Nokia (NOK 4.34, +0.59) is surging 16.0% after the company said the sales of its Lumia handset will result in better-than-expected fourth quarter earnings. However, the company still projects a decline in net sales when compared to December 2011.
Apple (AAPL 523.14, +6.04) is advancing 1.2% following reports from Reuters which indicated the company's Chief Executive Officer Tim Cook met with the chairman of China Mobile (CHL 58.24, +0.94) to talk about "matters of cooperation." China Mobile, which has over 700 million subscribers, does not currently offer Apple products on its network.
Molycorp (MCP 8.54, -2.25) is plunging 20.8% following an update from the company's new rare earth complex. While, the new facility is operational and moving towards full-scale production, Molycorp anticipates lower than expected revenue and cash flow for 2013.
DragonWave (DRWI 2.82, -0.60) is slumping 17.5% after missing on earnings. In addition, the company issued downside fourth quarter guidance.
Tiffany (TIF 58.00, -5.36) is slumping 8.5% after the jewelry retailer said it expects its fourth quarter earnings to be near the low end of its prior guidance range. http://finance.yahoo.com/marketupdate/update
ER: 130116 Banker Day Charles Schwab Q4 net meets analyst consensus(9:01 am ET) TEL AVIV (MarketWatch) -- Charles Schwab Corp., (SCHW: news, chart, profile) the San Francisco brokerage and financial-services firm, reported that fourth-quarter net income rose 16% on 9.2% higher revenue. Earnings reached $189 million, or 15 cents a share, from $163 million, or 13 cents, in the year-earlier quarter. Net revenue totaled $1.22 billion compared with $1.11 billion. A survey of analysts by FactSet produced a consensus estimate of 15 cents a share of profit on $1.21 billion of revenue.
Boeing draws Goldman rating cut on 787 woes(8:33 am ET) NEW YORK (MarketWatch) -- Citing heightened risks to the 787 Dreamliner after an emergency landing of the plane by All Nippon Airways, analysts at Goldman Sachs said Wednesday they're removing Boeing Co. (BA: news, chart, profile) from their conviction buy list and cutting their price target on the aerospace firm to $90 a share from $98 a share. Boeing stock fell 3.7% in premarket trades. Analysts said they're keeping a buy rating on Boeing, however. "There have now been two incidents in a very short window pointing to potential issues related to one part -- lithium ion batteries -- and the concentration and possible overlap of cause within these events heightens the risk of a potentially more meaningful required change to the aircraft and therefore a possible delay in the pace of the production ramp," analysts said.
Goldman Sachs Q4 net nearly tripled; revenue up(7:56 am ET) TEL AVIV (MarketWatch) -- Goldman Sachs Group Inc., (GS: news, chart, profile) the New York investment bank, reported that fourth-quarter net income nearly tripled on 53% higher revenue. Earnings reached $2.89 billion, or $5.60 a share, from $1.01 million, or $1.84, in the year-earlier quarter. Net revenue reached $9.24 billion from $6.05 billion. A survey of analysts by FactSet produced consensus estimates of $3.71 a share of profit on $7.98 billion of revenue. In a Wednesday statement, Goldman cited revenue increases of 64% in investment banking and 8% in financial advice, and a more than doubling of revenue in underwriting, including increases in both debt and equity underwriting.
Northern Trust profit climbs by 29%(7:56 am ET) NEW YORK (MarketWatch) -- Northern Trust Corp. (NTSB: news, chart, profile) said Wednesday its fourth-quarter profit increased to $167.7 million, or 69 cents a share, from $130.2 million, or 53 cents a share, in the year-ago period. The current quarter includes restructuring and integration costs of 2 cents a share. Consolidated revenue rose 1% to $969.7 million. Wall Street analysts expected the Chicago-based lender to earn 75 cents a share on revenue of $986 million, according to a survey by FactSet. "Fourth quarter and full year performance continued to reflect solid core trust fee growth amidst a challenging operating environment," the company said.
US Bancorp Q4 net higher; net interest revenue up(7:37 am ET) TEL AVIV (MarketWatch) -- US Bancorp, (USB: news, chart, profile) the Minneapolis banking concern, on Wednesday reported fourth-quarter net income reached $1.35 billion, or 72 cents a share, from $1.31 billion, or 69 cents a share, in the year-earlier quarter. The latest earnings reflected an $80 million, or 3 cents a share, expense accrual for a regulatory settlement related to mortgage foreclosures. A survey of analysts by FactSet produced a consensus estimate of 74 cents a share of profit for the quarter. In a statement, US Bancorp said revenue from interest on loans rose 4.1% and earnings were helped by lower net charge-offs of loans and smaller provisions for potential bad loans.
Comerica Q4 net up, exceeds analyst view(7:17 am ET) TEL AVIV MarketWatch -- Comerica Inc., (CMA: news, chart, profile) the Dallas banking company, reported fourth-quarter net income reached $130 million, or 68 cents a share, from $96 million, or 48 cents, in the year-earlier quarter. A survey of analysts by FactSet produced a consensus estimate of profit of 65 cents for the quarter. In a Wednesday statement, Comerica attributed the results to stronger revenue from loans and fees combined with expense control. The net interest margin, measuring the difference between what a bank takes in on loans and pays out in deposits, narrowed to 2.87% from 3.19% a year earlier.
Bank of NY Mellon Q4 net meets analyst view(6:57 am ET) TEL AVIV (MarketWatch) -- Bank of New York Mellon Corp. (BK: news, chart, profile) , the New York banking major, reported fourth-quarter net income rose to $613 million, or 53 cents a share, from $500 million, or 42 cents, in the year-earlier quarter. A survey of analysts by FactSet produced a consensus estimate of earnings of 53 cents a share. The bank cited strong growth in fees in a number of its businesses for the results. The net interest margin, measuring the difference between what a bank takes in on loans and pays out on deposits, narrowed to 1.09% from 1.27% in the quarter.
Chipotle estimates Q4 net below analyst consensus(1:40 am ET) TEL AVIV (MarketWatch) -- Chipotle Mexican Grill Inc., (CMG: news, chart, profile) the Denver restaurant chain, estimated fourth-quarter net income at $1.92 to $1.97 a share on revenue 17% up from a year earlier at $699.2 million. A survey of analysts by FactSet produced consensus estimates of profit of $2.09 a share on revenue of $690.7 million. In a late Tuesday statement, the company estimated comparable sales for the quarter rose 3.8%. Operating-profit margin at its restaurants narrowed 1.5 percentage points from fourth-quarter 2011 to about 24.6%, Chipotle said before management does a presentation at a conference in Miami Beach on Thursday. The company said it was pleased with the revenue growth. "While food costs driven by underlying inflation increased faster than expected in the fourth quarter, we're optimistic that food inflation will level off in 2013," said Monty Moran, co-chief executive, in the statement. Tuesday, Jan. 15
Forest Labs down 4.2% following results, outlook(9:18 am ET) WASHINGTON (MarketWatch) -- Shares of Forest Laboratories Inc. (FRX: news, chart, profile) fell before the bell on Wall Street as investors reacted to the pharmaceutical company's results for the third quarter and a lackluster profit update for fiscal 2013. Earlier Tuesday, New York-based Forest Labs said earnings would be "at the low end" of management's forecast range for the year ending March 31. The update came as the company reported a wider-than-projected loss of 21 cents a share on an adjusted basis for the third quarter as well as a big drop in sales.
Lennar profit quadruples on housing recovery(8:22 am ET) NEW YORK (MarketWatch) -- Lennar Corp. (LEN: news, chart, profile) said Tuesday its fourth-quarter profit quadrupled to $124.3 million, or 56 cents a share, from $30.3 million, or 16 cents a share, in the year-ago period. Revenue at the home builder rose to $1.35 billion from $952.7 million. Wall Street analysts expected Lennar to earn 44 cents a share on revenue of $1.26 billion, according to a survey by FactSet. "During our fourth quarter, the housing industry took further steps toward a sustained recovery," the company said. "Low mortgage rates, affordable home prices, reduced foreclosures and an extremely favorable 'rent vs. own' comparison continue to drive the recovery." The company ended the quarter with a backlog of 4,053 homes, up 87%. Monday, Jan. 14
Shares of Websense jump 4% on outlook, new CEO(9:43 am ET) SAN FRANCISCO (MarketWatch) - Shares of Websense Inc. (WBSN: news, chart, profile) were up 4% at $15.60 early Monday after the network security company said late Sunday that it expects better-than-expected sales for the fourth quarter and named John McCormack as it new chief executive officer, replacing Gene Hodges. "In our opinion, the change at the top will be well received by investors this morning given McCormack's natural transition from his role as president, while we also believe a new CEO was the 'right move at the right time' as it could be the first step in a new strategic direction," FBR Capital analyst Daniel Ives said in a note. Thursday, Jan. 10
Molycorp shares tumble 22% on weaker outlook(10:07 am ET) SAN FRANCISCO (MarketWatch) -- Shares of rare earths producer Molycorp Inc. (MCP: news, chart, profile) fell as much as 22% at the open Thursday after the company warned it expects lower cash flow and revenue in 2013 than earlier anticipated. The company also said it would not proceed with the planned next phase of development at its Mountain Pass, Calif., manufacturing complex until it saw an improvement in rare earths demand, prices, and easier access to capital. Rare earths and metals are increasingly used in a variety of high-end electronic and industrial products. However, prices have fallen sharply from highs hit a couple of years ago as demand cooled, especially from manufacturers in China. Molycorp shares have fallen 68% over the past 12 months but are still above their 52-week low of $5.75, hit Nov. 16, 2012.
Nokia shares surge 18% after upbeat fourth quarter(8:55 am ET) MADRID (MarketWatch) -- Shares of Nokia Corp. (NOK: news, chart, profile) (FI:NOK1V: news, chart, profile) surged nearly 20% in premarket U.S. trading and 16% in Helsinki after the Finnish handset maker released a bullish set of preliminary numbers. Nokia said its Devices & Services unit has "exceeded expectations," reaching underlying profitability in the fourth quarter. One reason was better-than-expected performance from the Mobile Phones unit and Lumia smartphones. Estimated net sales of Lumia smartphones jumped to 4.4 million units in the period from 2.9 million in the prior quarter. Devices & Services net sales in the period were around 3.9 billion euros ($5.1 billion), with total device volumes of 86.3 million units. Nokia expects adjusted operating margin for Devices & Services in the first quarter of 2013 of around negative 2%, plus or minus four percentage points. It said "competitive industry dynamics" would continue to hurt the Smart Devices and Mobile Phones units. Continued ramp up for the new Lumia smartphones is another factor and the fact that the first quarter is a seasonally weak quarter.
Thursday, Jan. 17 Intel Corporation ( INTC ) is reporting for the quarter ending December 31, 2012. The semiconductor company's consensus earnings per share forecast from the 34 analysts that follow the stock is $0.45. This value represents a -29.69% decrease compared to the same quarter last year. In the past year INTC has beat the expectations every quarter. The highest one was in the 3rd calendar quarter where they beat the consensus by 20%. Zacks Investment Research reports that the 2012 Price to Earnings ratio for INTC is 10.48 vs. an industry ratio of 35.90.
American Express Company ( AXP ) is reporting for the quarter ending December 31, 2012. The financial services company's consensus earnings per share forecast from the 6 analysts that follow the stock is $1.09. This value represents a 4.81% increase compared to the same quarter last year. In the past year AXP has met analyst expectations once and beat the expectations the other two quarters. Zacks Investment Research reports that the 2012 Price to Earnings ratio for AXP is 13.81 vs. an industry ratio of 18.90.
Capital One Financial Corporation ( COF ) is reporting for the quarter ending December 31, 2012. The financial services company's consensus earnings per share forecast from the 19 analysts that follow the stock is $1.62. This value represents a 82.02% increase compared to the same quarter last year. Zacks Investment Research reports that the 2012 Price to Earnings ratio for COF is 9.60 vs. an industry ratio of 10.00.
Xilinx, Inc. ( XLNX ) is reporting for the quarter ending December 31, 2012. The semiconductor company's consensus earnings per share forecast from the 21 analysts that follow the stock is $0.37. This value represents a -11.90% decrease compared to the same quarter last year. In the past year XLNX has beat the expectations every quarter. The highest one was in the 3rd calendar quarter where they beat the consensus by 12.2%. Zacks Investment Research reports that the 2013 Price to Earnings ratio for XLNX is 20.69 vs. an industry ratio of 20.30, implying that they will have a higher earnings growth than their competitors in the same industry.
People's United Financial, Inc. ( PBCT ) is reporting for the quarter ending December 31, 2012. The savings & loan company's consensus earnings per share forecast from the 17 analysts that follow the stock is $0.19. This value represents a 11.76% increase compared to the same quarter last year. Zacks Investment Research reports that the 2012 Price to Earnings ratio for PBCT is 17.32 vs. an industry ratio of 23.50.
Associated Banc-Corp ( ASBC ) is reporting for the quarter ending December 31, 2012. The bank (midwest) company's consensus earnings per share forecast from the 16 analysts that follow the stock is $0.26. This value represents a 13.04% increase compared to the same quarter last year. In the past year ASBC has met analyst expectations twice and beat the expectations the other two quarters. Zacks Investment Research reports that the 2012 Price to Earnings ratio for ASBC is 13.90 vs. an industry ratio of 11.60, implying that they will have a higher earnings growth than their competitors in the same industry.
Wintrust Financial Corporation ( WTFC ) is reporting for the quarter ending December 31, 2012. The bank (midwest) company's consensus earnings per share forecast from the 15 analysts that follow the stock is $0.59. This value represents a 43.90% increase compared to the same quarter last year. In the past year WTFC and beat the expectations the other three quarters. The "days to cover" for this stock exceeds 16 days. Zacks Investment Research reports that the 2012 Price to Earnings ratio for WTFC is 16.83 vs. an industry ratio of 11.60, implying that they will have a higher earnings growth than their competitors in the same industry. http://www.nasdaq.com/article/afterhours-earnings-report-for-january-17-2013-intc-axp-cof-xlnx-pbct-asbc-wtfc-matw-wit-tess-rmkr-cm208623#.UPjwGXcxHw8 Xilinx reports earnings, sales decline(5:21 pm ET) SAN FRANCISCO (MarketWatch) - Xilinx Inc. (XLNX: news, chart, profile) on Thursday reported a fiscal third-quarter profit of $103.6 million, or 38 cents a share, on revenue of $510 million, compared with earnings of $127 million, or 47 cents a share, on $511.1 million in sales in the same period a year ago. Analysts surveyed by Thomson Reuters had forecast the chip-technology company to earn 37 cents a share, on revenue of almost $528 million. In after-hours trading, Xilinx shares rose by 1.5%.
Intel CFO says margins hit by 'aggressive' actions(4:30 pm ET) SAN FRANCISCO (MarketWatch) -- Intel Corp. (INTC: news, chart, profile) said Thursday afternoon that margins took a hit in the fourth quarter from "aggressive tactical actions" designed to reduce inventory levels. The chip-making giant posted a 27% drop in earnings for the period, blaming mostly the on-going slump in PC sales. In a prepared commentary on the quarter, Intel chief financial officer Stacy Smith said the gross margin fell to 58% from the third quarter, and "was driven primarily by the aggressive tactical actions we took to reduce inventory levels and to redirect space and equipment to our 14nm process technology resulting in excess capacity charges." Intel shares were last down nearly 2% in after-hours trades on Thursday following the report.
Intel shares rise and fall on results, forecast(4:19 pm ET) SAN FRANCISCO (MarketWatch) -- Intel Corp. (INTC: news, chart, profile) saw its shares go on a little roller coaster late Thursday afternoon, as the chip giant's fourth-quarter earnings results appeared to slip out a few minutes early. The stock closed up 2.6%, with a spike in trades in the final minutes as headlines began to move on the company's results. Earnings beat analysts' expectations despite a sharp decline, while revenue was in line with brokers' predictions. The mid-point of the company's revenue forecast for the first quarter was $12.7 billion, slightly below the Wall Street consensus target of $12.9 billion, which weighed on the stock in the after-hours session, which saw the shares down about 1.2% at last check.
Intel earnings fall, but beat Street forecasts(4:06 pm ET) SAN FRANCISCO (MarketWatch) -- Intel Corp. reported a 27% drop in earnings for the fourth quarter on Thursday afternoon, with the chip giant citing a sharp slump in PC demand as well as other factors. For the period ended Dec. 29, Intel (INTC: news, chart, profile) reported net income of $2.6 billion, or 48 cents a share, compared to net income of $3.4 billion, or 64 cents a share, for the same period the previous year. The company said net income on a non-GAAP basis for the recent quarter were $2.6 billion, or 51 cents per share. Revenue fell 3% to $13.5 billion. Analysts were expecting earnings of 45 cents a share on revenue of $13.5 billion for the quarter, according to consensus estimates from FactSet.
Herbalife profit to beat estimate, sees expenses (8:34 am ET) NEW YORK (MarketWatch) -- Herbalife Ltd. (HLF: news, chart, profile) said Thursday it expects to report fourth-quarter profit of $1.02 a share to $1.05 a share, compared to the average Wall Street estimate of $1.01 a share in a survey of analysts by FactSet. The maker of nutritional products has been under attack by hedge fund manager Bill Ackman of Pershing Square Capital Management. "There is the likelihood of a temporary increase in expenses, associated with recent events," Herbalife said. Herbalife held a conference with Wall Street analysts last week to refute Ackman's allegations of the company essentially operating as a pyramid scheme. Herbalife plans to report its results on Feb. 19.
Citigroup profit grows (8:18 am ET) NEW YORK (MarketWatch) -- Citigroup Inc. (C: news, chart, profile) said Thursday its fourth-quarter profit increased to $1.2 billion, or 38 cents a share, from $956 million, or 31 cents a share, in the year-ago period. Excluding credit value adjustments and debt value adjustments, Citigroup's profit totaled $2.2 bllion. Citigroup said what it called core earnings, were 69 cents a share. Revenue climbed by $1 billion to $18.2 billion. Revenue totaled $18.7 billion excluding items. Wall Street analysts expected Citigroup to earn 97 cents a share on revenue of just under $19 billion, according to a survey by Factset. Looking ahead, Citigroup Chief Executive Michael Corbat said, "It will take some time to work through the challenges of the current environment but realizing our core earnings potential, as well as improving our returns on assets and tangible equity, are critical goals going forward."
Bank of America profit falls after charges (7:37 am ET) NEW YORK (MarketWatch) -- Bank of America Corp. (BAC: news, chart, profile) on Thursday posted fourth-quarter profit of $732 million, or 3 cents a share, compared to $1.99 billion, or 15 cents a share a year ago. Revenue at the firm was $18.7 billion, compared to $24.9 billion a year ago. Analysts polled by FactSet Research had expected the company to earn 2 cents a share on revenue of $21.19 billion. The latest quarter's results included several one-time, previously disclosed items, including a provision of $2.7 billion related to the settlements with Fannie Mae with respect to representations and warranties and compensatory fees; other provision items of $2.5 billion which included a $1.1 billion provision for the Independent Foreclosure Review (IFR) acceleration agreement, total litigation expense of $900 million and a $500 million provision for obligations related to mortgage insurance rescissions. The company also took a hit of $700 million for negative debit valuation adjustments and fair value option adjustments due to improvement in the company's credit spreads. "Relative to the year-ago quarter, the results for the fourth quarter of 2012 were driven by improved credit quality across most major portfolios, increased sales and trading revenue, increased investment and brokerage income, higher investment banking fees, partially offset by an increase in consumer real estate losses, reflecting the Fannie Mae settlements and the provision for the IFR acceleration agreement," the company explained in a press release.
Google says many analysts wrong on estimates(3:24 pm ET) SAN FRANCISCO (MarketWatch) - Google Inc. (GOOG: news, chart, profile) on Friday said many Wall Street analysts have not adjusted their estimates to reflect the impact of the sale of the company's Home business. Google announced in December that it has agreed to sell what was known as Motorola Home, which makes set-top boxes, to Arris for $2.35 billion. As a result of the transaction, Google said it will present results from that business as "discontinued operations." In a company blog post, Google Chief Accountant Brent Callinicos said, "That means our net income for this quarter as well as for Q212 and Q312 will be split between our ongoing operations and the Home business." Shares of Google were last trading down 1.3% at $702.36. The company is scheduled to report fourth-quarter results on Tuesday. Jan.22.
Johnson Controls slumps on weak first-half outlook(10:10 am ET) SAN FRANCISCO (MarketWatch) -- Johnson Controls Inc. (JCI: news, chart, profile) shares skid more than 4% at the open Friday after the company offered a weak earnings outlook for the first half of the year. The auto parts and HVAC company reported earning 52 cents a share in the fourth quarter, down 17% from a year ago but beating the 51 cents a share expected by analysts polled by FactSet. At the same time the company warned its first-half earnings in 2013 will be "significantly lower" than in 2012, citing soft global demand, especially in Europe. Johnson Control shares were last down 4.3% at $30.59. The stock is down 15% over the past 12 months.
Research in Motion jumps on Jefferies upgrade(8:55 am ET) NEW YORK (MarketWatch) -- Research in Motion Inc. (RIMM: news, chart, profile) shares rose 7% in premarket trades on Friday after Jefferies Group upgraded the BlackBerry maker to buy from hold, and lifted their price target by $6.50 to $19.50 a share. Analysts cited plans by RIMM to enable corporate email on iPhones and Android devices. "This change we believe is unknown or not well understood but is important," analyst Peter Misek said in a note to clients. "Investors can win in the following ways: RIM creates a successful software business on top of Android/ iOS; expectations that are too low and a very high short interest, which could start a squeeze," Misek said. "The wild card is licensing deals or other items."
Morgan Stanley swings to profit, revenue up 23%(7:57 am ET) NEW YORK (MarketWatch) -- Morgan Stanley (MS: news, chart, profile) said Friday its fourth-quarter profit increased to $481 million, or 25 cents a share, from a loss of $275 million, or 15 cents a share, in the year-ago period. The financial firm's earnings from continuing operations totaled 28 cents a share in the latest quarter. Adjusted profit rose to 45 cents a share from a loss of 20 cents a share. Consolidated net revenue rose 23% to $7 billion from $5.7 billion. Excluding debt value adjustments, fourth-quarter revenue totaled $7.5 billion. Wall Street analysts expected Morgan Stanley to earn 27 cents a share on revenue of $7.17 billion, according to a FactSet survey. The bank's Global Wealth Management joint venture reported a pre-tax margin of 17%. Institutional Securities swung to a pre-tax profit from continuing operations of $57 million, from a pre-tax loss of $772 million in the year-ago quarter.
GE beats view with op. earnings growth of 44c(6:51 am ET) MADRID (MarketWatch) -- General Electric Co. (GE: news, chart, profile) announced Friday that it earned $4.01 billion in the fourth quarter, or 38 cents a share, compared to $3.73 billion, or 35 cents, in the year-ago quarter. Operating earnings in the quarter were 44 cents a share, a gain of 13%, beating a 43-cent forecast of analysts surveyed by FactSet Research. Revenue for GE was $39.33 billion in the quarter, compared to $37.97 billion in the year-ago quarter. Analysts were forecasting revenue of $38.86 billion. "The outlook for developed markets remains uncertain, but we are seeing growth in China and the resource rich countries. With our largest backlog in history and a substantial amount of cash generated by our businesses in the fourth quarter, we have great momentum going into 2013," said GE Chairman and CEO Jeff Immelt.
http://www.marketwatch.com/news/markets/earningswatch.asp Monster Beverage details 'flaws in DAWN report' (MNST) 47.99 -1.85 : Co said recent Drug Abuse Warning Network (DAWN) report on so-called energy drink-related emergency department visits is highly misleading and does not support any conclusion that energy drinks are unsafe for consumers.
The DAWN report does not provide enough information to determine the nature of patients' complaints, the amount of caffeine consumed from all sources, or whether there was any connection between the complaints and the consumption of an energy drink, the company said. The DAWN report reflects no medical finding or diagnosis that consumption of energy drinks was, in fact, the reason for the patient's emergency room visit. Any causal connection between energy drink consumption and emergency room visits is further substantially weakened by the existence of other factors more likely to have been responsible for the patients' medical issues, such as the use of pharmaceuticals, alcohol or illegal drugs, which was reported by 42% of patients, according to the DAWN report. This number was almost certainly under reported because many of the patients, especially those under 21, likely would have been reluctant to voluntarily admit this type of information. Moreover, the DAWN report contains no comparative information showing how many emergency room visits are associated with other widely consumed beverages. Notably, the DAWN project leader told the media that the report did not even look at ER visits associated with coffee consumption and could not say whether people who had consumed significant quantities of caffeine from coffee or other sources do not likewise visit the ER.
3:39PM Earnings Preview for the week of Jan 22 - 25 (SUMRX) : Of the companies reporting earnings for the week of January 22 - 25 some of the bigger names include:
Apple shares tumble as forecast disappoints(4:54 pm ET) SAN FRANCISCO (MarketWatch) -- Apple Inc. saw its shares tumble more than 5% in after-hours trades on Wednesday following its first fiscal quarter earnings report. While iPhone sales were at the low end of estimates for the December period, Apple's (AAPL: news, chart, profile) revenue guidance for the March quarter also fell below estimates. The company predicted a revenue range of $41 billion to $43 billion, while analysts were expecting $45.6 billion, according to FactSet. The company also did not give an EPS forecast for the period, breaking with past practices. Its gross margin forecast had a mid-point of 38%, which will disappoint investors hoping the company could return to its normal level above 40%.
