its goodwill from the application of impairment testing criteria under existing accounting rules. Valero cut its 2009 capital spending target to $2.7 billion from its previous estimate of $3.5 billion.
Cooper Industries net income falls 38%(8:15 am ET)
NEW YORK (MarketWatch) -- Cooper Industries (CBE: news, chart, profile) said Tuesday fourth-quarter net income fell to $111.1 million, or 65 cents a share, from $179.3 million, or 98 cents a share in the year-ago period. The Houston-based electrical products manufacturer said it earned 84 cents a share, excluding charges, in the latest period. Revenue fell to $1.52 billion from $1.54 billion. Analysts expected earnings of 72 cents a share on revenue of $1.54 billion, according to a survey by FactSet Research. For the first quarter, Cooper Industries expected earnings from continuing operations of 45 to 65 cents, compared to the target of 66 cents a share.
Bemis earnings per share fall 21% in quarter(8:14 am ET)
NEW YORK (MarketWatch) -- Bemis Co. (BMS: news, chart, profile) said Tuesday that its fourth-quarter earnings were $33 million, or 33 cents a share, compared to $43 million, or 43 cents a share, in the same period a year ago. Sales in the period were $868 million compared to $913 million a year ago. Analysts polled by FactSet Research estimated, on average, earnings per share of 32 cents and sales of $889 million. In the first quarter Bemis sees earnings per share in the range of 30 cents to 38 cents. For the full year of 2009, Bemis expects earnings per share to be in the range of $1.50 to $1.70.
St. Jude Medical swings to a 4th qtr loss of $194 million(8:10 am ET)
MADRID (MarketWatch) -- Medical device-maker St. Jude Medical, Inc. (STJ: news, chart, profile) swung to a loss of $194 million in fourth quarter of 2008, or 56 cents a share, from net income of $118 million, or 34 cents a share, in the year-earlier period. Sales rose 11% to $1.1 billion from $1 billion in the year earlier period. The company said foreign currency translation comparisons decreased fourth quarter sales by around $29 million. Adjusted, net income per share in the fourth quarter was 60 cents against 54 cents a share a year earlier. The company was projected to post a fourth-quarter profit of 58 cents a share, according to analysts surveyed by FactSet Research. The company expects its consolidated earnings for the first quarter of 2009 to be in the range of 57 cents to 59 cents per diluted share and for full-year 2009 in the range of $2.48 to $2.54.
EMC's profit falls in fourth quarter(7:51 am ET)
NEW YORK (MarketWatch) -- EMC Corp. (EMC: news, chart, profile) said Tuesday that its fourth-quarter net income fell to $288 million, or 14 cents a share, from $525.7 million, or 24 cents a share, in the year-earlier period. Adjusted earnings were 32 cents a share, up 7% from the year-earlier period. On average, analyst polled by FactSet Research expected earnings of 23 cents a share. The Hopkinton, Mass., data systems company said quarterly revenue grew to $4.02 billion from $3.83 billion. EMC said it is not giving a forecast for revenue or earnings at this time, citing "current macro-economic conditions and limited visibility."
Bristol-Myers Squibb swings to profit (7:49 am ET)
NEW YORK (MarketWatch) -- Bristol-Myers Squibb (BMY: news, chart, profile) said on Tuesday that it earned a $1.20 billion, or 62 cents a share in the fourth quarter, compared to an $89 million, or 5 cents a share loss a year ago. Net sales in the fourth quarter were $5.25 billion, compared to $5.06 billion a year ago. The fourth quarter 2008 net earnings included a $582 million after tax gain, or 29 cents a share from its sale of its stake in ImClone Systems.
FPL Group Inc. net doubles, revenue beats target(7:47 am ET)
NEW YORK (MarketWatch) -- FPL Group Inc. (FPL: news, chart, profile) on Tuesday said fourth-quarter net income nearly doubled to $408 million, or $1.01 per share, from $224 million, or 56 cents a share in the year-ago period. Adjusted earnings for the Juno Beach, Fla. power firm rose to 90 cents a share from 72 cents a share. Revenue rose to $4 billion from $3.68 billion. Analysts expected earnings of 89 cents a share on revenue of $3.85 billion, on average. The company expects full-year adjusted earnings of $4.05 to $4.25 for 2009 and $4.50 to $4.90 for 2010.
Verizon earnings per share up 16%(7:44 am ET)
NEW YORK (MarketWatch) -- Verizon (VZ: news, chart, profile) said Tuesday that it earned $1.24 billion, or 43 cents a share, in the fourth quarter compared to $1.07 billion, or 37 cents a share, in the same period a year ago. On an adjusted basis, Verizon earned 61 cents a share compared to 62 cents a share a year ago. Sales were $24.6 billion compared to $23.8 billion a year ago. Analysts polled by FactSet Research estimated, on average, earnings per share of 62 cents and sales of $24.7 billion.
Corning reports 4th qtr net income falls 65%(7:43 am ET)
MADRID (MarketWatch) -- Specialty glass and ceremics maker Corning, Inc. reported that fourth quarter net income fell 65% on a 31% fall in sales. Profit fell to $249 million, or 16 cents a share, from $717 million, or 46 cents in the year ago period. Sales fell to $1.08 billion from $1.58 billion in the previous year. The company said it expects earnings per share, before special items, to be about break-even in the first quarter. "We anticipate a slow start to 2009 with first-quarter combined display volume down 20% to 25% as the supply chain continues to reduce inventory during the seasonally weaker retail sales quarter," said James B. Flaws, Vice Chairman and Chief Financial Officer. The company plans restructuring actions in the first quarter of this year and said it may make more job cuts. A survey of analysts by FactSet Research produced consensus estimates for Corning of 21 cents of profit on $1.15 billion of revenue.
Lexmark sees 1st-qtr net 52c-62c on lower revenue(7:34 am ET)
TEL AVIV (MarketWatch) -- Lexmark International Inc., (LXK: news, chart, profile) the Lexington, Ky., provider of printing and imaging technology and services, expects to report first-quarter earnings of 52 cents to 62 cents a share, or an adjusted 65 cents to 75 cents including restructuring-related charges.That compares with earnings of $1.07, or an adjusted $1.16, in the year-earlier quarter. Lexmark estimated that first-quarter revenue would decline in the mid- to high teens percent. A survey of analysts by FactSet Research produced a consensus estimate for the first quarter of 62 cents of profit on $989.8 million of revenue.
Hershey earnings per share up 50% in quarter(7:29 am ET)
NEW YORK (MarketWatch) -- The Hershey Co. (HSY: news, chart, profile) said Tuesday that it earned $81 million, or 36 cents a share, compared to $54 million, or 24 cents a share, in the same period a year ago. Earnings per share from operations were 59 cents. Sales rose to $1.38 billion compared to $1.34 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 54 cents and sales of $1.38 billion. Hershey sees 2009 sales growth of 2% to 3% and earnings per share from operations to be less than its long-term objective of 6% to 8%.
Waters Corp. net income edges up(7:23 am ET)
NEW YORK (MarketWatch) -- Waters Corp. (WAT: news, chart, profile) said Tuesday fourth-quarter net income rose slightly to $99.4 million, or $1.01 a share, from $98.9 million, or 96 cents a share in the year-ago period. The Milford, Mass. maker of analytical equipment said adjusted earnings rose to $1.07 a share from 98 cents a share. Revenue fell to $418.3 million from $437 million. Analysts expected earnings of 95 cents a share on revenue of $418 million, according to a survey by FactSet Research.
Tellabs posts higher fourth-quarter profit(7:22 am ET)
NEW YORK (MarketWatch) -- Tellabs Inc. (TLAB: news, chart, profile) said Tuesday that fourth-quarter earnings rose to $12.8 million, or 3 cents a share, from $6.3 million, or 1 cent a share, in the year-earlier period. On an adjusted basis, earnings for the Naperville, Ill., telecommunications networks company rose to $35.1 million, or 9 cents a share, from the year-earlier $17.4 million, or 4 cents a share. Revenue fell 13% to $408 million from $469 million. Analysts polled by FactSet Research, on average, expected earnings of 5 cents a share on revenue of $410.9 million. Tellabs expects first-quarter revenue of $345 million to $375 million, compared to analysts' expectations for $391.8 million.
Lexmark 4th-quarter net off 82%, revenue down 17%(7:19 am ET)
TEL AVIV (MarketWatch) -- Lexmark International Inc., (LXK: news, chart, profile) the Lexington, Ky., provider of printing and imaging technology and services, reported that fourth-quarter net income declined 82% on 17% lower revenue. Earnings were $18.1 million, or 23 cents a share, compared with $99 million, or $1.04, in the year-earlier period. Adjusted earnings, excluding restructuring-related charges and project costs, were 75 cents against $1.29. Revenue fell to $1.08 billion from $1.31 billion. A survey of analysts by FactSet Research produced consensus estimates of 71 cents of profit on sales of $1.13 billion for the quarter. Operating earnings and revenue were hurt "by global economic weakness and significant currency-rate shifts," Lexmark said in a statement on Tuesday. The company is further reducing fixed infrastructure and business-support costs, aiming to save more than $100 million in 2009, Chairman and Chief Executive Paul J. Curlander said. Lexmark's balance sheet reflects $973 million in cash and equivalents. The gross-profit margin in the quarter narrowed to 33.4% from 29% a year earlier, Lexmark reported.
icon url

3xBuBu

01/28/09 7:22 PM

#748 RE: 3xBuBu #699

Wednesday, Jan. 28
Cabot to cut 500 jobs; first quarter profit drops(6:44 pm ET)
SAN FRANCISCO (MarketWatch) -- Cabot Corp. (CBT: news, chart, profile) said late Wednesday that its net income for the fiscal first quarter was $4 million, or 6 cents a share, compared with $36 million, or 56 cents a share, in the year-ago period. Excluding $1 million of charges, adjusted earnings were 8 cents a share. Analysts had expected net income earnings of 10 cents a share on revenue of $551.7 million, according to Thomson Reuters. The Boston, Mass. chemical and materials company also said it plans to cut about 500 jobs, or 12% of its global workforce. The restructuring is expected to result in an $80 million cash charge and non-cash charges of about $70 million, a majority of which will be incurred during fiscal 2009.
Murphy Oil profit dragged down by lower energy prices (4:57 pm ET)
SAN FRANCISCO (MarketWatch) -- Murphy Oil Corp. (MUR: news, chart, profile) reported late Wednesday fourth-quarter net income fell to $158.5 million, or 83 cents a share, from $206.1 million, or $1.07, a year ago. Revenue for the quarter fell 21% to $4.43 billion. Analysts surveyed by FactSet Research had expected the El Dorado, Ark.-based company to report earnings of $1.09 a share on $6.5 billion in revenue. Murphy Oil shares closed ahead of the report with a 0.4% gain at $48.27.
Meritage Homes' fourth-quarter loss narrows to $2.58 a share(4:45 pm ET)
SAN FRANCISCO (MarketWatch) -- Meritage Homes Corp. (MTH: news, chart, profile) late Wednesday reported its fourth-quarter net loss narrowed to $79.1 million, or $2.58 a share, from $128.8 million, or $4.91 a share, in the fourth quarter last year. Fourth-quarter results included real estate-related and joint venture charges of $109 million, the homebuilder said. Analysts polled by FactSet Research had forecast a loss of 99 cents a share. Home closing revenue decreased to $386.6 million from $615.6 million a year ago. Number of homes closed fell 30% to 1,488 units while sales orders were down 52% to 500 units.
Ryland's fourth-quarter net loss narrows(4:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Ryland Group (RYL: news, chart, profile) late Wednesday reported its fourth-quarter net loss narrowed to $59.9 million, or $1.40 a share, from $201.9 million, or $4.80 a share, in the fourth quarter of last year. Consolidated revenues totaled $528.2 million, down sharply from $859.8 million a year earlier while homebuilding revenues decreased to $513.5 million from $828.8 million. Analysts surveyed by FactSet Research had forecast a loss of 78 cents a share on revenue of $533.1 million. New orders fell 65.3% to 554 units and its inventory of unsold homes stood at 639 units at the end of December, down 22.4% from Dec. 31, 2007.
Allstate reports quarterly net loss of $1.13 billion(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- Allstate Corp. (ALL: news, chart, profile) reported a fourth-quarter net loss of $1.13 billion, or $2.11 a share, late Wednesday. That compares to net income of $760 million, or $1.36 a share, a year earlier, the property and casualty insurer said. Operating income, which excludes net realized investment gains and losses, came in at $518 million, or 97 cents a share, down from $701 million, or $1.24 a share, a year ago. Allstate was expected to make $1.35 a share in the latest fourth quarter, according to the average estimate of 18 analysts in a Thomson Reuters survey. Allstate shares fell 10% to $26.62 during after-hours trading on Wednesday.
Citrix Systems earnings fall 5%(4:18 pm ET)
SAN FRANCISCO (MarketWatch) -- Citrix Systems Inc. (CTXS: news, chart, profile) on Wednesday reported a fourth-quarter profit of $60 million, or 33 cents a share, on revenue of $416 million. During the same period a year ago, the infrastructure and virtualization software company earned $63 million, or 33 cents a share, on $399.6 million in sales. Excluding one-time items, Citrix would have earned $87 million, or 48 cents a share, while analysts surveyed by FactSet Research estimated the company would earn 47 cents a share on revenue of $431.5 million.
Symantec swings to $6.8 billion loss(4:17 pm ET)
SAN FRANCISCO (MarketWatch) -- Symantec Corp. (SYMC: news, chart, profile) on Wednesday reported a third-quarter loss of $6.81 billion, or $8.23 a share, vs. a profit of 15 cents a share, a year ago. The most recent quarter included a non-cash goodwill impairment charge of about $7 billion. Excluding charges, the security software company would have earned 42 cents a share. Revenue came in at $1.51 billion, mostly flat from a year earlier. Analysts polled by FactSet Research were looking for a profit, on average, of 32 cents a share. The company said it expects to earn between 33 cents and 35 cents a share, excluding one-time items, in the fourth quarter. Wall Street previously forecast a profit of 34 cents a share.
Starbucks plans to close 300 more shops as profit drops(4:16 pm ET)
SAN FRANCISCO (MarketWatch) -- Starbucks (SBUX: news, chart, profile) , battered by slower store traffic and restructuring charges, reported Wednesday its quarterly net profit dropped 69% and announced plans to shut down 300 more coffee shops. For the quarter ended Dec. 28, Starbucks reported net income of $64.3 million, or 9 cents a share, which included charges to shut down stores and lay off workers. A year ago, the coffee-shop chain earned $208.1 million, or 28 cents a share. Sales slipped 6% to $2.6 billion. Sales at U.S. stores open at least one year -- a measure of retailer health -- dropped 10%. Starbucks said it will close 200 U.S. stores and 100 overseas, bring its announced store closures to more than 900. Starbucks shares closed Wednesday at $9.65, up more than 5%.
Flextronics posts widened loss, takes massive charge (4:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Flextronics International (FLEX: news, chart, profile) on Wednesday reported a fiscal third-quarter loss of $6 billion, or $7.43 a share, on net sales of $8.2 billion. During the same period a year ago, the electronics contract manufacturer posted a loss of $96.8 million, or 94 cents a share, on $9.07 billion in sales. The company said the results for the period ended in December included a non-cash charge of $5.9 billion, "to write-off the entire carrying value of its goodwill." Excluding special items, Flextronics said earnings were 16 cents a share. Analysts surveyed by FactSet Research had forecast Flextronics to earn 19 cents a share, on revenue of $8.05 billion.
Qualcomm sees earnings fall in first quarter(4:10 pm ET)
SAN FRANCISCO (MarketWatch) - Qualcomm Inc. reported that earnings fell in the first fiscal quarter as the company took a large investment loss. For the period ended Dec. 31, Qualcomm (QCOM: news, chart, profile) reported net income of $341 million, or 20 cents a share, compared to net income of $767 million, or 46 cents a share, for the same period the previous year. Excluding stock options and other charges, the company said it would have earned $520 million, or 31 cents a share, for the recent period. Revenue grew 3% to $2.52 billion. Analysts were expecting earnings of 47 cents a share on revenue of $2.42 billion for the quarter, according to consensus estimates from Thomson Reuters.
Energy stocks add to generous gains after Fed move(2:21 pm ET)
NEW YORK (MarketWatch) -- Energy stocks moved slightly higher on top of generous gains after the Federal Open Market Committee stuck to its low interest rate policy, and said inflation should remain in check, while holding out the possibility of buying U.S. debt. The Amex Oil Index (XOI: news, chart, profile) rose 3% to 990. The Amex Natural Gas Index (XNG: news, chart, profile) rose 3.6% to 394. The Philadelphia Oil Service Index ($OSX: news, chart, profile) rose 5.6% to 136.
New York Times Co. execs blame digital ad decline on economy(11:52 am ET)
CHICAGO (MarketWatch) -- New York Times Co. (NYT: news, chart, profile) executives said Wednesday that the decline in digital advertising revenue the company saw in the fourth quarter was primarily attributable to the economic downturn, with much of the drop-off coming from the help-wanted classified category. Speaking to analysts during a conference call, Martin Nisenholtz, senior vice president of digital operations, said it was more difficult for NYTimes.com to command premium ad rates for display ads during the quarter. As a result, the site will be increasingly designed for cost-per-click ads during 2009, Nisenholtz said.
Allied Capital slumps 38% after debt default warning (10:30 am ET)
SAN FRANCISCO (MarketWatch) -- Allied Capital (ALD: news, chart, profile) shares slumped 38% during morning trading on Wednesday after the small-business lender warned that it may default on its debt. Allied estimated that its asset coverage ratio at the end of 2008 will be less than the 200% required under its revolving credit facility and four outstanding private notes. "Failure of the Company to satisfy the minimum 200% asset coverage ratio would constitute an event of default," it warned in a statement. The company said plans to seek relief from its lenders. Withouth a minimum 200% asset coverage ratio, Allied also said it won't be able to declare dividends or make other distributions to shareholders. The company also wouldn't be able to borrow more. Allied shares dropped 38% to $2.24 during morning action on Wednesday.
Energy stocks rise with broad market(9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose with the broad market on Wednesday, boosted by the prospects for a nearly $1 trillion economic bailout in the works by the Obama administration. The Amex Oil Index (XOI: news, chart, profile) rose 0.6%. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1.2% to 385. Oil major ConocoPhillips (COP: news, chart, profile) rose 1.6% to $50.30 after posting a steep fourth-quarter loss, as expected. Hess Corp. (HES: news, chart, profile) dipped 1.3% to $58.32 after the production firm posted a loss. Baker Hughes (BHI: news, chart, profile) jumped 3.4% to $33.86 after it managed to hammer out fatter fourth-quarter earnings.
Franklin Resources earnings slide in quarter(9:13 am ET)
NEW YORK (MarketWatch) -- Franklin Resources Inc. (BEN: news, chart, profile) said Wednesday that fiscal first-quarter earnings were $121 million, or 52 cents a share, compared to $518 million, or $2.15 cents a share, in the same period a year ago. Revenue was $969 million compared to $1.69 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 87 cents and sales of $1.12 billion.
ConocoPhillips to keep production steady at current levels(9:02 am ET)
NEW YORK (MarketWatch) -- ConocoPhillips (COP: news, chart, profile) rose 4% to $51.50 in pre-market trades after the oil and gas producer and refiner posted a steep but expected loss. Looking ahead, ConocoPhillips expects the company's first-quarter oil production to be near the fourth-quarter level of 1.87 million barrels of oil equivalent a day. Worldwide refining crude oil capacity utilization rate in the first quarter will be in the low-80% range due to planned turnaround activity in the United States and continued economic run reductions at its Wilhelmshaven refinery. Turnaround costs are expected to be approximately $225 million before-tax for the quarter.
New York Times profit slides 48% on writedown, ad decline(8:59 am ET)
CHICAGO (MarketWatch) -- New York Times Co. (NYT: news, chart, profile) , battling along with the rest of the newspaper industry to remain solvent during the financial meltdown, said Wednesday its fourth quarter profit fell 48%, reflecting the reduced value of an asset at the International Herald Tribune, severance costs and ongoing declines in advertising sales. The company also said it has hired Goldman Sachs & Co. to help it explore the sale of its nearly 18% stake in New England Sports Ventures, which includes the Boston Red Sox. New York Times Co. reported fourth-quarter net income of $27.6 million, or 19 cents a share, compared with a profit of $53 million, or 37 cents, in the same quarter a year ago. Excluding special items including severance costs, the company would have earned 36 cents a share in the latest three months. Fourth-quarter revenue fell 11% to $772 million. On average, analysts surveyed by Thomson Financial had been looking for a profit of 27 cents a share on revenue of $767.5 million.
Tidewater's profit rises in third quarter(8:45 am ET)
NEW YORK (MarketWatch) -- Tidewater Inc. (TDW: news, chart, profile) said Wednesday that its third-quarter net income for the three months ended Dec. 31 rose to $117 million, or $2.28 a share, from $89.4 million, or $1.66 a share, in the year-ago period. On average, analysts expected earnings of $1.92 a share, according to a survey by FactSet Research. Revenue at the New Orleans offshore-energy fleet operator rose to $362.3 million from $314.2 million.
ConocoPhillips swings to steep loss on goodwill impairment(8:38 am ET)
NEW YORK (MarketWatch) -- ConocoPhillips (COP: news, chart, profile) on Tuesday posted a fourth-quarter loss of $31.76 billion, or $21.37 a share, compared to net income of $4.37 billion, or $2.71 a share in the year-ago period. Revenue fell to $44.5 billion from $52.7 billion. Adjusted net income totaled $1.91 billion, or $1.28 a share in the latest period. Analysts expected earnings of $1.29 a share, on average, according to a survey by FactSet Research. The latest period includes a $25.55 billion impairment of all exploration and production segment goodwill. Daily production averaged 1.87 million barrels of oil equivalent per day, an increase from 1.75 million in the previous quarter and 1.84 million per day in the fourth quarter of 2007.
Total SA shares rise 4% after bid for UTS Energy(8:22 am ET)
NEW YORK (MarketWatch) -- U.S.-listed shares of Total SA (TOT: news, chart, profile) rose 4% to $53 in pre-market after the French integrated oil giant bid C$617 million in cash for Canadian oil sands producer UTS Energy Corp. (CA:UTS: news, chart, profile) . Late Tuesday, Total bid a premium of 57% above UTS's closing price of 83 cents a share on the Toronto Stock Exchange.
Stanley Works earnings tumble in quarter(8:20 am ET)
NEW YORK (MarketWatch) -- The Stanley Works (SWK: news, chart, profile) said Wednesday that fourth-quarter earnings were $1.1 million, or one cent a share, compared to $92.3 million, or $1.11 a share, in the same period last year. Sales were $1.09 billion compared to $1.14 billion. Earnings from continuing operations were 66 cents a share. Analysts polled by FactSet Research estimated, on average, earnings per share of 22 cents and sales of $1.05 billion. Stanley said it would offer no guidance for 2009 due to volatile conditions.
Wells Fargo swings to fourth-quarter loss(8:14 am ET)
BOSTON (MarketWatch) -- Wells Fargo & Co. (WFC: news, chart, profile) on Wednesday said it swung to a fourth-quarter loss of $2.55 billion, or 79 cents a share, compared with net income of $1.36 billion, or 41 cents a share, in the year-ago period. Analysts polled by Thomson Reuters had been looking for quarterly profit of 33 cents a share. The banking giant said it has no plans to request additional capital under the Treasury Department's Troubled Asset Relief Program, or TARP. Wells Fargo shares were up 17% in premarket action.
Southern reports slight profit fall(7:57 am ET)
NEW YORK (MarketWatch) -- Southern Company (SO: news, chart, profile) said Wednesday it had fourth-quarter earnings of $185.6 million, or 24 cents a share, compared with a profit of $204.1 million, or 27 cents a share, in the year-ago period. Analysts surveyed by FactSet Research had expected, on average, 25 cents a share. The Atlanta-based energy company said full-year 2008 profit was $1.74 billion, or $2.26 a share, compared with a profit of $1.73 billion, or $2.29 a share, in 2007. Fourth-quarter revenues were $3.8 billion, a 13.8% increase from the fourth quarter of 2007. Revenues for the full year were $17.13 billion, an 11.6% rise from $15.35 billion in 2007.
MeadWestvaco loses $16 million on restructuring costs(7:53 am ET)
NEW YORK (MarketWatch) -- MeadWestvaco (MWV: news, chart, profile) said it swung to a fourth-quarter loss of $16 million, or 9 cents a share, from a gain of $148 million, or 82 cents a share in the year-ago period. The Richmond, Va. packaging and office products giant said the latest period included after-tax restructuring charges of $33 million, or 19 cents a share related to facility closures, asset write-downs and employee separation costs. Breaking out the restructuring costs, MeadWestvaco earned 10 cents a share, ahead of the forecast of 9 cents a share in a survey by FactSet Research. The company said it faces a difficult operating environment of continued input cost inflation and lower demand in many consumer packaging markets. Revenue fell to $1.6 billion from $1.7 billion. MeadWestvaco said it's accelerating elements of a cost reduction program to achieve an additional $100 million in reduced corporate and business overhead expenses and $25 million in savings from facility closures and restructuring this year.
AT&T profit falls 23%, but 1.9 million iPhone users added (7:48 am ET)
WASHINGTON (MarketWatch) - Phone giant AT&T Inc. (T: news, chart, profile) said Wednesday its fourth-quarter net income fell 23.3%, but the carrier added a hefty 2.1 million wireless subscribers, including 1.9 million iPhone accounts. In the final three months of 2008, AT&T reported net profit of $2.4 billion, or 41 cents a share, down from $3.1 billion, or 51 cents a share, in the comparable 2007 quarter. Revenue rose 2.4% to $31.4 billion. . The company cited merger-related expenses, severance costs and upfront subsidies for the iPhone as contributing to lower income. Excluding one-time costs, AT&T said it would have earned 64 cents a share, compared with 71 cents a share, a year earlier. AT&T was forecast to earn an adjusted 65 cents a share on revenue of $31.4 billion, according to the average projection of analysts surveyed by FactSet Research. For the current fiscal year, AT&T said revenue would continue to expand despite a U.S. recession, but the company plans to cut annual capital expenditures by 10% to 15%.
General Dynamics profit rises almost 6%(7:48 am ET)
NEW YORK (MarketWatch) -- General Dymanics (GD: news, chart, profile) said on Wednesday that its fourth-quarter profit rose 5.7% to $612 million, or $1.57 a share, from $579 million, or $1.42 a share. Net sales rose to $7.85 billion from $7.52 billion a year ago. ""Sales increased in the Aerospace, Marine Systems and Information Systems and Technology groups when compared to the year-ago period, and company-wide operating margins increased 30 basis points in the quarter," chief executive Nicholas Chabraja said in a press release.
Hess swings to loss on exploration and production slowdown(7:39 am ET)
NEW YORK (MarketWatch) -- Hess Corp. (HES: news, chart, profile) said Wednesday it swung to a fourth-quarter loss on a slowdown in its core oil production business, along with other costs. The New York-based oil producer lost $74 million, or 23 cents a share in the three months ended Dec. 31, compared to net income of $510 million, or $1.59 a share in the year-ago period. Analysts surveyed by FactSet Research forecast earnings of 29 cents a share, on average. Sales fell to $7.28 billion from $9.46 billion. Fourth quarter results included after-tax dry hole costs of $86 million, foreign exchange losses of $84 million and net income tax charges of $20 million. The corporation's oil and gas production, on a barrel-of-oil equivalent basis, fell to 379,000 barrels per day in the fourth quarter compared with 390,000 barrels per day in the fourth quarter of the prior year.
McCormick earnings per share fall 7.5% in quarter(7:24 am ET)
NEW YORK (MarketWatch) -- McCormick & Co. (MKC: news, chart, profile) said Wednesday that fourth-quarter earnings were $83 million, or 62 cents a share, compared to $88 million, or 67 cents, in the same period a year ago. Sales were $907 million, compared to $860 million last year. On an adjusted basis McCormick earned 84 cents a share. Analysts polled by FactSet Research estimated, on average, earnings per share of 82 cents and sales of $936 million. For the full year of 2009, the Baltimore-based spice company expects earnings per share in the range of $2.24 to $2.28 and earnings per share rising 7% to 9%.
Legg Mason loss swells to $1.49 billion(7:15 am ET)
LONDON (MarketWatch) -- Legg Mason (LM: news, chart, profile) , the Baltimore asset management firm, said its third-quarter loss ballooned to $1.49 billion, or $10.55 a share, from $103.8 million, or 74 cents a share. The company took a write-down in its wealth management unit of $6.03 a share, a $3.63 a share hit on efforts to reduce structured investment vehicle exposure, a $1.07 a share hit on additional support for liquidity funds and a 16 cents a share hit from lost sublease income from "a major investment bank which had declared bankruptcy." Assets under management dropped 17% to $698.2 billion from Sept. 30 levels. Analysts polled by FactSet were looking for a loss of $2.83 a share. Analyst estimates typically exclude one-time items.
Becton, Dickinson profit up 15%, lifts guidance(7:11 am ET)
LONDON (MarketWatch) -- Medical technology group Becton, Dickinson and Co. (BDX: news, chart, profile) said Wednesday that its fiscal first-quarter net profit rose 15% to $312.1 million, or $1.26 a share, from $271.5 million, or $1.07 a share, a year earlier. Revenue for the quarter rose 1.6% to $1.73 billion. Analysts polled by FactSet had been expecting earnings of $1.16 a share. The group said it continued to see strength in its biosciences and diagnostics segments and strong sales for insulin delivery products. The company also raised its guidance for fiscal 2009, saying it expects earnings from continuing operations in the year to increase between 9% and 11% from from $4.46 in 2008.
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01/29/09 8:14 PM

#749 RE: 3xBuBu #699

Thursday, Jan. 29
Eastman Chemical slips to loss (6:21 pm ET)
SAN FRANCISCO (MarketWatch) -- Eastman Chemical Co. (EMN: news, chart, profile) reported late Thursday a fourth-quarter loss of $2 million, or 3 cents a share. It had net income of $98 million, or $1.25 s share, a year earlier. Excluding one-time items, the company posted earnings of $5 million, or 5 cents a share, from ongoing operations compared with $144 million, or $1.27, a year ago. Revenue for the three months ended Dec. 31 fell 23% to $1.35 billion from $1.74 billion. Analysts surveyed by FactSet Research, who typically track earnings from ongoing operations, had predicted the Kingsport, Tenn., specialty chemicals company would earn 36 cents a share on $1.38 billion in revenue. Eastman Chemical shares closed ahead of the report with a 4.9% loss at $27.34.
Chubb saw fewer D&O claims in fourth quarter vs. third (6:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Chubb Corp. (CB: news, chart, profile) Chief Operating Officer John Degnan said late Thursday that the insurer saw fewer new directors and officers claims in the fourth quarter than it received in the third quarter. He also said Chubb probably won't see big claims from the alleged Bernard Madoff Ponzi scheme. Chubb is a leading provider of D&O insurance. This type of coverage protects executives and members of a company's board from liability in the event of a lawsuit against them claiming wrongdoing in connection with their firm's business. The financial crisis has increased concern about a spike in securities class-action lawsuits, which could trigger more D&O claims. However, Degnan said on Thursday that such suits "trailed off dramatically" during the second half of 2008, despite a dramatic slump in equity markets. Chubb shares climbed 2.8% to $44 during after-hours trading on Thursday.
KLA-Tencor swings to quarterly loss(4:46 pm ET)
SAN FRANCISCO (MarketWatch) -- KLA Tencor (KLAC: news, chart, profile) late Thursday reported it swung to a net loss of $434.3 million, or $2.57 a share, in the second quarter from a net income of $83.9 million, or 45 cents a share, in the same quarter last year. Second-quarter results include a $435 million charge related to the aggregate impairment of goodwill and purchased intangible assets. On an adjusted basis, the company would have recorded a loss of 12 cents a share. Revenue decreased to $396.6 million from $635.8 million a year earlier, the chip equipment maker said. Analysts surveyed by FactSet Research had forecast a loss of 7 cents a share on revenue of $393.6 million.
CA fourth-quarter net income rises 29%(4:32 pm ET)
SAN FRANCISCO (MarketWatch) -- CA Inc. (CA: news, chart, profile) late Thursday reported its third-quarter net income rose to $213 million from $163 million in the same quarter last year. On a per-share basis, the company's earnings rose 29% to 40 cents from 31 cents. Excluding certain items, CA would have earned 43 cents a share. Revenue decreased to $1.04 billion from $1.1 billion a year earlier, said the business management software provider. Analysts surveyed by FactSet had forecast earnings of 37 cents a share on revenue of $1.07 billion.
PMC-Sierra reports fourth-quarter profit of 6 cents a share(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- PMC-Sierra Inc. (PMCS: news, chart, profile) late Thursday reported a fourth-quarter net income of $13.7 million, or 6 cents a share, recovering from a loss of $5.1 million, or 2 cents a share, in the same quarter last year. Excluding certain items, the company would have earned 7 cents a share. Revenue decreased to $120.8 million from $139.4 million a year earlier, the circuit and software designer said. Analysts polled by FactSet Research had forecast earnings of 5 cents a share on revenue of $122.3 million.
Chubb quarterly net income falls 37%(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- Chubb Corp. (CB: news, chart, profile) said late Thursday that fourth-quarter net income came in at $407 million, or $1.13 a share, down 37% from a year earlier when the property and casualty insurer made $650 million, or $1.68 a share. Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, declined to $569 million, or $1.58 a share, from $620 million, or $1.60 a share, a year ago, Chubb reported. The insurer was expected to make $1.52 a share, according to 17 analysts surveyed by Thomson Reuters. Net written premiums for the fourth quarter were $2.9 billion, down 4%.
Juniper posts gains, but falls shy of estimates(4:14 pm ET)
SAN FRANCISCO (MarketWatch) - Network equipment maker Juniper Networks Inc. said Thursday its fourth-quarter net income rose to $132.5 million, or 25 cents a share, from $122.9 million, or 22 cents a share in the same period a year earlier. Sunnyvale, Calif.-based Juniper (JNPR: news, chart, profile) said revenue for the period ended in December rose 14% to $923.5 million. Excluding special items, Juniper said earnings for the quarter were 32 cents a share. Analysts on average have been estimating Juniper would post earnings excluding special items of 33 cents a share, and $938.3 million in revenue, according to FactSet Research.
Amazon.com reports gain in fourth-quarter earnings(4:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Amazon.com reported a surprise gain in earnings for the fourth quarter amid strong sales during the crucial holiday shopping period. For the period ended Dec. 31, the online retailer (AMZN: news, chart, profile) reported earnings of $225 million, or 52 cents a share, compared to earnings of $207 million, or 48 cents a share, for the same period the previous year. Revenue grew 18% to $6.7 billion. Analysts had been looking for earnings of 40 cents a share on revenue of $6.48 billion, according to consensus estimates from FactSet Research.
Energy stocks fall into the red with oil prices(9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell with the broad market on Thursday as earnings updates from Occidental Petroleum (OXY: news, chart, profile) and Smith International (SII: news, chart, profile) provided no lift to the sector. Crude prices fell $1.66 to $40.50 on continued bearishness about the economy. The Amex Oil Index (XOI: news, chart, profile) fell 1.5% to 971. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 1.7% to 386. Exxon Mobil (XOM: news, chart, profile) dropped 1.9% to $77.68 ahead of its earnings update on Friday. Smith International retreated 9% to $23.67. Occidental Petroleum dipped 1% to $58.76.
Chevron keeps capital spending at $22.8 billion(9:05 am ET)
NEW YORK (MarketWatch) -- Chevron Corp. (CVX: news, chart, profile) on Thursday said it plans to spend $22.8 billion on capital projects in 2009, unchanged from 2008. About three quarters of the money will go toward upstream oil and gas exploration and production projects. Another 20% will go toward downstream businesses that manufacture, transport and sell gasoline, diesel fuel and other refined products. About 10% of the budget has been set aside for large, one-time payments related to upstream production concessions outside the U.S. "Our company's financial strength enables the funding of attractive investments consistent with our long-term strategies," said Chairman and CEO Dave O'Reilly.
Ball earnings per share up 9% in quarter(8:44 am ET)
NEW YORK (MarketWatch) -- Ball Corp. (BLL: news, chart, profile) said Thursday that fourth quarter earnings were $34 million, or 36 cents a share, compared to $33 million, or 33 cents a share, in the same period a year ago. Sales were $1.73 billion compared to $1.76 billion a year ago. Analysts polled by FactSet Research estimated, on average, earnings per share of 61 cents and sales of $1.75 billion. "Because of the disciplined actions we took in 2008 and the defensive nature of our businesses in this economy, Ball is well positioned to improve diluted earnings per share performance in 2009," said Chief Executive David Hoover.
Royal Caribbean profit plunges 97%, sees weak 2009(8:23 am ET)
CHICAGO (MarketWatch) -- Royal Caribbean Cruises Ltd. (RCL: news, chart, profile) said Thursday that its fourth-quarter profit plummeted 97% in the wake of the global financial collapse, and said it anticipates "even more challenges" in 2009. The provider of luxury cruises said it earned $1.5 million, or 1 cent a share in the quarter ended Dec. 31, compared to a profit of $70.8 million, or 33 cents a share, in the same quarter a year earlier. Revenue was $1.5 billion, flat with the fourth quarter of 2007. Analysts surveyed by FactSet Research expected a profit of 7 cents a share on revenue of $1.44 billion. Royal Caribbean said it expects 2009 earnings per share of about $1.40, well short of the $1.64 average projection of respondents to FactSet's survey.
US Airways' fourth-quarter loss widens(8:18 am ET)
NEW YORK (MarketWatch) -- US Airways (LCC: news, chart, profile) said Thursday that its fourth-quarter loss widened to $541 million, or $4.74 a share, from a loss of $79 million, or 87 cents a share, in the year-ago period. Total operating revenue for the three months ended Dec. 31 slipped to $2.76 billion from $2.78 billion. Excluding items, the Tempe, Ariz., airline said it would have lost $1.93 a share. Analysts polled by FactSet Research expected, on average, a loss of $2.15 a share.
Illinois Tool Works profit falls 50%; issues Q1 warning(8:15 am ET)
NEW YORK (MarketWatch) -- Illinois Tool Works Inc. (ITW: news, chart, profile) said Thursday fourth-quarter net income fell by about half to $233.8 million, or 54 cents a share, from $470.7 million, or 82 cents a share in the year-ago period. The Glenview, Ill. industrial firm said sales dropped to $3.68 billion from $3.91 billion in the year-ago period. Wall Street analysts expected earnings of 48 cents a share on revenue of $3.67 billion, according to a survey by FactSet Research. For the first quarter, Illinois Tool Works expects earnings of 26 cents to 42 cents a share, below the analyst target of 48 cents a share.
Investment Technology Group's net falls 4%(8:14 am ET)
BOSTON (MarketWatch) -- Investment Technology Group Inc. (ITG: news, chart, profile) on Thursday said its fourth-quarter net income fell 4% from the year-earlier period to $28.7 million, or 66 cents a share. Total revenue slipped 3% to $190.1 million, the company said. Analysts had been looking for profit of 61 cents a share on revenue of $183.4 million, according to a Thomson Reuters survey.
T. Rowe profit down 87%(8:08 am ET)
NEW YORK (MarketWatch) -- T. Rowe Price Group (TROW: news, chart, profile) reported an 87% fall in fourth-quarter profits Thursday, to $24 million, or 9 cents a share, from $191 million, or 68 cents a share, in the year-ago period. The results include non-cash charges of $88.4 million related to investments in its mutual funds. Analysts surveyed by FactSet Research had estimated, on average, 27 cents a share. Assets under management dropped 20% since Sept. 30, to $276.3 billion. T. Rowe said net outflows in the fourth quarter were less than 1% of assets.
Celgene swings to 4th-qtr $149 million loss(8:00 am ET)
MADRID (MarketWatch) -- Global biopharmaceutical group Celgene Corp. (CELG: news, chart, profile) reported on Thursday that it swung to a loss of $149 million in the fourth quarter. The company lost 33 cents a share, against net income of $75 million a share, or 18 cents, in the year-earlier period. On an adjusted basis, the company earned $200 million, or 43 cents a share, against $94 million or 22 cents. Analysts polled by Thomson Reuters were expecting earnings of 42 cents a share. "We delivered impressive financial results," said Celgene Chairman and Chief Executive Officer Sol J. Barer. "We have never been more optimistic about our prospects, and we look forward to exceptional growth over the next five years, and beyond."
Consol Energy earnings zoom higher(7:56 am ET)
NEW YORK (MarketWatch) -- Consol Energy Inc. (CNX: news, chart, profile) said Thursday that fourth-quarter earnings were $176 million, or 97 cents a share, compared to $7 million, or 4 cents a share, in the same period a year ago. Sales were $1.24 billion compared to $919 million. Analysts polled by FactSet Research estimated, on average, earnings per share of 62 cents and sales of $1.24 billion for the coal and gas company.
Lear swings to fourth-quarter loss of $688 million (7:53 am ET)
LONDON (MarketWatch) -- Lear Corp. (LEA: news, chart, profile) the supplier of automotive seating systems and electronic products, said it swung to a fourth-quarter loss of $688 million, or $8.91 a share, compared to a profit of $27 million, or 34 cents a share, earned in the year-earlier quarter. Results in the latest quarter include one-time charges of nearly $600 million. Sales fell 32% to $2.6 billion, reflecting sharp drops in production in North America and Europe. The company said it had roughly $1.6 billion of liquidity at the end of the year. In the fourth quarter Lear said it chose to borrow $1.2 billion under its primary credit facility in order to protect against disruptions in the capital markets and to further bolster its liquidity position. It has yet to repay the money, which means it is no longer in compliance with the leverage ratio contained in its primary credit facility.
Occidental Petroleum net income falls by $1 billion (7:47 am ET)
NEW YORK (MarketWatch) -- Occidental Petroleum (OXY: news, chart, profile) on Thursday said fourth-quarter net income fell 70% to $443 million, or 55 cents a share, from $1.45 billion ,or $1.74 a share in the year-ago period. Core profit fell to $1.18 a share from $1.76 a share. Sales dropped to $4.02 billion from $5.5 billion. Analysts expected earnings of $1.06 a share on revenue of $4.2 billion, according to a survey by FactSet Research. The Los Angeles-based oil and gas exploration and production company plans to spend $3.5 billion on capital projects in 2009. "We believe that with this level of capital, we will achieve our targeted returns in the current price environment as well as grow our production volumes in 2009, 2010 and beyond," the company said.
L-3 Communications' net rises, but cuts outlook(7:45 am ET)
BOSTON (MarketWatch) -- L-3 Communications (LLL: news, chart, profile) on Thursday said its fourth-quarter net income rose to $2.21 a share, including a gain of 17 cents from a business divestiture, from $1.63 a share in the year-ago quarter. Wall Street analysts polled by Thomson Reuters had forecast profit of $1.94 a share. The provider of communication systems, aviation products and support services lowered its 2009 outlook. It now sees full-year profit in the range of $7.12 to $7.32 a share, down from its previous estimate of $7.30 to $7.50 a share.
3M Profit falls 37%(7:43 am ET)
NEW YORK (MarketWatch) -- 3M (MMM: news, chart, profile) said Thursday that its fourth-quarter profit fell 37% to $536 million, or 77 cents a share, from $851 million, or $1.17 a share in the fourth quarter of 2007. Excluding special items, fourth-quarter profit was down 21.7% from the year-ago, to $676 million, or 97 cents a share, compare to $863 million, or $1.19 a share, in 2007. Analysts surveyed by FactSet Research expected, on average, profit of 94 cents a share. Analyst predictions typically exclude special items. Fourth-quarter sales were $5.5 billion, a decrease of 11.2%.
Black & Decker earnings per share down 75%(7:42 am ET)
NEW YORK (MarketWatch) -- The Black & Decker Corp. (BDK: news, chart, profile) said Thursday that it earned $44 million in the fourth quarter, or 73 cents a share, compared to $184 million, or $2.94, in the same period a year ago. Sales were $1.38 billion compared to $1.65 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 68 cents and sales of $1.40 billion. Black & Decker sees first-quarter earnings per share of 5 cents to 15 cents and full-year 2009 earnings of $1.75 to $2.25 a share.
AEP posts lower fourth-quarter profit, reaffirms 2009 view(7:39 am ET)
NEW YORK (MarketWatch) -- American Electric Power Co. (AEP: news, chart, profile) said Thursday that fourth-quarter net income for the three months ended Dec. 31 fell to $152 million, or 38 cents a share, from $231 million, or 58 cents a share, in the year-ago period. Ongoing earnings for the Columbus, Ohio, power plant operator rose to 59 cents a share from 52 cents a share in the year-ago period. On average, analysts polled by FactSet Research expected earnings of 52 cents a share. Revenue increased to $3.5 billion from $3.3 billion. AEP reaffirmed its 2009 ongoing earnings forecast of $3.00 to $3.40 a share. Analysts are looking for $3.21 a share.
Continental Airlines 4th-qtr net loss widens to $233 million(7:38 am ET)
MADRID (MarketWatch) -- Continental Airlines Inc. (CAL: news, chart, profile) on Thursday said its fourth-quarter net loss widened to $266 million, or $2.33 a share against $32 million or 33 cents a share, hurt by weakening economic conditions and "highly volatile" fuel prices. Revenue was $3.47 billion, against $3.5 billion. Excluding net charges of $170 million, Continental recorded a fourth-quarter net loss of $96 million, or 84 cents per share. A survey of analysts by Thomson Reuters was expecting the company to report fourth-quarter earnings of 89 cents a share. "While there are continuing hard times ahead, thanks to our team, we are well-positioned to maintain our place as an industry leader," said Larry Kellner, Continental's chairman and chief executive officer.
Dominion Resources profit rises 16%(7:34 am ET)
NEW YORK (MarketWatch) -- Dominion Resources Inc. (D: news, chart, profile) said fourth-quarter net income rose to $348 million, or 60 cents a share, from $299 million, or 52 cents a share in the year-ago period. Operating earnings rose to 72 cents a share from 52 cents a share. Revenue increased to $4.17 billion from $3.65 billion. Wall Street analysts expected earnings of 68 cents a share and revenue of $4.03 billion, according to a survey of by FactSet Research. The Richmond, Va. power company expects 2009 operating earnings earnings of $3.20 to $3.30 a share, compared to the Wall Street target of $3.27 a share.
Colgate profit rises 20%(7:31 am ET)
NEW YORK (MarketWatch) -- Colgate-Palmolive Co. (CL: news, chart, profile) said Thursday that its fourth-quarter profit rose 20% over the year-ago period, to $497 million, or 94 cents a share, from $414.9 million, or 77 cents a share in 2007. Colgate said that excluding restructuring charges, profit rose 7% to $527.5 million, or $1 a share -- a record. Analysts surveyed by FactSet Research had estimated, on average, profit excluding charges of 97 cents a share. In fourth quarter of 2007, profit excluding charges was $490.7 million, or 91 cents a share. Colgate attributed the rising profit to organic sales growth of 9%, new product launches and "aggressive" cost-cutting.
Xcel Energy's fourth-quarter profit rose 22%(7:29 am ET)
LONDON (MarketWatch) -- Power firm Xcel Energy, Inc. (XEL: news, chart, profile) said fourth-quarter net income rose 22% to $164.1 million, or 36 cents a share, from $134 million, or 31 cents a share, earned in the year-earlier quarter. Earnings from continuing operations came in at 35 cents a share compared to 30 cents a share a year earlier. The consensus forecast was for earnings of 37 cents a share. Sales rose 3% to $1.98 billion. The company reaffirmed its guidance for 2009 earnings in the range of $1.45 to $1.55 a share.
Zimmer earnings per share fall 33%(7:26 am ET)
NEW YORK (MarketWatch) -- Zimmer Holdings Inc. (ZMH: news, chart, profile) said Thursday that it earned $168 million, or 75 cents a share, in the fourth quarter compared to $264 million, or $1.12, in the same period a year ago. Adjusted earnings per share were $1.00. Sales in the period were $1.03 billion, compared to $1.07 billion a year ago. Analysts polled by FactSet Research estimated, on average, earnings per share of 99 cents and sales of $1.09 billion. For 2009 the orthopedic-device maker expects revenue to increase by 1% to 3%.
AutoNation 4th-quarter net up 30%, sales down 34%(7:22 am ET)
TEL AVIV (MarketWatch) -- AutoNation Inc., (AN: news, chart, profile) the Fort Lauderdale, Fla., car retailer, reported fourth-quarter net income rose 30% on 34% lower revenue. Net income was $67.1 million, or 38 cents a share, compared with $51.7 million, or 28 cents, in the year-earlier. Shares outstanding fell 37% to 176.8 million. Earnings from continuing operations were 40 cents a share against 28 cents. Adjusted net from continuing operations in the latest quarter was 12 cents a share. Revenue fell to $2.74 billion from $4.14 billion. A survey of analysts by FactSet Research produced a consensus estimate of 12 cents a share of profit on $3.09 billion of revenue. The quarter was hurt "by the credit panic triggered on Sept. 15 by the bankruptcy of Lehman Brothers," Chairman and Chief Executive Mike Jackson said in a statement on Thursday. "Automotive retail sales collapsed from one day to the next as credit for our customers was withdrawn from the market. This panic continued to erode consumer confidence and accelerated the decline in the U.S. economy and the auto retail market."
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3xBuBu

01/30/09 6:48 PM

#750 RE: 3xBuBu #699

Friday, Jan. 30
Gannett CFO: Board to re-examine dividend in February(11:00 am ET)
CHICAGO (MarketWatch) -- Gannett Co. (GCI: news, chart, profile) Chief Financial Officer Gracia Martore said Friday that the company's board will again examine its quarterly dividend when it meets next month to determine whether it should be reduced or suspended as the global economic meltdown drags on. "Every company right now is very focused on conserving cash," Martore told analysts during a conference call. Another newspaper publisher, Media General (MEG: news, chart, profile) , announced on Thursday that it would suspend its dividend, and New York Times Co. (NYT: news, chart, profile) recently made a drastic cut to its quarterly payout. Gannett last considered the issue during a board meeting in October, Martore said.
Gannett CEO: Visibility very limited on ad outlook (10:53 am ET)
CHICAGO (MarketWatch) -- Gannett Co. (GCI: news, chart, profile) Chief Executive Craig Dubow said Friday that the outlook for advertising sales in the first quarter at the company's newspapers is difficult to determine at this time. "We're not seeing checkbooks coming open, but we understand there is opportunity in the pipeline," Dubow told analysts during a conference call. Addressing the issue of automotive advertising, which suffered a severe downturn in 2008, Dubow said Gannett is "not seeing anything that suggests any near-term upside" in the category.
Big Amazon gains give early lift to tech sector(9:40 am ET)
SAN FRANCISCO (MarketWatch) -- A surprise increase in fourth-quarter earnings by Amazon.com Inc. (AMZN: news, chart, profile) lifted the tech sector in early trading Friday as the online retailer's shares surged more than 15%. Late Wednesday, Amazon reported earnings of $225 million, or 52 cents a share, compared with $207 million, or 48 cents a share, for the same period the previous year. Analysts had been looking for earnings of 40 cents a share, according to consensus estimates from FactSet Research. With Amazon in the lead, the tech-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) rose 15 points to 1,523.
Exxon Mobil, Chevron lift energy stocks (9:36 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose Friday as bellwethers Exxon Mobil (XOM: news, chart, profile) and Chevron (CVX: news, chart, profile) posted better-than-expected fourth-quarter profits. The Amex Oil Index (XOI: news, chart, profile) rose 1.4% to 964. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1.8% to 392. Exxon Mobil rose 1.7% to $78.22. Chevron rose 2.3% to $72.21. Both stocks are components of the Dow Jones Industrial Average ($DJ: news, chart, profile) , which rose about 30 points.
Chevron net income edges up after one-time gains(9:28 am ET)
NEW YORK (MarketWatch) -- Chevron Corp. (CVX: news, chart, profile) on Friday said fourth-quarter net income edged up to $4.90 billion, or $2.44 a share, from $4.88 billion, or $2.32 a share in the year-ago period. The latest period included a $600 million gain on an asset exchange transaction as well as a $478 million boost from currency exchange. Analysts surveyed by FactSet Research expected Chevron to earn $1.82 a share. Revenue fell to $43 billion from $60 billion. Exploration and production profit dropped to $3.15 billion from $4.84 billion. Refining and marketing profit rose to $2.1 billion from $204 million. "Fourth-quarter earnings for our downstream business improved as the lower cost of crude-oil feedstocks used in the refining process helped boost margins on the sale of gasoline and other refined products," said Chairman and CEO Dave O'Reilly. "Lower quarterly profits for our upstream operations reflected a sharp decline in crude-oil prices from a year ago."
Paccar's fourth-quarter earnings tumble(8:47 am ET)
NEW YORK (MarketWatch) -- Paccar Inc. (PCAR: news, chart, profile) said Friday that fourth-quarter earnings fell to $113 million, or 31 cents a share, from $261 million, or 71 cents a share, in the same period a year ago. On average, analysts polled by FactSet Research expected the Bellevue, Wash.-based truck maker to report earnings of 38 cents a share.
Gannett to take charge of $4.5B-$5.2B in fourth quarter(8:47 am ET)
CHICAGO (MarketWatch) -- Gannett Co. (GCI: news, chart, profile) , the largest U.S. newspaper publisher, said Friday that it will take fourth-quarter non-cash charges of as much as $5.2 billion, after taxes, related to a reduction in the value of its assets as a result of the worldwide financial meltdown. On a preliminary basis, Gannett says its profit fell 36% to $158 million, or 69 cents a share, in the quarter ended Dec. 28, compared to year-earlier net income of $245.3 million, or $1.06 a share. Preliminary results in the latest three months include $24.4 million in severance and facility consolidation costs. Gannett expects to take after-tax non-cash charges of $4.5 billion to $5.2 billion once it completes a test to determine how much its assets have declined in value due to recessions in the U.S. and the U.K. Revenue slid 8.5% to $1.74 billion. Analysts polled by FactSet Research were expecting revenue of $1.8 billion. Gannett said publishing revenue fell 19% to $1.4 billion, reflecting among other factors a 37% plunge in classified advertising sales.
Wilmington Trust posts deficit as loan-loss provisions soar(8:23 am ET)
NEW YORK (MarketWatch) - Wilmington Trust (WL: news, chart, profile) on Friday said it swung to a loss in the fourth quarter as the value of its investments fell at the same time it more than tripled loan loss provision in the period. The company said it lost $68.5 million, or $1.02 a share, compared to a profit of 44 million, or 66 cents a share. The company said loan-loss provisions rose to $67.5 million in the quarter from $19.6 million last year.
American Axle & Manufacturing's loss widens(8:23 am ET)
BOSTON (MarketWatch) -- American Axle & Manufacturing Holdings Inc. (AXL: news, chart, profile) on Friday said its fourth-quarter net loss widened to $112.1 million, or $2.17 a share, from $26.8 million, or 52 cents a share, in the year-earlier quarter. AAM said the latest quarter's results included a tax expense provision of $69.5 million. Net sales dropped to $503 million from $755.2 million.
Arch Coal profit down 23% vs. year-earlier gain(8:21 am ET)
CHICAGO (MarketWatch) -- Arch Coal Inc. (ACI: news, chart, profile) said Friday that its fourth-quarter profit fell 23% compared with a year-earlier quarter that included a gain related to deferred tax assets. Net income was $62.3 million, or 44 cents a share, compared with a profit of $81.4 million, or 56 cents, in the fourth quarter of 2007. Revenue rose to $729.9 million from $644.4 million. Analysts surveyed by FactSet Research were expecting a profit of 40 cents a share.
Simon Property FFO up 6.5% in quarter(8:22 am ET)
NEW YORK (MarketWatch) -- Simon Property Group Inc. (SPG: news, chart, profile) said Friday that its funds from operations in the fourth quarter were $541 million, or $1.86 a share, compared to $508 million, or $1.76 a share, in the same period a year ago. Results in the most recent quarter include a 7-cents-a-share charge. Revenue was $1.03 billion compared to $1.04 billion. Analysts polled by FactSet Research estimated, on average, revenue of $1.03 billion. The company sees 2009 FFO in a range of $6.40 to $6.60 a share.
Exxon Mobil profit falls 33% on lower oil prices(8:13 am ET)
NEW YORK (MarketWatch) -- Exxon Mobil Corp. (XOM: news, chart, profile) on Friday said fourth-quarter net income fell 33% to $7.82 billion, or $1.55 a share from $11.66 billion, or $2.13 a share in the year-ago period. Analysts surveyed by FactSet Research forecast earnings of $1.52 a share. The world's largest corporation and component of the Dow Jones Industrial Average ($DJ: news, chart, profile) said lower oil prices impacted its profit by about $3.2 billion. Capital and exploration spending rose 11% to $6.8 billion. Oil equivalent production fell 3%. Excluding the impacts of lower entitlement volumes, OPEC quota effects and divestments, production fell 1%.
Invesco reports 82% fourth-quarter profit drop(7:56 am ET)
NEW YORK (MarketWatch) -- Asset manager Invesco Ltd. (IVZ: news, chart, profile) on Friday reported an 82% fall in its fourth-quarter profit, to $31.9 million, or 8 cents a share, from $175.9 million, or 43 cents a share in the year-ago period. Analysts surveyed by FactSet Research had expected, on average, profit of 19 cents a share. Invesco said the fourth-quarter results include $21.1 million of costs relating to savings initiatives and vacated properties, $14.2 million in investment write-downs and $7.7 million of foreign exchange losses. Without these charges, fourth-quarter profit would have been 17 cents a share, it said. Assets under management fell 13% during the quarter, to $357.2 billion, from $409.6 billion on Sept. 30. $2 billion of the fall was due to net outflow. Assets were $500.1 billion on Dec. 31, 2007.
P&G sales fall 3%, earnings rise on sale of Folger's unit(7:12 am ET)
NEW YORK (MarketWatch) -- The Procter & Gamble Co. (PG: news, chart, profile) on Friday said second-quarter net income rose 53% to $5 billion, or $1.58 a share, from $3.27 billion, or 98 cents a share in the year-ago period. Operating income dropped 7% to $2.96 billion. The latest period includes a gain from the Nov. 8 sale of the company's Folger's coffee unit. Sales fell 3% to $20.4 billion. Analysts expected earnings of $1.40 a share on sales of $20.94 billion, according to a survey by FactSet Research. "We expect the environment will remain difficult and highly volatile - at least in the near term," the company said. Procter & Gamble expects earnings of 78 to 86 cents for its third quarter, compared to the Wall Street target of 85 cents a share.
Honeywell meets quarterly expectations, reaffirms 2009 view(7:13 am ET)
NEW YORK (MarketWatch) -- Honeywell (HON: news, chart, profile) said Friday that fourth-quarter net income rose to $707 million, or 97 cents a share, compared to $689 million, or 91 cents a share, in the same period a year ago. Analysts polled by FactSet Research estimated, on average, earnings of 97 cents a share. Sales in the three months ended Dec. 31 fell to $8.71 billion compared to $9.28 billion. The Morris Township, N.J., supplier of aerospace, automation and transportation products said it still expects to report 2009 earnings of $3.20 to $3.55 a share. Analysts are looking for $3.21 a share, according to FactSet.
Dexia faces $3 billion loss, plans 900 job cuts(5:59 am ET)
LONDON (MarketWatch) -- French-Belgian bank Dexia (BE:DEXB: news, chart, profile) on Friday said it lost around 2.3 billion euros ($3 billion) in the fourth-quarter and plans to cut 900 jobs in 2009 as part of a major reorganization. The loss includes a 1.7 billion euro charge on the sale of its FSA bond insurance activities and 1.2 billion euros of additional provisions and impairments from the financial crisis. The result compares to a profit of 587 million euros a year earlier. The bank also won't pay a dividend for 2008. Dexia said it will halve the risk limits for its trading activities and will pull out of its public and wholesale banking operations in Australia, Eastern Europe, Mexico, India and Scandinavia. It will also reduce its activity in the U.K. and North America. The changes will result in around 900 job losses in 2009.
Porsche half-year revenue drops 14%(5:35 am ET)
LONDON (MarketWatch) -- Porsche Automobil Holding (DE:PAH003: news, chart, profile) said six month to Jan. 31 revenue dropped 14% to 3 billion euros ($3.9 billion), with unit sales falling 27% to 34,000 units. Revenue didn't drop as quickly as unit sales because of a larger share of 911 model sales and a decline in the share of Boxsters. Porsche said it's not providing earnings because Volkswagen (DE:766400: news, chart, profile) , in which it has a majority stake, hasn't provided fourth-quarter results.
Banco Popular 4Q net income falls 72% to EUR92.6M: report(3:14 am ET)
MADRID (MarketWatch) -- Spanish banking group Banco Popular Espanol SA[s:es:011379053] reported Friday that fourth quarter net income fell 72%, with bad loans and provisions soaring, reported Dow Jones Newswires. Earnings fell to 92.6 million euros ($119 million), from 332.2 million euros in the prior period. The bank said its nonperforming loans rose to 2.81% of total loans at the end of the fourth quarter, against 0.83% a year earlier. Loan-loss provisions soared to 462.3 million euros in the quarter, compared with 73.8 million euros a year earlier. Net interest income at Popular rose to 626.4 million euros from 603.8 million. A Dow Jones Newswires survey of 10 analysts had seen quarterly net profit at 286.3 million euros, and net interest income at 635.5 million euros.
Hitachi slashes outlook, plans to cut up to 7,000 jobs(1:53 am ET)
NEW YORK (MarketWatch) -- Hitachi Ltd. (HIT: news, chart, profile) (JP:6501: news, chart, profile) said Friday it would cut up to 7,000 jobs in its struggling auto-equipment and electronics divisions as it forecast a net loss of 700 billion yen ($7.83 billion) for the current year, Agence France-Presse reported. The Japanese industrial concern said it sees a group operating profit of 40 billion yen for the fiscal year, ending March, with revenue of 10 trillion yen, according to Dow Jones Newswires. All of the projections represented cuts from Hitachi's previous forecast.
Fujitsu April-December loss widens to 36.1 billion yen(1:39 am ET)
NEW YORK (MarketWatch) -- Fujitsu Ltd. (JP:6702: news, chart, profile) said Friday its April-December loss widened to 36.12 billion yen, or 17.5 yen a share, from its year-earlier loss of 3.81 billion yen, or 1.9 yen a share for the nine-month period. Revenue for the quarter slipped to 3.51 trillion yen compared to 3.81 trillion yen in the year-ago period. For the fiscal year ending March 31, the Japanese technology company also slashed its outlook to call for a loss of 20 billion yen, compared to a previous forecast of a 60 billion yen profit.
NTT DoCoMo April-December profit rises to 437 billion yen(1:30 am ET)
HONG KONG (MarketWatch) -- NTT DoCoMo (JP:9437: news, chart, profile) reported Friday net income for the first three fiscal quarters ending Dec. 31 was up 16% to 437.71 billion yen ($4.9 billion), or 10,337.45 yen per share, from 376.50 billion yen, or 8,714.79 yen a share, a year earlier. The cellular operator said its results were bolstered by restructuring plans outlined in October, which included a reorganization of it handset series and other changes that led to a net gain of cellular subscribers during the period. NTT DoCoMo said it expects net income to for the full fiscal year ending March 31 of 495 billion yen.
Honda third-quarter profit falls 90% to $222 million(1:20 am ET)
NEW YORK (MarketWatch) -- Honda Motor Co. (HMC: news, chart, profile) said Friday its fiscal third-quarter profit totaled 20.2 billion yen ($222 million), or 11 yen a share, from 200 billion yen, or 110 yen a share, in the same quarter a year before. Like many of its peers with strong export business, the No. 2 Japanese automaker was hit by a strengthening yen and reduced demand due to the global economic slump. Revenue for the quarter was 2.53 trillion yen compared to 3.04 trillion yen in the year-ago period. Honda also said it had reduced its profit outlook for the full fiscal year ending March 31 to 80 billion yen, which would mark an 87% drop from the previous year's results.
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3xBuBu

