Wachovia Loss, Dividend Cut, $7 B Offering
Apr 14, 2:42 PM EDT |
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| Wachovia Corp stock lost 10% today and is now trading 58% below its peak two years ago after it reported large loss. |
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| Wachovia reported loss of $350 million or $393 million including preferred stock dividend or 20 cents per share compared to $1.20 a year ago or $2.30 billion. The bank also lowered its quarterly dividend to 37.5 cents and expects to preserve $2 billion of capital. Wachovia wrote down assets by $2 billion and plans to raise $7 billion through offering. The news of large losses and dividend cut forced the stock down 10% and now has lost 58% in the last two years of trading. |
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Eaton Earnings Rise, Lifts Estimates
Apr 14, 1:32 PM EDT |
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| Eaton reported record sales in hydraulic and electrical equipment segments and lifted aanual earnings guidance by 5 cents. |
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| Eaton, diversified equipment manufacturing company reported first quarter sales increase of 12% to $3.5 billion and earnings rise of 5% to $247 million or earnings per share of $1.64 from $1.56 a year ago. The company forecasts net income per share for the second quarter of 2008 between $1.80 and $1.90 and estimated earnings for 2008 between $7.30 and $7.80 per share. |
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GE Plunges 10% on Earnings
Apr 11, 1:00 PM EDT |
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| General Electric falls sharply after it surprised investors with 6% decline in earnings. Financial services segment dragged earnings. |
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| U.S. stocks fell after General Electric surprised the market with lower than expected earnings. GE reported 8% rise in sales to $42.24 billion but net income fell 6% to $4.3 billion. Financial services segment faced difficult market environment. Earnings per share fell to 43 cents from 44 cents a year ago. Frontier Airlines filed bankruptcy after struggling with rising fuel costs and high operating cost. |
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Earnings: Circuit City, Progressive, Pier 1
Apr 10, 1:27 PM EDT |
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| Circuit City stock dropped to five-year low after it reported another quarter of same stores decline. |
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| Circuit City net falls on decline in same store sales, the insurer Progressive net suffers on higher operating costs and Pier 1 comparable same store sales rose. Circuit City continues to suffer from a stead decline in same store sales. Auto insurer, Progressive suffered from higher operating costs. Pier One, after months of losing sales and store merchandise revamp, reported rise in same store sales. |
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MSCI Inc Plunges 17%, Acergy Rises
Apr 09, 1:44 PM EDT |
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| MSCI, a recent spin-off from Morgan Stanley plunged 17% after its earnings declined on higher revenue. Morgan Stanley plans to sell 28 million shares. |
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| Index management and investment tools provider, MSCI Inc plunged 17% after it reported lower earnings on rising sales. The company reported revenue rise of 21% in the first quarter to $105 million and net income declined 17% to $18 million. Earnings per share declined to 17 cents from 26 cents a year ago. Internatioal Speedway net income rose to $36 million on revenue of $193 million. Railroad freight car maker reported 9 cents a share earnings compared to a loss of 38 cents a year ago. |
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Alcoa Net Falls 54%
Apr 08, 3:01 PM EDT |
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| Alcoa reported sharply lower earnings on flat sales growth as higher energy cost, weak dollar affected the business. |
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| Despite strong performance in the three of the four business segments revenues for the first quarter remained flat at $7.4 billion. During the first quarter, the company’s capital expenditures rose to $748 million as the company funded new projects such as the new Juruti bauxite mine and Sao Luis refinery in Brazil, including the strategic investment with Chinalco in Rio Tinto plc and the acquisition of two aerospace fastening companies. |
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RiskMetrics Disappoints, Immucor Rises
Apr 07, 10:23 PM EDT |
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| RiskMetrics, recently listed public offering falls near its offering price on lower than expected earnings. Immucor advances on higher earnings. |
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| RiskMetrics Group, corporate governance consultant, reported fourth quarter revenue rise of 29% and net income decline of 66%. Earnings fell to $1.2 million or 2 cents per share from $3.7 million or 7 cents a share. For the year 2007, earnings fell to $2.4 million from $16 million a year ago on revenue rise of 19% to $243.6 million. Separately, Immucor third quarter net income increased to $19.3 million from $15 million a year ago. |
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RiM Soars 6%, Constellation Rises on Outlook
Apr 03, 7:24 PM EDT |
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| Research in Motion jumped after it reported better than expected earnings on higher than expected shipment of wireless communication devices. |
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| Research in Motion, maker of popular wireless communication devices, surged after reporting sharply higher sales and earnings. The revenue rose 102% to $1.88 billion and net income increased 120% to $412 million. RiM shipped 4 million devices in the fourth quarter and 14 million in the fiscal year. Wine distributor reported a decline in sales and a loss after paying preferred dividend but forecasted higher than estimated profit for the current year. |
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UBS Surges 10% on $15 B Offering
Apr 01, 8:20 AM EDT |
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| UBS pre-announced a loss of $12 billion and proposed to raise $15 billion through rights offering. |
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| The second largest Swiss bank, UBS reported a sharply higher loss in the first quarter and proposed to raise $15 billion in rights offering. The pre-announced loss was larger than what market had expected. The losses and write-down in real estate loans amounted to $19 billion. Separately UBS announced that its long time chairman Marcel Ospel has resigned and is replaced by its general counsel. UBS also confirmed that it is losing clients and assets in its wealth management unit. |
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