Western Digital posts higher profit, sales(4:47 pm ET) SAN FRANCISCO (MarketWatch) - Western Digital Corp. (WDC: news, chart, profile) on Wednesday reported a fiscal second-quarter profit of $335 million, or $1.36 a share, compared with a profit of $145 million or 61 cents a share for the year-earlier period. Revenue was $3.82 billion, up from $2 billion. Adjusted profit was $2.09 a share. Analysts polled by FactSet on average were expecting the hard-drive maker to report a profit of $1.82 a share on revenue of $3.67 billion.
SanDisk profit drops, but results beat Street(4:36 pm ET) SAN FRANCISCO (MarketWatch) - SanDisk Corp. (SNDK: news, chart, profile) on Wednesday reported a fourth-quarter profit of $213.54 million, or 87 cents a share, compared with a profit of $281.22 million or $1.14 a share for the year-earlier period. Revenue was $1.54 billion, down from $1.58 billion. Adjusted profit was $1.05 a share. Analysts polled by FactSet on average were expecting the chip maker to report a profit of 74 cents a share on revenue of $1.53 billion. SanDisk shares were up nearly 3% in after-hours trading.
Shares in IBM Corp (IBM.N), the world's largest technology services company, climbed 4.4 percent during regular market hours to $204.72, providing just about all of the Dow's 67-point gain.
Also helping the tech sector was a 5.5 percent jump in Google Inc (GOOG.O) to $741.50. The Internet search company reported its core business outpaced expectations and revenue was higher than expected.
But Apple (AAPL.O), still the largest U.S. publicly traded company, fell 8 percent in extended trading after sales of its flagship iPhone came in below analyst targets and quarterly revenue slightly missed Wall Street expectations.
Netflix (NFLX.O) shares soared 32 percent, above $136, after the video subscription service said it added subscribers in the United States and abroad and posted a quarterly profit.
LED maker Cree Inc (CREE.O) jumped 22 percent to $40.85 after it forecast a higher-than-expected third-quarter profit, and reported results above analysts' estimates.
Upscale leather goods maker Coach Inc (COH.N) plunged 16.4 percent to $50.75 after reporting sales that missed expectations.
ER 130130: FB CHU LNVGY COP MUR FIO QCOM CTXS LLL BRCM FSL AMZN VMW STX NUE AKS X F NOC BA Hong Kong stocks drop on energy, property shares(8:50 pm ET) HONG KONG (MarketWatch) -- Hong Kong shares on Thursday retreated from near two-year highs after data showing the U.S. economy contracted in the fourth quarter and after the Federal Reserve said growth had paused in recent months, with property and energy stocks among those hit. The Hang Seng Index (HK:HSI: news, chart, profile) lost 0.5% to 23,696.26 and the Hang Seng China Enterprises Index fell 0.8% to 12,070.45. Cnooc Ltd. (HK:883: news, chart, profile) (CEO: news, chart, profile) fell 2.6% after issuing a below-forecast production estimate for 2013, while Kunlun Energy Co. (HK:135: news, chart, profile) (KLYCY: news, chart, profile) tumbled 3%. Among developers, Sino Land Co. (SNLAY: news, chart, profile) (HK:83: news, chart, profile) lost 2.2% and New World Development Co. (HK:17: news, chart, profile) (NDVLY: news, chart, profile) shed 2.1%. Shares of Chinalco Mining Corp. (HK:3668: news, chart, profile) skidded as trading began in the stock, with shares sliding to 1.62 Hong Kong dollars (20.8 U.S. cents) versus its initial public offering at HK$1.75. Shares of China Unicom Hong Kong Ltd. (CHU: news, chart, profile) (HK:762: news, chart, profile) rose 2% after its upbeat profit forecast, while Lenovo Group Ltd. (HK:992: news, chart, profile) (LNVGY: news, chart, profile) climbed 0.8% after posting a strong earnings growth. China's Shanghai Composite (CN:SHCOMP: news, chart, profile) edged up 0.3% to 2,388.47.
Facebook mobile users exceed desktop users(4:57 pm ET) SAN FRANCISCO (MarketWatch) - Facebook Inc. said its mobile daily active users exceeded its desktop daily active users for the first time in the fourth quarter of 2012, highlighting its momentum in that arena. Facebook said it had a total of 1.1 billion monthly active users, up 25% year-over-year. The company also said its mobile revenue made up 23% of its total ad revenue, up from 14% in the last quarter. Facebook reported better-than-expected fourth-quarter financials, but analysts say it did not exceed much loftier expectations. The stock was down 1% after hours.
Facebook 'not a blowout,' but still solid, analyst(4:37 pm ET) SAN FRANCISCO (MarketWatch) -- Facebook Inc. shares were down 1% in after-hours trading Wednesday despite posting results that beat Wall Street expectations. Topeka Capital analyst Victor Anthony said the report was "not a blowout that some were expecting, but a good solid beat versus expectations." Mobile revenue made up 23% of Facebook's total ad revenue, up from 14% last quarter. Some analysts were expecting a higher share for mobile revenues. Topeka's Anthony projected 24%, while Aaron Kessler at Raymond James said he was looking for mobile revenue to be up to 26%.
Fusion-io slumps after hours; outlook disappoints(4:28 pm ET) SAN FRANCISCO (MarketWatch) -- Fusion-io Inc. (FIO: news, chart, profile) shares plunged by more than 22% in after-hours trading Wednesday after the memory-technology company forecast fiscal third-quarter sales far below Wall Street analysts' forecasts. Fusion said it expects to report revenue of $80 million, while analysts surveyed by FactSet forecast sales of $137.1 million. The forecast outweighed any upbeat sentiment over Fusion's second-quarter report in which the company earned $1.7 million, or 2 cents a share, on revenue of $120.6 million. During the year-ago quarter, Fusion lost $5.7 million, or 7 cents a share, on $118.1 million in sales. Excluding one-time items, the company would have earned 13 cents a share. Analysts surveyed by FactSet had forecast Fusion-io to earn 8 cents a share on $119.9 million in revenue.
Qualcomm gains as results, forecast beat estimates(4:24 pm ET) SAN FRANCISCO (MarketWatch) -- Qualcomm Inc. (QCOM: news, chart, profile) saw its shares jump more than 5% on Wednesday afternoon in after-hours trades after the wireless chipmaker posted better-than-expected results for its first fiscal quarter and issued a forecast that was also above analysts' expectations. Revenues jumped 29% to $6.02 billion, while net income grew 32% to $2.2 billion and diluted earnings per share came in at $1.26. Analysts were looking for earnings of $1.13 per share on revenue of $5.9 billion, according to consensus forecasts from FactSet. The company projected a revenue range of $5.8 billion to $6.3 billion, with an EPS range of $1.10-$1.18 for the March quarter. Analysts had been expecting earnings of $1.10 per share on revenue of $5.9 billion for the quarter.
Citrix Systems' earnings rise more than 4%(4:15 pm ET) SAN FRANCISCO (MarketWatch) -- Citrix Systems Inc. (CTXS: news, chart, profile) on Wednesday reported a fourth-quarter profit of $114 million, or 60 cents a share, on revenue of $740 million. During the same period a year ago, the business-software company earned $109 million, or 58 cents a share, on $619 million in sales. Excluding one-time items, Citrix would have earned $169 million, or 90 cents a share. Analysts surveyed by FactSet had forecast Citrix to earn 84 cents a share on $705.8 million in revenue. For its first quarter, Citrix expects to earn between 62 cents and 63 cents a share on revenue of $670 million to $680 million. Citrix's shares rose almost 9% in after-hours trading following the release of its results.
Facebook profit dips but results beat Street(4:13 pm ET) SAN FRANCISCO (MarketWatch) - Facebook Inc. (FB: news, chart, profile) on Wednesday reported a fourth-quarter profit of 64 million, 3 cents share, compared with a profit of $205 million, or 14 cents a share, for the year-earlier period. Revenue rose to $1.59 billion from $1.13 billion. Adjusted profit was 17 cents a share. Analysts polled by FactSet on average expect the Menlo Park, Calif.-based company to report a profit of 15 cents a share, on revenue of $1.51 billion. Facebook shares were down 6% in after-hours trading.
EA revenue falls as retail game sales slide(4:07 pm ET) SAN FRANCISCO (MarketWatch) -- Electronic Arts Inc. (EA: news, chart, profile) reported weaker-than-expected revenue for its third fiscal quarter on Wednesday afternoon. For the period ended Dec. 31, EA reported a net loss of $45 million, or 15 cents per share, compared with a net loss of $205 million or 62 cents per share for the same period the previous year. Adjusted for items like stock-based compensation and deferred sales from certain game titles, EA said it would have earned $176 million, or 57 cents a share, for the recent quarter. Analysts had been expecting adjusted earnings of 56 cents a share for the period, according to consensus projections from FactSet. Total revenue fell by 13% at $922 million. Adjusted net revenue was $1.18 billion for the quarter - below the $1.29 billion projected by analysts.
Facebook shares up 1.6% ahead of results.(3:59 pm ET) SAN FRANCISCO (MarketWatch) - Shares of Facebook Inc. (FB: news, chart, profile) were up 1.6% at $31.27 on Wednesday ahead of the social networking company's fourth-quarter results. Analysts polled by FactSet on average expect the Menlo Park, Calif.-based company to report a profit of 15 cent a share, on revenue of $1.51 billion.
Boeing 'confident' it'll solve 787 battery problem(10:59 am ET) NEW YORK (MarketWatch)_ -- Boeing Co. (BA: news, chart, profile) Chief Executive Officer Jim McNerney said the airplane maker has made progress in its investigation of battery fires in the 787 Dreamliner. "We will get to the bottom of this," McNerney said on the company's fourth-quarter earnings conference call on Wednesday. He did not lay out a time line for resolution of the issue, which prompted the Federal Aviation Administration to ground the planes on Jan. 16 pending a probe. McNerney said Boeing engineers are working around the clock on the battery issue while production of the plane continues. Boeing said it has halted delivery on the plane, however. Boeing remains "confident in the future of the program," McNerney said. Shares of Boeing rose 1.3% in recent trades. The company plans to buy back up to $2 billion in stock in 2013.
Meritor's shares fall following results, update(9:09 am ET) WASHINGTON (MarketWatch) -- Shares of Meritor Inc. (MTRO: news, chart, profile) shed more than 6% in the premarket as investors reacted to the Troy, Mich.-based company's shortfall for the first quarter ended Dec. 31 and updated outlook for fiscal 2013. The supplier of auto parts posted a net loss of $21 million, or 22 cents a share, for the latest quarter, narrower than the prior year's loss of $22 million, or 23 cents a share, as sales dropped to $891 million from $1.16 billion. Chairman and Chief Executive Chip McClure called Meritor's performance for the quarter "slightly below our expectations." As revised, management now foresees Meritor generating revenue of about $3.8 billion for fiscal 2013, down from $4 billion previously, but affirmed a target range of 25 cents to 35 cents a share for adjusted earnings from continuing operations. Meritor had an adjusted loss from continuing operations of 11 cents a share for the December quarter.
Boeing view assumes no impact from 787 probe (7:48 am ET) NEW YORK (MarketWatch) -- Boeing Co. (BA: news, chart, profile) said Wednesday its fourth-quarter profit fell 30% to $978 million, or $1.28 a share, from $1.39 billion, or $1.84 a share, in the year-ago period. The airplane maker's adjusted profit dipped to $1.46 a share from $1.92 a share. Revenue rose 14% to $22.3 billion. Wall Street analysts expected the company to earn $1.19 a share on revenue of $22.3 billion, according to a survey by FactSet. Looking ahead, Boeing said its adjusted 2013 profit estimate of $6.10 to $6.30 a share assumes "no significant financial impact" from a move on Jan. 16 by the Federal Aviation Administration to ground the 787 Dreamliner pending a probe of its battery. While production continues on the 787, the company said it's suspending deliveries until clearance is granted by the FAA. "Our first order of business for 2013 is to resolve the battery issue on the 787 and return the airplanes safely to service with our customers," the company said. Boeing shares rose 1% in premarket trades.
L-3 Communications up target range for 2013 profit(7:40 am ET) WASHINGTON (MarketWatch) -- L-3 Communications Holdings Inc. (LLL: news, chart, profile) reported fourth-quarter net income of $212 million, or $2.25 a share, off from $274 million, or $2.72 a share, earned in the final three months of 2011. Quarterly sales reached $3.56 billion, up modestly from the prior year's $3.54 billion. The consensus of earnings estimates for the New York-based company had been for a profit of $2.12 a share for the latest quarter. Funded orders were up 17% to $3.3 billion, L-3 said, with funded backlog up 10% to $10.9 billion as of the end of 2012. For 2013, L-3 updated its profit outlook to a range of $8.15 to $8.35 a share for continuing operations, up from $7.95 to $8.15 a share previously, and affirmed its full-year sales forecast at $12.55 billion to $12.75 billion.
Northrop Grumman profit falls (7:29 am ET) NEW YORK (MarketWatch) -- Northrop Grumman Corp. (NOC: news, chart, profile) said Wednesday its fourth-quarter earnings from continuing operations fell to $533 million, or $2.14 a share, from $550 million, or $2.09 a share, in the year-ago period. Adjusted earnings from continuing operations rose to $2.06 a share from $1.85 a share. Sales dipped to $6.48 billion from $6.51 billion. Wall Street analysts expected Northrop to earn $1.74 a share on sales of $6.37 billion, according to a survey by FactSet. Looking ahead, Northrop expects adjusted 2013 profit of $6.85-$7.15 a share, compared to the analyst forecast of $6.97 a share. There were about 5% fewer weighted average diluted shares outstanding in the latest quarter. Tuesday, Jan. 29
Ryland's quarterly profit leaps up(4:35 pm ET) WASHINGTON (MarketWatch) -- The Ryland Group Inc. (RYL: news, chart, profile) reported Tuesday afternoon that its fourth-quarter net income leaped up from the prior year on greater new orders and closings, and a higher backlog. Ryland's fourth-quarter net income rose to $28.6 million, or 55 cents per diluted share, from $812,000, or 2 cents a share, during the same period in the prior year. Per-share earnings from continuing operations rose to 56 cents in the fourth quarter from three cents during the same period in the prior year, the home builder and mortgage-finance company reported. A consensus view among Wall Street analysts had expected per-share earnings of 49 cents, according to a survey by FactSet. Ryland's fourth-quarter revenue rose to $440.1 million from $261.4 million. Analysts had forecast sales of $407 million.
Broadcom profit slips, outlook weak(4:23 pm ET) SAN FRANCISCO (MarketWatch) - Broadcom Corp. (BRCM: news, chart, profile) on Tuesday reported a fourth-quarter profit of $251 million, or 43 cents a share, compared with a profit of $254 million, or 45 cents a share, for the year-earlier period. Revenue was $2.08 billion, up from $1.82 billion. Adjusted profit was 76 cents a share. Analysts polled by FactSet on average expected the chip maker to report a profit of 74 cents a share, on revenue of $2.06 billion. Broadcom also announced that its board has raised its quarterly cash dividend by 10% to 11 cents a share. For the current quarter, Broadcom expects revenue of about $1.9 billion, plus or minus 4%. Analysts were expecting revenue of $2 billion, according to data from FactSet. Shares of Broadcom were down 1% in after-hours trading.
Freescale loss widens, but results beat Street (4:12 pm ET) SAN FRANCISCO (MarketWatch) -- Freescale Semiconductor Ltd. (FSL: news, chart, profile) on Tuesday reported a fourth-quarter loss of $35 million, or 14 cents a share, compared with a loss of $6 million or 2 cents a share for the year-earlier period. Revenue slipped to $957 million from $1.01 billion. On an adjusted basis, the company reported a loss of 15 cents a share. Analysts polled by FactSet on average were expecting the chip maker to report a loss of 17 cents a share on revenue of $940.43 million.
Amazon's earnings fall 45%(4:05 pm ET) SAN FRANCISCO (MarketWatch) -- Amazon.com Inc. (AMZN: news, chart, profile) on Tuesday reported a fourth-quarter profit of $97 million, or 21 cents a share, on revenue of $21.27 billion. During the same period a year ago, the online retailing giant earned $177 million, or 38 cents a share, on $17.43 billion in sales. Analysts surveyed by FactSet had forecast Amazon to earn 28 cents a share on revenue of $22.26 billion. Operating income, considered a key measure of Amazon's business performance, came in at $405 million, compared with $260 million in the year-ago period. The company forecast first-quarter revenue in a range of $15 billion to $16.6 billion, and expects operational results to be between a loss of $285 million and a profit of $65 million.
VMware, EMC, Seagate lead early tech losses(9:36 am ET) SAN FRANCISCO (MarketWatch) -- Tech stocks retreated in early trading Tuesday, with notable losses coming from VMware Inc. (VMW: news, chart, profile) , EMC Corp. (EMC: news, chart, profile) , Seagate Technology (STX: news, chart, profile) and Lexmark International Inc. (LXK: news, chart, profile) . VMware's shares fell 22%, while EMC, Seagate and Lexmark each gave up at least 7% on negative reaction to their earnings reports or outlooks. Yahoo Inc. (YHOO: news, chart, profile) , however, managed to rise 2% to $20.71 following its late-Monday earnings results. The Nasdaq Composite Index ($COMPQ: news, chart, profile) shed 7 points to fall to 3,146.
Nucor profit flat as steel prices dip(9:26 am ET) NEW YORK (MarketWatch) -- Nucor Corp. (NUE: news, chart, profile) said Tuesday its fourth-quarter profit remained about flat at $136.9 million, or 43 cents a share, compared to $137.1 million, or 43 cents a share, in the year-ago period. The steel company's revenue dropped 8% to $4.45 billion as the average sales price per ton fell 4%. Wall Street analysts expected Nucor to earn 31 cents a share on sales of $4.54 billion, according to a survey by FactSet. Total tons shipped to outside customers were 5.48 million tons, down 4%. Shares of Nucor dropped 0.3% in premarket trades.
AK Steel loss widens, adjusted figure beats view(8:52 am ET) NEW YORK (MarketWatchy) -- AK Steel (AKS: news, chart, profile) said Tuesday its fourth-quarter loss widened to $230.4 million, or $1.89 a share, from a loss of $193.9 million, or $1.76 a share, in the year-ago period. Adjusted loss in the latest quarter totaled 30 cents a share. Revenue fell to $1.42 billion from $1.51 billion. Analysts expected the company to lose 37 cents a share on sales of $1.42 billion, according to a survey by FactSet. Shares of AK Steel rose 4% in premarket trades.
Illinois Tool Works profit more than doubles(8:30 am ET) NEW YORK (MarketWatch) -- Illinois Tool Works Inc. (ITW: news, chart, profile) said Tuesday its fourth-quarter profit increased to $979 million, or $2.11 a share, from $442 million, or 91 cents a share, in the year-ago period. Adjusted profit rose to 89 cents a share from 88 cents a share. Revenue fell 2.3% to $4.22 billion. Excluding the impact of divesting units, total revenue would have increased about 2%. Wall Street analysts expected the industrial firm to earn 89 cents a share on sales of $4.16 billion, according to a survey by FactSet.
United States Steel loss narrows, beats estimate(8:03 am ET) NEW YORK (MarketWatch) -- United States Steel Corp. (X: news, chart, profile) said Tuesday its fourth-quarter loss narrowed to $50 million, or 35 cents a share, from a year-ag0 loss of $211 million, or $1.46 a share. Net loss for the latest quarter included a favorable settlement of 6 cents a share related to a supplier contract dispute. Revenue at the industrial firm fell to $4.5 billion from $4.8 billion. Wall Street analysts expected the company to lose 70 cents a share on sales of $4.3 billion, according to a survey by FactSet.
JetBlue posts thin profit after Sandy impact(7:46 am ET) NEW YORK (MarketWatch) -- JetBlue Airways Corp. (JBLU: news, chart, profile) said Tuesday its fourth-quarter profit fell to $1 million, or breakeven per share, compared to $23 million, or 8 cents a share, in the year-ago quarter. Revenue rose 4% to $1.19 billion, despite a $45 million impact from Hurricane Sandy. Wall Street analysts expected the carrier to earn 2 cents a share on revenue of $1.2 billion, according to a survey by FactSet.
Ford's adjusted earnings beat expectations (7:44 am ET) NEW YORK (MarketWatch) -- Ford Motor Co. (F: news, chart, profile) said its fourth-quarter net profit was $1.6 billion, or 40 cents per share. The Dearborn, Mich.-based company reported quarterly revenue of $36.5 billion, compared with $34.6 billion. Quarterly adjusted earnings were 31 cents a share compared to 20 cents a share in the same period a year ago. Analysts polled by Factset expected adjusted earnings of 25 cents per share on a revenue of $33.5 billion. Ford also said it expects its European operations to lose about $2 billion in 2013.
Pfizer Inc. profit up sharply, revenue dips 7%(7:30 am ET) NEW YORK (MarketWatch) -- Pfizer Inc. (PFE: news, chart, profile) said Tuesday its fourth-quarter profit rose sharply to $6.3 billion, or 85 cents a share, from $1.4 billion, or 19 cents a share, in the year-ago period. The latest quarter included proceeds from the sale of its nutrition unit. Adjusted profit in the latest quarter totaled 47 cents a share. Revenue fell 7% to $15.07 billion. Wall Street analysts expected the company to earn 44 cents a share on sales of $14.4 billion, according to a survey by FactSet. Looking ahead, Pfizer expects adjusted 2013 profit of $2.20 to $2.30 a share, compared to the Wall Street estimate of $2.28 a share.
D.R. Horton's profit springs up in first quarter(7:23 am ET) NEW YORK (MarketWatch) -- D.R. Horton Inc. (DHI: news, chart, profile) said Tuesday that its fiscal first-quarter net income rose to $66.3 million, or 20 cents per diluted share, from $27.7 million, or 9 cents a share, during the same period in the prior year. A consensus view among Wall Street analysts had expected per-share earnings of 14 cents for the home builder, according to a survey by FactSet. D.R. Horton's first-quarter sales hit higher than Wall Street's target, as the company reported home-building revenue reached $1.2 billion in the first quarter, while financial-services revenue reached $41.9 million. For the same period in the prior year, D.R. Horton reported home-building revenue of $884.3 million, and financial-services revenue of $21 million.
Harley posts lower profit, revenue(7:22 am ET) LONDON (MarketWatch) -- Harley-Davidson Inc. (HOG: news, chart, profile) on Tuesday reported a fourth-quarter profit of $70.64 million, or 31 cents a share, down from $105.7 million, or 46 cents a share, a year ago. Analysts polled by FactSet Research were looking for a profit of 32 cents a share. Sales dipped to $1.17 billion from $1.18 billion a year earlier. Looking ahead, Harley said it expects to ship between 259,000 and 264,000 motorcycles in 2013, which would mark an increase of as much a 6.5% from 2012. "The ambitious restructuring of our manufacturing operations, aimed at delivering better responsiveness for customers and greater operating efficiency, is now largely behind us," Chairman and CEO Keith Wandell said. BRCM FSL AMZN VMW STX NUE AKS X F NOC BA
Redbox owner Coinstar sees shares fall 8%(9:53 am ET) SAN FRANCISCO (MarketWatch) -- Coinstar Inc. (CSTR: news, chart, profile) shares fell 8% Friday, to $47.88 after the operator of the Redbox DVD rental kiosks gave a disappointing first-quarter forecast. Late Thursday, Coinstar said it expects to earn between 77 cents and 92 cents a share, on revenue of $568 million to $593 million. Analysts surveyed by FactSet had forecast Coinstar to earn $1.22 a share, on $628.8 million in revenue for the quarter. Coinstar officials said the company's results would be impacted by a fewer new releases on the schedule for the quarter, as well as investments in the company's Redbox Instant video-streaming service.
LinkedIn, AOL lead strong gains for tech stocks(9:48 am ET) SAN FRANCISCO (MarketWatch) -- Tech stocks saw strong early gains on Friday morning, led by big surges at LinkedIn and AOL Inc. after the two Internet brands reported positive results for the December quarter. LinkedIn (LNKD: news, chart, profile) shares jumped more than 18% to a new all-time high of $146.90, while AOL (AOL: news, chart, profile) shares rose nearly 12% to $35.04. Videogame publisher Activision Blizzard (ATVI: news, chart, profile) jumped more than 9% following its own results. One notable decliner was Riverbed Technology (RVBD: news, chart, profile) , down nearly 15% after reporting a sharp drop in profits and disappointing outlook. The Nasdaq Composite (COMP: news, chart, profile) rose 0.8% to 3,189 while the Philadelphia Semiconductor Index (SOX: news, chart, profile) rose by 1% in early trades.
Activision shares jump on results, upgrades(9:40 am ET) SAN FRANCISCO (MarketWatch) -- Shares of Activision Blizzard Inc. (ATVI: news, chart, profile) jumped nearly 10% to $13.22 in early trades on Friday morning after the videogame publisher reported better-than-expected results for the fourth quarter, driven mainly by its "Call of Duty" and "Skylanders" franchises. Analysts from Macquarie Capital and Sterne Agee upgraded the stock to the equivalent of buy ratings before the opening bell, citing the results. "With the initial 2013 guidance now official, continued strength in core franchises, a solid pipeline of new IP, and the increased likelihood of a more shareholder-friendly capital structure, the next catalysts for Activision are likely positive, in our view," wrote Ben Schachter of Macquarie in a note to clients.
