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EARNINGSWATCH
Updates, advisories and surprises
By MarketWatch.com
Wednesday, Nov. 10
Invesco shares fall 5% on Morgan Stanley sale(10:10 am ET)
NEW YORK (MarketWatch) -- Shares of Invesco Ltd. (IVZ: news, chart, profile) fell 5% Wednesday as investors reacted to news that Morgan Stanley (MS: news, chart, profile) will sell its stake in the asset manager through a secondary offering of 30.9 million shares. "This decision is a function of higher capital requirements for Morgan Stanley, and a reflection of the increased regulatory scrutiny around banks," wrote Jefferies & Co. analyst Daniel Fannon in a note Wednesday. Fannon still rates Invesco's stock a buy, and has a price target of $27 a share. At the latest, Invesco's stock was down 5% at $22.04.
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Sonic Solutions falls 10% as outlook disappoints(10:01 am ET)
SAN FRANCISCO (MarketWatch) -- Sonic Solutions Inc. (SNIC: news, chart, profile) shares fell $1.20, or 10%, to $10.89 Wednesday following negative reaction to the media-technology company's weaker-than-expected third-quarter forecast. Late Tuesday, Sonic said that for its third quarter, it expects to report sales of $46.7 million, while Wall Street analysts had forecast Sonic's revenue at $50.7 million. For its second quarter, Sonic reported a profit, excluding one-time items, of a penny a share on $26.4 million in sales.
Drilling shares rise, natural gas firms cool off(9:42 am ET)
NEW YORK (MarketWatch) -- Oil service shares rose, while natural gas shares dipped slightly Wednesday as the energy sector looked toward a weekly U.S. supply update due out during the session. The NYSE Arca Oil Index (XOI: news, chart, profile) fell less than 0.1% to 1,117. The NYSE Arca Natural Gas Index (XNG: news, chart, profile) dipped 0.2% to 573, cooling off after gains in the previous session. The Philadelphia Oil Service Index ($OSX: news, chart, profile) rose 0.3% to 225.
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Noah Holdings IPO prices above range(9:11 am ET)
NEW YORK (MarketWatch) -- Noah Holdings (NOAH: news, chart, profile) priced its initial public offering at $12 a share, above its range of $9-$11 a share, for its stock market debut on Wednesday. The company raised $101 million by offering 8.4 million American depositary shares. Based in Pudong, Shanghai, Noah Holdings describes itself as the leading independent service provider focusing on distributing wealth management products to China's high net worth population.
Campbell Soup lowers fiscal-year guidance(8:53 am ET)
NEW YORK (MarketWatch) -- Campbell Soup Co. (CPB: news, chart, profile) said Wednesday it lowered its fiscal-year guidance because of falling demand and increased promotional spending. For the year ending Aug. 1, the Camden, N.J., food-products maker said per-share earnings are now expected to grow by a range of 2% to 4% from the fiscal 2010 adjusted base of $2.47. That places projected 2011 earnings in a range of about $2.52 to $2.57 a share. Analysts polled by FactSet Research expect a fiscal-year profit of $2.64 a share, on average. Shares of Campbell Soup fell nearly 3% premarket to $34.98.
CSC net income drops 15%(8:52 am ET)
NEW YORK (MarketWatch) -- CSC (CSC: news, chart, profile) said Wednesday its second-quarter net income fell to $184 million, or $1.18 a share, from $216 million, or $1.40 a share, in the year-ago period. The Falls Church, Va. tech services firm said its revenue fell slightly to $3.98 billion, from $4.04 billion in the year-ago period. Wall Street analysts expected CSC to earn $1.18 a share, on revenue of $4 billion, according to a survey by FactSet Research. Looking ahead, CSC said it expects 2011 earnings of $5.35 a share to $5.45 a share, compared to the Wall Street estimate of $5.35 a share.
GM turns $2 billion profit(7:36 am ET)
NEW YORK (MarketWatch)-- General Motors Co. on Wednesday reported third-quarter net income of $2 billion on revenue of $34.1 billion. Earnings adjusted for a 3-for-1 stock split totaled $1.20 a share. The Detroit auto manufacturer, which is planning an initial public offering of common stock, said it turned in its third consecutive quarter of profitability and positive cash flow.
