JC Penney, Teekay and Stanley Rise
May 15, 2:17 PM EDT |
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| JC Penney revenue fell 5% to $4.1 billion and net income dropped 50% to $120 million. |
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| Teekay Corp, crude oil shipper reported revenue rise o 22% to $736 million but earnings fell 4% to $15.2 million. Earnings per share fell 21 cents to from $1.02 a year ago. Real estate service provider in China, E-House revenue in the first quarter rose 107% to $33 million and earnings increased to $.87 million from $4.4 million. Urban Outfitters revenue increased 25% to $394 milion and net income jumped 45% to $42.6 million. |
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Barclays Loss on £1.7 B Charge
May 15, 10:59 AM EDT |
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| Barclays, global bank based in the UK took a whopping charge as its portfolio of loans exposed to U.S. loans deteriorate. |
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| Barclays, the British bank with a significant presence in the U.S. reported first quarter loss of £1.1 billion in the quarter on the charge of £1.7 billion related to credit market losses and still has exposure to £14 billion pounds to subprime and other asset backed loans at the end of the first quarter. The leverage finance loan exposure is £7.4 billion. The capital and equity ratios at the bank were lower than a quarter ago but the bank is sending no signal that it needs to raise capital. |
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Electronic Arts, Whole Foods Fall, Macy's Rise
May 14, 7:01 PM EDT |
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| Macy's gained after revenue declined only 2.9% and it reported first quarter loss of $59 million. |
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| Electronic Arts and Whole Foods fell after earnings declined in the ltest quarter. Macy''s and Nice Systems gained on smaller than expected decline in earnings. Whole Foods plunged 13% and led the decliners in the S&P 500 index after it reported revenue rise of 28% to $1.9 billion and net income declined 13% to $40 million or 29 cents per share. Electronic Arts fell after it reported fourth quarter loss of $94 million and revenue increase of 84% to $1.13 billion. |
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Arcelor, Thyssen , Steel Price Hikes
May 14, 6:37 PM EDT |
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| ArcelorMittal and ThyssenKrupp forecasted higher steel prices in the current fiscal year as they pass on raw materials price hikes. |
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| Steel companies for now continue to raise prices and forecast more increase in the rest of the year. ArcelorMittal is asking for 720 euros per ton for flat carbon steel and ThyssenKrupp hinted another price hike if raw material prices keep rising. Iron ore, coal and cost of electricity continues to rise across the globe as Canadian, Brazilian and Australian miners demand between 60% and 200% price hikes. |
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Deere Falls on Earnings Rise of 22%
May 14, 1:13 PM EDT |
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| Deere fell 8% after the first quarter earnings rise 22% and sales increased 18% in the first quarter. |
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| Deer & Company reported first quarter sales increased 18% to $8.1 billion and earnings rose 22% to $763 million. Earnings per share increased to $1.74 compared to $1.36. Worldwide net revenues increased 18% to $13.3 billion for the first six months. Net sales outside the U.S. and Canada were increased by 46% percent for the quarter and 42% for six months. |
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McDermott, Fluor Rise on Earnings
May 13, 3:59 PM EDT |
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| McDermott jumped 8% and Fluor Corp surged 15% after the earnings release. MEMC reported a quarterly loss. |
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| McDermott reported firt quarter revenue gains of 6% to $1.45 billion and earnings decreased 22% to $123 millon or 54 cents per share. Engineering and construction company Fluor Corp first quarter revenue rose 32% to $4.81 billion and earnings increased 39% to $138 million or $1.50 per share. MEMC Electronic Materials in the first quarter reported a loss of $41.8 million or 18 cents per share. |
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Wal-Mart Falls After Sales Rise 10%
May 13, 11:40 AM EDT |
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| Wal-Mart sales and earnings increased in the first quarter 2008 on a steady rise in sales in international markets. |
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| Wal-Mart Stores, Inc. reported net sales for the first quarter 2008 increased 10.2% to $94.12 billion from $85.4 billion for the first quarter of fiscal year 2007. First quarter net income was increased 6.9% to $3.02 billion or $0.76 per diluted share compared to $2.83 billion or $0.68 per diluted share in the same quarter of 2007. |
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MBIA Rises, Impairment Loss Declines
May 12, 11:55 PM EDT |
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| MBIA, the troubled bond insurer, rose after it reported sharply higher loss under GAAP accounting but asserted a significantly higher book value. |
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| MBIA rose after it reported first quarter revenue decline of 4% to $711.4 million and loss of $2.4 billion or $13.03 per share. The company asserted that the mark-to-market accounting creates a higher loss than the potential economic loss that the company anticipates. In addition, even if the losses are incurred they have to be paid over 30 to 40 years time. The bond insurer offered its own calculation of book value per share, that shows sharply higher net worth of the company. |
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Radian PMI, MBIA Rise
May 12, 12:16 AM EDT |
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| Radian swung to a loss after it reported losses in hybrid securities. MBIA, the independent bond insurer reported a loss of $2.4 billion. |
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| The PMI Group, mortgage insurer reported first quarter revenue rose 6.8% to $315 million and net loss of $274 million or $3.37 per share compared to net income of $102 million or $1.16 per share. Radian Group, structured finance and credit risk manager reported net operating loss of $215 million or $2.69 per share compared to a net income of $107 million or $1.34 per share. |
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AIG Plunges 10% on Large Loss
May 09, 12:40 PM EDT |
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| AIG book value fell to $31.93 per share on large loss in its credit derivative portfolio. |
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| AIG, one of the largest insurance companies in the world, suffered a sharp decline in stock value after it reported net loss in the first quarter of $7.8 billion compared to income of $4.13 billion a year ago. The unrealized loss of $9.1 billion in credit default swap portfolio forced the insurer to seek $12.5 billion in fresh capital. The stock fell 10%. |
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