AOL shares rise 9% after strong results(9:32 am ET) SAN FRANCISCO (MarketWatch) -- AOL Inc. (AOL: news, chart, profile) shares climbed 9%, to $34.24 in early trading Friday after the online media company reported upbeat fourth-quarter results prior to the market open. AOL said it earned 41 cents a share, on $599.5 million in revenue, up from earnings of 23 cents a share on sales of $576.8 million. Analysts surveyed by Thomson Reuters had forecast AOL to earn 41 cents a share on $573.7 million in revenue. Sales were led by a 13% increase in advertising revenue. AOL said it was the first year-over-year revenue increase for the company in eight years.
LinkedIn shares jump 10% pre-market after earnings(8:35 am ET) NEW YORK (MarketWatch) -- Shares of LinkedIn Corp. (LNKD: news, chart, profile) rallied 10% in premarket trade after the company reported fourth-quarter earnings that beat Wall Street estimates. The professional-social-media company said profit rose 66% to $11.5 million, or 10 cents a share, from $6.9 million, or six cents a share. It said revenue rose to $303.6 million from $167.7 million and forecast first-quarter sales of between $305 million and $310 million. Thursday, Feb. 7
SunPower reports Q4 loss, but beats expectations(4:44 pm ET) SAN FRANCISCO (MarketWatch) -- Solar-panel firm SunPower Corp. (SPWR: news, chart, profile) reported late Thursday a fourth-quarter net loss of $144.8 million, or $1.22 a share, versus a loss of $93 million, or 94 cents a share, a year ago. Excluding one-time items, SunPower reported a net income of 18 cents a share, compared with 4 cents. It was a "difficult year for the industry," SunPower President Chief Executive Tom Werner said, but the company enjoyed increased customer demand. Revenue for the three months ended Dec. 31 reached $678.5 million. Analysts polled by FactSet expected per-share earnings of 15 cents on revenue of $772.2 million. SunPower shares declined 0.1% in after-hours trade.
Republic Services posts lower profit (4:30 pm ET) SAN FRANCISCO (MarketWatch) -- Republic Services Inc. (RSG: news, chart, profile) reported late Thursday its quarter profit fell to $127 million, or 35 cents a share, from $191 million, or 51 cents a share, a year ago. Excluding one-time items, the company's per-share earnings fell to 37 cents from 53 cents. Revenue for the three months ended Dec. 31 was nearly unchanged at $2.03 billion. Analysts polled by FactSet had predicted the Phoenix, Ariz.-based waste management company would earn 43 cents a share on $2 billion in revenue. The company said it expects 2013 adjusted per-share earnings of $1.86 to $1.91 a share and sales growth of 2% to 2.5%. Republic Services stock is up 7% over the past 12 months.
LinkedIn beats Street estimates, shares jump(4:23 pm ET) SAN FRANCISCO (MarketWatch) - LinkedIn Corp. (LNKD: news, chart, profile) on Thursday reported a fourth-quarter profit of $11.51 million, or 10 cents a share, compared with a profit of $6.92 million, or 6 cents a share, for the year-earlier period. Revenue was up $303.62 million, from $167.74 million. Adjusted profit was 35 cents a share. Analysts polled by FactSet on average were expecting the professional social networking company to report a profit of 19 cents a share, on revenue of $279.93 million. LinkedIn shares were up more than 9% in after-hours trading.
Activision beats Street targets; shares rise(4:21 pm ET) SAN FRANCISCO (MarketWatch) -- Activision Blizzard Inc. reported a sharp jump in earnings for the fourth quarter, beating Wall Street's estimates thanks to strong sales of videogame titles like "Call of Duty: Black Ops 2." For the period ended Dec. 31, Activision (ATVI: news, chart, profile) reported net income of $354 million, or 31 cents per share, on revenue of $1.77 billion, compared to net income of $99 million, or 8 cents per share, on revenue of $1.4 billion for the same period the previous year. Adjusted for the deferred revenues from certain game titles, the company said it earned 78 cents a share on $2.6 billion in revenue for the recent period. Analysts were expecting adjusted earnings of 72 cents a share on revenue of $2.4 billion, according to consensus estimates from FactSet. The company's shares jumped more than 3% in after-hours trades following the results.
Coinstar shares fall after-hours on weak forecast(4:15 pm ET) SAN FRANCISCO (MarketWatch) -- Coinstar Inc. (CSTR: news, chart, profile) on Thursday reported a fiscal fourth-quarter earnings of $22.9 million, or 75 cents a share, on revenue of $564.1 million, compared with earnings of $31.5 million, or $1.04 a share, on $466 million in sales in the year-ago period. Analysts surveyed by FactSet Research had forecast Coinstar to earn 74 cents a share on $577 million in revenue for the quarter ended December 31. For its first-quarter, Coinstar, which operates the Redbox line of DVD rental kiosks, expects to earn between 77 cents and 92 cents a share, on revenue in a range of $568 million to $593 million. Analysts had forecast Coinstar to earn $1.22 a share on $628.8 million in sales for its first quarter. Coinstar's shares gave up as much as 10% in after-hours trading following the results and forecast.
O'Reilly Automotive surges 9.5% on earnings (10:28 am ET) SAN FRANCISCO (MarketWatch) -- O'Reilly Automotive Inc. (ORLY: news, chart, profile) shares jumped nearly 10% at the open Thursday after handing investors strong quarterly results. After the close Wednesday, the car parts retailer said it earned $132.8 million, or $1.14 a share in the fourth quarter, up from $123 million, or 94 cents a share, a year ago. The results topped the $1.08 EPS analysts surveyed by FactSet had been looking for. Same-store sales rose to 4.2% from 3.3% while revenue was up 7% at $1.49 billion. The company said it expects to earn from $5.57 to $5.67 a share in 2013, also topping the $5.52 analysts were expecting. O'Reilly shares were last up 9.5% at $101.38, making them the top gainer Thursday in the S&P 500 and extending their advance over the past 12 months to 21%.
Noble shares down 0.7% after earnings release(9:55 am ET) SAN FRANCISCO (MarketWatch) -- Noble Energy Inc. (NBL: news, chart, profile) shares declined 0.7% in early trading Thursday after the company swung to a profit in the fourth quarter, beating analyst expectations, and projected first-quarter production below Wall Street forecasts. Excluding one-time items, Noble reported fourth-quarter per-share earnings of $1.65, compared with $1.55 a year ago. Production rose 9% in 2012 year-on-year. The company trades at a discount despite "superior growth outlook," analysts at UBS said in a note. UBS has a $126 price target on the stock, which traded at $112.7.
Akamai shares plunge on weak sales, forecast(9:54 am ET) SAN FRANCISCO (MarketWatch) -- Akamai Technologies Inc. (AKAM: news, chart, profile) shares plunged by more than 18% Thursday, to $33.91, as investors slammed the Internet content-delivery technology company for its disappointing revenue results and outlook. Late Wednesday, Akamai said it earned 54 cents a share, on $378 million in revenue, while analysts had forecast the company to earn 50 cents a share on $381 million in sales. Analysts at Janney Capital Markets and Jefferies cut their ratings on Akamai's stock following the results. For its first quarter, Akamai said it expects to earn 50 cents to 52 cents a share, on revenue in a range of $352 million to $362 million. Analysts surveyed by Thomson Reuters had previously forecast Akamai to earn 47 cents a share on $370.1 million in sales for the quarter. Wednesday, Feb. 6
Visa net earnings per share up 29%(4:59 pm ET) LOS ANGELES (MarketWatch) -- Visa Inc. (V: news, chart, profile) on Wednesday reported first-quarter net income of $1.29 billion, or $1.93 a share, compared with $1.03 billion, or $1.49 a share, for the same period a year ago. Sales for the Foster City, Calif.-based credit card giant were $2.85 billion against last year's $2.55 billion. The company said its net income included a one-time gain of 11 cents a share. Analysts polled by FactSet had forecast earnings of $1.79 a share on sales of $2.8 billion. The company predicted earnings per share growth for full-year 2013 in the "high teens." Shares ended the regular session up nearly 1% to $160.82.
Yelp reports quarterly loss, revenue jumps(4:24 pm ET) SAN FRANCISCO (MarketWatch) - Yelp Inc. posted a net loss with a strong jump in fourth-quarter revenue on Wednesday afternoon. For the period ended Dec. 31, Yelp (YELP: news, chart, profile) reported a net loss of $5.3 million, or 8 cents per share, compared to a net loss of $9.1 million, or 56 cents per share, for the same period the previous year. Revenue jumped to $41.2 million from $24.9 million in last year's fourth quarter. Analysts were expecting a net loss of 4 cents a share on revenue of $40.2 million, according to consensus estimates from FactSet. The company projected first-quarter revenue in the range of $44 million to $44.5 million, which would represent 62% growth. Analysts had been expecting revenue of $43.8 million, according to FactSet.
News Corp. profits more than double(4:21 pm ET) WASHINGTON (MarketWatch) -- Media conglomerate News Corp. (NWS: news, chart, profile) (NWS.A: news, chart, profile) said its fiscal second-quarter earnings jumped to $2.38 billion, or $1.01 a share, from $1.06 billion, or 42 cents a share, on gains from buying additional stakes in Fox Sports Australia and Fox Star Sports Asia as well as gains from a stock buyback conducted by partly held British Sky Broadcasting. Excluding those gains, as well as $65 million in costs mostly related to hacking allegations at its British newspapers, earnings rose to 44 cents a share from 39 cents a share. Revenue rose 5% to $9.43 billion, led by growth from its cable network programming. Analysts polled by FactSet had expected earnings of 43 cents a share on revenue of $9.26 billion. News Corp. owns Dow Jones & Co., which holds MarketWatch, the publisher of this report.
Green Mountain adjusted EPS net grows 27%(4:12 pm ET) LOS ANGELES (MarketWatch) -- Green Mountain Coffee Roasters Inc. [s:gmcr] said Wednesday that first-quarter net income was $107.6 million, or 70 cents a share, compared with $104.4 million, or 66 cents a share, for the same period a year ago. Sales for the Waterbury, Vt.-based maker of coffee products were $1.34 billion against last year's $1.16 billion. Adjusted earnings were 76 cents a share. Analysts polled by FactSet had expected the company to report earnings of 65 cents a share on sales of $1.33 billion. The company raised its full-year forecast to adjusted income of $2.72 to $2.82 a share, up from a range of $2.64 to $2.74. The FactSet analyst consensus calls for $2.68 a share. Shares ended the day up more than 3% to $48.94.
Ralph Lauren surges on strong holiday quarter (10:21 am ET) SAN FRANCISCO (MarketWatch) -- Ralph Lauren Corp. (RL: news, chart, profile) shares surged as much as 7% at the open Wednesday, leading percentage gainers on the S&P 500 after reporting a surprising 28% jump in fiscal third-quarter profit. The fashion house and retailer also said its gross profit margin rose 2.2% to 59.3% in the three months ended Dec. 29. Third-quarter per-share earnings were $2.31, topping the $2.20 analysts had expected. The results showed the holiday season had been stronger than expected for the company, recovering from a slump that sent its share price as low as $134.29 in July. Ralph Lauren shares were last up 6.2% at $175.12.
Expedia shares off; RBC analyst cuts rating(9:50 am ET) SAN FRANCISCO (MarketWatch) -- Expedia Inc. (EXPE: news, chart, profile) shares slipped by 1.6% to $66.52 in early trading Wednesday shortly after RBC Capital Markets analyst Mark Mahaney cut his rating on the online travel company to sector perform, or the equivalent of neutral, from outperform. In a research note, Mahaney said Expedia "is likely now to enter a period of growth deceleration" due to tough comparable outlooks for bookings, revenue and hotel-room nights. Mahaney's downgrade came a day after Expedia reported fourth-quarter earnings and sales that improved from a year ago.
CVS Caremark 4th-quarter profit rose 6.1%(8:02 am ET) NEW YORK (MarketWatch) -- CVS Caremark Corp. (CVS: news, chart, profile) said on Wednesday fourth-quarter net income rose 6.1% to $1.13 billion, or 90 cents per share, from $1.06 billion, or 84 cents per share, in the year-ago period. The Woonsocket, R.I.-based drugstore chain said adjusted earnings were $1.14 per share. Quarterly net revenue rose to $31.39 billion from $28.32 billion a year ago. Analysts surveyed by FactSet had expected earnings of $1.10 per share on revenue of $31.14 billion. Tuesday, Feb. 5
Aflac posts higher profit, misses analyst target(4:53 pm ET) SAN FRANCISCO (MarketWatch) -- Insurer Aflac Inc. (AFL: news, chart, profile) on Tuesday said its fourth-quarter net profits rose to $581 million, or $1.24 a share, compared with $538 million, or $1.15 a share, a year earlier. Revenues for the quarter rose 6.6% to $6.38 billion, compared with $5.98 billion a year earlier. Analysts polled by FactSet were looking for per-share earnings of $1.47. The company said it expects U.S. sales to be flat to up 5% this year. Aflac shares declined 0.9% in after-hour trading.
C.H. Robinson doubles profit on acquisitions(4:43 pm ET) SAN FRANCISCO (MarketWatch) -- Freight and shipping company C.H. Robinson Worldwide Inc. (CHRW: news, chart, profile) , citing higher volumes from recent acquisitions, reported late Tuesday its fourth-quarter profit rose to $256.4 million, or $1.58 a share, from $109.2 million, or 67 cents a share, a year ago. Revenue for the quarter rose nearly 16% to $2.97 billion from $2.57 billion. Adjusted to exclude one-time items, the company earned 68 cents a share. Analysts surveyed by FactSet, who typically cite adjusted income, had predicted the Minneapolis, Minn.-based company would earn 70 cents a share on $2.88 billion in revenue. C.H. Robinson shares were up 7 cents at $67.08 in after-hours trade. The stock is up 4% over the past 12 months.
Disney first-quarter earnings fall 6% to $1.38 bln(4:25 pm ET) SAN FRANCISCO (MarketWatch) -- Walt Disney Co. (DIS: news, chart, profile) said late Tuesday that its fiscal first-quarter earnings fell at $1.38 billion, or 77 cents a share, from $1.46 billion or 80 cents a share in the year-ago period. Excluding charges, the media giant would have reported earnings of 79 cents a share. Revenue rose to $11.34 billion from $10.78 billion last year. Analysts surveyed by FactSet estimated a quarterly profit of 76 cents a share on revenue of $11.21 billion. Whispernumber.com, which uses unpublished estimates, expected earnings of 78 cents a share.
Panera Bread posts 34% higher profit (4:18 pm ET) SAN FRANCISCO (MarketWatch) -- Panera Bread Co. (PNRA: news, chart, profile) reported late Tuesday its fiscal fourth-quarter profit rose 34% to $51.6 million, or $1.75 a share, from $38.6 million, or $1.31 a share a year ago. Revenue for the quarter ended Dec. 25 rose 15% to $571.5 million while same-store sales rose 4.9%. Analysts surveyed by FactSet had expected the St. Louis, Mo.-based bakery chain to post earnings of $1.74 a share on $574.6 million in revenue. Panera Bread shares rose as much as 4.4% in after-hours trade to $170.
Zynga narrows loss with big revenue beat(4:14 pm ET) SAN FRANCISCO (MarketWatch) - Zynga Inc. narrowed its net loss as revenues for the fourth quarter came in well ahead of Wall Street's expectations, driving the social game maker's shares up more than 5% in after-hours trades on Tuesday. For the period ended Dec. 31, Zynga (ZNGA: news, chart, profile) reported a net loss of $48.6 million, or 6 cents per share, compared with a net loss of $435 million, or $1.22 per share, in the same period last year. The company said it earned 1 cent per share on a non-GAAP basis for the recent quarter. Revenue was mostly flat at $311.2 million. Analysts were expecting an adjusted loss of 3 cents a share on revenue of $212.1 million, according to consensus estimates from FactSet.
Expedia reports 10% earnings increase(4:13 pm ET) SAN FRANCISCO (MarketWatch) -- Online travel company Expedia Inc. (EXPE: news, chart, profile) on Tuesday reported fourth-quarter earnings that rose 10% from a year ago. Expedia said that for the quarter ended Dec. 31, it earned $88.9 million, or 63 cents a share, on revenue of $975 million. During the same period a year ago, Expedia earned $80.6 million, or 58 cents a share, on $787 million in sales. Analysts surveyed by FactSet had forecast Expedia to earn 65 cents a share on revenue of $933 million. Expedia also reported $7.53 billion in gross bookings, a 19% increase for the fourth quarter in 2011. Expedia shares rose more than 4% in after-hours trading following the release of the results.
Chipotle fourth-quarter profit rises to $61.4 mln(4:09 pm ET) SAN FRANCISCO (MarketWatch) -- Chipotle Mexican Grill Inc (CMG: news, chart, profile) said late Tuesday that its fourth quarter earnings rose to $61.4 million, or $1.95 a share, from $57 million, or $1.81 a share, in the year-ago period. Revenue increased to $699.2 million from $596.7 million last year. Analysts surveyed by FactSet estimated a quarterly profit of $1.96 a share on revenue of $696.3 million.
Take-Two earnings jump in third fiscal quarter(4:05 pm ET) SAN FRANCISCO (MarketWatch) - Take-Two Interactive Software Inc. (TTWO: news, chart, profile) posted a significant jump in earnings for its third fiscal quarter on Tuesday afternoon. For the period ended Dec. 31, Take-Two reported net income of $71.4 million, or 66 cents per share, on revenue of $415.8 million. That compares with net income of $14.1 million or 16 cents a share on revenue of $236.3 million in the same period last year. Adjusted for deferred revenues from certain game sales, Take-Two said it earned 67 cents per share on revenue of $405 million for the recent period. Analysts were expecting adjusted earnings of 55 cents a share on revenue of $363.9 million, according to consensus estimates from FactSet.
Estee Lauder shares rise as U.S. spending rebounds(11:25 am ET) NEW YORK (MarketWatch) -- Estee Lauder Cos. (EL: news, chart, profile) surged 5.8% on Tuesday to $64.59, the second-biggest gain on the Standard & Poor's 500 Index (SPX: news, chart, profile) . The beauty-products company said Tuesday morning its fiscal second-quarter earnings rose 13% as revenue increased, boosted by a rebound in U.S. spending and sales increases in the Asia/Pacific region's emerging markets. Estee Lauder said quarterly profit rose to $447.5 million, or $1.13 cents per share, from $396.7 million, or $1 a share, in the year-ago period. It raised its 2013 profit forecast to between $2.51 and $2.59 a share.
Yum! stock skids on China chicken fallout(10:18 am ET) NEW YORK (MarketWatch) -- Yum! Brands Inc. (YUM: news, chart, profile) shares fell 3.5% on Tuesday to $61.70, the third-worst performance on the Standard & Poor's 500 Index (SPX: news, chart, profile) . The fast-food chain said late Monday its earnings fell 5.3% in the fourth quarter as a Chinese government review of poultry supplies hurt same-store sales in China. The company said it doesn't expect earnings growth this year. Yum! Brands, which owns Taco Bell, KFC and Pizza Hut, said profit fell to $337 million, or 72 cents a share, from $356 million, or 75 cents a share, in the year-ago period.
ER130212: FTI, RAX, WU, FRT, WSH, DDR, CLF, ACC, HCC, GWR, SGEN, SKT FMC Technologies, Inc. ( FTI ) is reporting for the quarter ending December 31, 2012. The oil field machinery & equipment company's consensus earnings per share forecast from the 24 analysts that follow the stock is $0.57. This value represents a 39.02% increase compared to the same quarter last year. Zacks Investment Research reports that the 2012 Price to Earnings ratio for FTI is 25.98 vs. an industry ratio of 14.30, implying that they will have a higher earnings growth than their competitors in the same industry.
Rackspace Hosting, Inc ( RAX ) is reporting for the quarter ending December 31, 2012. The internet services company's consensus earnings per share forecast from the 19 analysts that follow the stock is $0.22. This value represents a 22.22% increase compared to the same quarter last year. In the past year RAX has met analyst expectations three times and beat the expectations the other quarter. Zacks Investment Research reports that the 2012 Price to Earnings ratio for RAX is 98.72 vs. an industry ratio of 34.70, implying that they will have a higher earnings growth than their competitors in the same industry.
Western Union Company ( WU ) is reporting for the quarter ending December 31, 2012. The business services company's consensus earnings per share forecast from the 22 analysts that follow the stock is $0.35. This value represents a -12.50% decrease compared to the same quarter last year. In the past year WU has met analyst expectations twice and beat the expectations the other two quarters. Zacks Investment Research reports that the 2012 Price to Earnings ratio for WU is 8.53 vs. an industry ratio of -211.60, implying that they will have a higher earnings growth than their competitors in the same industry.
Federal Realty Investment Trust ( FRT ) is reporting for the quarter ending December 31, 2012. The reit company's consensus earnings per share forecast from the 12 analysts that follow the stock is $1.10. This value represents a 13.40% increase compared to the same quarter last year. FRT missed the consensus earnings per share in the 4th calendar quarter of 2011 by -1.02%. Zacks Investment Research reports that the 2012 Price to Earnings ratio for FRT is 25.07 vs. an industry ratio of 16.60, implying that they will have a higher earnings growth than their competitors in the same industry.
Willis Group Holdings Limited ( WSH ) is reporting for the quarter ending December 31, 2012. The insurance brokers company's consensus earnings per share forecast from the 16 analysts that follow the stock is $0.44. This value represents a -4.35% decrease compared to the same quarter last year. Zacks Investment Research reports that the 2012 Price to Earnings ratio for WSH is 14.04 vs. an industry ratio of 20.60.
Developers Diversified Realty Corporation ( DDR ) is reporting for the quarter ending December 31, 2012. The reit company's consensus earnings per share forecast from the 13 analysts that follow the stock is $0.27. This value represents a 3.85% increase compared to the same quarter last year. DDR missed the consensus earnings per share in the 1st calendar quarter of 2012 by -4%. Zacks Investment Research reports that the 2012 Price to Earnings ratio for DDR is 16.15 vs. an industry ratio of 16.60.
Cliffs Natural Resources Inc. ( CLF ) is reporting for the quarter ending December 31, 2012. The mining (iron) company's consensus earnings per share forecast from the 16 analysts that follow the stock is $0.55. This value represents a -61.27% decrease compared to the same quarter last year. Zacks Investment Research reports that the 2012 Price to Earnings ratio for CLF is 10.15 vs. an industry ratio of 1.80, implying that they will have a higher earnings growth than their competitors in the same industry.
American Campus Communities Inc ( ACC ) is reporting for the quarter ending December 31, 2012. The reit company's consensus earnings per share forecast from the 10 analysts that follow the stock is $0.54. This value represents a 8.00% increase compared to the same quarter last year. ACC missed the consensus earnings per share in the 3rd calendar quarter of 2012 by -13.51%. Zacks Investment Research reports that the 2012 Price to Earnings ratio for ACC is 24.40 vs. an industry ratio of 23.10, implying that they will have a higher earnings growth than their competitors in the same industry.
HCC Insurance Holdings, Inc. ( HCC ) is reporting for the quarter ending December 31, 2012. The insurance (property & casualty) company's consensus earnings per share forecast from the 10 analysts that follow the stock is $0.64. This value represents a -14.67% decrease compared to the same quarter last year. In the past year HCC has beat the expectations every quarter. The highest one was in the 3rd calendar quarter where they beat the consensus by 45.33%. Zacks Investment Research reports that the 2012 Price to Earnings ratio for HCC is 11.68 vs. an industry ratio of 15.80.
Genesee & Wyoming, Inc. ( GWR ) is reporting for the quarter ending December 31, 2012. The transportation (rail) company's consensus earnings per share forecast from the 13 analysts that follow the stock is $0.81. This value represents a 9.46% increase compared to the same quarter last year. In the past year GWR has met analyst expectations once and beat the expectations the other three quarters. Zacks Investment Research reports that the 2012 Price to Earnings ratio for GWR is 30.51 vs. an industry ratio of 15.10, implying that they will have a higher earnings growth than their competitors in the same industry.
Seattle Genetics, Inc. ( SGEN ) is reporting for the quarter ending December 31, 2012. The biomedical (gene) company's consensus earnings per share forecast from the 10 analysts that follow the stock is $-0.13. This value represents a -45.83% decrease compared to the same quarter last year. In the past year SGEN has met analyst expectations once and beat the expectations the other three quarters. The "days to cover" for this stock exceeds 27 days. Zacks Investment Research reports that the 2012 Price to Earnings ratio for SGEN is -60.08 vs. an industry ratio of -19.40.
Tanger Factory Outlet Centers, Inc. ( SKT ) is reporting for the quarter ending December 31, 2012. The reit company's consensus earnings per share forecast from the 10 analysts that follow the stock is $0.45. This value represents a 7.14% increase compared to the same quarter last year. SKT missed the consensus earnings per share in the 1st calendar quarter of 2012 by -2.7%. Zacks Investment Research reports that the 2012 Price to Earnings ratio for SKT is 22.12 vs. an industry ratio of 16.60, implying that they will have a higher earnings growth than their competitors in the same industry.