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Natixis shares drop after profit misses forecasts(3:26 am ET)
LONDON (MarketWatch) -- Shares in Natixis (FR:KN: news, chart, profile) dropped 9.1% in early trading Wednesday after the French investment bank reported earnings that fell short of market expectations. The group announced after markets closed Tuesday that its third-quarter net profit dropped 16% to 305 million euros ($420 million) from 362 million euros a year earlier. Underlying net profit, excluding one-off items, was 340 million euros, but was still below the 356.5 million euro consensus earnings forecast. The group said net revenue dropped 4% to 1.43 billion euros, though revenue at its core businesses was up 7% at 1.34 billion euros. On its capital position, Natixis said that its core Tier 1 ratio had improved significantly to 10% from 8.1% at the end of June after a big reduction in risk-weighted assets. It added that under projections for the new Basel III rules the core Tier 1 ratio at the start of 2013 would be above the minimum 7% level without asking shareholders for more cash.
Europe stocks open lower; Natixis, Allianz fall(3:18 am ET)
MADRID (MarketWatch) -- European stock markets opened lower on Wednesday, a day after some markets hit two-year highs, with a fresh batch of earnings weighing on some shares. The Stoxx Europe 600 index (ST:SXXP: news, chart, profile) fell 0.3% to 272.54. The French CAC-40 index (FR:PX1: news, chart, profile) fell 0.6% to 3,922.77, led by a 6.8% loss for Natixis (FR:KN: news, chart, profile) after it posted disappointing results, while Credit Agricole SA (FR:SGO: news, chart, profile) fell nearly 3% ahead of its results. The German DAX 30 index (DX:DAX: news, chart, profile) lost 0.3% to 6,766.04, with shares of Allianz SE (DE:ALV: news, chart, profile) down 0.3% after reporting a profit fall. In London, the FTSE 100 index (UK:UKX: news, chart, profile) fell 0.5% to 5,848.98, led by a 2.3% fall in Rolls-Royce Group PLC (UK:RR: news, chart, profile) and 1.6% fall for J. Sainsbury PLC (UK:SBRY: news, chart, profile) , which reported first-half results.
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E.On posts loss; German market improving(2:58 am ET)
MADRID (MarketWatch) -- Germany-based energy corporation E.On AG (DE:EOAN: news, chart, profile) on Wednesday reported a net loss for the third quarter of 389 million euros ($535.8 million), or 0.2 euro a share, against a yaer-earlier profit of €1.8 billion, or 0.94 euro. The group reported sales of €19.63 billion against €16.3 billion in the year-ago period. E.On said the situation in some of its markets -- Spain, Italy and France -- remains difficult as electricity and commodity price movements have led to "significantly lower margins and lower capacity utilization." E.On said it expects earnings streams from these markets to "deteriorate over the medium to long term." However, in Germany, the market has recovered "significantly faster," and E.On also sees greater clarity in energy policy there. E.On confirmed its 2010 forecast for adjusted earnings before interest and taxes to range from flat against a year earlier to up 3% and for adjusted net income to come in at the prior-year level.
Veolia 9-month adjusted operating profit up(2:58 am ET)
TEL AVIV (MarketWatch) -- Veolia Environnement (VE: news, chart, profile) (FR:VIE: news, chart, profile) , the Paris provider of services in management of water and energy supplies as well as waste treatment and public-transport operation, reported that nine-month adjusted operating profit rose 4.7% on 0.8% higher revenue. Adjusted operating earnings were 1.5 billion euros ($2.07 billion) compared with 1.43 billion in the year-earlier period. Revenue reached 25.47 billion euros from 25.25 billion. Revenue in environmental services continued to improve sequentially, up 9.7% in the third quarter against 0.7% and 8.2% in the first two quarters, Veolia said in a Wednesday statement. The water division's revenue rose 1.5% after falling in quarters one and two, Veolia said. The company affirmed its targets for the year.
Tullow to begin Ghana production in December(2:47 am ET)
LONDON (MarketWatch) -- Tullow Oil (UK:TLW: news, chart, profile) said Wednesday that its financial performance so far in the second half of 2010 has been in line with expectations. The group said operations progress in the period has been "excellent" with five successful appraisal wells drilled in Uganda since the beginning of July along with the completion of development wells in Ghana. Oil production at its Jubilee field in Ghana is expected to start early next month, hitting 50,000 barrels a day before the end of the year. Tullow said it's "nearing agreement" in talks with the government of Uganda that would allow it to start an accelerated development of assets in the country. The talks related to a dispute between the government and Heritage Oil over the payment of capital gains tax after Heritage sold certain assets to Tullow.
