Wachovia Earnings Decline on Subprime Losses
Jan 22, 2:13 PM EST |
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| Wachovia Bank reported higher than estimated losses in loans related to housing, consumer credit, and auto loans. |
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| Wacovia Bank reported fourth quarter profit of $51 million compared to $2.32 billion a year on a revenue declie of 16.2% to $7.2 billion. The bank increased its provison for credit losses by $1.5 billion. Total asset under management declined 1% on asset outflow and a change in investment mandate. The bank also took a charge of 5 cents related merger expense for A G Edwards, retail brokerage firm. |
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Bank of America Net Sinks Amid Credit Losses
Jan 22, 1:40 PM EST |
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| Net income in the quarter declined to $268 million, or 5 cents per share from $5.26 billion, or $1.16 per share, a year ago. |
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| The nation''s second-largest bank suffered from the deepening credit crisis, and reported 95% lower fourth-quarter earnings. Revenue including LaSalle Bank fell 31% to $12.67 billion, from $18.49 billion a year ago. Bank of America''s numbers included $5.44 billion of trading losses versus profit of $460 million last year. This reflected a $5.28 billion write-down tied to collateralized debt obligations, which dragged trading profit down by $4.5 billion and other income by about $750 million. |
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AMD Posts a Big Drop in Profit
Jan 21, 1:55 PM EST |
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| Fourth-quarter net loss was $1.772 billion, or $3.06 per share, compared with a loss of $576 million, or $1.08 per share a year ago. |
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| AMD’s revenue for the quarter remained almost unchanged at $1.77 billion. On a non-GAAP basis, the company''s loss per share was 17 cents. Excluding one-time charges, net loss would have come in at $97 million. Computer microprocessor revenue climbed 9% sequentially, while the graphics chip business grew by 3%. The management didn’t give much detail concerning its outlook and only said it expects first-quarter revenue to decrease in line with seasonality. |
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BlackRock Net Beats Views
Jan 18, 11:53 AM EST |
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| Fourth quarter earnings climbed more than 90% thanks to solid revenue increase in investment advisory and performance fees. |
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| The earnings increase was offset by the higher expenses due to the growing business activity. The investment management firm posted adjusted quarterly net income of $333.75 million vs. $211.73 million a year ago. For all of 2007 net income surged 208.5% to $995.27. Adjusted earnings grew 56.5% to $2.52 per share. Earnings per share for quarter rose to $2.43 from $1.28 per share in the year-ago quarter. |
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Merrill Lynch Posts Record Loss
Jan 18, 8:43 AM EST |
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| The fourth-quarter net loss was $9.83 billion, or $12.01 a share, compared with earnings of $2.35 billion, or $2.41, a year ago. |
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| The brokerage firm wrote down $16.7 billion of failed investments and lost half of its market value in 2007. The writedowns included $11.5 billion to account for the declinig value of subprime mortgages and collateralized debt obligations. Full-year loss was $7.78 billion vs. record net income of $11.6 billion at Goldman, and earnings of $3.2 billion posted by Morgan Stanley. |
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Intel's Outlook Disappoints
Jan 16, 3:16 PM EST |
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| Fourth-quarter profits and sales were below expectations due to problems in the company’s non-core memory chip business, Intel said. |
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| Intel posted $2.3 billion profit, or EPS of 38 cents on revenues of $10.7 billion. In 2007, revenues rose 8% to $38.3 billion after losing 9% in 2006. Earnings per share rose 37 per cent to $1.18. Revenues for the company’s main microprocessor and chipset business were in line with expectations. Gross margins of 58.1% were 7 percentage points higher that in the third quarter. Intel guided first-quarter revenues to a range of $9.4 billion to $10 billion, below analysts’ expectations. |
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J.P. Morgan Sees Net Fall 34%
Jan 16, 1:26 PM EST |
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| Quarterly net income fell 34%, as the company wrote down $1.3 billion in mortgage related bad debt. |
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| For the U.S. banks, the subprime-mortgage woes from this summer continue, hurting credit card spending and corporate debt. The banking giant J.P. Morgan posted net income of $2.97 billion, or 86 cents a share, vs. $4.53 billion, or $1.31 cents a share, a year ago. Revenue added 7% to $17.38 billion. Return on equity declined to 10% from 16% as the company’s credit-loss provisions in the quarter more than doubled to $2.54 billion. |
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Citigroup Posts Record Loss
Jan 15, 1:14 PM EST |
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| The fourth-quarter net loss was $9.83 billion, or $1.99 a share, compared with a profit of $5.1 billion, or $1.03 a year ago. |
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| The largest U.S. bank cut its dividend by 41% and slashed 4,200 jobs. Citigroup also had to obtain fresh capital from outside investors for the second time in two months. Writedown for subprime home loans and related securities were almost double the company’s guidance in November. Overall revenue in the quarter dropped 70% to $7.22 billion, while operating expenses surged 18% to $16.5 billion. For the full year, profit declined 83% from a year ago. |
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Infosys Profit Climbs 26%
Jan 14, 2:38 PM EST |
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| The India technology firm, reported third quarter revenue jump of 32% to $1.1 billion compared with $821 million reported in the year-ago quarter. |
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| India’s second-largest services provider posted 11.9% sequential increase in profits thanks to the stronger margins and more offshoring contracts. The company reported 25% growth in net profits from a year ago and added 47 clients in the most recent quarter. Earnings per ADS rose to 54 cents from 39 cents last year. Infosys forecasts income growth of 18.7% to 19.3% for the next quarter. For the year, the company expects income to grow by 19.7% to 19.9%, or $4.2 billion to $4.3 billion. |
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Sears Lowers Earnings
Jan 14, 11:44 AM EST |
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| Sears Holdings warned that earnings may fall as much as 51% in the fourth quarter. |
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| Sears Holdings stock fell as much as 10% after it warned that earnings in the fourth quarter may plunge as much as 51%. The company expects fourth quarter to February 2, 2008 net earnings in the range of $350 million and $470 million or earnings per share earnings between $2.59 and $3.48 much lower than consensus estimate of $4.43. |
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