Cliffs Natural swings to loss; cuts dividend(5:24 pm ET) SAN FRANCISCO (MarketWatch) -- Cliffs Natural Resources Inc. (CLF: news, chart, profile) , citing a steep drop in iron ore prices and one-time charges, reported late Tuesday a fourth-quarter loss of $1.62 billion, or $11.36 a share, reversing a year-ago profit of $185 million, or $1.30 a share. Adjusted to exclude one-time items, the company earned $89 million, or 62 cents a share. Revenue for the three months ended Dec. 31 fell to $1.54 billion from $1.6 billion. Analysts surveyed by FactSet had predicted the Cleveland, Ohio-based iron ore and coal mining company would earn 51 cents a share on $1.54 billion in revenue. The company also cut its quarterly dividend 76% to 15 cents a share from 62.5 cents. Cliffs Natural shares fell as much as 7.9% to $33.71 in after-hours trade.
Trulia trims fourth-quarter loss as sales rise(4:51 pm ET) SAN FRANCISCO (MarketWatch) -- Online real estate marketplace Trulia Inc. (TRLA: news, chart, profile) on Tuesday reported a fiscal fourth-quarter loss of $1.6 million, or 6 cents a share, on revenue of $20.6 million, compared with a loss of $2.1 million, or 30 cents a share, on $11.74. million in sales in the same period a year ago. Excluding one-time items, Trulia would have lost 3 cents a share. Analysts surveyed by FactSet had forecast Trulia to lose 2 cents a share on $19.1 million in revenue. Trulia also said that for its current, fiscal first quarter, it expects to report sales of $20.8 million to $21.2 million, while analysts had forecast Trulia's revenue at $19.3 million .
Western Union profit falls 47%(4:44 pm ET) SAN FRANCISCO (MarketWatch) -- Western Union Co. (WU: news, chart, profile) reported late Tuesday its fourth-quarter profit fell 47% to $237.9 million, or 40 cents a share, from $452.3 million, or 73 cents a share, a year ago. Revenue for the quarter ended Dec. 31 slipped to $1.42 billion from $1.43 billion. Analysts polled by FactSet had expected the company to earn 35 cents a share on $1.4 billion in revenue. Western Union said it expects to earn from $1.33 to $1.43 a share in 2013, less than the $1.48 a share analysts were looking for. Western Union shares were down 1.6% at $14.11 in after-hours trade. The stock is down 18% over the past 12 months.
McGraw-Hill swings to loss, outlines 2013 estimate(10:39 am ET) TEL AVIV (MarketWatch) -- McGraw-Hill Cos. (MHP: news, chart, profile) , the New York-based financial-information company, reported a fourth-quarter net loss of $216 million, or 76 cents a share, compared with net income of $214 million, or 73 cents, in the year-earlier quarter. The latest earnings from continuing operations were 67 cents a share compared with 37 cents a year earlier. The latest adjusted earnings from continuing operations were 72 cents a share. McGraw-Hill plans to sell its education division and has classified the unit as a discontinued operation. Revenue reached $1.23 billion, up from $1 billion. A survey of analysts by FactSet produced consensus estimates of profit of 69 cents a share on revenue of $1.53 billion. And McGraw-Hill estimated that in 2013 it would earn an adjusted $3.10 to $3.20 a share, compared with $2.75 in 2012. FactSet's survey had been looking for $3.57 for the year. (Corrects fourth-quarter consensus estimates.) Monday, Feb. 11
Tesla to release fourth-quarter results Feb. 20 (6:23 pm ET) NEW YORK (MarketWatch) - Tesla Motors (TSLA: news, chart, profile) said it will release its fourth-quarter and 2012 year-end results on Wednesday, Feb. 20, after the market close. The electric car company will not release earnings on Monday or this week. The announcement follows some "confusion after last week's misreported earnings timing," said Shanna Hendriks, Communications Manager for Tesla. The Silicon Valley-based company designs, manufactures and sells electric cars and components. Tesla shares fell 2% Monday to $38.42.
Tesla shares fall 3.6% premarket(9:22 am ET) NEW YORK (MarketWatch) -- Tesla Motors Inc. (TSLA: news, chart, profile) shares fell 3.6% in premarket trade on Monday. The maker of electric cars is expected to report a fourth-quarter loss of 59 cents a share on revenue of $298.6 million, according to a consensus survey by FactSet. A key metric will be the number of battery-powered Model S cars, the first Tesla designed from the ground up, produced per week. The company says it is likely to announce the date of its quarterly release this week, but the report won't come Monday. The New York Times on Friday posted a negative review of the Model S's performance on the East coast, saying cold temperatures affected the car's mileage. Tesla has posted a quarterly loss ever since its 2010 IPO. Friday, Feb. 8
Redbox owner Coinstar sees shares fall 8%(9:53 am ET) SAN FRANCISCO (MarketWatch) -- Coinstar Inc. (CSTR: news, chart, profile) shares fell 8% Friday, to $47.88 after the operator of the Redbox DVD rental kiosks gave a disappointing first-quarter forecast. Late Thursday, Coinstar said it expects to earn between 77 cents and 92 cents a share, on revenue of $568 million to $593 million. Analysts surveyed by FactSet had forecast Coinstar to earn $1.22 a share, on $628.8 million in revenue for the quarter. Coinstar officials said the company's results would be impacted by a fewer new releases on the schedule for the quarter, as well as investments in the company's Redbox Instant video-streaming service.
LinkedIn, AOL lead strong gains for tech stocks(9:48 am ET) SAN FRANCISCO (MarketWatch) -- Tech stocks saw strong early gains on Friday morning, led by big surges at LinkedIn and AOL Inc. after the two Internet brands reported positive results for the December quarter. LinkedIn (LNKD: news, chart, profile) shares jumped more than 18% to a new all-time high of $146.90, while AOL (AOL: news, chart, profile) shares rose nearly 12% to $35.04. Videogame publisher Activision Blizzard (ATVI: news, chart, profile) jumped more than 9% following its own results. One notable decliner was Riverbed Technology (RVBD: news, chart, profile) , down nearly 15% after reporting a sharp drop in profits and disappointing outlook. The Nasdaq Composite (COMP: news, chart, profile) rose 0.8% to 3,189 while the Philadelphia Semiconductor Index (SOX: news, chart, profile) rose by 1% in early trades.
Activision shares jump on results, upgrades(9:40 am ET) SAN FRANCISCO (MarketWatch) -- Shares of Activision Blizzard Inc. (ATVI: news, chart, profile) jumped nearly 10% to $13.22 in early trades on Friday morning after the videogame publisher reported better-than-expected results for the fourth quarter, driven mainly by its "Call of Duty" and "Skylanders" franchises. Analysts from Macquarie Capital and Sterne Agee upgraded the stock to the equivalent of buy ratings before the opening bell, citing the results. "With the initial 2013 guidance now official, continued strength in core franchises, a solid pipeline of new IP, and the increased likelihood of a more shareholder-friendly capital structure, the next catalysts for Activision are likely positive, in our view," wrote Ben Schachter of Macquarie in a note to clients.
AOL shares rise 9% after strong results(9:32 am ET) SAN FRANCISCO (MarketWatch) -- AOL Inc. (AOL: news, chart, profile) shares climbed 9%, to $34.24 in early trading Friday after the online media company reported upbeat fourth-quarter results prior to the market open. AOL said it earned 41 cents a share, on $599.5 million in revenue, up from earnings of 23 cents a share on sales of $576.8 million. Analysts surveyed by Thomson Reuters had forecast AOL to earn 41 cents a share on $573.7 million in revenue. Sales were led by a 13% increase in advertising revenue. AOL said it was the first year-over-year revenue increase for the company in eight years.
LogMeIn downgraded on forecast; shares slide(9:41 am ET) SAN FRANCISCO (MarketWatch) -- Shares of LogMeIn Inc. (LOGM: news, chart, profile) slid 25% to $17.75 on Friday morning after the provider of remote-access services issued a disappointing forecast for the current quarter and fiscal year, prompting several brokerage downgrades on the stock. J.P. Morgan, Oppenheimer and Wunderlich all cut their ratings on the stock to neutral. "We continue to believe that LogMeIn's Gravity platform positions it well in its markets, but we are frustrated by our lack of visibility into the momentum of the business and management's seeming difficulty to provide the same," wrote John DiFucci of J.P. Morgan in a note to clients. LogMeIn issued the forecast as part of its fourth-quarter earnings report on Thursday afternoon.
Smucker earnings rise 32%(7:32 am ET) NEW YORK (MarketWatch) -- J.M. Smucker Co. said Friday fiscal third-quarter earnings rose to $154.2 million, or $1.42 per share, from $116.8 million, or $1.03 per share, a year earlier. Net income excluding special project costs was $159.4 million, or $1.47 a share, compared with $138.3 million, or $1.22 a share, in the year-ago quarter. Quarterly net sales rose to $1.56 billion from $1.47 billion a year earlier. "The consumer response to our tactical adjustments over the last few quarters has been positive and we are well positioned for continued profitable growth," said Richard Smucker, chief executive officer. The food retailer, which owns K-cups, said it expects net sales to rise more than 6% in fiscal year 2013.
Kraft Foods misses views, raises 2013 forecast(7:04 am ET) LONDON (MarketWatch) -- Kraft Foods Group Inc. (KRFT: news, chart, profile) on Friday said net earnings for the fourth-quarter fell to $89 million, or 15 cents a share, from $319 million, or 54 cents a share, in the same period last year. Operating income slumped 49% to $260 million, with the result impacted by post-employment benefits as well as restructuring charges. Revenue declined 11% to $4.49 billion from $5.03 billion in the comparable period in the prior year, partly due to an extra week of sales in 2011. Analysts polled by FactSet expected earnings of 23 cents a share on revenue of $4.75 billion. For 2013, the Northfield, Ill.-based company raised its guidance and now expects earnings per share of $2.75, up from an earlier forecast of $2.60. It further said the restructuring costs for 2013 are expected to come in around $300 million, or 33 cents a share. Thursday, Feb. 14
LogMeIn shares crash on forecast(4:35 pm ET) SAN FRANCISCO (MarketWatch) -- Shares of LogMeIn Inc. (LOGM: news, chart, profile) crashed nearly 20% to $19 in after-hours trading on Thursday after the provider of remote-access services reported fourth-quarter results that included a disappointing forecast for the current quarter and fiscal year. Revenue for the fourth quarter grew 14% to $37 million -- in line with expectations. But the company predicted a revenue range of $36 million to $36.5 million for the current quarter, with earnings-per-share in the 9-10 cents range. Analysts had been expecting earnings of 18 cents a share on revenue of $38.2 million, according to Thomson Reuters. For the full 2013 year, revenue is expected to come in between $154 million and $157 million, below the $164 million expected by analysts, with an EPS range of 43-49 cents compared to the Street forecast of 81 cents.
CBS Corp. posts 6% higher profit(4:23 pm ET) SAN FRANCISCO (MarketWatch) -- CBS Corp. (CBS: news, chart, profile) reported Thursday its fourth-quarter net earnings rose to $393 million, or 60 cents a share, from $370 million, or 55 cents a share a year ago. Revenues topped $3.70 billion for the quarter, up 2% from $3.61 billion a year ago. Analysts polled by FactSet expected per-share earnings of 69 cents. A 3% rise in advertising revenues, reflecting higher political and network advertising, led the growth, CBS said. CBS also said Thursday it will accelerate a share buyback program by $1 billion this year. The company bought back $1.15 billion worth of shares in 2012, at an average cost of $33 a share. Shares of CBS declined 0.8% in after-hours trading.
Agilent Technologies' earnings fall 22%(4:15 pm ET) SAN FRANCISCO (MarketWatch) -- Agilent Technologies Inc. (A: news, chart, profile) saw its shares fall more than 9% in after-hours trading Thursday following the company's fiscal first-quarter results. Agilent said it earned $179 million, or 51 cents a share, on revenue of $1.68 billion for the quarter ended Jan. 31. During the same period a year ago, Agilent earned $230 million, or 65 cents a share, on $1.64 billion in sales. Excluding one-time items, Agilent would have earned 63 cents a share. Analysts surveyed by FactSet had forecast Agilent to earn 67 cents a share on $1.69 billion in revenue. For its fiscal second quarter, Agilent expects to earn 64 cents to 70 cents a share, excluding one-time items, on sales in a range of $1.74 billion to $1.77 billion, while analysts had forecast earnings of 74 cents a share on $1.8 billion in revenue.
Brocade swings to loss, but results beat Street(4:14 pm ET) SAN FRANCISCO (MarketWatch) - Brocade Communications (BRCD: news, chart, profile) on Thursday reported a fiscal first-quarter loss of $21.26 million, or 5 cents a share, compared with a profit of $58.58 million, or 12 cents a share, for the year-earlier period. Revenue rose to $588.73 million, from $560.64 million. On an adjusted basis, the company reported a profit of 21 cents a share. Analysts polled by FactSet on average were expecting the company to report a profit of 16 cents a share, on revenue of $575.55 million. Brocade shares shed 1% in after-hours trading.
EOG Resources shares up 2.5% on earnings beat(9:58 am ET) SAN FRANCISCO (MarketWatch) -- EOG Resources Inc. (EOG: news, chart, profile) shares advanced 2.5% on Thursday, among the top 10 gainers in the S&P 500 (SPX: news, chart, profile) as the energy company late Wednesday reported fourth-quarter adjusted earnings of $1.61 a share, compared with analyst consensus around $1.37 a share. EOG swung to a loss due to impairment charges of $505 million in the fourth quarter, or $1.88 a share, versus profit of $121 million, or 45 cents a share, a year ago. The company raised dividends by 10% to 19 cents a share and said it expects production growth of 4% this year. "EOG continues to show improved operating performance" in key shale oil-and-gas areas in Texas and North Dakota, analysts at Oppenheimer said in a note to clients Thursday.
Angie's List shares soar 30% in wake of results(9:49 am ET) SAN FRANCISCO (MarketWatch) -- Angie's List Inc. (ANGI: news, chart, profile) shares surged more than 30%, to $17.81 Thursday, in the wake of the online professional services recommendation company's upbeat quarterly results and forecast. Late Wednesday, Angie's List reported a fourth-quarter profit of $2.4 million, or 4 cents a share, on revenue of $46.2 million for the quarter ended Dec. 31. During the same period a year ago, Angie's List lost $5.9 million, or 14 cents a share, on $27.4 million in sales. Analysts surveyed by FactSet had forecast Angie's List to lose 2 cents a share on $46 million in revenue. Aaron Kessler, of Raymond James, raised his rating on Angie's List to strong buy from outperform, citing improvements in the company's operating leverage.
BlackBerry, Cisco weigh down tech stocks(9:46 am ET) SAN FRANCISCO (MarketWatch) -- Tech stocks mostly fell in early trades on Thursday, weighed down by sell-offs on BlackBerry Inc. and Cisco Systems. BlackBerry (BBRY: news, chart, profile) shares fell more than 4% after a filing by Jim Balsillie that showed the former co-CEO had sold all of his shares of the smartphone maker. Cisco (CSCO: news, chart, profile) shares fell more than 2% after the network giant reported a small sales gains for its second fiscal quarter and issued a forecast that was in line with Wall Street's estimates. The Nasdaq Composite (COMP: news, chart, profile) slipped by 0.3% to 3,187 while the Philadelphia Semiconductor Index (SOX: news, chart, profile) fell 0.2%. One notable gainer was Angie's List (ANGI: news, chart, profile) , which surged nearly 30% following strong results and a positive forecast.
Rio Tinto swings to loss, cuts capex to $13 bln(1:26 am ET) SYDNEY (MarketWatch) -- Anglo-Australian mining giant Rio Tinto Ltd. (AU:RIO: news, chart, profile) (RIO: news, chart, profile) said Thursday that it swung to a 2012 net loss of $3 billion, from a profit of $5.8 billion in the year-ago period. On an adjusted basis, profit came in at $9.3 billion, down 40% from $15.5 billion last year. Rio Tinto said that it took impairment charges of $14.4 billion in the year, primarily relating to its aluminium businesses, as well as coal assets in Mozambique. Rio Tinto said that it's now targeting cumulative cash cost savings of more than $5 billion by the end of 2014, and will reduce capital expenditure on approved and sustaining projects to approximately $13 billion in 2013. In 2012, Rio Tinto's capital expenditure totaled $17.4 billion. The firm also lowered its expected 2013 exploration and evaluation spending by $750 million. Wednesday, Feb. 13
Cisco's earnings guidance in line with forecasts(8:07 pm ET) SAN FRANCISCO (MarketWatch) - Cisco Systems Inc. (CSCO: news, chart, profile) predicted a revenue range for its third fiscal quarter in line with Wall Street analyst expecations. The firm's guided earnings-per-share range was in line with prior forecasts. The forecast was given on Wednesday afternoon during a conference call to discuss the company's fiscal second-quarter results. Cisco said it expects revenue in the current period to grow within a range of 4%-6% from the same period last year. Analysts were expecting growth of 5.3% for the period. Earnings per share, on an adjusted basis, is expected to come in the range of 48-50 cents a share; analysts had been expecting earnings of 49 cents a share for the period, according to consensus estimates from FactSet.
MetLife posts lower profit after derivatives loss(5:33 pm ET) SAN FRANCISCO (MarketWatch) -- MetLife Inc. (MET: news, chart, profile) reported Wednesday a fourth-quarter net profit of $127 million, or 9 cents a share, compared with a profit of $959 million, or 90 cents a share, a year ago, after heavy derivatives losses. Total operating revenues topped $18.4 billion, from $16.3 billion in the same quarter in 2011. Shares of MetLife were down 0.1% in after-hours trading. Superstorm Sandy impacted results by $70 million, or $0.06 per share, after taxes, the company said. The Sandy losses were above the company's quarterly plan provision, but were partly offset by $13 million in favorable claim development in prior years.
Whole Foods down 5% on weaker same-store sales (4:38 pm ET) SAN FRANCISCO (MarketWatch) -- Whole Foods Market (WFM: news, chart, profile) Wednesday missed the fiscal first-quarter consensus estimate for sales at its existing stores, sending the stock down 5% in late trades. Whole Foods said comparable-store sales rose 7.2% for the quarter ended Jan. 20. Moreover, the natural-foods chain said same-store sales grew 6.4% from Jan. 21 through Feb. 12 -- a slower rate than the first several weeks of recent quarters. Whole Foods maintained its full-year profit forecast for earnings of $2.83 to $2.87 a share. However, the grocer said its expects its gross margin to slip, partly due to its ongoing price-cutting strategy. For its fiscal first quarter, Whole Foods posted a profit of $146 million, or 78 cents a share, up from $118 million, or 65 cents a share, in the year-ago period. Sales rose 14% to $3.9 billion. In after-hours trade, Whole Foods stock was at $92.18. Since Jan.1, the stock is up 6%; its 52-week high is $101.87.
Nvidia profit rises on strong sales(4:30 pm ET) SAN FRANCISCO (MarketWatch) - Nvidia Corp. (NVDA: news, chart, profile) on Wednesday reported a fourth-quarter profit of $173.97 million, or 28 cents a share, compared with a profit of $116.03 million, or 19 cents a share, for the year-earlier period. Revenue rose to $1.11 billion, from $953.19 million. Adjusted profit was 35 cents a share. Analysts polled by FactSet on average were expecting the chip maker to post a profit of 24 cents a share, on revenue of $1.10 billion. For the current quarter, Nvidia expects revenue of $940 million, plus or minus 2%. Analysts were expecting revenue of $1.07 billion, according to data from FactSet. Nvidia shares were up a fraction in after-hours trading.
Angie's List swings to a $2.4 million profit(4:29 pm ET) SAN FRANCISCO (MarketWatch) -- Angie's List Inc. (ANGI: news, chart, profile) on Wednesday reported a fourth-quarter profit of $2.4 million, or 4 cents a share, on revenue of $46.2 million, compared with a loss of $5.9 million, or 14 cents a share, on $27.4 million in sales in the year-ago quarter. Analysts surveyed by FactSet had forecast the online professional-services recommendation company to lose 2 cents a share on revenue of $46 million. For its first-quarter, Angie's List estimates revenue of $51 million to $52 million, while analysts had forecast sales of $49.5 million. Angie's List shares climbed as much as 9% in after-hours trading following the release of its results.
Applied profit falls, but results beat Street(4:10 pm ET) SAN FRANCISCO (MarketWatch) - Applied Materials Inc. (AMAT: news, chart, profile) on Wednesday reported a fiscal first-quarter profit of $34 million, or 3 cents a share, compared with a profit of $117 million, or 9 cents a share, for the year-earlier period. Revenue dropped to $1.57 billion, from $2.19 billion. Adjusted profit was 6 cents a share. Analysts polled by FactSet on average were expecting the chip equipment maker to report a profit of 3 cents a share, on revenue of $1.56 billion. For the current quarter, Applied expects revenue to rise 15% to 25% from the previous quarter, and adjusted profit in the range of 9 cents to 15 cents a share. Analysts were expecting a profit of 11 cents a share, on revenue of $1.81 billion, according to data from FactSet. Shares of Applied were up 1.3% in after-hours trading.
Cisco earnings rise, beating Street views(4:09 pm ET) SAN FRANCISCO (MarketWatch) - Cisco Systems Inc. (CSCO: news, chart, profile) reported a small gain in adjusted earnings for its second fiscal quarter on Wednesday, helped by growing sales of its networking and corporate IT gear. For the quarter ended Jan. 26, Cisco reported net income of $3.1 billion, or 59 cents a share, compared to net income of $2.2 billion, or 40 cents a share, for the same period the previous year. Adjusted earnings came in at $2.7 billion, or 51 cents a share. Revenue rose 5% to $12.1 billion. Analysts were expecting adjusted earnings of 48 cents a share on revenue of $12.07 billion, according to consensus estimates from FactSet.
NetApp earnings rise almost 32%(4:08 pm ET) SAN FRANCISCO (MarketWatch) -- NetApp Inc. (NTAP: news, chart, profile) on Wednesday reported a fiscal third-quarter profit of $158 million, or 43 cents a share, on $1.63 billion in sales. During the same period a year ago, the data-storage technology company earned $120 million, or 32 cents a share, on revenue of $1.57 billion. Excluding one-time items, NetApp would have earned $243 million, or 67 cents a share. Analysts surveyed by FactSet had forecast NetApp to earn 56 cents a share on $1.62 billion in revenue. For its fiscal fourth-quarter, NetApp forecast earnings excluding one-time items of 65 cents to 70 cents a share on revenue in a range of $1.7 billion to $1.8 billion.
Deere first-quarter earnings rise 22%(7:55 am ET) NEW YORK (MarketWatch) - Deere & Company (DE: news, chart, profile) said Wednesday its first-quarter profit ending January 31, was $649.7 million or $1.65 a share, up from $532.9 million, or $1.30 per share, from a year earlier. The equipment and tool maker's revenue was up 10% to $7.42 billion compared to $6.77 billion the year before. Net equipment sales were $6.80 billion compared to $6.12 billion a year earlier. This was the eleventh consecutive quarter of record earnings for the company, Chairman and Chief Executive Samuel R. Allen said in a statement. For 2013, the company expects equipment sales for fiscal 2013 to be up 6% and up 4% for the second-quarter versus the year-ago period. Net income is expected to be close to $3.3 billion for the fiscal year.
Thursday, Feb. 28: JCP CVC GRPN BSFT TEO FSLR RSH INTU DXLG YOKU IEP SFLY Salesforce.com reports $20.8 million loss(4:23 pm ET) SAN FRANCISCO (MarketWatch) -- Salesforce.com Inc. (CRM: news, chart, profile) on Thursday reported a fourth-quarter loss of $20.8 million, or 14 cents a share, on revenue of $835 million, compared with a loss of $4.1 million, or 3 cents a share, on $632 million in sales in the year-ago quarter. Excluding one-time items, the cloud-based business-software company would have have earned 51 cents a share. Analysts surveyed by FactSet had forecast Salesforce to earn 40 cents a share on $830.8 million in revenue. For its first-quarter, Salesforce estimates it will earn between 40 cents and 42 cents a share. excluding one-time items, on sales of $882 million to $887 million.
Fed's Raskin calls for focus on banks' reputation(12:30 pm ET) WASHINGTON (MarketWatch) - The risk to a bank that it might suffer losses as a result of a decline in its reputation in the community should receive greater focus from federal bank regulators, said Federal Reserve Governor Susan Bloom Raskin on Thursday. Currently, banks and examiners tend to focus on handling reputational threats that have already surfaced, Raskin said in a speech to a banking-outlook conference sponsored by the Federal Reserve Bank of Atlanta. "This is not risk management, this is crisis management," Raskin said. The share of each deposit dollar that banks lent hit a post-financial crisis low in the third quarter, Raskin noted, making achieving higher earnings a challenge. As a result, pressure on banks to hike fees is "palpable," but a bank with a poor reputation may suffer further criticism and damage, she noted. "So an evaluation of the effects of the new product or activity on the bank's reputation prior to launch [of a fee hike] is arguably necessary," Raskin said.
Groupon shares plunge on outlook, ratings cuts(9:50 am ET) SAN FRANCISCO (MarketWatch) -- Groupon Inc. (GRPN: news, chart, profile) shares plunged 27% to $4.24 Thursday in the wake of the online daily deal company's disappointing quarterly results and outlook. On Wednesday, Groupon reported a fourth-quarter loss of 12 cents a share, or 5 cents a share excluding one-time items. Analysts surveyed by FactSet had forecast Groupon to earn 3 cents a share. Groupon also gave a first-quarter sales outlook that fell short of Wall Street analysts' estimates. Several analysts cut their ratings on Groupon's stock, with Bank of America/Merrill Lynch analyst Justin Post cut his rating on Groupon's stock to underperform from neutral, mostly due to concerns about the company's lower gross margins. Groupon's share-price drop triggered a short-sell circuit breaker on the Nasdaq stock exchange.
