Thursday, April 9
Chevron warns of "sharply lower" quarterly earnings (5:32 pm ET)
SAN FRANCISCO (MarketWatch)-- Chevron Corp. (CVX: news, chart, profile) said late Thursday it expects its first-quarter 2009 earnings to be "sharply lower" than in the fourth quarter of 2008. While it did not provide specific earnings estimates, the company said in its interim quarterly update that weak energy demand and falling oil and gas prices worldwide had cut into its results, offsetting production gains. At the same time, the San Ramon, Calif.-based company said that with the exception of the U.S. West Coast region, its refining margins fell worldwide in the first months of the year. Chevron is scheduled to release its first-quarter results on May 1. Chevron shares rose 1.1% ahead of the interim report to close at $69.23.
Departing Symantec CEO to make $500,000 a year as chairman(4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- Symantec Corp. (SYMC: news, chart, profile) said Thursday departing Chief Executive John Thompson will earn $500,000 annually to remain as chairman of the board of directors at the security software maker. Thompson announced his retirement in November, after leading Cupertino, Calif.-based Symantec for nearly ten years. Former chief operating officer Enrique Salem became acting CEO earlier this month. Effective April 4, Thompson began earning his new salary, and will also recieve benefits including severance pay and a $10,000 reimbursement for his "individual financial planning strategy and income tax preparation in relation to the 2009 tax year," the company said.
Ross March same-store sales rise 3% to beat expectation(8:40 am ET)
NEW YORK (MarketWatch) -- Ross Stores, Inc. (ROST: news, chart, profile) Thursday reported its March sales at stores open at least one year grew 3% from a year ago. Analysts had expected a decline of 3.9%, according to Thomson Reuters. Sales for the five weeks ended April 4 increased 8% to $682 million from $633 million. "We believe our business continues to benefit from our ability to deliver compelling bargains to today's increasingly value-focused consumers," said Michael Balmuth, chief executive officer of Ross, in a statement. "Better-than-expected weather also contributed to our strong performance during the month."
J.C. Penney trims Q1 loss estimate(8:38 am ET)
NEW YORK (MarketWach) -- J.C. Penney (JCP: news, chart, profile) said Thursday that March same-store sales fell 7.2%, better than the Wall Street estimate for a loss of 10.5% in a survey of analysts by Thomson Reuters. Total sales fell 5.4% to $1.46 billion. J.C. Penney said it now expect a first-quarter loss of 5 cents to 10 cents a share, compared to its earlier view for a loss of 20 cents to 30 cents a share. Both estimates include the negative impact of 23 cents a share in non-cash pension plan expenses.
TJX to beat earnings target on rise in same-store sales(8:26 am ET)
NEW YORK (MarketWatch) -- The TJX Companies Inc. (TJX: news, chart, profile) on Thursday said March same-store sales rose 2%. Analysts expected the Framingham, Mass. retailer to post a decline of 2.1% in same-store sales, according to a survey by Thomson Reuters. TJX said total sales for the five-week period ended April 4 remained flat at $1.7 billion. The company now expects first-quarter earnings at or slightly above the high end of its previously forecast 32-38 cents a share, compared to the Wall Street target of 35 cents a share in a survey of analysts by FactSet Research.
Abercrombie & Fitch March same-store sales down 34%(8:17 am ET)
NEW YORK (MarketWatch) -- Abercrombie & Fitch Thursday reported its March sales at stores open at least one year fell 34% from a year ago. Analysts had expected a decline of 24%, according to Thomson Reuters. Net sales for the five-week period ended April 4 dropped 29% to $235.1 million from $330.2 million. The company reported a net sales decrease of 27% to $409.7 million so far this year, from $559.1 million last year.
Wal-Mart same-store sales miss target (8:12 am ET)
NEW YORK (MarketWatch) -- Wal-Mart Stores Inc. (WMT: news, chart, profile) said Thursday March same-store sales in the U.S. rose 1.4%, excluding fuel. Analysts expected an increase of 3.2%, according to a survey of analysts by Thomson Reuters. The world's largest retailer said net sales for the five weeks ended April 3 fell 1.9% to $36.2 billion. Wal-Mart said it expects first-quarter earnings from continuing operations to be toward the high end of its range of 72 to 77 cents a share. Analysts expect earnings of 76 cents a share, according to a survey by FactSet Research.
Wells Fargo projects record first quarter profits(8:13 am ET)
NEW YORK (MarketWatch) -- Wells Fargo & Co. (WFC: news, chart, profile) said Thursday it expects to report record profits for the first quarter of roughly $3 billion, or 55 cents a share. The projected numbers are after preferred dividends, including $372 million in dividends paid to the U.S. government, are taken into account. Analysts surveyed by FactSet Research are expecting, on average, profits of 31 cents a share. Wells Fargo said it expects total revenue for the quarter to be $20 billion. The firm will report its first-quarter results on April 22.
Manchester United owner takes loss as debt rises: report(7:17 am ET)
LONDON (MarketWatch) -- Red Football Joint Venture, the company that owns Manchester United Football Club, made a pretax loss of 44.8 million pounds ($65.6 million) in the year to June 2008, according to a Sky News report Thursday. The company, controlled by the Glazer family, reported a 25% jump in revenue to 257 million pounds, while net debt rose to 649 million pounds from 606 million pounds. The results included a 69 million pounds of interest payments and a 35 million pound goodwill write-down.