02/02/09 8:01 PM

#751 RE: 3xBuBu #699

Monday, Feb. 2
Anadarko Petroleum profit jumps three-fold(5:07 pm ET)
SAN FRANCISCO (MarketWatch) -- Anadarko Petroleum Corp. (APC: news, chart, profile) reported late Monday fourth-quarter net income rose to $824 million, or $1.79 a share, from $264 million, or 56 cents, a year ago. One-time items, including gains on derivatives and divestitures, added $750 million, or $1.63 per share, to the bottom line after tax. Revenue rose to $3.81 billion from $3.06 billion. Analysts polled by FactSet Research, whose estimates typically exclude one-time items, predicted earnings of 37 cents a share on $2.59 billion in revenue. Shares of the Houston-based oil and gas producer fell 1.8% to close at $36.09 ahead of the report. The stock is down 40% over the past 12 months.
PartnerRe quarterly net income falls 47%(4:58 pm ET)
SAN FRANCISCO (MarketWatch) -- PartnerRe Ltd. (PRE: news, chart, profile) said late Monday that fourth-quarter net income came in at $95.3 million, or $1.53 a share, down 47% from a year earlier when the reinsurer made $180.6 million, or $3.04 a share. Net income includes net after-tax realized and unrealized gains on investments of $37.6 million, or 67 cents a share, during the latest quarter, the company added. Operating earnings, which exclude net after-tax realized and unrealized investment gains and losses, came in at $53.9 million, or 95 cents a share. "Our performance at the January 1, 2009 renewals confirmed an environment of increasing demand for reinsurance and adequate pricing, and we expect the environment to show gradual improvement through the remainder of the year," Chief Executive Patrick Thiele said in a statement.
Aflac quarterly net falls 48%(4:38 pm ET)
SAN FRANCISCO (MarketWatch) -- Aflac Inc. (AFL: news, chart, profile) said late Monday that fourth-quarter net income came in at $197 million, or 42 cents a share, down 48% from a year earlier when the insurer made $382 million, or 78 cents a share. The result included realized investment losses of $262 million, or 56 cents a share, in the latest quarter. Roughly $117 million of these losses came from Aflac's investment in three troubled Icelandic banks, which was previously announced. The company also realized $125 million of after-tax losses related to the impairment of investments in collateralized debt obligations.
Plum Creek profit dips; cautious on 2009(4:28 pm ET)
SAN FRANCISCO (MarketWatch) -- Plum Creek Timber (PCL: news, chart, profile) on Monday reported a fourth-quarter profit of $95 million, or 57 cents a share, down from $118 million, or 68 cents a share, a year ago. Most recent results included gains from debt retirement while the year-go numbers included the sale of about $70 million worth of timberland. Revenue came in at $461 million, down from $504 million a year earlier. Looking ahead, the lumber company said it expects to post a first-quarter profit of 94 cents to 99 cents a share, warning it does not expect meaningful near-term improvement in the economy or in its land and timber markets.
Tech stocks start week in the red(9:46 am ET)
SAN FRANCISCO (MarketWatch) -- Technology stocks fought for direction in early trading Monday, with small gains coming from Apple Inc. (AAPL: news, chart, profile) , Microsoft Corp. (MSFT: news, chart, profile) and Cisco Systems Inc. (CSCO: news, chart, profile) . However, the overall sector was in the red, with Applied Materials Inc. (AMAT: news, chart, profile) among the decliners. The chip-equipment maker's stock shed 5 cents a share to fall to $9.34 after the company said it expects to report a first-quarter loss of 9 cents to 11 cents a share. The tech-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) fell 5 points to 1,471.
Energy stocks move into the red (9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks continued their move into the red early Monday after losses in the previous session. The Amex Oil Index (XOI: news, chart, profile) dropped 2% to 917. The Amex Natural Gas Index (XNG: news, chart, profile) fell 2.1% to 367. Crude oil prices retreated $1.60 to $40.08 on persisent economic woes.
Piper Jaffray swings to loss (8:43 am ET)
NEW YORK (MarketWatch) -- Piper Jaffray (PJC: news, chart, profile) said on Monday that it swung to a loss in the fourth quarter of $153 million, or $9.76 a share, from a profit of $6.5 million, or 41 cents a share a year ago. The latest results included $9.33 a share in charges, mostly for write-down at its capital-markets business as part of Piper Jaffray's 1998 acquisition by U.S. Bancorp. Revenue was to $59.4 million, a 60% drop from a year ago. Analysts polled by Thomson Reuters expected a loss of 72 cents on revenue of $88 million.
Applied Materials warns of first-quarter loss(8:42 am ET)
CHICAGO (MarketWatch) -- Semiconductor-equipment manufacturer Applied Materials Inc. (AMAT: news, chart, profile) said Monday it expects to take a loss of 9 to 11 cents a share in its first quarter on restructuring costs, the inability of certain customers to pay for their orders, and a decline in demand for chip and display products. The Santa Clara, Calif.-based company had said in November that it expected to turn in a profit of breakeven to 4 cents a share. The restructuring charge totals about $133 million; "Doubtful" accounts receivable will trigger a provision of $48 million; and an inventory logjam will pile up charges of $20 million. Sales in the quarter ended Jan. 25 are expected to drop 35% to $1.33 billion. Analysts polled by FactSet Research were anticipating a first-quarter profit of 2 cents a share on sales of $1.4 billion.
Sysco posts lower second-quarter profit(8:15 am ET)
NEW YORK (MarketWatch) -- Sysco Corp. (SYY: news, chart, profile) said Monday that its fiscal second-quarter earnings fell to $237.7 million, or 40 cents a share, from $264.1 million, or 43 cents a share, in the year-earlier period. Sales for the 13 weeks ended Dec. 27 declined to $9.15 billion from $9.24 billion. On average, analysts polled by FactSet Research expected the food-distribution company to report earnings of 38 cents a share.
Rockwell Automation lowers 2009 view as earnings fall(7:42 am ET)
NEW YORK (MarketWatch) -- Rockwell Automation Inc. (ROK: news, chart, profile) said Monday that first-quarter earnings were $118 million, or 83 cents a share, compared to $157 million, or $1.04, in the same period a year ago. Sales were $1.19 billion compared to $1.33 billion. Income from continuing operations was 81 cents a share. Analysts polled by FactSet Research estimated, on average, earnings per share of 83 cents and sales of $1.26 billion. For fiscal 2009 Rockwell lowered earnings guidance downward to a range of $1.55 to $2.25 per share.
Enterprise Products fourth-quarter net rises to $228.1 mln.(6:45 am ET)
LONDON (MarketWatch) -- Enterprise Products Partners Ltd. (EPD: news, chart, profile) on Monday said fourth-quarter profit rose to $228.1 million, or 44 cents per unit, from $161.9 million, or 30 cents per unit, in the same period the previous year. A FactSet Research survey of analysts had produced a consensus forecast of 43 cents per unit. The Houston-based pipeline operator and energy-services provider said revenues fell to $3.58 billion in the quarter from $5.30 billion in fourth-quarter 2007, due largely to lower commodity prices. The company said revenues and certain operating costs and expenses can fluctuate significantly based on the level of natural gas and NGL prices without necessarily affecting operating income and gross operating margin.
Mattel 4th-quarter net off 46%, sales down 11%(6:30 am ET)
TEL AVIV (MarketWatch) -- Mattel Inc., (MAT: news, chart, profile) the El Segundo, California, toymaker, reported that fourth-quarter earnings fell 46% on 11% lower sales. Net income fell to $176.4 million, or 49 cents a share, from $328.5 million, or 89 cents, in the year-earlier quarter. The year-earlier profit reflected a tax benefit of 13 cents a share. Sales declined to $1.94 billion from $2.19 billion. A survey of analysts by FactSet Research produced consensus estimates of 71 cents of profit on $2.19 billion of sales. Foreign-currency translations knocked five percentage points off sales, Mattel reported. At the Mattel Girls & Boys Brands unit, sales were down 17% to $1.12 billion. Worldwide gross sales for the Barbie brand were down 21%. "Our business wasn't immune from the deteriorating economic environment of 2008," Chairman and Chief Executive at Robert A. Eckert said in a statement.
Humana profit down 28% on claims, lower income(6:15 am ET)
LONDON (MarketWatch) -- Humana (HUM: news, chart, profile) , the Louisville health insurer, said fourth-quarter net income fell 28% to $174.1 million, or $1.03 a share, on higher prescription drug claim expenses and lower investment income, including four cents a share in writedowns. Revenue rose 18% to $7.49 billion. It still sees fiscal 2009 earnings climbing to $5.90 to $6.10 a share from $3.83 in fiscal 2008. Analysts polled by FactSet had expected fourth-quarter earnings of $1.07 a share and 2009 earnings of $5.91 a share.
Corn Products earnings flat, sees tough 2009(6:00 am ET)
LONDON (MarketWatch) -- Corn refiner and ingredients supplier Corn Products International Inc. (CPO: news, chart, profile) said Monday that its fourth-quarter net profit rose 1% to $46.4 million from $46.1 million. Earnings per shares were steady at 61 cents and sales rose 1% at $900 million as a more favorable sales mix was largely offset by exchange rate moves and lower volumes. The group said its result included a charge of 9 cents a share linked to the reimbursement of expenses over its terminated merger with Bunge (BG: news, chart, profile) . Analysts polled by FactSet had been expecting earnings of 64 cents a share in the quarter. Corn Products also said it expects earnings for 2009 to be in the range of $2.10 to $2.60 per share and that cash flow from operations should reach $450 million to $550 million. The analyst consensus forecast for 2009 is $3.26 a share, according to FactSet. Corn Products said the forecast is due to an expected increase in net corn costs, foreign exchange moves and uncertainty over volume and pricing strength.
Itochu net income falls 56% in quarter(4:30 am ET)
HONG KONG (MarketWatch) -- Japanese trading company Itochu Corp. (JP:8001: news, chart, profile) said Monday net income for the October-to-December quarter fell to 23.55 billion yen ($265 million) compared to 53.86 billion yen a year earlier. The company lowered its profit outlook for the fiscal year ending in March to 180 billion yen from its earlier estimate of 240 billion yen. The company booked a special loss of 37.1 billion yen related to its investment in the Entrada oil and gas field in the Gulf of Mexico. Itochu said it is still examining whether it should sell its interest in the field or leave it dormant. Itochu, which suspended the project in December, said its expenditures are unrecoverable.
Mitsubishi Electric swings to loss in quarter, cuts outlook(3:51 am ET)
HONG KONG (MarketWatch) -- Mitsubishi Electric Corp. (JP:6503: news, chart, profile) said Monday it suffered a net loss in the October-to-December quarter of 28.39 billion yen ($318.1 million), compared to a profit of 42.34 billion yen a year earlier, owing mostly to losses in stock holdings, and cut is profit outlook for the fiscal year ending March 31 to less than a tenth of its earlier forecast. Mitsubishi said revenue for the period was 808 billion yen compared to 912 billion yen a year earlier. It said losses related to equities at affiliated companies climbed to 31.2 billion yen, compared to a 3.98 billion yen profit a year earlier. For the fiscal year ending March 31 the company forecast a net profit of 10 billion yen, compared to its earlier estimate of 120 billion yen.
Ryanair records 102 million euro loss(2:15 am ET)
LONDON (MarketWatch) -- Ryanair Holdings (RYAAY: news, chart, profile) (UK:RYA: news, chart, profile) , the Irish airline, said it swung to a fiscal third-quarter loss of 102 million euros. But it said its fourth-quarter loss won't be as bad as initially expected, due to lower oil and other operating costs. For the year, excluding items, it may break even to earn as much as 80 million euros.
Sunday, Feb. 1
Daihatsu slashes forecast; 9-month profit declines(11:41 pm ET)
HONG KONG (MarketWatch) -- Japan's Daihatsu Motor Co. (JP:7262: news, chart, profile) has slashed its profit forecast for the year ending March 31 by 34% in the wake of worsening conditions for the automobile industry and the global economy. The company, a unit of automobile giant Toyota Motor Corp. (TM: news, chart, profile) (JP:7203: news, chart, profile) , now expects full-year group net income of 21 billion yen ($234 million) compared with its previous estimate of 32 billion yen. Sales are forecast at 1.63 trillion yen versus its earlier projection of 1.78 trillion yen. Daihatsu said its net income for the nine months ended Dec. 31 dropped to 18.34 billion yen from 20.54 billion yen in the same period a year earlier. Daihatsu shares fell 4% in Tokyo afternoon trading.
Friday, Jan. 30
Gannett CFO: Board to re-examine dividend in February(11:00 am ET)
CHICAGO (MarketWatch) -- Gannett Co. (GCI: news, chart, profile) Chief Financial Officer Gracia Martore said Friday that the company's board will again examine its quarterly dividend when it meets next month to determine whether it should be reduced or suspended as the global economic meltdown drags on. "Every company right now is very focused on conserving cash," Martore told analysts during a conference call. Another newspaper publisher, Media General (MEG: news, chart, profile) , announced on Thursday that it would suspend its dividend, and New York Times Co. (NYT: news, chart, profile) recently made a drastic cut to its quarterly payout. Gannett last considered the issue during a board meeting in October, Martore said.
Gannett CEO: Visibility very limited on ad outlook (10:53 am ET)
CHICAGO (MarketWatch) -- Gannett Co. (GCI: news, chart, profile) Chief Executive Craig Dubow said Friday that the outlook for advertising sales in the first quarter at the company's newspapers is difficult to determine at this time. "We're not seeing checkbooks coming open, but we understand there is opportunity in the pipeline," Dubow told analysts during a conference call. Addressing the issue of automotive advertising, which suffered a severe downturn in 2008, Dubow said Gannett is "not seeing anything that suggests any near-term upside" in the category.
Big Amazon gains give early lift to tech sector(9:40 am ET)
SAN FRANCISCO (MarketWatch) -- A surprise increase in fourth-quarter earnings by Amazon.com Inc. (AMZN: news, chart, profile) lifted the tech sector in early trading Friday as the online retailer's shares surged more than 15%. Late Wednesday, Amazon reported earnings of $225 million, or 52 cents a share, compared with $207 million, or 48 cents a share, for the same period the previous year. Analysts had been looking for earnings of 40 cents a share, according to consensus estimates from FactSet Research. With Amazon in the lead, the tech-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) rose 15 points to 1,523.
Exxon Mobil, Chevron lift energy stocks (9:36 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose Friday as bellwethers Exxon Mobil (XOM: news, chart, profile) and Chevron (CVX: news, chart, profile) posted better-than-expected fourth-quarter profits. The Amex Oil Index (XOI: news, chart, profile) rose 1.4% to 964. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1.8% to 392. Exxon Mobil rose 1.7% to $78.22. Chevron rose 2.3% to $72.21. Both stocks are components of the Dow Jones Industrial Average ($DJ: news, chart, profile) , which rose about 30 points.
Chevron net income edges up after one-time gains(9:28 am ET)
NEW YORK (MarketWatch) -- Chevron Corp. (CVX: news, chart, profile) on Friday said fourth-quarter net income edged up to $4.90 billion, or $2.44 a share, from $4.88 billion, or $2.32 a share in the year-ago period. The latest period included a $600 million gain on an asset exchange transaction as well as a $478 million boost from currency exchange. Analysts surveyed by FactSet Research expected Chevron to earn $1.82 a share. Revenue fell to $43 billion from $60 billion. Exploration and production profit dropped to $3.15 billion from $4.84 billion. Refining and marketing profit rose to $2.1 billion from $204 million. "Fourth-quarter earnings for our downstream business improved as the lower cost of crude-oil feedstocks used in the refining process helped boost margins on the sale of gasoline and other refined products," said Chairman and CEO Dave O'Reilly. "Lower quarterly profits for our upstream operations reflected a sharp decline in crude-oil prices from a year ago."
Paccar's fourth-quarter earnings tumble(8:47 am ET)
NEW YORK (MarketWatch) -- Paccar Inc. (PCAR: news, chart, profile) said Friday that fourth-quarter earnings fell to $113 million, or 31 cents a share, from $261 million, or 71 cents a share, in the same period a year ago. On average, analysts polled by FactSet Research expected the Bellevue, Wash.-based truck maker to report earnings of 38 cents a share.
Gannett to take charge of $4.5B-$5.2B in fourth quarter(8:47 am ET)
CHICAGO (MarketWatch) -- Gannett Co. (GCI: news, chart, profile) , the largest U.S. newspaper publisher, said Friday that it will take fourth-quarter non-cash charges of as much as $5.2 billion, after taxes, related to a reduction in the value of its assets as a result of the worldwide financial meltdown. On a preliminary basis, Gannett says its profit fell 36% to $158 million, or 69 cents a share, in the quarter ended Dec. 28, compared to year-earlier net income of $245.3 million, or $1.06 a share. Preliminary results in the latest three months include $24.4 million in severance and facility consolidation costs. Gannett expects to take after-tax non-cash charges of $4.5 billion to $5.2 billion once it completes a test to determine how much its assets have declined in value due to recessions in the U.S. and the U.K. Revenue slid 8.5% to $1.74 billion. Analysts polled by FactSet Research were expecting revenue of $1.8 billion. Gannett said publishing revenue fell 19% to $1.4 billion, reflecting among other factors a 37% plunge in classified advertising sales.
Wilmington Trust posts deficit as loan-loss provisions soar(8:23 am ET)
NEW YORK (MarketWatch) - Wilmington Trust (WL: news, chart, profile) on Friday said it swung to a loss in the fourth quarter as the value of its investments fell at the same time it more than tripled loan loss provision in the period. The company said it lost $68.5 million, or $1.02 a share, compared to a profit of 44 million, or 66 cents a share. The company said loan-loss provisions rose to $67.5 million in the quarter from $19.6 million last year.
American Axle & Manufacturing's loss widens(8:23 am ET)
BOSTON (MarketWatch) -- American Axle & Manufacturing Holdings Inc. (AXL: news, chart, profile) on Friday said its fourth-quarter net loss widened to $112.1 million, or $2.17 a share, from $26.8 million, or 52 cents a share, in the year-earlier quarter. AAM said the latest quarter's results included a tax expense provision of $69.5 million. Net sales dropped to $503 million from $755.2 million.
Arch Coal profit down 23% vs. year-earlier gain(8:21 am ET)
CHICAGO (MarketWatch) -- Arch Coal Inc. (ACI: news, chart, profile) said Friday that its fourth-quarter profit fell 23% compared with a year-earlier quarter that included a gain related to deferred tax assets. Net income was $62.3 million, or 44 cents a share, compared with a profit of $81.4 million, or 56 cents, in the fourth quarter of 2007. Revenue rose to $729.9 million from $644.4 million. Analysts surveyed by FactSet Research were expecting a profit of 40 cents a share.
Simon Property FFO up 6.5% in quarter(8:22 am ET)
NEW YORK (MarketWatch) -- Simon Property Group Inc. (SPG: news, chart, profile) said Friday that its funds from operations in the fourth quarter were $541 million, or $1.86 a share, compared to $508 million, or $1.76 a share, in the same period a year ago. Results in the most recent quarter include a 7-cents-a-share charge. Revenue was $1.03 billion compared to $1.04 billion. Analysts polled by FactSet Research estimated, on average, revenue of $1.03 billion. The company sees 2009 FFO in a range of $6.40 to $6.60 a share.
Exxon Mobil profit falls 33% on lower oil prices(8:13 am ET)
NEW YORK (MarketWatch) -- Exxon Mobil Corp. (XOM: news, chart, profile) on Friday said fourth-quarter net income fell 33% to $7.82 billion, or $1.55 a share from $11.66 billion, or $2.13 a share in the year-ago period. Analysts surveyed by FactSet Research forecast earnings of $1.52 a share. The world's largest corporation and component of the Dow Jones Industrial Average ($DJ: news, chart, profile) said lower oil prices impacted its profit by about $3.2 billion. Capital and exploration spending rose 11% to $6.8 billion. Oil equivalent production fell 3%. Excluding the impacts of lower entitlement volumes, OPEC quota effects and divestments, production fell 1%.
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Tuesday, Feb. 3
BHP Billiton half-year net income falls 57% to $2.6 billion(8:30 pm ET)
HONG KONG (MarketWatch) -- BHP Billiton (BHP: news, chart, profile) (AU:BHP: news, chart, profile) said Wednesday net income for the half year through Dec. 31 fell 57% to $2.6 billion, or 47 cents per share, compared to $6 billion, or $1.07 a share a year earlier. BHP, the world's largest mining company, said its revenue for the period rose 16.6% to $29.78 billion, up from $25.54 billion. The miner declared a 41 U.S. cent per share dividend, a 41% increase from the 29 cents per share it paid a year earlier.
Ace quarterly net income falls 97%(5:30 pm ET)
SAN FRANCISCO (MarketWatch) -- Ace Ltd. (ACE: news, chart, profile) said late Tuesday that fourth-quarter net income came in at $20 million, down 97% from a year earlier when the insurance and reinsurance company made $572 million. Earnings per common share was six cents vs. $1.69 during the fourth quarter of 2007, Ace reported. Operating income, which excludes net realized investment gains and losses, was $624 million, or $1.87 per common share, in the latest quarter. Ace was expected to make $1.85 a share, according to the average estimate of 15 analysts in a FactSet Research survey. Net realized and unrealized losses after tax from Ace's investment portfolio totaled roughly $1 billion during the latest quarter. That included $608 million of unrealized losses and $404 million of realized losses, Ace noted.
Disney CEO: Focus will be on cost to make, market DVDs(5:04 pm ET)
CHICAGO (MarketWatch) -- Walt Disney Co. (DIS: news, chart, profile) Chief Executive Bob Iger said Tuesday that the company will focus more heavily on the cost and marketing of DVDs to make sure the business can be viable as consumer demand changes over time. "The average DVD household in the U.S. owns about 80 DVDs already," he said during a conference call with analysts. "And the avid user has 135 to 140. So, economy or not, people potentially will be pretty selective about what [DVDs] they buy, because they probably already have a good-sized collection." Iger added that the company will continue to monitor the allocation of shelf space to DVDs at retailers like Wal-Mart (WMT: news, chart, profile) , but Disney finds that if an "event" is created as part of the promotion of its premiere titles, consumers "are still willing" to pay premium prices for the discs, rather than "buying lots of product in discount bins."
Charges eat into Yum profit; sticks to 2009 growth target(4:48 pm ET)
CHICAGO (MarketWatch) - Charges weighed on Yum Brands in the fourth quarter as the fast-food operator reported a dip in profit for the period. After the bell Tuesday, Yum said it earned $204 million, or 43 cents a share, down from $231 million, or 43 cents, in the year-ago period. Knocking out charges, it would have earned 46 cents a share. Sales at the Louisville, Ky.-based parent of Taco Bell, Pizza Hut and KFC rose 4% to $3.38 billion. Same-store sales, or those at locations open more than a year, climbed 3% worldwide. The average estimate of analysts polled by FactSet Research had been for the company to earn 44 cents a share on revenue of $3.41 billion. Looking ahead, Yum (YUM: news, chart, profile) said it continues to target "at least 10%" growth in earnings per share this year.
Disney CEO: Economy is not only reason for concern(4:45 pm ET)
CHICAGO (MarketWatch) Walt Disney Co. (DIS: news, chart, profile) Chief Executive Bob Iger told analysts Tuesday that although the company is being impacted by "what is likely to be the weakest economy in our lifetime," it is not the only reason why Disney and other companies are seeing lower DVD sales and decreases in advertising revenue. "Competition for people's time is increasing and the abundance of choice is allowing consumers to be more selective," Iger said during a conference call after the company reported disappointing first fiscal-quarter results. "This clearly has had an impact on broadcast television and may have a long-term potential impact on the DVD business ... We don't believe the changes we are seeing in consumer behavior can all be attributed to a weak economy, and we feel it is important for us to address them as more than just cyclical issues."
Leggett & Platt posts narrower loss amid restructuring(4:27 pm ET)
SAN FRANCISCO (MarketWatch) -- Components manufacturer Leggett & Platt Inc. (LEG: news, chart, profile) reported late Tuesday a narrower fourth-quarter loss of $18 million, or 11 cents a share. It lost $212.6 million, or $1.21 a share, in the year-earlier period. Sales fell 15% to $882.5 million. In 2008, Leggett & Platt sold five businesses, cut spending and increased its stock dividend. The company makes components for beds, furniture, and car seats. For 2009, the manufacturer pegged earnings at 60 cents to $1 a share. It made 62 cents a share in 2008. Due to slowing demand, the company projects sales will drop by 12% to 22% to a range of $3.2 billion to $3.6 billion. Leggett & Platt shares closed Tuesday at $12.71.
MetLife quarterly net income falls 12%(4:27 pm ET)
SAN FRANCISCO (MarketWatch) -- MetLife Inc. (MET: news, chart, profile) said late Tuesday that fourth-quarter net income came in at $985 million, down 12% from a year earlier when the life insurance and annuity giant made $1.12 billion. Net income per common share was $1.20 vs. $1.44. Operating earnings, which exclude net realized investment gains and losses, were $148 million, or 19 cents a share, in the latest quarter. MetLife was expected to make 19 cents a share, according to the average estimate of 17 analysts in a FactSet Research survey. Total premiums, fees and other revenues climbed 11% to $32.9 billion in the latest quarter.
Unum quarterly net falls 74%; insurer cuts profit forecast(4:15 pm ET)
SAN FRANCISCO (MarketWatch) -- Unum Group (UNM: news, chart, profile) said late Tuesday that fourth-quarter net income came in at $41.8 million, or 13 cents a share, down 74% from a year earlier when the disability insurer made $160.5 million, or 44 cents a share. The latest results include net realized after-tax investment losses of $167.6 million, or 50 cents a share. Excluding those items and the cost of extinguishing debt, adjusted income was $209.4 million, or 63 cents a share, Unum said. The insurer was expected to make 62 cents a share, according to the average estimate of 11 analysts in a FactSet Research survey. Unum lowered its forecast for full-year 2009 operating earnings to a range of $2.45 to $2.55 a share from a previous range of $2.65 a share to $2.70 a share. Chief Financial Officer and Chief Actuary Robert Greving will retire later this year and Unum said it's looking for a replacement.
Disney profit falls 32% on lower DVD sales, ad revenues(4:14 pm ET)
CHICAGO (MarketWatch) - Walt Disney Co. (DIS: news, chart, profile) said Tuesday that its first fiscal-quarter profit fell 32% on lower DVD sales and a drop in advertising sales at its broadcast and cable television networks. The Burbank, Calif.-based entertainment conglomerate said it earned $845 million, or 45 cents a share, in the quarter ended Dec. 27, compared with a profit of $1.25 billion, or 63 cents a share, in the same quarter a year earlier. Disney said that excluding a gain on the sale of two Latin American pay-TV services, it would have earned 41 cents a share in the latest three months. Revenue fell 8% to $9.6 billion. On average, analysts polled by FactSet Resarch expected Disney to post a profit of 52 cents a share on revenue of $10.1 billion.
EA plans to lay off 1,100 workers and close 12 facilities(4:12 pm ET)
SAN FRANCISCO (MarketWatch) -- Electronic Arts Inc. (ERTS: news, chart, profile) said Tuesday that it plans to lay off about 11% of its workforce, or 1,100 people, in an effort to cut costs. The news was included in the video game publisher's financial results for its third fiscal quarter. EA said it is closing 12 facilities as part of the move, which is expected to result in charges between $65 million and $75 million over the next 12 months.
Electronic Arts' loss deepens in third quarter(4:08 pm ET)
SAN FRANCISCO (MarketWatch) - Electronic Arts Inc. said Tuesday that net losses grew deeper in its third fiscal quarter despite a rise in video game sales. For the quarter ended Dec. 31, EA (ERTS: news, chart, profile) reported a loss of $641 million, or $2 a share, compared to a loss of $33 million, or 10 cents a share, for the same period the previous year. Excluding charges related to stock options and other items, the company said it would have earned $179 million, or 56 cents a share, for the recent period. Total revenue rose 10% to $1.65 billion. Net revenue - which includes deferred revenue from game sales - came in at $1.74 billion. Analysts were expecting earnings of 88 cents a share on revenue of $1.9 billion, according to consensus forecasts from Thomson Reuters.
S&P 500 expected to post first-ever negative earnings (10:46 am ET)
BOSTON (MarketWatch) -- Standard & Poor's Index Services on Tuesday said it expects the companies in the S&P 500 Index (SPX: news, chart, profile) to post their first-ever negative "as reported" GAAP earnings for the fourth quarter of 2008 as the economy continued to weaken. S&P said 244 issues have already reported quarterly results. "Operating earnings for the S&P 500 companies are expected to remain positive, since unusual charges (layoff provisions, write-offs, & etc.) are not included," S&P said. "However, operating earnings are expected to be the worst in over a decade." It added that reported quarterly sales are down nearly 11% while financials are set for the fifth consecutive quarter of negative earnings per share.
SanDisk losses lead weak early tech action(9:41 am ET)
SAN FRANCISCO (MarketWatch) -- Technology lost ground in early trading Tuesday, with declines coming from bellwethers such as Microsoft Corp. (MSFT: news, chart, profile) , Dell Inc. (DELL: news, chart, profile) and Apple Inc. (AAPL: news, chart, profile) . The tech-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) fell 6 points to 1,486, as it was affected by the performance of SanDisk Corp. (SNDK: news, chart, profile) . The flash-memory developer said late Monday that it expects its first-quarter revenue to fall below expectations and that it may hold an equity offering that could dilute its stock's value by to 20%. SanDisk shares tumbled $2.46, or 22%, to $8.80.
Energy stocks rise with broad market(9:38 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose with the broad market on Tuesday as crude futures edged up. The Amex Oil Index (XOI: news, chart, profile) rose 0.7% to 927. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.8% to 373. Crude oil futures rose 4 cents to $40.12.
Marathon Oil adjusted profit doubles to $1.44 a share(9:15 am ET)
NEW YORK (MarketWatch) -- Marathon Oil (MRO: news, chart, profile) said Tuesday it lost $41 million, or 6 cents a share in its fourth fiscal quarter, compared to earnings of $668 million, or 94 cents a share in the year-ago period. The latest results include a non-cash $1.4 billion impairment of goodwill related to the company's Oil Sands Mining segment. Adjusted net income doubled to $1.03 billion, or $1.44 per diluted share, from $500 million, or 70 cents a share in the year-ago period. Analysts expected earnings of 91 cents a share. Separately, Marathon said it's cutting its 2009 capital spending budget by 24% to $5.7 billion. Marathon's 2008 capital spending was 5% less than the original $8 billion budget for the year.
PSEG earnings fall in quarter(9:04 am ET)
NEW YORK (MarketWatch) -- Public Service Enterprise Group (PEG: news, chart, profile) said Tuesday that its fourth-quarter earnings were $234 million, or 46 cents a share, compared to $225 million, or 43 cents, in the same period a year ago. Income from continuing operations was 49 cents a share. Analysts polled by FactSet Research estimated, on average, earnings per share of 52 cents. For 2009 PSEG expects to earn $3.00 to $3.25 a share.
GMAC reports $7.5 billion profit in quarter(8:19 am ET)
NEW YORK (MarketWatch) -- GMAC Financial Services said Tuesday that its fourth-quarter earnings were $7.45 billion compared to a year-ago loss of $724 million. Results in the quarter were largely driven by an $11.4 billion after-tax gain from the extinguishment of debt related to GMAC's fourth-quarter bond exchange, which was partially offset by losses in the global automotive finance and mortgage businesses. GMAC received $5 billion investment from U.S. Treasury's Troubled Asset Relief Program during the period.
Northrop Grumman swings to a loss on impairment charge(8:17 am ET)
NEW YORK (MarketWatch) -- Northrop Grumman Corp. (NOC: news, chart, profile) on Tuesday posted a fourth-quarter loss from continuing operations of $2.5 billion, or $7.76 a share, driven by a non-cash, after-tax charge of $3.1 billion for impairment of goodwill. In the year-ago period, the company earned $457 million, or $1.32 a share. Adjusted earnings from continuing operations rose to $1.57 a share from $1.32 a share. Sales increased 4% to $9.2 billion. Analysts expected earnings of $1.55 a share on revenue of $8.9 billion, according to a survey by FactSet Research. Northrop expects 2009 earnings of $4.50 to $4.75 a share, compared to the Wall Street target of $5.06 a share.
Cummins fourth-quarter profit drops(8:13 am ET)
NEW YORK (MarketWatch) -- Cummins Inc. (CMI: news, chart, profile) reported Tuesday a 55% fall in its fourth-quarter profit, which totaled $89 million, or 45 cents a share, from $198 million, or $1 a share, in the year-ago period. Analysts surveyed by FactSet Research had expected, on average, profit of 39 cents a share. The power equipment company said fourth quarter sales fell 6% to $3.29 billion, compared to $3.52 billion in the same period in 2007.
Manpower net earnings fall 40.5% on weak demand(8:11 am ET)
MADRID (MarketWatch) -- Employment services group Manpower, Inc. (MAN: news, chart, profile) on Tuesday said fourth quarter net earnings fell 40.5% on currency effects and as demand for services declined. For the quarter, net earnings fell to $79.2 million, or $1.01 per diluted share, against $133.1 million, or $1.63 in the year-ago period. Analysts had expected earnings on average of 76 cents a share, according to a FactSet Research survey. In constant currency, net earnings fell 34% in the fourth quarter. Revenue fell to $4.6 billion from $5.6 billion. The company had 47 cents per share of income in the quarter related to a business tax refund and recoverable 2005 payroll taxes in France. Also included was a reorganization charge of 35 cents per share. Net earnings were negatively impacted by 10 cents a share owing to weaker foreign currencies, the company said.
UPS earns 25 cents a share in quarter(8:04 am ET)
NEW YORK (MarketWatch) -- UPS (UPS: news, chart, profile) said Tuesday that fourth-quarter earnings were $254 million, or 25 cents a share, compared to a year-ago loss of $2.64 billion, or $2.52 a share. Revenue was $12.70 billion compared to $13.39 billion a year ago. On an adjusted basis, earnings per share were 83 cents. Analysts polled by FactSet Research estimated, on average, earnings per share of 86 cents and sales of $13.28 billion. "Visibility into the future has become increasingly difficult given the enormous amount of economic uncertainty around the world," said Kurt Kuehn, UPS's chief financial officer. "Therefore, UPS will provide guidance only for the first quarter, which is earnings per share within a range of 52 cents and 68 cents."
Motorola posts loss, suspends dividend(7:57 am ET)
WASHINGTON (MarketWatch) -- Motorola Inc. (MOT: news, chart, profile) on Tuesday posted a $3.6 billion loss in the fourth quarter, suspended its dividend and projected further losses in the first three months of 2009. The Schaumburg, Ill.-based vendor reported a net loss of $3.58 billion, or $1.57 a share, compared with a loss of $397 million, or 18 cents a share, in the same 2007 quarter. Revenue sank 26% to $7.14 billion, as shipments of wireless phones fell to 19.2 million from 40.9 million one year ago. Nearly all of the loss - $1.56 a share - stemmed from a variety of onetime costs, the company said. Motorola also forecast a first-quarter loss of 10 cents to 12 cents a share, excluding onetime items. Wall Street had been forecasting a loss of 6 cents a share.
ADP net income rises 3%; sticks to 2009 view(7:54 am ET)
NEW YORK (MarketWatch) -- Automatic Data Processing Corp. (ADP: news, chart, profile) said Tuesday that second-quarter net income rose to $300.5 million, or 60 cents a share, from $291.2 million, or 56 cents a share in the year-ago period. Operating earnings rose to 59 cents a share from 55 cents a share. Revenue rose to $2.20 billion from $2.15 billion. Analysts expected earnings of 59 cents a share and revenue of $2.17 billion, according to a survey by FactSet Research. Looking ahead, ADP said it continues to expect 2% to 3% revenue growth, and 10% to 14% growth in diluted earnings per share from continuing operations in 2009.
IAC earns $1.57 a share in quarter(7:52 am ET)
NEW YORK (MarketWatch) -- IAC said Tuesday that fourth-quarter earnings were $227 million, or $1.57 a share, compared to a loss of $370 million, or $2.53 a share, in the year-ago period. Revenue fell 7% to $351 million from $379 million. Earnings per share from continuing operations were $1.60 a share, compared to 2 cents a year ago. Analysts polled by FactSet Research estimated, on average, sales of $372 million. Fourth-quarter net income includes $26 million in writedowns on IAC's investment portfolio.
PNC posts loss on credit provisions (7:44 am ET)
NEW YORK (MarketWatch) -- PNC Financial (PNC: news, chart, profile) , which took over National City Corp last year, said its fourth quarter results swung to a loss of $248 million, or 77 cents a shares, down from a profit of $178 million, or 52 cents a share. The latest quarter included a $990 million credit loss provision, that contained $504 million related to its National City acquisition.
Merck posts earnings after year-ago loss(7:42 am ET)
NEW YORK (MarketWatch) -- Merck & Co. Inc. (MRK: news, chart, profile) said Tuesday it earned a fourth-quarter profit of $1.64 billion, or 78 cents a share, compared to a loss of $1.63 billion, or 75 cents a share in the year-ago period. Adjusted earnings in the latest quarter were 87 cents a share. Worldwide sales fell 3% to $6.0 billion. Wall Street analysts expected earnings of 74 cents a share on revenue of $5.98 billion, according to a survey by FactSet Research. Merck continues to expect 2009 adjusted earnings of $3.15 to $3.30 a share, compared to the Wall Street target of $3.26 a share.
Cameron reports profit rise(7:36 am ET)
NEW YORK (MarketWatch) -- Cameron International Corp. (CAM: news, chart, profile) said Tuesday its fourth-quarter net income was $149.1 million, or 67 cents a share, compared to a net income of $125.9 million, or 54 cents a share, in the year-ago period. The oil and gas service provider said its fourth-quarter 2008 results include a non-cash, after-tax charge of $16.5 million, or 8 cents a share, associated with the termination of its U.S. pension plans. Analysts surveyed by FactSet Research had estimated, on average, profit of 75 cents a share. The estimates typically exclude one-time charges. Cameron's stock was down 6.7% in pre-market trading.
D.R. Horton net loss narrows to $62.6 million(7:36 am ET)
MADRID (MarketWatch) -- U.S. builder D.R. Horton, Inc. (DHI: news, chart, profile) on Tuesday reported a fiscal first-quarter net loss of $62.6 million, or 20 cents per diluted share, compared to a net loss of $128.8 million, or 41 cents per diluted share a year ago. The results included $56.2 million in pre-tax charges to cost of sales for inventory impairments and write-offs of deposits and pre-acquisition costs related to land option contracts that it won't pursue. A survey of analysts by FactSet Research had produced a consensus forecast of 53 cents a share. The company said homes closed totaled 4,068, versus 6,549 a year ago. The company declared a quarterly cash dividend of $37.5 cents a share. Donald R. Horton, chairman of the board, said market conditions in the industry continued to deteriorate in the first quarter. "We continue to adjust our business to the current homebuilding environment by reducing our homes under construction and our owned lot position, controlling costs and repaying debt," he said, in a press statement. He said the company plans to generate positive operating cash flow in fiscal 2009, in addition to cash provided by any federal income tax refunds.
Avon profit jumps to 54 cents a share from 30 cents year ago(7:29 am ET)
NEW YORK (MarketWatch) -- Avon Products Inc. (AVP: news, chart, profile) said Tuesday its fiscal fourth-quarter profit rose to $232 million, or 54 cents a share, from $129 million, or 30 cents a share, in the same quarter a year before. Analysts had expected earnings on average of 59 cents a share, according to a FactSet Research survey. Revenue for the quarter was $2.81 billion compared to $3.01 billion in the year-ago period, which the company said came "as the impact of a substantial shift in many foreign-currency exchange rates more than offset local-currency revenue growth of 2% year over year." The company also said it is raising its quarterly dividend 5% to 21 cents a share, payable March 2 to shareholders of record Feb. 17. Avon Chief Executive Andrea Jung said 2009 "will be a challenging year."
Entergy Corp. net income falls 12% (7:27 am ET)
NEW YORK (MarketWatch) -- Entergy Corp. (ETR: news, chart, profile) said fourth-quarter net income fell 12% to $170.6 million, or 89 cents per share, from $193.9 million, or 96 cents a share in the year-ago period. Operating earnings for the three months ended Dec. 31 dropped to 99 cents a share from $1.12 a share. Revenue rose to $3 billion from $2.7 billion. Analysts expected earnings of $1.02 a share on revenue of $2.9 billion. The company expects 2009 operating earnings of $6.70 to $7.30 a share, compared to the Wall Street estimate of $7.19 a share. Entergy said it's moving ahead with its plan to spin off its nuclear business under the name Enexus. "Due to the continued turmoil in the financial markets and a longer regulatory approval process than originally expected, Entergy and Enexus remain in a rolling readiness posture," Entergy said. "This strategy enables Entergy to execute the spin-off following receipt of regulatory approvals and once the timing is right to access the credit markets, both on acceptable terms."
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3xBuBu

02/04/09 7:23 PM

#753 RE: 3xBuBu #699

Wednesday, Feb. 4
Sunoco swings to profit on big gains in fuel margins (5:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Independent oil refiner Sunoco (SUN: news, chart, profile) reported late Wednesday a big jump in profit from its gasoline, diesel and heating oil retail business led to fourth-quarter net income of $204 million, or $1.74 a share, reversing a loss in the year-ago period of $9 million, or 8 cents a share. Revenue for the three months ended Dec. 31 fell to $9.14 billion from $13.16 billion. Analysts surveyed by FactSet Research ad predicted the Philadelphia-based company would earn $1.93 a share. Sunoco shares rose 22 cents ahead of the report to close at $44.91.
EOG Resources quarterly profit rises to $1.84 a share(5:12 pm ET)
SAN FRANCISCO (MarketWatch) -- EOG Resources Inc. (EOG: news, chart, profile) late Wednesday reported its fourth-quarter net income rose to $461.5 million, or $1.84 a share, from $358 million, or $1.44 a share, in the same quarter last year. The latest quarter results include a previously disclosed $1.36 a share net gain on the mark-to-market of financial commodity transactions. Operating revenue increased to $1.63 billion from $1.29 billion a year earlier, the oil and natural gas company said. Analysts had forecast earnings of $1.25 a share on revenue of $1.34 billion.
Visa quarterly net income rises 35%(4:53 pm ET)
SAN FRANCISCO (MarketWatch) -- Visa Inc. (V: news, chart, profile) said late Wednesday that fiscal first-quarter net income came in at $574 million, or 74 cents per class A share, up 35% from a year earlier when the payment card giant made $424 million, or 55 cents a share. Visa's share structure was different this time last year because the company wasn't public yet. Adjusted for the effect of taxes, restructuring and purchase amortization, Visa said net income for the lastest quarter was $599 million, or 78 cents per class A common share. Visa was expected to make 67 cents a share, according to the average estimate of 19 analysts in a FactSet Research survey. Net operating revenue in the fiscal first quarter was $1.7 billion, up 17% from the same period a year ago, Visa also reported. Chief Executive Joseph Saunders said the company will be able to meet its target for earnings per share in 2009.
THQ swings to loss in third fiscal quarter(4:39 pm ET)
SAN FRANCISCO (MarketWatch) -- THQ Inc. swung to a loss for the third fiscal quarter as video game sales dropped and the company took big charges for write-downs. For the period ended Dec. 31, the video game publisher (THQI: news, chart, profile) reported a net loss of $191.8 million, or $2.86 a share, compared to earnings of $15.5 million, or 23 cents a share, for the same period last year. Excluding certain charges, the company said it would have lost $9.6 million, or 14 cents a share, for the recent period. Revenue fell 30% to $357.3 million. The company reported non-GAAP revenue of $385.6 million. Analysts were expecting earnings of 7 cents a share on revenue of $403.4 million, according to consensus estimates from Thomson Reuters.
Prudential reports quarterly net loss of $1.64 billion(4:37 pm ET)
SAN FRANCISCO (MarketWatch) -- Prudential Financial (PRU: news, chart, profile) said late Wednesday that it lost $1.64 billion, or $3.85 per common share, in the fourth-quarter of 2008. That compares to net income of $792 million, or $1.75 per common share, a year earlier. The insurer reported an operating loss of $878 million, or $2.04 per common share, in the latest quarter. Prudential was expected to lose $1.20 a share, according to the average estimate of 16 analysts in a FactSet Research survey.
Novellus Systems swings to $130.3 million loss(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- Novellus Systems Inc. (NVLS: news, chart, profile) on Wednesday reported a fourth-quarter loss of $130.3 million, or $1.36 a share, compared to a profit of $52.9 million, or 47 cents a share, during the same period a year ago. The chip-equipment maker said its sales slumped to $188.5 million, down more than 48% from the prior-year's revenue of $363.5 million. Excluding one-time items, Novellus said it would have lost $20 million, or 21 cents a share. Analysts surveyed by FactSet Research had forecast Novellus to lost 17 cents a share on $189 million in sales.
BMC Software sees sales increase, raises guidance(4:16 pm ET)
SAN FRANCISCO (MarketWatch) - BMC Software Inc. on Wednesday said its fiscal third-quarter net income remained flat at $83.8 million, or 45 cents a share, compared to $84 million, or 42 cents a share in the same period a year earlier. Revenue for the period ended in December rose more than 6% to $488.4 million. Excluding special items, BMC (BMC: news, chart, profile) said earnings for the quarter were 64 cents a share. Analysts polled by Thomson Reuters had estimated the business software maker would post earnings excluding special items of 59 cents a share, on $487.6 million in revenue. Houston-based BMC said it's raising guidance for earnings excluding items for the full fiscal year, to between $2.20 and $2.30 a share.
CORRECT: Snap-on 4Q net earnings up 2.2%, but sees tough 1Q(1:14 pm ET)
MADRID (MarketWatch) -- Tool maker Snap-on Inc. (SNA: news, chart, profile) reported on Wednesday that fourth-quarter net earnings rose 2.2% even as customer demand weakened in the period. For the quarter, earnings rose to $58.6 million, or $1.01 per diluted share, from $57.3 million, or 98 cents a share, in the year-earlier period. A survey of analysts by FactSet Research produced a consensus estimate of 98 cents a share of profit. Net sales for the group fell 10% to $667.8 million against $742.9 million a year ago, due to unfavorable currency translation, the company said. Nick Pinchuk, Snap-on's president and chief executive officer, said weaker demand in the quarter particularly affected sales of big ticket items. The company said it expects no change in the tough economic environment and as a result, expects sales and credit originations in the first quarter of 2009 to be down on an annual basis. It anticipates $3 million per quarter of higher year-over-year pension expenses and $8 million of unfavorable foreign exchange impact on first quarter operating earnings. (Corrects to show earnings rose 2.2% from a year ago.)
Time Warner CFO: Time Inc. print ad sales down worse than 4Q(11:23 am ET)
CHICAGO (MarketWatch) -- Time Warner Inc.'s (TWX: news, chart, profile) publishing unit Time Inc. is seeing advertising sales that are down more than the 22% year-over-year decline that occurred in the fourth quarter, Chief Financial Officer John Martin said Wednesday. "While the year-over-year comparisons will clearly improve as we move ahead ... we really can't predict at this time when the environment is going to begin to look better." The unit is still expected to benefit from $175 million in cost savings associated with a restructuring, Martin said during a conference call.
Time Warner CFO: Soft DVD trend expected to continue(11:07 am ET)
CHICAGO (MarketWatch) -- Echoing concerns expressed by Walt Disney Co. (DIS: news, chart, profile) on Tuesday, Time Warner Inc. (TWX: news, chart, profile) Chief Financial Officer John Martin told analysts Wednesday that the company's film and television studios "remain cautious" about the current trend toward weakness in DVD sales, particularly sales of catalog titles. "We expect the [DVD] industry to stay challenged as long as there is broader softness in consumer spending and retail," he said during a conference call. In the first quarter, the studios face difficult comparisons with a prior-year period that included 13 major home entertainment releases. There will only be five important home video releases in this year's March quarter, Martin said.
Time Warner CFO: Turner ad sales seen flat with 1Q '07(10:59 am ET)
CHICAGO (MarketWatch) -- Time Warner Inc. (TWX: news, chart, profile) Chief Financial Officer John Martin said Wednesday that the company expects first-quarter advertising sales at the Turner cable networks to be about flat with sales in the same quarter a year ago. Currently, ad sales at such networks as TNT, TBS Superstation, CNN and Cartoon Network are reflecting "limited volume," Martin said during a conference call, "with rates flat to slightly ahead of prices charged in advance last spring. The channels also face difficult comparisons with a prior-year quarter that was particularly strong, with ad revenue up 13%.
Energy stocks gain ahead of weekly petroleum inventory data(9:38 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose along with crude prices, ahead of key weekly petroleum inventory data due out during the session on Wednesday. The Amex Oil Index (XOI: news, chart, profile) rose 0.6% to 948. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1.1% to 384. Crude prices rose 95 cents to $41.73.
Tudor Pickering Holt cuts Devon Energy rating to hold(9:14 am ET)
NEW YORK (MarketWatch) -- Analysts at Houston energy research firm Tudor Pickering Holt on Wednesday downgraded shares of Devon Energy (DVN: news, chart, profile) to hold from accumulate after the natural gas and oil producer's fourth-quarter results. "Swap your large cap exploration and production dollars to Anadarko (APC: news, chart, profile) , Noble Energy (NBL: news, chart, profile) ," analysts said in a note to clients. "Devon has underperformed, will continue to do so on painfully bad reserve revisions." Analysts said they hope to get more forecasts from Devon on its capital spending and production on a conference call later on Wednesday.
Allergan posts lower earnings, plans to lay off 5% of staff(9:15 am ET)
NEW YORK (MarketWatch) -- Allergan Inc. (AGN: news, chart, profile) said Wednesday its fourth-quarter profit totaled $151 million, or 50 cents a share, from $160 million, or 52 cents a share, in the same quarter a year before. Adjusted earnings for the recent quarter were 76 cents a share. Analysts had expected earnings on average of 72 cents a share, according to a FactSet Research survey. Revenue for the quarter was $1.06 billion compared to $1.09 billion in the year-ago period. The Irvine, Calif. company also said it will lay off approximately 460 employees, or about 5% of its global workforce, primarily in the U.S. and Europe. The biotech firm said the restructuring will result in pre-tax charges of between $110 million and $117 million. For the first quarter of 2009, Allergan estimates adjusted diluted earnings at 50 cents to 52 cents a share, with $2.69 to $2.75 a share expected for all of 2009. Allergan shares were 5% lower in pre-market trade following the announcements.
Clorox earnings per share fall 4.6% in quarter(8:44 am ET)
NEW YORK (MarketWatch) -- The Clorox Co. (CLX: news, chart, profile) said Wednesday that second-quarter earnings were $86 million, or 62 cents a share, compared to $92 million, or 65 cents a share, in the same period a year ago. Sales were $1.22 billion, compared to $1.19 billion. Analysts polled by Fact Set Research estimated, on average, earnings per share of 59 cents and sales of $1.24 billion. For 2009, Clorox affirmed earnings-per-share guidance of $3.60 to $3.75 and sales growth of 3% to 5%.
Kodak forecasts modest improvement in late 2009(8:40 am ET)
NEW YORK (MarketWatch) -- Eastman Kodak (EK: news, chart, profile) on Wednesday said it expects 2009 revenue to fall 12% to 18%, while the hard-hit imaging company held out hope for a modest improvement in the second half of the year. Kodak said it's planning to be a smaller more profitable company in 2009. "The performance of our digital portfolio is strong and Kodak's balance sheet is solid," said Antonio M. Perez, Chairman and Chief Executive Officer. "But we see no immediate signs of economic recovery, so we are taking steps to address this by focusing investment in our core digital technologies, optimizing our portfolio of cash-generating businesses, and restructuring the company to further reduce our cost structure."
Diebold swings to fourth-quarter profit(8:38 am ET)
NEW YORK (MarketWatch) -- Diebold Inc. (DBD: news, chart, profile) said Wednesday that it swung to a fourth-quarter profit of $5.94 million, or 9 cents a share, from a loss of $10.1 million, or 15 cents a share, in the same period a year ago. Adjusted earnings from continuing operations were 40 cents, down 40% from the year-earlier period. Revenue at the North Canton, Ohio-based maker of ATMs and security equipment fell to $823 million from $880 million. Diebold said it expects full-year 2009 earnings of $2.07 to $2.36 a share. On an adjusted basis, it sees earnings of $2.10 to $2.40 a share.
Polo Ralph Lauren profit off; fiscal 2009 outlook cut(8:26 am ET)
TEL AVIV (MarketWatch) -- Polo Ralph Lauren Corp., (RL: news, chart, profile) the New York designer of clothing and accessories as well as household products, reported that fiscal third-quarter net income fell 7.1% on 1% lower revenue, and it cut its estimates for the full fiscal year. For the quarter ended Dec. 27, the company earned $105 million, or $1.05 a share, compared with $113 million, or $1.08, in the year-earlier quarter. Revenue edged down to $1.25 billion from $1.27 billion. A survey of analysts by FactSet Research produced consensus estimates of 87 cents a share of profit on $1.26 billion of revenue. "We expect weak consumer spending to be a meaningful headwind for the foreseeable future," said President and Chief Operating Officer Roger Farah in a statement on Wednesday. Retail sales fell 7% to $547 million, reflecting 13.5% lower comparable-store sales. Sales at wholesale rose 5% to $655 million. For fiscal 2009, the company cut its estimate of earnings to a range of $3.85 to $4 a share from the previous outlook of $4 to $4.10. Revenue should range from level with to down low-single-digits percent from fiscal 2008, Polo Ralph Lauren estimated. It previously had expected an increase of low single digits percent.
National Oilwell Varco net income rises 55%(8:13 am ET)
NEW YORK (MarketWatch) -- National Oilwell Varco (NOV: news, chart, profile) said Wednesday fourth-quarter net income rose 55% to $585 million, or $1.40 per share, from $376.7 million, or $1.05 a share in the year-ago period. Results for the latest quarter include pre-tax charges of 4 cents a share for its April 2008 merger with Grant Prideco, Inc. Excluding the transaction charges, earnings were $1.44 per fully diluted share. Revenue rose to $3.8 billion from $2.66 billion. Wall Street analysts expected the company to earn $1.33 a share on revenue of $3.77 billion, according to a survey by FactSet Research. "While near term economic conditions are challenging, we enter 2009 with a healthy backlog of equipment and technology to deliver to our customers, and a balance sheet with considerably more cash than debt," the Houston based oil services firm said. "We believe that the oil and gas industry's challenge to replace depleting reserves will require upgrading the world's rig fleet, and we look forward to continuing to help our customers retool their rigs after years of underinvestment."
Ryder income sinks amid restructuring charges(8:10 am ET)
NEW YORK (MarketWatch) -- Ryder System Inc. (R: news, chart, profile) said Wednesday its fourth-quarter profit totaled $10.6 million, or 19 cents a share, from $71.9 million, or $1.24 a share, in the same quarter a year before. The result included restructuring and other one-time charges of 90 cents a share, making adjusted earnings $1.09 a share. Analysts had expected adjusted earnings on average of $1.03 a share, according to a FactSet Research survey. Revenue for the quarter was $1.37 billion compared to $1.67 billion in the year-ago period. Ryder said it forecasts full-year 2009 earnings to be in the range of $2.60 to $3.30 per share.
Devon Energy swings to $6.8 billion loss on non-cash charge(8:06 am ET)
NEW YORK (MarketWatch) -- Devon Energy Corp. (DVN: news, chart, profile) on Wednesday said it lost $6.8 billion, or $15.42 a share in its fourth quarter, compared to earnings of $1.3 billion or, $2.92 a share in the year-ago period. The latest period includes a $7.1 billion non-cash, after-tax reduction in the carrying value of the Oklahoma City company's oil and gas properties. Adjusted earnings for the fourth quarter totaled $297 million, or 67 cents a share. Revenue fell to $2.7 billion from $3.2 billion in the year-ago period. Wall Street analysts expected earnings of $1.19 a share on revenue of $3.04 billion, according to a survey by FactSet Research.
Goodrich net and sales up; 2009 estimates reduced(7:55 am ET)
TEL AVIV (MarketWatch) -- Goodrich Corp., (GR: news, chart, profile) the Charlotte, N.C., supplier of systems and services for aerospace and defense, reported fourth-quarter earnings rose 29% on 1.6% higher sales, and it cut its expectations for 2009 sales and earnings. Earnings reached $168.7 million, or $1.35 a share, from $131.2 million, or $1.03, in the year-earlier quarter. Shares outstanding fell 24% to 124.6 million. Sales reached $1.7 billion from $1.67 billion. A survey of analysts by FactSet Research produced consensus estimates of $1.01 of profit on sales of $1.72 billion. The operating-profit margin widened to 16.3% from 15.8%. For 2009, Goodrich expects to earn $4.50 to $4.90 a share, compared with its previous estimate of $5.05 to $5.25. The new view reflects updated estimates of pension expense plus "the uncertainty of the global economic environment," the company said. Sales for 2009 should come in at $7.1 billion to $7.2 billion. Sales for 2008 totaled $7.06 billion. FactSet's survey for 2009 had been looking for $4.85 a share.
Sara Lee swings to 2 cents-a-share loss in quarter(7:45 am ET)
NEW YORK (MarketWatch) -- Sara Lee Corp. (SLE: news, chart, profile) said Wednesday that it lost $17 million, or 2 cents a share, in the second quarter. In the same period last year, Sara Lee earned $182 million, or 25 cents a share. Net sales were $3.34 billion, compared to $3.41 billion. Excluding items, earnings per share were 21 cents compared to 22 cents last year. Analysts polled by FactSet Research estimated, on average, earnings per share of 22 cents and sales of $3.44 billion. Sara Lee expects full-year fiscal 2009 earnings per share in the range of 72 cents to 79 cents.
Lazard fourth-quarter profit plummets(7:39 am ET)
NEW YORK (MarketWatch) -- Lazard Ltd. (LAZ: news, chart, profile) reported Wednesday a steep fall in its fourth-quarter net income to $38 million, or 50 cents a share, from $59.1 million, or $1.04 a share, for the fourth quarter of 2007. Net revenue fell to $375.9 million, from $585.1 million in the year-ago period. "Our financial position remains strong," said Michael Castellano, chief financial officer. He said the firm had $1 billion in cash and marketable stocks on Dec. 31, and will invest in growth areas of the businesses. Castellano said that job cuts will create a pre-tax charge of $60 million in the first quarter.
NiSource quarterly profit rises, beats expectations(7:33 am ET)
NEW YORK (MarketWatch) -- NiSource Inc. (NI: news, chart, profile) said Wednesday its fourth-quarter profit totaled $162 million, or 59 cents a share, from $67 million, or 24 cents a share, in the same quarter a year before. Analysts had expected earnings on average of 44 cents a share, according to a FactSet Research survey, which was below the actual adjusted earnings of 46 cents a share. Revenue for the quarter was $2.39 billion compared to $2.21 billion in the year-ago period. The gas distributor said it plans to take steps to reduce its total projected 2009 financing requirements from nearly $1 billion to approximately $500 million, with steps including debt repurchases and a reduction in capital spending. NiSource expects basic earnings per share from continuing operations for 2009 to be at $1.00 to $1.10.
PPL earnings fall in quarter to 74 cents a share(7:27 am ET)
NEW YORK (MarketWatch) -- PPL Corp. (PPL: news, chart, profile) said Wednesday that fourth-quarter earnings were $277 million, or 74 cents a share, compared to $418 million, or $1.11 a share, in the same period a year ago. Excluding items operating earnings were 46 cents a share. Operating revenue was $1.00 billion compared to $1.04 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 46 cents. PPL reaffirmed its 2009 forecast for earnings per share of $1.60 to $1.90.
Windstream net off after year-earlier gain; meets estimate(7:25 am ET)
TEL AVIV (MarketWatch) -- Windstream Corp., (WIN: news, chart, profile) the Little Rock, Ark., provider of phone, Internet and other services to 16 states, reported that fourth-quarter net income fell 86% on 4.8% lower revenue. Earnings were $81.2 million, or 19 cents a share, compared with $583.6 million, or $1.25, in the year-earlier period. Special items cut 6 cents from the latest per-share profit. The year-ago figure reflected a $451 million gain on the sale of the directory-publishing business. Revenue fell to $777.5 million from $816.7 million. A survey of analysts by FactSet Research produced a consensus estimate of 25 cents of profit.
Fidelity National narrows fourth-quarter loss(7:25 am ET)
NEW YORK (MarketWatch) -- Fidelity National Financial (FNF: news, chart, profile) said Wednesday that its fourth-quarter loss narrowed to $1.7 million, or 1 cent a share, from the year-earlier loss of $44.9 million, or 21 cents a share. Excluding the impact of Commonwealth Land Title, Lawyers Title and United Capital Title from their acquisition date of Dec. 22, net earnings would have been $1.2 million, or 1 cent a share, the company said. On average, analysts surveyed by FactSet Research were looking for a loss of 2 cents a share. Revenue at title insurer declined to $1.02 billion from $1.30 billion.
ITT keeps outlook as profit rises to $1.02 a share(7:20 am ET)
NEW YORK (MarketWatch) -- ITT Corp. (ITT: news, chart, profile) said Wednesday its fourth-quarter profit totaled $186 million, or $1.02 a share, from $158 million, or 86 cents a share, in the same quarter a year before. Excluding one-time charges and discontinued operations, earnings were 82 cents a share. Analysts had expected earnings on average of 76 cents a share, according to a FactSet Research survey. The technology conglomerate's revenue for the quarter was $2.95 billion compared to $2.53 billion in the year-ago period. ITT Chief Executive and Chairman Steve Loranger said that the company is keeping its 2009 earnings outlook of $3.60 to $4.00 a share and that "while the challenges that lie ahead are significant, we believe our leaders are taking the necessary actions to best position the company for these difficult times."
Wolverine World Wide profit down 5.8%(6:39 am ET)
LONDON (MarketWatch) -- Wolverine World Wide Inc. (WWW: news, chart, profile) said Wednesday that its fourth quarter net profit slipped 5.8% to $24.1 million from $25.6 million. Earnings per share for the quarter were flat at 49 cents a share and revenue fell 3.2% to $346.1 million. Analysts polled by FactSet had been expecting the group to report earnings of 44 cents a share on revenue of $343.7 million. The footwear manufacturer, whose brands include Merrell and Hush Puppies, said it expects more challenging trading conditions and comparisons in the first half of 2009 and is forecasting earnings per share of $1.50 to $1.70 for 2009.
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3xBuBu

