Costco Lowers Outlook, Stocks Struggle
Jul 23, 1:28 PM ET |
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| Fannie Mae and Freddie rebound after the U.S. lawmakers approve capital injection plan. |
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| U.S. stocks struggled in the early afternoon trading. Crude oil futures dropped 1.2% and have lost nearly 15% from its peak of $147 a barrel. Gold fell 2.5%. Costco issued earnings warning, stock droped 12%. Mcdonalds report 4% rise in sales and profit of $1.19 billion compared to a loss of $711 million a year ago. Worldwide comparable sales rose 6.1%. Boeing fell after it reported 19% fall in earnings on flat sales. |
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CH Robinson Drops; Axsys, Illumina Rise
Jul 23, 11:29 AM ET |
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| Illumina and Axsys Tecnologies rose after reported ting better than expected earnings. CH Robinson fell. |
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| Trucking operator, CH Robinson second quarter revenue rose 24% to $2.32 billion and net income increased 10% to $90.4 million. The biotech company Illumina, Inc second quarter revenue rose 66% to $140 million and earning increased 66% to $15.4 million or 23 cents per share. Oil andgas drilling company Nabor Industries second quarter revenue rose 11% to $1.28 billion and net income increased 15% to $194 million. |
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Wachovia Cuts Dividend, Jobs on Quarterly Loss
Jul 22, 1:48 PM ET |
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| Wachovia Corp stock rose 6% after it reported higher credit costs and a large loss in mortgage asset portfolio. Wachovia lowers dividend by 87%. |
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| Wachovia Corp reported second quarter revenue decline of 13.8% to $7.5 billion and turned a loss of $4.20 per share or $8.9 billion compared to profit of $2.3 billion or $1.22 per share. The bank eliminated 6,400 jobs, cut its dividend by 87% and exit from the wholesale mortgage origination business entirely. The ill-timed purchase of varibale rate mortgage lender Golden West for $25.5 billion, less than two years ago continue to haunt Wachovia. |
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Caterpillar, BJ, Baker Hughes Up
Jul 22, 11:35 AM ET |
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| Caterpillar send quarter revenue increase 20% to $13.16 billion and net income increase to $34% $1.11 billion or $1.74 per share. |
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| BJ Services, Baker Hughes and Caterpillar rise after the release of eanring. BJ Services, an oil field services provider third quarter revenue rose 4% to $1.33 billion and net income rose 12% to $141.80 million or 48 cents per share. Another company in the industry, Baker Hughes second quarter rose 18% to $3 billion and net income increased 8.4% to $379.3 million or $1.23 per share. |
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UnionBanCal Rises; Albemarle, Astec Fall
Jul 21, 10:37 AM ET |
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| IMS Healthcare, a pharma market researcher, reported second quarter sales rise of 2% and net income gain of 6%. |
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| Speicalty chemical maker Albemarle Corporation reported second quarter revenue rise of 9.2% to $621 million and earnings increased 12.6% to $61.7 million or 67 per share. Road construction equipment maker Astec fell after it reported second quarter revenue increase of 23% to $277 million and net income rise of 14% to $21 million or 93 cents per share. Union BanCal rose nearly 9% on 12% rise in second quarter revenue and 17.5% rise in earnings. |
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Schlumberger Rises; Satyam, Wipro Fall
Jul 18, 12:00 AM ET |
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| Schlumberger rose 4% after it reported second quarter earnings increase of 13%. LaBranche revenue fell 59%. |
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| Satyam Computer Services first quarter net income increased 45% and Wipro Limited revenue in the first quarter rose 43% and earnings increased 13%. Satyam and Wipro fell after the earnings release, as both comanies issued cautious outolook. Oil field service provider, Schlumberger rose 4% after second quarter revenue rose 8% to $6.75 billion and earnings increased 13% to $1.42 billion. Closeout retailer Overstock.com fell on smaller loss than a year ago. |
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Wells Fargo Surges on Earnings, Dividend
Jul 16, 12:22 PM EDT |
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| Wells Fargo increased its quarterly dividend 10% to 34 cents per share on optimistic outlook. |
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| Wells Fargo, bucked the trend of falling revenues and rising earnings at most banks. Second quarter reveue rose 16% to $11.5 billion but net income declined to $1.75 billion or 53 cents per share compared to $2.28 billion of 67 cents per share. Total mortgage portfolio at the end of the quarter rose 7% to $1.6 trillion. The bank set aside $3 billion to cover loan losses. At the end of the quarter Tier 1 capital ratio increased 32 basis points to 8.24%. |
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AMR and Delta Post Losses
Jul 16, 1:59 PM EDT |
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| Rising fuel bill, cost of grounding airplanes and reducing staff turned latest quarter at Delta and American into a loss. |
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| Two of the three largest U.S. airlines reported sharply higher losses in the latest quarter on rising fuel bill and mounting charges of reducing staff and grounding airplanes. AMR, the parent of American Air reported second quarter loss fo $1.45 billion as revenue rose 5.1% to $6.18 billion. Fuel bill jumped by $838 million from a year ago quarter. Separately, Delta Air Lines reported second quarter loss of $1.04 billion on revenue rise of 10% to $5.5 billion. |
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Infosys Falls on Conservative Outlook
Jul 14, 7:07 PM EDT |
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| Infosys estimated revenue in the second quarter to rise 19% in the U.S. dollar or increase 28% in Indian rupee. |
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| Infosys, the second largest software service provider from India fell after it issued a conservative revenue and earnings guidance. For the first quarter ending in June, the company revenue increased 24% to $1.16 billion and net income increased 16% to $306 million or 54 cents per share. In the quarter, the company added 49 new clients with a total of 567 active clients at the end of the period. The company added net of 3,192 people with total emloyees of 94,379. |
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Infrastructure Drives GE Earnings
Jul 11, 5:19 PM EDT |
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| General Electric guided third quarter earnings between 50 cents and 54 cents and for the year between $2.20 and $2.30 per share. |
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| General Electric, one of the largest conglomerates in the world reported second quarter revenue rise of 11% to $46.9 billion but net income declined 6% to $5.07 billion or 51 cents per share. The infrastructure division that sells gas turbines, locomotives and aircraft engines continue to drive earnings, as it has for the last eight quarters. GE Money Japan is sold to Shinsei bank for $4.5 billion. |
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