A G Edwards Earnings UP 44%
Sep 25, 9:30 PM EDT |
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| A G Edwards reported 15% rise in revenue and earnings growth of 44% in the second quarter ending in August. |
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| The mid-sized financial broker reported revenue increase of 15% in the second quarter and earnings rise of 44% from a year ago on higher asset management fees. The company has agreed to merge with Wachovia Bank and shareholders plan to vote on the merger on Sept 28. The merger between the companies is expected to result in a loss of more than 4,000 jobs at Wachovia Securities and create the second largest brokerage house after Merrill Lynch. |
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Lennar Reports Loss, Higher Cancellations
Sep 25, 3:09 PM EDT |
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| Lennar suffering from steep housing market recession reported significantly higher loss than estimated. |
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| Lennar swung to a loss in the third quarter on sharply lower revenue. The tough financial conditions and sharp rise in inventory of homes in the market affected Lennar results. The company has cut staff by 35% and is likely to lower staff in the coming months as sales decline further. Prime lending customers share increaed from 63% to 88% in the quarter. Lennar still remains vulnerable to further decline in home values in California and Florida. |
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Carnival Lowers Guidance
Sep 24, 3:44 PM EDT |
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| Carnival reported earnings and revenue increase despite higher fuel cost in the quarter. New ship introduction lifted passenger traffic. |
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| Carnival reported third quarter earnings increase of 12.1% on revenue rise of 10.4%. The cruise ship operator reported earnings in the quarter of $1.38 billion or $1.67 per share compared to $1.23 billion or $1.49 per share. Net revenue in the quarter increase to $4.32 billion from $3.91 billion. The cruise ship company listed in New York and in London lowered its earnings guidance for the fourth quarter on rising oil prices. Carnival does not hedge its fuel purchases. |
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Kroger Pass Food Price Rise to Consumers
Sep 24, 3:04 PM EDT |
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| Kroger guied same store sales for the next quarter in the low single digit and for the year below 5%. |
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| Kroger second quarter earnings increased to 38 cents per share from 29 cents a year ago. For the quarter net earnings jumped 28% to $267 million from $209 million. The company will pay quarterly dividend of 7.5 cents per share. Kroger passed higher prices in dairy and other food items to customers. Investors were concerned that earnings may be affected if it fails to pass the food price increases. However, Wal-Mart is rapidly expanding grocery offering at most of its stores. |
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Morgan Stanley Reports 7% Decline
Sep 19, 1:23 PM EDT |
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| Morgan Stanley reported fiscal third quarter earnings decline of 7% from continuing operations. |
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| Morgan Stanley, second to report earnings in the brokerage industry, earnings declined 7% on 13% rise in revenue. Morgan Stanley third quarter earnings were $1.38 per share compared to $1.50 a year ago. Analysts were looking for $1.54 per share earnings. The company took bad debt loss of nearly $900 million linked to mortgage securities. Asset management revenue jumped 61% to $1.4 billion. |
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Lehman Earnings Fall 3%, Stock Up 4%
Sep 18, 2:13 PM EDT |
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| Lehman Brothers reported $1.54 per share beating the estimate of $1.48. Earnings fell 3% on 22% decline in revenue. |
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| Lehman Bros earings were closely monitored by the market looking for clues to the current turmoil in the sub prime market. Lehman third quarter revenue declined 22% and earnings fell 3% relieving most investors. Investors were hoping for a sharp decline in earnings. International revenue was 53% of the revenue. Rise in asset management and investment banking fees helped to off-set decline in bond market trading. For the current quarter analysts are estimating $1.78 in earnings. |
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J Crew Cut in Retail Sell-off
Sep 17, 2:28 PM EDT |
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| J Crew stock has fallen more than 25% from its peak. Investors dumped the stock after company reported lower than expected rise in same store sales. |
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| J Crew stock fell sharply in the last week of trading after reporting better than expected earnings. Earnings in the second quarter were 32 cents per share beating th estimate of 29 cents. However, same store sales in the qarter dropped to 4% from 16% year ago. Chicos and Coldwater Creek stocks have faced similar declines after reporting earnings. Investors have sold stocks in the retail sector on the worries that the current subprime malaise may lower consumer spending in the days to come. |
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