02/05/09 7:04 PM

#754 RE: 3xBuBu #699

Thursday, Feb. 5
Bankrupt Pilgrim's Pride reports $228.8 million loss(6:24 pm ET)
SAN FRANCISCO (MarketWatch) -- Bankrupt chicken producer Pilgrim's Pride (PGPDQ: news, chart, profile) said it lost $228.8 million for the quarter ended Dec. 27. Sales fell to $1.9 billion, from $2 billion. Pilgrim's Pride, the nation's largest chicken producer, is trying to emerge from Chapter 11 bankruptcy. It went bankrupt because of too much debt and bad bets made on corn prices. During the recent quarter, Pilgrim's said it fired 265 corporate-level workers and plans to let go another 505 plant workers as it slows more production. The company said chicken prices have stabilized after falling in 2008 but still remain below historical levels and are not high enough yet to offset feed-grain costs. Rivals Tyson Foods (TSN: news, chart, profile) and Sanderson Farms (SAFM: news, chart, profile) also have cut production to stem losses.
Ralcorp profit rises amid Post cereals integration(5:45 pm ET)
SAN FRANCISCO (MarketWatch) -- Food maker Ralcorp (RAH: news, chart, profile) said late Thursday its profit for the quarter ended Dec. 31 rose to $65.5 million from $42.4 million. Sales jumped 49% to $968.2 million. Price increases and the Post cereals business bolstered sales growth. Ralcorp acquired the Post cereals last August, assuming ownership of brands such as Honey Bunches of Oats and Raisin Bran. The company said Post cereals will add 40 cents to its earnings over the next nine months. Based in St Louis, Ralcorp makes food sold by grocery stores under their own labels. Its shares closed Thursday at $58.43. The stock is up 10% over the last 12 months.
Hartford reports $806 mln quarterly net loss; cuts dividend (5:41 pm ET)
SAN FRANCISCO (MarketWatch) -- Hartford Financial Services Group (HIG: news, chart, profile) reported a quarterly net loss late Thursday and cut its dividend. The fourth-quarter net loss was $806 million, or $2.71 a share, compared to net income of $595 million, or $1.88 a share, a year earlier, the insurer reported. Excluding net realized investment gains and losses and other items, Hartford said it lost $208 million, or 72 cents a share. Hartford was expected to make $1.25 a share, according to the average estimate of 16 analysts in a FactSet Research survey. Hartford said it plans to reduce its quarterly dividend to five cents to preserve roughly $350 million of capital a year.
News Corp. COO: Too soon to tell if DVD decline is secular(5:39 pm ET)
CHICAGO (MarketWatch) -- In the face of declining DVD sales across the industry, News Corp. (NWSA: news, chart, profile) (NWS: news, chart, profile) Chief Operating Officer Peter Chernin said it's "too early" to tell if the decrease is due primarily to depressed economic conditions or if it indicates a change in consumer behavior. "The sell-through market was down close to 15% October to December. We have seen some rough numbers in that period. But interestingly, we have seen sell-through market bounce back in in January. The numbers are down 9% ... I think the consumer recession is certainly a good way to account for much of what's going on out there right now."
News Corp. CFO: Fiscal '09 operating income to drop 30%(5:02 pm ET)
CHICAGO (MarketWatch) -- News Corp. (NWSA: news, chart, profile) (NWS: news, chart, profile) Chief Financial Officer Dave DeVoe told analysts Thursday that the company now expects that operating income will drop about 30% in fiscal 2009 from the $5.13 billion it reported for fiscal 2008. "This guidance assumes no further weakening in the advertising markets and of economic conditions," DeVoe said during a conference call. "I stress that we have less than perfect visibility into the markets."
Pitney Bowes swings to a profit(4:29 pm ET)
SAN FRANCISCO (MarketWatch) -- Pitney Bowes Inc. (PBI: news, chart, profile) on Thursday said it swung to a profit of $73.95 million, or 36 cents a share, from a loss of $57.93 million, or 27 cents a share, a year ago. Excluding restructuring charges, discontinued operations and other one-time items, earnings would have come in at 77 cents a share. Sales for the postage meter maker fell 7% to $1.55 billion. Analysts polled by FactSet Research were looking for a profit, on average, of 73 cents a share on revenue of $1.56 billion.
VeriSign swings to profit in fourth quarter(4:25 pm ET)
SAN FRANCISCO (MarketWatch) - Internet infrastructure services company VeriSign Inc. on Thursday posted fourth-quarter net income of $38.9 million, or 20 cents a share, compared to a loss of $219 million, or 98 cents a share in the same period a year earlier. Mountain View, Calif.-based VeriSign (VRSN: news, chart, profile) said revenue for the period ended in December rose to $247 million from $221.7 million. Analysts polled by FactSet Research estimated VeriSign would post earnings of 21 cents a share, and $253 million in revenue.
News Corp. swings to $6.4 billion loss on impairment charge(4:17 pm ET)
CHICAGO (MarketWatch) - News Corp. (NWSA: news, chart, profile) (NWS: news, chart, profile) said Thursday that it swung to a $6.4 billion second fiscal-quarter loss on a non-cash charge related to the reduced value of its television stations and newspaper assets in the wake of the worldwide financial meltdown. The entertainment conglomerate said that it lost $6.4 billion, or $2.45 a share, in the latest three months. It posted a profit of $832 million, or 27 cents a share in the second fiscal quarter of 2008. Excluding the charge, News Corp. said it would have earned $320 million, or 12 cents a share. Revenue plunged to $7.88 billion from $8.6 billion. The company was expected to post a profit of 20 cents a share on revenue of $8.37 billion, according to analysts surveyed by FactSet Research. "Our results for the quarter are a direct reflection of the grim economic climate," said Chairman Rupert Murdoch in a statement. "While we anticipated a weakening, the downturn is more severe and likely longer lasting than previously thought." News Corp. is the parent company of MarketWatch, the publisher of this report.
Synchronoss earnings plunge in fourth quarter(4:16 pm ET)
SAN FRANCISCO (MarketWatch) -- Synchronoss Technologies Inc. (SNCR: news, chart, profile) said Thursday that net income fell nearly 60% for the fourth quarter. The company reported earnings of $2.7 million, or 9 cents a share, for the December quarter compared to earnings of $6.6 million, or 20 cents a share, for the same period last year. Excluding certain charges, the company said it would have earned $3.9 million, or 12 cents a share, for the recent period. Revenue fell 14% to $31.2 million. Analysts were expecting earnings of 10 cents a share on revenue of $30.5 million for the period, according to Thomson Reuters.
JDS Uniphase reports loss of $705.3 million(4:09 pm ET)
SAN FRANCISCO (MarketWatch) -- JDS Uniphase Corp. (JDSU: news, chart, profile) on Thursday reported a fiscal second-quarter loss of $705.3 million, or $3.28 a share, compared to a profit of $21.2 million, or 9 cents a share, during the same period a year ago. The networking-equipment maker said its revenue fell 10.5% to $357 million from last-year's quarterly sales of $399.2 million. Excluding one-time items, JDS Uniphase would have earned $24.8 million, or 11 cents a share. Analysts surveyed by FactSet Research had forecast JDS Uniphase to earn 11 cents a share on $377.4 million in revenue.
REIT sector falls after slew of earnings reports(10:06 am ET)
BOSTON (MarketWatch) -- An exchange-traded fund tracking shares of real estate investment trusts, SPDR Dow Jones Wilshire REIT ETF (RWR: news, chart, profile) , was down 4% in early trading Thursday after several companies reported quarterly earnings. The biggest percentage movers to the downside in REITs that were out with quarterly reports included Kimco Realty Corp. (KIM: news, chart, profile) , AvalonBay Communities Inc. (AVB: news, chart, profile) , Equity Residential (EQR: news, chart, profile) and Essex Property Trust Inc. (ESS: news, chart, profile) . Conversely, CBL & Associates Properties Inc. (CBL: news, chart, profile) and Brookfield Properties Corp. (BPO: news, chart, profile) bucked the trend and moved higher in early dealings Thursday after they announced earnings.
Energy stocks fall on bearish economic indicators(9:38 am ET)
NEW YORK (MarketWatch) -- Bearish economic indicators weighed on energy stocks on Thursday as gains in the previous session gave way to selling ahead of the big monthly jobs report due out later this week. The Amex Oil Index (XOI: news, chart, profile) fell 1.5% to 933. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 1.2% to 382. In the broad market, worse-than-expected weekly jobless claims pulled stocks down.
Ross posts 2% same-store sales drop but raises outlook(8:52 am ET)
NEW YORK (MarketWatch) -- Ross Stores Inc. (ROST: news, chart, profile) said Thursday its January sales at stores open at least one year fell 2%. Analysts, on average, had expected the same-store sales to fall 2.9%, according to Thomson Reuters. Total sales for the four weeks ended January rose 4% to $365 million. Ross Stores Chief Executive Michael Balmuth said that "based on our sales and margin trends," the company was raising its profit outlook for the October-to-January quarter to between 75 cents and 76 cents a share, compared to a previous forecast 73 cents to 75 cents. For the year ended Jan. 31, Ross expects earnings at $2.32 to $2.33 a share. The retailer also raised its quarterly dividend by 16% to 11 cents a share, payable on March 31 to stockholders of record as of Feb. 20.
TJX same-store January sales down 4%(8:45 am ET)
NEW YORK (MarketWatch) -- TJX Companies Inc. (TJX: news, chart, profile) said Thursday that its January sales at stores open at least one year fell 4%. Analysts, on average, had expected same-store sales to fall 7.4%, according to Thomson Reuters. Total sales for the four weeks ended Jan. 31 fell 6% from the comparable period a year ago to $1 billion.
Saks January same-store sales fall 23.7%(8:41 am ET)
NEW YORK (MarketWatch) -- Saks Inc. (SKS: news, chart, profile) said Thursday its January sales at stores open at least one year fell 23.7%. Analysts, on average, had expected the same-store sales to fall 17.7%, according to Thomson Reuters. Total owned sales for the four weeks ended Jan. 31 fell 22.7% to $147 million. The New York retailer said it expects "a significant year-over-year decrease in the gross margin rate for the fourth quarter" due to "the degree and amount of markdowns taken during the fourth quarter and the fact that customers continued to shift purchases from regular price to promotional and clearance priced merchandise."
J.C. Penney same-store sales down 16.4% in January (8:36 am ET)
NEW YORK (MarketWatch) -- J. C. Penney Company, Inc. (JCP: news, chart, profile) said Thursday that its January sales at stores open at least one year fell 16.4%. Analysts, on average, had expected same-store sales to fall 11.7%, according to Thomson Reuters. Total company sales in January decreased 15.5% to $983 million. The department-store operator said it expects earnings for the fourth quarter to be in a range of $0.90 to $0.93 per share, which is within its previous guidance range of $0.90 to $1.05 per share.
Target's January same-store sales decline 3.3%(8:33 am ET)
NEW YORK (MarketWatch) -- Target Corp. (TGT: news, chart, profile) said Thursday that its January sales at stores open at least one year fell 3.3%. Analysts, on average, had expected same-store sales to fall 5.5%, according to Thomson Reuters. Net retail sales for the four weeks ended Jan. 31 rose 0.8% to $4.14 billion. The retail giant said it expects to report fourth-quarter earnings that are "somewhat lower" than Wall Street's consensus estimate of 86 cents a share, citing pressure from holiday markdowns and the impact of recent job cuts, in part, for the weaker-than-expected results.
Flir posts higher-than-expected profit jump(8:34 am ET)
NEW YORK (MarketWatch) -- Flir Systems Inc. (FLIR: news, chart, profile) said Thursday its fourth-quarter profit totaled $65.3 million, or 41 cents a share, from $46.6 million, or 30 cents a share, in the same quarter a year before. Analysts had expected earnings on average of 38 cents a share, according to a FactSet Research survey. Revenue for the quarter was $173 million compared to $137 million in the year-ago period. Portland, Or.-based Flir also said it expects net revenue in fiscal 2009 to be in the range of $1.2 billion to $1.25 billion, and net earnings to be in the range of $1.40 to $1.47 a share.
Sonoco 4th-quarter net off 34%; adjusted net meets view(8:28 am ET)
TEL AVIV (MarketWatch) -- Sonoco Products, (SON: news, chart, profile) the Hartsville, S.C., packaging company, reported fourth-quarter net income fell 34% on 12% lower revenue. Earnings were $36 million, or 36 cents a share, compared with $54.2 million, or 54 cents, in the year-earlier quarter. Sales fell to $934.6 million from $1.06 billion. Adjusted earnings, excluding charges and other special items, were 49 cents against 62 cents. A survey of analysts by FactSet Research produced a consensus estimate of 49 cents of profit. Lower volumes in most of its businesses plus adverse foreign-currency translations hurt sales, Sonoco Products said. And higher costs of raw materials, energy, transportation and more were only partly offset by higher selling prices, the company said. The 110-year-old company expects adjusted earnings of 28 cents to 32 cents a share in the first quarter and $1.55 to $1.90 for the year. FactSet's survey is looking for 45 cents for the quarter and $1.96 for 2009.
MasterCard fourth-quarter profit falls(8:20 am ET)
NEW YORK (MarketWatch) -- Credit card company MasterCard Inc. (MA: news, chart, profile) on Thursday reported a fourth-quarter profit of $239 million, or $1.87 a share, compared to a profit of $304 million, or $2.26 a share in the year-ago period. Analysts surveyed by FactSet Research had expected, on average, profit of $1.62 a share. The results were hit by a special item of $6 million related to litigation. Fourth-quarter net revenue was $1.2 billion, up 14.2% from the fourth-quarter of 2007, about eight percentage points of which was due to price changes with the rest due to increase in transactions. Shares of MasterCard were up nearly 5% in pre-market trading.
American Eagle Outfitters same-store sales dive 22% in Jan.(8:18 am ET)
NEW YORK (MarketWatch) -- American Eagle Outfitters Inc. (AEO: news, chart, profile) said Thursday its January sales at stores open at least one year fell 22%. Analysts, on average, had expected the same-store sales to fall 14.1%, according to Thomson Reuters. Total sales for the four weeks ended Jan. 31 fell 15% to $139 million.
BJ's January same-store sales down 0.7% on gas impact(8:16 am ET)
NEW YORK (MarketWatch) -- BJ's Wholesale Club Inc. (BJ: news, chart, profile) said Thursday its January sales at stores open at least one year fell 0.7%. Excluding gasoline sales, however, same-store sales increased by 7.6% Analysts, on average, had expected the same-store sales to rise 2.7% including the gas sales, according to Thomson Reuters. Total sales for the month rose 0.9% to $657 million.
Wal-Mart U.S. same-store sales up 2.1%, excluding fuel(8:03 am ET)
NEW YORK (MarketWatch) -- Wal-Mart Corp. (WMT: news, chart, profile) said Thursday that January same-store sales, with fuel, rose 1.5%. January same-store sales excluding fuel rose 2.1%, ahead of the target of 1.1% in a Thomson Reuters survey. January total world sales for the company rose 1.8%. Wal-Mart said it will now provide performance targets to Wall Street four times a year, rather than monthly. "We believe this guidance is a more appropriate measure for our investors, particularly in volatile times when consumer swings are more difficult to predict," Wal-Mart said. "This is more consistent with the long-term view we take on our business." Wal-Mart expects U.S. comparable sales without fuel during the period from January 31 through May 1 to increase between one and three percent.
Estee Lauder cutting 2,000 jobs, earnings fall 30%(7:50 am ET)
NEW YORK (MarketWatch) -- The Estee Lauder Companies Inc. (EL: news, chart, profile) said Thursday it would cut 2,000 jobs, or 6% of its work force, over the next two years as the apparel firm grappled with a 30% drop in its second-quarter profit and a difficult outlook for the coming year. Estee Lauder said earnings for the three months ended Dec. 31 fell to $158 million, or 80 cents a share, from $224.4 million, or $1.14 a share in the year-ago period. Sales fell to $2 billion from $2.3 billion. Excluding the impact of foreign currency translation net sales declined 6%. Analysts expected the company to earn 77 cents a share on revenue of $2 billion, according to a survey by FactSet Research. "The current difficult environment, which is global in scale, is not expected to improve in the near term," the company said. "This underscores how vital it is for us to execute on our long-term strategy, even as we address the short-term challenges." Sales fell 9% employees, or 6% of the workforce, institute an immediate Company-wide freeze on merit raises and a continuation of the current hiring freeze.
Cincinnati Financial profit falls (7:48 am ET)
NEW YORK (MarketWatch) -- Cincinnati Financial (CINF: news, chart, profile) said Thursday that it earned $161 million, or 99 cents a share in the fourth quarter, compared to $187 million, or $1.11 a share a year ago. Total revenues were $1.02 billion, versus $977 million.
Western Union earnings per share up 6% in quarter(7:41 am ET)
NEW YORK (MarketWatch) -- Western Union Co. (WU: news, chart, profile) said Thursday that fourth-quarter earnings totaled $240 million, or 34 cents a share, compared to $243 million, or 32 cents, in the same period a year ago. Revenue was $1.30 billion compared to $1.31 billion in the year-earlier period. Analysts polled by FactSet Research estimated, on average, earnings per share of 34 cents and sales of $1.38 billion. For 2009, Western Union sees revenue falling 2% to 5% and earnings per share in the range of $1.18 to $1.28.
NCR posts lower fourth-quarter profit(7:27 am ET)
NEW YORK (MarketWatch) -- NCR Corp. (NCR: news, chart, profile) said Thursday that its fourth-quarter net income declined to $56 million, or 35 cents a share, from $89 million, or 48 cents a share, in the year-earlier period. Adjusted earnings were 58 cents a share. On average, analysts polled by FactSet Research were looking for earnings of 56 cents a share. The Dayton, Ohio, technology provider of automated teller machines and other devices said revenue fell to $1.42 billion from $1.52 billion. NCR now expects 2009 revenue to come in about 2% to 6% lower than the 2008 level. Also, the company expects 2009 adjusted earnings from continuing operations of 85 cents to $1.00 a share.
MF Global net income rises 25%(7:26 am ET)
NEW YORK (MarketWatch) -- MF Global (MF: news, chart, profile) said Thursday its third-quarter net income rose 25% to $39 million, or 23 cents a share, from $31.2 million or 26 cents a share in the year-ago period. Adjusted net income fell to 13 cents a share from 37 cents a share in the year-ago period. Revenue rose about 1% to $422 million.
Moody's earnings per share fall 24% in quarter(7:27 am ET)
NEW YORK (MarketWatch) -- Moody's Corp. said Thursday that fourth-quarter earnings were $89 million, or 37 cents a share, compared to $127 million, or 49 cents, in the same period a year ago. Revenue was $404 million compared to $505 million. Analysts polled by Fact Set Research estimated, on average, earnings per share of 28 cents a share and sales of $373 million. Moody's projects diluted earnings per share for full-year 2009 in the range of $1.40 to $1.50.
Cardinal Health quarterly profit edges down(7:18 am ET)
NEW YORK (MarketWatch) -- Cardinal Health (CAH: news, chart, profile) said Thursday its second-quarter profit slipped to $317 million, or 88 cents a share, from $325 million, or 89 cents a share, in the same quarter a year before. Adjusted earnings were 93 cents a share, while analysts had expected earnings on average of 90 cents a share, according to a FactSet Research survey. Revenue for the quarter was $25.1 billion compared to $23.3 billion in the year-ago period. The health-care company said it expects its full fiscal 2009 adjusted earnings to come in at $3.50 to $3.60 a share. Cardinal Health rose marginally in after-hours trading to $37.75 a share.
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3xBuBu

02/06/09 9:07 PM

#755 RE: 3xBuBu #699

Friday, Feb. 6
Energy stocks mixed after U.S. jobs report(9:40 am ET)
NEW YORK (MarketWatch) -- Shares of oil producers rose while natural gas producers moved lower in a mixed open for the energy sector on Friday following the big monthly U.S. jobs report. The Amex Oil Index (XOI: news, chart, profile) rose 0.2% to 960. The Amex Natural Gas Index (XNG: news, chart, profile) fell 0.2% to 397. The Dow Jones Industrial Average ($DJ: news, chart, profile) rose 98 points.
Weyerhaeuser posts deeper-than-expected loss (8:41 am ET)
NEW YORK (MarketWatch) -- Weyerhaeuser Company (WY: news, chart, profile) on Friday said fourth-quarter net loss widened to $1.212 billion, or $5.73 a share from a loss of $63 million, or 30 cents a share in the year ago period. Excluding items, the wood products giant lost 99 cents a share in the latest period. Revenue fell to $1.8 billion from $2.5 billion. Wall Street analysts expected a loss of 55 cents a share on revenue of $1.83 billion, according to a survey by FactSet Research.
Biogen Idec earnings per share up 4% in quarter(7:51 am ET)
NEW YORK (MarketWatch) -- Biogen Idec Inc. said Friday that fourth-quarter earnings were $207 million, or 70 cents a share, compared to $201 million, or 67 cents, a year ago. Revenue rose 20% to $1.1 billion from $893 million last year. Analysts polled by FactSet Research estimated, on average, earnings per share of 86 cents and sales of $1.09 billion. The biotech firm sees 2009 revenue growth in the high single digits and earnings per share above $2.80.
Apartment Investment loss narrows to 5 cents in quarter(7:19 am ET)
NEW YORK (MarketWatch) -- Apartment Investment and Management Co. (AIV: news, chart, profile) said Friday that it lost $5 million, or 5 cents a share, in the fourth quarter. In the same period last year it lost $27 million, or 19 cents. Revenue was $360 million, compared to $366 million. Analysts polled by FactSet Research estimated, on average, a loss per share of 15 cents and sales of $347 million. For the first quarter Apartment Investment sees a loss of 54 cents to 61 cents a share and for 2009 it sees a loss in the range of $1.67 to $1.97.
Aon Corp.'s fourth-quarter operating income off 17%(6:47 am ET)
WASHINGTON (MarketWatch) -- Aon Corp. (AOC: news, chart, profile) reported fourth-quarter net income of $10 million, or 3 cents a share, down from $207 million, or 64 cents, earned in the final three months of 2007. Operating income for the December quarter fell 17% to $251 million, the Chicago-based company's results showed. The insurer and provider of risk-management services generated quarterly revenue of $1.92 billion, off 4% from the prior year's $2.01 billion, in a reflection of currency translations. Currency also subtracted 1 cent a share from net earnings for the latest quarter. Aon's fourth-quarter earnings from continuing operations amounted to 43 cents a share, down from 58 cents a share in the comparable year-earlier period. Excluding special items, earnings from continuing operations would have increased to 81 cents a share from 68 cents a share, Aon said. The consensus estimate derived in a survey of 12 analysts by FactSet Research had been for a profit of 74 cents a share.
Viad swings to loss after impairment charge(6:27 am ET)
LONDON (MarketWatch) -- Convention- and event-marketing group Viad Corp. (VVI: news, chart, profile) said Friday that it swung to a net loss of $3 million, or 15 cents a share in the fourth quarter, from a profit of $3.6 million, or 18 cents a share, a year earlier. Revenue for the quarter was down 4.5% at $205.8 million. Excluding a $9.4 million non-cash impairment charge and other one-off items, the group said it would have earned 16 cents a share in the quarter. The group said revenue for its GES Exposition Services unit fell 16% to $132.2 million, hit by exchange rate moves and lower exhibitor discretionary revenue among other factors, though operating income rose, helped by cost cutting. For 2009, Viad expects earnings of $1.15 to $1.35 a share.
Mitsubishi UFJ swings to 9-month loss; cuts FY net forecast(4:02 am ET)
HONG KONG (MarketWatch) -- Japan's largest bank, Mitsubishi UFJ Financial Group, Friday said it has swung to a loss in the fiscal nine-month period ended Dec. 31 on a steep increase in losses on loan write-offs and after it lost money on its equity holdings. The bank also slashed its full-year profit forecast further to 50 billion yen from 220 billion yen it expected earlier. Net loss for the April-December period came to 42 billion yen ($467 million), compared to a net income of 314.6 billion yen in the year-earlier period. Net interest income rose to 1.41 trillion yen from 1.39 trillion yen, but losses on loan write-offs amounted to 260.4 billion yen from 156.9 billion yen. The banking giant also lost 326.3 billion yen on equity holdings, compared with gains of 36.9 billion in year-earlier period.
Julius Baer profit falls 30%, maintains dividend(3:17 am ET)
LONDON (MarketWatch) -- Swiss wealth manager Julius Baer (CH:002975864: news, chart, profile) said Friday that its net profit for 2008 dropped 30% to 661 million Swiss francs ($564 million) from 940 million francs in 2007. Excluding the impact of restructuring costs and amortization of intangible assets in both years, profit was down 25% at 852 million francs. Assets under management dropped by a third over the year to 275 billion francs due to the sharp drop in global markets through the year. The group said it would propose an unchanged dividend of 0.50 francs a share and that its share buyback program worth up to 2 billion francs between 2008 and 2010 will continue. Shares in the group gained 0.5% in early Swiss trading.
PartyGaming sees adjusted profit up 28%(2:51 am ET)
LONDON (MarketWatch) -- U.K.-listed online gambling group PartyGaming (UK:PRTY: news, chart, profile) said Friday that it expects adjusted operating profit for 2008 to rise 28% to at least $143 million, slightly ahead of market expectations. The firm said profit was helped by the recent moves in exchange rates, though it added revenue in the final quarter was down 18% at $100.4 million as its online poker business, which has closed its doors to U.S. customers, faces "an unlevel playing field" from sites that continue to accept U.S. players. The group said yields and the frequency with which players used the site was affected during the period, but the number of new player sign-ups rose 22% and the number of unique active players rose 8%.
Scottish & Southern on course to hit targets, cuts prices(2:36 am ET)
LONDON (MarketWatch) -- Scottish & Southern Energy (UK:SSE: news, chart, profile) said Friday that it remains on course to deliver its financial goals for the financial year to March 31 and that it expects to increase its full year dividend to at least 66 pence ($0.96) a share, or a rise of more than 9%. The group said electricity distributed over the nine months to Dec. 31 edged up to 31.2 terawatt-hours from 30.8 terawatt-hours and the number of energy customers rose to 9 million from 8.3 million. Separately the group said it would cut domestic energy prices, with average prices for electricity customers falling 9% and average prices for gas customers falling 4%.
Elpida quarterly loss jumps to $803 million(2:04 am ET)
HONG KONG (MarketWatch) -- Japan's Elpida Memory Inc. (ELPDF: news, chart, profile) (JP:6665: news, chart, profile) Friday said its losses deepened in the quarter ended Dec. 31 as demand for electronics slumped in the wake of the global economic crisis. The chipmaker said its quarterly loss jumped to 72.3 billion yen ($803 million) from a loss of 12.1 billion yen in the year-ago period. The company recorded a net loss of 31.9 billion yen in the previous quarter, as a steep decline in prices more than offset an increase in volume sales. The company said it wasn't making forecasts becuase of extreme price volatility.
Isuzu forecasts full-year loss; swings to net loss in Q3(1:50 am ET)
HONG KONG (MarketWatch) -- Isuzu Motors (JP:7202: news, chart, profile) Friday posted a net loss of 11.7 billion yen ($130 million) for the October-December period on a sharp slowdown in truck sales and a stronger yen. The company made a net profit of 24.4 billion yen in the year-earlier quarter. Quarterly revenue slipped to 340.4 billion yen from 430 billion yen. The company also slashed its full-year forecasts, saying it now expects a net loss of 15 billion yen, compared with its earlier prediction for a net profit of 40 billion yen. Full-year sales are seen dropping to 1.46 trillion yen from 1.65 trillion yen expected earlier.
Toyota posts quarterly net loss of $1.81 billion (1:31 am ET)
HONG KONG (MarketWatch) -- Toyota Motor Corp (JP:7303: news, chart, profile) (TM: news, chart, profile) said Friday that third fiscal-quarter earnings were a net loss of 164.7 billion yen ($1.81 billion), compared to a 458.6 billion yen net profit a year earlier. Net revenues decreased 28.4% to 4.8 trillion yen during the quarter. Toyota lifted its operating loss estimate for the financial year ending March 31 to 450 billion yen, from its earlier outlook of a 150 billion yen loss.
Thursday, Feb. 5
Japan Airlines reports quarterly net loss of $425 million(10:19 pm ET)
HONG KONG (MarketWatch) -- Japan Airlines Corp. (JP:9205: news, chart, profile) said Friday that earnings fell to a net loss of 38.6 billion yen ($424.91 million) in the fiscal third-quarter, compared to a 13.14 billion yen profit a year earlier. The airline lowered its outlook for the fiscal year ending in March to a net loss of 34 billion yen, reversing its earlier estimate for a 13 billion yen profit. The airline, also known as JAL, said revenue for the third fiscal-quarter was down 13% to 485.71 billion yen. It said for the first three fiscal quarters ending Dec. 31 it fell into a net loss of 1.9 billion yen compared to a net profit of 22.3 billion yen a year earlier.
Bankrupt Pilgrim's Pride reports $228.8 million loss(6:24 pm ET)
SAN FRANCISCO (MarketWatch) -- Bankrupt chicken producer Pilgrim's Pride (PGPDQ: news, chart, profile) said it lost $228.8 million for the quarter ended Dec. 27. Sales fell to $1.9 billion, from $2 billion. Pilgrim's Pride, the nation's largest chicken producer, is trying to emerge from Chapter 11 bankruptcy. It went bankrupt because of too much debt and bad bets made on corn prices. During the recent quarter, Pilgrim's said it fired 265 corporate-level workers and plans to let go another 505 plant workers as it slows more production. The company said chicken prices have stabilized after falling in 2008 but still remain below historical levels and are not high enough yet to offset feed-grain costs. Rivals Tyson Foods (TSN: news, chart, profile) and Sanderson Farms (SAFM: news, chart, profile) also have cut production to stem losses.
Ralcorp profit rises amid Post cereals integration(5:45 pm ET)
SAN FRANCISCO (MarketWatch) -- Food maker Ralcorp (RAH: news, chart, profile) said late Thursday its profit for the quarter ended Dec. 31 rose to $65.5 million from $42.4 million. Sales jumped 49% to $968.2 million. Price increases and the Post cereals business bolstered sales growth. Ralcorp acquired the Post cereals last August, assuming ownership of brands such as Honey Bunches of Oats and Raisin Bran. The company said Post cereals will add 40 cents to its earnings over the next nine months. Based in St Louis, Ralcorp makes food sold by grocery stores under their own labels. Its shares closed Thursday at $58.43. The stock is up 10% over the last 12 months.
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3xBuBu

02/11/09 8:39 PM

#756 RE: 3xBuBu #699

Wednesday, Feb. 11
Willis Group quarterly net income falls 35%(6:49 pm ET)
SAN FRANCISCO (MarketWatch) -- Willis Group (WSH: news, chart, profile) said late Wednesday that fourth-quarter net income came in at $62 million, or 37 cents a share, down 35% from a year earlier when the insurance broker made $95 million, or 66 cents a share. Adjusted earnings, which exclude costs from integrating the acquisition of rival broker Hilb Rogal & Hobbs and other items, were 37 cents a share in the latest quarter. Willis was expected to make 43 cents a share, according to the average estimate of seven analysts surveyed by FactSet Research. Willis also said a drop in the British pound versus the U.S. dollar knocked 26 cents a share off net income compared to the fourth quarter of 2007. Organic revenue growth, which excludes the impact of acquisitions, dispositions and currency fluctuations, was 6%. Organic revenue fell 4% in North America, Willis noted. The broker stopped providing forecasts for annual profit because of the global recession.
Las Vegas Sands swings to loss in fourth quarter (5:06 pm ET)
SAN FRANCISCO (MarketWatch) -- Las Vegas Sands Corp. (LVS: news, chart, profile) late Wednesday reported it swung to a net loss of $111.3 million, or 27 cents a share, from a net income of $39.9 million, or 11 cents a share, in the same quarter last year. On an adjusted basis, the hotel and casino operator posted a net loss of $17.8 million. Revenue increased slightly to $1.09 billion from $1.05 billion a year earlier. Analysts surveyed by FactSet Research had forecast the company to earn 4 cents a share on revenue of $1.18 billion. Las Vegas Sands said it remains focused on reducing its cost structure and has increased its cost savings target to about $125 million a year across its Las Vegas operations.
Las Vegas Sands swings to loss(4:58 pm ET)
CHICAGO (MarketWatch) -- Las Vegas Sands fell into the red in the fourth quarter on charges, higher expenses and a decline in revenue at its Macau operation. After the close of trading, Sands said that it lost $111.3 million, or 27 cents a share, a turn from the $39.9 million, or 11 cents a share, it earned in the same quarter a year ago. Revenue was up slightly from $1.05 billion to $1.09 billion, largely due to an expansion at its Venetian in Las Vegas. The average estimate of analysts polled by FactSet research had been for the company to earn 4 cents a share on revenue of $1.18 billion. Shares of Sands (LVS: news, chart, profile) were down about 5% to $3.80. A year ago, the stock was hovering near $100.
Activision swings to net loss for fourth quarter(4:51 pm ET)
SAN FRANCISCO (MarketWatch) -- Activision Blizzard (ATVI: news, chart, profile) swung to a net loss for the fourth quarter based on non-cash charges on deferred video game sales. For the quarter ended Dec. 31, Activision reported a net loss of $72 million, or 5 cents a share, compared to earnings of $86 million, or 15 cents a share, for the same period last year. The company said net income excluding deferred revenue and other charges would have been $429 million, or 31 cents a share. Net revenue grew to $1.64 billion from $453 million. Revenue excluding deferred game sales was $2.2 billion. Analysts were expecting earnings of 29 cents a share on revenue of $2.15 billion, according to Thomson Reuters.
Everest Re reports quarterly net loss of $16.6 million(4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- Everest Re Group Ltd. (RE: news, chart, profile) reported a fourth-quarter net loss of $16.6 million, or 27 cents a share, late Wednesday. That compares to net income of $12.2 million, or 19 cents a share, for the same period a year earlier. Operating income, which excludes realized capital gains and losses, came in at $179.5 million, or $2.93 a share, during the latest quarter, the reinsurer reported. Everest Re was expected to make $3.01 a share, according to the average estimate of seven analysts in a FactSet Research survey.
NetApp reports $75 million loss; will cut 6% of workforce(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- NetApp Inc. (NTAP: news, chart, profile) on Wednesday reported a fiscal third-quarter loss of $75 million, or 23 cents a share, compared to a profit of $102 million, or 29 cents a share during the same period a year ago. Revenue for the quarter ended Jan. 23 was $746 million, including a $128 million impact related to a dispute with the General Services Administration. Excluding that impact, revenue would have been $874 million, compared to $884 million a year ago. Earnings excluding one-time items were $93 million, or 28 cents a share, which was in line with estimates from analysts surveyed by Thomson Reuters. NetApp also said it would cut about 6% of its workforce, or about 530 jobs, and record a fourth-quarter charge of $30 million to $35 million as a result.
Nvidia makes cash tender offer for employee stock options(2:29 pm ET)
SAN FRANCISCO (MarketWatch) -- Nvidia Corp. (NVDA: news, chart, profile) said Wednesday that its board of directors approved a cash tender offer for certain employee stock options. The offer applies to outstanding stock options that have an exercise price of $17.50 a share or higher held by company employees. Nvidia board members and certain executive officers are not eligible for the offer. Nvidia said that the total purchase price of all options could reach $92 million, and that the company will take a one-time charge of about $150 million that will be reflected in Nvidia's 2010 fiscal first quarter. The offer commences Wednesday and is open until midnight, March 11. Nvidia shares fell almost 14% to $8.04 Wednesday following the company's disappointing fourth-quarter loss.
Better-than-expected results lift CB Richard Ellis shares(9:53 am ET)
BOSTON (MarketWatch) -- Shares of CB Richard Ellis Group Inc. (CBG: news, chart, profile) were up 25% in early trading Wednesday after the company said its fourth-quarter net income fell 95% from the year-ago period but came in ahead of consensus expectations. The real estate services company after Tuesday's closing bell reported quarterly earnings of 37 cents a share, excluding one-time charges. Wall Street analysts had forecast profit of 27 cents a share, on average, according to FactSet Research.
Genzyme's profit rises in fourth quarter (9:03 am ET)
NEW YORK (MarketWatch) -- Genzyme Corp. (GENZ: news, chart, profile) said Wednesday that its fourth-quarter net income rose to $86.7 million, or 31 cents a share, from $78.9 million, or 29 cents a share, in the year-ago period. On an adjusted basis, quarterly profit was $1.04 a share. On average, analysts polled by FactSet Research expected earnings of $1 a share. Revenue at the biotechnology company rose to $1.17 billion from $1.04 billion. Genzyme said it expects adjusted earnings of about $4.70 a share in 2009, rising to about $7 a share by 2011.
Level 3 swings to profit as expenses decline(8:33 am ET)
CHICAGO (MarketWatch) -- Fiber-optic networking equipment provider Level 3 Communications Inc. (LVLT: news, chart, profile) said Wednesday that it swung to a fourth-quarter profit as total costs and expenses dropped 14%, and said it expects to be free cash flow positive for 2009. Level 3 said it earned $44 million, or 3 cents a share. In the fourth quarter of 2007, it lost $91 million, or 6 cents a share. Revenue fell 6% to $1.05 billion. On average, analysts polled by FactSet Research were expecting a loss of 8 cents a share on revenue of $1.07 billion.
CORRECT: Anadarko Petroleum cuts capex spending(8:18 am ET)
NEW YORK (MarketWatch) -- Anadarko Petroleum Corp. (APCS: news, chart, profile) said it plans to spend between $4 billion and $4.5 billion on capital projects in 2009, down from about $5 billion in 2008. "Although 2009 will be a challenging year for our industry, we feel a prudent level of funding is appropriate given the economic quality of our current portfolio," the company said. "We view our capital allocation decisions as an ongoing process, thus we will continue to closely monitor economic conditions and manage our spending to enhance shareholder value, while maintaining a strong balance sheet." (Updated to reflect actual 2008 capex spending rather than projected 2008 capex spending.)
Allegheny Energy net falls sharply on hedging loss(8:15 am ET)
NEW YORK (MarketWatch) -- Allegheny Energy Inc. (AYE: news, chart, profile) on Wednesday said fourth-quarter net icome fell sharply to $16.2 million, or 10 cents a share from $110.4 million, or 65 cents a share in the year-ago period. The Greensburg, Pa. electric utility said adjusted net income rose to 51 cents a share from 46 cents a share. Adjusted net income for the fourth quarter excludes a net unrealized pre-tax loss of $116.3 million from economic hedges that do not qualify for hedge accounting. Operating revenue fell to $707.8 million from $786.3 million. Analysts expected earnings of 53 cents a share, according to a survey by FactSet Research.
Sigma-Aldrich posts lower fourth-quarter profit(8:15 am ET)
NEW YORK (MarketWatch) -- Sigma-Aldrich Corp. (SIAL: news, chart, profile) said Wednesday that its fourth-quarter net income slipped to $84.3 million from $84.9 million in the year-earlier period. On a per-share basis, net income was 68 cents compared to 64 cents. The weighted average number of diluted shares outstanding fell to 123.1 million from 129.6 million. Analysts surveyed by FactSet Research had forecast the company to report earnings of 64 cents a share. Revenue at the St. Louis-based biochemical and organic chemicals maker declined to $509.8 million from $532.1 million in the same period a year earlier. The company also increased its quarterly dividend 11.5% to 14.5 cents a share, payable March 16 to holders of record on March 2. Sigma-Aldrich expects to report 2009 earnings per share that are flat or equal to 2008 levels.
Mead Johnson Nutrition to ring bell at NYSE for IPO(8:07 am ET)
NEW YORK (MarketWatch) -- Executives of Mead Johnson Nutrition Company (MJN: news, chart, profile) will ring the opening bell to celebrate the baby formula maker's initial public offering, which will begin trading on Wednesday. The former unit of Bristol-Myers Squibb Company (BMY: news, chart, profile) raised $720 million in its IPO at a price of $24 a share, the top of its $21-$24 range. In a sign of healthy interest, the size of the offering was increased to 30 million shares from the initial size of 25 million shares.
Coca-Cola Enterprises swings to loss on impairment charge (7:48 am ET)
NEW YORK (MarketWatch) -- Coca-Cola Enterprises (CCE: news, chart, profile) on Wednesday said it lost $1.45 billion, or $2.99 a share in the fourth quarter, compared to a profit of $158 million, or 33 cents a share in the year-ago period. The 2008 fourth quarter results include a $2.3 billion non-cash impairment charge. Net operating revenues dipped, to $5.24 billion from $5.30 billion. Excluding special items, the company posted 22 cents a share profit in the fourth quarter. The company outline its expectations for 2009, saying that, "consolidated financial results for 2009 will reflect low single-digit operating income growth and mid single-digit EPS growth."
Reynolds American quarterly profit slips(7:47 am ET)
NEW YORK (MarketWatch) -- Reynolds American Inc. (RAI: news, chart, profile) said Wednesday its fourth-quarter profit totaled $258 million, or 89 cents a share, from $297 million, or $1.01 a share, in the same quarter a year before. Analysts had expected adjusted earnings on average of $1.17 a share, according to a FactSet Research survey. Net sales for the quarter were $2.18 billion compared to $2.23 billion in the year-ago period. The Winston-Salem, N.C., tobacco company said its R.J. Reynolds unit's full-year cigarette volume was down 8.4% from the prior year compared with an industry decline of 3.3%. However, it added that lower cigarette volume and higher settlement expense were more than offset by higher cigarette and moist-snuff pricing, increased productivity at R.J. Reynolds and double-digit moist-snuff volume growth at its Conwood unit.
Dean Foods quarterly profit more than doubles(7:29 am ET)
NEW YORK (MarketWatch) -- Dean Foods Co. (DF: news, chart, profile) said Wednesday its fourth-quarter profit more than doubled to $66.4 million, or 42 cents a share, from $32.6 million, or 24 cents a share, in the same quarter a year before. Analysts had expected adjusted earnings, on average, of 39 cents a share, according to a FactSet Research survey. Revenue for the quarter, however, dropped to $3.08 billion, compared to $3.23 billion in the year-ago period. The Dallas-based food and beverage company said it expects first-quarter earnings of "at least" 38 cents a share, with full-year 2009 profit of at least $1.50 a share.
Marsh & McLennan earnings per share fall 6% in quarter(7:14 am ET)
NEW YORK (MarketWatch) -- Marsh & McLennan Cos. Inc. (MMC: news, chart, profile) said Wednesday its fourth-quarter profit totaled $80 million, or 15 cents a share, from $85 million, or 16 cents a share, in the same quarter a year before. On an adjusted basis, earnings per share were 37 cents versus 24 cents. Analysts had expected earnings, on average, of 31 a share and sales of $3.0 billion, according to a FactSet Research survey. Revenue for the quarter was $2.7 billion compared to $2.9 billion in the year-ago period.
Research in Motion sees Q4 EPS at low end of range(7:14 am ET)
NEW YORK (MarketWatch) -- Research In Motion (RIMM: news, chart, profile) on Wednesday said it expects its fourth-quarter revenue to be at or near the mid-point of its previously disclosed range. Earnings per share for the quarter are expected to be at the low end of its previously guided range, the maker of the BlackBerry device said. Analysts expect earnings of 86 cents a share, according to a survey by FactSet Research. The company now expects BlackBerry net subscriber account additions for the fourth quarter to be over 20% higher than the 2.9 million net subscriber account additions forecasted on Dec. 18, 2008. "RIM had record levels of net subscriber account additions throughout the month of December and continued to see strong levels following the holiday buying season," the company said.
Macerich profit climbs 58%(6:28 am ET)
LONDON (MarketWatch) -- Real estate investment trust Macerich Co. (MAC: news, chart, profile) said Wednesday that its fourth-quarter net profit rose 58% to $63.2 million, or 83 cents a share, from $39.3 million, or 55 cents a share, a year earlier. Funds from operations for the quarter rose to $2.08 a share from $1.45 a share and revenue increased 8% to $242.4 million. The group said occupancy levels are down, but still "very healthy" and that it continues to have access to capital. For 2009 the group expects to report funds from operations of between $4.50 and $4.75 a share and earnings of between 54 cents and 79 cents a share.
Genesee & Wyoming profit up 81%, helped by tax gains(6:20 am ET)
LONDON (MarketWatch) -- Railroad operator Genesee & Wyoming Inc. (GWR: news, chart, profile) said Wednesday that its fourth quarter net profit rose 81% to $25.3 million, or 70 cents a share, from $13.9 million, or 39 cents a share, a year earlier. Operating revenue for the quarter increased 11% to $149.2 million a year earlier. Analysts polled by FactSet had been expecting earnings of 49 cents a share. The company said its earnings benefited by a net 30 cents a share due to various tax and acquisition effects. The group said revenue growth was driven by acquisitions, partially offset by a decrease in same-railroad revenues.
DaVita 4th-quarter net up 15% on 7.8% higher revenue(6:05 am ET)
TEL AVIV (MarketWatch) -- DaVita Inc., (DVA: news, chart, profile) the El Segundo, Calif., provider of dialysis services, late on Tuesday reported that fourth-quarter net income rose 15% on 7.8% higher revenue. Earnings reached $98.4 million, or 94 cents a share, from $85.7 million, or 79 cents, in the year-earlier quarter. Revenue rose to $1.46 billion from $1.35 billion. A survey of analysts by FactSet Research produced consensus estimates of 91 cents of profit on $1.47 billion of revenue. DaVita provided nearly 52,500 treatments a day in the fourth quarter, up 4.9% from a year earlier. The company affirmed that for 2009 operating earnings should range $820 million to $880 million.
Kookmin Bank reports $229 million net loss in quarter(6:02 am ET)
HONG KONG (MarketWatch) -- South Korea's Kookmin Bank said Wednesday earnings for the September-to-December quarter were a net loss of 318.5 billion won ($229 million), compared to a 580.1 billion won net profit a year earlier. The loss was the first by Kookmin Bank since the fourth quarter of 2004. Kookmin said it set aside 1.14 billion won in provisions for bad debts in the quarter. Kookmin recorded a loss of 596.5 billion won related to the sale of shares in its parent company KB Financial to meet holding company regulatory requirements. KB Financial reported net profit for the quarter of 43.9 billion won, short of expectations for a net profit of 447.5 billion won, according to poll of analysts by Dow Jones Newswires.
Toll Brothers 1st-qtr revenue off 51%(5:29 am ET)
TEL AVIV (MarketWatch) -- Toll Brothers Inc., (TOL: news, chart, profile) the Horsham, Pa., luxury-home builder, reported that fiscal first-quarter homebuilding revenue fell 51% to $409.3 million. Toll estimated that first-quarter write-downs related to its communities, properties and joint ventures ranged from $100 million to $200 million. The backlog at the Jan. 31 quarter end was $1.04 billion, down 56% from a year earlier. The number of canceled contracts in the first quarter totaled 157 compared with 257 in the year-earlier quarter. Toll Brothers had $1.56 billion of cash available at Jan. 31, compared with $956.6 million a year earlier. Many "potential buyers still lack the confidence to commit and are waiting for a sign, whether from the government or the market, that home prices have stabilized," Chairman and Chief Executive Robert I. Toll said in a statement on Wednesday.
Vestas Wind Systems 4th quarter revenue gains 31%(3:30 am ET)
MADRID (MarketWatch) -- German wind power solutions group Vestas Wind Systems (DE:VWS: news, chart, profile) on Wednesday reported a 31% rise in fourth quarter revenue. Revenue for the group was EUR2.48 billion ($3.2 billion) against EUR1.88 billion in the prior-year period. Profit for 2008 rose 76% to EUR511 million from EUR291 million. The group said net working capital rose by EUR367 million to EUR299 million from the end of 2007 to the end of 2008, equivalent to 5% of revenue. The gain was attributable to increased stocks and recievables, the company said. Vestas said cash flow from operations was EUR277 million against EUR701 million. The company said growth in underlying profit is expected to continue in 2009, but at a lower rate than realized in the last three years.
Daily Mail operating profit ahead of group expectation(2:34 am ET)
LONDON (MarketWatch) -- U.K. newspaper publisher Daily Mail and General Trust (UK:DMGT: news, chart, profile) said Wednesday that operating profit in its fiscal first quarter was "well ahead" of the group's expectations and that revenue in the quarter rose 2% to 568 million pounds. The group said its target of cutting costs by 100 million pounds will be exceeded and will help offset the effect of expected weaker trading conditions. At the group's main Associated Newspapers arm, revenue fell 5% to 237 million pounds hit by lower income from advertising. The group also said its net debt increased due to the move in exchange rates, but it doesn't expect to have any problems in meeting its covenants and has adequate committed debt facilities until at least 2011.
Danone quarterly sales up 10%, sees 10% EPS rise in 2009(2:23 am ET)
LONDON (MarketWatch) -- Groupe Danone (FR:BN: news, chart, profile) , the French yogurt and bottled water group, said fourth-quarter sales increased by 10.4% to 3.68 billion euros ($4.75 billion), or up 6% on a comparable basis, with a 2.3% rise in volume and a 3.7% rise in prices. For the year, its adjusted operating margin rose 53 basis points to 14.91% and its underlying earnings per share rose 15% to 2.74 euros. It's targeting a 10% rise in adjusted EPS in 2009 and is proposing to pay a 1.20 euros a share dividend.
Telenor profit down 62%, plans to tighten cost controls(2:21 am ET)
LONDON (MarketWatch) -- Norwegian telecoms group Telenor (NO:TEL: news, chart, profile) said Wednesday that its pro forma fourth-quarter net profit fell 62% to 2.21 billion Norwegian kroner ($327 million) from 5.87 billion kroner a year earlier, while revenue for the quarter rose 12% to 29.93 billion kroner. Analysts had been expecting earnings of 3.11 billion kroner. The group said capital expenditure during the quarter had been high because of the completion of major projects and network roll-out in Asia. It added it expects the business environment to become more challenging in 2009 and it will therefore focus on cost efficiency and reducing capital expenditure.
ArcelorMittal swings to $2.6 billion loss(2:10 am ET)
LONDON (MarketWatch) -- ArcelorMittal (MT: news, chart, profile) (FR:MTP: news, chart, profile) , the world's top steelmaker, swung to a fourth-quarter loss of $2.6 billion after $4.4 billion in pretax write-offs of inventory and raw material supply contracts and provisions for workforce reductions and litigation. It added shipments dropped 33% and sales fell to $22.1 billion from $28 billion on a "collapse" in demand and a sharp fall in prices. After EBITDA of $2.8 billion in the fourth quarter, it expects EBITDA of $1 billion in the first quarter. It's continuing production cuts until the inventory reduction process is complete.
Tuesday, Feb. 10
XL reports $1.43 bln quarterly net loss; cuts dividend(5:54 pm ET)
SAN FRANCISCO (MarketWatch) -- XL Capital Ltd. (XL: news, chart, profile) reported a fourth-quarter net loss of $1.43 billion, or $4.36 a share, late Tuesday. That compared to a net loss of $1.22 billion, or $6.88 a share, a year earlier, the insurance and reinsurance company said. The most recent net loss was mainly driven by a $990 million non-cash charge for the partial impairment of goodwill and permanent impairments of $608.5 million, including an investment portfolio reorganization charge of $400 million, XL said. Operating earnings, which exclude net realized investment gains and losses, were $189.5 million, or 58 cents a share, up from $98 million, or 55 cents a share, a year earlier. XL was expected to make 59 cents a share, according to the average estimate of nine analysts polled by FactSet Research. Forecasts ranged from a loss of nine cents a share to a profit of $1.07 a share. XL also said it's cutting its quarterly dividend to 10 cents a share. XL shares jumped 12% to $3.24 after the results.
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02/12/09 7:38 PM

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Thursday, Feb. 12
Embarq fourth-quarter profit rises to $1.34 a share(4:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Embarq Corp. (EQ: news, chart, profile) late Thursday reported its fourth-quarter net income rose marginally to $191 million from $190 million in the same quarter last year. On a per-share basis, the company earned $1.34 a share, up from $1.23 a share a year ago. Revenue decreased to $1.48 billion from $1.58 billion in the year earlier period, the telecom technology company said. Analysts surveyed by FactSet Research had forecast earnings of $1.27 a share on revenue of $1.5 billion.
McAfee profit rises on 19% revenue gain(4:11 pm ET)
SAN FRANCISCO (MarketWatch) - Security software maker McAfee Inc. on Thursday said net income for its fourth-quarter rose to $45.4 million, or 29 cents a share, from $12.2 million, or 7 cents a share in the same period a year earlier. Revenue rose 19% to $424 million, McAfee (MFE: news, chart, profile) said. Excluding special items, McAfee said earnings for the period ended in December were 53 cents a share. Analysts had estimated McAfee would post earnings excluding special items of 53 cents a share, and $419 million in revenue, according to FactSet Research.
Real Networks reports $240.5 million loss(4:10 pm ET)
SAN FRANCISCO (MarketWatch) -- RealNetworks Inc. (RNWK: news, chart, profile) on Thursday reported a fiscal fourth-quarter loss of $240.5 million, or $1.78 a share, compared with a profit of $2.7 million, or 2 cents a share, during the same period a year ago. Revenue slipped by 3% to $152.6 million from last-year's sales of $156.9 million. Real's sales were within the reduced revenue range the company gave on Feb. 3. The company also said it took $240.7 million in charges during the quarter related to goodwill, project costs and other one-time items. Real said that for its first quarter it expects sales to decline from the $147.6 million the company reported in the same period a year ago, but didn't give exact forecasts.
Ecolab earnings per share fall 27% in quarter (9:42 am ET)
NEW YORK (MarketWatch) -- Ecolab Inc. (ECL: news, chart, profile) said Thursday its fourth-quarter profit totaled $80 million, or 33 cents a share, from $113 million, or 45 cents a share, in the same quarter a year before. Revenue for the quarter was $1.48 billion compared to $1.44 billion in the year-ago period. Analysts had expected earnings, on average, of 44 cents a share and sales of $1.51 billion, according to a FactSet Research survey. Ecolab continues to see 2009 earnings per share of $1.95 to $2.05.
Energy stocks fall with broad market (9:36 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell with the broad market in early action on Thursday. The Amex Oil Index (XOI: news, chart, profile) dropped 2.3% to 908. The Amex Natural Gas Index (XNG: news, chart, profile) fell 2.5% to 377, ahead of weekly inventory data. The Dow Jones Industrial Average ($DJ: news, chart, profile) subtracted nearly 150 points.
Viacom execs: DVD sales under pressure(9:22 am ET)
CHICAGO (MarketWatch) -- Viacom Inc. (VIA.B: news, chart, profile) (VIA: news, chart, profile) senior executives said Thursday that the company has seen the same slowdown in DVD sales that plagued the rest of the industry in the fourth quarter. "It is worth noting that we did see a strong performance from blockbuster hits such as 'Iron Man' and 'Indiana Jones [and The Kingdom Of the Crystal Skull]'," said Chief Executive Philippe Dauman during a conference call. "In the fourth quarter we saw the conversion rate of box office revenue into DVD purchases decline on all but the most popular titles," said Chief Financial Officer Tom Dooley. Because DVD sales are better for franchise titles, Paramount Pictures will bear this in mind when it decides what features it will produce, Dauman added.
Viacom CEO: MTV ratings improving(9:06 am ET)
CHICAGO (MarketWatch) -- Viacom Inc. (VIA.B: news, chart, profile) (VIA: news, chart, profile) Chief Executive Philippe Dauman said Thursday that ratings are beginning to improve at MTV, a cable channel that has had difficulty holding the attention of its young audience. Speaking on a conference call, Dauman said ratings in the current quarter are down 12%, compared with a decline of 21% in the fourth quarter. Another problem channel, VH1, is also seeing improvement. Ratings were down 8% in the fourth quarter -- which is better by a double-digit percentage than the network's third-quarter ratings.
CORRECT: Strayer profit rises amid enrollment gains(9:05 am ET)
NEW YORK (MarketWatch) -- Strayer Education Inc. (STRA: news, chart, profile) said Thursday its fourth-quarter profit rose to $24.0 million, or $1.71 a share, from $19.5 million, or $1.34 a share, in the same quarter a year before. Analysts had expected earnings on average of $1.70 a share, according to a FactSet Research survey. Revenue for the quarter was $114.3 million compared to $89.1 million in the year-ago period. The Arlington, Va.-based educational services company said that based on strong enrollment growth announced for the 2009 winter term and planned investments in opening new campuses, it estimates first-quarter profit to be in the range of $1.96 to $1.98 a share. (Corrects earning figures and comparisons.)
Viacom CEO: No recovery on horizon(8:59 am ET)
CHICAGO (MarketWatch) -- Viacom Inc. (VIA.B: news, chart, profile) (VIA: news, chart, profile) Chief Executive Philippe Dauman told analysts Thursday that the company doesn't see "macroeconomic improvement on the horizon just yet." Speaking on a conference call, Dauman said visibility into advertising sales trends is "still very limited." Advertisers' commitments made last year to buy ads for this year's first quarter are holding firm, and an increasing number of advertisers are exercising options to buy commercial time for the second quarter, Dauman added. However, he cautioned: "It is clear that while as cable network owners we are in a more favorable media segment than most, advertising [comparisons]are likely to get worse before they get better."
Redstone: Close to deal with National Amusements' creditors(8:37 am ET)
CHICAGO (MarketWatch) -- Viacom Inc. (VIA.B: news, chart, profile) (VIA: news, chart, profile) Chairman Sumner Redstone said Thursday that a new agreement with National Amusements' creditors is close at hand, but declined further comment. Speaking during a conference call with analysts, he also reiterated that his National Amusements holding company will not have to sell any addiitonal shares of Viacom or CBS Corp. (CBS: news, chart, profile) stock.
BorgWarner swings to fourth-quarter loss(8:18 am ET)
NEW YORK (MarketWatch) -- BorgWarner Inc. (BWA: news, chart, profile) said Thursday that it swung to a fourth-quarter loss of $81.4 million, or 70 cents a share, compared with net income of $71.2 million, or 60 cents a share, in the year-earlier period. Excluding items, the company's per-share earnings would have been breakeven. On average, analysts surveyed by FactSet Research expected a loss of 7 cents a share. Revenue at the Auburn Hills, Mich., producer of parts for vehicle powertrains declined to $931.5 million from $1.37 billion. The company said it has limited visibility for now, but expects positive earnings and positive cash flow from operations for 2009.
Progress Energy net income rises 4%(8:19 am ET)
NEW YORK (MarketWatch) -- Progress Energy (PGN: news, chart, profile) said Thursday its fourth-quarter earnings rose by about 4% to $107 million, or 41 cents a share, from $103 million, or 40 cents a share in the year-ago period. The Raleigh, N.C. operator of public utility companies in the Carolinas and Florida said operating earnings rose to 47 cents a share from 40 cents a share. Revenue fell slightly to $2.16 billion from $2.2 billion. Wall Street analysts expected earnings of 45 cents a share on revenue of $2.39 billion, according to a survey by FactSet Research. Progress Energy continues to expect 2009 profit of $2.95-$3.15 a share, compared to the analyst target of $3.03 a share.
Coca-Cola earnings per share fall 17% in quarter(8:16 am ET)
NEW YORK (MarketWatch) -- The Coca-Cola Co. (KO: news, chart, profile) said Thursday that its fourth-quarter profit slipped to $995 million, or 43 cents a share, from $1.21 billion, or 52 cents a share, in the same quarter a year before. Excluding one-time items, earnings per share were 64 cents, a 10% rise. Revenue for the quarter was $7.13 billion, compared to $7.33 billion in the year-ago period. Analysts had expected earnings, on average, of 61 cents a share and sales of $7.50 billion, according to a FactSet Research survey.
CORRECT:Och-Ziff records $112 million loss, says assets drop(7:59 am ET)
LONDON (MarketWatch) -- Hedge-fund manager Och-Ziff Capital Management (OZM: news, chart, profile) said it narrowed its fourth-quarter loss of $112.2 million, or $1.49 a share, from $774 million, or $11.15 a share in the year-earlier quarter. The company blamed the loss on its reorganization in connection with its initial public offering. It said its adjusted earnings were 8 cents a share. Revenue fell to $146 million from $770 million. Analysts polled by FactSet were looking for earnings of 2 cents a share. Assets under management of $22.1 billion as of Jan. 1, 2009, reflected $5.7 billion in performance-related depreciation and $5.4 billion in net outflows during 2008. It added it's going to pay a 5 cents a share dividend. (Fixes misspelling of company name.)
Scana's earnings slip in fourth quarter(7:49 am ET)
NEW YORK (MarketWatch) -- Scana Corp. (SCG: news, chart, profile) said Thursday its fourth-quarter profit fell to $86 million, or 73 cents a share, from $88 million, or 75 cents a share, in the same quarter a year before. Total operating revenue for the recent quarter rose to $1.30 billion from $1.17 billion in the year-ago period. On average, analysts polled by FactSet Research had predicted earnings of 67 cents a share. The Columbia, S.C., utility said it expects 2009 earnings of $2.65 to $2.95 a share, though it plans to tighten that guidance range later this year.
Pioneer plans 10,000 job cuts, closing TV business(7:48 am ET)
NEW YORK (MarketWatch) -- Pioneer Corp. (PNCOF: news, chart, profile) said Thursday it is closing its television-making operations and plans to slash 10,000 jobs from its global workforce, as the economic slowdown batters the consumer electronics industry. The announcement came as the Japanese electronics firm posted a fiscal third-quarter 26.15 billion yen ($291 million) loss, down from a 1.69 billion profit in the year-earlier quarter. Pioneer said it now expects a record-large net loss of 130 billion yen in the fiscal year ending March 31, which compares to its previous forecast for a 78 billion yen loss.
Waste Management Inc. profit slips (7:45 am ET)
NEW YORK (MarketWatch) -- Waste Management Inc. (WMI: news, chart, profile) said its fourth quarter profit slipped to $218 million, or 44 cents a share, from $309 million or 61 cents a share a year ago. Operating revenue slipped to $3.11 billion from $3.36 billion a year ago.
Teradata earnings per share 4.7% higher in quarter (7:46 am ET)
NEW YORK (MarketWatch) -- Terradata Corp. (TDC: news, chart, profile) said Thursday its fourth-quarter profit totaled $79 million, or 45 cents a share, compared to $79 million, or 43 cents a share, in the same quarter a year before. Revenue was $493 million compared to $466 million. Analysts had expected earnings, on average, of 37 cents a share and sales of $465 million, according to a FactSet Research survey. The data storage and and consulting company said that due to global economic uncertainty the company said it will not supply guidance for 2009.
LabCorp reports slight profit fall(7:36 am ET)
NEW YORK (MarketWatch) -- Laboratory Corporation of America Holdings (LH: news, chart, profile) said Thursday that its fourth-quarter profit fell to $120.3 million, or $1.08 a share, from $121.9 million, or 98 cents a share in the year-ago period. Adjusted earnings per share were $1.10, up from $1.04 in the fourth quarter of 2007. Analysts had expected, on average, adjusted earnings of $1.09 a share, according to FactSet Research. Revenues for the quarter were $1.1 billion, an 11.3% increase over the year-ago period. LabCorp said that for 2009 it expects revenue growth of 2% to 4% and earnings per share of between $4.75 to $4.95.
NRG Energy net income nearly triples(7:26 am ET)
NEW YORK (MarketWatch) -- NRG Energy (NRG: news, chart, profile) said Thursday its fourth-quarter net income rose to $259 million, or 98 cents a share, from $90 million, or 35 cents a share in the year-ago period. The Princeton, N.J. utility firm's operating income rose to 98 cents a share from 34 cents a share. Revenue rose to $1.66 bililon from $1.38 billion. Wall Street analysts expected earnings of 42 cents a share on revenue of $1.17 billion, according to a survey by FactSet Research. Driving the increase in fourth quarter income was an after tax benefit of $200 million in unrealized mark-to-market gains as a result of falling commodity prices, while fourth quarter 2007 results included an after tax charge of $22 million in unrealized mark-to-market losses, the company said. NRG Energy continues to expect 2009 cash flow from operations of $1.5 billion and $2.2 billion of adjusted earnings before interest, taxes, depreciation and amortization.
Viacom net income falls 69%(7:11 am ET)
NEW YORK (MarketWatch) -- Viacom Inc. (VIAB: news, chart, profile) said fourth-quarter net income fell to $173 million, or 28 cents a share, from $560 million, or 86 cents a share in the year-ago period. Adjusted earnings at the New York-based media giant fell to 76 cents a share from 84 cents a share. Revenue fell slightly to $4.24 billion frmo $4.25 billion. Wall Street analysts expected earnings of 80 cents a share on revenue of $4.25 billion, according to a survey by FactSet Research. Sumner M. Redstone, Executive Chairman of Viacom, said, "There is no doubt that global economic conditions are difficult right now. Having worked through turbulent times before, I know that it is in such times that companies with strong, resilient assets distinguish themselves. With enduring brands and a proven leadership team, Viacom is well prepared to manage through this environment and thrive over the long term."
Marriott swings to net loss, underlying profit down 49%(6:49 am ET)
LONDON (MarketWatch) -- Hotel group Marriott International Inc. (MAR: news, chart, profile) said Thursday that it swung to a fourth-quarter net loss of $10 million, or 3 cents a share, from a profit of $176 million, or 46 cents a share, a year earlier. Total revenue for the quarter fell 7.5% to $3.78 billion. The group said its loss was due to 35 cents-a-share of restructuring and other charges and that adjusted profit from continuing operations was down 49% at $121 million, or 34 cents a share. Analysts had been expecting earnings of 40 cents a share. Revenue per available room was down 8.4% from a year earlier on a comparable basis, with the international declined slightly outpacing the drop in the U.S. For the first quarter of 2009, the company is expecting earnings of 13 cents to 15 cents a share, with comparable company-operated REVPAR expected to fall 17% in North America. For 2009 as a whole it said it can't forecast results with any certainty, but earnings could be in a range of 86 cents to $1.04 a share.
Northwest Natural Gas' fourth-quarter profit rose 12%(6:28 am ET)
LONDON (MarketWatch) -- Northwest Natural Gas Company (NWN: news, chart, profile) , a natural-gas distributor, said fourth-quarter net income rose 12% to $33.2 million, or $1.25 a share, from $29.7 million, or $1.11 a share, earned in the year-ago quarter. The improvement was due to slightly colder than average weather in the quarter, commodity cost-sharing benefits and stronger gas storage results among other factors, the company said. Gross operating revenue climbed 5% to $349.2 million.
Orleans Homebuilders narrows loss on lower revenue(6:18 am ET)
TEL AVIV (MarketWatch) -- Orleans Homebuilders Inc., (OHB: news, chart, profile) Bensalem, Pa., reported a narrower fiscal second-quarter loss on 42% lower revenue. For the quarter ended Dec. 31, the loss was $15.6 million, or 84 cents a share, compared with $51.4 million, or $2.78, in the year-earlier quarter. Revenue fell to $90.2 million from $154.9 million. The average selling price on homes delivered in the second quarter was $441,000 compared with $447,000 in the year-earlier quarter. The backlog at Dec. 31 was $156.8 million, down 48% from $301.3 million at Dec. 31, 2007. The company hopes "that the anticipated federal stimulus bill will provide a meaningful tax credit for all homebuyers," said Jeffrey P. Orleans, chairman and chief executive, in a statement late on Wednesday. "[Pent-up] demand in some markets ... combined with reduced mortgage rates may stimulate buyers who have been waiting on the sidelines."
Aetna fourth-quarter net income drops 57%(6:17 am ET)
LONDON (MarketWatch) -- Aetna Inc. (AET: news, chart, profile) on Thursday said fourth-quarter net income fell to $194.7 million, or 42 cents a share, from $448.4 million, or 87 cents a share, in the same period the previous year. The Hartford, Conn.-based insurance giant said operating earnings totaled $448.3 million, or 96 cents a share, compared to $454.5 million, or 88 cents a share in the final quarter of the previous year. The consensus forecast was for operating earnings of 94 cents a share, according to a FactSet Research survey of analysts. The company said it expects 2009 operating earnings per share of $3.85 to $3.95. Analysts have estimated 2009 operating earnings of $3.94 a share.
Stifel Financial generates 5% quarterly revenue growth(6:16 am ET)
WASHINGTON (MarketWatch) -- Stifel Financial Corp. (SF: news, chart, profile) reported fourth-quarter net income of $17.8 million, or 59 cents a share, up from $13.8 million, or 51 cents, earned in the final three months of 2007. Quarterly revenue generated by the St. Louis-based company rose 5%, reaching $230.9 million, as principal transactions more than offset lower contributions from commissions and investment banking. Adjusted to exclude acquisition-related charges, earnings would have been 72 cents a share for the 2008 fourth quarter, down from the prior year's 76 cents. Net profit for the latest quarter included 11 cents a share for a one-time gain on debt extinguishment, as well as charges totaling 12 cents a share, the company said. Analysts' consensus estimate as compiled by FactSet Research had been for Stifel Financial to earn 58 cents a share.
Schroders swings to loss as assets under management fall 21%(3:00 am ET)
LONDON (MarketWatch) -- U.K. fund manager Schroders (UK:SDR: news, chart, profile) said Thursday it swung to a 2008 net loss of 5.4 million pounds from a profit of 4 million pounds in 2007. Revenue for the year fell 21% to 935.8 million pounds. The group said underlying pretax profit fell to 290.5 million pounds from 392.5 million pounds and assets under management were down 21% at 110.2 billion pounds at the end of December compared to a year earlier.
KBC posts $3.4 billion loss, sees good start to 2009(2:55 am ET)
LONDON (MarketWatch) -- Belgium's KBC Group (BE:KBC: news, chart, profile) said Thursday it fell to a fourth-quarter net loss of 2.63 billion euros ($3.39 billion) from a profit of 708 million euros a year earlier. The banking and insurance group said it took write-downs on structured credit portfolios of 1.7 billion euros and a 700 million euro loss was recorded in the value of its equity investment portfolio. KBC had previously said it would report a loss of around 2.5 billion euros after total write-downs of 2.6 billion euros. The group said underlying performance at the start of 2009 is encouraging, with January proving to be a better month than January 2008.
EdF annual profit down 39% on compensation payments(2:52 am ET)
PARIS (MarketWatch) -- French state-controlled utility Electricite de France SA (FR:EDF: news, chart, profile) Thursday said full-year net profit fell 39.3%, due to provisions to cover compensatory payments to competitors under the extension of the TarTAM regulated tariff for industrial power clients. Europe's biggest utility by market value said full-year net profit group share fell to EUR3.4 billion from EUR5.62 billion a year earlier. EDF's Chief Executive Pierre Gadonneix said the company in 2009 will give priority to organic growth and announced a new asset sale program of EUR5 billion for 2009-2010. The company also said that EBITDA in 2009 should grow thanks to the consolidation of U.K.-based nuclear company British Energy PLC it acquired in the summer 2008 but warned that net profit from ordinary operations this year shouldn't increase as it plans to continue its "substantial" investments in its generation and network activities.
Total adjusted profit falls smaller-than-forecast 8%(2:49 am ET)
PARIS (MarketWatch) -- French oil major Total SA (TOT: news, chart, profile) (FR:FP: news, chart, profile) Thursday reported an 8% fall in fourth-quarter adjusted profit, ahead of expectations, as weakening demand in a deepening economic downturn caused oil prices to plummet. Fourth-quarter profit - adjusted to exclude inventory changes, one-time items, and the group's equity share of the amortization of intangibles related to the Sanofi-Aventis merger - dropped to EUR2.87 billion, from EUR3.11 billion in the same period a year earlier, Total said. Adjusted profit is the income figure most closely watched by analysts. Total's fourth-quarter adjusted profit beat an average estimate of EUR2.63 billion, according to a Dow Jones Newswires survey of 15 analysts. France's biggest company by market value posted a net loss of EUR794 million for the three months ended Dec. 31, or EUR0.36 a share, from a net profit of EUR3.6 billion, or EUR1.59 a share, in the same period a year earlier. Sales fell 10% to EUR38.71 billion from EUR43.19 billion.
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02/13/09 7:47 PM