Groupon falls 27% after surprise earnings miss(7:40 am ET) NEW YORK (MarketWatch) -- Shares of Groupon Inc. (GRPN: news, chart, profile) fell 27% on Thursday in premarket trading. The company, which provides daily deals online, reported a surprise fourth-quarter loss on Wednesday and forecast first-quarter revenue that was less than expected. The company said its loss widened to $81.1 million, or 12 cents a share, in the fourth quarter from a year-ago loss of $65.4 million, or 12 cents a share. Quarterly revenue rose to $638.3 million from $492 million last year. Analysts polled by FactSet had expected earnings of 3 cents a share and revenue of about $640 million. Groupon was downgraded to a market perform rating from outperform by Wells Fargo on Thursday.
Sears Holdings Q4 loss narrowed; adjusted net up(6:33 am ET) TEL AVIV (MarketWatch) -- Sears Holdings Corp., (SHLD: news, chart, profile) the Hoffman Estates, Ill., retailer, reported a narrower fiscal-fourth-quarter loss and stronger-than-expected adjusted earnings. For the quarter ended Feb. 2, the loss narrowed to $489 million, or $4.61 a share, from $2.4 billion, or $22.63, in the year-earlier quarter. Adjusted earnings from continuing operations more than doubled to $1.12 a share from 54 cents. Sales totaled $12.26 billion compared with $12.48 billion. A survey of analysts by FactSet produced consensus estimates of profit of 98 cents a share on sales of $11.77 billion. Sears Holdings reported U.S. same-store sales off 1.6%. Wednesday, Feb. 27
Hong Kong stocks climb, led by coal miners(8:49 pm ET) HONG KONG (MarketWatch) -- Hong Kong stocks Thursday advanced on the back of solid gains in the coal-mining and property sectors, cheering Federal Reserve Chairman Ben Bernanke's commitment to continuing an ultra-easy monetary policy. The Hang Seng Index (HK:HSI: news, chart, profile) added 0.8% to 22,766.97 and the Hang Seng China Enterprises Index gained 1.1% to 11,266.59. China Coal Energy Co. (CCOZY: news, chart, profile) (HK:1898: news, chart, profile) and China Shenhua Energy Co. (CSUAY: news, chart, profile) (HK:1088: news, chart, profile) , two of the worst performing constituents of the Hang Seng Index in February, led the advance on the last day of the month, rising 3% and 2.5%, respectively. Also posting strong gains in the wake of upbeat earnings reports, New World Development Co. (NDVLY: news, chart, profile) (HK:17: news, chart, profile) rose 3.3% to extend the previous day's advance, while Sino Land Co. (SNLAY: news, chart, profile) (HK:83: news, chart, profile) gained 2.8%. China's Shanghai Composite (CN:SHCOMP: news, chart, profile) added 0.1% to 2,315.94.
Victoria's Secret parent posts 14% profit increase(5:19 pm ET) SAN FRANCISCO (MarketWatch) -- Victoria's Secret owner Limited Brands (LTD: news, chart, profile) said it earned a profit of $411 million, or $1.39 a share, in the fourth quarter. That compares with a profit of $359 million, or $1.17 a share, in the same 2011 period. Adjusted for goodwill charges, Limited said its profit was $1.76 a share, compared with $1.50 in the year-ago quarter. Sales rose 10% to $3.9 billion during the quarter ended Feb. 2, while comparable store sales increased 5%. Gross margin widened to 44.5% from 43.4%. For 2013, Limited expects full-year earnings between $2.92 and $3.12 a share. First-quarter earnings were pegged in the range of 40 cents to 45 cents a share. Limited shares fell 1% to $44.08 in after-hours trade.
Groupon's loss, outlook sink shares in after hours(4:13 pm ET) SAN FRANCISCO (MarketWatch) -- Groupon Inc. (GRPN: news, chart, profile) on Wednesday reported a fourth-quarter loss of $81.1 million, or 12 cents a share, on revenue of $638.3 million, compared with a loss of $65.4 million, or 12 cents a share, on $492 million in sales in the same period a year ago. Groupon said its results included a loss of 7 cents a share related to a non-operational item. Analysts surveyed by FactSet had forecast Groupon to earn 3 cents a share on revenue of almost $640 million. For its first quarter, Groupon forecast revenue between $560 million and $610 million, while analysts forecast sales of $646.8 million. Groupon's shares plunged 28% in after-hours trading following the release of its results.
Priceline gains stand out among tech advancers(9:48 am ET) SAN FRANCISCO (MarketWatch) -- Tech stocks put in a mixed early trading performance Wednesday, with Priceline.com Inc. (PCLN: news, chart, profile) among the advancers. Priceline's shares rose 4.5%, to $708, after the company reported upbeat quarterly results late Tuesday. Among sector bellwethers, Apple Inc. (AAPL: news, chart, profile) was down almost 1%, at $445.18, in advance of the company's annual shareholder meeting. The Nasdaq Composite Index ($COMPQ: news, chart, profile) rose 7 points, to 3,136, while the Philadelphia Semiconductor Index ($SOX: news, chart, profile) was up by 0.6%.
DineEquity earnings fall, beating estimates(8:31 am ET) NEW YORK (MarketWatch) -- DineEquity Inc. (DIN: news, chart, profile) , the owner of Applebee's and IHOP restaurants, said fourth-quarter profit fell to $18.8 million, or 97 cents a share, from $28.6 million, or $1.51 a share, a year earlier. The latest adjusted earnings were 83 cents per share. The Glendale, Calif.-based company said quarterly revenue fell to $158.6 million from $242.2 million in the year-ago period. Analysts polled by FactSet had expected earnings of 78 cents a share. The company also announced a first-quarter cash dividend of 75 cents per share and a $100 million share buyback program. DineEquity will pay the dividend on March 29 to stockholders of record on March 15.
Dollar Tree profit rises(7:57 am ET) NEW YORK (MarketWatch) -- Dollar Tree Inc. (DLTR: news, chart, profile) said Wednesday that fourth-quarter profit rose to $228.6 million, or $1.01 a share, from $187.9 million, or 80 cents a share, a year earlier. The operator of discount stores reported quarterly revenue of $2.25 billion compared with $1.95 billion in the year-ago quarter. Analysts polled by FactSet had expected earnings of 99 cents a share and revenue of $2.22 billion. The fourth quarter ended Feb. 2 was 14 weeks compared to a year-ago quarter of 13 weeks. The Chesapeake, Va.-based company expects first-quarter 2013 sales to range from $1.84 billion to $1.89 billion with earnings per share of 53 cents to 58 cents. FactSet's survey is looking for first-quarter profit of 58 cents a share on sales of $1.86 billion.
ITT Corp. swings to a quarterly profit(7:31 am ET) NEW YORK (MarketWatch) -- ITT Corp. (ITT: news, chart, profile) said it swung to a fourth-quarter profit of $32.4 million, or 35 cents a share, from a loss of $529 million, or $5.68 a share, in the year-ago period. The manufacturer focused on energy, transport and other markets reported a rise in quarterly revenue to $554.3 million from $509.9 million a year earlier. The latest adjusted earnings were 37 cents per share. Analysts polled by FactSet had expected earnings of 37 cents a share. ITT said it expects adjusted earnings per share to rise 10% in 2013 to the range of $1.80 to $1.90 and predicts 2013 revenue growth of 9% to 11%. The White Plains, NY-based company also said it planned to raise its dividend by 10% to 10 cents a share and will repurchase up to $75 million of shares. Tuesday, Feb. 26
Papa John's to restate some results after review (6:09 pm ET) LOS ANGELES (MarketWatch) -- Papa John's International Inc. (PZZA: news, chart, profile) plans to restate certain financial results following a review of accounting for previously existing joint venture arrangements, according to a filing by the pizza maker with the U.S. Securities and Exchange Commission on Tuesday. Financial reports for 2009, 2010 and 2011 and for the first three quarters of 2012 will be restated. Net income for the yearly statements were among the metrics that were affected, with diluted earnings for 2009 reduced by 13 cents a share to $1.93 a share. Earnings for 2010 were raised by 3 cents a share to $1.99 a share, and 2011 earnings were cut by 4 cents a share to $2.16 a share. Total revenue or compliance with debt covenants were among the metrics that weren't affected by the corrections, said Papa John's.
First Solar shares clubbed by outlook(4:30 pm ET) SAN FRANCISCO (MarketWatch) -- First Solar (FSLR: news, chart, profile) shares sank 7% to $28.94 in after-hours trade Tuesday on a weaker-than-expected outlook for sales and cash flow. For the first quarter, First Solar projected sales in the range of $650 million to $750 million. Analysts polled by FactSet were looking for $822 million. First Solar pegged operating cash flow at breakeven to up to $100 million. Analysts were estimating $214 million. First Solar, which a year ago changed its business model to focus on developing solar farms, had seen its stock run up the past six months. The company's fourth-quarter results also came in shy of consensus. For the fourth quarter, First Solar said it earned $1.74 a share on revenue of $1.1 billion. Analysts had projected a profit of $1.75 a share on revenue of $1.3 billion, FactSet data shows. First Solar plans to offer its 2013 guidance at its April 6 analyst day.
Priceline earnings rise 28% to $289 million(4:05 pm ET) SAN FRANCISCO (MarketWatch) -- Priceline.com Inc. (PCLN: news, chart, profile) on Tuesday reported a fourth-quarter profit of $289 million, or $5.63 a share, on revenue of $1.19 billion. During the same period a year ago, the online travel reservation company earned $226 million, or $4.41 a share. Excluding one-time items, Priceline would have earned $349 million, or $6.77 a share. The results topped the estimates of analysts surveyed by FactSet, who forecast Priceline to earn $6.53 a share on $1.19 billion in sales.
AMC Networks drops 10% on profit miss(10:31 am ET) SAN FRANCISCO (MarketWatch) -- Shares of AMC Networks (AMCX: news, chart, profile) slid 10% to $52.31 in Tuesday morning trade. The cable television provider posted an adjusted fourth-quarter profit of 21 cents a share, well below the 64 cents-a- share analysts on average had forecast, FactSet data shows. Profit was dragged down by a debt repayment and higher expenses. AMC's operating margin ticked down to 22% from 23% in the year-earlier quarter. Revenue for the quarter rose 8%. AMC shares were trading near 52-week highs before the report. The stock is still up 15% over the past 12 months.
Vitamin Shoppe shares tumble 17% on weaker sales(9:48 am ET) SAN FRANCISCO (MarketWatch) -- Shares of Vitamin Shoppe (VSI: news, chart, profile) tumbled 17% to $52.55 early Tuesday morning after the retailer missed Wall Street's target for comparable store sales in the fourth quarter. Comparable store sales grew 5.2%. Analysts polled by FactSet had estimated 6.3%. The quarter marked Vitamin Shoppe's weakest quarterly growth rate for comparable store sales since 2010. New Jersey-based Vitamin Shoppe, which ended 2012 with 579 stores and has been expanding its business in recent years, said Hurricane Sandy hurt sales. Investors have been bullish on Vitamin Shoppe, whose stock was trading near 52-week highs ahead the fourth-quarter earnings report. For this year, the company did maintain its forecast for comparable store sales to grow in the "mid-single digits."
AutoZone profit rises 5.6%; same-store sales fall (7:19 am ET) NEW YORK (MarketWatch) -- AutoZone Inc. said on Tuesday fiscal second-quarter profit rose to $176.2 million, or $4.78 per diluted share, from $166.9 million, or $4.15 per share, a year earlier. The company reported revenue of $1.86 billion compared with $1.8 billion in the year-ago quarter. Quarterly domestic same-store sales fell 1.8%. "We were not pleased with our same store sales results for the quarter," said Bill Rhodes, chief executive officer, attributing the results to a delay in the processing of income-tax returns. The company said it expects sales to rebound in the next quarter.
RadioShack swings to loss in Q4, misses views(7:01 am ET) LONDON (MarketWatch) -- RadioShack Corp. (RSH: news, chart, profile) said on Tuesday it swung to a loss of $63 million, or 63 cents a share, in the fourth quarter down from a profit of $12 million, or 12 cents a share, in the same period last year. Total sales inched down to $1.3 billion compared to $1.39 billion last year, while same-store sales dropped 7%, hurt by a decline in the mobility and consumer electronics platforms. Operating income slumped 45% to $17 million. Analysts surveyed by FactSet expected a loss of 6 cents a share on revenue of $1.36 billion. "We have taken a number of significant steps to better position the company for the transformation of our business," said Dorvin D. Lively, executive vice president and chief financial officer in the financial statement. "We increased our liquidity by issuing $175 million of new financing which will refinance nearly half of the 2013 debt maturity, and we repurchased a significant portion of this maturity at a discount in 2012."
Home Depot beats Q4 estimates, lifts dividend(6:30 am ET) LONDON (MarketWatch) -- Home Depot Inc. (HD: news, chart, profile) said Tuesday that profit for the fourth-quarter rose to $1 billion, or 68 cents a share, up from $774 million, or 50 cents a share, in the same quarter last year. Sales grew 13.9% to $18.2 billion in the quarter, while same-store sales picked up 7%. Analysts surveyed by FactSet expected earnings of 64 cents a share on sales of $17.7 billion. The Atlanta-based home-improvement retailer further said it'll raise its quarterly dividend 34% to 39 cents a share. For 2013, the company said it sees sales growth about 2% and an expansion in operating margin of 65 basis points. Earnings per share after an anticipated share buyback are expected to improve 12% to $3.37 for the full year. Monday, Feb. 25
Autodesk profit rises, but outlook weak(4:35 pm ET) SAN FRANCISCO (MarketWatch) - Autodesk Inc. (ADSK: news, chart, profile) on Monday reported a fiscal fourth-quarter profit of $74.5 million, or 32 cents a share, compared with a profit of $72 million, or 31 cents a share, for the year-earlier period. Revenue rose to $606.9 million from $592.4 million. Adjusted profit was 53 cents a share. Analysts polled by FactSet on average were expecting the company to report a profit of 49 cents a share, on revenue of $586.8 million. For the current quarter, Autodesk expects revenue in the range of $570 million to $590 million, and adjusted profit of 41 cents to 46 cents a share. Analysts were expecting a profit of 51 cents a share, on revenue of $588.7 million. Shares of Autodesk were down 4% in after-hours trading.
Lowe's Q4 net off 11%; sets buyback up to $5B(6:34 am ET) TEL AVIV (MarketWatch) -- Lowe's Cos., (LOW: news, chart, profile) the Mooresville, N.C., home-improvement retailer, reported on Monday that fiscal-fourth-quarter net income fell 11% on 5% lower sales, and it authorized a stock buyback of as much as $5 billion. For the quarter ended Feb. 1, Lowe's earned $288 million compared with $322 million in the year-earlier quarter. Earnings per share were 26 cents in both periods as shares outstanding declined 10% to 1.1 billion. Revenue fell to $11.05 billion from $11.63 billion. A survey of analysts by FactSet produced consensus estimates of earnings of 23 cents a share on sales of $10.85 billion. Friday, Feb. 22
Washington Post Co. swings to quarterly loss(9:07 am ET) NEW YORK (MarketWatch) -- The Washington Post Co. (WPO: news, chart, profile) said Friday that it swung to a fourth-quarter loss of $45.4 million, or $6.57 per diluted share, from a year-ago profit of $61.7 million, or $8.03 per share. The company said operating revenues rose to $1.05 billion from $1.04 billion a year earlier. Thursday, Feb. 21
TI ups dividend by 33%; adds $5B to buyback(4:44 pm ET) SAN FRANCISCO (MarketWatch) -- Texas Instruments Inc. (TXN: news, chart, profile) said Thursday afternoon that is has hiked its quarterly dividend by 33% to 28 cents a share. The dividend is payable on May 20 to shareholders of record on April 30. The chip maker also said it was adding $5 billion to its authorized share buyback program, bringing the total outstanding authorization of the program to $8.4 billion. "These increases reflect the company's ability to generate cash and management's commitment to return it to shareholders," TI said in a statement. The company's shares were flat in after-hours trading after closing down 1.8% to $32.48 in the regular session.
Nordstrom posts 20% higher profit (4:29 pm ET) SAN FRANCISCO (MarketWatch) -- Nordstrom Inc. (JWN: news, chart, profile) reported late Thursday its fourth-quarter profit rose to $284 million, or $1.40 a share, from $236 million, or $1.11 a share, a year ago. Revenue for the three months ended Feb. 2 rose 13.5% to $3.6 billion from $3.17 billion. Analysts polled by FactSet had expected the Seattle-based department-store chain to post earnings of $1.35 a share on $3.6 billion in revenue. Gross margin was unchanged from a year earlier, hampered by higher costs tied to its Fashion Rewards program, while same-store sales rose 6.3%. Nordstrom shares fell as much as 2.8% to $53 in after-hours trade.
Marvell shares rise after hours on upbeat results(4:23 pm ET) SAN FRANCISCO (MarketWatch) -- Marvell Technology Group Ltd. (MRVL: news, chart, profile) shares rose 4.5% in after-hours trading Thursday after the company reported a fiscal fourth-quarter profit of $50 million, or 9 cents a share, on $775 million in revenue. During the same period a year ago, Marvell earned $81 million, or 13 cents a share, on revenue of $743 million. Excluding one-time items, the chipmaker would have earned $104 million, or 19 cents a share. Analysts surveyed by FactSet had forecast Marvell to earn 13 cents a share on sales of $721 million. For its fiscal first quarter, Marvell forecast earning excluding one-time items of 12 cents to 16 cents a share, on revenue in a range of $700 million to $740 million, while analysts had earlier estimated Marvell would earn 13 cents a share on $708.2 million in revenue.
H-P shares rise on beat, forecast(4:15 pm ET) SAN FRANCISCO (MarketWatch) -- Shares of Hewlett-Packard Co. (HPQ: news, chart, profile) jumped nearly 6% in after-hours trades on Thursday afternoon, after the struggling high-tech giant handily beat Wall Street's estimates with its results for the first fiscal quarter. H-P also projected earnings-per-share in the range of 80-82 cents on an adjusted basis for the current period. Analysts had been expecting earnings of 77 cents a share. The stock had already jumped 2.4% in the regular session on Thursday to close at $17.10 prior to the report.
Intuit reports 40% decline in earnings(4:14 pm ET) SAN FRANCISCO (MarketWatch) -- Intuit Inc. (INTU: news, chart, profile) on Thursday reported a fiscal second-quarter profit of $71 million, or 23 cents a share, on revenue of $968 million, compared with earnings of $118 million, or 39 cents a share, on $999 million in sales in the same period a year ago. Excluding one-time items, Intuit would have earned 33 cents a share. Analysts surveyed by FactSet had forecast Intuit to earn 32 cents a share on $976.5 million in revenue. For its fiscal third-quarter, Intuit forecast earnings excluding one-time items of $2.99 to $3.04 a share on sales of $2.22 billion to $2.28 billion.
Weekly Recap - Week ending 01-Mar-13 RNIN IEP FWLT CSPI OVTI CLVS DECK rig Dow +35.17 at 14089.66, Nasdaq +9.55 at 3169.74, S&P +3.52 at 1518.2
Transocean Swings To Profit On Increased Revenues, Lower Expenses
Stocks finished the first session of the month on a positive note despite showing early weakness. The downbeat start took place as the markets digested disappointing PMI readings from China and the United Kingdom. In China, the country's manufacturing PMI slipped to 50.1 from the 50.2 reported in the flash reading. The report was notable as PMI fell back to 50, a level which draws a line between contraction and expansion.
Meanwhile, the United Kingdom saw its PMI slide to 47.9 while the general consensus had expected a reading of 51.0. The disappointing report weighed on European markets as well. Also note the British pound slid to a fresh multi-year low following the data.
Combined with euro softness, the weakness in the sterling pushed the dollar index higher. The greenback held the bulk of its gains throughout the day and settled higher by 0.4% at 82.27.
The cautious overseas trade carried over into the start of the U.S. session. However, bargain hunters were quick to scoop up shares at a perceived discount even as all indications suggested the sequester will hit tonight at midnight.
Interestingly, the financial sector was the biggest laggard at the start, but ended among the day's top performers. Bank of America (BAC 11.34, +0.11) was the top performer among the majors while the SPDR Financial Select Sector ETF (XLF 17.64, +0.05) added 0.3%.
The financial space was not the only cyclical sector which outperformed. Consumer discretionary shares saw strength among retailers after both Gap (GPS 33.87, +0.95) and Deckers Outdoor (DECK 46.62, +6.21) beat on earnings. Additionally, Gap topped off its earnings report with a 20% dividend hike to $0.60 per share.
Best Buy (BBY 17.16, +0.17) was another sector component which outperformed on better-than-expected earnings. However, the company warned it expects to face significant first quarter pressure and said founder Richard Schulze has ended his attempt to purchase the retailer.
Consumer discretionary and financials were the only cyclical sectors which outperformed. Growth-sensitive technology stocks lagged behind the broader market and the largest sector component, Apple (AAPL 430.47, -10.93), lost 2.5%. Meanwhile, chipmakers also saw relative weakness with the PHLX Semiconductor Index settling lower by 0.4%.
Salesforce.com (CRM 182.00, +12.78) was a notable sector outperformer after the business software company beat on its bottom line.
Energy stocks also lagged, and spent the duration of the day in negative territory as weakness in the price of crude contributed to the underperformance. The energy component lost 1.2% and settled just under $91.00.
Looking back at the S&P 500 sector performance, health care (+0.8%), consumer discretionary (+0.6%), telecom (+0.4%), and consumer staple (+0.3%) finished ahead of the broader market. Meanwhile, industrial (-0.3%), energy (-0.2%), and technology (+0.1%) underperformed.
Volume was right in line with average as 734 million shares changed hands on the floor of the New York Stock Exchange.
Economic data released today was plentiful.
Personal income fell 3.6% in January after increasing 2.6% in December. The Briefing.com consensus expected income to fall 2.4%. The expiration of the payroll tax cut and the giveback following the December boost to asset receipts were expected to lower income levels in January. Those two components accounted for 3.5 percentage points of the January pullback. More concerning was that the remainder of the decline in income was the result of a 0.4% drop in employee compensation.
The final reading of the February University of Michigan Consumer Sentiment Index improved to 77.6 from a preliminary reading of 76.3.
Construction spending took a sizable hit in January as spending fell 2.1% after increasing an upwardly revised 1.1% (from 0.9%) in December. The Briefing.com consensus expected construction spending to increase 0.5%. Both private (-2.6%) and public (-1.0%) spending contracted in February.
Manufacturing activity strengthened in February as the ISM Manufacturing Index increased from 53.1 in January to 54.2. That is the strongest reading since June 2011.
Pandora leads tech gains; Facebook slips(9:47 am ET) SAN FRANCISCO (MarketWatch) - Pandora Media Inc. led a solid gain for tech stocks Friday morning. Pandora (P: news, chart, profile) jumped more than 24% after the online radio firm issued a better-than-expected forecast for the current quarter, and said CEO Joe Kennedy planned to step down once a replacement is found. The Nasdaq Composite (COMP: news, chart, profile) rose by 0.3% to 3,241 while the Philadelphia Semiconductor Index (SOX: news, chart, profile) fell by a fraction. Facebook (FB: news, chart, profile) was among the morning's decliners, falling about 1.5% after s strong gain the previous session that was propelled by changes the company announced for its News Feed tool. Texas Instruments (TXN: news, chart, profile) shares slipped after the chip maker raised the bottom end of its guidance range for the current quarter.
Skullcandy crashes on forecast, downgrades(9:41 am ET) SAN FRANCISCO (MarketWatch) -- Skullcandy (SKUL: news, chart, profile) shares crashed more than 16% to $5.59 in early trades on Friday after the headphone maker projected a loss for the first quarter and warned of a sales decline for the full year as it works to revamp its business. The warning caused at least four brokers, including Bank of America/Merrill Lynch, Piper Jaffray, Raymond James and D.A. Davidson, to downgrade Skullcandy to sell ratings while three others lowered their ratings to neutral. Robert Ohmes of BofA cited "a lack of earnings visibility and expected earnings uncertainty over the next two years" as the reason for his downgrade. The disclosures were made as part of Skullcandy's fourth-quarter earnings report on Thursday afternoon. Thursday, March 7
Skullcandy shares sink as losses predicted(5:29 pm ET) SAN FRANCISCO (MarketWatch) -- Skullcandy Inc. (SKUL: news, chart, profile) saw its shares quickly turn into the red Thursday afternoon after the headphone maker warned in its fourth-quarter earnings call that it would lose money in the current period as it works to revive its business. The stock had previously jumped nearly 9% after sales for the fourth quarter came in higher than expected. The shares were last trading down more than 6% after the company predicted a loss in the range of 25-30 cents per share for the current period; analysts had been expecting earnings of 5 cents a share for the quarter.