Delhaize profit rises; confirms guidance(2:42 am ET)
MADRID (MarketWatch) -- Belgian food retailer Delhaize Group (BE:DELB: news, chart, profile) on Wednesday reported third-quarter attributable net profit rose to 140 million euros ($193.1 million), or 1.40 euros a share, against €128 million, or 1.28 euros, a year earlier. Diluted earnings per share were 1.39 euros versus 1.27 euros. The company reported revenue of €5.31 billion against €4.9 billion. Analysts were forecasting net profit of 124.9 million euros. The company noted an improvement of U.S. comparable store sales evolution to -1.8%, but said the economic and competitive environment remains challenging, especially in the southeast where consumer spending is prudent and promotions-driven. The group confirmed its 2010 operating profit growth guidance issued on Aug. 13. The company also said that Silchester International Investors LLP now owns 4.91% of Delhaize Group's voting rights.
Sainsbury profit up 38% as comparable sales add 2%(2:30 am ET)
LONDON (MarketWatch) -- U.K. supermarket chain J Sainsbury PLC (UK:SBRY: news, chart, profile) said Wednesday that its fiscal first-half net profit rose 38% to 347 million pounds ($555 million) as revenue grew 5.6% to 11.02 billion pounds. Underlying profit before tax rose 8.1% to 332 million pounds and was broadly in line with the consensus forecast of 333.6 million pounds in a Dow Jones Newswires poll. The company said it continued to gain market share during the period and that comparable sales including value added tax, but excluding fuel, were up 2%. CEO Justin King said the group expects the economic environment to remain challenging in the second half of the fiscal year, but that its strong momentum in opening new retail space mean the group is in a good position to perform well.
Allianz net off; year operating-profit outlook up(2:26 am ET)
TEL AVIV (MarketWatch) -- Allianz SE, (AZSEY: news, chart, profile) (DE:ALV: news, chart, profile) the Munich insurer and asset manager, reported third-quarter net income fell 8%, hurt by added tax expense, as revenue rose 11%. Earnings were 1.26 billion euros ($1.74 billion) compared with 1.37 billion in the year-earlier quarter. Revenue reached 24.5 billion euros from 22 billion. The quarter's operating profit rose 2.3% to 2.1 billion euros. For the nine months, operating profit rose 20% to 6.1 billion euros. In a Wednesday statement, Chief Executive Michael Diekmann estimated that full-year operating profit would trend toward the upper end of Allianz's target of 7.2 billion euros, plus or minus 500 million. Operating profit in property-and-casualty insurance rose 8.8% in the third quarter. Life-and-health operating profit fell 30%, reflecting comparison against a year-earlier result boosted by strong investment gains, Allianz said. Asset-management operating profit jumped 42%.
ING 3rd-quarter net off, underlying net up(1:57 am ET)
TEL AVIV (MarketWatch) -- ING Group, (ING: news, chart, profile) the Amsterdam financial-services major, reported third-quarter net income fell 26% after a write-down on goodwill on its U.S. insurance business while revenue rose 8.3%. Earnings were 371 million euros ($511.1 million) compared with 499 million in the year-earlier quarter. The third-quarter write-down totaled 513 million euros. Underlying profit rose 43% to 1.04 billion euros from 727 million. Revenue reached 12.79 billion euros from 11.81 billion. The company said its operational separation plans are "gaining momentum" and it is "preparing for a base case of two insurance" initial public offerings. Tied to this effort, ING said it would bring hedging and accounting for the U.S. business "more in line with U.S. peers." This in turn will prompt a pretax fourth-quarter charge of 1 billion euros, ING said.
Tuesday, Nov. 9
Bankrupt Ambac reports quarterly net profit(5:54 pm ET)
SAN FRANCISCO (MarketWatch) -- Ambac Financial Group Inc. (ABK: news, chart, profile) , the bond insurer that filed for bankruptcy this week, said late Tuesday that third-quarter net income came in at $76 million, or 25 cents a share. That compares to third quarter 2009 net income of $2.19 billion, or $7.58 a share, the company added.