#758 RE: 3xBuBu #699

Friday, Feb. 13
CORRECT: Energy stocks rise as broad market falls(9:42 am ET)
NEW YORK (MarketWatch) -- The energy sector rose despite losses in the broad market on Friday. The Amex Oil Index (XOI: news, chart, profile) rose 0.5% to 937. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.8% to 391. (Corrects direction of broad market.)
CORRECT: Wyndham swings to large loss on goodwill charge(8:35 am ET)
NEW YORK (MarketWatch) -- Wyndham Worldwide Corp. (WYN: news, chart, profile) said Friday its fourth-quarter loss totaled $1.36 billion, or $7.63 a share, swinging from a profit of $104 million, or 58 cents a share, in the same quarter a year before. The results included a non-cash charge of $1.3 billion to reduce the value of its goodwill related to the vacation ownership business. Excluding various one-time charges, the hospitality and travel company earned a profit of 47 cents a share. Analysts had expected earnings on average of 38 cents a share, according to a FactSet Research survey. Revenue for the quarter was $911 million compared to $1.03 billion in the year-ago period. Wyndham said it expects 2009 adjusted profit of $1.61 to $1.85 a share. (Corrects revenue figures.)
PepsiCo net income falls, hitting target(7:15 am ET)
NEW YORK (MarketWatch) -- PepsiCo (PEP: news, chart, profile) said Friday fourth-quarter net income fell to $716 million, or 46 cents a share, from $1.26 bilion, or 77 cents a share in the year-ago period. Adjusted net income in the latest period was 88 cents a share. Revenue rose about 3% to $12.73 billion. The Purchase, N.Y. maker of snacks and drinks was expected to earn 88 cents a share on revenue of $12.82 billion, according to a survey of Wall Street analysts by FactSet Research. Looking ahead, PepsiCo expects 2009 core earnings-per-share growth in the mid-to high-single-digits on a constant currency basis. The company anticipates foreign exchange, at current spot rates, would adversely impact constant-currency core EPS by 8%.
Cognizant Technology fourth-quarter profit rises 17%(6:20 am ET)
LONDON (MarketWatch) -- Cognizant Technology Solutions Corp. (CTSH: news, chart, profile) on Friday said fourth-quarter net income rose to $112.3 million, or 38 cents a share, in the fourth quarter, up from $96.3 million, or 32 cents a share, in the same period of the previous year. The figures include a a charge of 3 cents a share for non-operating foreign exchange losses tied largely to the weakness of the British pound, the Teaneck, N.J.-based company said. The consensus forecast was for fourth-quarter net income of 38 cents a share, according to a FactSet Research survey of analysts. Fourth-quarter revenue rose to $753 million, up from $600 million in the final quarter of 2007. The company said it expected first-quarter earnings of 37 to 38 cents a share, and full-year 2009 earnings of at least $1.54 a share.
Nabor Industries sees $400 million charge(6:19 am ET)
LONDON (MarketWatch) -- Nabors Industries (NBR: news, chart, profile) said it's going to take $1.14 a share of non-cash charges, or $400 million before tax, from oil and gas ceiling test adjustments and goodwill impairments. It's expecting fourth-quarter results excluding the charge of be between 80 cents and 82 cents a share, which it called a "solid operationg performance across all business units." Analysts polled by FactSet were looking for the Hamilton, Bermuda driller to earn 83 cents a share.
Air Canada swings to hefty loss, to reduce capacity(6:15 am ET)
LONDON (MarketWatch) -- Air Canada (CA:AC.A: news, chart, profile) said it swung to a fourth-quarter loss of 727 million Canadian dollars ($586 million), with revenue falling 15% to C$2.5 billion. It earned C$35 million in the year-earlier quarter. The airline took C$527 million on foreign exchange losses. Air Canada says it had C$1 billion in cash and cash equivalents as of Dec. 31 and has assets that could support up to $1 billion in additional financing. For 2009, it expects capacity to decline by 2.5% to 3.5%.
Nordic American Tanker profit climbs on 'sound' market(6:07 am ET)
LONDON (MarketWatch) -- Nordic American Tanker (NAT: news, chart, profile) said its fourth-quarter net income rose to $17.2 million, or 50 cents a share, from $1.68 million, or 6 cents a share, with revenue up to $40.5 million from $26.9 million, with the firm citing the stronger spot Suezmax tanker market. The quarter included a 5 cents a share hit on unplanned technical work on two vessels. It's going to pay an 87 cents a share dividend. It added the sound Suezmax tanker spot market has to date continued into the first quarter 2009. Analysts polled by FactSet had forecast earnings of 51 cents a share.
Thursday, Feb. 12
DBS Bank fourth-quarter net income down 40% to $195 million(9:07 pm ET)
HONG KONG (MarketWatch) -- Singapore-based DBS Group Holdings (DBSDY: news, chart, profile) , the largest bank in Southeast Asia, reported Friday net income fell 40% to S$295 million ($195 million), or S$0.91 a share, from S$491 million, or S$1.37 a share, a year earlier. Analysts polled by Dow Jones Newswires were expecting net profit of S$326 million. The bank reported one-time losses, which included charges on its investment in Thai bank TMB Bank PCL, were S$88 million, up from S$67 million a year earlier. Total income was down 4% to S$1.475 billion. The bank cut its workforce by 900 employees, or about 6%, late last year.
Embarq fourth-quarter profit rises to $1.34 a share(4:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Embarq Corp. (EQ: news, chart, profile) late Thursday reported its fourth-quarter net income rose marginally to $191 million from $190 million in the same quarter last year. On a per-share basis, the company earned $1.34 a share, up from $1.23 a share a year ago. Revenue decreased to $1.48 billion from $1.58 billion in the year earlier period, the telecom technology company said. Analysts surveyed by FactSet Research had forecast earnings of $1.27 a share on revenue of $1.5 billion.
McAfee profit rises on 19% revenue gain(4:11 pm ET)
SAN FRANCISCO (MarketWatch) - Security software maker McAfee Inc. on Thursday said net income for its fourth-quarter rose to $45.4 million, or 29 cents a share, from $12.2 million, or 7 cents a share in the same period a year earlier. Revenue rose 19% to $424 million, McAfee (MFE: news, chart, profile) said. Excluding special items, McAfee said earnings for the period ended in December were 53 cents a share. Analysts had estimated McAfee would post earnings excluding special items of 53 cents a share, and $419 million in revenue, according to FactSet Research.
Real Networks reports $240.5 million loss(4:10 pm ET)
SAN FRANCISCO (MarketWatch) -- RealNetworks Inc. (RNWK: news, chart, profile) on Thursday reported a fiscal fourth-quarter loss of $240.5 million, or $1.78 a share, compared with a profit of $2.7 million, or 2 cents a share, during the same period a year ago. Revenue slipped by 3% to $152.6 million from last-year's sales of $156.9 million. Real's sales were within the reduced revenue range the company gave on Feb. 3. The company also said it took $240.7 million in charges during the quarter related to goodwill, project costs and other one-time items. Real said that for its first quarter it expects sales to decline from the $147.6 million the company reported in the same period a year ago, but didn't give exact forecasts.
Ecolab earnings per share fall 27% in quarter (9:42 am ET)
NEW YORK (MarketWatch) -- Ecolab Inc. (ECL: news, chart, profile) said Thursday its fourth-quarter profit totaled $80 million, or 33 cents a share, from $113 million, or 45 cents a share, in the same quarter a year before. Revenue for the quarter was $1.48 billion compared to $1.44 billion in the year-ago period. Analysts had expected earnings, on average, of 44 cents a share and sales of $1.51 billion, according to a FactSet Research survey. Ecolab continues to see 2009 earnings per share of $1.95 to $2.05.
Energy stocks fall with broad market (9:36 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell with the broad market in early action on Thursday. The Amex Oil Index (XOI: news, chart, profile) dropped 2.3% to 908. The Amex Natural Gas Index (XNG: news, chart, profile) fell 2.5% to 377, ahead of weekly inventory data. The Dow Jones Industrial Average ($DJ: news, chart, profile) subtracted nearly 150 points.
Viacom execs: DVD sales under pressure(9:22 am ET)
CHICAGO (MarketWatch) -- Viacom Inc. (VIA.B: news, chart, profile) (VIA: news, chart, profile) senior executives said Thursday that the company has seen the same slowdown in DVD sales that plagued the rest of the industry in the fourth quarter. "It is worth noting that we did see a strong performance from blockbuster hits such as 'Iron Man' and 'Indiana Jones [and The Kingdom Of the Crystal Skull]'," said Chief Executive Philippe Dauman during a conference call. "In the fourth quarter we saw the conversion rate of box office revenue into DVD purchases decline on all but the most popular titles," said Chief Financial Officer Tom Dooley. Because DVD sales are better for franchise titles, Paramount Pictures will bear this in mind when it decides what features it will produce, Dauman added.
Viacom CEO: MTV ratings improving(9:06 am ET)
CHICAGO (MarketWatch) -- Viacom Inc. (VIA.B: news, chart, profile) (VIA: news, chart, profile) Chief Executive Philippe Dauman said Thursday that ratings are beginning to improve at MTV, a cable channel that has had difficulty holding the attention of its young audience. Speaking on a conference call, Dauman said ratings in the current quarter are down 12%, compared with a decline of 21% in the fourth quarter. Another problem channel, VH1, is also seeing improvement. Ratings were down 8% in the fourth quarter -- which is better by a double-digit percentage than the network's third-quarter ratings.
CORRECT: Strayer profit rises amid enrollment gains(9:05 am ET)
NEW YORK (MarketWatch) -- Strayer Education Inc. (STRA: news, chart, profile) said Thursday its fourth-quarter profit rose to $24.0 million, or $1.71 a share, from $19.5 million, or $1.34 a share, in the same quarter a year before. Analysts had expected earnings on average of $1.70 a share, according to a FactSet Research survey. Revenue for the quarter was $114.3 million compared to $89.1 million in the year-ago period. The Arlington, Va.-based educational services company said that based on strong enrollment growth announced for the 2009 winter term and planned investments in opening new campuses, it estimates first-quarter profit to be in the range of $1.96 to $1.98 a share. (Corrects earning figures and comparisons.)
Viacom CEO: No recovery on horizon(8:59 am ET)
CHICAGO (MarketWatch) -- Viacom Inc. (VIA.B: news, chart, profile) (VIA: news, chart, profile) Chief Executive Philippe Dauman told analysts Thursday that the company doesn't see "macroeconomic improvement on the horizon just yet." Speaking on a conference call, Dauman said visibility into advertising sales trends is "still very limited." Advertisers' commitments made last year to buy ads for this year's first quarter are holding firm, and an increasing number of advertisers are exercising options to buy commercial time for the second quarter, Dauman added. However, he cautioned: "It is clear that while as cable network owners we are in a more favorable media segment than most, advertising [comparisons]are likely to get worse before they get better."
Redstone: Close to deal with National Amusements' creditors(8:37 am ET)
CHICAGO (MarketWatch) -- Viacom Inc. (VIA.B: news, chart, profile) (VIA: news, chart, profile) Chairman Sumner Redstone said Thursday that a new agreement with National Amusements' creditors is close at hand, but declined further comment. Speaking during a conference call with analysts, he also reiterated that his National Amusements holding company will not have to sell any addiitonal shares of Viacom or CBS Corp. (CBS: news, chart, profile) stock.
BorgWarner swings to fourth-quarter loss(8:18 am ET)
NEW YORK (MarketWatch) -- BorgWarner Inc. (BWA: news, chart, profile) said Thursday that it swung to a fourth-quarter loss of $81.4 million, or 70 cents a share, compared with net income of $71.2 million, or 60 cents a share, in the year-earlier period. Excluding items, the company's per-share earnings would have been breakeven. On average, analysts surveyed by FactSet Research expected a loss of 7 cents a share. Revenue at the Auburn Hills, Mich., producer of parts for vehicle powertrains declined to $931.5 million from $1.37 billion. The company said it has limited visibility for now, but expects positive earnings and positive cash flow from operations for 2009.
Progress Energy net income rises 4%(8:19 am ET)
NEW YORK (MarketWatch) -- Progress Energy (PGN: news, chart, profile) said Thursday its fourth-quarter earnings rose by about 4% to $107 million, or 41 cents a share, from $103 million, or 40 cents a share in the year-ago period. The Raleigh, N.C. operator of public utility companies in the Carolinas and Florida said operating earnings rose to 47 cents a share from 40 cents a share. Revenue fell slightly to $2.16 billion from $2.2 billion. Wall Street analysts expected earnings of 45 cents a share on revenue of $2.39 billion, according to a survey by FactSet Research. Progress Energy continues to expect 2009 profit of $2.95-$3.15 a share, compared to the analyst target of $3.03 a share.
Coca-Cola earnings per share fall 17% in quarter(8:16 am ET)
NEW YORK (MarketWatch) -- The Coca-Cola Co. (KO: news, chart, profile) said Thursday that its fourth-quarter profit slipped to $995 million, or 43 cents a share, from $1.21 billion, or 52 cents a share, in the same quarter a year before. Excluding one-time items, earnings per share were 64 cents, a 10% rise. Revenue for the quarter was $7.13 billion, compared to $7.33 billion in the year-ago period. Analysts had expected earnings, on average, of 61 cents a share and sales of $7.50 billion, according to a FactSet Research survey.
CORRECT:Och-Ziff records $112 million loss, says assets drop(7:59 am ET)
LONDON (MarketWatch) -- Hedge-fund manager Och-Ziff Capital Management (OZM: news, chart, profile) said it narrowed its fourth-quarter loss of $112.2 million, or $1.49 a share, from $774 million, or $11.15 a share in the year-earlier quarter. The company blamed the loss on its reorganization in connection with its initial public offering. It said its adjusted earnings were 8 cents a share. Revenue fell to $146 million from $770 million. Analysts polled by FactSet were looking for earnings of 2 cents a share. Assets under management of $22.1 billion as of Jan. 1, 2009, reflected $5.7 billion in performance-related depreciation and $5.4 billion in net outflows during 2008. It added it's going to pay a 5 cents a share dividend. (Fixes misspelling of company name.)
Scana's earnings slip in fourth quarter(7:49 am ET)
NEW YORK (MarketWatch) -- Scana Corp. (SCG: news, chart, profile) said Thursday its fourth-quarter profit fell to $86 million, or 73 cents a share, from $88 million, or 75 cents a share, in the same quarter a year before. Total operating revenue for the recent quarter rose to $1.30 billion from $1.17 billion in the year-ago period. On average, analysts polled by FactSet Research had predicted earnings of 67 cents a share. The Columbia, S.C., utility said it expects 2009 earnings of $2.65 to $2.95 a share, though it plans to tighten that guidance range later this year.
Pioneer plans 10,000 job cuts, closing TV business(7:48 am ET)
NEW YORK (MarketWatch) -- Pioneer Corp. (PNCOF: news, chart, profile) said Thursday it is closing its television-making operations and plans to slash 10,000 jobs from its global workforce, as the economic slowdown batters the consumer electronics industry. The announcement came as the Japanese electronics firm posted a fiscal third-quarter 26.15 billion yen ($291 million) loss, down from a 1.69 billion profit in the year-earlier quarter. Pioneer said it now expects a record-large net loss of 130 billion yen in the fiscal year ending March 31, which compares to its previous forecast for a 78 billion yen loss.
Waste Management Inc. profit slips (7:45 am ET)
NEW YORK (MarketWatch) -- Waste Management Inc. (WMI: news, chart, profile) said its fourth quarter profit slipped to $218 million, or 44 cents a share, from $309 million or 61 cents a share a year ago. Operating revenue slipped to $3.11 billion from $3.36 billion a year ago.
Teradata earnings per share 4.7% higher in quarter (7:46 am ET)
NEW YORK (MarketWatch) -- Terradata Corp. (TDC: news, chart, profile) said Thursday its fourth-quarter profit totaled $79 million, or 45 cents a share, compared to $79 million, or 43 cents a share, in the same quarter a year before. Revenue was $493 million compared to $466 million. Analysts had expected earnings, on average, of 37 cents a share and sales of $465 million, according to a FactSet Research survey. The data storage and and consulting company said that due to global economic uncertainty the company said it will not supply guidance for 2009.
LabCorp reports slight profit fall(7:36 am ET)
NEW YORK (MarketWatch) -- Laboratory Corporation of America Holdings (LH: news, chart, profile) said Thursday that its fourth-quarter profit fell to $120.3 million, or $1.08 a share, from $121.9 million, or 98 cents a share in the year-ago period. Adjusted earnings per share were $1.10, up from $1.04 in the fourth quarter of 2007. Analysts had expected, on average, adjusted earnings of $1.09 a share, according to FactSet Research. Revenues for the quarter were $1.1 billion, an 11.3% increase over the year-ago period. LabCorp said that for 2009 it expects revenue growth of 2% to 4% and earnings per share of between $4.75 to $4.95.
NRG Energy net income nearly triples(7:26 am ET)
NEW YORK (MarketWatch) -- NRG Energy (NRG: news, chart, profile) said Thursday its fourth-quarter net income rose to $259 million, or 98 cents a share, from $90 million, or 35 cents a share in the year-ago period. The Princeton, N.J. utility firm's operating income rose to 98 cents a share from 34 cents a share. Revenue rose to $1.66 bililon from $1.38 billion. Wall Street analysts expected earnings of 42 cents a share on revenue of $1.17 billion, according to a survey by FactSet Research. Driving the increase in fourth quarter income was an after tax benefit of $200 million in unrealized mark-to-market gains as a result of falling commodity prices, while fourth quarter 2007 results included an after tax charge of $22 million in unrealized mark-to-market losses, the company said. NRG Energy continues to expect 2009 cash flow from operations of $1.5 billion and $2.2 billion of adjusted earnings before interest, taxes, depreciation and amortization.
Viacom net income falls 69%(7:11 am ET)
NEW YORK (MarketWatch) -- Viacom Inc. (VIAB: news, chart, profile) said fourth-quarter net income fell to $173 million, or 28 cents a share, from $560 million, or 86 cents a share in the year-ago period. Adjusted earnings at the New York-based media giant fell to 76 cents a share from 84 cents a share. Revenue fell slightly to $4.24 billion frmo $4.25 billion. Wall Street analysts expected earnings of 80 cents a share on revenue of $4.25 billion, according to a survey by FactSet Research. Sumner M. Redstone, Executive Chairman of Viacom, said, "There is no doubt that global economic conditions are difficult right now. Having worked through turbulent times before, I know that it is in such times that companies with strong, resilient assets distinguish themselves. With enduring brands and a proven leadership team, Viacom is well prepared to manage through this environment and thrive over the long term."
Marriott swings to net loss, underlying profit down 49%(6:49 am ET)
LONDON (MarketWatch) -- Hotel group Marriott International Inc. (MAR: news, chart, profile) said Thursday that it swung to a fourth-quarter net loss of $10 million, or 3 cents a share, from a profit of $176 million, or 46 cents a share, a year earlier. Total revenue for the quarter fell 7.5% to $3.78 billion. The group said its loss was due to 35 cents-a-share of restructuring and other charges and that adjusted profit from continuing operations was down 49% at $121 million, or 34 cents a share. Analysts had been expecting earnings of 40 cents a share. Revenue per available room was down 8.4% from a year earlier on a comparable basis, with the international declined slightly outpacing the drop in the U.S. For the first quarter of 2009, the company is expecting earnings of 13 cents to 15 cents a share, with comparable company-operated REVPAR expected to fall 17% in North America. For 2009 as a whole it said it can't forecast results with any certainty, but earnings could be in a range of 86 cents to $1.04 a share.
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3xBuBu

02/17/09 9:07 PM

#759 RE: 3xBuBu #699

Tuesday, Feb. 17
Woodside Petroleum profit jumps 73% in 2008(8:45 pm ET)
HONG KONG (MarketWatch) -- Australian energy producer (AU:WPL: news, chart, profile) (WOPEY: news, chart, profile) Wednesday reported a 73% jump in profit for 2008 as production of oil increased 15% during the year. Net income rose to A$1.79 billion ($1.16 billion) from A$1.03 billion, with revenue rising 56% to A$5.99 billion. Woodside shares fell 1.3% in Sydney.
Westpac cash earnings drop 2% as impairment charges surge(8:31 pm ET)
HONG KONG (MarketWatch) -- Australian lender Westpac Banking Group (AU:WBC: news, chart, profile) (WBK: news, chart, profile) Wednesday said its group cash earnings fell to about A$1.2 billion ($780 million) in the quarter ended Dec. 31, down 2% from the year-earlier period. Impairment charges surged to A$800 million during the quarter from A$144 million. Shares fell 2.6% in Sydney trading.
Jack in the Box quarterly profit slides(4:59 pm ET)
SAN FRANCISCO (MarketWatch) -- Jack in the Box Inc. (JACK: news, chart, profile) late Tuesday reported its first-quarter net income fell to $28.4 million, or 49 cents a share, from $36.3 million, or 59 cents a share, in the same quarter last year. Revenue was fractionally lower at $776.7 million, compared with $777 million a year earlier, the San Diego-based fast-food chain said. Analysts surveyed by Thomson Reuters had forecast earnings of 52 cents a share on revenue of $749 million. Same-store sales at Jack in the Box company restaurants increased 1.7% in the quarter. In 2009, the company expects adjusted earnings of $2 to $2.20 a share.
Agilent quarterly profit slides to 18 cents a share (4:15 pm ET)
SAN FRANCISCO (MarketWatch) -- Agilent Technologies Inc. (A: news, chart, profile) late Tuesday reported its first-quarter earnings shrank nearly in half to $64 million, or 18 cents a share, from $120 million, or 31 cents a share, in the same quarter last year. Excluding certain items, Agilent earned 20 cents a share, down 44% from a year ago. "We don't know where, or when, this recession will bottom. But, we will remain proactive in addressing the economic challenges we face, and we are committed to delivering performance consistent with Agilent's operating model," said Chief Executive Bill Sullivan in a statement. Revenue decreased to $1.17 billion from $1.39 billion a year earlier. Analysts surveyed by FactSet Research had forecast earnings of 28 cents a share and revenue of $1.27 billion.
Kraft Foods CEO talks private label(11:49 am ET)
SAN FRANCISCO (MarketWatch) -- Kraft Foods (KFT: news, chart, profile) Chief Executive Irene Rosenfeld said Tuesday the world's No. 2 food maker is not being hurt by consumers trading down to cheaper store-brand products. "Private label is taking more share from our competitors than us," Rosenfeld said at an investor conference in Boca Raton, Fla. Kraft said private label grew 1% in its categories last year. Kraft is currently shedding less-profitable products such as South Beach Living frozen meals and dealing with inventory reductions at food retailers. This will hurt volume growth in the first quarter, which is expected to be down as much as 5%, the company said. Overall, Kraft said volume will grow for the year. Kraft shares fell 2% to $24.74 in midday trading.
Transocean net off, firm takes $208 million goodwill charge(7:50 am ET)
NEW YORK (MarketWatch) -- Transocean Ltd. (RIG: news, chart, profile) said Tuesday that its fourth quarter net income fell to $800 million, or $2.50 a share from $1.06 billion, or $4.17 a share a year ago. Revenue rose to $3.27 billion, or from $2.08 billion last year. The latest quarter's results included $385 million, or $1.19 per share of various charges.
ConAgra reaffirms 2009 earnings view(7:44 am ET)
NEW YORK (MarketWatch) -- ConAgra Foods (CAG: news, chart, profile) said Tuesday it continues to expect full-year 2009 earnings per share of slightly more than $1.50, with greater earnings expected in the fourth quarter than in the third. Additionally, the company said it expects annual earnings-per-share growth of 8% to 10% over the long term.
Trina Solar sees higher revenue, cuts gross-margin view (7:33 am ET)
NEW YORK (MarketWatch) -- Trina Solar Ltd. (TSL: news, chart, profile) said Tuesday that it expects fourth-quarter net revenue to exceed its previous forecast range of $190 million to $210 million and full-year net revenue to meet its previous forecast range of $800 million to $850 million. The Changzhou, China-based producer of solar-power equipment also said it expects a non-cash inventory provision of $16 million to $18 million, citing the revaluation of its silicon inventory related to "notable market price declines" in the fourth quarter. As a result, the company lowered its outlook for fourth-quarter gross margin to a range of 9% to 10%, compared to its earlier forecast of 13% to 15%.
Medtronic adjusted earnings up 13% in quarter(7:28 am ET)
NEW YORK (MarketWatch) -- Medtronic Inc. (MDT: news, chart, profile) said Tuesday that its third-quarter earnings were $723 million, or 65 cents a share, compared to $77 million, or 7 cents, in the same period a year ago. Revenue rose 3% to $3.49 billion. On an adjusted basis, Medtronic earned 71 cents versus 63 cents a year ago. Analysts polled by FactSet Research estimated, on average, earnings per share of 70 cents and sales of $3.51 billion at the medical technology company.
Alliance One profit jumps after rise in selling prices(7:15 am ET)
LONDON (MarketWatch) -- Leaf tobacco merchant Alliance One International inc. (AOI: news, chart, profile) said Tuesday that its fiscal third-quarter net profit jumped to $59.5 million, or 67 cents a share, from $15.7 million, or 18 cents a share, a year earlier. Revenue for the quarter rose 23% to $690 million, mainly due to an increase in selling prices, with volumes sold remaining in line with expectations. The group said its financing partners are continuing to provide working capital, though the associated costs have begun to increase.
Dycom sees second-quarter results below previous guidance(6:36 am ET)
LONDON (MarketWatch) -- Dycom Industries Inc. (DY: news, chart, profile) warned Tuesday that second-quarter earnings will come in below the company's previous forecasts. The Palm Beach Gardens, Fla.-based specialty contracting company said it now expects to report an after-tax loss from continuing operations of around $800,000, or 2 cents a share, which includes a 2-cent after-tax gain tied to the buyback of senior subordinated notes. The figure doesn't include an impairment charge tied to the company's goodwill. The company had previously forecast earnings per share of 2 to 7 cents. Second-quarter revenue is expected to total around $245 million, below the range of $250 million to $270 million estimated by Dycom in November. The company plans to announce full second-quarter results on Feb. 24.
State Auto Financial swings to loss(6:12 am ET)
LONDON (MarketWatch) -- Insurance group State Auto Financial Corp. (STFC: news, chart, profile) said Tuesday that it swung to a fourth-quarter net loss of $600,000, or 2 cents a share, from a profit of $41.7 million, or $1.01 a share, a year earlier. Total revenue fell 1.8% as a rise in premiums written was more than offset by a loss on investments. The group said earnings from operations were 53 cents a share, compared to 99 cents a share in the final quarter of 2007. Analysts polled by FactSet were expecting earnings of 60 cents a share in the quarter.
Republic Airways profit falls, but tops forecast(5:57 am ET)
LONDON (MarketWatch) -- Republic Airways Holdings (RJET: news, chart, profile) said fourth-quarter net income was $19.0 million, or 56 cents per diluted share, compared to $24.3 million, or 65 cents per diluted share, for the same period last year. Revenue fell 4% to $339.3 million. Analysts polled by FactSet had forecast earnings of 43 cents a share.
Daimler annual profit down 65%, dividend slashed(4:27 am ET)
LONDON (MarketWatch) -- German car maker Daimler AG (DE:DAI: news, chart, profile) (DAI: news, chart, profile) said Tuesday that its net profit for 2008 dropped around 65% to 1.4 billion euros ($1.8 billion) as revenue declined 3.5% at 95.9 billion euros. Earnings before interest and taxes fell 69% to 2.73 billion euros mainly due to 3.2 billion euros of expenses related to its investment in Chrysler as well as lower earnings from Mercedes-Benz. Excluding restructuring and other one-off charges, Daimler said it achieved its goal for underlying EBIT of 6 billion euros. The group said it will cut its dividend payout to 0.60 euros a share from 2 euros a share for 2007 and added that there will be "substantial burdens" on its earnings in 2009 from the economic downturn. Global demand for automobiles could drop another 10% in 2009, leading to further significant falls in unit sales and lower revenue across all its vehicle divisions. Daimler said a more detailed statement on 2009 earnings will only be possible later in the year.
Iberdrola net profit falls 49% to 379.3 million euros(2:58 am ET)
MADRID (MarketWatch) -- Spanish utility and renewable energy operator Iberdrola SA (ES:IBE: news, chart, profile) reported a 49% fall in fourth quarter net income on Tuesday. For the fourth quarter, net income fell to 379.3 million euros ($478 million) from 740.6 million euros in the year-ago period. A survey of analysts polled by Dow Jones had forecast fourth quarter net income of 475 million euros. For 2008, net income rose 22% to 2.86 billion euros from 2.35 billion euros a year ago.
InterContinental profit down 43%, had tough start to 2009(2:38 am ET)
LONDON (MarketWatch) -- InterContinental Hotels Group (UK:IHG: news, chart, profile) (IHG: news, chart, profile) said Tuesday that its 2008 net profit fell 43% to $262 million, while revenue grew 4.7% to $1.85 billion. The hotel group said that, excluding $85 million of one-time costs in the year and $152 million of gains in the previous year, adjusted net profit rose 12% to $347 million. The results was broadly in line with expectations, but the group also said it had seen a sharp deterioration in fourth quarter trading, with global constant-currency revenue per available room down 6.5% in the quarter. In January RevPAR was down 12.2%, with sharp declines across all regions. The group said it will leave its final dividend unchanged at 29.2 cents a share.
Teva posts loss after R&D, other items; adjusted net up 11%(1:42 am ET)
TEL AVIV (MarketWatch) -- Teva Pharmaceutical Industries Ltd., (TEVA: news, chart, profile) the Jerusalem drugmaker, swung to a fourth-quarter net loss from a year-earlier profit on 11% higher sales. Adjusted net income rose 11%. And the company raised its quarterly dividend by a third. The loss was $688 million, or 88 cents a share, compared with net income of $570 million, or 69 cents, in the year-earlier quarter. Sales totaled $2.85 billion compared with $2.58 billion. On an adjusted basis, the company earned 76 cents a share against 69 cents a year earlier. A survey of analysts by FactSet Research produced a consensus estimate of 73 cents of profit for the quarter on $2.94 billion in sales. Sales of Copaxone, the company's flagship treatment for multiple sclerosis, rose 37% in the quarter to $595 million. Sales of Azilect for Parkinson's disease rose 50% to $51 million. The quarter's results reflect $992 million of in-process R&D for the late December acquisition of Barr Pharmaceuticals; impairment of financial assets, mainly auction-rate securities, of $272 million; impairment of intangible and other assets of $107 million; and other special items. Exchange-rate fluctuations cut sales by 5% and operating profit by $28 million. Total pharmaceutical sales in North America were $1.65 billion, up 15% from the year earlier, and accounting for 61% of total pharmaceutical sales. The company declared a dividend of 0.6 shekel (US$0.147) a share, up from 0.45 shekel in the previous quarter. The dividend is payable March 12 to holders of record Feb. 25.
Bank of East Asia profit plunges 99.1%; proposes bonus issue(1:25 am ET)
HONG KONG (MarketWatch) -- Bank of East Asia (HK:23: news, chart, profile) (BKEAY: news, chart, profile) Tuesday said its profit for 2008 slumped a more-than-expected 99.1% as the Hong Kong lender wrote down to zero its entire collateralized debt obligations of HK$3.5 billion ($449 million). Net income attributable to shareholders fell to HK$39 million ($5 million), or diluted earnings of HK$0.02 a share, from HK$4.14 billion in 2007. The bank's valuation losses on investment properties were HK$168 million, compared with a gain of HK$293 million. BEA said its directors will propose a bonus issue of one new share for every ten held by shareholders, to celebrate its 90th anniversary. The bank slashed its final dividend for 2008 to HK$0.02 per share from HK$1.18 a share in 2007. BEA shares jumped 3.6% in Hong Kong's morning trading session.
Monday, Feb. 16
ASX shares tumble on 8.2% fiscal first-half profit decline(7:55 pm ET)
HONG KONG (MarketWatch) -- Sydney stock exchange operator ASX (AU:ASX: news, chart, profile) Tuesday reported a decline in fiscal first-half profit as revenue from new listings and trading declined because of weak market conditions. Net income fell to A$171.9 million ($112 million), 8.2% lower than in the year-earlier period, while operating revenue dropped 9% to A$286.3 million. ASX shares tumbled 6.7% in Sydney trading.
Exxon Mobil: Replaced 103% of production in 2008(11:08 am ET)
LONDON (MarketWatch) -- Exxon Mobil (XOM: news, chart, profile) said it added 1.5 billion oil-equivalent barrels of reserves during 2008, replacing 103% of production, or 110% when excluding the impact of asset sales. "This strong performance reflects our strategic focus on resource capture, a disciplined approach to investment and excellence in project execution," Chairman and CEO Rex Tillerson said.
Illinois Tool Works reports 15% revenue drop(10:15 am ET)
LONDON (MarketWatch) -- Illinois Tool Works (ITW: news, chart, profile) on Monday said revenue dropped 15% in the three months ended Jan. 31, with a 16% fall in base revenue and a 6% currency hit partly offset by a 7% boost from acquisitions. The company sees fiscal first-quarter earnings from continuing operations between 26 cents and 42 cents a share, with revenue down 11% to 17%. Annual earnings from continuing operations are seen between $1.84 and $2.48 a share on revenue falling between 6% and 12%. Analysts polled by FactSet expected first-quarter earnings of 36 cents and 2009 earnings of $2.11.
TNT profit down 60%, will pay dividend in stock(2:32 am ET)
LONDON (MarketWatch) -- Dutch delivery company TNT (NL:TNT: news, chart, profile) said Monday that it's fourth-quarter net profit fell 60.1% to 59 million euros from 148 million euros a year earlier as volumes in its express delivery service were hit by the recession. Group revenue was down 2.4% at 2.93 billion euros, with earnings roughly in line with market expectations. The group said operating profit in the express business dropped 50%, while profit at its regular mail business rose 7.4%, helped by two extra days in the quarter. Excluding various restructuring and impairment charges, underlying profit for the quarter fell 17% to 207 million euros. TNT said it will pay its final dividend in shares, rather than cash, with a proforma pay-out ratio the same as for 2007. It didn't give an earnings forecast for 2009, but said revenues in the express arm are expected to fall and volumes in the mail business will show an increased rate of decline.
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02/18/09 10:56 PM

#760 RE: 3xBuBu #699

Wednesday, Feb. 18
KongZhong quarterly net income slides to a penny per ADS (5:11 pm ET)
SAN FRANCISCO (MarketWatch) -- KongZhong Corp. (KONG: news, chart, profile) late Wednesday reported its fourth-quarter net income fell to $522,000, or a penny per American depositary share, from $687,000, or 2 cents per ADS, in the same quarter last year. Excluding items, the Beijing-based wireless services company would have earned 3 cents per ADS. Revenue increased to $26.7 million from $19.8 million a year ago, the company said. KongZhong also said it reached an agreement with Nokia Growth Partners to receive $6.8 million in investment.
Synopsys quarterly net income rises to 37 cents a share(4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- Synopsys Inc. (SNPS: news, chart, profile) late Wednesday reported its first-quarter net income rose to $52.4 million, or 37 cents a share, from $46.4 million, or 31 cents a share, in the same quarter last year. On an adjusted basis, Synopsys would have earned 50 cents a share. Revenue increased to $339.8 million from $315.5 million a year earlier, the maker of semiconductor design software said. Analysts surveyed by FactSet Research had forecast earnings of 30 cents a share on revenue of $335.6 million. In the second quarter, the company expects to earn 25 cents to 30 cents a share on revenue of $332 million to $340 million. Analysts are projecting earnings of 28 cents on average and revenue of $338.3 million. For 2009, the company is forecasting earnings of $1.11 to $1.27 a share and revenue of $1.37 billion to $1.40 billion.
Whole Foods profit slides 17% (4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Whole Foods Market (WFMI: news, chart, profile) , the nation's largest organic grocery-chain, reported late Wednesday net income fell 17% from the year-earlier quarter due to slowing store traffic and legal costs. Whole Foods posted a fiscal first-quarter profit of $32.3 million, or 20 cents a share, down from $39.1 million, or 28 cents a share, last year. The profit was better than the 19 cents analysts' had forecast, according to FactSet Research. Sales for the 16 weeks ended Jan. 18 were unchanged at $2.5 billion. Comparable store sales -- a key barometer of retailer health --fell 4% compared with a 9% gain last year. Whole Foods shares closed Wednesday at $9.29. The stock is down less than 2% so far this year.
CBS Corp. profit drops 52%; company slashes dividend(4:18 pm ET)
CHICAGO (MarketWatch) - CBS Corp. (CBS: news, chart, profile) (CBS.A: news, chart, profile) said Wednesday that its fourth-quarter profit plunged 52% on massive advertising declines at its television, radio and outdoor display units, and that it would slash its quarterly dividend by 81% in reaction to one of the worst U.S. economic climates in decades. The company said it earned $136.1 million, or 20 cents a share, compared with a profit of $286.2 million, or 42 cents, in the fourth quarter of 2007. Excluding impairment charges related to the diminished value of its assets and other special items, CBS would have earned 34 cents a share in the latest quarter. Revenue fell 6% to $3.53 billion. On average, analysts polled by FactSet Research were expecting a profit, excluding items, of 26 cents a share on sales of $3.58 billion.
Comcast: Economy, competition eroding growth(9:30 am ET)
CHICAGO (MarketWatch) -- The declining U.S. economy and increased competition from telephone companies combined to slow down subscriber growth at Comcast Corp. (CMCSA: news, chart, profile) (CMCSK: news, chart, profile) , the nation's largest cable operator, during the fourth quarter, senior company executives said Wednesday. During a call with analysts, Chief Operating Officer Steve Burke said phone company competitors now cross over into about 22% of Comcast's markets, and have had a negative impact on broadband customer additions. Reiterating his remarks from last October's call, Burke said many consumers seem to be "defensive," and are therefore "less likely to go out and subscribe or call up for upgrades or new services." Comcast has reacted by using "economy tiers" to attract and keep new customers, improving its customer service, and monitoring customers who make delinquent payments more "carefully," Burke remarked.
Playboy driven to loss of $4.37 a share on charges(8:11 am ET)
NEW YORK (MarketWatch) -- Playboy Enterprises Inc. (PLA: news, chart, profile) said it lost $146 million in the fourth quarter, or $4.37 a share. The loss included restructuring and impairment charges of $157 million. In the same period last year Playboy lost $1 million, or 3 cents a share. Revenue was $70 million compared to $86 million a year ago. Analysts polled by FactSet Research estimated, on average, a loss per share of 36 cents and sales of $74 million.
Monsanto expects fiscal 2009 profit at $4.40-$4.50 a share(8:11 am ET)
NEW YORK (MarketWatch) -- Monsanto Co. (MON: news, chart, profile) said Wednesday it is reconfirming its profit target of $4.40 to $4.50 a share for fiscal 2009, an increase over the $3.64 a share it reported in fiscal 2008. The agricultural-technology company also said it expects gross profit from its seeds & genomics segment to grow by more than 60% by fiscal 2012, providing "the fundamental driver to the company's future growth."
Comcast profit drops 32% on Clearwire charge(7:47 am ET)
CHICAGO(MarketWatch) - Comcast Corp., the largest U.S. cable television provider, said Wednesday that its fourth-quarter fell 32% on a charge related to the decreased value of its investment in the Clearwire Wi-Max service. In the fourth quarter, Philadelphia-based Comcast (CMCSA: news, chart, profile) (CMCSK: news, chart, profile) said it earned $412 million, or 14 cents a share, compared with $602 million, or 20 cents a share, in the same quarter a year earlier. On an adjusted basis, excluding the charge and assuming Comcast had owned the same cable systems for at least 12 months, the company would have earned $790 million, or 27 cents a share in the latest three months. Revenue rose 9% $8.77 billion. Analysts polled by FactSet Research had been expecting an adjusted profit of 22 cents a share on revenue of $8.62 billion.
Owens Corning reports loss steady with year-ago period(7:36 am ET)
NEW YORK (MarketWatch) -- Owens Corning (OC: news, chart, profile) said Wednesday its fourth-quarter loss narrowed slightly to $45 million, or 36 cents a share, from $46 million, which was also 36 cents a share, in the same quarter a year before. Revenue for the quarter was $1.29 billion compared to $1.30 billion in the year-ago period.
OfficeMax swings to fourth-quarter loss on charges(7:26 am ET)
NEW YORK (MarketWatch) -- OfficeMax Inc. (OMX: news, chart, profile) said Wednesday that it swung to a fourth-quarter loss of $396 million, or $5.21 a share, compared with a profit of $70.5 million, or 92 cents a share, in the year-earlier period. On an adjusted basis, the company said quarterly net income would have declined to 2 cents a share from the year-earlier 65 cents. Analysts, on average, were expecting a profit of 17 cents a share, according to FactSet Research. Sales fell 14% to $1.88 billion. The office-products retailer said it expects sales to fall in 2009 on a year-over-year basis, citing the "difficult economic environment."
Goodyear swings to loss of $1.37 a share in quarter (7:21 am ET)
NEW YORK (MarketWatch) -- The Goodyear Tire & Rubber Co. (GT: news, chart, profile) said Wednesday that it lost $330 million in the fourth quarter, or $1.37 a share compared to a profit of $52 million, or 23 cents a share, in the same quarter a year before. Goodyear's fourth quarter of 2008 sales were $4.1 billion, compared with $5.2 billion in the 2007 quarter. Analysts had expected a loss of 94 cents, on average, and sales of $4.98 billion, according to FactSet Research. Goodyear said it plans to freeze salaries, cut another 5,000 jobs and sell non-core assets to help cut costs by $700 million in 2009.
Jakks Pacific 4th-quarter net fell; sees 1st-qtr loss(6:56 am ET)
TEL AVIV (MarketWatch) -- Jakks Pacific Inc., (JAKK: news, chart, profile) the Malibu, Calif., toymaker, reported fourth-quarter net income fell 49% on 5.5% lower sales. Earnings were $16.9 million, or 55 cents a share, against $33.4 million, or $1.03, in the year-earlier quarter. Sales were $269.3 million compared with $285.1 million. Sales in the quarter were hurt "by a challenging economy, particularly in the retail sectors in which we experienced declines in some lines, including Hannah Montana and Care Bears," Chairman and Chief Executive Jack Friedman said in a statement on Wednesday. For the first quarter, Jakks Pacific expects to report a loss of 29 cents to 36 cents a share, about 27 cents of which stems from amortization charges and overhead costs related to acquisitions. Revenue should come in at $105 million to $115 million, the company estimated. For the year, Jakks Pacific expects to earn $2.25 a share on sales of $920 million. And the company said President Stephen Berman adds the post of co-chief executive, alongside Friedman. Berman had held the title of chief operating officer. Friedman continues as chairman.
Mesa Air swings to profit; Go! posts first quarter in black(6:27 am ET)
TEL AVIV (MarketWatch) -- Mesa Air Group Inc., (MESA: news, chart, profile) the Phoenix parent of Mesa Airlines and the inter-Hawaiian-Island carrier Go!, swung to a first-quarter profit from a year-earlier loss on 19% lower revenue. For the quarter ended Dec. 31, Mesa earned $15.3 million, or 55 cents a share, compared with a loss of $4.2 million, or 15 cents, in the year-earlier quarter. Revenue fell to $265.1 million from $326.6 million. Continuing operations generated a profit of 56 cents a share against a loss of 10 cents. Adjusted net income for the latest period was 31 cents a share. Available capacity for passengers fell 18% as Mesa cut the number of aircraft it flew to 151 at Dec. 31 from 183 a year earlier. The percentage of seats filled widened to 76.7% from 73.1%. Go! posted its first profitable quarter, earning $500,000 on revenue of $11.6 million, Mesa Air reported. And the quarter reflected a $2.8 million charge for Mesa's settlement of a lawsuit filed by Aloha Airlines over service in Hawaii.
Westlake Chemical swings to fourth-quarter loss(6:21 am ET)
LONDON (MarketWatch) -- Westlake Chemical (WLK: news, chart, profile) said it swung to a fourth-quarter loss of $109.6 million, or $1.68 a share, compared with a profit of $18.8 million, or 29 cents a share, in the same period a year earlier. Sales fell to $597.1 million from $850.6 million a year earlier. The company said rapidly falling demand, high inventory costs, and increased general and administrative costs tied to doubtful accounts contributed to the loss.
Cimarex Energy's quarterly revenue drops 32%(6:17 am ET)
WASHINGTON (MarketWatch) -- Cimarex Energy Co. (XEC: news, chart, profile) reported a fourth-quarter net loss $1.05 billion, or $12.86 a share, a reversal from net income of $130 million, or $1.54 a share, generated in the final three months of 2007. Quarterly revenue dropped to $298.8 million from the prior year's $438.7 million, the Denver-based company said. Cimarex recorded an impairment against oil and gas properties of nearly $1.59 billion on a pretax basis during the latest quarter, partially offset by a sizable income-tax benefit. On an adjusted basis, Cimarex said earnings would have been $26.8 million, or 32 cents a share, for the latest quarter. The consensus estimate of five analysts surveyed by FactSet Research had been for a profit of 26 cents a share. Cimarex produced higher oil and gas volumes compared to the 2007 fourth quarter, but lower energy prices undercut both revenue and cash flow.
Norsk Hydro swings to loss in fourth quarter(3:09 am ET)
LONDON (MarketWatch) -- Norsk Hydro (NHYD.Y: news, chart, profile) Wednesday said it swung to a loss in the fourth quarter of 6.02 billion kroner ($860 million) from a profit of 438 million kroner ($63 million) in the same period last year. The aluminum smelting giant said revenue fell to 21.4 billion kroner ($3.05 billion) from 21.7 billion kroner ($3.1 billion) a year earlier.Norsk Hydro said global primary aluminum consumption excluding China could potentially decline by up to 10 to 15 percent in 2009 and Chinese consumption is expected to slip slightly as well.
ING swings to loss; plans cost cuts, unsure on payout(2:40 am ET)
TEL AVIV (MarketWatch) - ING Group, (ING: news, chart, profile) the Amsterdam financial-services giant, swung to a fourth-quarter net loss, said it aimed to cut 1 billion euros of expenses in 2009, and said it couldn't yet determine whether it would pay a dividend this year. For the quarter, ING posted a net loss of 1.82 euros a share compared with net income of 1.18 euros in the year-earlier quarter. The underlying loss in the quarter was 3.1 billion euros, reflecting losses of 1.07 billion euros in banking and 2.04 billion euros in insurance, among other items. Jan Hommen, chairman of the supervisory board and chief executive-designate, said in a statement, "Our top priorities this year are to further reduce asset exposures and rationalize the cost base. We aim to shrink the balance sheet of ING Bank by 10% compared with the end of September, while continuing to lend to key customers in our home markets. And we are reallocating investments towards less risky assets. We are cutting our expenses this year by 1 billion euros to align our cost base to the current operating environment." And ING said it couldn't yet determine whether it would pay a dividend in 2009.
Tuesday, Feb. 17
CSL Ltd says half-year net income up 44% to $319 million (11:54 pm ET)
HONG KONG (MarketWatch) -- Australian blood plasma products maker CSL Ltd. (AU:CSL: news, chart, profile) said Wednesday net income for the six months ended Dec. 31 was up 44% to A$502 million ($319 million), or 85 Australian cents a share, compared to A$348.7 million, or 63 Australian cents, a year earlier. The Melbourne-based company said revenue was up 25% to A$2.35 billion, or about 14% when changes in the Australian currency are factored out. The company said it expects profit for the full fiscal year ending in June of A$1.02 billion to A$1.06 billion, compared with its earlier estimate of between A$935 million to A$1.01 billion. The company declared an interim dividend of 30 Australian cents, up 30% from a year earlier.
Woodside Petroleum profit jumps 73% in 2008(8:45 pm ET)
HONG KONG (MarketWatch) -- Australian energy producer (AU:WPL: news, chart, profile) (WOPEY: news, chart, profile) Wednesday reported a 73% jump in profit for 2008 as production of oil increased 15% during the year. Net income rose to A$1.79 billion ($1.16 billion) from A$1.03 billion, with revenue rising 56% to A$5.99 billion. Woodside shares fell 1.3% in Sydney.
Westpac cash earnings drop 2% as impairment charges surge(8:31 pm ET)
HONG KONG (MarketWatch) -- Australian lender Westpac Banking Group (AU:WBC: news, chart, profile) (WBK: news, chart, profile) Wednesday said its group cash earnings fell to about A$1.2 billion ($780 million) in the quarter ended Dec. 31, down 2% from the year-earlier period. Impairment charges surged to A$800 million during the quarter from A$144 million. Shares fell 2.6% in Sydney trading.
Jack in the Box quarterly profit slides(4:59 pm ET)
SAN FRANCISCO (MarketWatch) -- Jack in the Box Inc. (JACK: news, chart, profile) late Tuesday reported its first-quarter net income fell to $28.4 million, or 49 cents a share, from $36.3 million, or 59 cents a share, in the same quarter last year. Revenue was fractionally lower at $776.7 million, compared with $777 million a year earlier, the San Diego-based fast-food chain said. Analysts surveyed by Thomson Reuters had forecast earnings of 52 cents a share on revenue of $749 million. Same-store sales at Jack in the Box company restaurants increased 1.7% in the quarter. In 2009, the company expects adjusted earnings of $2 to $2.20 a share.
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3xBuBu

02/19/09 9:01 PM

#761 RE: 3xBuBu #699

Thursday, Feb. 19
Intuit's profit slips, revenue shortfall blamed on timing(4:36 pm ET)
SAN FRANCISCO (MarketWatch) - Tax preparation software maker Intuit Inc. said Thursday its fiscal second-quarter net income fell to $85 million, or 26 cents a share, from $115.2 million, or 34 cents a share in the same period a year earlier. Mountain View, Calif.-based Intuit (INTU: news, chart, profile) said revenue for the period ended Jan. 31 fell 5% to $791 million. Excluding special items, Intuit said earnings for the quarter would have been 34 cents a share. Analysts polled by FactSet Research estimated Intuit would post earnings excluding special items of 33 cents a share, and $809 million in revenue. Intuit said if not for a shift in timing of revenue recognition for certain products, its sales would have grown 2% compared to the year-ago period.
XTO Energy's fourth-quarter earnings decline 24%(8:58 am ET)
NEW YORK (MarketWatch) -- XTO Energy Inc. (XTO: news, chart, profile) said Thursday that fourth-quarter earnings fell 24% to $351 million, or 61 cents a share, from $464 million, or 96 cents a share, in the same period a year ago. Adjusted earnings in the latest quarter were 68 cents a share. Revenue at the domestic natural gas giant rose to $1.96 billion from $1.59 billion. Analysts polled by FactSet Research estimated, on average, earnings of 82 cents a share and sales of $2.08 billion.
CenturyTel posts lower fourth-quarter net income(8:43 am ET)
NEW YORK (MarketWatch) -- CenturyTel Inc. (CTL: news, chart, profile) said Thursday that fourth-quarter net income fell to $100 million, or $1.01 a share, from $115 million, or $1.04 a share, in the same period a year ago. Excluding non-recurring items, earnings would have been 88 cents a share. On average, analysts polled by FactSet Research expected earnings of 83 cents a share. Operating revenue, excluding nonrecurring items, fell 2.3% to $642.6 million. For 2009, CenturyTel said it expects earnings of $3.20 to $3.30 a share.
GameStop lifts 4Q forecast(8:40 am ET)
CHICAGO (MarketWatch) -- Video game retailer GameStop Corp. (GME: news, chart, profile) on Thursday raised its fourth-quarter earnings per share outlook to a range of $1.33 to $1.34 from its previous projection of $1.31 to $1.34. The company also said it now sees full year 2008 earnings in the range of $2.39 to $2.40 a share. GameStop added that it expects to "outperform the retail sector again" in 2009 "despite the current global recession." It expects earnings per share to rise by 18-22%, with sales at stores open at least a year rising 4-6%. "We are energized by the fact that video gaming has gone mainstream, with recent industry data showing that nearly half of new gamers are over 35 years old and 40% are female," said Dan DeMatteo, chief executive of GameStop, in a statement.
Noble Energy adjusted profit falls on derivatives losses (7:51 am ET)
NEW YORK (MarketWatch) -- Noble Energy Inc. (NBL: news, chart, profile) said Thursday that its adjusted net income was $163 million, or 91 cents a shares in the fourth quarter of 2008, compared to $300 million, or $1.73 cents a share a year ago. Total revenues slipped to $$573 million, from 921 million. Adjusted net income in the latest quarter includes unrealized losses of $283 million on commodity derivatives.
Hormel earnings per share down 6% in quarter(7:44 am ET)
NEW YORK (MarketWatch) -- Hormel Foods Corp. (HRL: news, chart, profile) said Thursday its first-quarter profit fell to $81 million, or 60 cents a share, from $88 million, or 64 cents a share, in the same quarter a year before. Revenue for the quarter was $1.69 billion, compared to $1.62 billion in the year-ago period. Analysts had expected earnings, on average, of 50 cents a share and sales $1.71 billion, according to a FactSet Research survey. "We are reconfirming our fiscal 2009 guidance of $2.15 - $2.25 per share. Although we are on track to meet our goal, we recognize there could be continued challenges to our business as a result of the turbulent economy," said Chief Executive Jeffrey Ettinger.
Watson Pharmaceuticals profit up 47%(7:27 am ET)
NEW YORK (MarketWatch) -- Watson Pharmaceuticals Inc. (WPI: news, chart, profile) said Thursday that its fourth-quarter net income jumped to $56.4 million, or 50 cents a share, compared to $38.4 million, or 34 cents a share, in the year-ago period. Adjusted net income was $60.6 million or 53 cents a share. Analysts surveyed by FactSet Research had expected, on average, net income of 50 cents a share. Net revenue in the fourth quarter rose 3% from the year-ago period, to $645.2 million.
CVS earnings per share rise 18% in fourth quarter(7:22 am ET)
NEW YORK (MarketWatch) -- CVS Caremark Corp. (CVS: news, chart, profile) said Thursday its fourth-quarter profit available to common shareholders rose to $949 million, or 65 cents a share, from $811 million, or 55 cents a share, in the same quarter a year before. Adjusted earnings from continuing operations, excluding amortization, was 70 cents a share, up almost 20% from the year before. Analysts had expected earnings on average of 68 cents a share, according to a FactSet Research survey. Revenue for the quarter was $24.1 billion compared to $21.9 billion in the year-ago period.
CORRECT: Patterson posts flat quarterly per-share earnings(7:20 am ET)
NEW YORK (MarketWatch) -- Patterson Cos. (PDCO: news, chart, profile) said Thursday that its fiscal third-quarter profit fell to $52.8 million from $60.4 million. On a per-share basis, earnings were flat at 45 cents. On average, analysts were looking for a profit of 45 cents a share, according to FactSet Research. Sales at St. Paul, Minn.-based dental- and veterinary-supplies provider in the quarter ended Jan. 24 rose to $811 million from $777 million. The company said it expects earnings of 49 cents to 51 cents a share in the fourth quarter and $1.72 to $1.74 a share for the full year. Analysts were expecting per-share earnings of 50 cents for the fourth quarter and $1.73 for the year. (Corrects headline to reflect correct quarter.)
Shire profit drops after year-earlier product sale(7:20 am ET)
LONDON (MarketWatch) -- Shire (UK:SHP: news, chart, profile) (SHPGY: news, chart, profile) said its fourth-quarter profit fell to $141 million, or 78 cents a U.S.-listed share, from $212 million, while revenue rose 6% to $766 million. Shire saw gains of $115.7 million in the year-earlier period from the sale of non-core product rights. The drugmaker said adjusted earnings rose 9% to $1.01 a share, and it held to 2009 guidance of earnings between $3 and $3.40. Of key products, Vyvanse rose 57% to $103 million, while Adderall XR sales fell 1%. It's going to pay a second interim dividend of 7.761 U.S. cents a share, which for the year represents a 15% dividend hike. Analysts polled by FactSet had forecast earnings of 96 cents a share and 2009 earnings of $3 a share.
Sprint Nextel loss narrows to 57 cents a share in quarter(7:16 am ET)
NEW YORK (MarketWatch) -- Sprint Nextel Corp. (S: news, chart, profile) said Thursday it lost $1.62 billion, or 57 cents a share, down from a loss of $29.31 billion, or $10.31 a share, in the same quarter a year before. . Revenue for the quarter was $8.43 billion, compared to $9.85 billion in the year-ago period. Analysts had expected sales of $8.55 billion, on average, according to a FactSet Research survey. "In tough economic times, we're generating substantial cash and reducing costs to ensure we remain financially sound. We already have the cash on hand to be able to meet our debt service requirements at least through the end of 2010," said Dan Hesse, Sprint Nextel chief executive.
Barnes Group swings to loss, will focus on cash flow(6:42 am ET)
LONDON (MarketWatch) -- Aerospace and industrial components manufacturer Barnes Group Inc. (B: news, chart, profile) said Thursday that it swung to a fourth-quarter net loss of $10 million, or 19 cents a share, from a profit of $17.6 million, or 30 cents a share, a year earlier. Revenue for the quarter fell 25% to $265.4 million. Excluding losses from discontinued operations and $14.3 million of restructuring and other charges, the group said it earned 19 cents a share in the quarter. Analysts polled by FactSet had been expecting Barnes to report a profit of 6 cents a share in the quarter. For 2009, the group is targeting earnings per share of $1.20 to $1.50. For 2009 the group said it will focus on cash flow generation by "aggressively managing our working capital."
Swift Energy posts loss; adjusted net exceeds view(6:33 am ET)
TEL AVIV (MarketWatch) -- Swift Energy Co., (SFY: news, chart, profile) the Houston oil and gas company, reported a fourth-quarter net loss of $452.7 million as revenue fell 26% to $145.4 million. Continuing operations generated a loss of $452.5 million, or $14.66 a share, compared with profit of $52.7 million, or $1.71, in the year-earlier quarter. Excluding a write-down from a ceiling test, the company earned 66 cents a share from continuing operations, compared with $1.71. A survey of analysts by FactSet Research produced a consensus estimate of 60 cents of profit. The quarter's production fell 12% to 2.5 million barrels of oil equivalent, reflecting the impact of hurricanes Gustav and Ike.
Regal Entertainment profit up 30% in longer trading period(6:20 am ET)
LONDON (MarketWatch) -- Movie theatre operator Regal Entertainment Group (RGC: news, chart, profile) said Thursday that its fourth-quarter net profit rose 30% to $30.1 million, or 20 cents a share, from $23.2 million, or 15 cents a share, a year earlier. Revenue grew 18.6% to $711.7 million. The group said growth was primarily due to the inclusion of an additional week in the quarterly period. The additional week was the one directly following Christmas -- a traditionally strong week for the sector. The group said adjusted earnings for the quarter were 18 cents a share. Analysts polled by FactSet had been expecting earnings of 26 cents a share.
Orbital Sciences profit falls on charge; lowers 2009 view(6:20 am ET)
LONDON (MarketWatch) -- Orbital Sciences Corp. (ORB: news, chart, profile) said fourth-quarter net income fell to $13.2 million, or 22 cents a share, from $15.8 million, or 26 cents a share, while revenue rose 11% to $311 million. Excluding a $6.2 million investment impairment charge, Orbital said it would have earned 33 cents a share, up 33%. The rocket maker nudged its 2009 guidance lower, now seeing earnings between 80 cents and 87 cents a share on revenue between $1.15 billion and $1.175 billion. Previously, the company expected earnings between 85 cents and 92 cents a share on revenue between $1.175 billion and $1.2 billion. Analysts polled by FactSet expected quarterly earnings of 21 cents a share and 2009 earnings of 95 cents a share.
Amerigroup profit climbs 20%(6:14 am ET)
LONDON (MarketWatch) -- Managed health provider Amerigroup (AGP: news, chart, profile) said its fourth-quarter net income rose 20% to $37.3 million, or 70 cents a share, with revenue up 9% to $1.2 billion. It reiterated its previously issued 2009 earnings guidance of $2.50 to $2.65 per diluted share and said its health benefits expense ratio will be in the low 84% range, after 82.9% in 2008. Analysts polled by FactSet expected earnings of 55 cents a share for the quarter and $2.62 for 2009.
Newmont Mining back to profit(6:08 am ET)
LONDON (MarketWatch) -- Newmont Mining (NEM: news, chart, profile) swung to a fourth-quarter profit of $10 million, or 2 cents a share, after losing $289 million in the year-earlier quarter. Revenue at the gold and copper miner fell to $1.34 billion from $1.41 billion. It generated net cash from continuing operations of $229 million on gold sales of 1.35 million ounces and copper sales of 40 million pounds. It would have earned 26 cents a share when excluding the effect of provisional mark-to-market copper price adjustments and non-cash, pre-tax write-downs of approximately $145 million. Analysts polled by FactSet expected earnings of 24 cents a share.
Bridgestone Corp. 2008 net income off 92% to $111.2 million(3:23 am ET)
HONG KONG (MarketWatch) -- Tire maker Bridgestone Corp. (BRDCY: news, chart, profile) (JP:5108: news, chart, profile) said Thursday net income for 2008 fell 92% to 10.41 billion yen ($111.2 million), down from 131.63 billion yen in the preceding year. Bridgestone said it recorded a extraordinary loss of 58.5 million euros to settle a fine levied by European Union regulators for activities linked to the market for hoses used to load crude oil on tankers. Revenue fell 4.6% to 3.234 trillion yen from 3.390 trillion yen. Bridgestone forecast 2009 net income of 3 billion yen on sales of 2.530 trillion yen.
Swiss Re pins 2008 loss at 864 million Swiss francs(2:58 am ET)
LONDON (MarketWatch) -- Reinsurance group Swiss Re (CH:RUKN: news, chart, profile) said Thursday that it swung to a 2008 net loss of 864 million Swiss francs ($734 million), from a profit of 4.2 billion francs in 2007. The result was slightly better than the estimated 1 billion franc loss the group announced earlier in February when it received a capital injection from Warren Buffett's Berkshire Hathaway. "This result is clearly disappointing. Although our property & casualty and life & health business segments continue to perform extremely well even in these adverse conditions, the result has been impacted by investment losses," said new CEO Stefan Lippe.
O'Reilly Auto 4th-qtr net up 52%; outlines estimates(2:52 am ET)
TEL AVIV (MarketWatch) -- O'Reilly Automotive Inc., (ORLY: news, chart, profile) the Springfield, Mo., retailer of auto parts and equipment, reported that fourth-quarter net income rose 52% on 84% higher revenue. Earnings reached $42.7 million, or 32 cents a share, from $40.6 million, or 35 cents, in the year-earlier quarter. Shares outstanding rose 17% to 134.6 million. Adjusted earnings rose 5.7% to 37 cents a share. Sales reached $1.11 billion from $604.3 million. A survey of analysts by FactSet Research produced a consensus estimate of 30 cents of profit on $1.05 billion of sales. The quarter's comparable-store sales rose 4%. The results reflect O'Reilly's acquisition of CSK Auto in July. The comparable-store sales -- revenue from outlets open at least a year to eliminate the effects of new and closed stores -- reflect rises of 0.8% at CSK and 6.2% at the core O'Reilly stores, the company said. "The integration of CSK is progressing well," co-president and Chief Executive Greg Henslee said in a statement. The fourth-quarter charge for the CSK integration was $9.6 million. The company expects to earn 35 cents to 39 cents a share, or an adjusted 36 cents to 40 cents, in the first quarter. And it sees full-year earnings of $1.80 to $1.84 a share, or an adjusted $1.83 to $1.87. FactSet's survey is looking for $.39 for the quarter and $1.78 for the year.
PPR 2008 sales up 5.8%, driven by international activities(2:50 am ET)
MADRID (MarketWatch) -- French luxury and retail group PPR SA (FR:PP: news, chart, profile) reported on Thursday that its 2008 sales rose 5.8% to 20.2 billion euros ($25.4 billion) from 19.1 billion euros a year ago. The company said international activities made up 61% of revenue for 2008. Net income for the group rose 0.2% to 924 million euros, or 7.33 euros a share, from 922.3 million, or 7.17 euros per share. A survey of analysts by Thomson/Reuters was calling for earnings per share of 6.52 euros on revenue of 20.15 billion euros. The company said it will ask the board of directors to approve a dividend of 3.30 euros per share for 2008, 4% lower than that of 2007. The results did not include a forecast for 2009. PPR said it will "continue to implement all available measures to adapt to an economic environment that remains uncertain. The Group is determined to intensify its action plans in order to build on its competitive advantages and strengthen its business lines."
Kingfisher sales up 11.2% on weak pound(2:46 am ET)
LONDON (MarketWatch) -- U.K. home-improvement retailer Kingfisher (UK:KGF: news, chart, profile) said Thursday that its fourth-quarter sales rose 11.2% to 2.34 billion pounds and that it expects adjusted pretax profit for the year to be in line with the 364 million pound consensus forecast. Sales growth was driven by the group's international operations due to the weaker pound. On a constant exchange rate basis, total sales were down 0.3% and comparable sales for the group fell 5.5%.
BAE Systems profit jumps 94%, sees further growth in 2009(2:42 am ET)
LONDON (MarketWatch) -- BAE Systems (UK:BA: news, chart, profile) said Thursday that its 2008 net profit jumped 94% to 1.75 billion pounds ($2.49 billion) from 901 million pounds as sales grew 18% to 18.5 billion pounds. The group said pretax profit rose 92% to 2.37 billion pounds and adjusted pretax earnings before impairments and a financing gain rose 31% to 1.9 billion pounds. Analysts had been expecting pretax earnings of 1.82 billion pounds on sales of 17.96 billion pounds. The group said it experienced strong organic growth in the U.S. during the year and that its order book has grown to 46.5 billion pounds from 38.6 billion pounds. BAE added it expects a further year of good growth in 2009, though land vehicle sales will be lower than in 2008.
Wednesday, Feb. 18
KongZhong quarterly net income slides to a penny per ADS (5:11 pm ET)
SAN FRANCISCO (MarketWatch) -- KongZhong Corp. (KONG: news, chart, profile) late Wednesday reported its fourth-quarter net income fell to $522,000, or a penny per American depositary share, from $687,000, or 2 cents per ADS, in the same quarter last year. Excluding items, the Beijing-based wireless services company would have earned 3 cents per ADS. Revenue increased to $26.7 million from $19.8 million a year ago, the company said. KongZhong also said it reached an agreement with Nokia Growth Partners to receive $6.8 million in investment.
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3xBuBu