Workday shares slip from big run following results(4:50 pm ET) SAN FRANCISCO (MarketWatch) -- Shares of Workday Inc. (WDAY: news, chart, profile) slipped nearly 3% in after-hours trades Thursday after the provider of cloud-based enterprise software services reported fourth-quarter results that included a forecast that was slightly below Wall Street's expectations. The stock had surged by 28% since mid-February before the results were announced. For the period ended Jan. 31, Workday reported a net loss of $30.9 million, or 19 cents a share, compared to a net loss of $23.6 million, or 77 cents a share, for the same period last year. Net losses on a non-GAAP basis were 16 cents a share for the recent quarter. Revenue jumped 89% to $81.5 million. Analysts were looking for an adjusted loss of 21 cents per share on revenue of $78.2 million, according to consensus estimates from FactSet. The company projected a revenue range of $83 million to $87 million for the current quarter; the midpoint of that forecast was slightly below Wall Street's target of $86.1 million.
Skullcandy shares jump as sales beat targets(4:29 pm ET) SAN FRANCISCO (MarketWatch) -- Skullcandy Inc. reported higher-than-expected sales for the fourth quarter on Thursday afternoon, sending the headphone maker's shares jumping nearly 9% in after-hours trades. For the period ended Dec. 31, Skullcandy (SKUL: news, chart, profile) reported net income of $11.4 million, or 41 cents per share, compared to net income of $12.3 million, or 44 cents per share, for the same period the previous year. Adjusted earnings came in at 47 cents per share - in line with Wall Street's projections. Sales grew 21% to $101 million, beating the consensus forecast of $98.4 million, according to FactSet.
Pandora's loss grows, but sales rise 54%(4:12 pm ET) SAN FRANCISCO (MarketWatch) -- Pandora Media Inc. (P: news, chart, profile) on Thursday reported a fiscal fourth-quarter loss of $14.6 million, or 9 cents a share, on revenue of $125.1 million. During the same period a year ago, the Internet radio company lost $8.2 million, or 5 cents a share, on sales of $81.3 million. Excluding one-time items, Pandora would have lost 4 cents a share. Analysts surveyed by FactSet had forecast Pandora to lose 5 cents a share on $122.8 million in revenue. Pandora also forecast a first-quarter loss, excluding one-time items, of 10 cents to 13 cents a share, on sales in a range of $120 million to $125 million. Pandora's shares climbed as much as 17% in after-hours trading following the release of the company's results and outlook.
Ciena leads techs; Facebook rises ahead of event(9:46 am ET) SAN FRANCISCO (MarketWatch) -- Sharp gains by Ciena Corp. (CIEN: news, chart, profile) following the network equipment maker's better-than-expected results led tech stocks higher on Thursday morning. Ciena shares were up more than 13% in early trades, with peer stock JDS Uniphase (JDSU: news, chart, profile) jumping more than 5%. The Nasdaq Composite (COMP: news, chart, profile) made a fractional gain while the Philadelphia Semiconductor Index (SOX: news, chart, profile) rose by 0.6%. Facebook (FB: news, chart, profile) shares rose by a fraction ahead of planned event at the social network's Silicon Valley headquarters to show off changes to its News Feed. Apple (AAPL: news, chart, profile) shares ticked down about 0.7% in early trades. Wednesday, March 6
Fresh Market hits 52-week low on weak outlook(10:04 am ET) SAN FRANCISCO (MarketWatch) -- Fresh Market (TFM: news, chart, profile) shares tumbled 12% to $37.60 Wednesday morning, extending their three-month decline and hitting a 52-week low, after the specialty grocer missed Wall Street's fourth-quarter targets on several fronts. North Carolina-based Fresh Market reported a sudden slowdown in sales during the fourth quarter and issued a tepid 2013 forecast. Comparable store sales for the quarter grew 1.9%, below the 4.2% growth analysts polled by FactSet had forecast. Operating profit margin and earnings also came in below estimates. For fiscal 2013, Fresh Market projected a profit between $1.51 and $1.58 a share and comparable store sales growth of 2% to 4%. Analysts were looking for earnings of $1.68 a share and sales growth at existing stores of 4.7%. Fresh Market shares are down 25% since early December.
Staples net off; adjusted profit beats; payout up(6:27 am ET) TEL AVIV (MarketWatch) -- Staples Inc., (SPLS: news, chart, profile) the Framingham, Mass., office-supplies retailer, reported a drop in fiscal-fourth-quarter net income and a stronger-than-expected advance in adjusted profit, and it lifted the quarterly dividend 9%. For the period ended Feb. 2, Staples earned $78.1 million, or 12 cents a share, compared with $283.6 million, or 41 cents, in the year-earlier quarter. Adjusted earnings from continuing operations were 46 cents a share versus 41 cents. Sales advanced 3% to $6.57 billion from $6.37 billion. A survey of analysts by FactSet produced consensus estimates of profit of 45 cents a share on sales of $6.71 billion. Chairman and Chief Executive Ron Sargent said in a Wednesday statement that the company managed costs well in a "challenging sales environment." Staples declared a dividend of 12 cents a share, up from 11 cents, payable April 18 to holders of record March 29. Monday, March 4
HSBC shares fall over 2% as it posts lower profit(4:12 am ET) LONDON (MarketWatch) -- Shares of HSBC (HBC: news, chart, profile) fell over 2% in London on Monday after the investment bank reported a 2012 net profit of $14.02 billion, down from $16.8 billion a year earlier. Adjusted earnings came to $20.6 billion, down 6% from a year earlier. Analysts polled by Reuters were looking for a full-year profit of $22.7 billion. Revenue rose 7% to $63.5 billion. HSBC said it posted a record year in its commercial banking division and also raised its final dividend of the year 29% to 18 cents a share. http://www.marketwatch.com/news/markets/earningswatch.asp
On Monday, the S&P 500 settled with a gain of 0.5% despite spending the majority of the day in negative territory. The first session of the week began amid cautious trade resulting from news out of China where officials announced steps to curtail the rapid rise in the country's housing prices. The news contributed to a slightly lower open for the U.S. session, which lacked any notable economic data. Similarly, earnings reaction was rather muted with only a handful of names reporting their quarterly results. Apple (AAPL 431.72, +1.14) lost 2.4%, and its shares filled the gap which resulted from the company's January 2012 earnings report.
Tuesday began with all eyes turned to the Dow Jones Industrial Average after the blue chip index ended Monday's session just 37 points below its all-time closing high. However, the anticipation was promptly removed after the bell when equities jumped higher and the Dow marked its fresh all-time best at 14,286.37. Elsewhere, the Dow Jones Transportation Average marked an all-time high of its own. The bellwether complex settled higher by 1.5% thanks to outperformance from freight carriers and shipping services. Con-way (CNW 36.64, +1.03) and FedEx (FDX 107.80, +0.84) finished with respective gains of 3.9% and 2.0%.
Wednesday's session began on a positive note, but the initial strength was unable to hold throughout the day. The Dow managed to settle near its highs while the S&P 500 and Nasdaq finished near their lows. Consumer discretionary shares underperformed and Staples (SPLS 12.96, +0.20) fell 7.2% after its quarterly report beat on earnings and missed on revenue. Meanwhile, the broader SPDR S&P Retail ETF (XRT 69.51, +0.65) slid 0.4%.
On Thursday, the major averages ended the session on a higher note after spending the day in a narrow range. The Nasdaq settled as the top performing index with a gain of 0.3%. Several networking-related names outperformed after Ciena (CIEN 17.15, -0.38) reported first quarter earnings well ahead of its Capital IQ consensus estimate. The Dow Jones Transportation Average extended its decline since marking fresh highs, and ended the session down nearly 2.0% from the all-time best notched at Wednesday's open.
J. C. Penney (JCP) 10% owner Vornado Realty Trust (VNO) sold 10 mln shares at $16.03 on 3/4, worth ~$160 mln Starbucks (SBUX) CEO sold 1.0 mln shares at $56.65-57.35 on 3/5-3/6, worth ~$57.2 mln
ER 130319 Williams-Sonoma profit up 9%; hikes dividend 41%(4:51 pm ET) SAN FRANCISCO (MarketWatch) -- Williams-Sonoma Inc. (WSM: news, chart, profile) reported late Tuesday its fiscal fourth-quarter profit rose 9% to $133.7 million, or $1.34 a share, from $122.6 million, or $1.17 a share, a year ago. Revenue for the quarter ended Feb. 3 rose 11% to $1.41 billion from $1.27 billion. Analysts surveyed by FactSet had predicted the cooking ware and kitchen furnishings retailer would earn $1.29 a share on $1.4 billion in revenue. The company also announced a 41% dividend hike to 31 cents a share to stockholders of record on April 26, and a three-year $750 million stock buyback plan. Williams-Sonoma shares rose as much as 4.6% in after-hours trade. Monday, March 18
Lululemon says pant shortage to hurt results(6:27 pm ET) SAN FRANCISCO (MarketWatch) -- Athletic clothing maker Lululemon Athletica (LULU: news, chart, profile) said on Monday that it expected its financial results in the first quarter to be hurt by a shortage of its Luon pants and cropped pants. The company said it was pulling the pants from its store shelves and website because of quality issues in the material. The company said that because of the shortage it expected its first-quarter same-store sales to rise between 5% and 8%, down from a previous estimate of a rise of 11% on a constant dollar basis. The company also said it expected revenue in the range of $333 million and $343 million, down from a previous range of $350 million to $355 million. The company said it was still working to determine the impact of the problem on its first-quarter earnings. Lululemon shares fell 6.5% in after hours trading after it made the announcement. Thursday, March 14
Hong Kong property stocks drag down market(9:56 pm ET) LOS ANGELES (MarketWatch) -- Hong Kong stocks opened higher Friday but quickly turned down as real-estate stocks extended their losses to weigh on the market. In early moves, the Hang Seng Index (HK:HSI: news, chart, profile) lost 0.2% to 22,570.05, with the Hang Seng China Enterprises Index falling 0.6%. Over on the Chinese mainland, the Shanghai Composite Index (CN:SHCOMP: news, chart, profile) lost 0.7%. Real-estate shares sank, carrying on from losses Thursday, when the market reacted to mortgage-rate hikes in Hong Kong and a report of new home-buying restrictions in Beijing. New World Development Co. (HK:17: news, chart, profile) (NDVLF: news, chart, profile) fell 2.5%, China Resources Land Ltd. (HK:1109: news, chart, profile) (CRBJF: news, chart, profile) lost 2.7%, Sino Land Co. (HK:83: news, chart, profile) (SNLAF: news, chart, profile) gave up 1.8%, and property-focused conglomerate Wharf Holdings Ltd. (HK:4: news, chart, profile) (WARFF: news, chart, profile) lost 2.9%. The mortgage-rate raises came from HSBC Holdings PLC (HK:5: news, chart, profile) (HBC: news, chart, profile) and Standard Chartered PLC (HK:2888: news, chart, profile) (UK:STAN: news, chart, profile) , which rose 1.7% and 2.3%, respectively, in early Friday trade. Earnings also influenced the market. Shares of China Mobile Ltd. (HK:941: news, chart, profile) (CHL: news, chart, profile) added 0.2% after mild post-earnings gains the day before -- the telecom posted a modest 2.7% rise in annual profit and said it would make a massive investment in building out a 4G network. Ping An Insurance Group Co. (HK:2318: news, chart, profile) (PNGAY: news, chart, profile) rose 0.7%, even as its 3% rise in fiscal-year profit missed expectations, but conglomerate Swire Pacific Ltd. (HK:19: news, chart, profile) (SWRAF: news, chart, profile) fell 0.9% as its 2012 net profit fell 46%. Wednesday, March 13
Facebook leads tech slump; Netflix jumps(9:48 am ET) SAN FRANCISCO (MarketWatch) -- Tech stocks slipped in early trades on Wednesday, though Netflix Inc. jumped nearly 4% to $189.31 after announcing an integration deal with Facebook Inc. The Nasdaq Composite (COMP: news, chart, profile) fell by 0.2% to 3,235 while the Philadelphia Semiconductor Index dropped 0.5%. Facebook (FB: news, chart, profile) shares slipped by 1.2% to $27.48. Texas Instruments (TXN: news, chart, profile) and Freescale (FSL: news, chart, profile) each slipped more than 1% after Bernstein Research downgraded the two chip makers to neutral ratings. VMware (VMW: news, chart, profile) jumped 2.5% after the enterprise software firm affirmed its first-quarter revenue guidance. Silver Springs Networks (SSNI: news, chart, profile) , a Silicon Valley firm that makes networking technology for electric utilities, jumped more than 30% on its IPO debut. Tuesday, March 12
Costco Q2 net up 39% on 5% higher comp sales(3:28 am ET) TEL AVIV (MarketWatch) -- Costco Wholesale Corp., (COST: news, chart, profile) the Issaquah, Wash., warehouse retailer, on Tuesday reported that fiscal-second-quarter net income increased 39%, net sales increased 8.2%, net revenue including membership fees rose 8.3% and comparable-store sales rose 5%. For the quarter ended Feb. 17, Costco earned $547 million, or $1.24 share, compared with $394 million, or 90 cents, in the year-earlier quarter. The latest share net included a tax benefit of 14 cents; the company paid a special dividend in December, and the benefit is tied to the amount Costco paid to its 401(k) plan participants. Net sales were $24.34 billion compared with $22.51 billion. Net revenue was $24.87 billion compared with $22.97 billion. A survey of analysts by FactSet produced consensus estimates of profit of $1.05 a share on sales of $24.34 billion. Friday, March 8
Pandora leads tech gains; Facebook slips(9:47 am ET) SAN FRANCISCO (MarketWatch) - Pandora Media Inc. led a solid gain for tech stocks Friday morning. Pandora (P: news, chart, profile) jumped more than 24% after the online radio firm issued a better-than-expected forecast for the current quarter, and said CEO Joe Kennedy planned to step down once a replacement is found. The Nasdaq Composite (COMP: news, chart, profile) rose by 0.3% to 3,241 while the Philadelphia Semiconductor Index (SOX: news, chart, profile) fell by a fraction. Facebook (FB: news, chart, profile) was among the morning's decliners, falling about 1.5% after s strong gain the previous session that was propelled by changes the company announced for its News Feed tool. Texas Instruments (TXN: news, chart, profile) shares slipped after the chip maker raised the bottom end of its guidance range for the current quarter.
Skullcandy crashes on forecast, downgrades(9:41 am ET) SAN FRANCISCO (MarketWatch) -- Skullcandy (SKUL: news, chart, profile) shares crashed more than 16% to $5.59 in early trades on Friday after the headphone maker projected a loss for the first quarter and warned of a sales decline for the full year as it works to revamp its business. The warning caused at least four brokers, including Bank of America/Merrill Lynch, Piper Jaffray, Raymond James and D.A. Davidson, to downgrade Skullcandy to sell ratings while three others lowered their ratings to neutral. Robert Ohmes of BofA cited "a lack of earnings visibility and expected earnings uncertainty over the next two years" as the reason for his downgrade. The disclosures were made as part of Skullcandy's fourth-quarter earnings report on Thursday afternoon.
Wall St. banks open lower after JP Morgan results(9:43 am ET) SAN FRANCISCO (MarketWatch) - Wall Street bank stocks fell at the open on Friday after J.P. Morgan Chase [S: JPM] and Wells Fargo [S: WFC], two of the nation's biggest banks, reported quarterly financial results. J.P. Morgan reported profit that beat analyst estimates and a decline in revenue. Wells Fargo also beat estimates and reported lower revenue than in the year-earlier period. J.P. Morgan shares dipped 0.9%, while Wells Fargo shares fell 1.3%. Citigroup [S: C], Bank of America [S: BAC], Goldman Sachs [S:GS]and Morgan Stanley (MS: news, chart, profile) shares were also lower shortly after the open.
Wells Fargo profit up 22% from year ago(8:15 am ET) NEW YORK (MarketWatch) -- Wells Fargo & Co. (WFC: news, chart, profile) said on Friday its first-quarter profit increased 22% to $5.2 billion, or 92 cents per share, from $4.25 billion in profit or 75 cents in the same period a year earlier. The nation's biggest mortgage lender reported a total net revenue of $21.3 billion, down from $21.6 billion the year earlier. Analysts expected Wells Fargo to earn 89 cents a share on revenue of $21.6 billion, according to a survey by FactSet. "Loans and deposits demonstrated continued growth in a challenging economic environment," said Wells Fargo Chief Executive John Stumpf in a statement. Wells Fargo shares were down 1.1% in premarket trading.
J.P. Morgan 1Q net income up 33% from year ago(7:26 am ET) NEW YORK (MarketWatch) -- J.P. Morgan Chase & Co. (JPM: news, chart, profile) said Friday its first-quarter profit increased to $6.5 billion or $1.59 a share, compared with $4.9 billion in profit or $1.31 per share in the year-earlier period. Total net revenue fell to $25.8 billion, compared with $26.8 billion in the prior year. Analysts expected J.P. Morgan to earn $1.39 a share on revenue of $25.7 billion, according to a survey by FactSet. The bank reported strong performance across its business lines, with investment-banking revenue at $3 billion, up 15% from $2.6 billion the same period a year earlier. Mortgage originations rose 3% in the first quarter from the quarter before. Loan growth across the industry has been softer this quarter, although year-on-year growth remained strong, said J.P. Morgan's Chief Executive Jamie Dimon in a statement. J.P. Morgan shares were down 0.4% in premarket trading. Thursday, April 11
Rite Aid swings to a profit in the fourth quarter(7:20 am ET) NEW YORK (MarketWatch) -- Rite Aid Corp. (RAD: news, chart, profile) said Thursday it swung to a profit of $123.1 million, or 13 cents a share, in the fiscal fourth quarter from a year-ago loss of $161.3 million, or 18 cents a share. Analysts polled by FactSet had expected earnings per share of 0 cents. Quarterly revenue fell to $6.46 billion from $7.15 billion a year ago, as generic products impacted pharmacy sales. The period was one week shorter than a year ago. Rite Aid said it expects fiscal 2014 revenue of $24.9 billion to $25.3 billion. It also gave a broad range for 2014 net income, expecting between $45 million and $200 million. Wednesday, April 10
Ruby Tuesday shares fall on weaker earnings(4:59 pm ET) SAN FRANCISCO (MarketWatch) -- Ruby Tuesday Inc. (RT: news, chart, profile) shares fell as much as 3% in after-hours trade Wednesday after the restaurant chain reported fiscal third-quarter results that came in below analysts' expectations. For the three months ended March 5, 2013, net profit fell to of $4.7 million, or 8 cents a share, from $6.9 million, or 11 cents a share, a year ago. Adjusted to exclude one-time items, the profit was 10 cents a share. Analysts surveyed by FactSet had been expecting an adjusted profit of 11 cents a share. Revenue for the quarter fell to $307.3 million from $320.7 million, also less than the $311.9 million analysts expected. Same-store sales fell 2.8% from a year ago. Ruby Tuesday shares were last down 2.6% at $7.95, cutting into a 3.8% rise for the stock since the start of the year.
Constellation 4Q EPS falls short of expectation(8:23 am ET) NEW YORK (MarketWatch) -- Constellation Brands (STZ: news, chart, profile) said Wednesday its fourth-quarter net income fell 21% to $82 million, compared to $103 million the year before. Earnings per share were 43 cents a share, compared to 45 cents a share expected by analysts surveyed by FactSet. The wine-maker reported sales rose 11% to $696 million, from a year earlier. Looking ahead, the company expects earnings per share to be in the $2.55-$2.85 range, compared to analysts' estimates of $2.78 a share. "For the wine and spirits business, we believe our positive marketplace momentum and continuing focus on innovation, brand building and sales execution positions us to grow volume at least in-line with the U.S. wine and spirits category and generate favorable product mix in fiscal 2014," said Rob Sands, president and chief executive officer, Constellation Brands.
Family Dollar second-quarter profit falls short(7:18 am ET) NEW YORK (MarketWatch) -- Family Dollar Stores Inc. (FDO: news, chart, profile) said Wednesday fiscal second-quarter net income rose to $140.1 million, or $1.21 a share, from $136.4 million, or $1.15 a share, a year ago. Analysts had expected earnings of $1.22 a share. Quarterly net sales rose to $2.89 billion from a year-ago figure of $2.46 billion. The Matthews, N.C.-based retailer said it expects fiscal 2013 earnings per share of between $3.73 and $3.93, compared with fiscal 2012's $3.58, and expects comparable store sales to rise 3% to 4%. Friday, April 5
F5's warning drags down networking stocks(9:48 am ET) SAN FRANCISCO (MarketWatch) -- Networking-equipment stocks tumbled in early trading Friday following a F5 Networks Inc. (FFIV: news, chart, profile) cutting its second-quarter revenue forecast. F5 shares fell more than 20%, to as low as $71.95 after the company said late Thursday that it expects to report earnings excluding one-time items of $1.06 to $1.07 a share, on revenue of $350.2 million for the quarter. The company had earlier forecast earnings of between $1.21 and $1.24 a share on sales in a range of $370 million to $380 million. F5 blamed the shortfall on weak bookings in North America. F5's warning dragged on other networkers, with Juniper Networks Inc. (JNPR: news, chart, profile) down more than 5%, Cisco Systems Inc. (CSCO: news, chart, profile) off by 3% and Finisar Corp. (FNSR: news, chart, profile) shares giving up 6% in early trading. Wednesday, April 3
Monsanto 2Q earnings beat Wall St expectations(8:25 am ET) NEW YORK (MarketWatch) -- Monsanto Co. (MON: news, chart, profile) said Wednesday its second-quarter earnings rose to $2.74 a share, from $2.24 a share a year earlier. Wall Street analysts expected the company to earn $2.56 a share, according to a survey by FactSet. Net income rose to $1.48 billion from $1.21 billion. Net sales climbed 15% to $5.5 billion, driven by a 16% increase in sales from its global corn business. The agriculture firm raised its full-year ongoing earnings-per-share guidance to $4.40 to $4.50. Full-year 2013 EPS guidance on an as-reported basis is expected in the range of $4.42 to $4.52 per share. Monsanto shares were up nearly 1% in premarket trading.
ConAgra quarterly profit drops, forecast affirmed(7:43 am ET) NEW YORK (MarketWatch) -- ConAgra Foods Inc. (CAG: news, chart, profile) said Wednesday its fiscal 2013 third-quarter earnings fell 57.2% to $120 million, or 29 cents a share, from $280.1 million, or 68 cents a share, a year earlier. Adjusted earnings were 55 cents a share. Analysts had expected quarterly earnings of 56 cents a share. Quarterly net sales were $3.85 billion compared with a year-ago figure of $3.4 billion. The company reiterated its full-year adjusted-earnings forecast of about $2.15 per share and announced a dividend of 25 cents a share payable on May 31 to stockholders as of April 30. Shares were down 2.8%. Tuesday, April 2
Fannie Mae reports record $17.2 billion in profits(9:21 am ET) WASHINGTON (MarketWatch) -- Federally-backed mortgage buyer Fannie Mae reported record profits Tuesday morning, recording its first annual net income since 2006, led by better credit results and revenue. For 2012, Fannie Mae (FNMA: news, chart, profile) reported net income of $17.2 billion, compared with a loss of $16.9 billion in the prior year. Meanwhile, net revenues rose to $23 billion in 2012 from $20.4 billion in 2011. Looking forward, company officials said they expect "strong" annual net income in the next few years on improving credit quality and higher guaranty fees. Fannie said it was not releasing its valuation allowance, which was $58.9 billion at the end of last year, on deferred tax assets. Thursday, March 28
Blackberry shines as tech sector opens lower(9:45 am ET) SAN FRANCISCO (MarketWatch) -- Blackberry (BBRY: news, chart, profile) shares rose 4% to $15.21 in opening trades Thursday after the phone maker reported a of $98 million. Blackberry's revenue and shipments did come in below the consensus analyst forecast, however. Red Hat (RHT: news, chart, profile) shares slumped 3% to $48.28 after its fell shy of Wall Street's estimate. Paychex (PAYX: news, chart, profile) fell 1% to $34.26 following its latest results. Overall, the broader technology sector edged lower in opening trades. Tech stocks are poised to end the first quarter with a gain. The Morgan Stanley High-Tech Index (MSH: news, chart, profile) is up 7% so far for the quarter that ends today, while the Philadelphia Semiconductor Index (SOX: news, chart, profile) is up 13%. By comparison, the Nasdaq Composite is up 8% for the quarter.
Netflix, Apple lead strong gains for tech stocks(9:40 am ET) SAN FRANCISCO (MarketWatch) -- Tech stocks rose to strong gains in early trades on Tuesday, lead by a surge at Netflix Inc. and Lexmark and a strong uptick at Apple Inc. Netflix (NFLX: news, chart, profile) shares soared by 24% to $215.69 after the movie streaming firm for the first quarter, along with a strong forecast. Apple (AAPL: news, chart, profile) shares rose nearly 1% to $402 , due after the closing bell. Lexmark (LXK: news, chart, profile) shares jumped more than 10% that were ahead of its previous forecast. The Nasdaq Composite Index (COMP: news, chart, profile) rose 0.7% to 3,257 while the Philadelphia Semiconductor Index (SOX: news, chart, profile) rose by 1% in early trades.
Delta Airlines shares rise after Q1 earnings(8:25 am ET) NEW YORK (MarketWatch) -- Delta Air Lines Inc. (DAL: news, chart, profile) said Tuesday its first-quarter profit fell 94% to $7 million or 1 cent a share, compared to $124 million or 15 cents a share a year earlier. Net income included special items of $78 million. The airline's revenue was up 1% to $8.5 billion from $8.4 billion from a year-ago quarter. Revenue from passenger revenue grew 1.4% to $1.07 million, from the year before. Wall Street analysts expected the company to earn 6 cents a share on sales of $8.5 billion, according to a survey by FactSet. "We are taking actions to mitigate the decline in close-in demand we saw in the last part of March, and we expect the impact of the sequester, combined with a softening of leisure demand, to result in a 2-3 percent decline in April's unit revenues," said Ed Bastian, Delta's president. Delta shares were up 3.7% in premarket trading.
