AIG Predicts More Losses
Feb 29, 2:42 PM EST |
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| AIG, largest insurance company, reported a significantly higher loss than its estimates released only two weeks ago. |
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| AIG reported fourth quarter loss of $5.29 billion or $2.08 loss per share compared to net income of $3.44 billion or $1.31 per diluted per share in 2006. For the full year 2007 net loss of $6.20 billion or $5.36 per share. Company guided that 2008 may be a challenging year and more losses are likely as housing market declines. On February 11, AIG had lifted its loss estimate from $1 billion to $5 billion but today it reported nearly twice that amount. |
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Higher Power Plant Demand Lifts Areva Sales
Feb 28, 3:41 PM EST |
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| Net profit rises to €743 million or €20.95 euros per share from €649 million or €18.31 per share in 2006. |
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| The world’s largest nuclear equipment firm said profit rose 14.5% to €743 million on solid earnings mainly from the transmission and distribution division Revenue gained 9.8% to €11.92 billion. Areva expects 2008 to be strong year on higher global power plant spending. The third largest uranium miner in the world hopes to build nearly 100 of the 300 new nuclear reactors by 2030. |
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Stan Chart Earnings Up 25%
Feb 28, 1:51 PM EST |
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| Standard Chartered reported its full year 2007 earnings per share increase of 16% to 197.6 cents on earnings rise of 25% to $2.8 billion. |
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| Standard Chartered reported 2007 operating income rose 28% to $11.06 billion and profit attributable to shareholders increased 25% to $4.05 billion. The bank benefited from the rising wealth in China, India, and Middle Eastern region. The bank generated $2 billion of income and $1 billion of profit in Hong Kong and for the first saw operating income in India rise above $1 billion. In September the bank raised $2 billion. |
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Persimmon Lifts Dividend, Cloudy Outlook
Feb 28, 12:45 PM EST |
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| Second half pre-tax profit declined 2% to £304 million from £310.6 million as home completions fell 5% to 15,905. |
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| U.K.’s largest homebuilder managed to fight of fears of sharp sales drop for the year 2007. Sales declined to £3 billion from £3.1 billion a year ago as unit sales slumped from 16,701 to 15,905. The average selling price increased marginally by 1% to £189,558. Persimmon also reported dividend for the year rose 10% to 51.2 pence from 46.5 pence a year ago. Current tight credit conditions are likely to impact sales and earnings in 2008. |
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Sprint Takes $30 B Charge
Feb 28, 12:23 PM EST |
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| Sprint reported third quarter loss of $29.45 billion or $10.36 per share after it wrote-off its purchase of Nextel. |
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| Sprint reported a huge fourth quarter loss as it struggled with a loss of high paying customers, rising price competition, and a difficult integration with Nextel. Sprint wrote-off its entire acquisition cost of Nextel, only after two years of the purchase. In the fourth quarter, total post-paid subscribers declined 683,000 due to a loss of iDEN users after losing 337,000 in the third quarter. |
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Woolworths 1H Earnings Rise 28%
Feb 27, 7:43 PM EST |
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| Woolworths earnings rise reflects company's drive to lower cost, open new stores, and stronger economic environment. |
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| The largest Australian retailer reported fiscal 2008 first half sales rise of 8.6% and earnings gain of 28%. Sales increased to $24 billion and earnings rose to $891.3 million. Woolworths declared an interim dividend of 44 cents, up from 35 cents in the first half of fiscal 2007. The company guided fiscal 2008 profit increase between 19% and 23%. |
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Autodesk, Sempra Decline, Papa John’s Rises
Feb 27, 3:55 PM EST |
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| Autodesk fell 15% after it reported flat fourth quarter earnings on 20% rise in sales and issued similar outlook of higher sales and flat earnings. |
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| Autodesk fell 15% after it reported flat earnings in the fourth quarter of $96.5 million or 40 cents per share. Sempra Energy fourth quarter revenue declined 4.2% to $3.11 billion and earned $289 million or $1.10 per share. Papa John''s reported fourth quarter revenue rose 2.2% to $283.9 million and earnings of $7.7 million or 27 cents per share. Ternium S.A. earned $220.6 million on $2.3 billion in sales in the fourth quarter. Sales rose 43% and earnings surged 39% from a year ago. |
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Nordstrom Q4 Sales Decline 4%
Feb 26, 9:31 PM EST |
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| In the first quarter Nordstrom estimates same store decline between 3% and 5% and earnings per share between 49 cents and 54 cents. |
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| Nordstrom, Inc, luxury retailer today reported net earnings of $212 million, or $0.92 per diluted share for the fourth quarter compared to $232 million and $0.89 per share a year ago. Total sales in the fourth quarter were $2.5 billion, a decrease of 4.4% compared to sales of $2.6 billion in 2006. Fourth quarter same-store sales decreased 0.7%. The company had guided flat same store sales growth in the fourth quarter. |
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Catalyst Division Lifts BASF Profit 26%
Feb 26, 9:27 PM EST |
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| Quarterly profit rose 8.3% on sales rise of 1.6% to 14.7 billion euro on strong worldwide growth. |
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| BASF Group fiscal fourth quarter sales increased 1.6% to 14.7 billion euro compared to 14.4 billion euro a year ago on 25% growth in sales in North America, 28% in South America, Africa and the Middle East. The Chemicals division saw a 22.4% increase in sales to 14.1 billion euro on the contribution of the new Catalysts unit. Annual earnings per share surged 30.6% to 8.32 euro from 6.37 euro a year ago. |
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Macy's and Nordstrom Rise on Earnings
Feb 26, 9:32 PM EST |
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| Nordstrom stock rose after it reported sales decline of 4.4% to $2.6 billion in the fourth quarter. |
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| Macy''s and Nordstrom report declining sales and profits in the fourth quarter as consumers hold on to their wallets. Macy''s sales in the fourth quarter fell 6.2% to $8.6 billion and earnings per share from continuing operations rose to $1.73 from $1.45. Prior to one-time adjustments earnings were $1.65 per shre. Macy''s guided same store declie between 1% and 1.5% for fiscal 2008. Nordstrom fourth quarter earnings were $212 million or 92 cents per share compared to $232 million or 89 cents. |
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