02/21/09 2:02 AM

#762 RE: 3xBuBu #699

Friday, Feb. 20
Pinnacle West swings to loss after SunCor charges(8:21 am ET)
BOSTON (MarketWatch) -- Pinnacle West Capital Corp. (PNW: news, chart, profile) on Friday said it swung to quarterly net loss of $38.9 million, or 39 cents a share, from net income of $2.9 million, or 3 cents a share, in the year-ago period. The company blamed the loss on impairment charges of $32.5 million at its real estate unit, SunCor. Arizona Public Service, the company's principal subsidiary, swung to a fourth-quarter net loss of $16.4 million.
CV Therapeutics rejects Astellas bid as loss widens(5:56 am ET)
LONDON (MarketWatch) -- CV Therapeutics Inc. (CVTX: news, chart, profile) said Friday that its board of directors has rejected the previously announced $1 billion, or $16-a-share takeover bid from Astellas Pharma Inc. (ALPMY: news, chart, profile) . CV Therapeutics said that its board concluded the offer "significantly undervalues the company" and isn't in the best interests of shareholders. It added the board had previously rejected the same proposal in November when Astellas approached it privately. Separately CV Therapeutics announced that its fourth-quarter net loss widened to $37 million, or 60 cents a share, from $34.1 million, or 57 cents a share, a year earlier. Revenue for the quarter rose 87% to $41.9 million. Analysts polled by FactSet had been expecting a loss of 35 cents a share in the latest quarter.
Saint-Gobain drops after rights issue(3:21 am ET)
LONDON (MarketWatch) -- Shares in French building materials group Compagnie de Sant-Gobain (FR:SGO: news, chart, profile) fell around 11% in early Paris trading Friday after the firm said it would raise 1.5 billion euros ($1.9 billion) in a rights issue to strengthen its finances as the construction market continues to slow. The group also announced a 7.3% drop in net profit for 2008 to 1.38 billion euros as sales edged up 0.9% to 43.8 billion euros. Saint Gobain said it cut 8,000 jobs in 2008, resulting in 400 million euros of cost savings and added it plans to cut costs by a further 600 million euros in 2009. Any acquisition projects will be put on hold in 2009 , the group said, adding that it will pay a dividend of 1 euro a share.
Cattles warns on profit, delays results(2:39 am ET)
LONDON (MarketWatch) -- U.K. subprime lender Cattles (UK:CTT: news, chart, profile) warned Friday that its pretax profit is expected to be "substantially lower" than current market expectations. The group said it is delaying the release of its 2008 preliminary results while it reviews the adequacy of the impairment provisions it has taken and a new date for the results will be announced in due course.
Thursday, Feb. 19
Intuit's profit slips, revenue shortfall blamed on timing(4:36 pm ET)
SAN FRANCISCO (MarketWatch) - Tax preparation software maker Intuit Inc. said Thursday its fiscal second-quarter net income fell to $85 million, or 26 cents a share, from $115.2 million, or 34 cents a share in the same period a year earlier. Mountain View, Calif.-based Intuit (INTU: news, chart, profile) said revenue for the period ended Jan. 31 fell 5% to $791 million. Excluding special items, Intuit said earnings for the quarter would have been 34 cents a share. Analysts polled by FactSet Research estimated Intuit would post earnings excluding special items of 33 cents a share, and $809 million in revenue. Intuit said if not for a shift in timing of revenue recognition for certain products, its sales would have grown 2% compared to the year-ago period.
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3xBuBu

02/23/09 7:29 PM

#763 RE: 3xBuBu #699

Monday, Feb. 23
Nordstrom fourth-quarter profit slides to 31 cents a share(4:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Nordstrom Inc. (JWN: news, chart, profile) late Monday reported its fourth-quarter net income fell to $68 million, or 31 cents a share, from $212 million, or 92 cents a share in the same quarter last year. Revenue decreased to $2.3 billion from $2.51 billion a year earlier, the upscale Seattle-based department store said. In 2009, Nordstrom expects earnings of $1.10 to $1.40 a share and sees same-store sales falling 10% to 15%.
AIG evaluating 'potential new alternatives' with NY Fed(3:33 pm ET)
SAN FRANCISCO (MarketWatch) -- American International Group (AIG: news, chart, profile) said Monday that it's evaluating "potential new alternatives" with the Federal Reserve Bank of New York to tackle the giant insurer's problems. "We continue to work with the Federal Reserve Bank of New York to evaluate potential new alternatives for addressing AIG's financial challenges," AIG spokesman Joseph Norton said. "We will provide a complete update when we report financial results in the near future." The comments came after CNBC reported that AIG will soon report a $60 billion loss and ask the government for more support.
AIG to report $60 bln loss, seek more government help - CNBC(3:12 pm ET)
SAN FRANCISCO (MarketWatch) -- American International Group (AIG: news, chart, profile) will likely report a $60 billion loss soon, forcing the troubled insurance giant to ask the U.S. government for more support, CNBC reported Monday. The losses may trigger more ratings downgrades, which would leave AIG needing to raise more collateral, CNBC's David Faber said. The results may be reported next Monday, March 2, he added. A spokesman for AIG declined to comment. AIG shares fell 8.9% to 49 cents during afternoon trading.
Citigroup economist cuts S&P 500 profit view (12:10 pm ET)
SAN FRANCISCO (MarketWatch) -- Citigroup economists on Monday cut their estimate for earnings from S&P 500 [.$spx] companies this year and next, saying "external economic conditions are increasingly and exceedingly hostile to large firm profits." Economists led by Steven Wieting now expect profits of companies in the benchmark index to fall 23% this year. They cut their operating earnings-per-share level estimate to $51 from $62 in 2009 and to $54 from $65 in 2010. Credit markets have held gains of the past four months, Wieting wrote in a report, and "some of the drivers of the domestic recession could be poised to burn out." But more pain is likely in store for nonfinancial companies he said. Asset write-downs "are headed to records for non-financials, regardless of business activity," he said.
Sen. Harry Reid eyes power line legislation launch this week(9:10 am ET)
NEW YORK (MarketWatch) -- Senate Majority Leader Harry Reid, D-Nev., plans to introduce legislation this week to enhance federal powers to site power transmission lines, according to a report from Dow Jones Newswires. Separately, Sen. Reid said in an interview on CNBC-TV that he hopes to introduce limits on carbon dioxide emissions some time this year.
Developers Diversified swings to loss after charges(8:53 am ET)
BOSTON (MarketWatch) -- Real estate investment trust Developers Diversified Realty Corp. (DDR: news, chart, profile) on Monday said its fourth-quarter net loss applicable to common shareholders was $190.2 million, or $1.57 a share, compared with net income of $32.2 million, or 27 cents a share, in the year-ago period. The company said the latest quarter's results included net charges of $216.3 million, or $1.78 a share. The board of directors has approved the payment of Developers Diversified's first-quarter dividend in a combination of cash and common stock. "While our financial results were lowered by significant impairment charges and certain other non-recurring charges, our core operating results were in line with expectations and continue to display relative stability as we weather these unprecedented economic challenges," said Chief Executive Scott Wolstein. "We made progress in the fourth quarter, but are extremely focused on further improving our liquidity and lowering leverage."
Campbell Soup net income falls 15%(8:43 am ET)
NEW YORK (MarketWatch) -- Campbell Soup Co. (CPB: news, chart, profile) said Monday its second-quarter net income fell 15% to $233 million, or 64 cents a share, from $274 million, or 71 cents a share in the year-ago period. Adjusted earnings for fell to 65 cents a share from 69 cents a share. Revenue dropped 4% to $2.12 billion. Wall Street analysts expected earnings of 65 cents a share on revenue of $2.21 billion, according to a survey by FactSet Research. The Camden, N.J. food maker expects 2009 earnings per share growth at the high end of the 5% to 7% range excluding currency effects over the adjusted 2008 base of $2.09 a share. "Overall, we are pleased with our performance in the quarter, especially considering that currency negatively impacted results and major retailers significantly reduced inventory levels," the company said.
CNOOC announces 'major' natural gas find in offshore China(7:42 am ET)
NEW YORK (MarketWatch) -- CNOOC Limited (CEO: news, chart, profile) said Monday its first appraisal well under a partnership with Husky Oil China Limited, a subsidiary of Husky Energy Inc., produced fossil fuels. The well, Liwan 3-1-2, is located about 350 kilometers south east of Hong Kong. The drilling activities commenced in November 2008. Test results of the well showed flow at equipment restricted rate of up to 53 million cubic feet of gas per day, "providing further evidence of Liwan 3-1 as a major gas discovery deep water offshore China," the company said. CNOOC expects production of 150 million cubic feet per day.
Humana examining 2010 Medicare rates, reaffirms '09 guidance(6:17 am ET)
LONDON (MarketWatch) -- Health benefits company Humana Inc. (HUM: news, chart, profile) said Monday that the preliminary Medicare Advantage payment rates for 2010 announced on Friday by the Centers for Medicare and Medicaid Services (CMS) would have a "significant adverse impact" on 2010 premiums for Medicare Advantage members. The firm said it is closely analyzing the rates, which have been put out for public comment, because it believes certain assumptions made by CMS are unusual and inconsistent with past practices. Among the assumptions being examined is the assumed rate of change in medical cost trends and the assumptions about the impact of the economy on medical spending. Humana also reaffirmed its guidance for 2009 earnings of $5.90 to $6.10 a share.
Garmin profit nearly halves; doesn't offer guidance(6:07 am ET)
LONDON (MarketWatch) -- Garmin Ltd. (GRMN: news, chart, profile) , the digital mapping device maker, said its fourth-quarter profit nearly halved, falling to $157.8 million, or 78 cents a share, from $307 million, or $1.39 a share, with revenue dropping 14% to $1.05 billion, with revenue dropping in Europe, Asia and North America. Excluding foreign exchange impact, the Cayman Islands firm would have earned 93 cents a share. Analysts polled by FactSet had expected earnings of 96 cents a share. The rival of TomTom (NL:TOM2: news, chart, profile) said its internal estimates show it grew market share in the fourth quarter. It didn't offer 2009 gudiance, citing uncertainties.
Bunzl profit up 9%, raises dividend(2:37 am ET)
LONDON (MarketWatch) -- U.K. packaging and distribution company Bunzl (UK:BNZL: news, chart, profile) said Monday that its 2008 net profit rose 9% to 142.2 million pounds ($206.6 million) as revenue for the year grew 17% to 4.18 billion pounds due to a mix of organic growth, acquisitions and foreign exchange movements. Analysts polled by FactSet had been expecting a net profit of 135.5 million pounds. The group said its funding position is strong and it expects to remain comfortably within its banking covenants, adding that it will increase its final dividend by 10% to 14.15 pence a share. Bunzl said 2009 be challenging in the U.K. and Ireland as the economic slowdown limits the potential for growth, while in the U.S. new customer wins could help increase the level of organic growth, though at the expense of lower margins.
Sunday, Feb. 22
Rio Tinto to allow big investors to match Chinalco offer (11:31 pm ET)
HONG KONG (MarketWatch) -- Rio Tinto (RTP: news, chart, profile) (AU:RIO: news, chart, profile) is planning to offer institutional shareholders an opportunity purchase its bonds on the same or similar terms being offered to Beijing-controlled Chinalco, according to a report Monday in the Sydney Morning Herald. The report, which didn't cite sources, described the offer as a "put up or shut up" proposal in response to criticism from powerful shareholders, many of whom were critical of the earlier offer, saying the Chinese aluminum maker received preferential treatment. The Chinalco deal, valued at $19.5 billion, would see the Chinese company lift its stake in Rio to 18%, give it direct ownership of some mining assets, and board representation. Rio shares were down 6.8% in Sydney mid-afternoon trade.
Friday, Feb. 20
Pinnacle West swings to loss after SunCor charges(8:21 am ET)
BOSTON (MarketWatch) -- Pinnacle West Capital Corp. (PNW: news, chart, profile) on Friday said it swung to quarterly net loss of $38.9 million, or 39 cents a share, from net income of $2.9 million, or 3 cents a share, in the year-ago period. The company blamed the loss on impairment charges of $32.5 million at its real estate unit, SunCor. Arizona Public Service, the company's principal subsidiary, swung to a fourth-quarter net loss of $16.4 million.
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3xBuBu

02/24/09 7:19 PM

#764 RE: 3xBuBu #699

Tuesday, Feb. 24
Nabors Industries swings to loss on writedowns (5:36 pm ET)
SAN FRANCISCO (MarketWatch) -- Oil driller Nabors Industries Ltd. (NBR: news, chart, profile) reported late Tuesday a fourth-quarter net loss of $84 million, or 30 cents a share. The company posted net income of $222 million, or 78 cents a share, in the year-ago quarter. The latest quarter includes $404 million in pre-tax writedowns, clipping $1.13 a share from the bottom line. Adjusted to exclude writedowns and goodwill impairments, the Hamilton, Bermuda-based company had earnings from ongoing operations of $230.7 million, or 83 cents a share. Revenue for the three months ended Dec. 31 fell 5% to $1.24 billion. Analysts polled by FactSet Research had expected the company to earn 83 cents a share on $1.46 billion in revenue. Nabors shares closed ahead of the report with a 4% gain at $9.51.
Wynn swings to loss on charges, gambling revenue decline(4:25 pm ET)
CHICAGO (MarketWatch) -- Charges, along with a dramatic decline in gambling and other revenue, tumbled Wynn Resorts into the loss column in its fourth quarter, the casino operator said Tuesday. Wynn lost $159.6 million, or $1.49 a share, a turn from a profit of $65.5 million, or 57 cents a share, in the year-ago quarter. Adjusted to exclude various noncash charges and tax expenses, the company would have earned $7.6 million, or 7 cents a share. Revenue hit $614.3 million for the quarter, down from $711.3 million, as the company experienced what it called a "dramatic deceleration in business" that began in October. Shares of Wynn (WYNN: news, chart, profile) ended the regular session up almost 10% to $25.55.
U.S. Steel revises down quarterly, annual earnings(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- United States Steel Corp. (X: news, chart, profile) late Tuesday said it revised down its fourth-quarter net income to $290 million, or $2.50 a share, and its 2008 net income to $2.11 billion, or $17.96 a share, due to updates and corrections mostly related to market inventory valuations following the release of its financial results. U.S. Steel last month had reported quarterly earnings of $308 million, or $2.65 a share, and 2008 earnings of $2.13 billion, or $18.11 on a per share basis.
DreamWorks quarterly net income slides to 58 cents a share(4:09 pm ET)
SAN FRANCISCO (MarketWatch) -- DreamWorks Animation Inc. (DWA: news, chart, profile) late Tuesday reported its fourth-quarter net income fell to $51.6 million, or 58 cents a share, from $94.1 million, or 98 cents a share, in the same quarter last year. Revenue decreased to $199.8 million from $290.2 million a year earlier. Analysts surveyed by FactSet Research had forecast earnings of 61 cents a share on revenue of $231.3 million. In 2009, DreamWorks expects results to be driven primarily by Madagascar: Escape 2 Africa and Monsters vs. Aliens, which opens domestically on March 27.
Novartis says currency moves will dent first-quarter profit(11:48 am ET)
LONDON (MarketWatch) -- Novartis (NVS: news, chart, profile) (CH:NOVN: news, chart, profile) said its first-quarter results will be hurt by currency swings, with operating and net income growth hurt by 8 to 10 percentage points. A lack of exceptional gains, which supported results in the first quarter 2008, and higher development, marketing & sales investments in the pharmaceuticals division, mostly due to different timing of these expenses over 2009 as compared to 2008 also will weigh, Novartis said. Revenue growth has been in line with a forecast mid-single-digit-rate in local currencies.
Vornado swings to negative FFO(9:33 am ET)
BOSTON (MarketWatch) -- Vornado Realty Trust (VNO: news, chart, profile) on Tuesday said funds from operations in the fourth quarter was negative $78 million, or 50 cents a share share, compared with a positive $193.4 million, or $1.18 a share, in the year-ago quarter.
PG&E net income doubles on tax settlement (9:20 am ET)
NEW YORK (MarketWatch) -- PG&E Corp. (PCG: news, chart, profile) said Tuesday fourth-quarter net income more than doubled to $517 million, or $1.37 a share, from $203 million, or 56 cents a share in the year-ago period. The latest period includes a $257 million boost tied to a tax settlement. Operating income rose to $260 million from $203 million. Adjusted net income rose to 70 cents a share from 56 cents a share. Wall Street analysts expected earnings of 65 cents a share. The San Francisco-based utility company expects 2009 earnings of $3.20 to $3.36 a share, compared to the Wall Street target of $3.18 a share.
Sempra Energy net income rises 10%(9:08 am ET)
NEW YORK (MarketWatch) -- Sempra Energy (SRE: news, chart, profile) said Tuesday fourth-quarter net income rose to $319 million, or $1.30 a share, from $289 million, or $1.10 a share in the year-ago period. The owner of San Diego Gas & Electric said revenue fell to $2.29 billion from $3.1 billion. Wall Street analysts expected earnings of 91 cents a share on revenue of $2.5 billion, according to a survey by FactSet Research. The cost of natural gas fell to $536 million from $721 million, while operation and maintenance expenses decreased to $720 million from $892 million.
FirstEnergy net income rises 24%(8:44 am ET)
NEW YORK (MarketWatch) -- Utility company FirstEnergy Corp. (FE: news, chart, profile) said Tuesday fourth-quarter net income rose to $332 million, or $1.09 a share, from $268 million, or 87 cents a share in the year-ago period. Revenue at the Akron, Ohio company rose to $3.2 billion from $3.1 billion. Analysts expected earnings of $1.04 a share, according to a survey by FactSet Research.
Microsoft repeats forecast for difficult second half of 2009(8:42 am ET)
WASHINGTON (MarketWatch) -- Microsoft Corp. (MSFT: news, chart, profile) on Tuesday reiterated its forecast for the second half of fiscal 2009, saying a "difficult" economy will continue. Last month, the company cautioned that sales and profits in the second half of the current fiscal year would fall short in comparison with the same period in the prior fiscal year. CEO Steve Ballmer said Microsoft even looked at the worst financial meltdowns in U.S. history - 1820, 1873, 1929 and the present period - and noted that none of those panics resulted in quick recoveries. Yet he said Microsoft would continue to invest and that the downturn represented a good time to capture market share from rivals. Ballmer made his comments Tuesday morning during an annual presentation to financial analysts on the company's strategy.
Target net income falls 41%(8:40 am ET)
NEW YORK (MarketWatch) -- Target Corp. (TGT: news, chart, profile) said fourth-quarter net income fell 41% to $609 million, or 81 cents a share, from $1.03 billion, or $1.23 a share in the year-ago period. Revenue edged down to $19 billion from $19.3 billion. Analysts expected earnings of 84 cents a share on revenue of $19.6 billion, according to a survey by FactSet. "Our financial results for both the fourth quarter and 2008 fiscal year reflect the impact of unprecedented economic conditions on both of our business segments," said Gregg Steinhafel, chairman, president and chief executive officer. "In 2009, we are focused on continuing to grow our market share profitably - offering even more compelling prices on quality products in combination with a superior shopping experience. At the same time, we will continue to be thoughtful in our deployment of capital, ensuring that we preserve liquidity and make prudent investment decisions to create long-term shareholder value. We believe this will position Target to emerge as an even stronger retail leader when the consumer environment improves."
Tenet Healthcare loss narrows by half(7:40 am ET)
NEW YORK (MarketWatch) -- Tenet Healthcare Corp. (THC: news, chart, profile) said its fourth-quarter net loss narrowed by half to $33 million, or 7 cents a share from a net loss of $75 million, or 16 cents a share. Operating loss narrowed to 2 cents a share from 16 cents a share. The Dallas health care giant said net operating revenue rose 5.7% to $2.2 billion. Wall Street analysts expected a loss of 3 cents a share on revenue of $2.19 billion, according to a survey by FactSet Research.
Ceradyne profit down 40%(7:30 am ET)
NEW YORK (MarketWatch) -- Cerdayne Inc. (CRDN: news, chart, profile) said Tuesday that its fourth-quarter net income fell $21.3 million, or 81 cents a share, compared to $35.2 million, or $1.28 a share, in the fourth quarter of 2007. Analysts had expected, on average, profit of 80 cents a share, according to data compiled by FactSet Research. The technical ceramics maker said fourth-quarter revenue fell to $138.9 million, from $191.4 million in the year-ago period.
'Iron Man' DVD sales help Marvel double profit(7:15 am ET)
NEW YORK (MarketWatch) -- Marvel Entertainment Inc. (MVL: news, chart, profile) said Tuesday fourth-quarter net income doubled to $63 million, or 80 cents a share, from $27.6 million, or 35 cents a share in the year-ago period. Sales for the three months ended Dec. 31 rose to $224.3 million from $109.3 million. The improvement reflects recognition of $135.5 million in film production segment revenue principally associated with the DVD performance of Marvel's "Iron Man" feature film, the company said. Analysts expected earnings of 75 cents a share on revenue of $210 million, according to a survey by FactSet Research. Marvel expects 2009 earnings of $1 to $1.35 a share, compared to the Wall Street target of $1.21 a share.
Foster Wheeler 4th-qtr net up; sees '09 challenges(7:10 am ET)
TEL AVIV (MarketWatch) -- Foster Wheeler AG, (FWLT: news, chart, profile) the Zug, Switzerland, construction and engineering firm, reported that fourth-quarter net income rose 28% from a year earlier, with both periods hurt by asbestos-related items. Earnings reached $99.9 million, or 75 cents a share, from $78.1 million, or 54 cents, in the year-earlier quarter. Excluding the special items, adjusted earnings were $1.03 against 56 cents. Revenue rose 12% to $1.64 billion from $1.47 billion. For 2009, the company said the power business will come up short of its 2008 performance "due to significant weakness in most of the global markets we serve, North America in particular." In engineering and construction, "the outlook for 2009 is much more favorable than it is for our power business, but it is not without challenges," and the division's earnings before interest, taxes, depreciation and amortization will decline from 2008.
Medco Health affirms 2009 profit projections(6:49 am ET)
WASHINGTON (MarketWatch) -- Medco Health Solutions Inc. (MHS: news, chart, profile) said it continues to project growth in net profit of 15% to 20% for 2009, implying an earnings range of $2.45 a share to $2.55 a share. Adjusted to exclude amortization of intangible assets from the company's 2003 spin-off, management said 2009 earnings would be in a range of $2.67 to $2.77 a share, representing annualized growth of 15% to 19%. Analysts' consensus profit estimate, as compiled by FactSet Research, stands at $2.69 a share. The provider of health-care services had 2008 net earnings of $2.13 a share and an adjusted profit of $2.33 a share for the year.
Medco Health's quarterly revenue up 13.9% as profit rises(6:42 am ET)
WASHINGTON (MarketWatch) -- Medco Health Solutions (MHS: news, chart, profile) reported fourth-quarter net income of $274.4 million, or 54 cents a share, up from $207.6 million, or 38 cents, earned in the final three months of 2007. Quarterly revenue generated by the Franklin Lakes, N.J.-based health-care provider reached $12.96 billion from the prior year's $11.38 billion. Analysts, on average, had been looking for Medco to post earnings of 57 cents a share for the latest quarter. Excluding amortization of intangible assets from the company's 2003 spin-off, Medco said earnings would have been 59 cents a share. The volume of mail-order prescriptions handled by Medco hit 26.7 million in the latest quarter, up 9.4% and a company record. Medco said revenue growth primarily reflected new client wins and price inflation on brand-name drugs, offset in part by higher volumes of lower-cost generic drugs.
Quanta profit rises 40%, sees tough start to 2009(6:31 am ET)
LONDON (MarketWatch) -- Power industry outsourcing group Quanta Services Inc. (PWR: news, chart, profile) said Tuesday that its fourth-quarter net profit rose 40% to $47.1 million, or 24 cents a share, from $33.6 million, or 18 cents a share, a year earlier. Revenue for the quarter rose 4.8% to $921.5 million. The group said cash earnings from continuing operations were 27 cents a share in the quarter. Analysts polled by FactSet had been expecting earnings of 21 cents a share. The group said growth was helped by demand in areas such as transmission infrastructure and renewable energy. It added slow telecommunications spending was contributing to a tough first quarter. For the first quarter of 2009 the group is expecting revenue of between $750 million and $800 million, earnings per share of 9 cents to 10 cents and adjusted earnings of 12 cents to 13 cents a share. The consensus analyst forecast for the first quarter is for earnings of 21 cents a share, according to FactSet.
RadioShack's fourth-quarter net profit down 39%(6:23 am ET)
WASHINGTON (MarketWatch) -- RadioShack Corp. (RSH: news, chart, profile) reported fourth-quarter net income of $62 million, or 50 cents a share, down from $101 million, or 77 cents, earned in the final three months of 2007. The Ft. Worth-based electronics retailer generated quarterly revenue of $1.26 billion, down from the prior year's $1.36 billion, as comparable-store sales for company-operated stores and kiosks decreased 9.2%. Analysts, on average, had been looking for fourth-quarter earnings of 71 cents a share. Gross margin narrowed to 41.8% in the latest quarter from 44.8% a year earlier, reflecting in part a less profitable merchandise mix. Looking to 2009, management's pegged capital spendining in a range of $75 million to $100 million, as opposed to $85.6 million in 2008.
Fresh Del Monte net off 33% on 2% lower revenue(6:19 am ET)
TEL AVIV (MarketWatch) -- Fresh Del Monte Produce Inc., (FDP: news, chart, profile) the Coral Gables, Fla., integrated producer and distributor of fruits and vegetables as well as prepared food, reported fourth-quarter net income fell 33% on 2% lower revenue. Earnings were $22.9 million, or 36 cents a share, compared with $34.4 million, or 56 cents, in the year-earlier quarter. Adjusted earnings were 41 cents against 68 cents. Shares outstanding rose 4.4% to 63.6 million. Sales fell to $831 million from $848.2 million.
Home Depot swings to $54 million loss, sees profit falling(6:10 am ET)
LONDON (MarketWatch) -- Atlanta-based home improvement retailer Home Depot (HD: news, chart, profile) said it swung to a fourth-quarter loss of $54 million, or 3 cents a share, after charges to exit businesses and write down its investment in HD Supply by $163 million before tax. It earned $671 million in the year-earlier quarter. Excluding the charges and write-offs, Home Depot would have earned 19 cents a share, down 52.5% from the prior year. Sales fell 17% to $14.6 billion, for a 13% comparable sales fall. Analysts polled by FactSet were looking for a profit of 16 cents a share. For 2009, Home Depot sees earnings from continuing operations per share falling 7%, sales dropping 9%, and "high single digit negative" comparable-store sales.
AIG receives bids for life insurance unit: report(5:27 am ET)
LONDON (MarketWatch) -- American International Group Inc. (AIG: news, chart, profile) has received bids from MetLife Inc. (MET: news, chart, profile) and Axa (FR:CS: news, chart, profile) (AXA: news, chart, profile) for its American Life Insurance Co. unit, according to a Bloomberg report citing people familiar with the matter. MetLife made a preliminary offer of $11.2 billion, though the price may drop to around $8 billion because of the unit's worsening condition the report said. The Axa bid, meanwhile, excluded operations in Japan, it added. If it doesn't find a deal at the right price, AIG may shelve the sale or issue shares to the public. AIG said Monday that Monday that it's evaluating "potential new alternatives" with the Federal Reserve Bank of New York to tackle the insurers problems.
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3xBuBu

02/25/09 9:05 PM

#765 RE: 3xBuBu #699

Wednesday, Feb. 25
El Paso expects 2009 earnings of 85 cents to $1.05 a share(4:43 pm ET)
SAN FRANCISCO (MarketWatch) -- El Paso Corp. (EP: news, chart, profile) late Wednesday said it has plenty of liquidity for 2009 and it expects earnings of 85 cents to $1.05 a share. Analysts surveyed by FactSet Research are forecasting the company to earn $1.13 a share, on average, in 2009. The company also said a $1 change in the Nymex price of natural gas or a $10 change in the WTI price for oil would impact 2009 earnings by $40 million or 4 cents a share.
Assured Guaranty reports quarterly net loss of $243.8 mln(4:36 pm ET)
SAN FRANCISCO (MarketWatch) -- Assured Guaranty Ltd. (AGO: news, chart, profile) reported a fourth-quarter net loss of $243.8 million, or $2.68 a share, late Wednesday. That compares to a net loss of $260.1 million, or $3.77 a share, a year earlier, the bond insurer said. Operating income, which excludes after-tax realized investment losses and after-tax unrealized losses on credit derivatives, came in at $3.5 million, or four cents a share, down from $37 million, or 53 cents a share, a year earlier. The company was expected to make one cent a share, according to the average estimate of eight analysts in a Thomson Reuters survey. The present value of financial guaranty and credit derivative gross written premiums, a measure of new business known as PVP, jumped 124% to $57.4 million for Assured's U.S. public finance business. That was driven by "increased demand for the company's guarantees in the new issue and secondary markets," Assured said.
Fluor profit falls nearly 27% (4:30 pm ET)
SAN FRANCISCO (MarketWatch) -- Engineering and construction firm Fluor Corp. (FLR: news, chart, profile) reported late Wednesday fourth-quarter net income fell to $190 million, or $1.04 a share, from $259 million, or $1.41 a share, a year ago. The year-ago results included a one-time tax settlement that added 68 cents a share to the bottom line. Revenue for the three months ended Dec. 31 rose to $6.07 billion from $4.71 billion. Excluding one-time items, operating profit for the quarter rose 30% to $323 million from $248 million a year earlier. Analysts polled by FactSet Research had predicted the Irving, Texas-based firm would post earnings of 92 cents a share on $5.83 billion in revenue. Fluor shares fell 6.7% ahead of the report to close at $32.95. The stock is down 52% over the past 12 months.
Petroleum shares retreat ahead of inventory data(9:38 am ET)
NEW YORK (MarketWatch) -- Petroleum shares fell with the broad market even as crude prices advanced ahead of weekly crude inventory data on Wednesday morning. The Amex Oil Index (XOI: news, chart, profile) fell 0.5% to 848. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.2% to 334. S&P 500 ($SPX: news, chart, profile) component Nabors Industries (NBR: news, chart, profile) rose 3.4% to $9.83 after its fourth-quarter financial update. Crude futures rose $1.09 to $41.05 a barrel. The Dow Jones Industrial Average ($DJ: news, chart, profile) fell 33 points. Exxon Mobil (XOM: news, chart, profile) dipped 8 cents to $72.01. Chevron (CVX: news, chart, profile) rose 20 cents to $65.48. Both integrated oil giants are components of the Dow Jones Industrial Average.
Martha Stewart Living Omnimedia swings to quarterly loss(9:03 am ET)
NEW YORK (MarketWatch) -- Martha Stewart Living Omnimedia Inc. (MSO: news, chart, profile) said Wednesday that it swung to a fourth-quarter net loss of $8.0 million, or 15 cents a share, compared with net income of $33.3 million, or 63 cents a share, in the year-earlier period. Excluding an impairment charge related to the publishing segment, the company would have earned 2 cents a share in the quarter. Revenue at the media and merchandising company fell to $72.9 million from $118.5 million.
Washington Post profit falls on impairment charges(8:59 am ET)
CHICAGO (MarketWatch) -- Washington Post Co.'s (WPO: news, chart, profile) fourth-quarter profit dropped 77% on charges related to a decline in the value of CourseAdvisor, an online unit that helps match students with colleges and universities, among other costs, though results again improved at its Kaplan Inc. education division. Washington Post Co. said it earned $18.8 million, or $2.01 a share, compared with earnings of $82.9 million, or $8.71 a share, in the same quarter a year earlier. Impairment charges in the quarter totaled $75.7 million. Revenue rose 3% to $1.125 billion on growth at Kaplan and the company's cable operations. Kaplan revenue climbed 13% to $609.1 million, while cable revenue rose 11% to $184 million. Newspaper division revenue dropped 13% to $207.1 million.
Eaton Vance profit falls 57%(9:00 am ET)
NEW YORK (MarketWatch) -- Asset manager Eaton Vance (EV: news, chart, profile) said on Wednesday that its fiscal first quarter profit fell 57%, to $24.7 million, or 21 cents a share, from $57.9 million, or 46 cents a share a year ago. Total revenue slipped 28%, to $209.5 million, from $289.8 million a year ago. Analysts polled by Thomson Reuters had expected the company to earn 19 cents a share.
Visteon's fourth-quarter loss widens(8:47 am ET)
NEW YORK (MarketWatch) -- Visteon Corp. (VC: news, chart, profile) said Wednesday that its fourth-quarter net loss widened to $328 million, or $2.53 a share, compared with a net loss of $43 million, or 33 cents a share, in the year-earlier period. Revenue at the automotive supplier fell to $1.65 billion from $2.86 billion. "Visteon cannot assure that it will remain in compliance with the terms of its outstanding debt instruments," the company said in a press release. "Visteon continues to explore options to address future liquidity needs, including administrative actions, delaying capital expenditures, curtailing, eliminating or disposing of substantial assets or operations, or undertaking other significant restructuring measures."
Dollar Tree's profit, sales rise in fourth quarter(8:36 am ET)
NEW YORK (MarketWatch) -- Dollar Tree Inc. (DLTR: news, chart, profile) said Wednesday that fourth-quarter net income rose to $105.2 million, or $1.15 a share, from $94.7 million, or $1.04 a share, in the year-earlier period. Sales at the discount retailer increased 6.8% to $1.39 billion from $1.3 billion. Analysts polled by FactSet estimated, on average, earnings of $1.13 a share and sales of $1.39 billion. Dollar Tree sees first-quarter earnings of 49 cents to 54 cents a share and full-year earnings of $2.55 to $2.75 a share. Analysts are looking for a profit of 53 cents a share for the first quarter and $2.73 a share for the full year, according to FactSet.
Del Monte profit climbs(8:21 am ET)
NEW YORK (MarketWatch) -- Del Monte Foods Co. (DLM: news, chart, profile) said Wednesday that its third-quarter profit for its fiscal 2009 year rose to $60.5 million, or 30 cents a share, from $53.3 million, or 26 cents a share, in the year-ago period. Analysts had expected, on average, profit of 23 cents a share. Del Monte added that net sales during the quarter grew 8.4%, to $942.3 million.
Gold slightly lower as rising stocks reduce safety buying(8:20 am ET)
NEW YORK (MarketWatch) -- Gold futures fell slightly Wednesday, moving lower for a third session as stocks in Asia and Europe rallied, reducing gold's appeal as a safe haven. Gold for February delivery, the front-month contract which is expiring Wednesday, fell $3.10, or 0.3%, at $966 an ounce in North American electronic trading. The more active April contract fell 1% at $959.80.
CenterPoint Energy net income falls 19%(8:08 am ET)
NEW YORK (MarketWatch) -- CenterPoint Energy Inc. (CNP: news, chart, profile) said fourth-quarter net income fell to $87 million, or 25 cents a share, from $108 million, or 32 cents a share in the year-ago period. Revenue fell to $2.6 billion from $2.8 billion. Analysts expected earnings of 27 cents a share, according to a survey by FactSet Research. The company expects 2009 earnings of $1.05 to $1.15 a share, including an estimated increase in non-cash pension expense of 16 cents a share. Analysts expected earnings of $1.27 a share for the year.
Analysts assign sell ratings to First Solar (8:01 am ET)
NEW YORK (MarketWatch) -- ThinkEquity Partners cut its rating on First Solar (FSLR: news, chart, profile) to sell on Wednesday after the U.S.'s largest alternative energy company by market cap issued a cautious outlook for 2009, as part of several analyst actions on the company on Wednesday. Analysts at Hapoalim Securities reiterated their sell rating on the stock. Thomas Weisel Partners said the company's fourth-quarter results were "strong" but First Solar has elongated payment terms to 45 days from the prior 10 days, "suggesting some installers are having working capital challenges." Shares of First Solar fell 17% to $113.89 in pre-market trades.
Nicor net income falls 14%(7:46 am ET)
NEW YORK (MarketWatch) -- Nicor Inc. (GAS: news, chart, profile) on Wednesday said fourth-quarter net income fell to $47.9 million, or $1.05 a share from $55.5 million, or $1.22 a share in the year-ago period. The company was expected to earn 64 cents a share, according to a survey by FactSet Research. While the company said a pending rate case will affect its 2009 results, it expects earnings for the year of $2.45 to $2.65 a share. Its estimate does not reflect the additional variability in earnings due to fair value accounting adjustments in its businesses and other impacts that could occur because of future volatility in the natural gas markets, the company said. Nicor expects lower results in its gas distribution and shipping businesses and higher results in its other energy-related businesses.
Frontier Communications posts lower quarterly profit(7:15 am ET)
NEW YORK (MarketWatch) -- Frontier Communications Corp. (FTR: news, chart, profile) said Wednesday that its fourth-quarter net income available for common sharesholders declined to $34.3 million, or 11 cents a share, from $59 million, or 18 cents a share, in the year-ago period. Analysts polled by FactSet Research expected, on average, earnings of 15 cents a share. The Stamford, Conn., provider of telephone, television and Internet services said revenue slipped 5% to $547 million from $577 million. The company also forecast capital expenditures of $250 million to $270 million and free cash flow of $460 million to $485 million for all of 2009.
R.R. Donnelley's quarterly sales down 9.5%; net loss widens(6:49 am ET)
WASHINGTON (MarketWatch) -- R.R. Donnelley & Sons Co. (RRD: news, chart, profile) reported a fourth-quarter net loss $686.8 milion, or $3.35 a share, wider than the prior year's loss of $293.3 million, or $1.37 a share. The Chicago-based provider of printing services generated quarterly sales of nearly $2.8 billion, down from $3.09 billion. On an adjusted basis to factor out various one-time impairment and restructuring charges, the company said it would have had a quarterly profit of 63 cents a share, down from the prior year's 80 cents a share. The consensus forecast among six analysts surveyed by FactSet Research had been for a profit of 62 cents a share. R.R. Donnelley's gross margin narrowed to 24.0% in the latest quarter from 25.1% in the final three months of 2007. Management won't issue a 2009 forecast, the company said, citing "the unpredictable global environment and its potential impacts on competitors and customers."
KBR fourth-quarter profit rises 24% to $88 million(6:39 am ET)
LONDON (MarketWatch) -- KBR Inc. (KBR: news, chart, profile) on Wednesday said fourth-quarter net income rose to $88 million, or 54 cents a share, from $71 million, or 42 cents a share, in the same quarter the previous year. The fourth-quarter figures include a 12-cent charge tied to Justice Department and Securities and Exchange Commissions judgments. The Houston-based engineering and construction firm said income from continuing operations was also $88 million, or 54 cents a share, compared to $48 million, or 28 cents a share in the fourth quarter of 2007. A survey of five analysts by FactSet Research produced a consensus forecast of 36 cents a share. Consolidated fourth-quarter revenue was $3.4 billion, up 42% from $2.4 billion in the final quarter of 2007, the company said.
Ambac Financial narrows quarterly loss to $2.3 billion(6:07 am ET)
LONDON (MarketWatch) -- Ambac Financial (ABK: news, chart, profile) narrowed its fourth-quarter loss to $2.34 billion, or $8.14 a share, from $3.27 billion, after taking a $594 million hit due to the drop in value of credit derivatives. Net loss provisioning of $916.4 million was recorded for the quarter primarily relating to the residential mortgage-backed securities insurance portfolio. Ambac said its operating loss was $6.79 a share. Analysts polled by FactSet expected a loss of $2.28 a share.
Deutsche Boerse will consider deals at the right price(4:35 am ET)
LONDON (MarketWatch) -- Deutsche Boerse (DE:DB1: news, chart, profile) CEO Reto Francioni said Wednesday that the exchange will explore the possibility of mergers or acquisitions if the price is right, but that organic growth remains the main priority. Francioni said the "costly acquisitions" made by some of the group's competitors had helped Deutsche Boerse's outperformance compared to the sector. Francioni also said it's not possible to give an accurate profit forecast for 2009.
Virgin Media loss widens on impairment, FX hit(4:17 am ET)
LONDON (MarketWatch) -- Virgin Media (VMED: news, chart, profile) , the U.S.-listed, U.K.-based cable operator, said its fourth-quarter loss widened to 241 million pounds ($350 million), or 74 pence a share, from 163 million pounds, or 50 pence a share. Revenue edged lower to 1.03 billion pounds from 1.05 billion pounds on reduced business, off-net and mobile revenue. Though it's average cable revenue per user rose for the second straight quarter and its churn rate fell, a 54.8 million pound charge on the impairment of its Sit-up business and foreign currency losses weighed on the group. Virgin Media is a competitor of BSkyB, which is 39% held by MarketWatch owner News Corp.
Deutsche Boerse shares rally after earnings beat expectation(3:18 am ET)
LONDON (MarketWatch) -- Shares in German stock exchange operator Deutsche Boerse (DE:DB1: news, chart, profile) rose around 7% in early trading Wednesday after the group reported an 18% drop in fourth-quarter net profit to 222.4 million euros ($286.1 million) that still was enough to beat market expectations. The group said late Tuesday that revenue in the quarter increased 13% to 609 million euros and expenses were down 15% because of the high levels of stock-based compensation charges a year earlier. The group said it will pay a 2008 dividend of 2.10 euros a share, matching the payment made for 2007.
Barratt swings to loss after writing down land value(2:29 am ET)
LONDON (MarketWatch) -- U.K. home builder Barratt Developments (UK:BDEV: news, chart, profile) said Wednesday that it swung to a fiscal first-half net loss of 424.3 million pounds ($615.3 million) from a profit of 133.8 million pounds a year earlier. The group took write-downs of 494.9 million pounds on the value of land and work in progress, partly offset by a tax gain. The underlying pretax loss was 80 million pounds from a profit of 194.6 million pounds a year earlier, while revenue fell 24% to 1.26 billion pounds. Barratt said completions in the period fell by around the same amount as revenue, but were ahead of its expectations at 6,905. The average selling price fell 9.7% to 160,700 pounds. Barratt said 2009 has started with satisfactory sales and visitor numbers.
Papa John's net up, adjusted net off; year estimate lifted(2:07 am ET)
TEL AVIV (MarketWatch) -- Papa John's International Inc., (PZZA: news, chart, profile) the Louisville, Ky., pizza chain, reported late on Tuesday that fourth-quarter net income rose 65% on 1.5% lower revenue, and it increased its estimate of earnings for full-year 2009. Earnings were $12.8 million, or 46 cents a share, compared with $7.7 million, or 27 cents, in the year-earlier quarter. Adjusted earnings were off 11% to 48 cents from 54 cents. Shares outstanding declined 4.6% to 27.6 million. Revenue declined to $279.6 million from $283.9 million. Systemwide comparable-store sales fell 2% in the quarter. The company now expects to earn $1.36 to $1.44 a share in 2009, compared with its previous estimate of $1.32 to $1.40. Those estimates reflect 30 cents to 35 cents a share of one-time costs including, among other things, initiatives to support franchises. At Feb. 17, the company had $57.5 million remaining available in its stock-buyback plan.
Ormat Tech 4th-qtr net up 31%; 2009 revenue seen higher(1:25 am ET)
TEL AVIV (MarketWatch) -- Ormat Technologies Inc., (ORA: news, chart, profile) the Reno, Nev., producer of geothermal power plants, reported that fourth-quarter net income rose 31% on 35% higher revenue. The subsidiary of Israel's Ormat Industries earned $11.7 million, or 26 cents a share, compared with $8.9 million, or 22 cents, in the year-earlier quarter. Revenue reached $95.5 million from $70.7 million. A survey of analysts by FactSet Research produced consensus estimates of 24 cents of profit on revenue of $85.6 million. Revenue from electricity rose 12% in the quarter to $62.1 million, while revenue from products more than doubled to $33.4 million. For 2009, Ormat Technologies expect electricity revenue of $280 million to $290 million, up as much as 15% from 2008's $252.3 million. In products, the company expects the year's revenue to rise as much as 30% to a range of $100 million to $120 million from 2008's $92.6 million.
Tuesday, Feb. 24
Nabors Industries swings to loss on writedowns (5:36 pm ET)
SAN FRANCISCO (MarketWatch) -- Oil driller Nabors Industries Ltd. (NBR: news, chart, profile) reported late Tuesday a fourth-quarter net loss of $84 million, or 30 cents a share. The company posted net income of $222 million, or 78 cents a share, in the year-ago quarter. The latest quarter includes $404 million in pre-tax writedowns, clipping $1.13 a share from the bottom line. Adjusted to exclude writedowns and goodwill impairments, the Hamilton, Bermuda-based company had earnings from ongoing operations of $230.7 million, or 83 cents a share. Revenue for the three months ended Dec. 31 fell 5% to $1.24 billion. Analysts polled by FactSet Research had expected the company to earn 83 cents a share on $1.46 billion in revenue. Nabors shares closed ahead of the report with a 4% gain at $9.51.
Wynn swings to loss on charges, gambling revenue decline(4:25 pm ET)
CHICAGO (MarketWatch) -- Charges, along with a dramatic decline in gambling and other revenue, tumbled Wynn Resorts into the loss column in its fourth quarter, the casino operator said Tuesday. Wynn lost $159.6 million, or $1.49 a share, a turn from a profit of $65.5 million, or 57 cents a share, in the year-ago quarter. Adjusted to exclude various noncash charges and tax expenses, the company would have earned $7.6 million, or 7 cents a share. Revenue hit $614.3 million for the quarter, down from $711.3 million, as the company experienced what it called a "dramatic deceleration in business" that began in October. Shares of Wynn (WYNN: news, chart, profile) ended the regular session up almost 10% to $25.55.
icon url

3xBuBu

02/26/09 7:33 PM

#766 RE: 3xBuBu #699

Thursday, Feb. 26
Fannie Mae reports fourth-quarter loss of $4.47 a share(5:52 pm ET)
SAN FRANCISCO (MarketWatch) -- Fannie Mae (FNM: news, chart, profile) late Thursday reported a fourth-quarter net loss of $25.23 billion, or $4.47 a share, and revenue of $5.64 billion. The mortgage-finance giant, which has been placed in conservatorship by the government, blamed the weak results on $12.3 billion in net fair value losses and credit-related expenses of $12 billion amid a deterioration in mortgage performance and home prices. "We expect the market conditions that contributed to our net loss for each quarter of 2008 to continue and possibly worsen in 2009, which is likely to cause further reductions in our net worth," said Fannie Mae in a statement. Fannie Mae did not provide comparative year-earlier data but in the third quarter, it recorded a net loss of $29 billion, or $13 a share, on revenue of $4.06 billion.
CORRECT: Kohl's profit off sharply as sales dwindle (5:03 pm ET)
CHICAGO (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) experienced a sharp drop in fourth-quarter profit on sluggish sales, the department store operator reported after the close of trading Thursday. The company earned $336 million, or $1.10 a share, on the period, down from $412 million, or $1.31 a share, in the same period a year ago. Net sales were $5.2 billion, down 4.6% while same-store sales -- those at outlets open at least a year -- fell 9.1%. The average estimate of analysts polled by FactSet Research had been for Kohl's to earn $1.02 a share on sales of $5.2 billion. CEO Kevin Mansell said in the earnings report that he expects "2009 to be just as challenging from a macroeconomic perspective" and is "planning conservatively in our sales expectations, inventory levels and expenses." (Corrects stock ticker and by removing redundant text.)
Gap profit falls 12% on weak year-end sales(4:47 pm ET)
SAN FRANCISCO (MarketWatch) -- Clothing retailer Gap Inc. (GPS: news, chart, profile) posted a 12% decline in fourth-quarter profit, hurt by holiday weakness at its Gap and Old Navy stores. After the U.S. stock market closed Thursday, the San Francisco-based retailer said net income fell to $234 million, or 34 cents a share. A year ago, Gap earned $265 million, or 35 cents a share, a period in which it had more common shares outstanding. Sales fell to $4.1 billion from $4.7 billion, while sales at stores open at least one year fell 14% in the quarter. Analysts, on average, expected Gap to earn 32 cents a share on revenue of $4 billion, according to FactSet Research. Gap said it had $2 billion of cash on hand and little debt. Shares closed Thursday at $11.35.
Novell's first-quarter net income slides to 3 cents a share(4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- Novell Inc. (NOVL: news, chart, profile) late Thursday reported its first-quarter net income fell to $10.7 million, or 3 cents a share, from $16.8 million, or 5 cents a share, in the same quarter a year earlier. On an adjusted basis, Novell would have earned 7 cents a share. Revenue decreased to $214.9 million from $230.9 million a year ago, said the provider of open source software for businesses. Analysts surveyed by FactSet Research had forecasts, on average, earnings of 6 cents a share on revenue of $227.4 million.
Sotheby's swings to loss on downturn in art market (4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Sotheby's (BID: news, chart, profile) late Thursday reported it swung to a net loss of $8.5 million, or 13 cents a share, in the fourth quarter from a net income of $102.4 million, or $1.55 a share, a year earlier. Revenue decreased to $166.2 million from $345.8 million a year ago. The auction house blamed the sharp drop in revenue to a 46% decline in net auction sales, significant auction guarantee losses and inventory writedowns on the back of a downturn in the international art market triggered by the global financial crisis. Analysts surveyed by FactSet Research had forecast earnings of 20 cents a share on revenue of $178.3 million.
Dell reports earnings drop of 48%(4:04 pm ET)
SAN FRANCISCO (MarketWatch) -- Dell Inc. (DELL: news, chart, profile) on Thursday reported a fiscal fourth-quarter profit of $351 million, or 18 cents a share, on revenue of $13.4 billion. Analysts surveyed by FactSet Research had forecast Dell to earn 26 cents a share on $14.1 billion in sales. The results confirmed many analysts' expectations that Dell had been hit hard by the worldwide economic slowdown and declines in spending on technology products. During the same period a year ago, Dell earned $679 million, or 31 cents a share on almost $16 billion in revenue.
Integrys falls sharply on lower outlook, divestment plan(9:42 am ET)
NEW YORK (MarketWatch) -- Inegrys Energy Group (TEG: news, chart, profile) fell 27% to $26.85 after it forecast 2009 operating earnings of $2.51 to $2.66 a share, compared to the Wall Street estimate of $3.77 a share in a survey by FactSet Research. The company's fourth-quarter earnings of 30 cents a share fell short of the Wall Street estimate of $1.38 a share, according to a FactSet survey. The uility operator plans to fully or partially divest or scale back its nonregulated energy services business segment.
Energy stocks rise as crude trades near $43 a barrel(9:40 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose with the broad market and with higher oil prices in early action on Thursday. The Amex Oil Index (XOI: news, chart, profile) rose 0.9% to 854. The Amex Natural Gas Index (XNG: news, chart, profile) rose 2% to 344 ahead of weekly inventory data. Crude prices rose $1.48 a barrel to $43.98 a barrel.
Safeway's net income rises in fourth quarter(9:09 am ET)
NEW YORK (MarketWatch) -- Safeway Inc. (SWY: news, chart, profile) said Thursday that its fourth-quarter net income rose to $338 million, or 79 cents a share, from $301 million, or 68 cents a share, in the year-ago period. Revenue at the Pleasanton, Calif.-based supermarket chain rose to $13.82 billion from $13.36 billion. On average, analysts expected earnings of 78 cents a share and revenue of $14.47 billion, according to a survey by FactSet Research. Safeway also confirmed its 2009 earnings forecast of $2.34 to $2.44 a share, compared to the Wall Street target of $2.31 a share.
Cablevision swings to loss on impairment charges(8:51 am ET)
CHICAGO (MarketWatch) -- Cablevision Systems Corp. (CVC: news, chart, profile) said it swung to a fourth-quarter loss on charges related to the decline in market value of its Newsday newspaper and its programming rights. The company saw greater demand for its video, broadband and phone services, but like other cable operators in this difficult economic climate, Cablevision indicated that subscriber growth is slowing as consumers try to conserve cash. Bethpage, N.Y.-based Cablevision said it lost $321.4 million, or $1.11 a share. A year earlier, its profit was $6.64 million, or 2 cents a share. Revenue rose 11% to $2.05 billion. On average, analysts polled by FactSet Research were expecting revenue of $2.06 billion.
Ensco International posts higher quarterly profit(8:46 am ET)
NEW YORK (MarketWatch) -- Ensco International Inc. (ESV: news, chart, profile) said Thursday that fourth-quarter earnings rose to $299.8 million, or $2.14 a share, from $238.6 million, or $1.66 a share, in the year-ago period. On average, analysts polled by FactSet Research expected earnings of $2.04 a share. Revenue at the Dallas-based oil-drilling firm increased to $622 million from $518 million. "We are beginning to be impacted by lower oil and gas prices, tight credit markets and the global recession," said Dan Rabun, chairman and chief executive officer. "There is no question that 2009 will be a challenging year and that jackup rigs, including some of our own, will be without contracts for some portion of the year." However, the company added that it expects to have "a competitive advantage over the next several years."
Oil driller Rowan Cos. net income falls 32%(8:16 am ET)
NEW YORK (MarketWatch) - Rowan Companies Inc. (RDC: news, chart, profile) said Thursday fourth-quarter net income fell 32% to $94.3 million, or 83 cents a share, from $138.5 million, or $1.23 a share in the year-ago period. Excluding one-time items, earnings in the latest period totaled $1.28 a share. The Houston oil drilling and equipment manufacturing firm said revenue fell to $613 million from $623.6 million. Wall Street analysts expected earnings of $1.09 a share on revenue of $615.6 million, according to a survey by FactSet Research. Looking ahead, Rowan Cos. said it's maintaining a "strong financial position," with 67% of its total offshore rig days currently committed in 2009.
El Paso swings to a loss on $2.7 billion non-cash charge (7:48 am ET)
NEW YORK (MarketWatch) -- El Paso Corp. (EP: news, chart, profile) on Thursday said it swung to a fourth-quarter loss of $1.69 billion, or $2.43 a share, from net income of $151 million, or 21 cents a share in the year-ago period. Adjusted net income for the fourth quarter fell to 21 cents a share from 27 cents a share. The latest period included a pre-announced non-cash charge of $2.7 billion related to the company's ceiling test, which placed a lower value on its oil and gas reserves based on a sharp drop in commodity prices over the year-ago period. Operating revenue rose to $1.34 billion from $1.26 billion. Analysts expected earnings of 20 cents a share on revenue of $1.2 billion, according to a survey by FactSet Research.
Cooper Tire swings to quarter loss of $143.4 million(7:45 am ET)
MADRID (MarketWatch) -- Cooper Tire & Rubber Co. (CTB: news, chart, profile) said Thursday that it swung to a fourth-quarter loss of $143.4 million, or $2.44 a share, against a year-ago profit of $51 million, or 82 cents a share, as global demand for tires decreased further. Results were also pressured by high raw material costs increases and production curtailments as Cooper manages inventory to align with demand. Analysts polled by FactSet Research were expecting a fourth-quarter loss of $1.16 a share. The results included pretax restructuring charges of $76 million related to the impending closure of its facility in Albany, GA. It also had a $31 million pretax charge for impairment of goodwill in the International segment. The company reported net sales of $635.8 million, against $756.1 million a year ago. "We are focused on improving our global cost structure and are beginning to see some of the benefits from these actions; unfortunately, much of what we have done is camouflaged by current market conditions," said Roy Armes, chief executive officer.
Nasdaq profit falls 53%(7:31 am ET)
NEW YORK (MarketWatch) -- Nasdaq Omx Group (NDAQ: news, chart, profile) said Thursday that its fourth-quarter profit fell 53%, to $36.8 million, or 17 cents a share, from $79 million, or 52 cents a share, in the year-ago period. The exchange company said that on an adjusted basis, net income was $112.1 million, or 53 cents a share. Total revenue for the fourth quarter was $1 billion, compared to $664 million in the fourth quarter of 2007.
GM's fourth-quarter loss widens to $9.6 billion (7:23 am ET)
NEW YORK (MarketWatch) -- General Motors Corp. (GM: news, chart, profile) said Thursday that its fourth-quarter net loss widened to $9.6 billion, or $15.71 a share, from a loss of $1.5 billion, or $2.70 a share, in the year-ago period. Adjusted loss totaled $5.9 billion, or $9.65 a share, compared to net income of $46 million, or 8 cents a share, in the year-ago period. Revenue for the three months ended Dec. 31 fell to $30.8 billion from $46.8 billion. Analysts expected a loss of $6.91 a share on revenue of $35.5 billion, according to a survey by FactSet Research. "We expect these challenging conditions will continue through 2009, and so we are accelerating our restructuring actions," said Chief Executive Officer Rick Wagoner. "At the same time, we are continuing our commitment to exciting, fuel-efficient cars and trucks, and the leadership in advanced propulsion technology." GM anticipates receiving a "going concern" opinion from its auditors in the 2008 10-K. GM and its auditors must determine whether there is substantial doubt about GM's ability to continue as a going concern.
Exelon says NRG shareholders tendered 51% of shares(7:10 am ET)
NEW YORK (MarketWatch) -- Exelon Corp. (EXC: news, chart, profile) said Thursday that NRG Energy (NRG: news, chart, profile) shareholders have tendered 125.4 million shares of common stock in Exelon's merger offer, which represented over 51% of the outstanding shares of NRG common stock. Exelon said it's extending the offer to June 26. "The extended expiration date enables Exelon to focus on seeking regulatory approvals for the transaction and the solicitation of proxies for the election of NRG directors at the NRG annual meeting of shareholders," the company said. NRG's annual meeting has not yet been scheduled but is expected to take place within 13 months after NRG's last meeting held May 14, 2008.
TWI fourth-quarter loss nearly doubles to $18.4 million(7:09 am ET)
MADRID (MarketWatch) -- Titan International (TWI: news, chart, profile) , a holding company for providers of wheels, tires and assemblies for off-highway construction and consumer vehicles, posted a fourth-quarter net loss of $18.4 million, or 53 cents a share, nearly double from $8.8 million, or 26 cents a share, reported a year ago, the company said Thursday. The company took a charge of $37.7 million at year-end 2008 due to a substantial decline in the share prices of U.K.-based Titan Europe PLC (UK:TSW: news, chart, profile) . Stripping out that, it would have recorded a net profit of $6.1 million in the quarter, or 17 cents a share, versus a loss of $8.8 million a year ago, or 26 cents a share. Net sales totaled $258.5 million in the fourth quarter, a 20% gain from $204.9 million reported in the year-ago period. Chief Executive Officer Maurice M. Taylor Jr. said he expects good business for large farm tires, owing to commodity prices in the coming year, but weaker construction and small farm tire markets. He sees sales levels moving down because of lower material costs, cutting into selling prices and another contraction in the specialty wheel and tire market in 2009.
Frontline profit slumps 74%(7:06 am ET)
LONDON (MarketWatch) -- Tanker operator Frontline (FRO: news, chart, profile) said its fourth-quarter net income dropped 74% to $51.6 million, or 66 cents a share while revenue rose to $451.5 million from $331.6 million. Excluding non-operating items, it would have earned $1.03 a share. It expects "good" first-quarter results depending on the direction of the market in the remaining part of the quarter.
Dynegy narrows loss, cuts 2009 view(6:57 am ET)
LONDON (MarketWatch) -- Dynegy (DYN: news, chart, profile) said it narrowed its fourth-quarter loss but it cut its 2009 profit outlook. The electricity supplier said its loss narrowed to $7 million, or a penny a share, from $46 million, or 6 cents a share. Revenue rose 10% to $795 million. The company said it was affected by compressed realized spark spreads. Due to lower commodity prices, it lowered its 2009 view, seeing a loss between $65 million and $140 million and adjusted EBITDA between $700 million and $825 million. Analysts polled by FactSet expected a loss of 2 cents a share and 2009 EBITDA of $878 million.
Sears Holdings profit drops 55% on write-off, charges(6:44 am ET)
LONDON (MarketWatch) -- Sears Holdings (SHLD: news, chart, profile) said fourth-quarter net income slumped 55% to $190 million, or $1.55 a share, with revenue down 12% to $13.28 billion. It took a $336 million pre-tax charge on impairment of its Orchard Supply Hardware unit and it also took charges on store closings and severance. Adjusted income was $2.94 a share. Analysts polled by FactSet had expected earnings of $2.59 a share.
Dean Foods raises earnings guidance(6:40 am ET)
LONDON (MarketWatch) -- Dean Foods Co. (DF: news, chart, profile) on Thursday raised its guidance for first-quarter earnings to at least 41 cents a share, from a previous forecast of at least 38 cents a share, due to falling commodity prices. The group said that for 2009 it expects earnings of at least $1.55 a share, representing growth of at least 19% from 2008. The announcement came as the food and beverage company also announced a strategic plan that focuses on lowering costs and focus sing on revenue and profit growth core businesses.
Sanderson Farms swings to fourth-quarter loss (6:38 am ET)
LONDON (MarketWatch) -- Meat producer Sanderson Farms Inc. (SAFM: news, chart, profile) said it swung to a fourth-quarter net loss of $6.7 million, or 33 cents a share, compared to a profit of $6.2 million, or 30 cents a share, earned in the year-earlier quarter. Sales climbed 7% to $389 million. The company said the loss was due to the "economic conditions" and reduced consumer demand for meat eaten at restaurants. It added its doesn't expect demand to improve until economy gains some traction and consumers resume spending and dining out.
Southern Union profit climb more than doubles(6:30 am ET)
LONDON (MarketWatch) -- Southern Union (SUG: news, chart, profile) said fourth-quarter earnings rose to $120.9 million, or 97 cents a share, from $49.4 million, or 41 cents a share. Excluding gains on processing spreads and other items, the Houston natural gas firm would have earned 47 cents a share in the current quarter. Revenue rose to $727 million from $722 million. Adjusted earnings for 2009 are seen between $1.75 and $1.90 a share. Analysts polled by FactSet expected quarterly earnings of 42 cents a share and 2009 earnings of $1.83.
CORRECT: Allianz swings to 3.1 bln euro loss on Dresdner(6:23 am ET)
LONDON (MarketWatch) -- German insurer Allianz (AZ: news, chart, profile) (DE:840400: news, chart, profile) said it swung to a worse-than-forecast fourth-quarter loss of 3.1 billion euros ($3.9 billion), as revenue dropped 10% to 23 billion euros. Much of the losses were racked up at Dresdner Bank, now part of Commerzbank (DE:803200: news, chart, profile) , as discontinued losses made up 2.92 billion euros of the red ink. While property and casualty insurance proved to be largely unaffected by the financial crisis, the life insurance and asset management business saw hits on revenues and profits, the firm said. Allianz said it couldn't give a 2009 profit forecast. (Corrects currency in headline.)
American Tower swings to $85.8 million profit(6:22 am ET)
LONDON (MarketWatch) -- American Tower Corp. (AMT: news, chart, profile) said Thursday that it swung to a fourth-quarter net profit of $85.8 million, or 21 cents a share, from a loss of $5.5 million, or a penny a share, a year earlier. The operator of broadcast and wireless communications sites said revenue rose 8% to $408.3 million. Analysts polled by FactSet had been expecting earnings of 14 cents a share in the quarter. The group said it expects adjusted earnings before interest, taxes, depreciation and amortization of $1.16 billion to $1.19 billion in 2009.
MetroPCS swings to a fourth-quarter profit(6:11 am ET)
LONDON (MarketWatch) -- MetroPCS Communications (PCS: news, chart, profile) , a provider of flat-rate no-contract wireless communications services, reported a fourth-quarter net profit of $15 million, or 4 cents a share, compared to a loss of $47 million, or 14 cents a share, in the year-earlier quarter. Revenue climbed 22% to $724 million. The consensus forecast was for earnings of 7 cents a share, according to a poll of 17 analysts surveyed by FactSet Research. The company also reaffirmed its operational and financial guidance for 2009.
Repsol swings to 4th quarter net loss of 105 million euros(2:53 am ET)
MADRID (MarketWatch) -- Spanish gas and oil company Repsol YPF, SA (REP: news, chart, profile) (ES:REP: news, chart, profile) swung to a net loss of 105 million euros ($133 million) in the fourth quarter of 2008, against a profit of 740 million euros in the year-earlier period. Adjusted operating profit excluding inventories was 1.05 billion euros in the fourth quarter, against 1.29 billion euros in the year-ago period. A survey of analysts by Reuters was calling for operating profit of 990 million euros. For 2008, Repsol's net profit fell 15% to 2.71 billion euros. Repsol said it plans to pay a gross final dividend against 2008 results of 0.525 euros per share.
RBS unveils $34.2 billion loss, will slash costs(2:23 am ET)
LONDON (MarketWatch) -- Royal Bank of Scotland (UK:RBS: news, chart, profile) (RBS: news, chart, profile) said Thursday that it slumped to a 2008 net loss of 24.1 billion pounds ($34.2 billion), from a profit of 7.3 billion pounds in 2007. The loss included a 16.2 billion pound write-down of goodwill and other intangible assets, as well as impairment charges of 8.1 billion pounds, though it was still smaller than the 28 billion pound loss the bank had warned it could report. RBS announced a sweeping restructure that will move 240 billion pounds of assets into a non-core division, which will then be sold off or run down. It's also planning to cut more than 2.5 billion pounds from its cost base and sharply reduce the amount of capital allocated to its global banking and markets unit.
CLP Holdings 2008 profit slips 1.8%(1:58 am ET)
HONG KONG (MarketWatch) -- Power utility CLP Holdings (HK:2: news, chart, profile) (CLPHY: news, chart, profile) Thursday said its 2008 net income declined 1.8% on weak earnings from its Hong Kong electricity business and smaller gains on disposal of certain assets. Full year net income fell to HK$10.42billion ($1.33 billion), or HK$4.33 a share, from HK$10.61 billion. Revenue increased 6.9% to HK$54.30 billion from HK$50.79 billion. CLP shares dropped 0.4% in afternoon trading.
icon url