Tesla loses $34.9 million, sales drop(4:40 pm ET)
SAN FRANCISCO (MarketWatch) -- Electric car maker Tesla Motors, Inc. (TSLA: news, chart, profile) late Tuesday reported a third-quarter loss of $34.9 million, or 38 cents a share, compared with a loss of $4.6 million, or 66 cents a share, a year earlier when the company was still privately held. Sales came in at $31.2 million, down from $45.5 million, a year ago. Analysts polled by FactSet Research were looking for a loss, on average, of 50 cents a share with sales of $31.4 million. Tesla shares closed down 35 cents at $24.63 but are still well above their IPO price of $17 earlier this year.
IGT swings back to profit(4:27 pm ET)
CHICAGO (MarketWatch)-- Cost savings and fewer charges helped International Game Technology swing back into the black in its fiscal fourth quarter, the gambling equipment supplier said Tuesday. IGT (IGT: news, chart, profile) earned $20 million or 7 cents a share, on the period, a turn from a loss of $29 million or 10 cents a share in the same quarter a year ago. On an adjusted basis, the company would have earned $53 million or 18 cents a share, flat with year-ago levels. Revenue came in at $496 million, down from $512 million. The average estimate of analysts polled by FactSet Research had been for IGT (IGT: news, chart, profile) to earn 19 cents a share on revenue of $496 million.
Lions Gate moves to loss on debt charges(4:26 pm ET)
CHICAGO (MarketWatch) -- Lions Gate Entertainment Corp. (LGF: news, chart, profile) said Tuesday that it swung to a second-quarter loss of $30 million, or 22 cents a share, on charges related to the extinguishment of debt. The film studio earned $31.7 million, or 26 cents a share, in the same quarter a year ago. Revenue rose to $456.3 million from $366.1 million. Motion picture revenue rose 23% on box office receipts from "The Expendables" and "The Last Exorcism." Home entertainment revenue declined 5%, with no significant TV-to-DVD releases in the period. Television revenue rose 15% on pay-television fees resulting from "Precious," "Brothers," "Gamer" and "I Can Do Bad All By Myself."
MBIA reports quarterly net loss of $213 mln(4:15 pm ET)
SAN FRANCISCO (MarketWatch) -- MBIA Inc. (MBI: news, chart, profile) said late Tuesday that it had a third-quarter net loss of $213 million, or $1.06 per common share. That compares to a net loss of $728 million, or $3.50 a share, in the third quarter of 2009. MBIA said its adjusted pre-tax loss was $68 million in the latest period. Chief Financial Officer Chuck Chaplin said insured losses continued to moderate in the third quarter, versus the same periods of 2008 and 2009. He also said the liquidity position of MBIA Corp., an important subsidiary, has "significantly improved" compared to earlier this year. "The litigation that constrains our re-entry into the U.S. public finance insurance business continues, but our belief that the New York State Insurance Department made the right decision in February 2009 is borne out by the fact that we continue to pay all claims and obligations as they come due," Chaplin added. MBIA shares slipped 2.4% to $11.02 in after-hours trading on Tuesday.
Shares of Pinnacle Airlines jump 18% on earnings(2:01 pm ET)
NEW YORK (MarketWatch) -- Shares of Pinnacle Airlines Corp. (PNCL: news, chart, profile) rose as much as 18% on Tuesday after the carrier posted a third-quarter profit that beat Wall Street estimates. For the recent quarter, the Memphis, Tenn., airline said it earned $9.4 million, or 51 cents a share, versus $11.4 million, or 63 cents a share, in the year-ago period. Analysts polled by FactSet Research were expecting a profit of 41 cents a share, on average. Shares of Pinnacle were up 14.3% at last check to $6.47. Earlier the stock reached an intraday high of $6.67.
S&P Equity reiterates strong buy on Chevron (1:32 pm ET)
NEW YORK (MarketWatch) -- S&P Equity Research on Tuesday reiterated its strong buy rating on Chevron (CVX: news, chart, profile) after the oil giant set plans to buy Atlas Energy Inc. (ATLS: news, chart, profile) in a deal valued at $4.3 billion. "We like the deal and view it as fair," analyst Tina Vital said in a note to clients.
