Capital One Cuts Earnings Outlook on Loan Losses
Jan 11, 9:30 AM EST |
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| The company cut its profit outlook and lifted its loan loss reserves, as the credit problems and hasty home lending spread to the consumer sector. |
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| As weaknesses on subprime mortgages multiplied this year, some similar problems showed in the credit-card industry. The financial holding company Capital One cut its 2007 earnings outlook to $3.97 per share, below its earlier forecast of $5, and added that it sees fourth-quarter earnings at 60 cents a share. The reduction was due to the growing provision expense and additional loan loss reserves established in the fourth quarter. |
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KB Home Outlook Remains Grim
Jan 09, 10:22 AM EST |
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| KB posted a net loss of $9.99 per share for the quarter, which included a $403.4 million inventory impairment pretax charge. |
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| One of the largest U.S. homebuilders, KB Home, blamed lower housing revenue for the decline as new home deliveries lost 22% to 8,132 in the latest quarter from 10,386 a year ago. Housing revenue totaled $2.02 billion for the quarter, a decline of 31% from a year ago. In a separate report, the National Association of Realtors said sales contracts on previously owned homes fell by 2.6% in November, a sign that home sales will continue to fall. |
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Monsanto Surged 9%
Jan 03, 4:48 PM EST |
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| Monsanto stock surged in the late afternoon trading after the company released earnings before the market opening. |
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| Monsanto reported first fiscal quarter ending on Nov 30 sales increase of 36% to $2.1 billion and earnings increase of 184% to $256 million, and earnings per share increased to 46 cents from 16 cents a year ago. Brazil and Argentina played a key role in addition to large acerage devoted to corn production in the U.S. Monsanto raised its annual earnings guidance for the fiscal 2008. |
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