3xBuBu

02/27/09 8:27 PM

#767 RE: 3xBuBu #699

Friday, Feb. 27
Southwestern Energy Co. draws Street praise, rallies(12:53 pm ET)
NEW YORK (MarketWatch) -- Southwestern Energy Co. (SWN: news, chart, profile) jumped 8% to $29.71 on Friday after the company's earnings update drew praise from Wall Street analysts. Michael Scialla of Thomas Weisel Partners said the natural gas specialist's production growth of 65% beat the top end of the company's forecast by five percentage points. Proved reserves jumped 51% to 2.18 trillion cubic feet equivalent, about 17% above Scialla's estimate. He maintained his market weight rating at 12-month price target of $35 a share "due to our cautious outlook on natural gas markets." Separately, Southwestern said COO Steven Mueller would succeed Harold Korell in the first quarter of 2010 as chief executive officer. Korell took the reins as CEO in 1999 and reshaped it as a leading domestic natural gas producer from its former role as a utility company with an exploration and production unit.
Energy stocks lose ground with broad market(9:40 am ET)
NEW YORK (MarketWatch) -- Energy stocks moved into the red with the broad market on Friday. The Amex Oil Index (XOI: news, chart, profile) fell 3.2% to 819. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 3.1% to 324. Petrohawk (HK: news, chart, profile) fell 8% on plans to issue 22 million shares of stock. The Dow Jones Industrial Average (4DJ: news, chart, profile) fell 144 points.
Blackstone loss widens to $406 million, CEO gets no bonus(8:42 am ET)
NEW YORK (MarketWatch) -- The Blackstone Group (BX: news, chart, profile) said Friday its GAAP loss for the fourth quarter widened to $406.3 million from $161.4 million in the year-ago period. Net loss per common unit increased to $1.52 from 65 cents. Blackstone ended 2008 with $504 million in available cash, which exceeded all outstanding borrowings. Blackstone will not have a distribution to common unitholders for the fourth quarter. Blackstone previously paid 90 cents per unit in total distributions for the full year 2008. Neither Blackstone's CEO and Co-Founder, Stephen A. Schwarzman, nor its Co-Founder, Peter G. Peterson, received any bonuses in 2008. "World markets and economies deteriorated in the fourth quarter 2008, bringing the full year market results to the worst experienced since the Great Depression," the company said.
Mirant posts higher fourth-quarter net income(7:56 am ET)
NEW YORK (MarketWatch) -- Mirant Corp. (MIR: news, chart, profile) said Friday that its fourth-quarter net income rose to $593 million, or $3.93 a share, from $16 million, or 6 cents a share, in the year-ago period. However, adjusted net income fell to $77 million, or 51 cents a share, from $191 million, or 72 cents a share. The power company also revised its forecast for 2009 adjusted EBITDA to $897 million from $981 million and set its 2010 adjusted EBITDA forecast at $667 million. "Our strategy of hedging has cushioned us in 2009 and somewhat in 2010 from the effects of falling prices for electricity," said Edward Muller, chairman and chief executive officer.
Citi to reconstitute board; suspends common stock dividend(7:09 am ET)
NEW YORK (MarketWatch) -- Citi (C: news, chart, profile) Chairman Richard Parsons said Friday the troubled financial services giant plans to reconstitute its board through a majority of new independent directors "as soon as feasible." The board presently has 15 directors, three of whom have announced that they will not be standing for election at the April annual meeting and two of whom will reach retirement age by the time of the meeting. Citi is actively conducting a search and expects to announce several new directors shortly. Separately, Citi said it'll suspend dividends on its preferred shares and its common stock. The company will continue to pay the distribution on its Trust Preferred Securities and Enhanced Trust Preferred Securities at the current rates.
Magellan profit drops 25%(6:55 am ET)
LONDON (MarketWatch) -- Magellan Health Services Inc. (MGLN: news, chart, profile) said Friday that its fourth quarter net profit fell 25% to $23.6 million, or 61 cents a share, from $31.3 million, or 78 cents a share, a year earlier. Revenue for the quarter rose 0.6% to $661.8 million. Analysts had expected the group to report earnings of 55 cents a share. The health care management group said it ended the year with no debt and $321 million of unrestricted cash and investments. Magellan reiterated its forecast for net profit of $63.4 million to $93.7 million in 2009 and said that, based on $151.6 million through Feb. 25 it expects earnings per share for 2009 to be between $1.99 and $2.54.
Calpine narrows quarterly loss as revenue rises 2.3%(6:51 am ET)
WASHINGTON (MarketWatch) -- Calpine Corp. (CPN: news, chart, profile) reported a fourth-quarter net loss of $109 million, or 23 cents a share, narrower than the loss of $142 million, or 30 cents, generated in the final three months of 2007. The independent power provider serving customers and communities in 16 states and Canada saw quarterly revenue rise to $1.97 billion from the prior year's $1.92 billion. Calpine's loss before discontinued operations amounted to 28 cents a share for the latest quarter. The consensus estimate of five analysts surveyed by FactSet Research had been for a quarterly loss of 18 cents a share.
CapitalSource loss widens to $298 million(6:29 am ET)
LONDON (MarketWatch) -- CapitalSource (CSE: news, chart, profile) reported a fourth-quarter loss of $298 million, or $1.07 a share, and said it earned 55 cents a share on an adjusted basis. The Chevy Chase, Md. lender didn't provide year-earlier results, but last year's statement said it lost $15 million, or 7 cents a share, during the fourth quarter of 2007. Provision for loan losses was $446 million for the quarter. Analysts polled by FactSet expected a profit of 7 cents a share.
Iberia swings to a fourth-quarter loss of 19 million euros(3:04 am ET)
MADRID (MarketWatch) -- Spanish airline Iberia Lineas Aereas de Espana SA (ES:IBLA: news, chart, profile) on Friday said it swung to a net loss of 19 million euros ($24 million) in the fourth quarter, against a profit of 105 million euros in the year ago period. A poll of analysts surveyed by FactSet Research was expecting a net loss of 101.2 million euros. Operating revenue for the group fell 4.8% to 1.33 billion euros, hurt by the depreciation of the dollar, the airline said. Load factor, or the percentage of available seats filled with passengers, in the fourth quarter fell 2.8% to 77.5%. Iberia also said in the release it has signed an agreement with American Airlines, owned by AMR Corp. (AMR: news, chart, profile) and British Airways (UK:BAY: news, chart, profile) to develop their cooperation in their operations between Europe and North America.
Lloyds hit by HBOS impairments, forecasts loss for 2009(2:32 am ET)
LONDON (MarketWatch) -- Lloyds Banking Group (UK:LLOY: news, chart, profile) said Friday that net profit at its Lloyds TSB business fell 75% in 2008 to 819 million pounds ($1.17 billion) from 3.29 billion pounds. The group's HBOS arm, which it acquired in January this year, swung to a net loss of 7.58 billion pounds in 2008, from a profit of 4 billion pounds a year earlier as impairment losses on loans soared to 9.9 billion pounds from 2.01 billion pounds. Lloyds said it is in advanced talks with the U.K. Treasury about participation in the government's asset protection scheme and will provide a further update in due course. Lloyds said it expects retail impairment levels to rise significantly in 2009 and that the combined group will report a loss in 2009 before the impact of any goodwill write-downs.
Thursday, Feb. 26
Fannie Mae reports fourth-quarter loss of $4.47 a share(5:52 pm ET)
SAN FRANCISCO (MarketWatch) -- Fannie Mae (FNM: news, chart, profile) late Thursday reported a fourth-quarter net loss of $25.23 billion, or $4.47 a share, and revenue of $5.64 billion. The mortgage-finance giant, which has been placed in conservatorship by the government, blamed the weak results on $12.3 billion in net fair value losses and credit-related expenses of $12 billion amid a deterioration in mortgage performance and home prices. "We expect the market conditions that contributed to our net loss for each quarter of 2008 to continue and possibly worsen in 2009, which is likely to cause further reductions in our net worth," said Fannie Mae in a statement. Fannie Mae did not provide comparative year-earlier data but in the third quarter, it recorded a net loss of $29 billion, or $13 a share, on revenue of $4.06 billion.
CORRECT: Kohl's profit off sharply as sales dwindle (5:03 pm ET)
CHICAGO (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) experienced a sharp drop in fourth-quarter profit on sluggish sales, the department store operator reported after the close of trading Thursday. The company earned $336 million, or $1.10 a share, on the period, down from $412 million, or $1.31 a share, in the same period a year ago. Net sales were $5.2 billion, down 4.6% while same-store sales -- those at outlets open at least a year -- fell 9.1%. The average estimate of analysts polled by FactSet Research had been for Kohl's to earn $1.02 a share on sales of $5.2 billion. CEO Kevin Mansell said in the earnings report that he expects "2009 to be just as challenging from a macroeconomic perspective" and is "planning conservatively in our sales expectations, inventory levels and expenses." (Corrects stock ticker and by removing redundant text.)
Gap profit falls 12% on weak year-end sales(4:47 pm ET)
SAN FRANCISCO (MarketWatch) -- Clothing retailer Gap Inc. (GPS: news, chart, profile) posted a 12% decline in fourth-quarter profit, hurt by holiday weakness at its Gap and Old Navy stores. After the U.S. stock market closed Thursday, the San Francisco-based retailer said net income fell to $234 million, or 34 cents a share. A year ago, Gap earned $265 million, or 35 cents a share, a period in which it had more common shares outstanding. Sales fell to $4.1 billion from $4.7 billion, while sales at stores open at least one year fell 14% in the quarter. Analysts, on average, expected Gap to earn 32 cents a share on revenue of $4 billion, according to FactSet Research. Gap said it had $2 billion of cash on hand and little debt. Shares closed Thursday at $11.35.
Novell's first-quarter net income slides to 3 cents a share(4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- Novell Inc. (NOVL: news, chart, profile) late Thursday reported its first-quarter net income fell to $10.7 million, or 3 cents a share, from $16.8 million, or 5 cents a share, in the same quarter a year earlier. On an adjusted basis, Novell would have earned 7 cents a share. Revenue decreased to $214.9 million from $230.9 million a year ago, said the provider of open source software for businesses. Analysts surveyed by FactSet Research had forecasts, on average, earnings of 6 cents a share on revenue of $227.4 million.
Sotheby's swings to loss on downturn in art market (4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Sotheby's (BID: news, chart, profile) late Thursday reported it swung to a net loss of $8.5 million, or 13 cents a share, in the fourth quarter from a net income of $102.4 million, or $1.55 a share, a year earlier. Revenue decreased to $166.2 million from $345.8 million a year ago. The auction house blamed the sharp drop in revenue to a 46% decline in net auction sales, significant auction guarantee losses and inventory writedowns on the back of a downturn in the international art market triggered by the global financial crisis. Analysts surveyed by FactSet Research had forecast earnings of 20 cents a share on revenue of $178.3 million.
Dell reports earnings drop of 48%(4:04 pm ET)
SAN FRANCISCO (MarketWatch) -- Dell Inc. (DELL: news, chart, profile) on Thursday reported a fiscal fourth-quarter profit of $351 million, or 18 cents a share, on revenue of $13.4 billion. Analysts surveyed by FactSet Research had forecast Dell to earn 26 cents a share on $14.1 billion in sales. The results confirmed many analysts' expectations that Dell had been hit hard by the worldwide economic slowdown and declines in spending on technology products. During the same period a year ago, Dell earned $679 million, or 31 cents a share on almost $16 billion in revenue.
icon url

3xBuBu

03/02/09 9:07 PM

#768 RE: 3xBuBu #699

Monday, March 2
Virgin Megastores likely to shut N. America business: WSJ(7:25 pm ET)
NEW YORK (MarketWatch) -- Entertainment retail chain Virgin Megastores is "very likely" to close all of its North American stores by the summer, according to a Wall Street Journal interview with Chief Executive Simon Wright. Wright said the chain, owned by Vornado Realty Trust (VNO: news, chart, profile) since 2007, will certainly close its iconic Times Square flagship store and two other locations this spring. Virgin Megastores, which are not related to the Virgin Records label, currently has around 1,000 employees, all of whom are likely to be let go, the report quoted Wright as saying. He said the ongoing decline in recorded-music sales was a factor, but not a central one, in the decision to close down, according to the report.
MBIA fourth-quarter loss narrows to $5.30 a share (5:54 pm ET)
SAN FRANCISCO (MarketWatch) -- MBIA (MBI: news, chart, profile) late Monday reported its fourth-quarter net loss narrowed to $1.2 billion, or $5.30 a share, from a loss of $2.3 billion, or $18.55 a share, in the same quarter a year earlier. The quarterly loss was primarily driven by a $1.7 billion pre-tax unrealized net loss on insured derivatives and a $534 million pre-tax net realized loss on insured derivatives, the bond insurer said.
Utilities index flat as power firms resist sell-off(11:08 am ET)
NEW YORK (MarketWatch) -- The Dow Jones Utilities Average (DJU: news, chart, profile) rose fractionally to 324 as it resisted the big sell-off in the broad stock market on Monday. Among utility names, Exelon (EXC: news, chart, profile) rose 0.4% to $47.40. Pepco Holdings (POM: news, chart, profile) rose 0.6% to $15.09. Edison International (EIX: news, chart, profile) added a penny to $27.23. NRG Energy (NRG: news, chart, profile) dropped 1.6% to $18.60. Reliant Energy (RRI: news, chart, profile) fell 6.5% to $3.23.
Volkswagen 2008 profit rose 15%, earnings to fall in 2009(10:09 am ET)
LONDON (MarketWatch) -- German carmaker Volkswagen AG (DE:VOW: news, chart, profile) on Monday posted a 15% increase in 2008 profit to 4.75 billion euros. Sales climbed 4.5% to 113.8 billion euros. Deliveries rose 1.1% to 6.3 million vehicles. The group said sales in 2009 would be lower than in 2008 because of a decline in volumes. It cautioned that rising refinancing costs and a worsening in the country mix will serve as an additional drag on earnings. The group it can't make a reliable forecast for the year because of the high volatility but predicted earnings would be lower than in previous years.
Energy stocks retreat with broad market(9:38 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell across the board on fresh prospects for a weak economy on the heels of the latest bailout effort for American International Group (AIG: news, chart, profile) on Monday. The Amex Oil Index (XOI: news, chart, profile) dropped 2.9% to 802. The Amex Natural Gas Index (XNG: news, chart, profile) fell 2.8% to 320. Sector leader Exxon Mobil (XOM: news, chart, profile) dropped 2.2% to $66.39. Crude prices retreated $2.76 to $42 a barrel, but natural gas prices ticked up 8 cents to $4.27. The Dow Jones Industrial Average ($DJ: news, chart, profile) fell 1.9% to 6,931, its lowest level since late 1997.
Nortel sees net losses grow on charges, drop in sales(9:35 am ET)
SAN FRANCISCO (MarketWatch) -- Nortel Networks Corp. (NT: news, chart, profile) said Monday morning that net losses grew during the fourth fiscal quarter on a big non-cash write-down charge as well as a decline in sales. For the period ended Dec. 31, Nortel said it lost $2.1 billion, or $4.28 per share, compared to a loss of $844 million, or $1.70 per share, for the same period last year. The company said the net loss included a non-cash write-down of goodwill of $1.2 billion and a non-cash charge of $951 million to increase the valuation allowance against deferred tax assets. Revenue fell 16% to $2.7 billion.
Marshall & Ilsley's fourth-quarter loss grows on charge(8:56 am ET)
BOSTON (MarketWatch) -- Marshall & Ilsley Corp. (MI: news, chart, profile) on Monday revised its fourth-quarter financial results to reflect a noncash goodwill impairment charge that resulted from the decline in its stock price. The Milwaukee-based bank reported a revised 2008 fourth quarter net loss of $1.9 billion, or $7.25 per share, and had initially announced a net loss of $404 million, or $1.55 a share. "The goodwill impairment charge was driven by the decline in M&I's stock price and the deteriorating economy," said Chief Financial Officer Greg Smith. "This noncash charge had no impact on the company's cash flow or liquidity and has a negligible impact on regulatory and tangible capital ratios." Shares of the company were off 66% year to date through Friday's close.
Conseco delays 10-K, announces preliminary quarterly loss(8:53 am ET)
NEW YORK (MarketWatch) -- Conseco Inc. (CNO: news, chart, profile) said Monday that it will delay filing its annual report on Form 10-K until on or before March 17, saying it needs more time to finalize the analysis and disclosure related to its investment portfolio. The insurer said its independent accounting firm needs more information to satisfy concerns about liquidity and debt covenant margins. The company released preliminary fourth-quarter results, which included a net loss applicable to common stock of $406.8 million, compared to the year-earlier $71.5 million. On a per-share basis, the preliminary net loss was $2.20 in the period, including $2.46 of net realized investment losses, valuation allowance for deferred tax assets and losses related to discontinued operations.
Pepco Holdings net income climbs 18%(8:54 am ET)
NEW YORK (MarketWatch) -- Pepco Holdings Inc. (POM: news, chart, profile) said fourth-quarter net income rose to $67 million, or 32 cents a share, from $57 million, or 29 cents a share in the year-ago period. Analysts expected earnings of 30 cents a share, according to a survey by FactSet Research. Operating revenue at the utility operator rose to $1.23 billion from $1.21 billion. The company attributed its higher earnings to the impact of the District of Columbia distribution base rate, lower operation and maintenance expenses, and higher transmission rates. Earnings at its Conectiv Energy unit decreased primarily due to lower generation output, lower spark spreads, and a lower of cost or market adjustment to oil inventory. At Pepco Energy Services, higher capacity-related charges led to lower earnings. Favorable income tax adjustments impacted each of the operating businesses.
Edison International net income up 3%(8:38 am ET)
NEW YORK (MarketWatch) - Edison International (EIX: news, chart, profile) said Monday fourth-quarter net income rose about 3% to $217 million, or 66 cents a share, from $211 million, or 64 cents a share in the year-ago period. Core earnings rose to 66 cents a share from 65 cents a share. The Rosemead, Calif. company's Southern California Edison unit reported a rise in net income to 43 cents a share from 37 cents a share while its Edison Mission Group unit reported a dip in net income to 25 cents a share from 30 cents a share. Operating revenue rose to $3.2 billion from $3.1 billion. Analysts expected earnings of 67 cents a share, according to a survey by FactSet Research.
Wendy's/Arby's loses 84 cents a share in quarter(8:20 am ET)
NEW YORK (MarketWatch) -- Wendy's/Arby's Group Inc. (WEN: news, chart, profile) said Monday that it lost $393 million, or 84 cents a share, in the fourth quarter. Losses were the result of after-tax special items totaling $417.9 million and the effect of the merger between Triarc Cos. Inc. and Wendy's, which was completed on Sept. 29, 2008. In the same period a year ago the fast-food company earned $33 million, or 33 cents a share. Systemwide, same-store sales rose 3.7% in the period. Revenue rose to $897 million compared to $321 million. Analysts polled by FactSet Research estimated, on average, sales of $914 million.
Sirius XM Radio to file annual report by March 17(8:12 am ET)
NEW YORK (MarketWatch) -- Sirius XM Radio (SIRI: news, chart, profile) said Monday it's postponing the filing of its 10-K for 2008, but will complete the annual report by March 17. The New York-based satellite radio company said senior management has been focused on recent refinancing transactions and needs additional time to complete the 10-K.
Chesapeake cuts back production, forecasts market 'balance'(7:09 am ET)
NEW YORK (MarketWatch) -- Chesapeake Energy Corp. (CHK: news, chart, profile) said Monday it'll curtail about 240 million cubic feet of natural gas equivalent per day, or about 7% of its gross natural gas and oil production due to low wellhead prices. Chesapeake granted Plains Exploration (PXP: news, chart, profile) a one-time option to avoid paying the last $800 million of PXP's $1.65 billion drilling carry obligation to Chesapeake, which represents approximately 25% of the original joint venture transaction consideration. Looking ahead, Chesapeake forecasts that production cuts in the natural gas business will allow natural gas markets to "regain better supply/demand balance by the end of 2009, if not sooner."
AIG reports fourth-quarter loss of over $61 billion(6:25 am ET)
LONDON (MarketWatch) -- American International Group (AIG: news, chart, profile) , the New York insurer which separately received a new rescue package from the U.S. government on Monday, said its fourth-quarter loss widened to $61.66 billion, or $22.95 a share, from the $5.29 billion loss in the year-earlier period. Continued severe credit market deterioration, particularly in commercial mortgage-backed securities, and charges related to ongoing restructuring-related activities weighed down results. Stripping out capital losses and other accounting items, AIG said it would have lost $37.9 billion, or $14.17 a share. Insurance premiums and other considerations declined by 1.9% for the fourth quarter, it added.
Dish Network fourth-quarter earnings up; modest revenue gain(6:23 am ET)
LONDON (MarketWatch) Dish Network (DISH: news, chart, profile) Monday posted fourth-quarter net income of $217 million vs. $175 million a year earlier as revenue edged up 1% to $2.92 billion. The satellite TV operator said net subscribers fell 102,000 in the quarter. Diluted earnings were 48 cents a share compared with 39 cents a year earlier.
Cellcom 4th-quarter net up 32%; ARPU slips 1.3%(4:29 am ET)
TEL AVIV (MarketWatch) -- Cellcom Israel Ltd., (CEL: news, chart, profile) Israel's No. 1 provider of cellular service, reported fourth-quarter net income rose 32% on 0.8% lower revenue. The quarter's earnings were 243 million shekels ($64 million), or 2.48 shekels ($0.65) a share, compared with 184 million shekels, or 1.89 shekels a share, in the year-earlier period. Revenue eased to 1.57 billion shekels from 1.58 billion. Total revenue declined due to seasonal factors -- the Jewish holiday season, which is marked by lower usage, fell entirely in the fourth quarter -- and to lower revenue from sales of end-user equipment, Cellcom said in a statement on Monday. Gross-profit margin for the quarter widened to 46.1% from 39.4%. Average revenue per user fell 1.3% to $38.60 from $39.20 a year earlier. At year's end Cellcom had nearly 3.19 million subscribers.
Japan February new car sales fall most since 1973(3:42 am ET)
HONG KONG (MarketWatch)-- Japan's domestic new care sales fell in February by the biggest margin in 34 years, marking the seventh straight month of declines. New vehicle sales totaled 218,212 units, down 32.4% on year, the sharpest deceleration since May 1973, according to the Nikkei newspaper, which cited data released by the Japan Automobile Dealers Association. Toyota's sales were down 32%, Nissan Motor's fell 35.2%, and Honda's were down 21.1%.
HSBC profit down 70%, will close some U.S. operations(2:26 am ET)
LONDON (MarketWatch) -- HSBC (UK:HSBA: news, chart, profile) (HBC: news, chart, profile) said Monday that its 2008 net profit fell 70% to $5.73 billion as it also announced plans to largely shut down its HFC and Beneficial consumer finance operations in the U.S. The group said it took a $10.6 billion goodwill impairment on its North American personal financial services operations and has come to the conclusion that models of direct personal lending that depend on wholesale markets for funding are no longer viable. Excluding the write-down, HSBC said pretax profit fell 18% to $19.9 billion and its total dividend for the year will fall 29% to 64 cents. Analysts had, on average, been expecting a pretax profit of $20.5 billion. The group is planning a 12.5 billion pound ($17.7 billion) rights issue and said the outlook for 2009 remains difficult, although its performance in January was ahead of expectations, especially in its global banking and markets division.
Ahold 4th-quarter profit, sales up; dividend increased(1:42 am ET)
TEL AVIV (MarketWatch) -- Ahold, (AHONY: news, chart, profile) (NL:AH: news, chart, profile) the Amsterdam supermarket operator, reported that fourth-quarter net income rose 8.8% on 13% higher sales. Net income totaled 285 million euros compared with 262 million in the year-earlier quarter. Earnings from continuing operations rose 38% to 283 million euros from 205 million. Sales reached 6.6 billion euros from 5.84 billion. At constant exchange rates, the quarter's sales rose 5.9%. The company proposed to increase the annual dividend for 2008 by 12% to 0.18 euro a share. "Despite the continued deterioration of the economic environment, in the first weeks of 2009 we have seen no significant changes in consumer behavior," Chief Executive John Rishton said in a statement on Monday. The company is confident of its strategy and "the business is well-prepared to respond to the effects of recession," he said.
Saturday, Feb. 28
Buffett: Sees economy in 'shambles' in '09(8:22 am ET)
CHICAGO (MarketWatch) -- Berkshire Hathaway (BRKA: news, chart, profile) (BRKB: news, chart, profile) Chairman Warren Buffett told shareholders Saturday that 2008 was the company's worst year on record, as the per share book value of both the Class A and Class B stock fell 9.6%. In his annual letter, Buffett said neither he nor Charlie Munger, his partner in running Berkshire, can predict winning and losing years in advance, and that no one else can. "We're certain, for example, that the economy will be in shambles throughout 2009 - and, for that matter, probably well beyond - but that conclusion does not tell us whether the stock market will rise or fall." Commenting on the federal government's actions to resolve the economic crisis, Buffett said: "Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel. These once-unthinkable dosages will almost certainly bring on unwelcome aftereffects."
Friday, Feb. 27
Southwestern Energy Co. draws Street praise, rallies(12:53 pm ET)
NEW YORK (MarketWatch) -- Southwestern Energy Co. (SWN: news, chart, profile) jumped 8% to $29.71 on Friday after the company's earnings update drew praise from Wall Street analysts. Michael Scialla of Thomas Weisel Partners said the natural gas specialist's production growth of 65% beat the top end of the company's forecast by five percentage points. Proved reserves jumped 51% to 2.18 trillion cubic feet equivalent, about 17% above Scialla's estimate. He maintained his market weight rating at 12-month price target of $35 a share "due to our cautious outlook on natural gas markets." Separately, Southwestern said COO Steven Mueller would succeed Harold Korell in the first quarter of 2010 as chief executive officer. Korell took the reins as CEO in 1999 and reshaped it as a leading domestic natural gas producer from its former role as a utility company with an exploration and production unit.
icon url

3xBuBu

03/03/09 7:25 PM

#769 RE: 3xBuBu #699

Tuesday, March 3
Palm expects third-quarter revenue of $85 mln to $90 mln (4:41 pm ET)
SAN FRANCISCO (MarketWatch) -- Palm Inc. (PALM: news, chart, profile) late Tuesday said it expects to report third-quarter revenue of $85 million to $90 million. The decline in revenue from the second quarter and from the year-earlier period is due to reduced demand for Palm's maturing legacy smart phone products, the challenging economic environment and later-than-expected shipments of the Treo Pro in the United States, the company said. Palm projected its revenue to decline in the fourth quarter and expects continued margin pressure from its legacy product lines. "The much-anticipated launch of the Palm Pre remains on track for the first half of calendar year 2009, but as expected we've got a difficult transition period to work through," said Ed Colligan, president and chief executive of Palm.
Trina Solar swings to a loss on lower value of inventory(7:23 am ET)
NEW YORK (MarketWatch) -- Trina Solar (TSL: news, chart, profile) on Tuesday said it swung to a fourth-quarter loss of $673,000, or 3 cents per American depositary share, compared to net income of $17.5 million, or 69 cents a share in the year-ago period. The latest period includes 68 cents a share based on a revaluation of its silicon inventory. The Changzhou, China-based solar panel maker said revenue rose to $216.3 million from $101.4 million in the year-ago period, but less than the third-quarter figure of $290.7 million. The latest figure beat its target of $190 million to $210 million. Analysts expected earnings of 5 cents a share on revenue of $196.5 million, according to a survey by FactSet Research.
Linde profit drops after disposals(7:15 am ET)
LONDON (MarketWatch) -- German industrial gasses group Linde (DE:648300: news, chart, profile) said its annual profit fell to 717 million euros ($905 million) from 952 million euros, after year-earlier disposals. Its adjusted operating profit rose 5% to 2.55 billion euros, about in line with estimates, and sales rose 2.9% to 12.66 billion euros. It's planning to lift its dividend to 1.80 euros from 1.70 euros a share.
Tech Data earnings per share up 27% in quarter(7:15 am ET)
NEW YORK (MarketWatch) -- Tech Data Corp. (TECD: news, chart, profile) said Tuesday that fourth-quarter earnings were $59 million, or $1.17 a share, compared to $52 million, or 92 cents a share, in the same period a year ago. Sales were $5.7 billion compared to $6.5 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 72 cents and sales of $6.0 billion for the distributor of technology products.
CORRECT: StanChart profit climbs 17%, sees good 2009 start(5:29 am ET)
LONDON (MarketWatch) -- Standard Chartered (UK:STAN: news, chart, profile) , the U.K.-listed, Asia-focused bank, said its annual profit rose 17% to $3.3 billion, after operating income rose 26% to $13.97 billion. For the year, its dividend is up 3% to 61.62 cents per share. "These results demonstrate the underlying strength of our businesses and the overall resilience," the bank said. It said 2009 has started well, with wholesale banking having a "very strong" January with income well above year-earlier levels. Income from consumer banking is slightly but not materially below year-earlier levels. (Fixes per-share dividend amount.)
Par Pharma swings to loss; adjusted operating net higher(4:21 am ET)
TEL AVIV (MarketWatch) -- Par Pharmaceutical Cos., (PRX: news, chart, profile) the Woodcliff Lake, N.J., drug maker, swung to a fourth-quarter loss from a year-earlier profit on 4% higher revenue. The loss was $32 million, or 96 cents a share, compared with net income of $4.3 million, or 12 cents a share, in the year-earlier quarter. Revenue reached $161.3 million from $155.1 million. Continuing operations generated a loss of 91 cents against profit of 16 cents. On an adjusted basis, continuing operations generated profit of 21 cents against profit of 19 cents.
Cattles shares tumble 60% after further warning(3:19 am ET)
LONON (MarketWatch) -- Shares in U.K. subprime lender Cattles (UK:CTT: news, chart, profile) slumped over 60% in early trading Tuesday after the group said it had suspended three senior executives at its Welcome Financial Services arm and that impairment policies at the division had been applied incorrectly. Cattles had already issued a profit warning on Feb. 20 and it said Tuesday that profit before tax for 2008 will now be substantially lower than it was expecting in late February. The lender said its board expects that it will be required to enter into discussions with its banks and the holders of its outstanding eurobonds and U.S. private placement notes.
Bayer profit climbs 58% after year-earlier tax hit(2:51 am ET)
LONDON (MarketWatch) -- Bayer (DE:575200: news, chart, profile) said fourth-quarter net income rose 58% to 107 million euros ($134 million) after a year-earlier tax hit, with sales down 1.5% to 7.92 billion euros. The group noted growing HealthCare and CropScience sales but a drop in MaterialScience sales. The German pharmaceutical and chemicals firm said its earnings before interest, tax, depreciation and amortization fell 4.6% to 1.36 billion euros, a shade below analyst estimates. It's lifting its dividend 3.7% to 1.40 euros a share. For 2009, it expects growth in earnings at HealthCare and CropScience, along with a substantial reduction in net debt, but a "substantial" fall in profit in its MaterialScience arm, where employees have been cutting back on hours.
Munich Re profit down 76%, won't provide 2009 guidance(2:49 am ET)
LONDON (MarketWatch) -- German reinsurance firm Munich Re (DE:MUV2: news, chart, profile) said Tuesday that its fourth-quarter net profit dropped 76% to 133 million euros ($167 million), while net earned premiums rose 4.1% to 9.63 billion euros. The firm said the result was driven by its primary insurance division, which swung to a loss of 207 million euros in the quarter, from a profit of 232 million euros a year earlier. Profit at the reinsurance unit was down around a third to 356 million euros. Munich Re said it wouldn't provide a forecast for its 2009 results due to the difficult economic conditions, but it added that it is sticking to the medium-term target for a return on risk-adjusted capital of 15% over the cycle. For 2009 and 2010 the return on investments will be well below the long-term target of 4.5%, meaning the previous target for earnings per share of 18 euros in 2010 will be out of reach, it added.
Northern Rock reports $1.9 billion loss(2:37 am ET)
LONDON (MarketWatch) -- Nationalized U.K. mortgage bank Northern Rock on Tuesday reported a pretax loss of 1.36 billion pounds ($1.91 billion) for 2008, mainly due to a sharp jump in impairment charges. The group said impairment charges on retail customer loans jumped to 894.4 million pounds from 239.7 million pounds in 2007. It also took a further charge of 321 million pounds on the falling value of other assets. The bank said government loans were reduced by 18 billion pounds to 8.9 billion pounds due to its mortgage redemption program. As previously announced, Northern Rock is returning to the mortgage market and will offer up to 14 billion pounds of new mortgage lending over the next two years.
Southwest Airlines traffic falls 6% in February(1:41 am ET)
NEW YORK (MarketWatch) -- Southwest Airlines Co. (LUV: news, chart, profile) said late Monday that traffic in February fell 6%, and capacity decreased 6.5% compared with the same month a year ago. Load factor, or the percentage of the plane filled with passengers, was up 0.5 percentage point to 69.1%, the Dallas-based carrier said.
Monday, March 2
Virgin Megastores likely to shut N. America business: WSJ(7:25 pm ET)
NEW YORK (MarketWatch) -- Entertainment retail chain Virgin Megastores is "very likely" to close all of its North American stores by the summer, according to a Wall Street Journal interview with Chief Executive Simon Wright. Wright said the chain, owned by Vornado Realty Trust (VNO: news, chart, profile) since 2007, will certainly close its iconic Times Square flagship store and two other locations this spring. Virgin Megastores, which are not related to the Virgin Records label, currently has around 1,000 employees, all of whom are likely to be let go, the report quoted Wright as saying. He said the ongoing decline in recorded-music sales was a factor, but not a central one, in the decision to close down, according to the report.
MBIA fourth-quarter loss narrows to $5.30 a share (5:54 pm ET)
SAN FRANCISCO (MarketWatch) -- MBIA (MBI: news, chart, profile) late Monday reported its fourth-quarter net loss narrowed to $1.2 billion, or $5.30 a share, from a loss of $2.3 billion, or $18.55 a share, in the same quarter a year earlier. The quarterly loss was primarily driven by a $1.7 billion pre-tax unrealized net loss on insured derivatives and a $534 million pre-tax net realized loss on insured derivatives, the bond insurer said.
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3xBuBu

03/04/09 7:53 PM

#770 RE: 3xBuBu #699

Wednesday, March 4
Adobe says first-quarter numbers to fall short of outlook(4:26 pm ET)
SAN FRANCISCO (MarketWatch) -- Software maker Adobe Systems Inc. said Wednesday it expects its first-quarter profit and sales will likely fall short of the company's prior outlook. San Jose-based Adobe (ADBE: news, chart, profile) said it now expects revenue for the period ended in February to be between $783 million and $786 million, and earnings to be 30 cents a share. Adobe had previously expected to post between $800 million and $850 million in revenue for the quarter, and earnings between 30 and 35 cents a share. Adobe is expected to post quarterly results March 17. Adobe cited "weakness in its creative and knowledge worker businesses as the primary reason for the revenue shortfall," according to a prepared statement.
Energy stocks rise with broad market, crude prices(9:38 am ET)
NEW YORK (MarketWatch) -- Energyy stocks posted solid gains on Wednesday morning, as oil and gas shares drew strength both from the broad market and higher crude oil prices. The Amex Oil Index (XOI: news, chart, profile) rose 3.8% to 793. The Amex Natural Gas Index (XNG: news, chart, profile) rose 4.2% to 315. Hess Corp. (HES: news, chart, profile) rose 7.6% to $55.53. Chesapeake Energy (CHK: news, chart, profile) rose 7% to $14.89. Sector leader Exxon Mobil (XOM: news, chart, profile) rose 2.3% to $65.81. Crude oil futures rose $2.57 to $44.22.
Energy stocks rise with broad market, crude prices(9:37 am ET)
NEW YORK (MarketWatch) -- Energyy stocks posted solid gains on Wednesday morning, as oil and gas shares drew strength both from the broad market and higher crude oil prices. The Amex Oil Index (XOI: news, chart, profile) rose 3.8% to 793. The Amex Natural Gas Index (XNG: news, chart, profile) rose 4.2% to 315. Hess Corp. (HES: news, chart, profile) rose 7.6% to $55.53. Chesapeake Energy (CHK: news, chart, profile) rose 7% to $14.89. Sector leader Exxon Mobil (XOM: news, chart, profile) rose 2.3% to $65.81. Crude oil futures rose $2.57 to $44.22.
Joy Global posts higher first-quarter net income(7:12 am ET)
NEW YORK (MarketWatch) -- Joy Global Inc. (JOYG: news, chart, profile) said Wednesday that its first-quarter net income rose to $85.7 million, or 83 cents a share, from $71.1 million, or 65 cents a share, in the year-earlier period. On average, analysts polled by FactSet Research expected earnings of 74 cents a share for the quarter. Sales also increased to $755 million from $640 million. The mining-equipment company said it still expects fiscal 2009 earnings of $3.60 to $4.00 a share and revenue of $3.5 billion to $3.7 billion.
JP Morgan Cazenove profit falls 15%(6:57 am ET)
LONDON (MarketWatch) -- U.K. investment bank JP Morgan Cazenove said Wednesday that its 2008 pretax profit slipped 15% to 134.5 million pounds ($189.1 million) from 158.2 million pounds in 2007. The firm, which is a joint venture between J.P. Morgan Chase & Co. (JPM: news, chart, profile) and U.K. broker Cazenove, has sold its Asian operations to Standard Chartered and exited its Continental European business during the year, which it said will result in a significant drop in costs in 2009. Profits from the continuing U.K. operations rose in 2008 to 143.9 million pounds from 133.9 million pounds thanks to market share gains.
Phoenix overstated loss; State Farm halting sales(6:26 am ET)
LONDON (MarketWatch) -- Phoenix Companies Inc. (PNX: news, chart, profile) said Wednesday that it believes it overstated its fourth-quarter net loss by around $46 million as it also said State Farm Mutual Automobile Insurance intends to suspend the sale of Phoenix products. The group said it now expects to report a loss of $378.3 million, or $3.31 a share for the fourth quarter after uncovering an error in its accounting for income taxes. the life insurance and annuities provider had previously said it lost $424.3 million, or $3.71 a share, in the quarter. Phoenix said it has delayed filing its annual Form 10-K with the Securities and Exchange Commission and will do so as soon as possible. It added that State Farm's decision is pending "a reevaluation of the relationship between the companies."
U.S. Concrete loss widens after goodwill charge(6:15 am ET)
LONDON (MarketWatch) -- U.S. Concrete Inc. (RMIX: news, chart, profile) said Wednesday that its fourth-quarter net loss widened to $132.3 million, or $3.63 a share, from $80.1 million, or $2.09 a share, a year earlier. The group said revenue fell 13% to $173.3 million due to a roughly 14% drop in volumes. The group said its loss included a $119.8 million non-cash goodwill charge. The adjusted loss for the quarter was 34 cents a share. Analysts polled by FactSet had on average been expecting a loss of 56 cents a share. The group said all economic indications are that volumes will decline again in 2009.
Big Lots profit drops as sales weaken(6:01 am ET)
LONDON (MarketWatch) -- Big Lots (BIG: news, chart, profile) said fourth quarter ending Jan. 31 net income fell to $78.8 million, or 97 cents a share, from $92 million, or $1.05 a share, as sales fell 3% to $1.37 billion. The Columbus, Ohio close-out retailer said it earned $1 a share from continuing operations. For fiscal 2009, Big Lots expects to earn $1.75 to $1.80 a share on comparable sales flat to down 2%. Analysts polled by FactSet expected earnings of 94 cents a share for the quarter and $1.82 for fiscal 2009.
Toll Brothers shrinks loss; calls for home-buyer tax credit(5:37 am ET)
TEL AVIV (MarketWatch) -- Toll Brothers Inc., (TOL: news, chart, profile) the Horsham, Pa., luxury-home builder, narrowed its first-quarter net loss on 51% lower revenue. For the quarter ended Jan. 31, the loss was $88.9 million, or 55 cents a share, compared with $96 million, or 61 cents, in the year-earlier quarter. On an adjusted basis, excluding write-downs, Toll Brothers earned 6 cents a share against 35 cents. Revenue fell to $409 million from $842.3 million. A survey of analysts by FactSet Research produced a consensus estimate of a loss of 43 cents a share. The latest quarter reflected pretax write-downs of $156.6 million, compared with $235.5 million a year earlier. "Ironically, now is a very good time to buy a home," Chairman and Chief Executive Robert I. Toll said in a statement. Home prices have dropped, mortgage rates are at historic lows, and "in many markets inventory is starting to be absorbed by bargain hunters." The executive called on Washington to enact a $15,000 tax credit "to be made available to all buyers of homes, not just first-time buyers." The company declined to provide earnings estimates, citing "numerous uncertainties."
Costco 2nd-qtr net off 27% on 0.8% lower sales(3:42 am ET)
TEL AVIV (MarketWatch) -- Costco Wholesale Corp., (COST: news, chart, profile) the Issaquah, Wash., warehouse retailing giant, reported that fiscal second-quarter earnings fell 27% on 0.8% lower sales and 0.7% lower total revenue. For the quarter ended Feb. 15, earnings were $239.7 million, or 55 cents a share, compared with $327.9 million, or 74 cents, in the year-earlier quarter. Net sales edged down to $16.49 billion from $16.62 billion. Total revenue, reflecting membership fees, eased to $16.84 billion from $16.96 billion. Comparable-store sales, reflecting revenue from outlets open at least a year to exclude the effect of new and closed stores, fell 3% in the quarter. Comparable sales fell 1% in the U.S. and 11% internationally. The results were hurt by "continued weakness in non-food sales and related margins," Chief Financial Officer Richard Galanti said in a statement. Profit from gasoline also declined, and the U.S. dollar's strengthening against the Canadian dollar, the U.K. pound, the South Korea won and the Mexican peso hurt international profit, the executive said. For February, Costco reported that net sales fell 1% to $5.06 billion from $5.13 billion in the year-earlier month. Same-store sales fell 3% for the month, reflecting flat sales in the U.S. and a 15% decline overseas. Analysts surveyed by Thomson Reuters had estimated a 0.7% sales drop for the month. Costco operates 553 warehouses worldwide.
Old Mutual profit down 55%, won't pay any dividend in 2009(3:01 am ET)
LONDON (MarketWatch) -- U.K. savings and investments group Old Mutual (UK:OML: news, chart, profile) said Wednesday that its net profit for 2008 fell 55% to 441 million pounds ($619 million) from 972 million pounds as gross earned premiums fell 7.4% to 5.16 billion pounds. The group said it saw a 1.2 billion pound outflow of client cash in the year, compared to an inflow of 23.4 billion pounds in 2007 and added it won't pay any dividends during the course of 2009 in order to conserve its capital. Pretax operating profit fell to 999 million pounds from 1.62 billion pounds and was below the 1.24 billion pound consensus forecast. The group also plans to sell its business in Australia and close offices in Hong Kong.
Suez Environnement posts 8.4% rise in 2008 net income(2:49 am ET)
MADRID (MarketWatch) -- French water utility Suez Environnement (FR:SEV: news, chart, profile) on Wednesday reported an 8.4% rise in net income in 2008 to 533 million euros ($667 million) against net income of 492 million euros in 2007. Suez pre-released some of its financial figures in January. The group reported a 5.6% rise in revenue of 12.4 billion euros, slightly higher than it previewed in January. The company said it generated 594 million euros in free cash flow in 2008, a 17.3% gain on the prior year, with net debt of 5.971 billion euros, or 2.8 times 2008 earnings before interest, taxes, depreciation and amortization. The company declared a dividend of 0.65 euro a share to be paid in 2009, totaling 318 million euros. Suez said in spite of a "deteriorate and uncertain environment," it's targeting low single-digit revenue and EBIDTA for 2009 and continued growth of free cash flow. The company said it sees a temporary slowdown of investments, down 25% for 2009 against 2008, but that its water businesses offer "strong resistance and good long-term visibility" in a difficult economic climate.
ITV swings to $3.6 billion loss, scraps dividend (2:30 am ET)
LONDON (MarketWatch) -- U.K. television broadcaster ITV Plc (UK:ITV: news, chart, profile) on Wednesday said it swung to a 2008 net loss of 2.55 billion pounds ($3.58 billion), from a profit of 138 million pounds after taking a 2.7 billion pound impairment charge on intangible assets. Revenue for the year was down 3% at 2.03 billion pounds and adjusted profit was down 41% at 167 million pounds. Michael Grade, the group's executive chairman, said advertising conditions were the worst he had ever seen and that the group expects to scrap its final dividend and is targeting 245 million pounds of annual cost savings by 2011. Around 600 more jobs will be cut, with significant savings expected in central services and across ITV studios outside London. The group will also dispose of its Friends Reunited business
HKEx 2008 net income falls 17% to $661 million(1:19 am ET)
HONG KONG (MarketWatch) -- Hong Kong Exchanges & Clearing (HK:388: news, chart, profile) , operator of the city's stock and derivative exchanges, said Wednesday 2008 net income totaled HK$5.13 billion ($661.21 million) or HK$4.78 per share, down 17% from a year earlier HK$6.17 billion or HK$5.78 a share. Revenue totaled HK$7.55 billion, down 10% from HK$8.39 billion a year earlier. Analysts had expected net income for the 12-month period to Dec. 31 of HK$4.89 billion.
Tuesday, March 3
Palm expects third-quarter revenue of $85 mln to $90 mln (4:41 pm ET)
SAN FRANCISCO (MarketWatch) -- Palm Inc. (PALM: news, chart, profile) late Tuesday said it expects to report third-quarter revenue of $85 million to $90 million. The decline in revenue from the second quarter and from the year-earlier period is due to reduced demand for Palm's maturing legacy smart phone products, the challenging economic environment and later-than-expected shipments of the Treo Pro in the United States, the company said. Palm projected its revenue to decline in the fourth quarter and expects continued margin pressure from its legacy product lines. "The much-anticipated launch of the Palm Pre remains on track for the first half of calendar year 2009, but as expected we've got a difficult transition period to work through," said Ed Colligan, president and chief executive of Palm.
Trina Solar swings to a loss on lower value of inventory(7:23 am ET)
NEW YORK (MarketWatch) -- Trina Solar (TSL: news, chart, profile) on Tuesday said it swung to a fourth-quarter loss of $673,000, or 3 cents per American depositary share, compared to net income of $17.5 million, or 69 cents a share in the year-ago period. The latest period includes 68 cents a share based on a revaluation of its silicon inventory. The Changzhou, China-based solar panel maker said revenue rose to $216.3 million from $101.4 million in the year-ago period, but less than the third-quarter figure of $290.7 million. The latest figure beat its target of $190 million to $210 million. Analysts expected earnings of 5 cents a share on revenue of $196.5 million, according to a survey by FactSet Research.
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3xBuBu

03/05/09 7:17 PM

#771 RE: 3xBuBu #699

Thursday, March 5
Ross Stores February same-store sales rise 1%(8:42 am ET)
NEW YORK (MarketWatch) -- Ross Stores Inc. (ROST: news, chart, profile) said Thursday its February sales at stores open at least one year rose 1%. Analysts, on average, had expected the same-store sales to fall 2.9%, according to Thomson Reuters. Total sales for the four weeks ended Feb. 28 rose 7% to $476 million.
Kohl's February same-store sales slip 1.6%(8:38 am ET)
NEW YORK (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) said Thursday its February sales at stores open at least one year fell 1.6%. Analysts, on average, had expected the same-store sales to fall 4.4%, according to Thomson Reuters. Total sales for the four weeks ended Feb. 28 rose 3.6%.
American Eagle same-store sales fall 7%(8:23 am ET)
LONDON (MarketWatch) -- American Eagle Outfitters Inc. (AEO: news, chart, profile) said Thursday that its February sales at stores open at least one year fell 7%. Analysts, on average, had expected same-store sales to fall 13.4%, according to Thomson Reuters. Total sales for the four weeks ended Feb. 28 rose 1% to $177.2 million.
TJX February same-store sales flat, total sales off 2%(8:20 am ET)
TEL AVIV (MarketWatch) -- TJX Cos., (TJX: news, chart, profile) the Framingham, Mass., retailer, reported that for February, comparable-store sales were flat with the year-earlier month and total sales fell 2% to $1.22 billion from $1.25 billion. A survey of analysts by Thomson Reuters produced a consensus estimate of same-store sales down 1.8%.
Dillard's Feb. same-store sales fall more-than-expected 13%(8:13 am ET)
NEW YORK (MarketWatch) -- Dillard's Inc. (DDS: news, chart, profile) said Thursday its February sales at stores open at least one year fell 13%. Analysts, on average, had expected the same-store sales to fall 9.5%, according to Thomson Reuters. Total sales for the four weeks ended Feb. 28 fell 14%, with merchandise sales totaling $498 million.
Wal-Mart soundly beats February same-store sales target(8:08 am ET)
NEW YORK (MarketWatch) -- Wal-Mart Stores Inc. (WMT: news, chart, profile) on Thursday said its U.S. February comparable store sales rose 5.1%, excluding fuel. The world's largest retailer beat the Wall Street target for a rise of 2.4% as listed in a survey of analysts by Thomson Reuters. Wal-Mart said total company sales rose 2.8% to $30 billion for the four weeks ended ended Feb. 27.
Terra Industries rejects $2 billion stock offer from CF(8:00 am ET)
NEW YORK (MarketWatch) -- Terra Industries Inc. (TRA: news, chart, profile) said Thursday its Board of Directors unanimously recommended that its stockholders reject CF Industries Holdings Inc.'s (CF: news, chart, profile) unsolicited offer to acquire all outstanding shares of Terra at a fixed exchange ratio of 0.4235 CF Industries shares for each Terra share. "After careful consideration, including a thorough review of the offer with our financial and legal advisors, Terra's board of directors unanimously determined that CF's offer is not in the best interests of Terra and Terra's stockholders," the company said. CF Industries initially offered about $2 billion to buy Terra on Jan. 16. Agrium (AGU: news, chart, profile) offered about $3.6 billion on Feb. 25 for CF Industries, saying it should drop its bid for Terra.
Ciena swings to 27 cents a share loss in quarter(7:17 am ET)
NEW YORK (MarketWatch) -- Ciena Corp. (CIEN: news, chart, profile) said Thursday that it lost $25 million, or 27 cents a share, in the first quarter. In the same period last year, Ciena earned $29 million, or 28 cents a share. Revenue was $167 million compared to $227 millon in the year-earlier quarter. Analysts polled by FactSet Research estimated, on average, a loss per share of 11 cents and sales of $172 million. Ciena also said it cut 200 employees, or about 9% of its workforce, for an expected quarterly savings of about $80 million.
Blockbuster Ebitda to exceed estimate; same-store sales up(7:07 am ET)
TEL AVIV (MarketWatch) -- Blockbuster Inc., (BBI: news, chart, profile) the Dallas media-entertainment rental chain, said on Thursday that adjusted fourth-quarter earnings before interest, taxes, depreciation and amortization exceeded its estimated range of $300 million to $315 million as domestic same-store sales rose 4.4%. The increase in comparable-store sales included rises of 2.6% in rentals and nearly 37% in retailing, including sales of games, game merchandise and consumer electronics. Chairman and Chief Executive Jim Keyes said in a statement that the company is working "diligently to resolve the August 2009 debt maturities, aggressively reduce costs, and maximize the company's strong cash-flow generation." The company expects to report full financials on March 19 after Wall Street trading closes.
Limited same-store sales down 7% in February, as expected(7:08 am ET)
NEW YORK (MarketWatch) -- Limited Brands Inc. (LTD: news, chart, profile) said Thursday February same-store sales fell 7%, close to the Wall Street estimate for a loss of 7.1% in a survey of analysts by Thomson Reuters. Total sales for the Columbus, Ohio clothing retailer for the four weeks ended Feb. 28 fell to $547.8 million from $614.4 million.
SXC Health Solutions profit up after acquisition(6:45 am ET)
LONDON (MarketWatch) -- SXC Health Solutions (SXCI: news, chart, profile) said its profit in the fourth quarter rose to $4.95 million, or 20 cents a share, from $3.78 million, or 18 cents a share, with revenue climbing to $292.8 million from $23.5 million. Excluding amortization from the NMHC deal, it would have earned 28 cents a share during the quarter. It expects adjusted earnings between 99 cents and $1.08 a share for 2009. Analysts polled by FactSet expected fourth-quarter earnings of 18 cents a share and 2009 earnings of 95 cents a share.
Urban Outfitters 4th-quarter net off 24%, sales up 9.2%(6:35 am ET)
TEL AVIV (MarketWatch) -- Urban Outfitters Inc., (URBN: news, chart, profile) the Philadelphia apparel retailer, reported that fiscal fourth-quarter net income fell 24% on 9.2% higher total sales and 3% higher comparable sales. Earnings for the quarter ended Jan. 31 totaled $40.5 million, or 24 cents a share, compared with $53.6 million, or 32 cents, in the year-earlier quarter. Sales were $508.1 million against $465.4 million. A survey of analysts by FactSet Research produced consensus estimates of 29 cents of profit on $516 million of sales. The company reduced comparable inventory levels by 13% and cut selling, general, and administrative expense by 0.73 percentage point from the year-earlier period, Chief Executive Glen T. Senk said in a statement.
Verso Paper's fourth-quarter loss widens(6:21 am ET)
LONDON (MarketWatch) -- Verso Paper Corp. (VRS: news, chart, profile) , a maker of coater paper, said its fourth-quarter net loss widened to $33.6 million, or 64 cents a share, from $8.1 million, or 21 cents a share, a year earlier. Sales fell 16% to $376 million.
Icahn Enterprises 4th-quarter loss widens(6:06 am ET)
TEL AVIV (MarketWatch) -- Icahn Enterprises LP, (IEP: news, chart, profile) the New York firm controlled by the investor Carl C. Icahn, with investments in the automotive, metals, real estate and home fashion industries, reported a wider fourth-quarter net loss after expenses for restructuring and charges for goodwill and intangible assets. The loss was $468 million, or $6.51 a unit, against $2 million, or 2 cents, in the year-earlier quarter. The charges and restructuring expense totaled $426 million. Revenue fell 30% to $236 million from $339 million.
Michael Page shares drop after tough start to 2009(3:15 am ET)
LONDON (MarketWatch) -- Shares in U.K. recruitment firm Michael Page International (UK:MPI: news, chart, profile) fell around 8% in early London trading after the group reported a 4% drop in 2008 net profit to 97.3 million pounds ($138.1 million) and said it's extremely difficult to predict the company's performance in the short-term. The group said overall 2008 results were strong, but its performance got progressively weaker through the second half of the year. In the first two months of 2009, gross profit has fallen 30%, or 38% excluding the impact of exchange rate moves. The firm said it continuing to cut costs and that its headcount at the end of February was down 452 from the start of the year at 4,491. It will pay a final dividend of 5.12 pence a share, down from 5.6 pence a share in 2007. That will leave the total payout for the year unchanged at 8 pence a share.
Delek US posts profit; sales off as operations hurt by fire(3:14 am ET)
TEL AVIV (MarketWatch) -- Delek US Holdings Inc., (DK: news, chart, profile) the Brentwood, Tenn., energy company with interests in petroleum refining, marketing and retailing, swung to a fourth-quarter profit from a year-earlier loss on 38% lower sales. Earnings were $2.1 million, or 4 cents a share, compared with a loss of $12.1 million, or 23 cents, in the year-earlier quarter. Continuing operations at the unit of Israel's Delek Group generated 1 cent a share of profit in the latest quarter compared with a loss of 23 cents a year earlier. The latest adjusted profit from continuing operations was 33 cents a share. Net sales fell to $658.1 million from $1.07 billion. The results reflect the impact of a fire at Delek's Tyler refinery on Nov. 20. The refinery has been off-line since then and the company expects it to resume operating by May. Retail fuel profit margin in the quarter was 24.9 cents a gallon, up from 14.1 cents a year earlier. Retail same-store merchandise sales fell 8.2% in the quarter, reflecting regional fuel-supply shortages in October "and a general reduction in discretionary consumer spending."
British Airways sees loss for next year on falling revenue(3:01 am ET)
LONDON (MarketWatch) -- British Airways (UK:BAY: news, chart, profile) , ahead of an investor presentation, said it's forecasting a "similar" operating result in the year ending March 31, 2010 as it is for the current financial year, as revenue is dropping 5%. British Airways has previously forecast a 150 million pound operating loss in the current year. British Airways sees fuel costs dropping 10% in the next fiscal year and is targeting 220 million pounds of reduction in underlying non-fuel costs, followed by another 80 million pounds the following year. For the current year, it's sees revenue up 3.5% -- down from a previous view of 4% -- fuel costs up 950 million pounds and non-fuel costs up 7%, which is lower than a previous expectation of an 8% rise in non-fuel costs.
Balfour Beatty profit up 30%, wins new U.S. contracts(2:55 am ET)
LONDON (MarketWatch) -- U.K. engineering firm Balfour Beatty (UK:BBY: news, chart, profile) said Thursday that its 2008 net profit rose 30% to 196 million pounds ($278 million) as total group revenue grew 28% to 8.26 billion pounds. Pretax profit climbed 24% to 249 million pounds. The group said it expects to make progress in 2009, although the weakened economic conditions will have some impact on its business. It also announced new U.S. contract wins totalling $480 million including a contract to expand a jail in North Carolina and to build a new high school and stadium in Texas.
Aviva reports $10.9 billion loss, maintains dividend payout(2:46 am ET)
LONDON (MarketWatch) -- U.K. insurer Aviva (UK:AV: news, chart, profile) said Thursday that it swung to a 2008 net loss of 7.71 billion pounds ($10.94 billion) using Market Consistent Embedded Value accounting standards, from a profit of 1.95 billion pounds in 2007. Under International Financial Reporting Standards the net loss was 885 million pounds compared to a 2007 profit of 1.5 billion pounds. The group said the loss was driven by sharp declines in investment markets, which have generated significant unrealized losses. Operating profit for the year rose 10% to 3.36 billion pounds, beating expectations, and the group said it has decided to maintain its total dividend payout at 33 pence a share. Aviva said it has a solvency surplus of 2 billion pounds and that a further 40% drop in equity markets would leave it with a surplus of around 1.2 billion pounds. Life and pensions sales for the year rose 11% to 36.28 billion pounds.
Wednesday, March 4
Adobe says first-quarter numbers to fall short of outlook(4:26 pm ET)
SAN FRANCISCO (MarketWatch) -- Software maker Adobe Systems Inc. said Wednesday it expects its first-quarter profit and sales will likely fall short of the company's prior outlook. San Jose-based Adobe (ADBE: news, chart, profile) said it now expects revenue for the period ended in February to be between $783 million and $786 million, and earnings to be 30 cents a share. Adobe had previously expected to post between $800 million and $850 million in revenue for the quarter, and earnings between 30 and 35 cents a share. Adobe is expected to post quarterly results March 17. Adobe cited "weakness in its creative and knowledge worker businesses as the primary reason for the revenue shortfall," according to a prepared statement.
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3xBuBu

03/06/09 7:59 PM

#772 RE: 3xBuBu #699

Friday, March 6
Jardine Matheson profit hit by real-estate value losses(8:37 am ET)
NEW YORK (MarketWatch) -- Jardine Matheson Holdings Ltd. (JMHLY: news, chart, profile) said Friday its profit for 2008 fell 64% to $666 million, but its underlying profit, which excludes property revaluations and other "non-trading items," grew 14% to $822 million. It said the difference in the two figures was due mostly to a fall in the value of its Hongkong Land investment property portfolio. The 177-year-old diversified trading company -- which is based in Hong Kong but lists its shares in London, Singapore and Bermuda -- said diluted earnings per share for the year fell to $1.88, down from $5.03 in 2007, while the annual dividend was raised to 75 cents a share, up from 65 cents. Chairman Henry Keswick said in a statement: "While the prospects for our businesses remain sound in the year ahead, some are facing a greater impact than others from the deteriorating market conditions. The group's strong financial position, however, will stand it in good stead, enabling our businesses to develop even in the difficult times which Asian economies are likely to encounter in 2009."
H&R Block swings to profit, reduces debt(6:18 am ET)
LONDON (MarketWatch) -- Tax services group H&R Block Inc. (HRB: news, chart, profile) said Friday that it swung to a fiscal third-quarter net profit of $47.4 million, or 14 cents a share, from a loss of $47.4 million, or 14 cents a share, a year earlier. Revenue for the quarter ended Jan. 31 rose 11% to $993.4 million. Income from continuing operations was $66.8 million, or 20 cents a share. Analysts polled by FactSet were expecting earnings of 9 cents a share on revenue of $973.6 million. The group said its revenue growth was due to both a rise in the number of tax returns prepared and higher net average fees. It added that its net debt had been reduced by $2.5 billion compared to a year earlier.
Wolseley to raise $1.4 billion through share sale(2:51 am ET)
LONDON (MarketWatch) -- U.K. construction materials firm Wolseley (UK:WOS: news, chart, profile) said Friday that it will raise around 1 billion pounds ($1.41 billion) through a rights issue and the sale of shares to institutional investors as it also said it swung to a 6-month net loss of 777 million pounds, from a profit of 65 million pounds a year earlier. The group said trading has weakened further in recent months, especially in the U.S. and the board has decided it is appropriate to recapitalize the group. The group has also arranged a new 1 billion euro ($1.25 billion) multi-currency debt facility from Aug. 1, 2011, conditional upon completion of the rights issue. Among other steps the group will take is the exit of the U.S. building materials business and a strategic review of its business in Central and Eastern Europe.
Veolia profit drops 56%, group plans disposals, cost savings(2:28 am ET)
LONDON (MarketWatch) -- Veolia Environnement (FR:VIE: news, chart, profile) (VE: news, chart, profile) said Friday that its 2008 net profit fell 56% to 405.1 million euros ($507.8 million), while revenue grew 13% to 36.21 billion euros. The group said the drop in profit was partly due to a 430 million euros goodwill impairment in its German waste management division. Analysts were expecting a net profit of 689 million euros, according to a Dow Jones Newswires poll. The group said it would leave its dividend unchanged at 1.21 euros a share and added its main objective in 2009 is to generate positive free cash flow. Measure being taken in 2009 include a reduction in net investments of at least 1.6 billion, at least 1 billion euros of disposals and the reduction of costs by 280 million euros. Asset disposal from 2009 to 2011 will total around 3 billion euros, Veolia added.
Thursday, March 5
Ross Stores February same-store sales rise 1%(8:42 am ET)
NEW YORK (MarketWatch) -- Ross Stores Inc. (ROST: news, chart, profile) said Thursday its February sales at stores open at least one year rose 1%. Analysts, on average, had expected the same-store sales to fall 2.9%, according to Thomson Reuters. Total sales for the four weeks ended Feb. 28 rose 7% to $476 million.
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3xBuBu