Metabolix tumbles on earnings report, downgrade(12:57 pm ET)
BOSTON (MarketWatch) -- Shares of bio-plastics developer Metabolix Inc. (MBLX: news, chart, profile) tumbled 20% to $11.00 on Tuesday, the day after the company released a disappointing earnings report. Metabolix posted a third-quarter loss of $10 million, or 37 cents a share, compared with $9 million, or 41 cents a share, for the 2009 quarter. Revenue slid to $46,000 from $600,000. Early Tuesday, analysts at Piper Jaffray downgraded the stock to underweight.
Marsh & McLennan shares fall 3% after results(11:23 am ET)
SAN FRANCISCO (MarketWatch) -- Marsh & McLennan Cos. shares (MMC: news, chart, profile) fell 3% in Tuesday morning action after the insurance broker and consulting firm reported quarterly results that slightly missed analyst estimates. The company reported adjusted earnings of 27 cents a share in the third quarter. Analysts in a FactSet Research survey expected profit of 28 cents a share. Revenue at Marsh & McLennan's main Risk and Insurance Services division climbed 2% in the period, excluding currency fluctuations, acquisitions and sales of businesses. Marsh & McLennan shares fell 3.2% to $25.15 in morning trading Tuesday.
American Public Education shares rally 23%(10:53 am ET)
SAN FRANCISCO (MarketWatch) -- American Public Education Inc. (APEI: news, chart, profile) shares added 23% to $33.16 in early trading on Tuesday after the online provider of higher education reported double-digit percentage gains in both third-quarter earnings and revenue. The company also offered an upbeat look at the fourth quarter. American Public Education stock is still down 4% since the beginning of the year despite the bounce.
LDK Solar shares up 6% after earnings(10:47 am ET)
NEW YORK (MarketWatch) -- Shares of LDK Solar Co. (LDK: news, chart, profile) were up more than 6% in early trading Tuesday after the company tripled its third-quarter earnings compared to the year-ago period. LDK Solar also said it expects its fourth-quarter revenue of between $710 million and $750 million, well ahead of analysts' estimates of $579.4 million. At the latest, the stock was up 6.5% for the sessions, and has doubled in price in 2010.
Genomic Health rockets as drug indexes ease(10:13 am ET)
BOSTON (MarketWatch) -- Shares of genetic testing group Genomic Health (GHDX: news, chart, profile) soared as the drug sector's two main indexes eased in early action Tuesday. Genomic Health shares shot up 20% after it released a much improved third-quarter financial report. Meanwhile, the NYSE Arca Pharmaceutical Index ($DRG: news, chart, profile) hovered the flat line at 309.76 while the NYSE Arca Biotechnology Index ($BTK: news, chart, profile) dipped 0.4% to 1163.37.
Dean Foods shares sink 15% on weak outlook(10:07 am ET)
SAN FRANCISCO (MarketWatch) -- Dean Foods (DF: news, chart, profile) shares sank 15% to $8.80 early Tuesday after the nation's largest milk processor posted a disappointing third-quarter profit and issued a weak fourth-quarter forecast. Dean is being hammered by escalating costs for butterfat and low prices for store-brand milks. Butterfat, a key ingredient in the company's creamer and ice cream products, is up 70% over the same 2009 period. Dean makes International Delight coffee creamers, Land O'Lakes butter, and Horizon Organic milk. Its shares are down 52% year-to-date.
Energy stocks rise on deal making (9:39 am ET)
NEW YORK (MarketWatch) -- Natural gas shares led gains in the energy sector on Tuesday morning, after Chevron (CVX: news, chart, profile) set plans to buy Atlas Energy Inc. (ATLS: news, chart, profile) for $4.3 billion. Atlas Energy Inc. shares rose 35% to $42.84. The NYSE Arca Natural Gas Index (XNG: news, chart, profile) rose 2% to 580. The NYSE Arca Oil Index (XOI: news, chart, profile) rose 0.2% to 1,132. The Philadelphia Oil Service Index ($OSX: news, chart, profile) rose 1.6% to 229. Cabot Oil & Gas (CBO: news, chart, profile) jumped 8.5% as the leading gainer among S&P 500 components.
By MarketWatch.com
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