AIG Plunges 10% on Large Loss
May 09, 12:40 PM EDT |
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| AIG book value fell to $31.93 per share on large loss in its credit derivative portfolio. |
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| AIG, one of the largest insurance companies in the world, suffered a sharp decline in stock value after it reported net loss in the first quarter of $7.8 billion compared to income of $4.13 billion a year ago. The unrealized loss of $9.1 billion in credit default swap portfolio forced the insurer to seek $12.5 billion in fresh capital. The stock fell 10%. |
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Earnings: Huntsman, Clear Channel and Warner
May 09, 11:55 AM EDT |
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| Huntsman fell after it reported revenue gain but earnings decline on lower operating margins. South Jersey Industries fell on 10% decline in earnings. |
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| GateHouse media reported first quarter revenue rose 79% but net loss jumped to $29 million from $6 million. Loss per share rose to 50 cents from 16 cents. Huntsman Chemical revenue in the first quarter rose 13% to $2.54 billion but net income fell to $7.3 million from $46.6 million a year ago. |
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Toyota Falls 4% on Gloomy Outlook
May 08, 4:18 PM EDT |
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| Toyota offered flat unit sales outlook for the current fiscal year and net income is expected to decline 25%. |
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| Toyota Motor fell in New York trading after it lowered its estimate of sales and earnings for the current fiscal year. For the fiscal year 2008 revenue rose 9.8% and earnings gained 4.5%. Toyota estimates unit sales in the current fiscal year of 8.87 million units compared to 8.69 million units in the year completed in March 2008. |
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Watson Wyatt Rises; Copa, OM Group Fall
May 08, 3:36 PM EDT |
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| Watson Wyatt traded at record high after it reported better than expected earnings. Copa Holdings traded 4% lower on earnings decline. |
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| Watson Wyatt surged after it reported revenue rise of 16% to $457.5 million and earnings gain of 26% to $42.5 million. OM Group fell after earnings plunged 93% to $55.2 million. Hedge fund and alternative asset manager Fortress Group fell after it reported a quarterly loss of $69 million. Copa Holdings, operator of Panama based airline fell after earnings fell 18.7%. |
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UBS Loss, Lay-offs and Capital Plan
May 07, 4:48 PM EDT |
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| First quarter net money outflows at UBS was Sfr 12.8 billion compared to net inflows of 52.8 billion francs in the same quarter a year ago. |
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| UBS, the largest Swiss bank first quarter earnings was negatively impacted by the continued deteriorating of U.S. mortgages and other loans. UBS will sell $15 billion of troubled loan portfolio to asset manager BlackRock. The bank expects to complete a 15 billion francs rights issue in June and announced a plan to eliminate 5,500 positions by mid-2009. |
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Alibaba Profit Rises 111.7%
May 07, 3:27 PM EDT |
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| Quarterly operating profit rose 81% to Rmb311.9 million as the number of paying members at the end of the quarter rose 35.6% to 327,118. |
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| Alibaba.com''''s International marketplace Gold Supplier members had a net increase of 8,484 from a year earlier to 28,548 and 1,164 from 27,384 at the end of 2007 thanks to a restructure of the Gold Supplier sales force into two teams focusing on customer acquisition and customer retention. In the period, International TrustPass members had a net increase of 652 from a year ago and 381 at the end of 2007 to 12,533. |
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Lafarge Profit Up 49% on Sales
May 07, 2:13 PM EDT |
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| Quarterly free cash flow rose 88% to €391 million as pricing review helped offset increases in raw materials prices. |
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| The world’s largest cement maker Lafarge SA’s sales increased 8% to €4 billion from €3.6 billion last year thanks to cement sales which increased 16% to €2.5 billion leveraged by strong growth in emerging markets such as Central and Eastern Europe and Asia. Throughput from Egypt’s Orascom Construction, which was acquired in December for €8.8 million, also helped to boost revenues. |
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Transocean, Foster Wheeler Earnings Surge
May 07, 12:44 PM EDT |
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| Transocean and Foster Wheeler benefited from the rising capital spending in the petrochemical and power sectors. |
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| Foster Wheeler rose after it reported higher earnings and sales. Foster Wheeler, engineering contractor benefited from the the strong demand in petrochemical refining and power generation areas. However, clients are expressing concerns on the slow growth in the North America and rising cost inflation in the region. Transocean, largest offshore drilling contractor reported revenue jumped 138% on day rates across the fleet rose 15%. Ultra deepwater floater day rate jumped 25% to $380,000. |
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Disney, Eagle Bulk, Value Click Rise
May 07, 11:28 AM EDT |
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| Eagle Bulk Shipping revenue rose 36% and earnings surged more than 200% to $14.3 million. |
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| The Walt Disney second quarter revenue rose 11% to $8.7 billion and earnings jumped 22% to $1.1 billion. Earnings per share in the quarter rose to 58 cents from 44 cents a year ago. Rising international vsitors to the U.S. theme parks lifted revenues. Online diamond retailer reported a mediocre rise in sales of 3.6% to $70.5 million and earnings fell 17%. Dolan Media, a provider of business information, reported sales rise of 16% and swung to net income of $4 million. |
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Estee Lauder, Molson Coors Rise
May 06, 1:45 PM EDT |
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| Consumer products and energy companies report rising sales and earnings but home builder DR Horton sales declined 65%. |
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| Molson Coors Brewing Company today reported first quarter 2008 net sales increased 10.4% to $1.36 million from a year ago. Net income in the quarter increased to $37.1 million or 20 cents per share. However, MGM Mirage revenue fell 3% to $1.88 billion. Estee Lauder net sales rose 11% but earnings declined 4%. Church & Dwight revenue rose 9% and earnings surged more than 22%. |
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