03/09/09 8:13 PM

#773 RE: 3xBuBu #699

Monday, March 9
Eastman Chemical to cut costs by additional $100 million(8:43 am ET)
NEW YORK (MarketWatch) -- Eastman Chemical Co. (EMN: news, chart, profile) said Monday it's taking actions to further reduce costs by more than $100 million, doubling its expected cost savings for 2009. The actions include reducing its workforce by 200 to 300 employees within the next four to six weeks and cutting base pay for its U.S. workforce by 5%. Eastman also plans to cut capital expenditures for this year to between $300 million and $350 million. For 2009, the Kingsport, Tenn., company said earnings per share will be between $2.00 and $3.00, excluding charges related to the cost-cutting actions, according to Chief Executive and Chairman Brian Ferguson. The cost reductions are seen resulting in a first-quarter pre-tax charge of approximately $30 million.
Total starts up production in Akpo field offshore Nigeria (7:27 am ET)
NEW YORK (MarketWatch) -- Total SA (TOT: news, chart, profile) said Monday its Total Upstream Nigeria Ltd. (Tupni) unit started up production earlier-than-expected on a major project off the shore of Nigeria. The Akpo Deep Offshore Field is one of the largest deep offshore projects ever undertaken and will be the largest brought on stream in 2009, Total said. The ramp up of production to 175,000 barrels per day of condensate and 320 million standard cubic feet per day is expected to be reached during summer 2009. Total holds a 24% interest alongside partners at the Akpo OML 130 block including partners: Nigerian National Petroleum Corporation, South Atlantic Petroleum of Nigeria, CNOOC Ltd. of China (CEO: news, chart, profile) and Petrobras (PBR: news, chart, profile) .
Capital One cuts quarterly dividend 87% to 5 cents a share(7:23 am ET)
NEW YORK (MarketWatch) -- Capital One Financial Corp. (COF: news, chart, profile) said Monday its board of directors expects to reduce the company's quarterly dividend from 37.5 cents a share to 5 cents a share, beginning in the second quarter of 2009. The next dividend is expected to be declared in April and paid in May, the McLean, Va., financial firm said. The dividend reduction will preserve more than $500 million in capital annually, it said. Capital One Chief Financial Officer Gary Perlin said that the company's pro-forma Tier 1 capital ratio as of Feb. 28 "remained above 11%, more than 500 basis points above the level required for 'well-capitalized' banks."
Cookson profit down 56% after charges(3:40 am ET)
LONDON (MarketWatch) -- U.K. advanced materials firm Cookson Group (UK:CKSN: news, chart, profile) said Monday that its 2008 net profit fell 56% to 46.1 million pounds ($65.1 million) from 105 million pounds due to restructuring and amortization charges. The group said revenue for the period rose 36% to 2.2 billion pounds and trading profit rose 28% to 216.3 million pounds. The group said the results were slightly ahead of the estimates it had published in January. Plans to reduce the cost base by 40 million pounds are continuing and the group said the suspension of its dividend, capital expenditure on expansion and U.K. pension top-up payments will also reduce cash outflow by more than 85 million pounds compared to 2008.
Bovis swings to loss after write-downs(3:27 am ET)
LONDON (MarketWatch) -- U.K. house builder Bovis Homes Group (UK:BVS: news, chart, profile) said Monday that it swung to a 2008 net loss of 59 million pounds ($83.4 million) from a profit of 86.9 million pounds a year earlier. Revenue fell 49% to 282.3 million pounds. The group said the result includes a 93.1 million pound pretax charge, largely on the falling value of some group assets. Excluding these charge, Bovis made a pretax profit of 14.4 million pounds, compared to a profit of 123.6 million pounds a year earlier. Bovis said administrative expenses fell 14% to 42 million pounds and are expected to fall another 40% to 50% in 2009. The group confirmed it won't pay a final dividend for the yea r.
Petrofac profit climbs 40% and dividend climbs 55%(3:25 am ET)
LONDON (MarketWatch) -- Oil services group Petrofac (UK:PFC: news, chart, profile) said its 2008 profit rose 40% to $265 million, with revenue up 36% to $3.33 billion. Its backlog has slipped to $4 billion from $4.4 billion at the end of 2007. For the year its dividend has been raised by 55% to 25.40 cents a share, which it said is an increase to 35% from 30% of profits.
Hiscox profit drops 56% on hurricanes, markets(3:20 am ET)
LONDON (MarketWatch) -- Bermuda-headquartered specialist insurer Hiscox (UK:HSX: news, chart, profile) said its pretax profit for 2008 dropped 56% to 105.2 million pounds ($149 million), with net premiums earned slipping to 953 million pounds from 965.2 million pounds. The company said its performance was "robust" given the financial markets "near-collapse" and the third most expensive hurricanes on record. It said rates in markets are increasing selectively, notably in reinsurance which is a third of its book. It upped its dividend for the year by 6.25% to 12.75 pence a share.
Friday, March 6
Jardine Matheson profit hit by real-estate value losses(8:37 am ET)
NEW YORK (MarketWatch) -- Jardine Matheson Holdings Ltd. (JMHLY: news, chart, profile) said Friday its profit for 2008 fell 64% to $666 million, but its underlying profit, which excludes property revaluations and other "non-trading items," grew 14% to $822 million. It said the difference in the two figures was due mostly to a fall in the value of its Hongkong Land investment property portfolio. The 177-year-old diversified trading company -- which is based in Hong Kong but lists its shares in London, Singapore and Bermuda -- said diluted earnings per share for the year fell to $1.88, down from $5.03 in 2007, while the annual dividend was raised to 75 cents a share, up from 65 cents. Chairman Henry Keswick said in a statement: "While the prospects for our businesses remain sound in the year ahead, some are facing a greater impact than others from the deteriorating market conditions. The group's strong financial position, however, will stand it in good stead, enabling our businesses to develop even in the difficult times which Asian economies are likely to encounter in 2009."
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3xBuBu

03/10/09 7:10 PM

#774 RE: 3xBuBu #699

Tuesday, March 10
Take-Two sees net losses grow in first quarter(4:03 pm ET)
SAN FRANCISCO (MarketWatch) - Take-Two Interactive Software Inc. said Tuesday that net losses grew during its first fiscal quarter on a lighter slate of video game releases for the period. For the quarter ended Jan. 31, Take-Two (TTWO: news, chart, profile) reported a net loss of $50.4 million, or 66 cents a share, compared to a loss of $38 million, or 52 cents a share, for the same period last year. Excluding costs related to stock options and other items, the company said it would have lost $39.3 million, or 52 cents a share, for the recent period. Sales grew nearly 7% to $256.8 million. Analysts were expecting a net loss of 73 cents a share on revenue of $207.2 million, according to consensus data from Thomson Reuters.
Kroger earnings per share rise 10% in quarter(9:00 am ET)
NEW YORK (MarketWatch) -- The Kroger Co. (KR: news, chart, profile) said Tuesday that its fourth-quarter earnings rose to $349 million, or 53 cents a share, compared to $323 million, or 48 cents a share, in the same period last year. Total sales were $17.3 billion compared with $17.2 billion for the same period last year. Analysts polled by FactSet Research estimated, on average, earnings per share of 51 cents and sales of $18.3 billion. The supermarket chain believes its strong identical sales growth and operating margin expansion -- both excluding fuel sales -- will produce full-year 2009 earnings of $2.00 to $2.05 a share.
Dick's Sporting swings to 93-cents-a-share loss in quarter(7:52 am ET)
NEW YORK (MarketWatch) -- Dick's Sporting Goods Inc. (DKS: news, chart, profile) said Tuesday that it lost $104 million, or 93 cents a share, in the fourth quarter. In the same period a year ago Dick's earned $73 million, or 62 cents. On an adjusted basis, Dick's earned 55 cents a share, excluding an impairment charge related to the integration of Golf Galaxy and Chick's Sporting Goods. Sales in the quarter fell 0.4% to $1.2 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 54 cents and sales of $1.2 billion. In the first quarter, Dick's expects to earn between 3 cents and 8 cents and for the full year of 2009 Dick's sees earnings per share in the range of 77 cents to 97 cents.
Brown-Forman posts higher third-quarter profit, cuts view(7:48 am ET)
NEW YORK (MarketWatch) -- Brown-Forman Corp. (BF.B: news, chart, profile) said Tuesday that its third-quarter profit rose to $123 million, or 81 cents a share, from $116 million, or 75 cents a share, in the same quarter a year earlier. On average, analysts were expecting earnings of 80 cents a share, according to a FactSet Research survey. Net sales for the quarter were $784 million compared to $877 million in the year-ago period. The maker of Jack Daniel's and Southern Comfort liquor and other products also lowered its profit forecast for fiscal 2009 to a range of $2.70 to $2.90 a share, citing foreign-exchange impact and global inventory reductions. On Dec. 5, the company had given a 2009 forecast range of $3.00 to $3.20 a share.
Pandit says in memo that Citi profitable during 2009(6:49 am ET)
LONDON (MarketWatch) -- Citigroup (C: news, chart, profile) was profitable during the first two months of the year, and its capital position is "strong," according to CEO Vikram Pandit in a memo distributed around the bank. He said the bank is enjoying the best quarter-to-date performance since the third quarter of 2007. The preferred exchange it announced nearly two weeks ago is expected to make Citi the strongest capitalized large U.S. bank as measured by tangible common equity and Tier 1 ratios, Pandit added.
Stage Stores profit slips 20%(6:17 am ET)
LONDON (MarketWatch) -- Stage Stores Inc. (SSI: news, chart, profile) said Tuesday that its fourth-quarter net profit fell 20% to $25.3 million, or 67 cents a share, from $31.7 million, or 78 cents a share, a year earlier. Revenue for the quarter fell 3.6% to $455.8 million from $473 million. Analysts polled by FactSet had been expecting earnings of 67 cents a share in the quarter. The retailer said it expects same-store sales in the first quarter of 2009 to fall between 6% and 9% and is forecasting that results for the quarter will be between a loss of 4 cents a share and a profit of three cents a share. For the whole of 2009, Stage Stores expects to report earnings of 35 cents to 65 cents a share.
Tullett Prebon shares surge after profit growth(4:30 am ET)
LONDON (MarketWatch) -- Shares in the U.K.'s Tullett Prebon (UK:TLPR: news, chart, profile) rose 22% in early trading Tuesday after the inter-dealer broker said its 2008 net profit rose 29% to 94.5 million pounds and its revenue for the year grew 25% to 943.6 million pounds. The firm said that volatility in interest rates and exchange rates is likely to persist for some time, driving volumes, and that government bond issuance is also set to substantially increase. Analysts polled by FactSet had been expecting net profit of 89.7 million pounds. The group left its final dividend unchanged at 8 pence a share and said revenue in the first two months of the year is up 11%, due to the weak British pound, while revenue at constant exchange rates is slightly lower.
G4S profit up 2.7%, lifts dividend(3:43 am ET)
LONDON (MarketWatch) -- U.K. security group G4S (UK:GFS: news, chart, profile) said Tuesday that its 2008 net profit rose 2.7% to 151.2 million pounds as revenue for the year grew 33% to 5.94 billion pounds. Ignoring the impact of exchange rates, revenue grew 22% during the year, fairly evenly split between organic growth and acquisitions. G4S said it would recommend a 29% rise in its final dividend to 3.68 pence a share. The total dividend for the year would increase 30% to 6.43 pence a share. The group said it faces some challenges from the recession, but that its large proportion of long-term outsourcing and government contracts as well as the demand for outsourcing as firm try and cut spending should ensure a strong performance in 2009.
UPDATE: EADS back to profit; no date for A400M flight(3:44 am ET)
LONDON (MarketWatch) -- EADS (FR:005730: news, chart, profile) swung to a 1.57 billion euro profit in 2008 as revenue rose 11% to 43.3 billion euros, and the company said it had better than forecast cash generation to bring net cash to 9.2 billion euros. Last year it lost 446 million euros, relating to the A400M military transport plane, and it's still working to find a reliable date for engine availability and a first flight date. That could lead to a 5.7 billion euro payment to Occar, but EADS said that payment would be contingent on a cancellation, which it finds unlikely. It's upping its dividend to 0.20 euros a share from 0.12 euros. EADS said that it expects Airbus to gain between 300 and 400 new gross orders in 2009 and expects revenue at a similar level to 2008, with lower adjusted pretax profit. (Updates to add guidance.)
Thomson loss widens after write-downs(3:29 am ET)
LONDON (MarketWatch) -- French broadcasting equipment group Thomson (FR:018453: news, chart, profile) (TMS: news, chart, profile) said Tuesday that its 2008 net loss widened to 1.93 billion euros from 23 million euros. The loss was largely driven by around 1.6 billion euros of goodwill write-downs and restructuring charges. Revenue for the year fell 12.6%, or 7.7% excluding the impact of exchange rate moves, to 4.84 billion euros. The group, which had previously announced plans to sell some divisions, said it is targeting cost savings of 120 million euros a year and is in talks with its creditors and potential equity investors over ways to strengthen its balance sheet. The group said revenue in the first two months of 2009 showed some improvement compared to the 2008 trend.
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03/11/09 7:20 PM

#775 RE: 3xBuBu #699

Wednesday, March 11
Freddie asks Treasury for $30.8 bln after big quarterly loss(4:38 pm ET)
SAN FRANCISCO (MarketWatch) -- Freddie Mac (FRE: news, chart, profile) asked the government for billions of dollars in extra support late Wednesday after reporting a fourth-quarter net loss of $23.9 billion, or $7.37 a share. That was a slight improvement from the third quarter of last year, when the mortgage giant suffered a net loss of $25.3 billion, or $19.44 a share. The Federal Housing Finance Agency, which oversees Freddie, has asked the Treasury Department for $30.8 billion and the company said it expects to receive that money in March.
Men's Wearhouse profit down on fewer suit sales(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- Men's Wearhouse (MW: news, chart, profile) late Wednesday reported fourth-quarter profit fell as sales of its dress suits and tuxedos slid. Men's Wearhouse posted net income of $1.5 million, or 3 cents a share, compared to net income of $14.8 million, or 28 cents a share, in the year-earlier quarter. Sales dropped 11% to $476.4 million. For its next six-month business period, Men's Wearhouse said it expects to earn between 45 cents and 65 cents a share. It projected sales will decline by 4% to 7%. Sales of retail apparel are expected to offset a gain in tuxedos. Houston-based Men's Wearhouse operates 1,294 stores, including Moore's and K&G.
ConocoPhillips stands by $12.5 billion 2009 capital spend(9:05 am ET)
NEW YORK (MarketWatch) -- ConocoPhillips (COP: news, chart, profile) on Wednesday reaffirmed plans to spend $12.5 billion on capital projects in 2009. The spending level is lower than 2008, but equals its four-year average level of investment. The No. 3 U.S.-based oil giant is holding a meeting with Wall Street analysts. Capital projects in its exploration and production segment include its Qatargas 3 LNG venture, its Bohai Bay Phase II oil projects in China, several Canadian oil sands projects, the Kashagan oil field in Kazakhstan, the Shah sour gas development in Abu Dhabi, and planned coal bed methane-to-LNG production in Australia.
Johnson Controls raises $750 million in unit, debt offers(8:29 am ET)
NEW YORK (MarketWatch) -- Johnson Controls Inc. (JCI: news, chart, profile) said Wednesday it priced 8 million equity units at $50 per unit for gross proceeds of $400 million. In a concurrent offering, the Milwaukee industrial firm priced $350 million in aggregate principal amount of 6.5% convertible senior notes due 2012 at 100% of the principal amount.
Deutsche Bank downgrades Exelon on hedging positions(8:03 am ET)
NEW YORK (MarketWatch) -- Deutsche Bank on Wednesday downgraded electric power giant Exelon (EXC: news, chart, profile) to hold from buy, citing the Chicago company's hedging positions. "We continue to like Exelon's longer-term value proposition, nuclear asset profile and strong balance sheet that allows the company to pursue opportunistic acquisitions," analysts said in a note to clients. "That said, based on the newly disclosed magnitude of difference between Exelon's 2011 financial hedge profile...we believe the company's long-term earnings growth profile has eroded too much."
National Semiconductor earnings per share off 69% in quarter(7:50 am ET)
NEW YORK (MarketWatch) -- National Semiconductor Corp. (NSM: news, chart, profile) said Wednesday that fiscal third-quarter earnings were $21 million, or 9 cents a share, compared to $73 million, or 29 cents, in the same period a year ago. Sales were $292 million compared to $453 million. Analysts polled by FactSet Research estimated, on average, earnings per share of 2 cents and sales of $308 million. The semiconductor maker sees sales falling by 5% to 10% sequentially in the fourth quarter. In addition, it plans to cut 850 jobs worldwide and close its assembly and test plant in Suzhou, China and its wafer fabrication plant in Arlington, Texas. The closures will occur in phases over several quarters, eventually resulting in the elimination of an additional 875 positions. National Semiconductor will take a charge of $160 millon to $180 million in related expenses.
Hannover Re swings to loss, sees good start to 2009(6:42 am ET)
LONDON (MarketWatch) -- German reinsurance firm Hannover Re (DE:HNR1: news, chart, profile) said Wednesday that it swung to a 2008 net loss of 127 million euros ($161 million) from a profit of 721.7 million euros as gross written premiums fell 1.7% to 8.12 billion euros. The group said the result was hurt by 640.9 million euros of write-downs and losses on its equity investments. It added that pretax profit was 70.6 million euros, but that because losses on equities are not tax-deductible in Germany it still paid 205.6 million euros in taxes. The results was still ahead of market expectations. The group said that, excluding the investment losses, its underwriting business was satisfactory in 2008 and has made a very good start to 2009. It added that the weaker capital position at primary insurers has increased the demand for reinsurance protection which is in turn pushing up prices.
Sirius XM loss widens; posts pro-forma operating earnings(5:28 am ET)
TEL AVIV (MarketWatch) -- Sirius XM Radio, (SIRI: news, chart, profile) the New York provider of satellite-radio services, reported late on Tuesday that its fourth-quarter loss widened as revenue more than doubled. On a pro forma basis, the company reported adjusted operating earnings for the first time. The company was formed in late July by the merger of Sirius and XM. The loss was $245.8 million, or 8 cents a share, compared with $166.2 million, or 11 cents, in the year-earlier quarter. Shares outstanding more than doubled to 3.16 billion. Revenue totaled $622.2 million compared with $249.8 million. Pro forma operating earnings were $31.8 million compared with a loss of $224.1 million a year earlier. Pro forma revenue rose 16% to $644.1 million from $557.5 million. At the end of the quarter, the company had 19 million subscribers compared with 17.3 million at year-end 2007. "Despite challenges in the overall economy and in the auto sector, we look forward to continuing to deliver on the synergies of the merger," Chief Executive Mel Karmazin said in a statement. Sirius XM also said that it closed the second and last phase of the planned investment by Liberty Media Corp. (LINTA: news, chart, profile) "These transactions resolve the uncertainty surrounding" the debt of the parent and its subsidiaries that matures in 2009, Karmazin said.
Lufthansa net drops 64%, says 2009 profit near 2008 levels(4:05 am ET)
LONDON (MarketWatch) -- Lufthansa (DE:LHA: news, chart, profile) , the German airline, said its profit dropped 64% to 599 million euros ($759 million), while revenue rose 11% to 24.87 billion euros. The airline cited one-time gains in the year-earlier period, and its operating profit slipped 2% to 1.35 billion euros. It's cutting its dividend by 44% to 0.70 euros a share. For 2009, Lufthansa expects a "distinctly positive" profit that's below 2008 levels. The airline, which also avoided a strike with a 4% pay rise to cabin staff, has ordered 30 short-haul planes from Bombardier (CA:BBD.B: news, chart, profile) with a list price of $1.53 billion.
UBS restates 2008 net loss (3:59 am ET)
LONDON (MarketWatch) -- Swiss banking giant UBS (CH:UBSN: news, chart, profile) (UBS: news, chart, profile) said Wednesday that its 2008 net loss was 1.19 billion Swiss francs ($1.02 billion) wider than previously reported at 20.89 billion francs partly because of the inclusion of its $780 million settlement with U.S. authorities. The loss, which had previously been pegged at 19.7 billion francs, also included the impact of the Swiss National Bank's valuation of around $7.8 billion of securities not yet transferred by UBS to the SNB.
Aer Lingus records $137 mln loss, sees 'weak' 2009(3:55 am ET)
LONDON (MarketWatch) -- Ireland's Aer Lingus (UK:AERL: news, chart, profile) said it swung to an annual loss of 107.8 million euros ($137 million), while revenue rose 6% to 1.36 billion euros. The group cited a 58% rise in fuel costs and 140.9 million euros of one-time costs, mostly relating to staff cost restructuring, for the red ink. It expects a "weak" 2009 and a marginal rise in passenger volumes. Average fares will drop at least 10%, cargo revenue is seen dropping by up to 30%, and Aer Lingus is unlikely to meet its previous forecast of a pretax profit. Ryanair (RYAAY: news, chart, profile) has threatened to bring charges against Aer Lingus if the airline had posted a loss, since the airline had said it would make a small pretax profit in its defense against the Ryanair bid.
PartyGaming profit up 61%(3:49 am ET)
LONDON (MarketWatch) -- U.K.-listed online gambling firm PartyGaming (UK:PRTY: news, chart, profile) said Wednesday that its 2008 net profit rose 61% to $66.9 million from $41.6 million, while revenue for the year fell 1% to $472.9 million. The group said adjusted earnings from continuing operations rose 29% to $144.2 million. The group said poker revenue was down slightly due to a delay in launching a new loyalty program and competition from competitors that still accept U.S. customers. Revenue from its online casino operations rose 22%.
Tullow profit surges after successful year for exploration(3:33 am ET)
LONDON (MarketWatch) -- U.K. oil and gas exploration firm Tullow Oil (UK:TLW: news, chart, profile) said Wednesday that its 2008 net profit jumped to 226.2 million pounds ($311.4 million) from 52.6 million pounds a year earlier as revenue for the period grew 8.2% to 691.7 million pounds. The group said production in the year declined 9% to 66,600 barrels of oil equivalent per day, while realized prices for oil and natural gas rose 17% and 40% respectively. The group said it took an exploration and impairment write off of 253 million pounds, which was broadly matched by a 244 million pound profit on disposals. For 2009 Tullow said it's expecting challenging times for the oil sector, but added it is well positioned following a successful year for exploration -- which saw its reserves increase by 274 million barrels to 825 million barrels -- and the recent agreement of a $2 billion bank facility.
Elbit Systems 4th-quarter net tripled; adjusted net up 33%(2:42 am ET)
TEL AVIV (MarketWatch) -- Elbit Systems Ltd., (ESLT: news, chart, profile) the Haifa, Israel, defense contractor, reported that fourth-quarter earnings more than tripled, and adjusted per-share earnings rose by a third, on 18% higher revenue. Net income reached $105.3 million, or $2.48 a share, from $31.9 million, or 75 cents, in the year-earlier quarter. Excluding a gain on the sale of an interest in Mediguide to St. Jude Medical, (STJ: news, chart, profile) and a $10.5 million impairment charge tied to Sandel Avionics, adjusted earnings in the latest period were $1 a share. Revenue rose to $697.9 million from $591.1 million. The backlog at Dec. 31 reached $5.03 billion, compared with $4.62 billion a year earlier and $4.87 billion at Sept. 30, 2008.
Cathay Pacific swings to loss in 2008; 2009 outlook grim(1:48 am ET)
HONG KONG (MarketWatch) -- Cathay Pacific Airways (CPCAY: news, chart, profile) (HK:293: news, chart, profile) Wednesday said the airline swung to a loss of HK$8.46 billion ($1.08 billion), or HK$2.175 a share in 2008, hurt by losses linked to fuel hedging contracts and weak passenger traffic. The higher-than-expected loss compares with a HK$7.02 billion profit in 2007. The Hong Kong-based airline also gave a grim outlook, with Chairman Christopher Platt saying 2009 is expected to be "extremely challenging," and that passenger and cargo demand was expected to weaken. Cathay shares ended up 2.1% in the morning trading session in Hong Kong.
Tuesday, March 10
Take-Two sees net losses grow in first quarter(4:03 pm ET)
SAN FRANCISCO (MarketWatch) - Take-Two Interactive Software Inc. said Tuesday that net losses grew during its first fiscal quarter on a lighter slate of video game releases for the period. For the quarter ended Jan. 31, Take-Two (TTWO: news, chart, profile) reported a net loss of $50.4 million, or 66 cents a share, compared to a loss of $38 million, or 52 cents a share, for the same period last year. Excluding costs related to stock options and other items, the company said it would have lost $39.3 million, or 52 cents a share, for the recent period. Sales grew nearly 7% to $256.8 million. Analysts were expecting a net loss of 73 cents a share on revenue of $207.2 million, according to consensus data from Thomson Reuters.
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03/13/09 12:28 AM

#776 RE: 3xBuBu #699

Thursday, March 12
Pacific Sunwear swings to net loss in fourth quarter(4:23 pm ET)
SAN FRANCISCO (MarketWatch) -- Pacific Sunwear of California Inc. (PSUN: news, chart, profile) late Thursday reported it swung to a net loss of $27.1 million, or 42 cents a share, in the fourth quarter, compared with a net income of $5.2 million, or 28 cents a share, a year ago. Results for the quarter include a 10-cent a share gain on the sale of the company's Anaheim distribution center and a non-cash impairment charge of 5 cents a share related to a reduction in the fair value of certain land that was held by the company for sale. Revenue slid to $351.7 million from $384.3 million last year. Analysts polled by FactSet Research had forecast losses of 45 cents a share. The retailer expects a loss of 26 cents to 31 cents a share in the first quarter. Wall Street is projecting the company to report a loss of 23 cents a share on average.
Aeropostale fourth-quarter net income rises to $1.01 a share(4:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Specialty teen retailer Aeropostale (ARO: news, chart, profile) late Thursday reported its fourth-quarter net income rose to $68.2 million, or $1.01 a share, from $64.7 million, or 95 cents a share, a year earlier. Revenue increased to $690 million from $591.3 million last year. Analysts surveyed by FactSet Research had forecast earnings of 99 cents a share. The company expects first-quarter earnings of 22 cents to 24 cents a share, including charges of about 3 cents a share related to the closing of the Jimmy Z concept. Wall Street is forecasting the company to report earnings of 24 cents a share.
Lewis: BofA to make $50 bln in 2009, before tax, provisions(1:05 pm ET)
SAN FRANCISCO (MarketWatch) -- Bank of America will likely generate more than $100 billion in revenue and $50 billion in profit, before taxes and provisions, in 2009, Chief Executive Ken Lewis said Thursday. "That kind of cash flow can solve a lot of problems, given time and an improving U.S. economy," he said, according to the text of a speech delivered at The Boston College Chief Executives' Club. Bank of America shares jumped more than 10% to $5.47 during afternoon trading on Thursday.
J.P. Morgan to report 1st qtr financial results on April 16(10:38 am ET)
NEW YORK (MarketWatch) -- J.P. Morgan Chase and Co (JPM: news, chart, profile) said on Thursday that it will report its first quarter 2009 financial results at 630 AM ET on April 16. The company will hold a conference call at 800 AM ET the same day.
Smithfield Foods swings to loss, sees improvement in 2010(7:11 am ET)
NEW YORK (MarketWatch) -- Smithfield Foods Inc. (SFD: news, chart, profile) on Thursday said it lost $103.1 million, or 72 cents a share in its fiscal third quarter, compared to net income of $54.5 million, or 41 cents a share in the year-ago period. The latest period included a loss of 38 cents a share for pork restructuring costs. Adjusted loss for the three months ended Feb. 1 totaled 15 cents a share. Sales rose to $3.35 billion from $3.12 billion. Wall Street analysts expected a loss of 18 cents a share on revenue of $3.38 billion, according to a survey by FactSet Research. The meat producer said 2010 "should be a much better year for the company."
Nash Finch 4th-quarter net off 27%, revenue up 12%(6:30 am ET)
TEL AVIV (MarketWatch) -- Nash Finch Co., (NAFC: news, chart, profile) the Minneapolis food distributor, reported that fiscal fourth-quarter net income fell 27% on 12% higher revenue. For the quarter ended Jan. 3, earnings declined to $6.2 million, or 47 cents a share, from $8.5 million, or 62 cents, in the year-earlier quarter. Special items hurt net income by 26 cents a share in the latest quarter and 1 cent a share a year earlier. Shares outstanding fell 4.3% to 13.1 million. Sales reached $1.2 billion from $1.07 billion. Excluding a 13th week in the latest fiscal quarter, comparable sales rose 5.3%, Nash Finch reported.
Home Retail: year profit met estimate; revamping charge set(4:05 am ET)
TEL AVIV (MarketWatch) -- Home Retail Group, the U.K. general-merchandise retailer, estimated that pretax profit for the year ended Feb. 28 "will meet current market expectations," and it said it would take a charge of 35 million pounds ($48.6 million) for the just-ended year to streamline and restructure its operations. For the eight weeks ended Feb. 28, at Argos, comparable-store sales fell 1.6% while total sales rose 1.6%, to 575 million pounds. Gross-profit margin for the eight-week period narrowed 1.25 percentage points. At Homebase, comparable-store sales fell 10.2% as total sales declined 5.5%, to 205 million pounds. Gross-profit margin narrowed 1.75 percentage points.
Enel plans $10.3 bln rights issue as profit rises 35%(4:00 am ET)
LONDON (MarketWatch) -- Italian utility group Enel (IT:ENEL: news, chart, profile) said Thursday that it plans to raise up to 8 billion euros ($10.3 billion) in a rights issue and a further 10 billion euros through asset sales to reduce its debt. The announcement came as the firm said its 2008 net profit rose 35% to 5.29 billion euros and its revenue grew 40% to 61.18 billion euros. Net financial debt was around 50 billion euros at the end of the year, down from 55.8 billion euros a year earlier. Most of the debt stems from its 2007 acquisition of Spain's Endesa. Enel will pay a total dividend for 2008 of 0.49 euros and said it is targeting earnings before interest, taxes, depreciation and amortization of 16 billion euros in 2010, rising to 18 billion euros in 2013.
Inmarsat 2008 pretax profit up 55% to $193.8 million(3:55 am ET)
MADRID (MarketWatch) -- U.K. global mobile satellite communications service provider Inmarsat PLC reported Thursday a 55% rise in 2008 pretax profit to $193.8 million, against $124.7 million a year ago. Analysts surveyed by FactSet Research were forecasting pretax profit of $136.6 million. Core revenue for the group increased 13.9% to $634.7 million, against $557.2 million a year ago. Inmarsat announced a 5% rise in its final dividend to 18.20 cents per share. Earnings before interest, taxes, depreciation and amortization rose to $531.2 million against $388.1 million a year ago. On a quarterly basis, EBITDA rose 18.7% to $101.4 million. "Despite global economic uncertainty, Inmarsat Core trading results since the start of the year have been positive and we remain cautiously optimistic that we can deliver solid revenue growth in 2009," said Inmarsat's chairman and chief executive officer, Andrew Sukawaty. The company said its liquidity position is strong and they are "well-positioned" relative to current market conditions.
Standard Life profit drops 78%, targets further cost savings(3:42 am ET)
LONDON (MarketWatch) -- Standard Life (UK:SL: news, chart, profile) said Thursday that its 2008 net profit fell 78% to 100 million pounds ($139 million) based on international financial reporting standards. Underlying profit before tax fell 78% to 154 million pounds. The group said falling equity, property and fixed-interest security value reduced its assets under administration by 14.6 billion pounds, but it also had positive net inflows of 2.4 billion pounds. The group said it's targeting a further 75 million pounds of annual cost savings by 2010, having achieved its previous 100 million pounds target for cost savings a year early.
Morrison profit down 17%, plans new stores(3:24 am ET)
LONDON (MarketWatch) -- Morrison Supermarkets (UK:MRW: news, chart, profile) said Thursday that its net profit for the year ended Feb. 1 fell 17% to 460 million pounds from 554 million pounds as revenue for the year rose 12% to 14.53 billion pounds. Excluding the impact of an abnormally low tax charge a year earlier, underlying profit rose 13% to 636 million pounds. The group said it views the short and long term outlook positively and that it expects to open another 350,000 square feet of new retail space in the coming year, on top of the 500,000 square feet it's already agreed to acquire from the Cooperative Group.
Swire Pacific's 2008 profit slumps 78%(12:58 am ET)
HONG KONG (MarketWatch) -- Hong Kong-based diversified conglomerate Swire Pacific (HK:19: news, chart, profile) (SWRAY: news, chart, profile) Thursday reported a 78% slump in 2008 profit as a weak performance of its avaition business offset relatively better showing by its property, marine services and beverages units. Net income dropped to HK$5.91 billion ($757 million), or HK$3.90 per Swire's A shares and HK$0.78 per its B-class shares. Swire, which has a controlling interest in Cathay Pacific Airways (HK:293: news, chart, profile) (CPCAY: news, chart, profile) , reported a 14.5% growth in revenue to HK$24.67 billion. Swire's A shares ended up 1.5% in Hong Kong's morning trading session.
Wednesday, March 11
Pall earnings fall 19% on drop in industrial sales (8:08 pm ET)
SAN FRANCISCO (MarketWatch) -- Industrial and medical filtration specialists Pall Corp. (PLL: news, chart, profile) reported late Wednesday fiscal second-quarter net income fell to $38.9 million, or 33 cents a share, from $48 million, or 39 cents, a year ago. Revenue for the three months ended Jan. 31 fell 13% to $543.3 million, led by a 16.5% drop in sales to industrial customers. The company pinned 6% of the decline on weaker foreign currencies. Analysts polled by FactSet Research had predicted the East Hill, N.Y.-based company would earn 45 cents a share on $577 million in revenue. Pall shares closed ahead of the report with a 1.7% gain at $22.68. The stock is down 38% over the past 12 months.
Freddie asks Treasury for $30.8 bln after big quarterly loss(4:38 pm ET)
SAN FRANCISCO (MarketWatch) -- Freddie Mac (FRE: news, chart, profile) asked the government for billions of dollars in extra support late Wednesday after reporting a fourth-quarter net loss of $23.9 billion, or $7.37 a share. That was a slight improvement from the third quarter of last year, when the mortgage giant suffered a net loss of $25.3 billion, or $19.44 a share. The Federal Housing Finance Agency, which oversees Freddie, has asked the Treasury Department for $30.8 billion and the company said it expects to receive that money in March.
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3xBuBu

03/13/09 8:50 PM

#777 RE: 3xBuBu #699

Friday, March 13
Energy stocks move up in early action (9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks continued their winning ways in early action on Friday as the broad market and crude prices both provided a lift. Exxon Mobil (XOM: news, chart, profile) advanced 20 cents to $67.35. Chevron (CVX: news, chart, profile) rose 30 cents to $63.70. Both oil majors are components of the Dow Jones Industrial Average ($DJ: news, chart, profile) , which rose 35 points. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.6% to 330. The Amex Oil Index (XOI: news, chart, profile) rose 0.3% to 846. Crude prices rose 28 cents to $47.31.
Nacco Industries swings to loss after goodwill charge(6:48 am ET)
LONDON (MarketWatch) -- Diversified manufacturing group Nacco Industries Inc. (NC: news, chart, profile) said Friday that it swung to a fourth-quarter net loss of $428.2 million, or $51.69 a share, from a profit of $51.9 million, or $6.27 a share, a year earlier. Total revenue for the quarter slipped 13% to $949.4 million. The loss was driven by a $431.6 million net write-off of goodwill and other intangible assets. Nacco said its lower sales were due to lower volumes across all its businesses. Excluding the charges, fourth-quarter earnings were $2.26 a share.
Thursday, March 12
Pacific Sunwear swings to net loss in fourth quarter(4:23 pm ET)
SAN FRANCISCO (MarketWatch) -- Pacific Sunwear of California Inc. (PSUN: news, chart, profile) late Thursday reported it swung to a net loss of $27.1 million, or 42 cents a share, in the fourth quarter, compared with a net income of $5.2 million, or 28 cents a share, a year ago. Results for the quarter include a 10-cent a share gain on the sale of the company's Anaheim distribution center and a non-cash impairment charge of 5 cents a share related to a reduction in the fair value of certain land that was held by the company for sale. Revenue slid to $351.7 million from $384.3 million last year. Analysts polled by FactSet Research had forecast losses of 45 cents a share. The retailer expects a loss of 26 cents to 31 cents a share in the first quarter. Wall Street is projecting the company to report a loss of 23 cents a share on average.
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3xBuBu

03/16/09 8:44 PM

#778 RE: 3xBuBu #699

Monday, March 16
Citi initiates coverage of Exxon Mobil with buy rating(11:07 am ET)
NEW YORK (MarketWatch) -- Citi on Monday initiated coverage of Exxon Mobil (XOM: news, chart, profile) with a buy rating and price target of $77 a share. Analyst Faisel Khan cited the oil major's capital efficiency, stable production, and low cost structure. Exxon Mobil is able to maintain positive free cash flow with oil prices anywhere above $37 a barrel, he noted. Liquified natural gas represents a massive potential growth driver for Exxon Mobil in 2009 and 2010, he noted. Shares of Exxon Mobil rose 1% to $67.94 in recent action.
Occidental plans $1.5 billion investment in Bahrain fields(8:17 am ET)
NEW YORK (MarketWatch) -- Occidental Petroleum (OXY: news, chart, profile) said Monday it'll continue to develop oil and gas in Bahrain at an estimated cost of $1.5 billion over the next five years. The development plan is expected to increase oil production to more than 100,000 barrels of oil per day and "significantly increase" gas production capacity above the current level of 1.5 billion cubic feet a day. Occidental and Abu Dhabi-based Mubadala Development Company signed an interim agreement with the National Oil and Gas Authority of Bahrain for the further development of the Bahrain Field.
Fortress reports fourth-quarter net loss(7:45 am ET)
NEW YORK (MarketWatch) -- Fortress Investment Group (FIG: news, chart, profile) reported a fourth-quarter net loss Monday after some investors pulled money out of the firm's hedge funds. Fortress reported a quarterly net loss of $140 million, or $1.50 a share, versus a loss of $29 million, or 43 cents a share a year earlier. Pre-tax distributable losses, which exclude unrealized gains or losses on illiquid investments and certain types of expenses, but include so-called contingent revenue, were $258 million, or 56 cents per dividend paying share, in the latest quarter. Pre-tax distributable earnings in 2007's fourth quarter were $78 million. The firm suspended redemptions from its largest hedge fund, the Drawbridge Global Macro fund, in December after getting requests from investors to withdraw more than $3 billion.
Axle maker Dana Holding Corp. net loss widens(7:16 am ET)
NEW YORK (MarketWatch) -- Dana Corp. (DAN: news, chart, profile) said Monday fourth-quarter net loss widened to $264 million, or $2.64 a share, from $257 million, or $1.71 a share in the year-ago period. Sales for the three months ended Dec. 31 fell to $1.52 billion from $2.16 billion. The Toledo, Ohio axle maker cited sharply declining North American vehicle production and unfavorable currency changes. "We continue to respond to difficult market conditions through aggressive cost-reduction and efficiency actions, comprehensive operational restructuring, and being responsive to our customers," said Chairman and Chief Executive Officer John Devine. Looking ahead, the company said it expects 2009 to be more challenging than 2008.
ENGlobal fourth-quarter earnings more than doubled(7:14 am ET)
LONDON (MarketWatch) -- ENGlobal Corp. (ENG: news, chart, profile) , a provider of services to the energy sector, said fourth-quarter net income more than doubled to $4.1 million, or 15 cents a share, from $1.4 million, or 5 cents a share, earned in the year-earlier quarter. The improvement was partly due to a decline in selling, general and administrative expenses. Revenue climbed 43% to $136 million.
AgFeed Industries 2008 net more than doubled to $17M(7:07 am ET)
LONDON (MarketWatch) -- Chinese commercial hog and feed producer AgFeed Industries (FEED: news, chart, profile) said 2008 net income rose to $16.95 million, or 53 cents a share, from $6.7 million, or 25 cents a share, earned in 2007. Adjusted earnings came in at 74 cents a share. Sales nearly quadrupled to $144 million from $36 million.
Furmanite's fourth-quarter net profit rose 50%(6:40 am ET)
LONDON (MarketWatch) -- Furmanite Corp. (FRM: news, chart, profile) , a provider of engineering solutions, said fourth-quarter net income rose 50% to $5.1 million, or 14 cents a share, from $3.4 million, or 9 cents a share, earned in the year-earlier quarter. The improvement was partly driven by lower interest expense and a tax credit. Sales rose 12% to $81.5 million.
PMI Group shrinks 4th-quarter loss(6:37 am ET)
TEL AVIV (MarketWatch) -- PMI Group Inc., (PMI: news, chart, profile) the Walnut Creek, Calif., provider of residential-mortgage insurance, reported a narrower fourth-quarter loss. The loss was $178.8 million, or $2.19 a share, compared with $1.01 billion, or $12.51, in the year-earlier quarter. The losses from continuing operations were $2.22 versus $12.76. Revenue fell 8.4% to $191 million from $208.5 million. The losses stem from an unprofitable U.S. mortgage-insurance operation and PMI Europe, lower premiums earned, and higher net realized investment losses, "primarily from the impairment of certain corporate preferred equity securities" in the U.S. mortgage insurance operations' portfolio, PMI Group said.
Gray Television swings to quarterly loss of $209M on charges(6:30 am ET)
LONDON (MarketWatch) -- Gray Television, Inc. (GTN: news, chart, profile) said it swung to a fourth-quarter net loss of $209 million, or $4.32 a share, compared to a profit of $1.5 million, or 3 cents a share, earned in the year-earlier quarter. The bottom line in the latest quarter was hit by an impairment charge of $339 million as it wrote down the value of its broadcast licenses. Fourth-quarter revenue rose 12% to $94.8 million, boosted by increased political and advertising revenue.
Radnet's fourth-quarter loss narrowed(6:25 am ET)
LONDON (MarketWatch) -- Radnet, Inc. (RDNT: news, chart, profile) , a provider of diagnostic imaging services, said its fourth-quarter net loss narrowed to $5.4 million, or 15 cents a share, from $11.7 million, or 33 cents a share, in the year-earlier quarter. The results in the latest quarter included a variety of exceptional items that reduced the bottom line by $1 million. In fiscal 2009, the group forecast revenue in the range of $515 million to $545 million and adujsted earnings before interest, taxes, depreciation and amortization of $105 million to $115 million. The company also said it intends to "deleverage" as much as possible in the next four quarters.
Repros Therapeutics loss widened as funding in doubt(6:17 am ET)
LONDON (MarketWatch) -- Repros Therapeutics (RPRX: news, chart, profile) said its fourth-quarter loss widened to $5.9 million, or 39 cents a share, from $3.3 million, or 26 cents a share, on increased expenses for clinical development. Based on current planned clinical programs, it will need to raise additional capital in the third quarter of 2009, but it said there can be no assurances that such capital will be available.
Linde sees sales declining at engineering division in 2009(3:18 am ET)
LONDON (MarketWatch) -- German industrial gasses group Linde (DE:648300: news, chart, profile) on Monday said the forecast business performance for its gasses division in 2009 ranges from a slight rise in sales and earnings to a decline in sales and earnings. At the engineering division, it said sales would decline in 2009 but reiterated its goal of an operating margin of 8%. The board proposed to lift the dividend to 1.80 euros a share from 1.70 euros a share.
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3xBuBu

03/17/09 5:50 PM

#779 RE: 3xBuBu #699

Tuesday, March 17
Guess profit down 13%(4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Guess? Inc. (GES: news, chart, profile) reported Tuesday afternoon fourth-quarter profit fell 13% from a year-earlier as sales at stores open at least one year slowed. Guess posted net income of $47.9 million, or 52 cents a share, down from $55.2 million, or 59 cents, a year ago. For the quarter ended Feb.2, sales rose 9% to $561 million, while same-store sales declined 6.5%. Guess said it reduced inventories and slowed new store development during the quarter. The clothing retailer said it plans to pay a cash dividend of 10 cents a share on April 17. For the current quarter, Guess projected it will earn between 26 cents and 30 cents a share. Analysts polled by FactSet Research are looking for 36 cents.
Adobe first-quarter results slip, but top estimates (4:09 pm ET)
SAN FRANCISCO (MarketWatch) - Software maker Adobe Systems Inc. said Tuesday its fiscal first-quarter net income fell to $156.4 million, or 30 cents a share, from $219.4 million, or 39 cents a share in the same period a year earlier. San Jose-based Adobe (ADBE: news, chart, profile) said revenue for the period ended in February fell to $786.4 million from $890.5 million. Excluding special items, Adobe said earnings would have been 45 cents a share. Analysts on average had estimated Adobe would post earnings excluding special items of 44 cents a share, and $784 million in revenue, according to Thomson Reuters.
Energy stocks fall back as broad market trades flat(9:36 am ET)
NEW YORK (MarketWatch) -- Energy stocks moved into the red Tuesday as the broad market traded flat and crude oil futures dipped slightly. The Amex Oil Index (XOI: news, chart, profile) dropped 0.5% to 832. Component Royal Dutch Shell (RDSA: news, chart, profile) dropped 2% to $44.69 after it said it replaced 95% of its reserves in 2008 as it moves to conserve cash. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 0.3% to 334. Crude oil prices dipped 7 cents to $47.28. The Dow Jones Industrial Average ($DJ: news, chart, profile) rose 5 points to 7,222.
Nucor warns of first-quarter loss on steel market woes(9:10 am ET)
NEW YORK (MarketWatch) -- Nucor Corp. (NUE: news, chart, profile) said Tuesday it expects a first-quarter loss of 55 to 65 cents a share. Wall Street analysts expected the Charlotte, N.C. steel maker to report a profit of 41 cents a share, according to a survey by FactSet Research. The company cited continued deterioration in economic and market conditions. "The unprecedented speed and magnitude of the global economy's decline to depressed levels not seen in our lifetime have presented severe challenges in 2009," Nucor said. "The economy has fallen off a cliff -- and there is no visibility as to the timing of the recovery."
Shell to shy away from wind, solar energy(7:45 am ET)
LONDON (MarketWatch) -- Royal Dutch Shell (RDS.A: news, chart, profile) (UK:RDSA: news, chart, profile) isn't looking to spend much on new investments for wind and solar energy because of the poor investment returns, according to Linda Cook, executive director for gas and power, Shell Trading, global solutions and technology. During a conference call with the media, she said Shell's alternative energy focus will be on biofuel. CEO Jeroen van der Veer added the company isn't planning to get into nuclear power, citing the company's lack of experience there. Exploration and production chief Malcolm Brinded noted that there will be a lot of competition from rivals to win oil licenses from Iraq. Separately, Shell in a 20-F filing said Van Der Veer's total pay, including salary and bonus, was $8.34 million in 2008. Brinded earned $4.14 million, Cook earned $3.87 million, the retiring Rob Routs earned $5.16 million and CFO Peter Voser earned $3.59 million.
FactSet Research earnings per share up 20% in quarter(7:20 am ET)
NEW YORK (MarketWatch) -- FactSet Research Systems (FDS: news, chart, profile) said Tuesday that its second-quarter earnings rose 20% to $34.6 million, or 71 cents a share. In the same period a year ago FactSet earned $29 million, or 59 cents. Revenue rose 12% to $157 million. Analysts polled by FactSet Research estimated earnings per share of 69 cents and sales of $157 million. For the third quarter the financial information company sees earnings per share in the range of 72 cents to 74 cents.
American Apparel profit up 30%, plans more new stores(6:24 am ET)
LONDON (MarketWatch) -- Clothing retailer American Apparel Inc. (APP: news, chart, profile) said Tuesday that its fourth-quarter net profit rose 30% to $3.9 million from $3 million a year earlier as net sales rose 31% to $145.6 million. Earnings per share dropped to 5 cents from 6 cents because of a sharp increase in the number of shares outstanding. The group said its revenue growth was entirely driven by retail sales, with wholesale sales declining slightly. Same-store sales for the quarter were up 11%. The company said it expects to open 25 to 30 new stores in 2009 and generate total sales of $575 million to $600 million, with income from operations of $55 million to $65 million.
Westwood One swings to loss, agrees to refinance debt(5:00 am ET)
TEL AVIV (MarketWatch) -- Westwood One Inc., (WWON: news, chart, profile) the New York provider of analog and digital media content to radio, TV and online operators, swung to a fourth-quarter net loss from a year-earlier profit on 15% lower revenue. The company also said late on Monday that it agreed in principle to refinance all its debt, and it withdrew its earnings estimates for 2009. The loss was $222.5 million, or $2.22 a share, compared with net income of $8.3 million, or 10 cents, in the year-earlier quarter. The latest results reflect an impairment charge of $224.1 million. Revenue fell to $101.1 million from $118.3 million. The refinancing would convert Westwood One's $241 million of debt into $117.5 million of new senior notes maturing in July 2012. As part of the deal, Gores Radio Holdings, which in 2008 invested $100 million in the company, would invest another $25 million and guarantee a new $20 million subordinated term loan and a $15 million unsecured revolving-credit line provided by a third-party lender, Westwood One said.
Shell sees 2% to 3% annual production through 2012(4:24 am ET)
LONDON (MarketWatch) -- Royal Dutch Shell (RDS.A: news, chart, profile) (UK:RDSA: news, chart, profile) , in a strategy update, said it's expecting to generate 2% to 3% annual production growth early in the next decade, to 2012. Shell said dividend payments for the year are expected to be around $10 billion, with first-quarter dividends up 5%. Its reserves replacement was 95%, or 97% when including oil sands, year-end price effects and comparability.
UPDATE: Friends Provident pretax loss widens(4:14 am ET)
LONDON (MarketWatch)-- U.K. financial services group Friends Provident (UK:FP: news, chart, profile) said Tuesday that its 2008 pretax loss from continuing operations widened to 871 million pounds ($1.22 billion) from 113 million pounds a year earlier. On a European embedded value basis, Friends Provident said underlying profit for the year jumped to 420 million pounds from 16 million pounds. The group said it will pay a final dividend of 2.6 pence, taking the total payout for the year to 3.9 pence, or just under half of the 8 pence a share it paid out for 2007. It added that its surplus under the insurance groups directive was around 850 million pounds at the end of 2008 compared to 1.3 billion pounds a year earlier. At the end of February the surplus is estimated to have fallen to 800 million pounds. Separately, the group said deputy chairman Barbara Judge will retire on May 21 and that Rodger Hughes will join the board as an independent non-executive director from March 31. (Updates to include board changes.)
Farmer Mac 4th-qtr loss widens; dividend halved(4:03 am ET)
TEL AVIV (MarketWatch) -- Federal Agricultural Mortgage Corp., (AGM: news, chart, profile) Washington, which creates a secondary market for mortgage loans for agricultural real estate and rural housing as well as loans for rural utilities, reported a wider fourth-quarter net loss and halved the dividend to conserve capital. Farmer Mac's net loss was $61.1 million, or $6.03 a share, compared with $9.3 million, or 90 cents, in the year-earlier quarter. Core results were a loss of 86 cents against earnings of $1. Core results excluding losses on impaired investments were a loss of 49 cents against earnings of $1. The new quarterly dividend is 5 cents a share, payable April 3 to holders of record March 24.
Debenhams comparable sales down 3.6%, sees profit higher(3:41 am ET)
LONDON (MarketWatch) -- U.K. department store operator Debenhams (UK:DEB: news, chart, profile) said Tuesday that comparable sales in the 26 weeks to Feb. 28 fell 3.6% compared to a year earlier. The group gross transaction value was up 0.3% and gross margin was also higher, which will result in first-half profit before tax being ahead of the previous year. "Visibility for the second half remains poor and we will continue to run Debenhams in the expectation that the trading environment will remain challenging," said CEO Rob Templeman.
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3xBuBu

03/18/09 7:18 PM

#780 RE: 3xBuBu #699

Wednesday, March 18
Nike profit drops 47% on slower demand(4:40 pm ET)
SAN FRANCISCO (MarketWatch) -- No. 1 athletic-shoe maker Nike Inc.'s fiscal third-quarter profit fell 47%, hurt by higher costs, slack demand in Europe, and weakness at its Umbro unit. Nike reported net income of $243.8 million, or 50 cents a share, down from $263.8 million, or 92 cents a share, a year ago. Nike's profit was hurt by impairment charges at its struggling Umbro subsidiary. For the quarter ended Feb. 28, sales fell 2% to $4.4 billion. Worldwide orders for Nike brand athletic footwear and apparel, scheduled for delivery from March 2009 through July 2009, total $6.5 billion, 10% lower than such orders reported for the same period last year. Nike shares closed Wednesday at $45.92. The stock is down 10% for the year.
Oracle's third-quarter profit tops analysts' estimates(4:05 pm ET)
SAN FRANCISCO (MarketWatch) - Software giant Oracle Corp. said Wednesday its fiscal third-quarter net income fell slightly to $1.33 billion, or 26 cents a share, from $1.34 billion, or 26 cents a share in the same period a year earlier. Redwood Shores, Calif.-based Oracle (ORCL: news, chart, profile) said revenue for the period ended in February rose 2% to $5.45 billion. Excluding special items, however, Oracle said earnings for the quarter would have been 35 cents a share. Analysts on average estimated Oracle would post earnings excluding special items of 32 cents a share, on $5.4 billion in revenue, according to Thomson Reuters.
Energy stocks give up ground ahead of weekly inventory data(9:36 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell back from recent gains in early action on Wednesday, as investors awaited the latest weekly petroleum inventory data. The Amex Oil Index (XOI: news, chart, profile) fell 1.9% to 846. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 1.5% to 344. Tesoro (TSO: news, chart, profile) rose 10 cents to $13.77 after it drew an upgraded to a buy from underperform at BOA/Merrill.
General Mills earnings per share fall 31%(7:14 am ET)
NEW YORK (MarketWatch) -- General Mills (GIS: news, chart, profile) said Wednesday that third-quarter earnings fell to $289 million, or 85 cents a share, compared to $430 million, or $1.23, in the same period a year ago. On an adjusted basis, earnings per share were 79 cents versus 87 cents. Net sales for the 13 weeks ended Feb. 22, grew 4% to $3.54 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 87 cents and sales of $3.53 billion. The food processor raised its earnings-per-share guidance for 2009 to a range of $3.37 to $3.89 from an earlier $3.83 to $3.87.
UniCredit 4th-period net off 57%; stock dividend proposed(3:58 am ET)
TEL AVIV (MarketWatch) -- UniCredit Group, the Milan financial-services provider, reported that fourth-quarter net income fell 57%, reflecting a goodwill-impairment charge of €750 million. Net income was 505 million euros ($658.5 million), compared with 1.17 billion euros in the year-earlier quarter. Operating earnings fell 15% to 6.08 billion euros but fell 1.3% on a comparable basis "despite the difficult macroeconomic scenario," UniCredit said in a statement on Wednesday. Of the impairment charge, 417 million euros was attributed to ATF in Kazakhstan and 333 million euros to Ukrsotsbank in Ukraine, UniCredit reported. For 2008, the core Tier 1 capital ratio stood at an adjusted 6.5% after a 3 billion euro capital increase, the bank said. The board proposes a dividend of 13 new ordinary shares for every 36 owned. It proposes to pay out 1 savings share for every 5 owned. And the board also proposed to pay out to saving shareholders a cash dividend of 0.025 euro a share.
SIG profit down 92% after charges, plans to raise capital(3:48 am ET)
LONDON (MarketWatch) -- U.K. construction products supplier SIG (UK:SHI: news, chart, profile) said Wednesday that its 2008 net profit fell 92% to 6.8 million pounds (49.6 million) from 87.1 million pounds as it also announced plans to raise 343.1 million pounds of fresh capital through a share sale. The group said revenue for the year rose 29% to 2.9 billion pounds and that, excluding impairment charges and other one-off costs its underlying pretax profit fell 2% to 137.3 million pounds. SIG said the capital raising will help reduce debt and provide "appropriate headroom" under the covenants in its existing debt facilities. SIG also said that in light of the difficult market conditions, no final dividend will be paid to shareholders.
Lanxess swings to 4th-quarter loss; 1st period `no better'(2:59 am ET)
TEL AVIV (MarketWatch) -- Lanxess, (LNXSF: news, chart, profile) (DE:LXS: news, chart, profile) the German specialty chemicals group, swung to a fourth-quarter net loss from a year-earlier profit on flat sales. The loss was 41 million euros ($53.4 million) compared with net income of 5 million in the year-earlier quarter. Sales were 1.462 billion euros against 1.465 billion. Earnings before interest, taxes, depreciation and amortization fell 55% to 30 million euros. Excluding special items, Ebitda fell 24% to 87 million euros. The company said it "met its targets for fiscal 2008 despite a sharp drop in demand in the fourth quarter." Lanxess's board declared a dividend of 0.5 euro a share for 2008, half the level of 2007. Given the global recession, Lanxess said, "the first quarter of 2009 will be no better ... in operational terms than the fourth quarter of 2008."
Tuesday, March 17
Guess profit down 13%(4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Guess? Inc. (GES: news, chart, profile) reported Tuesday afternoon fourth-quarter profit fell 13% from a year-earlier as sales at stores open at least one year slowed. Guess posted net income of $47.9 million, or 52 cents a share, down from $55.2 million, or 59 cents, a year ago. For the quarter ended Feb.2, sales rose 9% to $561 million, while same-store sales declined 6.5%. Guess said it reduced inventories and slowed new store development during the quarter. The clothing retailer said it plans to pay a cash dividend of 10 cents a share on April 17. For the current quarter, Guess projected it will earn between 26 cents and 30 cents a share. Analysts polled by FactSet Research are looking for 36 cents.
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3xBuBu

03/19/09 11:11 PM

#781 RE: 3xBuBu #699

Thursday, March 19
Orient Overseas 2008 net income falls 89% to $272 million(10:56 pm ET)
HONG KONG (MarketWatch) -- Container shipping line Orient Overseas (International) (HK:316: news, chart, profile) reported Friday 2008 net profit totaled $272.3 million, down 89% from $2.55 billion a year earlier. The company, which is run by the family of former Hong Kong Chief Executive Tung Chee-hwa, declared a final dividend of 4.5 U.S. cents, compared to 13.5 U.S. cents a year earlier. Revenue for the year totaled $6.55 billion, up 16% from $5.65 billion a year earlier.
Blockbuster: 'Going concern' language will be common(5:16 pm ET)
CHICAGO (MarketWatch) -- Blockbuster Inc. (BBI: news, chart, profile) Chief Executive Jim Keyes said Thursday an independent auditor's doubts about its ability to continue as a going concern shouldn't hamper its day-to-day operations at a time when so many other companies are having difficulty coping with the economic crisis. "Given the tightness of the credit markets these days, we are not going to be alone," he said on a conference call. Blockbuster has spent "a lot of time" explaining its liquidity position to movie studios and various suppliers, Keyes explained.
Blockbuster CEO: Weaker box office having impact(5:05 pm ET)
CHICAGO (MarketWatch) -- Blockbuster Inc. (BBI: news, chart, profile) Chief Executive Jim Keyes told analysts Thursday that the "single biggest driver" weakening U.S. DVD rentals in the last two months been lackluster new release titles. In last year's first quarter, new DVD titles included "Enchanted" and "I Am Legend," while debuting releases this year have been "good but not great" in comparison, Keyes said during a conference call. "The good news is that we're seeing unprecedented theatrical strength," he added, pointing out that current box office hits like "Watchmen," "Slumdog Millionaire" and "Paul Blart: Mall Cop" will be available on DVD in a few months, driving greater domestic DVD rentals.
Blockbuster swings to loss on non-cash charge(4:21 pm ET)
CHICAGO (MarketWatch) -- Video rental chain Blockbuster Inc. (BBI: news, chart, profile) said Thursday that it swung to a fourth-quarter loss on a $435 million non-cash charge related to a decline in the value of its assets. The company also said three of its largest creditors have agreed to extend its revolving credit facility through Sept. 30, 2010, alleviating concerns about a debt payment that would have been due this August. The company said it lost $362.7 million, or $1.89 a share in the fourth quarter of 2008. In the same quarter a year earlier, it posted a profit of $38.1 million, or 20 cents a share. Excluding items, the company would have earned $80.4 million, or 40 cents a share, in the latest three months. Revenue fell to $1.38 billion from $1.57 billion, as the quarter included one less week than the fourth quarter of 2007. Analysts polled by FactSet Research were expecting a profit, excluding items, of 25 cents a share on revenue of $1.54 billion.
Palm's net losses grow in third fiscal quarter(4:12 pm ET)
SAN FRANCISCO (MarketWatch) - Palm Inc. said Thursday that net losses grew during its third fiscal quarter as the company continues to work to the launch of its highly anticipated Pre smartphone later this year. For the period ended Feb. 28, the wireless device maker (PALM: news, chart, profile) reported a net loss of $98 million, or 89 cents a share, compared to losses of $57 million, or 53 cents a share, for the same period last year. Revenue fell 71% to $90.6 million. Analysts were expecting a loss of 59 cents a share on revenue of $105 million, according to consensus estimates from Thomson Reuters.
Barnes & Noble quarterly profit down 30% (8:59 am ET)
NEW YORK (MarketWatch) -- Barnes & Noble (BKS: news, chart, profile) said Thursday net income for the quarter ending Jan. 31 was down 30%, to $81 million, or $1.46 a share, from $115 million, or $1.79 a share, in the year-ago period. The bookseller also announced its 2008 results, which showed a 44% drop in profit, to $76 million, or $1.32 a share, from $136 million, or $2.03 cents a share, in 2007. Analysts surveyed by FactSet Research had expected, on average, profit of $1.47 a share for the fiscal fourth quarter and $1.46 for the full year. Barnes & Noble also said it expects a first-quarter loss of between 10 cents and 20 cents a share, and full-year 2009 profit of between 95 cents and $1.25 a share.
Discover Financial profit rises (8:42 am ET)
NEW YORK (MarketWatch) -- Credit card firm Discover Financial (DFS: news, chart, profile) on Thursday said its fiscal first quarter profit rose to $120 million, or 25 cents a share, from $81 million, or 17 cents a share a year ago. The year-ago results included $157.6 million from discontinued operations. The firm also said its first-quarter managed charge off rate was 6.48%. Discover also said it cut its quarterly dividend to 2 cents a share.
Eddie Bauer loss widens; seeks to amend term loan(5:52 am ET)
TEL AVIV (MarketWatch) -- Eddie Bauer Holdings Inc., (EBHI: news, chart, profile) the Seattle retailer of outdoor apparel, reported a wider fourth-quarter loss on 5.7% lower revenue. The loss was $127.5 million, or $4.13 a share, compared with $18.2 million, or 59 cents, in the year-earlier quarter. The latest period reflects $144.6 million of non-cash impairment charges. Revenue fell to $370 million from $392.4 million. Comparable-store sales fell 8.8% for the quarter; excluding the decline in the Canadian dollar, the figure was down 5.7%. "The actions that we took throughout the year provided some buffer against the worsening recession, but not enough to protect us fully from the sharp pullback in consumer spending and a highly promotional retail environment," Chief Executive Neil Fiske said in a statement late on Wednesday. To avoid the prospect of a going-concern opinion from its auditors, Eddie Bauer said it is in talks to amend its $225 million term-loan agreement, of which $193 million is outstanding. The company and its lenders have agreed in principle on an amended deal requiring substantial fees, substantially higher interest rates, and issuance of warrants to buy common stock, Eddie Bauer said. The company has requested a 15-day extension of the deadline by which it was supposed to have filed its annual report on Securities and Exchange Commission Form 10-K.
Aegis profit down 6%, lifts annual dividend(3:53 am ET)
LONDON (MarketWatch) -- U.K. marketing and advertising company Aegis Group (UK:AGS: news, chart, profile) said Thursday that its 2008 net profit dipped around 6% to 82.8 million pounds from 88.5 million pounds, while revenue rose 21% to 1.34 billion pounds, beating the consensus forecast of 1.27 billion pounds. The group said about half of its revenue growth was due to the impact of exchange rate moves and added that, excluding amortization and restructuring charges, its underlying pretax profit rose 25.7% to 166.8 million pounds. The group is reducing its headcount by around 5%, generating savings of around 20 million pounds a year. The firm said it's difficult to predict how the weakening global economy will affect it in 2009. The group will pay a final dividend of 1.54 pence, making a total of 2.5 pence a share for the year, an 8.7% increase from 2007.
Thomas Cook bookings off; CFO on leave for illness(3:45 am ET)
TEL AVIV (MarketWatch) -- Thomas Cook Group, (TCKGY: news, chart, profile) (UK:TCG: news, chart, profile) the U.K. travel-services company, reported that winter and summer bookings have declined and it said its chief financial officer would take a leave of absence due to illness. Overall, winter bookings are down 7% and summer bookings are down 16% from a year earlier, although both figures have improved in the past four weeks, Thomas Cook said in a statement on Thursday. Average selling prices of bookings are up 4% for the winter and 5% for the summer, the firm said. And the company said that CFO Juergen Bueser would go on temporary leave and Ludger Heuberg, currently chief executive for group operations and a former CFO, would add the post of acting CFO.
Inchcape plans $329 mln rights issue as profit drops 71%(3:34 am ET)
LONDON (MarketWatch) -- U.K. car dealer Inchcape (UK:INCH: news, chart, profile) said Thursday that it will raise 232 million pounds ($329 million) through a rights issue as the group said its 2008 net profit fell 71% to 51.4 million pounds. Inchcape said it shareholders will be able to buy nine new shares for every one they own at 6 pence a share, or an 88% discount to Wednesday's closing price. The cash will be used to reduce gearing and delay the need for refinancing until 2012. The firm has already cut around 2,000 jobs and reduced its inventory by 175 million pounds. It said revenue in 2008 rose 20 6.26 billion pounds from 6.06 billion pounds in 2007 and adjusted pretax profit fell 19% to 190.7 million pounds.
Prudential plc swings to $562 million loss; CEO to leave(3:31 am ET)
LONDON (MarketWatch) -- U.K. insurer Prudential plc (PUK: news, chart, profile) (UK:PRU: news, chart, profile) said it swung to a 396 million pound ($562 million) annual loss, hurt by investment losses of 1.78 billion pounds. Sales rose 5% to 3.02 billion pounds, and its operating profit on a European embedded value basis rose 16% to 2.91 billion pounds. The group said its insurance groups directive capital surplus is estimated at 1.7 billion pounds, giving it a solvency ratio of 162%. The total dividend for 2008 will be 18.9 pence a share, up from 18 pence a share. The company also announced CEO Mark Tucker will step down on Sept. 30 after four-and-a-half years at the helm and will be replaced by CFO Tidjane Thiam.
Hermes International annual profit edges up 1%(2:52 am ET)
LONDON (MarketWatch) -- Luxury retailer Hermes International (HESAF: news, chart, profile) (FR:RMS: news, chart, profile) said its annual profit edged up 1% to 290 million euros ($391 million) as sales rose 9% to 1.76 billion euros. The company said that in the first two months of 2009, favorable currency moves have pushed sales that were down in local currencies into positive territory. It plans to open 20 stores and pay a dividend of 1.03 euros a share.
China Mobile 2008 profit jumps 30%(1:18 am ET)
HONG KONG (MarketWatch) -- China Mobile (HK:941: news, chart, profile) (CHL: news, chart, profile) , the world's largest mobile operator by number of subscribers, Thursday reported a 30% jump in 2008 profit led by a strong growth in new customers. Net income attributable to shareholders rose to a lower-than-expected 112.8 billion yuan ($16.5 billion) from 87.1 billion yuan. Revenue increased 15.5% to 412.3 billion yuan from 357 billion yuan, as total subscribers rose 23.8% to 457 million. China Mobile shares ended 0.2% lower in Hong Kong morning trading.
Wednesday, March 18
Nike profit drops 47% on slower demand(4:40 pm ET)
SAN FRANCISCO (MarketWatch) -- No. 1 athletic-shoe maker Nike Inc.'s fiscal third-quarter profit fell 47%, hurt by higher costs, slack demand in Europe, and weakness at its Umbro unit. Nike reported net income of $243.8 million, or 50 cents a share, down from $263.8 million, or 92 cents a share, a year ago. Nike's profit was hurt by impairment charges at its struggling Umbro subsidiary. For the quarter ended Feb. 28, sales fell 2% to $4.4 billion. Worldwide orders for Nike brand athletic footwear and apparel, scheduled for delivery from March 2009 through July 2009, total $6.5 billion, 10% lower than such orders reported for the same period last year. Nike shares closed Wednesday at $45.92. The stock is down 10% for the year.
Oracle's third-quarter profit tops analysts' estimates(4:05 pm ET)
SAN FRANCISCO (MarketWatch) - Software giant Oracle Corp. said Wednesday its fiscal third-quarter net income fell slightly to $1.33 billion, or 26 cents a share, from $1.34 billion, or 26 cents a share in the same period a year earlier. Redwood Shores, Calif.-based Oracle (ORCL: news, chart, profile) said revenue for the period ended in February rose 2% to $5.45 billion. Excluding special items, however, Oracle said earnings for the quarter would have been 35 cents a share. Analysts on average estimated Oracle would post earnings excluding special items of 32 cents a share, on $5.4 billion in revenue, according to Thomson Reuters.
Energy stocks give up ground ahead of weekly inventory data(9:36 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell back from recent gains in early action on Wednesday, as investors awaited the latest weekly petroleum inventory data. The Amex Oil Index (XOI: news, chart, profile) fell 1.9% to 846. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 1.5% to 344. Tesoro (TSO: news, chart, profile) rose 10 cents to $13.77 after it drew an upgraded to a buy from underperform at BOA/Merrill.
icon url