US Airways Q1 profit falls, revenue rises(8:22 am ET) NEW YORK (MarketWatch) -- US Airways (LCC: news, chart, profile) on Tuesday reported first-quarter profit of $44 million, or 26 cents per share, down from a net profit of $48 million, or 28 cents per share, for the same period a year earlier. Adjusted for special items, earnings were $55 million or 31 cents per share. Revenue rose 3.5% to $3.38 billion on a 1.3% increase in total available seat miles, or ASM. Revenue per ASM was a record 15.78 cents, up 2.2% from a year earlier, driven by a 2.4 percentage point increase in passenger load factor, the airline said. Analysts had expected earnings of 27 cents per share on revenue of $3.36 billion.
Lockheed earnings increase amid sales decline(8:04 am ET) NEW YORK (MarketWatch) -- Lockheed Martin Corp. reported earnings of $761 million in the first quarter, up nearly 14% from $668 million in the first quarter of last year. Earnings per share climbed 15% to $2.33 from $2.03 last year. The EPS calculation takes into account a non-cash pension adjustment which revised earnings down by $0.23, charges related to layoffs that reduced it another $0.06, and a tax benefit which revised earnings up by $0.14. Sales fell 2% to $11.07 billion from $11.29 billion the previous year. Analysts projected EPS of $2.04, according to FactSet. The aerospace manufacturer reported that sequestration has had a muted impact but may hit operations at a future date. Annual sales are now expected to fall at the low end of the range in its January outlook, which was between $44.5 billion and $46 billion.
Netflix jumps 24% in premarket post results(7:59 am ET) MADRID (MarketWatch) -- Shares of Netflix Inc. (NFLX: news, chart, profile) surged 24% in premarket trading on Tuesday after the company and posted better-than-expected gains in its streaming-subscriber base a day prior. The company said results were helped by an positive response to its strategy of original content and its "House of Cards" series. Analysts were quick to update price targets in the wake of those results: Cantor Fitzgerald raised its Netflix target to $230 from $180, Susquehanna lifted its target to $224 from $107 and Lazard upped its Netflix target to $250 from $200.
Travelers Q1 net income rises 11% to $896 million(7:32 am ET) NEW YORK (MarketWatch) -- Travelers Inc. (TRV: news, chart, profile) said Tuesday its first-quarter profit rose 11% to $896 million or $2.33 per share, compared to $806 million or $2.02 per share a year earlier. The insurance company's revenue fell 1% to $6.33 billion from $6.39 billion from a year-ago quarter. Wall Street analysts expected the company to earn $2.02 a share on sales of $6.23 billion, according to a survey by FactSet. "We are very pleased with the current quarter results and remain committed to our strategy of improving returns through selectively seeking price increases and improved terms and conditions given the continued low interest rates and uncertain weather patterns," said Chairman and Chief Executive Officer Jay Fishman. Travelers shares were down 0.05% in premarket trading.
United Technologies adjusted earnings rise 16%(7:25 am ET) LONDON (MarketWatch) -- United Technologies Corp. (UTX: news, chart, profile) on Tuesday said first-quarter profit rose to $1.3 billion, or $1.39 a share, up from $1.31 a share in the year-ago period. Adjusted earnings rose 16% to $1.28 a share. Net sales climbed to $14.4 billion, up 16% from $12.4 billion in the same quarter last year. Analysts surveyed by FactSet expected earnings of $1.29 per share on revenue of $14.9 billion. United Technologies further said it continues to expect 2013 earnings per share of $5.85 to $6.15 on sales of $64 billion to $65 billion.
Johnson Controls affirms 2013 earnings guidance(7:24 am ET) NEW YORK (MarketWatch) - Johnson Controls Inc. (JCI: news, chart, profile) on Tuesday reported profit fell to $148 million, or 21 cents a share, in its fiscal second quarter, from $379 million, or 55 cents a share, a year ago. Adjusted for restructuring and non-recurring items, earnings were 42 cents a share, the company said. Sales fell to $10.43 billion, from $10.6 billion a year earlier. Analysts had expected earnings of 42 cents on revenue of $10.49 billion, according to FactSet. Johnson Controls reaffirmed its previous earnings guidance for the 2013 fiscal year of $2.60 to $2.70 per share. The company had cut its outlook for the first six months of the year in January, citing soft global demand, particularly in Europe.
Coach Inc. third-quarter profit beats estimates(7:18 am ET) NEW YORK (MarketWatch) -- Coach Inc. (COH: news, chart, profile) said Tuesday its fiscal third-quarter net income rose to $238.9 million, or 84 cents a share, from $225 million, or 77 cents a share, a year ago. Quarterly net sales rose to $1.19 billion from $1.11 billion a year earlier. Analysts polled by FactSet expected earnings of 80 cents a share and revenue of $1.18 billion. "Internationally, our business is growing rapidly, with China in particular continuing to post excellent gains, and is now on course to generate about $425 million in sales this year," said Victor Luis, president and chief commercial officer. Reed Krakoff, president and executive creative director, will leave the company in June 2014, when his contract expires, to focus on his own brand, the press release said. Coach said it will raise its cash dividend by 15 cents a share annually to an annual rate of $1.35 a share beginning in July. Shares rose 8.7% in premarket trade.
DuPont sales rise 2% in first quarter(6:30 am ET) LONDON (MarketWatch) -- E.I. DuPont de Nemours & Co. (DD: news, chart, profile) said on Tuesday first-quarter net income rose to $3.35 billion, or $3.58 a share, from $1.49 billion, or $1.58 a share in the year-ago period. Earnings from continuing operations came in at $1.47 a share, down from $1.48 in the same quarter last year. Sales increased 2% to $10.4 billion. Earnings from discontinued operations came in at $2.10 a share, up from 10 cents a share in the same quarter last year. Analysts surveyed by FactSet expected earnings of $1.53 a share on revenue of $10.4 billion. The chemicals firm affirmed its outlook for full-year operating earnings to be in the range of $3.85 and $4.05 per share. Additionally, DuPont lifted dividends for the second quarter 5% to 45 cents per share for common stock. Monday, April 22
TI earnings rise on tax benefit; forecast in line(4:37 pm ET) SAN FRANCISCO (MarketWatch) - Texas Instruments reported a jump in first-quarter earnings due in large part to a tax benefit, while revenue for the period came roughly in line with Wall Street's estimates. For the period ended March 31, TI (TXN: news, chart, profile) reported net income of $362 million, or 32 cents a share, compared with earnings of $265 million, or 2 cents per share, for the same period last year. Revenue slipped 8% to $2.89 billion. Analysts were expecting adjusted earnings of 31 cents per share on revenue of $2.85 billion, according to consensus estimates from FactSet. The company said it expects revenue for the second quarter to come in the range of $2.93 billion to $3.17 billion, the midpoint of which was in line with Wall Street's estimates.
Netflix earnings beat targets; shares jump (4:14 pm ET) SAN FRANCISCO (MarketWatch) -- Netflix Inc. (NFLX: news, chart, profile) on Monday reported a first-quarter profit of $3 million, or 5 cents a share, on revenue of $1.02 billion. During the same period a year ago, the video-streaming technology company lost $5 million, or 8 cents a share, on $870 million in sales. Excluding charges related to loss on the "extinguishment of debt", Netflix would have earned 31 cents a share. Analysts surveyed by FactSet had forecast Netflix to earn 18 cents a share on $1.02 billion in revenue for the quarter. Netflix also said that in the first quarter of the year it added 3.05 million new subscribers, to give it a worldwide total of more than 36 million. For its second quarter, Netflix forecast earnings of 23 cents to 48 share. Analysts had previously forecast Netflix to earn 30 cents a share on $1.05 billion sales for the quarter. Netflix's shares surged more than 19% in after-hours trading.
GE shares falling; J.P. Morgan cuts view(11:15 am ET) NEW YORK (MarketWatch) -- General Electric (GE: news, chart, profile) shares are tumbling Monday as J.P. Morgan & Chase analysts cut their rating to neutral from overweight. The company's stock has fallen over 2.5% on the day to $21.20, making it the worst-performing component of the Dow Jones Industrial Average (DJIA: news, chart, profile) . GE dropped 4% Friday after first-quarter earnings rose 16%, beating Wall Street estimates, but it reported flat revenue growth. J.P. Morgan analysts downgraded GE after three years of giving it an overweight rating, saying they could no longer justify calling it a "safety stock" given slower industrial-earnings growth that makes the pick "dead money near term".
Apple upgraded to buy at BGC, Avondale(10:54 am ET) SAN FRANCISCO (MarketWatch) -- Apple Inc. (AAPL: news, chart, profile) was upgraded to buy ratings at BGC Partners and Avondale research on Monday morning - one day before the company's second fiscal quarter report. In a note to clients, BGC analyst Collin Gillis noted the sharp decline in Apple's shares and said his move was in part to take advantage of the "weakness" in the stock. He also reduced his estimates for iPhone and iPad sales for the June quarter, and lowered his price target to $500 from $550. "That said, in front of the next product cycle, and any positive news could be a catalyst to move the stock up closer to $500," he wrote. In its report, Avondale wrote "reflects the increasing competitive pressures and tough margin comp in FY13." Apple shares rose about 0.5% to $392.50 in early trades on Monday.
Netflix, Microsoft pace early tech gains(9:49 am ET) SAN FRANCISCO (MarketWatch) -- Tech stocks mostly rose in early trading Monday, with gains from Netflix Inc. (NFLX: news, chart, profile) and Microsoft Corp. (MSFT: news, chart, profile) among the sector standouts. Netflix shares rose 4%, to $171.18 , due after the market close. Microsoft climbed as much as 4.5% following a CNBC report that said hedge fund ValueAct will disclose a $2 billion stake in the software giant. Apple Inc. (AAPL: news, chart, profile) shares also added almost 1%, to reach $393.11 by analysts at BGC Partners and Avondale Research. The Nasdaq Composite Index ($COMPQ: news, chart, profile) rose 9 points to 3,215.
Check Point Software shares rise on earnings beat(9:42 am ET) SAN FRANCISCO (MarketWatch) -- Check Point Software Technologies Ltd. saw its shares rise 2.5% to $46.41 in early trades on Monday after the company reported better-than-expected results for the first quarter. Check Point (CHKP: news, chart, profile) reported net income of $148 million, or 73 cents a share, up from net income of $143.6 million, or 68 cents a share, a year earlier. Excluding items such as stock-based compensation and amortization, earnings rose to 79 cents in the recent quarter. Revenue increased 3.1% to $322.7 million. Analysts were expecting adjusted earnings of 78 cents on revenue of $328 million, according to consensus forecasts from Thomson Reuters. Check Point is .
Caterpillar cuts full-year 2013 outlook(7:53 am ET) NEW YORK (MarketWatch) -- Caterpillar Inc. (CAT: news, chart, profile) said Monday its first-quarter profit dropped to $880 million or $1.31 a share, from $1.59 billion or $2.37 a share, in the year-ago quarter. The equipment maker's revenue dropped to $13.21 billion from $15.98 billion. Wall Street analysts expected the company to earn $1.36 a share on sales of $13.8 billion. Looking ahead, the company cut its 2013 outlook for EPS to $7 at the middle of the sales and revenues outlook range, from $7-$9 a share, and sales revenues to $57 billion - $61 billion from $60 billion - $68 billion. "In China, first quarter economic growth was slightly less than many expected, but in our view, remains consistent with slow growth in the world economy," said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman. Caterpiller shares were down 0.5% in premarket.
Halliburton swings to Q1 loss of $18 million(7:18 am ET) NEW YORK (MarketWatch) -- Halliburton Co. swung to a first-quarter loss of $18 million, or 2 cents a share, from a year-ago profit of $627 million, or 68 cents a share. The results included an after-tax charge of $637 million. Halliburton said income from continuing operations was $624 million, or 67 cents a share, excluding the charge. Quarterly revenue rose to $6.97 billion from $6.87 billion a year ago. "For the full year, we continue to expect total international revenue growth in the low teens relative to 2012, and expect full year international margins to average in the upper teens," said Dave Lesar, chief executive officer. He added that the decline in rig count and pricing issues in North America were offset by the international segment. Friday, April 19
IBM, Dell shares fall while Microsoft, Google rise(9:47 am ET) SAN FRANCISCO (MarketWatch) - Tech stocks were mixed in early morning trades Friday, with Google and Microsoft making gains following their earnings reports while IBM sold off . IBM (IBM: news, chart, profile) shares fell more than 6% to $194.13 after the company misses Wall Street's forecast for both revenue and earnings. Microsoft (MSFT: news, chart, profile) shares rose more than 4% to $30 after , while Google (GOOG: news, chart, profile) shares picked up 1.5% . Dell (DELL: news, chart, profile) shares slid more than 3% after Blackstone announced it was pulling out of its previously stated plan to submit a takeover bid for the PC maker. The Nasdaq Composite Index (COMP: news, chart, profile) rose 0.3% to 3,176 while the Philadelphia Semiconductor Index (SOX: news, chart, profile) fell by 0.4% in early trades. Apple (AAPL: news, chart, profile) shares fell more than 1% in early trades to $387.
McDonald's Corp. first-quarter profit steady (8:17 am ET) NEW YORK (MarketWatch) -- McDonald's Corp. (MCD: news, chart, profile) reported first-quarter net income on Friday of $1.27 billion, or $1.26 a share, from $1.266 billion, or $1.23 a share, a year earlier. Quarterly revenue rose to $6.61 billion from $6.55 billion in the year-ago period. Analysts had expected earnings per share of $1.26 and revenue of $6.59 billion. Global comparable sales in the quarter fell 1% and U.S. comparable sales fell 1.2% due in part to "the challenging eating-out environment" in the U.S., according to the press release. "As we move forward, top-line comparisons will begin to ease while the challenging global environment and bottom-line pressures are expected to persist," said Don Thompson, president and chief executive officer of McDonald's. The fast-food chain expects global comparable sales in April to be slightly negative. Shares fell 1.9% in premarket trading.
Kimberly-Clark reports Q1 earnings of $531 million(7:53 am ET) NEW YORK (MarketWatch) -- Kimberly-Clark (KMB: news, chart, profile) announced diluted earnings per share Friday of $1.36 on net income of $531 million. Diluted EPS increased 15% over the first quarter of 2012 while net income increased 13%. Wall Street analysts had projected EPS of $1.33 on net income of $527 million. The consumer products manufacturer reported $5.3 billion in revenues, an increase of 1% over the first quarter of 2012. Thursday, April 18
Google profit rises, beats estimates(4:21 pm ET) SAN FRANCISCO (MarketWatch) - Google Inc. (GOOG: news, chart, profile) on Thursday reported a first-quarter profit of $3.35 billion, or $9.94 a share, compared with a profit of $2.89 billion, or $8.75 a share, for the year-earlier period. Adjusted revenue, minus traffic acquisition costs, was $11.01 billion, compared with $8.14 billion in the same quarter the previous year. Adjusted profit was $11.58 a share. Analysts polled by FactSet on average were expecting the Mountain View, Calif.-based company to report a profit of $10.65 a share, on revenue of $11.12 billion.
Chipotle shares surge on profit beat(4:18 pm ET) SAN FRANCISCO (MarketWatch) -- Chipotle (CMG: news, chart, profile) posted a first-quarter profit that blew past Wall Street's estimate and backed its 2013 forecast for sales at its existing restaurants, sending its shares up 8% in late trade. Profit was $76.6 million, or $2.45 a share. Analysts polled by FactSet had forecast a profit of $2.13 a share. Revenue rose 13% to $726.8 million, just ahead of consensus. Comparable store sales growth was 1% -- the burrito chain's slowest growth rate since going public in 2006. Chipotle shares are up 11% for the year. Chipotle shares shot up to $353.50 in after-hours trade.
IBM earnings miss estimates; shares fall(4:14 pm ET) SAN FRANCISCO (MarketWatch) - International Business Machines Corp. reported a 3% rise in first-quarter operating earnings on Thursday afternoon, despite a drop in revenue for the period, missing Wall Street's estimates. For the period ended March 31, IBM (IBM: news, chart, profile) posted net income of $3 billion, or $2.70 per share, compared to net income of $3.8 billion, or $2.61 per share, for the same period last year. Adjusted operating earnings came in at $3.4 billion, or $3 per share, for the recent period. Revenue slipped 5% to $23.4 billion. Analysts were expecting adjusted earnings of $3.05 per share on revenue of $24.65 billion, according to consensus estimates from FactSet. IBM also maintained its full-year adjusted EPS target of $16.70 per share. IBM's shares were down nearly 4% in after-hours trading following the report.
Microsoft earnings rise; CFO Klein to leave(4:07 pm ET) SAN FRANCISCO (MarketWatch) -- Microsoft Corp. (MSFT: news, chart, profile) on Thursday reported a fiscal third-quarter profit of $6.06 billion, or 72 cents a share, on revenue of $20.5 billion, compared with earnings of $5.1 billion, or 61 cents a share, on $17.4 billion in sales in the year-ago period. Analysts surveyed by FactSet had forecast Microsoft to earn 68 cents a share on $20.53 billion in revenue. Separately, Microsoft said Chief Financial Officer Peter Klein will leave the company at the end of its current fiscal year. Microsoft will name a new CFO from its finance leadership team in the next few weeks.
EBay falls more than 5% on outlook concerns(9:46 am ET) SAN FRANCISCO (MarketWatch) -- EBay Inc. (EBAY: news, chart, profile) shares posted one of the biggest declines in the tech sector Thursday, with the online retailer's stock falling 5.5%, to $53.05 a share. The main cause of the selloff was reaction to eBay's second-quarter forecast, which fell shy of Wall Street analysts' estimates. Macquarie Equities Research analyst Ben Schachter cut his rating on eBay to neutral from outperform, saying that the company's second-quarter outlook now puts more pressure on eBay to meet its full-year forecasts.
Morgan Stanley reports Q1 profit of $984 million(8:17 am ET) NEW YORK (Morgan Stanley) -- Morgan Stanley (MS: news, chart, profile) said Thursday its first-quarter profit increased to $984 million, or 50 cents a share, from a loss of $94 million or 6 cents per share in the first-quarter in 2012. Total revenue for the firm rose to $8.2 billion from $6.9 billion a year earlier. Earnings per share from continuing operations was 51 cents per share, compared with a loss of 5 cents a year earlier. Earnings per share excluding accounting charges tied to the firm's own debt, was 61 cents a share. Analysts surveyed by FactSet expected the firm to report earnings of 57 cents a share on revenue of $8.35 billion. "Looking forward, while the global environment continues to have moments of fragility, we believe the broad economic outlook for the next several years is stronger than in the recent past," said Morgan Stanley Chief Executive James Gorman in a statement. Morgan Stanley shares were down 1.7% in premarket trading.
Verizon Q1 profit up 15.8% to $1.95 billion(7:53 am ET) NEW YORK (MarketWatch) -- Verizon Communications Inc. (VZ: news, chart, profile) reported first-quarter net profit rose 15.8% to $1.95 billion, or 68 cents per share, from $1.69 billion, or 59 cents per share, a year earlier. Revenue rose 4.2% to $29.42 billion from $28.24 billion, the company said Thursday. Analysts had expected profit of 66 cents a share on revenue of $29.55 billion. The company said it added a net 677,000 retail postpaid customers, up 35% from a year earlier, and had a 1.01% churn rate for that category. Verizon shares were higher in premarket trading.
Sourcefire shares climb 9% in spite of results(11:13 am ET) SAN FRANCISCO (MarketWatch) -- Sourcefire Inc. (FIRE: news, chart, profile) shares climbed 9%, to $52.09 Wednesday, in the wake of the cybersecurity company's first-quarter results. Late Tuesday, Sourcefire reported earnings excluding one-time items of 11 cents a share, on $56.2 million in revenue, compared with a profit of 11 cents a share on sales of $46.3 million in the same period a year ago. Analysts had forecast Sourcefire to earn 12 cents a share on $57.4 million in sales. The company attributed its weaker-than-expected results to the effects of the government sequestration, that delayed federal contracts being finalized in March. Analysts Dan Cummins, of B. Riley, said that despite the disappointing federal business, Sourcefire still had "good deal metrics overall" and raised his rating on the stock to buy from neutral.
Phillips 66 Q1 profit rises to $1.41 billion(8:29 am ET) NEW YORK (MarketWatch) - Phillips 66 (PSX: news, chart, profile) reported its quarterly profit rose over 120% to $1.41 billion, or $2.23 a share, from $636 million, or $1.00 a share, a year earlier. Adjusted earnings were $1.38 billion, or $2.19 per share, the energy company said Wednesday. Analysts had expected earnings of $1.88 a share on revenue of $41.62 billion, according to FactSet. The company, founded a year ago as a subsidiary of ConocoPhillips, has returned $1.2 billion to shareholders, said company's chairman and CEO Greg Garland. Shares in Phillips 66 were up 3% in premarket trading.
MasterCard profit rises to $766 million(8:20 am ET) NEW YORK (MarketWatch) - MasterCard Inc. (MA: news, chart, profile) reported its first-quarter net income rose to $766 million, or $6.23 per share, from $682 million, or $5.36 per share, a year earlier. Revenue rose 8% to $1.9 billion from $1.76 billion, the credit card company said on Wednesday. Analysts had expected earnings of $6.18 cents a share on revenue of $1.93 billion, according to FactSet. Processed transactions increased 12% to 8.7 billion, said the company. MasterCard shares were down 1.6% in premarket trading.
ICE profit falls, advances NYSE integration plans(8:06 am ET) NEW YORK (MarketWatch) -- IntercontinentalExchange (ICE: news, chart, profile) reported its first-quarter net income fell to $135.4 million, or $1.86 earnings per share, from $147.8 million, or $2.04 earnings per share, a year earlier. Revenue dropped to $351.9 million from $365.2 million, the global markets and clearing house operator said on Wednesday. Analysts had expected earnings of $1.97 cents a share on revenue of $348 million, according to FactSet. "As we continue with the regulatory approval process for the acquisition of NYSE Euronext, we are advancing our integration plans while focusing on opportunities to grow and serve customers across all of our markets globally," said Jeffrey C. Sprecher ICE Chairman and CEO. ICE shares were up 0.1% in premarket trading.
CORRECT: Time Warner profit rises, revenue falls(7:35 am ET) NEW YORK (MarketWatch) - Time Warner Inc. (TWX: news, chart, profile) reported its quarterly profit rose 24% to $720 million, or 75 cents a share, from $581 million, or 59 cents a share, a year earlier. The company reported adjusted earnings per share of 82 cents on profit of $785 million. Revenue fell to $6.94 billion, from $6.98 billion a year earlier, the media company said Wednesday. Analysts had expected earnings of 75 cents a share on revenue of $7.15 billion, according to FactSet. Jeff Bewkes, CEO and Chairman, said the strong first-quarter results make the company "even more confident" in its full-year outlook. Shares of Time Warner were unchanged at $60.55 in premarket trading. (Corrects company name and adjusted earnings.)
CVS narrows full-year earnings guidance(7:30 am ET) NEW YORK (MarketWatch) - CVS Caremark Corp. (CVS: news, chart, profile) reported its first-quarter profit rose to 956 million, or $0.77 a share, from $776 million, or $0.59 a share, a year earlier. Adjusted earnings were $0.83 a share, the drugstore-chain operator said Wednesday. Revenue slipped to $30.76 billion, from $30.80 billion a year earlier. Retail pharmacy same-store sales declined 2.3% due to new generic introductions; front store same-store sales increased 1.4%, it said. Analysts had expected earnings of $0.71 a share on revenue of $30.37 billion, according to FactSet. The company offered second-quarter adjusted earnings guidance of $0.94-$0.97 a share and narrowed its full-year adjusted earnings range to between $3.89 and $4.00 a share. Shares in CVS Caremark were up 0.1% in premarket trading.
Chesapeake reports increase in profit(7:25 am ET) NEW YORK (MarketWatch) -- Chesapeake Energy Corp. (CHK: news, chart, profile) reported its first-quarter profit was $58 million, or 2 cents a share, from a net loss of $28 million, or a loss of 11 cents a share, a year earlier. Revenue rose to $3.42 billion from $2.42 billion a year earlier, the energy company said on Wednesday. Analysts had expected earnings of 25 cents a share on revenue of $3.1 billion, according to FactSet. Total production increased 9% year-over-year, in the first quarter. "We plan to devote more than 80% of our total capital expenditures to drilling and completion activities in 2013 as compared to an average of approximately 50% over the last three years," said Chesapeake's Chief Financial Officer, Domenic J. Dell'Osso, Jr. Chesapeake shares were up 3.6%.
Viacom second-quarter profit, revenue fall(7:22 am ET) NEW YORK (MarketWatch) - Viacom Inc. (VIA: news, chart, profile) reported its second-quarter profit fell to $478 million, or $0.96 a share, from $585 million, or $1.07 a share, a year earlier. Adjusted EPS was also $0.96. Revenue fell to $3.135 billion, from $3.331 billion a year earlier, the media company said Wednesday. Analysts had expected earnings of $0.95 a share on revenue of $3.18 billion, according to FactSet. Shares in Viacom were inactive in premarket trading.