Destination Maternity same-store sales down 7.6%(6:12 am ET)
LONDON (MarketWatch) -- Destination Maternity Corp. (DEST: news, chart, profile) said Thursday that its March sales at stores open at least a year fell 7.6%, as it also said it expects earnings in the second quarter to exceed the top end of its prior guidance range. Total sales for the month fell 11.1% to $48.6 million from $54.6 million. The company said the shift of the timing of Easter accounted for 5 to 6 percentage points of the decline in its same-store sales. The group said a strong gross margin performance and continued tight management of expenses have helped its earnings in the second quarter.
Morgan Stanley may post quarterly loss as bonds rebound: WSJ(5:22 am ET)
LONDON (MarketWatch) -- Morgan Stanley's (MS: news, chart, profile) quarterly results may take a hit of $1.2 billion to $1.7 billion from a rebound in the price of bonds the firm issued before the financial crisis erupted, according to a report in The Wall Street Journal citing people familiar with the situation. Morgan Stanley values the bonds as though they were being bought back on the open market, resulting in gains last year as the falling price reduced the liabilities on its balance sheet. The bonds have rallied as Morgan Stanley distanced itself from fears that it was in dire straits, which will reverse some of the previous gains, the newspaper reported. The expected losses from the bonds could plunge the company into the red for the second quarter in a row, which hasn't happened before in the 23 years since the firm went public, the report added.
Costco same-store sales fall 5%(4:05 am ET)
London (MarketWatch) -- Costco Wholesale Corp. (COST: news, chart, profile) said Thursday that its March sales at stores open at least one year fell 5%, including a 2% drop in U.S. stores. Analysts, on average, had expected same-store sales to fall 1.7%, according to Thomson Reuters. Net sales fell 3% to $6.39 billion.
Misys revenue up 70% after Allscripts deal(2:45 am ET)
LONDON (MarketWatch) -- Software company Misys (UK:MSY: news, chart, profile) said Thursday that its fiscal third-quarter revenue rose 70% to 193 million pounds ($283 million) and total order intake doubled to 121 million pounds reflecting the impact of the Allscripts acquisition. The group said pro forma like-for-like revenue grew 3% to 195 million pounds and added it is on track to hit growth targets announced in January. The group said revenue at the Allscripts unit was flat at 112 million pounds, reflecting uncertainty ahead of the launch of the U.S. federal stimulus package.
Autonomy expects results to beat consensus forecast(2:36 am ET)
LONDON (MarketWatch) -- Software firm Autonomy Corp. (UK:AU: news, chart, profile) said Thursday that it expects to report record first-quarter results, beating analyst expectations. The firm said it expects revenue for the quarter to be in the range of $128 million to $130 million, compared to the consensus forecast of $126 million. It also expects earnings per share to be "significantly ahead" of the 15 cents consensus forecast.
Wednesday, April 8
Hot Topic lifts profit target on increased sales(4:23 pm ET)
SAN FRANCISCO (MarketWatch) -- Specialty retailer Hot Topic (HOTT: news, chart, profile) Wednesday afternoon lifted its first quarter profit target on the expectation of better sales. Hot Topic forecast a profit between 1 cent and 2 cents a share on sales at stores open at least one year in the "high-single" digit range. The retailer had forecast a 1-cent loss to a 1-cent profit and comparable store sales in the mid-single digits. Hot Topic said comparable store-sales rose 7.1% in March, up from a decline of 3.5% last year. Based in City of Industry, Calif., the retailer operates 679 Hot Topic stores and 158 Torrid stores. Hot Topic shares closed Wednesday at $11.76, up almost 10%. The stock has gained 27% so far this year.
Constellation Brands fourth-quarter loss $1.88 a share(7:52 am ET)
NEW YORK (MarketWatch) -- Constellation Brands (STZ: news, chart, profile) said Wednesday that it lost $407 million in the fourth quarter, or $1.88 a share. In the same period a year ago, the company lost $835 million, or $3.55 a share. Sales fell to $965 million form $1.14 billion. On a comparable basis Constellation earned 21 cents a share in the quarter. Analysts polled by FactSet Research estimated, on average, 23 cents a share and sales of $791 million. The company sees 2010 reported earnings per share of 97 cents to $1.07 and comparable earnings per share of $1.60 to $1.70. The wine and spirits company said it plans to lay off about 5% of its workforce.
Family Dollar earnings per share up 33% in quarter(7:15 am ET)
NEW YORK (MarketWatch) -- Family Dollar Stores Inc. (FDO: news, chart, profile) said Wednesday that it earned $84 million in the second quarter, or 60 cents a share, compared to $63 million, or 45 cents a share, in the same period a year ago. Sales were $2.0 billion, up 8.7%. Analysts polled by FactSet Research estimated, on average, earnings per share of 50 cents and sales of $1.8 billion. Family Dollar said it sees full-year earnings per share of $1.90 to $2.00, sales up 5% to 7%, same-store sales up 3%. to 5% and third quarter earnings per share of 54 cents to 58 cents. "We continue to capture more shopping trips and gain market share," said Chief Executive Howard Levine.
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