3xBuBu

03/20/09 7:00 PM

#782 RE: 3xBuBu #699

Friday, March 20
Citigroup's Pandit criticizes bonus tax legislation(4:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Citigroup Inc. (C: news, chart, profile) Chief Executive Vikram Pandit on Friday criticized legislation that would tax bonuses at many financial companies heavily. "The work we have all done to try to stabilize the financial system and to get this economy moving again would be significantly set back if we lose our talented people because Congress imposes a special tax on financial services employees," Pandit wrote in a memo to employees on Friday. "It would affect countless number of people who will find it difficult, if not impossible, to pay back the bonuses that they earned." The House of Representatives passed legislation Thursday that would impose a 90% tax on bonuses given to employees who earn more than $250,000 a year at companies that have received at least $5 billion from the government's Trouble Asset Relief Program.
Energy stocks mixed in early action(9:40 am ET)
NEW YORK (MarketWatch) -- Energy stocks traded mixed in early action. The Amex Oil Index (XOI: news, chart, profile) fell fractionally at 886. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.6% to 369.
Directory assistance firm Kgb withdraws $250 million IPO(7:43 am ET)
NEW YORK (MarketWatch) -- Directory assistance company Kgb late Thursday withdrew its initial public offering to raise up to $250 million. The New York-based company changed its corporate name from Infonxx Inc. to Kgb last year. "The company is requesting such withdrawal because of unfavorable market conditions that would adversely affect the offering of the securities," Kgb said. Goldman Sachs (GS: news, chart, profile) , J.P. Morgan (JPM: news, chart, profile) and Banc of America Securities (BAC: news, chart, profile) comprised the banking team for the IPO.
Xerox cuts first-quarter earnings forecast(7:09 am ET)
NEW YORK (MarketWatch) -- Xerox Corp. (XRX: news, chart, profile) said Friday that was lowering its first-quarter 2009 earnings expectations to a range of 3 cents to 5 cents a share from a range of 16 cents to 20 cents a share. The reduction includes a 6-cent impact from Xerox's share of Fuji Xerox's restructuring and a lower-than-expected Fuji Xerox profit from an industry-wide slowdown in technology spending.
Sony Ericsson says demand, de-stocking to hurt results(4:05 am ET)
LONDON (MarketWatch) -- Sony Ericsson Mobile Communications, the mobile phone making joint venture between Sony (SNE: news, chart, profile) and Ericsson (ERIC: news, chart, profile) , said first-quarter sales and pretax profit continue to be affected by weak consumer demand as well as de-stocking in the retail and distribution channels. It expects to ship gross 14 million phones at an average price of 120 euros, with gross margin falling both from year-earlier and the 15% level in the fourth quarter. Sony Ericsson may lose as much as 390 million euros before tax, excluding restructuring charges in the range of 10 to 20 million euros.
Thursday, March 19
Orient Overseas 2008 net income falls 89% to $272 million(10:56 pm ET)
HONG KONG (MarketWatch) -- Container shipping line Orient Overseas (International) (HK:316: news, chart, profile) reported Friday 2008 net profit totaled $272.3 million, down 89% from $2.55 billion a year earlier. The company, which is run by the family of former Hong Kong Chief Executive Tung Chee-hwa, declared a final dividend of 4.5 U.S. cents, compared to 13.5 U.S. cents a year earlier. Revenue for the year totaled $6.55 billion, up 16% from $5.65 billion a year earlier.
Blockbuster: 'Going concern' language will be common(5:16 pm ET)
CHICAGO (MarketWatch) -- Blockbuster Inc. (BBI: news, chart, profile) Chief Executive Jim Keyes said Thursday an independent auditor's doubts about its ability to continue as a going concern shouldn't hamper its day-to-day operations at a time when so many other companies are having difficulty coping with the economic crisis. "Given the tightness of the credit markets these days, we are not going to be alone," he said on a conference call. Blockbuster has spent "a lot of time" explaining its liquidity position to movie studios and various suppliers, Keyes explained.
Blockbuster CEO: Weaker box office having impact(5:05 pm ET)
CHICAGO (MarketWatch) -- Blockbuster Inc. (BBI: news, chart, profile) Chief Executive Jim Keyes told analysts Thursday that the "single biggest driver" weakening U.S. DVD rentals in the last two months been lackluster new release titles. In last year's first quarter, new DVD titles included "Enchanted" and "I Am Legend," while debuting releases this year have been "good but not great" in comparison, Keyes said during a conference call. "The good news is that we're seeing unprecedented theatrical strength," he added, pointing out that current box office hits like "Watchmen," "Slumdog Millionaire" and "Paul Blart: Mall Cop" will be available on DVD in a few months, driving greater domestic DVD rentals.
Blockbuster swings to loss on non-cash charge(4:21 pm ET)
CHICAGO (MarketWatch) -- Video rental chain Blockbuster Inc. (BBI: news, chart, profile) said Thursday that it swung to a fourth-quarter loss on a $435 million non-cash charge related to a decline in the value of its assets. The company also said three of its largest creditors have agreed to extend its revolving credit facility through Sept. 30, 2010, alleviating concerns about a debt payment that would have been due this August. The company said it lost $362.7 million, or $1.89 a share in the fourth quarter of 2008. In the same quarter a year earlier, it posted a profit of $38.1 million, or 20 cents a share. Excluding items, the company would have earned $80.4 million, or 40 cents a share, in the latest three months. Revenue fell to $1.38 billion from $1.57 billion, as the quarter included one less week than the fourth quarter of 2007. Analysts polled by FactSet Research were expecting a profit, excluding items, of 25 cents a share on revenue of $1.54 billion.
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3xBuBu

03/23/09 7:19 PM

#783 RE: 3xBuBu #699

Monday, March 23
Phillips-Van Heusen swings to quarterly loss (5:22 pm ET)
SAN FRANCISCO (MarketWatch) - Phillips-Van Heusen Corp. (PVH: news, chart, profile) late Monday reported it swung to a net loss of $37.9 million, or 74 cents a share, from a net income of $30.3 million, or 55 cents a share, a year earlier. Excluding restructuring items, the company would have earned 30 cents a share. Revenue decreased to $577.8 million from $584.5 million in the year-ago period, the clothing manufacturer said. Analysts polled by FactSet Research had forecast earnings of 28 cents a share on revenue of $581.7 million. Phillips-Van Heusen expects first-quarter earnings of 33 cents to 43 cents a share on revenue of $530 million to $540 million. Wall Street is projecting the company to post earnings of 59 cents a share and revenue of $567 million in the first quarter. For 2009, the company sees earnings of $1.88 to $2.18 a share while revenue is expected to fall 7% to 8% from 2008.
Sonic second-quarter net income slides fractionally(4:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Drive-in restaurant chain Sonic Corp. (SONC: news, chart, profile) late Monday reported its second-quarter net income fell to $8.7 million, or 14 cents a share, from $9.3 million, or 15 cents, a year ago. The quarterly result from this year included an after tax 6-cent-a-share gain from early repayment of debt. Revenue decreased to $169 million from $174.6 million a year earlier. Analysts surveyed by FactSet Research had forecast earnings of 9 cents a share on revenue of $171.9 million.
China Overseas Land & Investment 2008 net income up 21%(5:00 am ET)
HONG KONG (MarketWatch) -- China Overseas Land & Investment (HK:688: news, chart, profile) said Monday net income for 2008 totaled HK$5.1 billion ($658.02 million), an increase of 21% from HK$4.18 billion in the prior year. The company said about HK$1.07 billion of the net income figure was related to the revaluation of investment properties. Sales of properties in China totaled HK$25.90 billion, up 19% from a year earlier, while sales by area totaled 2.7 million square meters, up 25% on year. The company proposed a final dividend of 7 Hong Kong cents per share, bringing totaled dividends for the year to 13 Hong Kong cents per share.
Daily Mail advertising revenue down, more job cuts planned(3:37 am ET)
LONDON (MarketWatch) -- U.K. newspaper publisher Daily Mail & General Trust (UK:DMGT: news, chart, profile) said Monday that its U.K. and European consumer media divisions are having a difficult quarter as advertising revenue falls, while performance at its business to business arms has remained broadly steady. The group said it still expects results for the fiscal year to be in line with the market consensus, but that there is little visibility on the advertising revenue from Associated Newspapers and the first-half results will be substantially lower. The group said quarterly advertising revenue from its Associated Newspaper unit is expected to be down around 24% on an underlying basis and at Northcliffe Media the fall is around 37%. The group said further cost cutting is planned, including around 1,000 job cuts at Northcliffe -- double the level previously expected. The group also said it will exceed its previously announced cost-savings target of 100 million pounds ($145 million).
Friday, March 20
Citigroup's Pandit criticizes bonus tax legislation(4:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Citigroup Inc. (C: news, chart, profile) Chief Executive Vikram Pandit on Friday criticized legislation that would tax bonuses at many financial companies heavily. "The work we have all done to try to stabilize the financial system and to get this economy moving again would be significantly set back if we lose our talented people because Congress imposes a special tax on financial services employees," Pandit wrote in a memo to employees on Friday. "It would affect countless number of people who will find it difficult, if not impossible, to pay back the bonuses that they earned." The House of Representatives passed legislation Thursday that would impose a 90% tax on bonuses given to employees who earn more than $250,000 a year at companies that have received at least $5 billion from the government's Trouble Asset Relief Program.
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3xBuBu

03/24/09 6:43 PM

#784 RE: 3xBuBu #699

Tuesday, March 24
Jabil Circuit loss almost doubles to $42.1 million(4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Jabil Circuit Inc. (JBL: news, chart, profile) on Tuesday reported a fiscal second-quarter loss of $42.1 million, or 20 cents a share, compared with a loss of $24 milion, or 12 cents a share in the same period a year ago. Excluding one-time items, Jabil reported core earnings of $27.3 million, or 13 cents a share. Revenue declined by 5.6% to $2.9 billion from $3.06 billion a year ago. Analysts surveyed by FactSet Research had forecast the company to earn 13 cents a share on $2.8 billion in sales. For its fiscal third quarter, Jabil estimates it will lose between 7 cents and 23 cents a share on revenue in a range of $2.5 billion to $2.7 billion.
Carnival earnings per share up 10% in quarter(9:30 am ET)
NEW YORK (MarketWatch) -- Carnival Corp. (CUK: news, chart, profile) said Tuesday that first-quarter earnings were $260 million, or 33 cents a share, compared to $236 million, or 30 cents a share, in the same period a year ago. Revenue fell to $2.22 billion compared to $3.15 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 18 cents and sales of $2.87 billion. The company sees 2009 revenue falling by 10% to 12% compared to a previous estimate of 6% to 10% in the cruise line's December guidance as a result of the further deterioration in the U.S. and European economies.
McCormick earnings per share up 13% in quarter(7:19 am ET)
NEW YORK (MarketWatch) -- McCormick & Co. (MKC: news, chart, profile) said Tuesday that first quarter earnings rose to $58 million, or 44 cents a share, compared to $51 million, or 39 cents a share, in the same period a year ago. Sales inched lower to $719 million compared to $724 million. Analysts polled by FactSet Research estimated, on average, earnings per share of 44 cents and sales of $757 million. The spice company reaffirmed its earnings per share guidance for 2009 of $2.24 to $2.28 which includes 5 cents of restructuring charges.
Report: Schlumberger cutting another 6,000 jobs(7:16 am ET)
NEW YORK (MarketWatch) -- Schlumberger (SLB: news, chart, profile) CEO Andrew Gould said late Monday at the Howard Weil Energy Conference in New Orleans that the company -- which is the largest oilfield service firm -- is cutting another 6% of its work force in its second round of layoffs since January, according to published reports. Gould said the company expects "a further reduction of a similar amount" in coming months after the original cut in January of 5,000, or 6%, of the company's 84,000 employees. He didn't provide a timetable for the next phase of layoffs.
Newell Rubbermaid to cut dividend, issue $250 mln of notes(6:24 am ET)
LONDON (MarketWatch) -- Newell Rubbermaid Inc. (NWL: news, chart, profile) said Tuesday that it will cut its quarterly dividend by more than half to 5 cents a share from 10.5 cents a share to help maintain its current investment grade rating. The group also said it will offer $250 million of convertible senior notes that will be used to repay a portion of the roughly $750 million in debt that matures in the second half of 2009. The firm said it plans to address its remaining debt obligations through the capital markets or other arrangements. Newell Rubbermaid reaffirmed its guidance for normalized earnings per share of 7 cents to 12 cents for the first quarter of 2009. It expects first-quarter sales, however to fall in the mid- to high-teens having previously forecast a decline in the low- to mid-teens.
BOC Hong Kong 2008 profit slumps 78%, omits dividend(5:18 am ET)
HONG KONG (MarketWatch) -- BOC Hong Kong (Holdings) (HK:2388: news, chart, profile) Tuesday reported a 78% slump in 2008 profit on write-downs linked to its investments and said it won't pay a final dividend to preserve capital. Net income attributable to shareholders fell to HK$3.34 billion ($428 million), or HK$0.3162 a share, from HK$15.45 billion. The bank's total assets increased 7.5% during the year to HK$1.15 trillion, while the ratio of impaired loans edged up to 0.45% from 0.44% in 2007. The shares rose 6.6% before the announcement.
Bank of China 2008 net income up 14.4% to $8.30 billion(5:06 am ET)
HONG KONG (MarketWatch) -- The Bank of China (HK:3988: news, chart, profile) reported Tuesday 2008 net income of 64.36 billion yuan ($8.30 billion), or 0.25 yuan per share, compared to 56.25 billion yuan, or 0.22 yuan per share in the prior year. Operating profit totaled 86.45 billion yuan compared to 89.43 billion yuan. Impairment losses on assets climbed to 45.03 billion yuan compared to 20.26 billion yuan. Analysts had expected net income of 70.19 billion yuan.
Deutsche Bank says it doesn't need capital, sees 2009 profit(3:52 am ET)
LONDON (MarketWatch) -- Germany's Deutsche Bank (DE:DBK: news, chart, profile) (DB: news, chart, profile) said Tuesday that it expects to return to profitability in 2009 and doesn't currently see any need to raise capital from any external source after making a good start to the year. The bank said, however, that "very difficult conditions" are likely to persist for the industry in 2009 as revenues will be hit by softening demand from the slower economy, restrictions on credit and wariness among investors. "In 2010, some degree of recover in the banking industry is foreseeable," Deutsche Bank said.
ArcelorMittal launches $1 billion convertible bond(3:27 am ET)
LONDON (MarketWatch) -- ArcelorMittal (MT: news, chart, profile) (FR:MTP: news, chart, profile) , the world's top steelmaker, said it's launching a 750 million euro ($1 billion) convertible bond as part of its strategy to diversify its sources of funding and to lengthen its debt maturity profile. It still sees first-quarter EBITDA of around $1 billion, which it says could be in a range 15% below to 15% above. Analysts polled by FactSet expected a first-quarter EBITDA of $933 million.
Lloyd's of London pretax profit down 51% (3:26 am ET)
LONDON (MarketWatch) -- Lloyd's of London, the U.K. insurance and reinsurance market, said Tuesday that its 2008 pretax profit fell 51% to 1.9 billion pounds ($2.8 billion) from 3.85 billion pounds as its investment return dropped 52% to 957 million pounds. The market said its combined ratio -- a measure of claims against premium -- rose to 91.3% from 84%. A value over 100% indicates more money was paid out than was received in premiums. But the group said the ratio compared favourably with an estimated average of 97% for European insurers and reinsurers. "The market has inevitably been impacted by significant claims from natural catastrophes, lower insurance rates and a reduction in investment income but this has been partially offset by currency movements and prior year surpluses," the group said. The surplus on prior year reserves rose 48% to 1.27 billion pounds.
Ferrexpo profit more than doubles as pellet prices soar(3:22 am ET)
LONDON (MarketWatch) -- Ferrexpo (UK:FXPO: news, chart, profile) , the Swiss-headquartered, U.K.-listed, Ukraine iron ore pellet maker, said its annual profit climbed to $292 million from $124 million, with revenue up 60% to $1.12 billion, as the average pellet price rose 72%. It said it's trading profitably since the economic downturn. It's paying a dividend of 3.3 cents a share, in either dollars or sterling, and said the outlook for the iron ore market remains uncertain in the short term. It maintained positive margins during the first two months of 2009. Analysts polled by FactSet forecast a profit of $230 million.
Swiss Life reaches deal on stake, MLP with Talanx(2:57 am ET)
LONDON (MarketWatch) -- Swiss Life (CH:SLHN: news, chart, profile) said it's agreed on a partnership with German insurer Talanx, under which Talanx will take up to a 9.9% stake in Swiss Life and take an 8.4% stake in German pension specialist MLP (DE:659990: news, chart, profile) from Swiss Life. Financial terms weren't available. After the deal, Swiss Life would hold 15.9% of MLP and plans to reduce that figure to below 10%. It said it's in discussions with potential buyers and MLP to do so. The group's 2008 profit dropped 75% to 345 million francs, as it stated in late February, with the company pinning the blame on the "extremely negative trend on the financial markets since the end of September," with adjusted premiums down 4%.
Monday, March 23
Teradyne revises guidance, announces cost reductions(8:23 pm ET)
SAN FRANCISCO (MarketWatch) -- Teradyne Inc. said late Monday it's revising guidance for the quarter ending in April, and will take steps to cut roughly $50 million in annualized costs. The automated test equipment maker (TER: news, chart, profile) said it now expects sales for the quarter will be between $115 million and $120 million, and its net loss per share excluding special items will be between 40 and 42 cents, while its "sales in the second quarter of 2009 will be about flat with the first quarter." In a statement, the company cited global economic conditions and flagging consumer demand, which are "causing our customers to reduce their test needs to unprecedented levels." Shares of Teradyne were flat in after-hours trading at $4.48.
Phillips-Van Heusen swings to quarterly loss (5:22 pm ET)
SAN FRANCISCO (MarketWatch) - Phillips-Van Heusen Corp. (PVH: news, chart, profile) late Monday reported it swung to a net loss of $37.9 million, or 74 cents a share, from a net income of $30.3 million, or 55 cents a share, a year earlier. Excluding restructuring items, the company would have earned 30 cents a share. Revenue decreased to $577.8 million from $584.5 million in the year-ago period, the clothing manufacturer said. Analysts polled by FactSet Research had forecast earnings of 28 cents a share on revenue of $581.7 million. Phillips-Van Heusen expects first-quarter earnings of 33 cents to 43 cents a share on revenue of $530 million to $540 million. Wall Street is projecting the company to post earnings of 59 cents a share and revenue of $567 million in the first quarter. For 2009, the company sees earnings of $1.88 to $2.18 a share while revenue is expected to fall 7% to 8% from 2008.
Sonic second-quarter net income slides fractionally(4:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Drive-in restaurant chain Sonic Corp. (SONC: news, chart, profile) late Monday reported its second-quarter net income fell to $8.7 million, or 14 cents a share, from $9.3 million, or 15 cents, a year ago. The quarterly result from this year included an after tax 6-cent-a-share gain from early repayment of debt. Revenue decreased to $169 million from $174.6 million a year earlier. Analysts surveyed by FactSet Research had forecast earnings of 9 cents a share on revenue of $171.9 million.
China Overseas Land & Investment 2008 net income up 21%(5:00 am ET)
HONG KONG (MarketWatch) -- China Overseas Land & Investment (HK:688: news, chart, profile) said Monday net income for 2008 totaled HK$5.1 billion ($658.02 million), an increase of 21% from HK$4.18 billion in the prior year. The company said about HK$1.07 billion of the net income figure was related to the revaluation of investment properties. Sales of properties in China totaled HK$25.90 billion, up 19% from a year earlier, while sales by area totaled 2.7 million square meters, up 25% on year. The company proposed a final dividend of 7 Hong Kong cents per share, bringing totaled dividends for the year to 13 Hong Kong cents per share.
Daily Mail advertising revenue down, more job cuts planned(3:37 am ET)
LONDON (MarketWatch) -- U.K. newspaper publisher Daily Mail & General Trust (UK:DMGT: news, chart, profile) said Monday that its U.K. and European consumer media divisions are having a difficult quarter as advertising revenue falls, while performance at its business to business arms has remained broadly steady. The group said it still expects results for the fiscal year to be in line with the market consensus, but that there is little visibility on the advertising revenue from Associated Newspapers and the first-half results will be substantially lower. The group said quarterly advertising revenue from its Associated Newspaper unit is expected to be down around 24% on an underlying basis and at Northcliffe Media the fall is around 37%. The group said further cost cutting is planned, including around 1,000 job cuts at Northcliffe -- double the level previously expected. The group also said it will exceed its previously announced cost-savings target of 100 million pounds ($145 million).
Friday, March 20
Citigroup's Pandit criticizes bonus tax legislation(4:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Citigroup Inc. (C: news, chart, profile) Chief Executive Vikram Pandit on Friday criticized legislation that would tax bonuses at many financial companies heavily. "The work we have all done to try to stabilize the financial system and to get this economy moving again would be significantly set back if we lose our talented people because Congress imposes a special tax on financial services employees," Pandit wrote in a memo to employees on Friday. "It would affect countless number of people who will find it difficult, if not impossible, to pay back the bonuses that they earned." The House of Representatives passed legislation Thursday that would impose a 90% tax on bonuses given to employees who earn more than $250,000 a year at companies that have received at least $5 billion from the government's Trouble Asset Relief Program.
Energy stocks mixed in early action(9:40 am ET)
NEW YORK (MarketWatch) -- Energy stocks traded mixed in early action. The Amex Oil Index (XOI: news, chart, profile) fell fractionally at 886. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.6% to 369.
icon url

3xBuBu

03/25/09 8:19 PM

#785 RE: 3xBuBu #699

Wednesday, March 25
Red Hat profit slips, as revenue grows 18%(4:08 pm ET)
SAN FRANCISCO (MarketWatch) - Red Hat Inc. said Wednesday its fiscal fourth-quarter net income slipped to $16 million, or 8 cents a share, from $22 million, or 10 cents a share in the same period a year earlier. The Raleigh, N.C.-based provider of open-source software used by businesses (RHT: news, chart, profile) said revenue for the period ended in February rose 18% to $166.2 million. Excluding special items, Red Hat said earnings for the quarter would have been 22 cents a share. Analysts on average had estimated the company would post earnings excluding special items of 20 cents a share and $166.9 million in revenue, according to Thomson Reuters.
Oscient receives "going concern" warning from auditors(9:12 am ET)
BOSTON (MarketWatch) -- Oscient Pharmaceuticals (OSCI: news, chart, profile) said early Wednesday in its fourth quarter 2008 financial report that its auditors have warned it may not be able to continue as a going concern because of lack of cash. The biotechnology company reported that while it had 2008 revenues of about $87 million, it had a net loss of $65 million and only has $17 million in cash on hand. Oscient said that it has engaged Broadpoint Capital to explore strategic options for the company, including a possible sale. Waltham, Mass.-based Oscient, which markets the cardiovascular drug Antara and antibiotic Factive, has 213 employees.
Legal & General swings to loss, cuts dividend(5:23 am ET)
LONDON (MarketWatch) -- Legal & General (UK:LGEN: news, chart, profile) said Wednesday that it swung to a 2008 net loss from ordinary activities of 1.13 billion pounds ($1.66 billion) from a profit of 718 million pounds in 2007. The operating loss under international financial reporting standards was 189 million pounds, compared to a profit of 658 million pounds in 2007. The group said the performance was largely a result of investment market weakness and that its capital surplus had shrunk to 1.8 billion pounds at the end of the year after the payment of dividends. It added its surplus at March 23 was estimated at 1.5 billion pounds. The insurance and investments group said it's also increased non-profit annuity credit default provisions to 1.2 billion pounds and that "capital resilience must remain our immediate priority." The company is recommending a 50% cut in the final dividend to 2.05 pence a share.
PetroChina 2008 net income slides 22% to $16.75 billion(4:54 am ET)
HONG KONG (MarketWatch) -- PetroChina Co. (HK:857: news, chart, profile) (PTR: news, chart, profile) , China's largest oil and gas producer, said 2008 net income totaled 114.43 billion yuan ($16.75 billion) , or 0.63 yuan per share, down 22% from 146.75 billion yuan, or 82 yuan per share, a year earlier. Revenue for the year totaled 1.07 trillion yuan, up 28% from the 836.35 billion yuan a year earlier. The company said output of crude oil rose 2.9% to 870.7 million barrels, while natural gas output was up 14.5% to 1,864.2 billion cubic feet.
DryShips swings to 4th-quarter loss; adjusted net 43c(4:50 am ET)
TEL AVIV (MarketWatch) -- DryShips Inc., (DRYS: news, chart, profile) the Athens provider of shipping services for dry bulk cargoes, swung to a fourth-quarter loss of $1.02 billion from a year-earlier profit on 6.6% lower revenue. The loss in the latest quarter equaled $18.42 a share, compared with net income of $194.4 million, or $5.35 a share, in the year-earlier quarter. Shares outstanding rose 52% to 55.2 million. Excluding a number of special items --among them a non-cash loss of $12.68 a share for impairment of goodwill associated with the acquisition of Ocean Rig ASA -- DryShips earned 43 cents a share in the latest period. A survey of analysts by FactSet Research produced a consensus estimate of a loss of 56 cents for the quarter. Revenue fell to $217.9 million from $233.4 million. DryShips said that after reaching agreement under which certain lenders would waive breaches of loan covenants, it remained in talks with its other lenders on current breaches. Pending the outcome of those talks, DryShips has reclassified $1.8 billion of debt as short-term, the company said.
Smiths Group shares drop 9% after profit declines(4:20 am ET)
LONDON (MarketWatch) -- Shares in the U.K.'s Smiths Group (UK:SMIN: news, chart, profile) fell around 9% in early trading Wednesday after the group said its first-half net profit fell 23% to 108.6 million pounds. The company, which makes medical and security screening equipment, said total revenue rose 19% to 1.29 billion pounds, but that underlying sales, which excluded acquisitions and exchange rate moves, fell 3%, including an 11% drop in underlying sales at its Smiths Detection unit. The dividend was left unchanged at 10.5 pence a share. Smiths said divisional restructuring plan were well underway and it has already achieved 3 million pounds of savings through rationalisation of its corporate headquarters.
Tui swings to loss on cost-cutting moves(3:55 am ET)
LONDON (MarketWatch) -- German tourism and shipping firm Tui (DE:TUI1: news, chart, profile) said it swung to a 141.8 million euro ($191 million) loss during 2008, while revenue rose 17.5% to 18.71 billion euros. Analysts polled by FactSet had forecast a 70 million euro loss. Tui said the losses came from 440 million euros of expenses by mostly held Tui Travel (UK:TT: news, chart, profile) to cut costs, while operating earnings grew 30% in the tourism unit and 19% in the shipping unit. It didn't provide a 2009 outlook, citing the growing uncertainties in the financial and real markets. But Tui Travel is looking for a slight rise in underlying earnings due to higher synergies and stable product margins, which could offset a weak pound and a further downturn in tourism markets. Based on the current earnings estimates for TUI Travel, TUI Hotels & Resorts and Cruises, the Tui Group expects a stable development of operating earnings in tourism, its core business. Container shipping is expected to post a substantial decline in earnings.
Inditex 2008 net income at 1.25 billion euros, flat vs. 2007(3:49 am ET)
MADRID (MarketWatch) -- Spanish retailer Inditex SA (ES:ITX: news, chart, profile) on Wednesday reported 2008 net income at 1.25 billion euros ($1.68 billion) in 2008, unchanged from 2007. The figure was in line with a Reuters poll of nine analysts calling for net income of 1.23 billion euros. The group reported sales for the year up 10% to 10.4 billion euros against sales of 9.4 billion euros in 2007, and said February comparable sales in local currencies excluding calendar effects rose 9%. The group proposed a dividend of 1.05 euros per share. Inditex said it opened 4,264 new stories in 2008 versus 3,691 stores in 2007. The company said while it sees another challenging year ahead for the sector, it expects to continue outperforming the industry, and will strengthen its focus on capital efficiency.
Eurasian Natural profit surges, CFO to leave in June(3:48 am ET)
LONDON (MarketWatch) -- Miner Eurasian Natural Resources Corp. (UK:ENRC: news, chart, profile) said Wednesday that its 2008 net profit rose to $2.64 billion from $798 million as revenue grew 66% to $6.82 billion. The group said underlying earnings before interest, taxes, depreciation and amortization rose 117% to $4.2 billion. Eurasian said sales in the first quarter of 2009 have been better than expected, but it is not yet clear whether this is sustainable and that any sustainable recovery before 2010 seems unlikely. It will therefore maintain production cutbacks of 35% in ferroalloys and 40% in iron ore at least through the first half of 2009. Separately the group announced that its CEO Johannes Sittard has extended his contract and will remain with the group up to Sept. 30, 2010, while Chief Financial Officer Miguel Perry has given notice that he will step down on June 30.
Sainsbury comparable sales excluding fuel rise 6.2%(3:38 am ET)
LONDON (MarketWatch) -- U.K. supermarket operator J Sainsbury (UK:SBRY: news, chart, profile) said Wednesday that comparable sales excluding fuel rose 6.2% in the fourth quarter. Including fuel, comparable sales rose 2.7%. The company also said total sales for the quarter were up 3.4%, or 6.8% excluding fuel. The group said both the number of transactions and the basket size had increases compared to a year earlier, adding that it expects the economic environment to remain challenging. Analysts had been expecting comparable sales excluding fuel to rise 5.5%.
Imperial Tobacco sees in-line performance(3:24 am ET)
LONDON (MarketWatch) -- Imperial Tobacco (ITY: news, chart, profile) (UK:IMT: news, chart, profile) said fiscal year to Sept. 30 performance remains in line with expectations. It noted that it's been selectively hiking prices in the U.S. ahead of tax rises on April 1. The company said it's on track to achieve 180 million euros of savings from the Altadis deal by the end of the financial year. A better than expected performance in its Rest of the World region being offset by the Rest of European Union, particularly in Poland, The Netherlands and travel retail. Also, Alison Cooper was named to the new role of chief operating officer
Arbitron to cut 10% of jobs, take charge; affirms estimates(3:06 am ET)
TEL AVIV (MarketWatch) -- Arbitron Inc., (ARB: news, chart, profile) the Columbia, Md., media- and marketing-research firm, said late on Tuesday that as part of a companywide cost-cutting plan, it would pare 10% of its full-time jobs. The company expects a first-quarter charge of $8 million to $9 million for severance and benefits. The move, to be completed in the first quarter, should save $10 million a year beginning in 2010, Arbitron said. And the savings in 2009 should offset the first-quarter charge, the company said. Meantime, the company affirmed its earnings estimates for 2009. Arbitron expects to earn $1.40 to $1.55 a share, up 3% to 14% from $1.36 in 2008. Revenue should rise 6% to 10% from 2008's $368.8 million.
Wharf 2008 net income falls 52% to $806.5 million(1:47 am ET)
HONG KONG (MarketWatch) -- Wharf Holdings (HK:4: news, chart, profile) , a conglomerate with holdings ranging from property development, retail, telecommunications and ports, said Wednesday 2008 net income totaled HK$6.25 billion ($806.5 million), down 52% from HK$13.14 billion a year earlier. The company declared a final dividend of HK$0.44 per share, unchanged from a year earlier. Revenue fell 2% to HK$15.94 billion from HK$16.21 billion. Revenue from property development fell to HK$710 million compared to HK$2.34 billion a year earlier, reflecting the impact of slower property sales. Wharf is a unit of Wheelock & Co. (HK:20: news, chart, profile) .
Tuesday, March 24
Jabil Circuit loss almost doubles to $42.1 million(4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Jabil Circuit Inc. (JBL: news, chart, profile) on Tuesday reported a fiscal second-quarter loss of $42.1 million, or 20 cents a share, compared with a loss of $24 milion, or 12 cents a share in the same period a year ago. Excluding one-time items, Jabil reported core earnings of $27.3 million, or 13 cents a share. Revenue declined by 5.6% to $2.9 billion from $3.06 billion a year ago. Analysts surveyed by FactSet Research had forecast the company to earn 13 cents a share on $2.8 billion in sales. For its fiscal third quarter, Jabil estimates it will lose between 7 cents and 23 cents a share on revenue in a range of $2.5 billion to $2.7 billion.
icon url

3xBuBu

03/26/09 6:20 PM

#786 RE: 3xBuBu #699

Thursday, March 26
Accenture quarterly net $411 mln; cuts outlook(4:31 pm ET)
SAN FRANCISCO (MarketWatch) -- Accenture Ltd. (ACN: news, chart, profile) said late Thursday that fiscal second-quarter net income came in at $411 million, up 1% from a year earlier when the consulting and out-sourcing firm made $407 million. Net income per share, which includes minority interests in some Accenture businesses, came in at 63 cents versus 64 cents a year earlier. Net revenues were $5.27 billion, down 6% in U.S. dollars and up 3% in local currency over the second quarter last year, Accenture said. Operating income grew 6% to $677 million, while the operating margin grew 150 basis points to 12.9%. Accenture cut its fiscal full-year forecasts for new bookings, net revenue growth, diluted earnings per share and cash flow because of the economic downturn.
GameStop earnings per share up 22% in quarter(8:42 am ET)
NEW YORK (MarketWatch) -- GameStop Corp. (GME: news, chart, profile) said Thursday that fourth-quarter earnings rose to $232 million, or $1.39 a share, compared to $190 million, or $1.14 a share, a year ago. Sales rose to $3.49 billion compared to $2.87 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of $1.34 and sales of $3.48 billion. The company sees 2009 earnings-per-share growth of 18% to 22%.
ConAgra earnings from continuing operations up 27% (7:43 am ET)
NEW YORK (MarketWatch) -- ConAgra Foods (CAG: news, chart, profile) said Thursday that its third-quarter earnings per share from continuing operations were 43 cents a share compared to 34 cents a share a year ago. Excluding items, earnings per share were 40 cents compared to 34 cents a year ago. Analysts polled by FactSet Research estimated, on average, earnings per share of 38 cents. For 2009 ConAgra expects earnings per share slightly above $1.50.
Dr Pepper Snapple posts quarterly loss of $2.44 a share (7:19 am ET)
NEW YORK (MarketWatch) -- Dr Pepper Snapple Group (DPS: news, chart, profile) said Thursday that it lost $621 million, or $2.44 a share, in the fourth quarter. In the same period a year ago the beverage company earned $138 million, or 54 cents a share. The company reported a $696 million, or $2.74 a share, non-cash, after-tax impairment charge in the quarter. Excluding items, the bottler made 39 cents a share compared to 48 cents. Sales were $1.38 billion compared to $1.39 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 32 cents and sales of $1.27 billion. The Plano, Tex. firm said 2009 earnings per share, excluding items, are expected to be $1.59 to $1.67 and 2009 reported earnings per share are expected to be $1.71 to $1.79.
PV Crystalox Solar drops after results, outlook(4:43 am ET)
LONDON (MarketWatch) -- PV Crystalox Solar (UK:PVCS: news, chart, profile) slumped 5% in early London trade as the multicrystalline silicon wafers maker reported results. Its profit more than doubled to 103 million euros, with revenue up 4% to 274 million euros. Its final dividend of 4 euros a share, which it pays in sterling, is up 60% from last year. It said the dramatic contraction in the PV market in Spain coupled with the effects of the global economic crisis will result at best in flat market demand in 2009. The current economic uncertainties and lack of market visibility mean that it's not confident at this stage that shipment volumes of 275MW wafers that it has contracts for will be achieved.
Wendel shares rally as CEO to leave(4:25 am ET)
LONDON (MarketWatch) -- Shares of French investment holding group Wendel (FR:MF: news, chart, profile) rallied nearly 6% in early Paris trade, as the firm reported a slump in profit and said CEO Jean-Bernard Lafonta was leaving in May. Its profit fell to 158 million euros from 879 million euros, with the company blaming a 292 million euro charge. The company will pay a 1 euro per share dividend. Lafonta, who has run the firm for eight years, said he was leaving because the firm needs unified family shareholders. The company reiterated its support for the investment in Saint-Gobain (FR:SGO: news, chart, profile) in which Wendel intends to remain a long-term shareholder.
3i Group shares drop over 7% as valuations fall further(4:15 am ET)
LONDON (MarketWatch) -- Shares in private equity firm 3i Group (UK:III: news, chart, profile) fell 7.1% in early trading Thursday after the company said the valuation of its portfolio will inevitably be impacted by further falls in stock markets since the end of 2008 and by tougher general economic conditions. The firm said it's made progress on reducing net debt and realized profits were 181 million pounds ($264 million) in January and February, taking the total for the first 11 months of its fiscal year to 1.1 billion pounds. It also made some changes to the way it values assets, saying no assets will be held at cost at the end of March and some non-core assets will be valued on their expected disposal proceeds.
H&M first quarter net income falls 12% to SEK2.58 billion(4:02 am ET)
MADRID (MarketWatch) -- Swedish retailer Hennes & Mauritz AB (SE:HMB: news, chart, profile) (HNNMY: news, chart, profile) on Thursday said its first-quarter net income fell 12% to 2.58 billion Swedish kronor ($320 million), or 3.11 kronor a share, from 2.9 billion kronor, or 3.55 kronor a share in the same period a year ago. A Dow Jones/FactSet survey of nine analysts was expecting net profit of 2.95 billion kronor. Sales for the quarter rose 18% to 23.30 billion kronor against 19.7 billion kronor a year ago. The company said operating profit fell to 3.36 billion kronor against 3.8 billion kronor a year ago. H&M said sales were affected by a "continued restrained consumption due to the current recession. Online and catalog sales have continued to develop positively.
LSE daily trading value down 26% after equity market slump(3:55 am ET)
LONDON (MarketWatch) -- London Stock Exchange (UK:LSE: news, chart, profile) said Thursday that the average daily number of trades across the LSE and Borsa Italiana in the 11 months ended Feb. 28, rose 8% to 988,000, while the average daily value traded dropped 26% to 9.9 billion pounds ($14.5 billion) as equity markets fell. The exchange operator added that the total amount of money raised across its markets soared 86% to a record 84 billion pounds as numerous companies raised new capital. CEO Clara Furse said the group is continuing to trade in line with the board's expectations for the fiscal year.
Next profit down 15%, sees comparable sales falling further(3:43 am ET)
LONDON (MarketWatch) -- U.K. clothing retailer Next (UK:NXT: news, chart, profile) said Thursday that its net profit for the year ended Jan. 31 fell 15% to 302.4 million pounds ($441.6 million) as revenue dropped 1.7% to 3.27 billion pounds. Pretax profit fell 14% to 428.8 million pounds, in line with expectations. The group said it will pay a final dividend of 37 pence a share, making a total of 55 pence a share for the year, which is unchanged from the previous year. The group said comparable sales in its retail business were down 6.5% and it expects comparable sales to fall between 6% and 9% in the first half of the current fiscal year. It added net debt has been reduced by 111 million pounds to 629 million pounds, which is well within its available debt facilities of more than 1 billion pounds.
Man Group to launch new business as profit falls around 43%(3:30 am ET)
LONDON (MarketWatch) -- U.K. hedge fund manager Man Group (UK:EMG: news, chart, profile) said Thursday that it expects to report profit before tax and one-off items of $1.2 billion for the year ended March 31, down around 43% from $2.1 billion in the previous year. The statement came as it also announced plans to launch a new investment management business to help meet investor demands for increased transparency and governance. The group said Funds under management are currently estimated at $47.7 billion, down from $53.3 billion at the end of December. Man Group said it will maintain its final dividend at 24.8 cents a share, giving a total dividend for the year of 44 cents a share.
Kingfisher profit down 24% on China hit(3:18 am ET)
LONDON (MarketWatch) -- Home improvement retailer Kingfisher (UK:KGF: news, chart, profile) said its annual profit fell 24% to 272 million pounds after 160 million pounds of charges, including a 124 million pound write-off in China. Its adjusted profit rose 3%, and sales rose 11% to 10 billion pounds, as growth in Poland and France offset falls in China and the U.K. For the year, its dividend was cut by 27% to 5.32 pence. In China, its store portfolio will be cut from 63 to 41 and all remaining stores revamped in a bid to make the unit profitable.
Hutchison Whampoa, Cheung Kong 2008 profits tumble(1:11 am ET)
HONG KONG (MarketWatch) -- Hong Kong-based diversified conglomerate Hutchison Whampoa (HK:13: news, chart, profile) (HUWHY: news, chart, profile) Thursday reported a 42% slump in 2008 profit on higher costs. Net income for the company controlled by billionaire Li Ka-shing dropped to HK$17.66 billion ($2.26 billion), or HK$4.14 a share, from HK$30.60 billion in 2007. The drop in profit was also because performance in 2007 was boosted by gains made by associated companies on sale of certain investments. Meanwhile, 2008 profit at Hutchison's associate and Hong Kong property major Cheung Kong Holdings (HK:1: news, chart, profile) (CHEUY: news, chart, profile) tumbled 44% to HK$15.52 billion. The decline came on a lower contribution of profit from Hutchison as well as a decline in returns from investments. Hutchison shares rose 3.3% and Cheung Kong added 2.1% in Hong Kong's morning trading session, before the announcements.
Wednesday, March 25
Red Hat profit slips, as revenue grows 18%(4:08 pm ET)
SAN FRANCISCO (MarketWatch) - Red Hat Inc. said Wednesday its fiscal fourth-quarter net income slipped to $16 million, or 8 cents a share, from $22 million, or 10 cents a share in the same period a year earlier. The Raleigh, N.C.-based provider of open-source software used by businesses (RHT: news, chart, profile) said revenue for the period ended in February rose 18% to $166.2 million. Excluding special items, Red Hat said earnings for the quarter would have been 22 cents a share. Analysts on average had estimated the company would post earnings excluding special items of 20 cents a share and $166.9 million in revenue, according to Thomson Reuters.
icon url

3xBuBu

03/27/09 7:54 PM

#787 RE: 3xBuBu #699

Friday, March 27
Goldman CEO compensation drops 98% to $1.1 mln in 2008(5:52 pm ET)
SAN FRANCISCO (MarketWatch) -- Goldman Sachs Group (GS: news, chart, profile) paid Chief Executive Lloyd Blankfein $1.11 million in total compensation for 2008, down 98% from the year before, according to the investment bank's proxy statement, which was filed late Friday with the Securities and Exchange Commission. In 2007, Blankfein received $70.3 million in total compensation. The 2008 pay comprised a $600,000 salary, $277,828 in stock awards and $235,943 in other compensation, such as life insurance premiums, Goldman disclosed. Goldman didn't grant any stock to its top five executives for 2008, so Blankfein's $277,828 stock award reflects the firm's accounting of grants from previous years, the firm explained.
Goldman may be buyer in troubled asset plan, CEO tells CNBC (2:16 pm ET)
SAN FRANCISCO (MarketWatch) -- Goldman Sachs (GS: news, chart, profile) may be a buyer rather than a seller if it takes part in the government's latest plan to cleanse banks of troubled assets, Chief Executive Lloyd Blankfein told CNBC Friday. Morgan Stanley (MS: news, chart, profile) Chief Executive John Mack said the firm marks all its assets to market, making it less likely it will be a seller in the Public-Private Investment Program, or PPIP. Goldman's Blankfein also said the firm is "anxious" to get the results of the government's so-called stress test, which is scheduled to be completed by the end of April. He said the firm is already confident about its financial strength, but needs to hear what regulators think. After that, Goldman may be in a position to repay money it got last year from the government's Troubled Asset Relief Program. Blankfein noted that repaying TARP money is in taxpayers' interests.
J.P. Morgan doesn't need to raise equity, Dimon tells CNBC(2:01 pm ET)
SAN FRANCISCO (MarketWatch) -- J.P. Morgan Chase & Co. (JPM: news, chart, profile) doesn't need to raise equity capital, Chief Executive Jamie Dimon told CNBC Friday. Dimon also said March has been "a little tougher" than January and February. Dimon was speaking after a meeting between President Barack Obama and CEOs of the nation's largest banks. Dimon said J.P. Morgan is looking for guidance from the Treasury Department about when to repay money the bank got last year from the Troubled Asset Relief Program. He also noted that Wall Street compensation practices "went too far" and that banks made a lot of mistakes in this area.
KB Home loss lessens (8:07 am ET)
NEW YORK (MarketWatch) -- Homebuilder KB Home (KB: news, chart, profile) said Friday its fiscal first quarter loss shrank to $58.1 million, or 75 cents a share, from a loss of $268.2 million, or $3.47 a sahre last year. Revenue fell to $307.3 million from $794.2 million, the firm said.
Commerzbank shares advance after update on Dresdner(7:06 am ET)
LONDON (MarketWatch) -- Shares in Germany's Commerzbank (DE:CBK: news, chart, profile) (CRZBY: news, chart, profile) rose around 9% Friday after the group restated its 2008 results to include the acquired Dresdner Bank business and said it aims to raise around 20 billion euros ($27 billion) of funds in the capital markets in 2009. The bank said the combined business made a net loss of 6.57 billion euros in 2008, with 6.28 billion euros of that coming from Dresdner. The bank said it's issued bonds totalling around 7.75 billion euros this year, and that, including private placements, it has already achieved more than 50% of its total refinancing requirements for 2009. It also said net interest income should continue to rise in 2009, though it will face restructuring expenses of around 2 billion euros.
Dairy Crest sells joint venture stake, sees trading in line(3:58 am ET)
LONDON (MarketWatch) -- Dairy Crest Group (UK:DCG: news, chart, profile) said Friday that it's sold its 49% stake in Yoplait Dairy Crest for 63.5 million pounds ($92 million) to the Yoplait Group as it also said trading for the fiscal year remains in line with expectations. The group said proceeds from the sale of its stake in the joint venture will be used to repay debt, increasing the available headroom under its banking covenants.
Monte Paschi profit down 47%, seeks 1.9 bln euros of aid(3:48 am ET)
LONDON (MarketWatch) -- Italy's Banca Monte dei Paschi di Siena (BMDPY: news, chart, profile) said Friday that it's fourth-quarter net profit fell 47% to 281.9 million euros ($392.6 million) from 529 million euros as it also said it will apply for 1.9 billion euros of aid from the Italian government. The group, which is also cutting its dividend to 0.013 euros a share, said the sale of bonds to the Italian government will raise its Tier 1 capital ratio to around 7.1% from 5.6% at the end of 2008. It intends to repay the bonds by June 2013 with the revenue from its asset disposal process, which was started last year. The bank said impairments on goodwill and financial assets in the quarter jumped to 399.6 million euros from 46.7 million euros a year earlier.
Air France warns of annual loss, this year and next(2:47 am ET)
LOS ANGELES (MarketWatch) -- Air France-KLM Group (FR:003112: news, chart, profile) said late Thursday it expects to post a 200 million euro ($272 million) loss for its fiscal year ending March 31, and will likely show a loss for the coming fiscal year as well. Europe's largest airline said fuel hedging losses and a drop-off in both passenger and cargo demand were responsible for the results.
Thursday, March 26
Accenture quarterly net $411 mln; cuts outlook(4:31 pm ET)
SAN FRANCISCO (MarketWatch) -- Accenture Ltd. (ACN: news, chart, profile) said late Thursday that fiscal second-quarter net income came in at $411 million, up 1% from a year earlier when the consulting and out-sourcing firm made $407 million. Net income per share, which includes minority interests in some Accenture businesses, came in at 63 cents versus 64 cents a year earlier. Net revenues were $5.27 billion, down 6% in U.S. dollars and up 3% in local currency over the second quarter last year, Accenture said. Operating income grew 6% to $677 million, while the operating margin grew 150 basis points to 12.9%. Accenture cut its fiscal full-year forecasts for new bookings, net revenue growth, diluted earnings per share and cash flow because of the economic downturn.
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3xBuBu

03/30/09 11:54 PM

#788 RE: 3xBuBu #699

Monday, March 30
Cal-Maine Foods profit down 46% as restaurant demand weakens(6:40 am ET)
LONDON (MarketWatch) -- Cal-Maine Foods Inc. (CALM: news, chart, profile) said Monday that its fiscal third-quarter net profit fell 46% to $30.8 million, or $1.29 a share, from $57.2 million, or $2.41 a share, a year earlier. Revenue at the egg producer fell 2.9% to $270 million. Cal-Maine said egg prices were lower than the record levels of a year earlier and demand from the restaurant industry was hit by the slower economy, though demand from retail stores was very good.
888 Holdings profit up 8.6%, inks deal with Racing Post(2:31 am ET)
LONDON (MarketWatch) -- U.K. online gambling firm 888 Holdings (UK:888: news, chart, profile) said Monday that its 2008 net profit rose 8.6% to $37.2 million, or 10.7 cents a share, from $34.2 million, or 9.9 cents a share, a year earlier. Revenue for the year rose 20% to $256.9 million. The group said revenue from its casino business rose 14%, while poker revenue grew 4%. The group said it will pay a final dividend for the year of 2.9 cents, taking the total payout for the year to 5.4 cents. It also said it would ask shareholders for general authority to repurchase its own shares, but didn't provide details on any plans to purchase shares. Separately the group also inked a new partnership with the Racing Post newspaper to provide it with a white-labelled casino and poker service.
Friday, March 27
Goldman CEO compensation drops 98% to $1.1 mln in 2008(5:52 pm ET)
SAN FRANCISCO (MarketWatch) -- Goldman Sachs Group (GS: news, chart, profile) paid Chief Executive Lloyd Blankfein $1.11 million in total compensation for 2008, down 98% from the year before, according to the investment bank's proxy statement, which was filed late Friday with the Securities and Exchange Commission. In 2007, Blankfein received $70.3 million in total compensation. The 2008 pay comprised a $600,000 salary, $277,828 in stock awards and $235,943 in other compensation, such as life insurance premiums, Goldman disclosed. Goldman didn't grant any stock to its top five executives for 2008, so Blankfein's $277,828 stock award reflects the firm's accounting of grants from previous years, the firm explained.
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3xBuBu

03/31/09 8:31 PM

#789 RE: 3xBuBu #699

Tuesday, March 31
Apollo Group reports quarterly profit of 77 cents a share (4:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Apollo Group Inc. (APOL: news, chart, profile) late Tuesday reported it recovered to a net income of $125.3 million, or 77 cents a share, in the second quarter from a net loss of $32 million, or 19 cents a share, a year earlier. Revenue rose to $876.1 million from $693.6 million a year ago due to a 20.4% rise in degree enrollments, the Phoenix-based education company said. Analysts polled by FactSet Research had forecast earnings of 64 cents a share on revenue of $840.1 million.
Lennar loss widens after charges(6:57 am ET)
LONDON (MarketWatch) -- Home builder Lennar Corp. (LEN: news, chart, profile) said late Monday that its fiscal first-quarter net loss widened to $155.9 million, or 98 cents a share, from $88.2 million, or 56 cents a share, a year earlier. Revenue for the quarter fell 44% to $593.1 million. CEO Stuart Miller said that low consumer confidence, increased unemployment and growing foreclosure rates hurt new home sales in most of its markets. The firm said its loss included a 35 cents-a-share charge related to valuation adjustments and a 36 cents-a-share charge from a non-cash deferred tax asset valuation allowance. Analysts polled by FactSet had been expecting a loss of 82 cents a share on revenue of $530.2 million. Profit forecasts generally exclude one-off items. Lennar said it ended the period with $1.1 billion in cash and no outstanding borrowing under its credit facility. It also said it's reduced the number of unconsolidated joint ventures to 95 from 116.
Cairn Energy swings to operating profit, India arm on track(2:53 am ET)
LONDON (MarketWatch) -- Cairn Energy Plc (UK:CNE: news, chart, profile) on Tuesday said its 2008 net profit fell 77% to $348.8 million as revenue for the year rose 4% to $299.3 million. The group said its bottom line included a $355.8 million gain on the disposal of subsidiaries. It reported an operating profit of $42.7 million, compared to a loss of $76.2 million a year earlier. Production fell to 76,298 barrels of oil equivalent per day from 87,031 barrels, though the company also said it is on track to start production in India in the third quarter, which will initially add a further 30,000 barrels a day.
Icap sees profit within analyst range, cuts costs(2:41 am ET)
LONDON (MarketWatch) -- U.K. Inter-dealer broker Icap (UK:IAP: news, chart, profile) said Tuesday that it expects adjusted pretax profit for the year ending March 31 to be within the range of analysts' current forecasts and remains "very positive" about its medium-term outlook. Icap said the last quarter of its financial year saw activity in the wholesale financial markets slow compared to the same period a year earlier. The group added it's identified 38 million pounds ($54 million) of cost cuts, with 15 million pounds due this financial year and the remainder in fiscal 2010. Icap is part of a consortium that it considering a possible bid for clearinghouse LCH Clearnet Group. The firm said discussions over an offer are continuing.
Fortis posts $36.9 bln loss following sale of banking arms(2:27 am ET)
LONDON (MarketWatch) -- Belgian financial services group Fortis (BE:FORB: news, chart, profile) said Tuesday that it swung to a net loss of 28 billion euros ($36.9 billion) in 2008 due to a massive loss linked to the sale of its banking activities after the group was broken up last year. The firm said the disposal of its banking operations resulted in a loss of 29.4 million euros, while the sale of its Dutch insurance activities generated a profit of 2 billion euros. Net profit at its remaining insurance businesses for the year was 6 million euros after it took a further 639 million euro hit to its investment portfolio.
Toyota Motor to cut dividend for first time since March 1995(2:22 am ET)
HONG KONG (MarketWatch) -- Toyota Motor Corp (JP:7203: news, chart, profile) (TM: news, chart, profile) is planning to cut this year's annual dividend significantly from levels in the prior fiscal year, the Nikkei newspaper reported in its Tuesday evening edition, citing unnamed company sources. Last fiscal year, Toyota declared a year-end dividend of 75 yen per share, bringing dividends for the full year to 140 yen per share. Toyota's expected dividend cut will be the first for the automaker since close of books in the fiscal year ending March 1995, the report said.
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3xBuBu

04/01/09 9:07 PM

#790 RE: 3xBuBu #699

Wednesday, April 1
Energy stocks fall ahead of weekly supply data(9:38 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell ahead of weekly petroleum storage data due out during the session. The Amex Oil Index (XOI: news, chart, profile) dropped 1.9% to 837. The Amex Natural Gas Index (XNG: news, chart, profile) fell 1.3% to 341. BP (BP: news, chart, profile) dropped 2.1% to $39.24 after Goldman Sachs downgraded the oil major to sell. Crude futures retreated $2.20 to $47.46 a barrel.
Venture-backed company M&A falls to six-year low(7:43 am ET)
NEW YORK (MarketWatch) -- Venture capitalists generated $3.2 billion in liquidity through mergers or acquisitions of 68 portfolio companies in the first quarter, according to a survey released Wednesday by Dow Jones VentureSource. The figure represents a 65% drop from the $9.1 billion in liquidity generated in the first quarter of 2008 and the lowest quarterly total since 2003. The largest transaction in the first quarter was Medtronic's (MDT: news, chart, profile) $700 million acquisition of Irvine, Calif.-based medical device-maker CoreValve. Medtronic also bought Ablation Frontiers, a Carlsbad, Calif.-based medical device company, for $225 million. MarketWatch, the publisher of this report, and Dow Jones VentureSource are both units of News Corp. (NWS: news, chart, profile) .
Tuesday, March 31
Apollo Group reports quarterly profit of 77 cents a share (4:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Apollo Group Inc. (APOL: news, chart, profile) late Tuesday reported it recovered to a net income of $125.3 million, or 77 cents a share, in the second quarter from a net loss of $32 million, or 19 cents a share, a year earlier. Revenue rose to $876.1 million from $693.6 million a year ago due to a 20.4% rise in degree enrollments, the Phoenix-based education company said. Analysts polled by FactSet Research had forecast earnings of 64 cents a share on revenue of $840.1 million.
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3xBuBu

04/02/09 7:42 PM

#791 RE: 3xBuBu #699

Thursday, April 2
Research In Motion earnings jump in fourth quarter(4:15 pm ET)
SAN FRANCISCO (MarketWatch) - Research In Motion Ltd. said Thursday afternoon that earnings jumped nearly 26% in the fourth fiscal quarter on strong sales of the company's BlackBerry line of smartphones. For the quarter ended Feb. 28, RIM (RIMM: news, chart, profile) said earnings came in at $518.3 million, or 90 cents a share, compared to earnings of $412.5 million, or 72 cents a share, for the same period last year. Revenue rose 25% to $3.46 billion for the quarter. Analysts were expecting earnings of 84 cents a share on revenue of $3.41 billion, according to consensus estimates from FactSet Research.
Bombardier to cut 3,000 jobs, reports 42% rise in profit(6:19 am ET)
LONDON (MarketWatch) -- Canadian aerospace and transportation group Bombardier Inc. (CA:BBDA: news, chart, profile) (CA:BBDB: news, chart, profile) said Thursday that its fiscal fourth-quarter net profit rose 42% as it also announced plans to cut another 3,000 jobs amid falling demand for business aircraft. The group said profit rose to $309 million, or 17 cents a share, from $218 million, or 12 cents a share, as revenue grew 3% to $5.43 billion. The result matched the consensus forecast. The firm said, however, that demand for business aircraft deteriorated rapidly in the second half of 2008 and it now expects deliveries of business aircraft in the current fiscal year to fall 25%. The group said it's revising down all its business and regional jets production rates and will cut a further 10% of the workforce in the aerospace unit, or around 3,000 employees, at its facilities in Canada, the U.S., Mexico and Northern Ireland by the end of 2009.
Tate & Lyle sees pretax profit marginally below guidance(2:39 am ET)
LONDON (MarketWatch) -- U.K. sugar producer Tate & Lyle (UK:TATE: news, chart, profile) said Thursday that its pretax profit for the year ended March 31 will be "marginally below" previous guidance, which had indicated it would be roughly in line with the prior year. The firm said that the mix of profits has reduced the tax rate, so earnings per shares are expected to be broadly in line with market expectations. Tate & Lyle said the U.K. sugar market remains extremely competitive and profit performance at the division will be modest until the next institutional price change in October. Volumes and profits in the sucralose business improved over the previous quarter but were down from a year earlier. The group also said debt was around 150 million pounds ($217 million) lower than a year earlier at less than 1.25 billion pounds.
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3xBuBu

04/03/09 8:28 PM

#792 RE: 3xBuBu #699

Friday, April 3
Natus Medical warns on profit, citing order delays(6:19 am ET)
LONDON (MarketWatch) -- Medical equipment maker Natus Medical Inc. (BABY: news, chart, profile) warned on first-quarter profit and sales, citing delays from hospital spending on capital equipment. "We have been working on several large capital equipment orders that were expected to ship in the first quarter. While these orders were not placed, we believe that they have been pushed out to later in the year and not lost. The exact timing of these orders, however, remains uncertain," said CEO Jim Hawkins. It expects first-quarter earnings between 1 and 2 cents a share on sales between $32.5 million and $33.5 million. It previously forecast earnings between 6 and 8 cents a share on sales between $37 million and $38 million.
RBS would have made profit without ABN, will cut more jobs(2:38 am ET)
LONDON (MarketWatch) -- Royal Bank of Scotland (UK:RBS: news, chart, profile) (RBS: news, chart, profile) Chairman Philip Hampton said Friday that the bank will cut more jobs this year, but it doesn't yet know how many positions will go. In an extract from a speech published ahead of the bank's annual meeting, Hampton said the acquisition of parts of ABN Amro was the key decision that led to RBS' problems and that the bank would have made an operating profit before goodwill impairments if it wasn't for the acquisition. Hampton also reaffirmed that the bank is taking legal advice over whether the pension deal given to former CEO Fred Goodwin can be altered, but said it's not in the best interests of the bank for the debate to go on and on. Hampton added that current CEO Stephen Hester, at his own insistence, has a clause in his contract ensuring he will receive no reward if he leaves the company "for reasons of failure."
Thursday, April 2
Research In Motion earnings jump in fourth quarter(4:15 pm ET)
SAN FRANCISCO (MarketWatch) - Research In Motion Ltd. said Thursday afternoon that earnings jumped nearly 26% in the fourth fiscal quarter on strong sales of the company's BlackBerry line of smartphones. For the quarter ended Feb. 28, RIM (RIMM: news, chart, profile) said earnings came in at $518.3 million, or 90 cents a share, compared to earnings of $412.5 million, or 72 cents a share, for the same period last year. Revenue rose 25% to $3.46 billion for the quarter. Analysts were expecting earnings of 84 cents a share on revenue of $3.41 billion, according to consensus estimates from FactSet Research.
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3xBuBu

04/05/09 9:45 PM

#793 RE: 3xBuBu #699

ER Week 09-04-06

Tuesday ER Watch
AC
AC
NA

Wednesday ER Watch
AC
BO
NA