Merck & Co. first-quarter profit, revenue fall(7:18 am ET) NEW YORK (MarketWatch) - Merck & Co. Inc. (MRK: news, chart, profile) said its first-quarter profit fell to $1.59 billion, or 52 cents a share, from $1.74 billion, or 56 cents a share, a year earlier. The company said adjusted earnings, excluding acquisition and restructuring costs, fell to 85 cents a share from 99 cents a share a year ago. Revenue fell to $10.67 billion, from $11.73 billion a year earlier, the pharmaceutical company said Wednesday. Analysts had expected earnings of 80 cents a share on revenue of $11.11 billion, according to FactSet. Merck expects 2013 per-share earnings of between $1.92 and $2.16 and adjusted per-share earnings of between $3.45 and $3.55, as sales are under more pressure than expected. Full-year sales are expected to be about 2% to 4% lower than in the previous year, due in part to foreign exchange. The expiration of major patents also affected results, according to chief executive Kenneth Frazier. Shares were down less than 1% in premarket trade. Tuesday, April 30
Japan stocks retreat as yen gains; Sharp tumbles(8:24 pm ET) HONG KONG (MarketWatch) -- Japanese shares dropped early Wednesday as the yen's continued appreciation weighed on exporters despite another record finish for the S&P 500 Index (SPX: news, chart, profile) overnight in the U.S. The drop came amid thin trading volumes, with most regional markets closed for a holiday and ahead of Friday's holiday in Japan. The Nikkei Stock Average (JP:NIK: news, chart, profile) fell 0.3% to 13,813.65, extending losses from the previous session, and the broader Topix gave up 0.5% to 1,158.81. Among major exporters, Canon Inc. (JP:7751: news, chart, profile) (CAJ: news, chart, profile) lost 1.1% and Nissan Motor Co. (JP:7201: news, chart, profile) (NSANY: news, chart, profile) gave up 1.4%. Shares of Sharp Corp. (JP:6753: news, chart, profile) (SHCAY: news, chart, profile) skidded 4.1% after the Nikkei newspaper reported the company may have suffered a bigger loss than it had forecast in the previous financial year. Airlines declined amid worries about losses related to the grounding of their Dreamliner jet fleet, with Japan Airlines Co. (JP:9201: news, chart, profile) (JALFQ: news, chart, profile) skidding 5.2% and ANA Holdings Inc. (JP:9202: news, chart, profile) (ALNPY: news, chart, profile) dropping 1.4%.
Tenet earnings hurt by Medicare and other charges(8:59 am ET) NEW YORK (MarketWatch) -- Tenet Healthcare Corp. (THC: news, chart, profile) said Tuesday it swung to a first-quarter loss of $88 million, or 85 cents a share, from a year-earlier profit of $58 million, or 53 cents a share. First-quarter results were affected by a $75 million Medicare settlement known as the Rural Floor settlement. The company said its loss per share from continuing operations was 83 cents. Excluding impairments, restructuring charges, acquisition-related costs and the loss on early extinguishment of debt, income from continuing operations was 33 cents a share. Quarterly revenue rose 3.7% to $2.39 billion. Analysts polled by FactSet had expected earnings of 31 cents a share on revenue of $2.42 billion. Tenet maintained its outlook for 2013 adjusted earnings before interest, taxes, depreciation and amortization at $1.325 billion to $1.425 billion and changed its second-quarter adjusted Ebitda outlook to a range of $325 million to $375 million. "Tenet generated strong earnings growth by rapidly adjusting costs in a soft volume environment in the first quarter," said Trevor Fetter, president and chief executive officer, in the statement. Shares were down less than 1% in premarket trade.
Valero reports $654 million first-quarter profit(8:39 am ET) NEW YORK (MarketWatch)-- Valero Energy Corp. (VLO: news, chart, profile) earned $654 million, or $1.18 per share, in the first quarter, up from a loss of $432 million, or, a loss of 78 cents per share during the same quarter last year. First-quarter revenues totaled $33.47 billion, down from $35.17 billion during the first-quarter of 2012, the company said Tuesday. The oil company attributed earnings growth to an increase in refinery production volume. Analysts expected EPS of 98 cents per share on revenues of $30.41 billion. Valero said it expects to increase full-year capital expenditures to $2.85 billion due to the acceleration of projects. The company's shares climbed over 2.5% in pre-market trading.
U.S. Steel reports net loss of $73 million(8:31 am ET) NEW YORK (MarketWatch) -- United States Steel Corporation (X: news, chart, profile) reported a first-quarter net loss on Tuesday of $73 million, or 51 loss per share, compared to a net loss of $219 million, or $1.52 loss per share a year earlier. The steel company's revenue fell to $4.6 billion from $5.2 billion a year-ago quarter. Adjusted for repurchase of bonds, net loss was $51 million, or 35 cents per diluted share. Wall Street analysts expected the company to report a loss of 19 cents a share on sales of $4.66 billion, according to a survey by FactSet. "We expect total reportable segment and other businesses operating results to be near break-even. Results for our Tubular segment are projected to be comparable with the first quarter; however we expect lower results from our Flat-rolled and European segments," said Chairman and CEO John Surma regarding the second-quarter outlook. U.S. Steel shares were down 2.5% in premarket trading.
Pfizer cuts 2013 outlook for revenue, EPS(7:41 am ET) NEW YORK (MarketWatch) -- Pfizer Inc. (PFE: news, chart, profile) said Tuesday its first-quarter profit rose 53% to $2.75 billion from $1.79 billion a year earlier. Earnings per share rose to 38 cents from 24 cents a year ago, while adjusted earnings fell to 54 cents a share versus 57 cents a share a year ago. Quarterly revenue fell 9% to $13.5 billion. Analysts polled by FactSet had expected earnings of 56 cents a share on revenue of $13.99 billion. The pharmaceutical company lowered 2013 guidance for earnings per share to $1.44 to $1.59 from a range of $1.50 to $1.65. Adjusted earnings per share was cut to between $2.14 and $2.24 from $2.20 to $2.30. Reported revenue was lowered to a range of $55.3 billion to $57.3 billion. The company said it revised its full-year outlook to reflect the initial public offering of Zoetis, its animal-health unit, and changes in foreign-exchange rates. Shares were down 3% in premarket trade.
McGraw-Hill reports net income of $735 million(7:40 am ET) NEW YORK (MarketWatch) -- McGraw-Hill Cos. (MHP: news, chart, profile) said Tuesday its first-quarter profit was $735 million, or $2.59 per share, compared to $123 million, or 43 cents a share a year earlier. Diluted earnings from continuing operations was down 4% to 54 cents a share and adjusted diluted earnings per share from continuing operations was up 29% to 80 cents a share. The global publishing and financial information services firm's revenue rose 14% to $1.18 billion from $1.035 billion from a year-ago quarter. Wall Street analysts expected the company to earn 73 cents a share on sales of $1.17 billion, according to a survey by FactSet. The firm confirmed the outlook for adjusted earnings per share for 2013 will remain unchanged at $3.10 to $3.20. McGraw-Hill shares were up 1.35% in premarket trading.
Office Depot misses on earnings, loses $6.65 mln(7:29 am ET) NEW YORK (MarketWatch) -- Office Depot Inc. (ODP: news, chart, profile) lost $6.65 million, or 6 cents per share, in the first quarter, versus earnings of $49.50 million, or 14 cents per share, a year ago. The office supplies company reported quarterly sales of $2.72 billion on Tuesday, down 5% from $2.87 billion in the same quarter last year. Excluding merger- and restructuring-related charges, the company would have earned $1 million, or $0.00 per share. Analysts had projected earnings of 5 cents per share on revenues of $2.76 billion. In a statement, CEO Neil Austrian said Office Depot's first-quarter results were heavily impacted by the timing of the holiday season, which leaves confidence intact for meeting second-quarter and full-year earnings targets. The company's shares were unchanged in pre-market trading.
Europe stocks up, led by UBS, Deutsche Bank, BP(3:18 am ET) MADRID (MarketWatch) -- European stocks rose on Tuesday on the heels of a record day for the Standard & Poor's 500 index (SPX: news, chart, profile) , and as a clutch of high-profile European companies reported upbeat results. The Stoxx Europe 600 (XX:SXXP: news, chart, profile) rose 0.5% to 298.93, with BP PLC (UK:BP: news, chart, profile) (BP: news, chart, profile) up nearly 3%, UBS AG (UBS: news, chart, profile) (CH:UBSN: news, chart, profile) jumping over 6%, Deutsche Bank AG (DE:DBK: news, chart, profile) -- also upgraded -- surging nearly 7% after each reported results. The German DAX 30 index (DX:DAX: news, chart, profile) rose nearly 1% to 7,948.85, while the FTSE 100 index (UK:UKX: news, chart, profile) rose 0.3% to 6,479.88. Shares of Invensys PLC (UK:ISYS: news, chart, profile) rose nearly 4% on a broker upgrade. The French CAC 40 index (FR:PX1: news, chart, profile) rose 0.3% to 3,880.43.
UBS profit blows away expectations(2:16 am ET) MADRID (MarketWatch) -- Swiss banking group UBS AG (CH:UBSN: news, chart, profile) (UBS: news, chart, profile) on Tuesday reported a better-than-expected first-quarter profit, helped by good performances from its wealth management and investment banking units. UBS reported a first-quarter profit of 988 million Swiss francs ($1.05 billion) versus a profit of 1.04 billion Swiss francs in the year-ago period. A survey of analysts polled by Bloomberg News had forecast a profit of 412.3 million francs. The bank recorded net interest income of 1.48 billion francs, a 7% drop from the year-ago period. Profit for the group's wealth management unit totaled 664 million francs, which was a 28% drop from the year-ago period, but it saw net new money inflows of 15 billion francs. UBS's investment bank unit posted a profit of 977 million francs in the first quarter, a 44% gain from a year ago. In its outlook, UBS said client confidence and activity levels in the second quarter could be affected by unsolved issues with regards to the eurozone sovereign debt situation, ongoing geopolitical risks, the outlook for growth in the global economy and unresolved U.S. fiscal issues. Monday, April 29
Sturm Ruger posts 53% higher profit (5:58 pm ET) SAN FRANCISCO (MarketWatch) -- Firearms maker Sturm Ruger & Co., Inc. (RGR: news, chart, profile) reported late Monday its first-quarter profit rose 53% to $23.7 million, or $1.20 a share, from $15.5 million, or 79 cents a share, a year ago. Revenue for the quarter ended March 30 rose nearly 39% to $155.9 million from $112.3 million. Analysts surveyed by FactSet had predicted the Southport, Conn.-based company would earn $1.06 a share on $139.3 million in revenue. The company also declared a dividend of 49 cents payable May 24 to shareholders of record on May 10. Sturm Ruger shares rose 1.5% to $51.75 in after-hours trade.
McGraw-Hill seen reporting profit jump Tuesday(5:00 pm ET) NEW YORK (MarketWatch) -- McGraw-Hill will report first-quarter earnings on Tuesday morning before the opening bell. The release is expected shortly after 7 am ET. Analysts expect the firm to report 73 cents a share, compared with 51 cents a share reported in first-quarter in 2012, according to a survey by FactSet. Analysts expect net income of $215 million compared to $123 million reported in the same quarter last year. Revenue of $1.17 billion is expected, compared with $1.33 billion from the same period a year earlier. McGraw-Hill shares were up 2.79% at $53.45 a share at the close on Monday, down 2.23% year-to-date.
Herbalife hikes 2013 outlook (4:43 pm ET) SAN FRANCISCO (MarketWatch) -- Herbalife (HLF: news, chart, profile) kept its long winning streak alive, topping Wall Street's profit target for the 17th consecutive quarter. Late Monday, the nutritional products seller reported a first-quarter profit of $118.8 million, or $1.10 a share, up from $108.1 million, or 88 cents a share, in the year-earlier period. Revenue rose 17% to $1.1 billion. Analysts polled by FactSet were expecting a profit of $1.07 a share. Herbalife raised its 2013 profit target to between $4.60 a share and $4.80 a share, up from $4.45 and $4.65 a share. The company also raised its forecast for sales and volume point growth. However, Herbalife's second quarter forecast for a profit of $1.14 a share to $1.18 a share is below the $1.26 a share analysts were looking for. In after-hours trade, Herbalife's stock dipped to $38.70 after posting a gain just after the report came out. Herbalife's stock has become a battleground stock for high-profile hedge fund managers. Bill Ackman has made a $1 billion short bet against the stock, while Carl Icahn has taken a huge stake in the company.
Deutsche Bank Q1 profit rises, beats estimates(2:20 pm ET) NEW YORK (MarketWatch) -- Deutsche Bank AG (DB: news, chart, profile) said on Monday its first-quarter profit rose to 1.7 billion euros ($2.22 billion), or 1.71 euros per share, compared to 1.4 billion euros, or 1.58 euros per share, in the same quarter the year before. The German financial firm's revenue was up 2% or 9.4 billion euros, from 9.2 billion euros. Wall Street analysts expected the company to earn 1.32 euros per share on revenue of 9.07 billion euros, according to a survey by FactSet. Deutsche Bank announced plans to raise 2.8 billion euros in capital. Deutsche Bank shares were up 1.7% in U.S. trading. Friday, April 26
Chevron Q1 profit, revenue fall, beat estimates(8:55 am ET) NEW YORK (MarketWatch) -- Chevron Corp. (CVX: news, chart, profile) said Friday its first-quarter profit fell to $6.18 billion, or $3.18 per share, compared to $6.47 billion, or $3.27 per share, in the same period a year earlier. The oil company's total revenue fell to $56.8 billion from $60.7 billion from a year-ago quarter. Wall Street analysts expected the company to earn $3.09 cents a share on sales of $56.46 billion, according to a survey by FactSet. Worldwide net oil-equivalent production was 2.65 million barrels per day in the first quarter of 2013, up from 2.63 million barrels per day in the 2012 first quarter. Production increases from project ramp-ups in the United States and Nigeria were largely offset by normal field declines. "Our key development projects remain on track," said Chairman and CEO John Watson in a statement. The company purchased $1.25 billion of its common stock in the first quarter. Chevron shares were up 0.5% in premarket trading.
AEP beats on Q1 sales, misses on earnings(7:37 am ET) NEW YORK (MarketWatch) -- American Electric Power Co.'s (AEP: news, chart, profile) earnings dropped to $363 million, or $0.75 per share, down from $389 million, or $0.80 per share, in the same quarter a year ago. Total profit comes on sales of $3.8 billion, up from $3.6 billion a year ago. Analysts had expected earnings per share of $0.81 on revenues of $3.79 billion, according to FactSet. The electric company reaffirmed its operating earnings guidance range of between $3.05 and $3.25 per share. AEP said Tuesday it was increasing its quarterly dividend $0.02 to $0.49 per share.
Burger King Q1 profit beats, revenue misses(7:27 am ET) NEW YORK (MarketWatch) -- Burger King Worldwide Inc. (BKW: news, chart, profile) said Friday its first-quarter profit rose to $35.8 million, or 10 cents per share, compared to $14.3 million, or 4 cents a share, in the same period a year earlier. The company's adjusted diluted earnings per share increased 49% to $0.17. The food-chain company's revenue fell 42.5% to $327.7 million from $569.9 million from a year-ago quarter. Wall Street analysts expected the company to earn 17 cents a share on sales of $306 million, according to a survey by FactSet. The company declared a cash dividend of 6 cents a share, payable on May 15, 2013 to shareholders and plans to repurchase up to $200 million of common stock by May 31, 2013.
VF Corp first-quarter profit beats, revenue misses(7:25 am ET) NEW YORK (MarketWatch)-- VF Corp. (VFC: news, chart, profile) said Friday first-quarter net income rose to $270.4 million, or $2.41 a share, from $215.2 million, or $1.91 a share, a year earlier. The company said adjusted per-share earnings, which exclude items related to the Timberland acquisition, rose to $2.43 from $1.94 a year ago. Quarterly total revenue for the company, which owns brands including The North Face and and Jansport, rose to $2.61 billion from $2.56 billion. Analysts polled by FactSet had expected earnings of $2.19 a share on revenue of $2.63 billion. VF Corp. raised its estimate for full-year adjusted earnings per share to $10.75 from $10.70 and maintained its revenue guidance for 2013. Shares rose 1.8% in premarket trade.
Tyco revenue rises 3% in second quarter(6:24 am ET) LONDON (MarketWatch) -- Tyco International Ltd. (TYC: news, chart, profile) on Friday reported second-quarter net income of 72 million, or 16 cents a share, down from $323 million, or 69 cents a share, in the year-ago period. The security-systems firm said income from continuing operations was negatively impacted by special items amounting to $124 million after tax, or 26 cents a share. Adjusted earnings came in at 42 cents a share up from 30 cents last year. Revenue rose 3% to $2.61 billion. Analysts polled by FactSet expected earnings of 39 cents a share on revenue of $2.59 billion. "Our financial performance and strong balance sheet provides us with the flexibility to continue to fund our organic and inorganic growth initiatives while returning capital to shareholders," Chief Executive George Oliver said in the earnings release. Thursday, April 25
NetSuite loss widens, but sales jump(4:24 pm ET) SAN FRANCISCO (MarketWatch) - NetSuite Inc. (N: news, chart, profile) on Thursday reported a first-quarter loss of $13 million, or 18 cents a share, compared with a loss of $7.7 million, or 11 cents a share, for the year-earlier period. Revenue rose to $91.6 million from $69.3 million. Adjusted profit was 4 cents a share. Analysts polled by FactSet on average were expecting a profit of 3 cents a share, on revenue of $91 million.
Starbucks raises 2013 profit outlook(4:23 pm ET) SAN FRANCISCO (MarketWatch) -- Starbucks (SBUX: news, chart, profile) late Thursday raised its fiscal 2013 profit outlook after topping Wall Street's earnings for its fiscal second quarter on the strength of its U.S. business and a decline in coffee futures prices. For the quarter ended March 31, Starbucks said profit rose 26% to $390.4 million, or 51 cents a share. Analysts had expected 48 cents. Revenue rose 11% to $3.6 billion, while same-store sales grew 6%. Operating margins climbed to 15.3% from 13.5%. For its September 2013 fiscal year, Starbucks said it would earn between $2.12 to $2.18 a share. Its old forecast was $2.06 to $2.15 a share. However, Starbucks maintained its outlook for margin improvement, revenue and same-store sales growth. Starbucks shares fell 1.6% to $59.50 in late trade. Ahead of the report, the stock was trading near its five-year high of $62.
Expedia posts bigger loss, but results beat Street(4:16 pm ET) SAN FRANCISCO (MarketWatch) - Expedia Inc. (EXPE: news, chart, profile) on Thursday reported a first-quarter loss of $104.2 million, or 77 cents a share, compared with a loss of $3.3 million, or 2 cents a share, for the year-earlier period. Revenue rose to $1 billion from $816.5 million. Adjusted profit was 25 cents a share. Analysts polled by FactSet on average were expecting the online travel site to post a profit of 23 cents a share, on revenue of $967.5 million. Shares of Expedia were up more than 4% in after-hours trading.
NBG ETRM NVE GV National Bank of Greece (ADR)(NYSE:NBG) shares declined 479.51% to $7.07. The company, on May 24, reported a profit for the second consecutive quarter, helped by its Turkish subsidiary Finansbank, as well as lower funding costs and provisions for bad debt. The bank posted net profit of 27 million euros in the first quarter compared to a loss of 731 million in the same period last year. NBG said loan-loss provisions fell to 428 million euros from 505 million euros.
EnteroMedics Inc (NASDAQ:ETRM) stock jumped 30.77% to $1.36. The company, on May 17, announced that the Company completed a pre-PMA (Premarket Approval) application meeting with the U.S. Food and Drug Administration (FDA) on May 15, 2013 regarding the Maestro® Rechargeable System’s VBLOC® vagal blocking therapy as a treatment for obesity. In the meeting, the FDA indicated that, subject to acceptance of the application and validation and detailed review of the submitted data by the FDA, the Company can anticipate presenting the PMA before a future FDA Advisory Committee panel. The Company expects to submit a PMA for the Maestro Rechargeable System, based on the ReCharge Pivotal Trial, in the second quarter of 2013.
NV Energy, Inc. (NYSE:NVE) stock climbed 22.51% to $23.62. The electric and gas company owned by Warren Buffett’s Berkshire Hathaway Inc. (BRKA, BRKB) on May 29 agreed to buy NV Energy Inc. ( NVE ), an energy company with about 1.3 million customers in Nevada.
Berkshire’s MidAmerican Energy Holdings Co. will pay $23.75 per share, or about $5.59 billion, based on shares outstanding as of May 7. The price is a 23% premium over NV Energy’s closing price Wednesday, when the company had a market capitalization of $4.54 billion.
The Goldfield Corporation (NYSEAMEX:GV) shares increased 21.26% to $2.51. The company, on May 30, released the comments to be made by Mr. John H. Sottile, President and Chief Executive Officer, at The Goldfield Corporation’s annual meeting of stockholders. The Goldfield Corporation headquartered in Florida, through its subsidiary, Southeast Power Corporation, is a leading provider of construction services to electric utilities, with operations primarily in the southeastern, mid-Atlantic, and western regions of the United States.
Stocks concluded their down week on a lower note as the S&P 500 shed 0.4%.
Equities slipped out of the gate amid weakness in Treasuries. The 10-yr note sold off into the cash session open before erasing most of its losses. The benchmark 10-yr yield ended higher by two basis points at 2.493%.
A disappointing Chicago PMI report for June (51.6 actual, 55.5 Briefing.com consensus, 58.7 prior) also contributed to the early weakness, but stocks were able to find support shortly thereafter.
Today's session lows coincided with the release of a better-than-expected final University of Michigan Consumer Sentiment Index (84.1 final, 82.7 consensus, 82.7 preliminary).
Stocks spent the following hour in a steady climb, allowing the S&P to erase its opening losses. However, the early buying interest fizzled out after the benchmark average returned to its flat line, where it held until the closing minutes of the session.
The final five minutes of action saw the index return into the red as the small cap Russell 2000 index underwent its annual rebalancing.
The S&P was anchored to its unchanged level for most of the afternoon as financials and technology weighed. The financial sector ended with a loss of 0.7% while the tech space shed 0.4%.
While the tech sector was able to settle above its lows, not all components were as fortunate. Accenture (ACN 71.96, -8.26) tumbled 10.3% after its earnings beat was overshadowed by below-consensus revenue as well as downside fourth quarter revenue guidance. Separately, BlackBerry (BBRY 10.46, -4.02) plunged 27.8% after the company reported disappointing first quarter earnings and revenue. In addition, BB10 shipments of 2.7 million disappointed as investors expected BlackBerry to ship about 3.5 million units of its latest device.
On the flip side, discretionary shares and utilities ended in positive territory. The discretionary sector received a boost from retailers after Finish Line (FINL 21.86, +0.66) surprised to the upside with its earnings and revenue. Meanwhile, homebuilders kept the discretionary space from logging further gains. Most major builders settled in the red while the iShares Dow Jones US Home Construction ETF (ITB 22.38, -0.37) shed 1.6%.
Also of note, a 0.4% advance in utilities extended the sector's weekly gain to 3.0%, placing it atop this week's leaderboard. Meanwhile, the materials sector was the weakest group of the week, ending with a loss of 1.5%. However, gold miners had a strong showing today as the Market Vectors Gold Miners ETF (GDX 24.49, +1.70) surged 7.5%. On a related note, gold futures gained 1.6% to $1230.70 per ounce while silver futures jumped 5.6% to $19.60 per ounce.
Tesla, Outerwall, Alcoa are stocks to watch Monday
Friday, J.P. Morgan lowered its third-quarter earnings outlook for Alcoa AA +1.27% to 5 cents a share from 12 cents a share due to weaker-than-expected aluminum prices. Alcoa, whose quarterly reports once use to signal the symbolic start of the earnings season, was recently replaced on the Dow Jones Industrial Average by Nike Inc. NKE +0.70% . The aluminum maker is scheduled to release third-quarter results on Tuesday. Shares of Alcoa were up 0.1% in after hours.
Outerwall OUTR +9.43% shares rose almost 8% in after-hours trading after Jana Partners LLC, an activist investment fund, disclosed a stake in the company previously known as Coinstar. Jana now owns a 13.5% stake in Outerwall and will pursue strategic alternatives, including a sale,
Investors are likely to closely watch Tesla TSLA +4.43% shares after the stock lost over 5% in value after an incident in which a Model S caught fire after an accident in Washington state earlier in the week. The stock recovered 4.4% on Friday and extended gains in after-hours after Chief Executive Elon Musk released a statement, essentially touting the safety of his vehicles.
T-Mobile Makes 5G Network Plans, Picks Nokia, Ericsson for Tests
T-Mobile US Inc., the third-largest U.S. wireless carrier, has joined its peers in outlining plans for a faster fifth-generation mobile network and has begun demonstrating higher test speeds with equipment partners Ericsson AB and Nokia Oyj. T-Mobile, based in Bellevue, Washington, said Tuesday it reached 12 gigabits a second in trials using 28 gigahertz airwaves at Ericsson’s facilities, achieving speeds about 100 times faster than current mobile networks that already support video streaming and other data-intensive uses. Faster connections and greater capacity will help mobile-service providers like T-Mobile offer Internet speeds competitive with fixed-line telephone and cable TV operators.
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