Ten brands that may disappear in 2013
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| EARNINGSWATCH | |
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| Updates, advisories and surprises | |
| By MarketWatch.com | |
| Monday, Oct. 1 | |
Mitsui O.S.K. Lines forecasts wider loss: report  (7:45 pm ET)SYDNEY (MarketWatch) -- Mitsui O.S.K. Lines Ltd. (JP:9104: news, chart, profile) expects a much wider net loss for the fiscal-half due to weak market conditions and write-downs on investment securities, the Nikkei business daily reported Tuesday. The shipping firm expects to post a group net loss of 13.5 billion yen, up from ¥2 billion previously forecast, according to the report. Mitsui O.S.K. Lines also downgraded its projected pretax loss to ¥8.5 billion, from ¥3 billion forecast in July. | |
Gordmans Stores cuts earnings forecast (7:17 am ET)NEW YORK (MarketWatch) -- Gordmans Stores Inc. (GMAN: news, chart, profile) said Monday it now expects third-quarter profit of 18 cents to 20 cents a share, down from its earlier estimate of 24 cents to 26 cents a share. Gordmans said it reduced its view based on a 2.1% drop in third-quarter same-store sales. For its fiscal fourth quarter, the Omaha, Neb., retailer now expects earnings of 58 cents to 61 cents a share, down from its earlier estimate of 62 cents to 65 cents. | |
| Friday, Sept. 28 | |
Consumer-sentiment index rises in September (9:59 am ET)WASHINGTON (MarketWatch) -- A gauge of consumer sentiment rose to 78.3 for a final September reading from 74.3 in August, according to reports on the University of Michigan-Thomson Reuters consumer-sentiment gauge released Friday. A preliminary September reading pegged the level at 79.2, and economists polled by MarketWatch expected the final reading to rise to 79.5. The sentiment gauge, which covers how consumers view their personal finances as well as business and buying conditions, averaged about 87 in the year before the most recent recession. Economists watch sentiment data to get a feel for the direction of consumer spending. | |
Wells Fargo lifts RIMM sales view, sees challenges (7:31 am ET)NEW YORK (MarketWatch) -- Shares of Research in Motion (RIMM: news, chart, profile) jumped 20% in premarket trades Friday after the tech firm's better-than-expected results. Analysts at Wells Fargo hiked their fiscal 2013 sales view for the BlackBerry maker to $11.16 billion from $9.57 billion. Analysts expect the company to report a 2013 loss of $1.37 a share, compared to their earlier view for a profit of $1.88 a share. Wells Fargo reiterated its market perform rating on Research in Motion and said it faces continued challenges because of "increased competition, aggressive global pricing pressure, lower device shipments and increased marketing expenses." For 2014, analysts increased their sales view to $11.47 billion from $10.94 billion and tweaked their bottom line view to a loss of 70 cents a share, from their earlier estimate for a loss of 50 cents a share. | |
Finish Line boosts growth view; inks Macy's deal (7:15 am ET)NEW YORK (MarketWatch) -- The Finish Line Inc. (FINL: news, chart, profile) said Friday it now expects fiscal 2013 earnings to grow by 6% to 9% over its 2012 figure of $1.53 a share. The Indianapolis retailer had expected an increase of 6% to 7%. In a separate statement, the company said a new sales agreement with Macy's (M: news, chart, profile) will boost its annual sales by $250 million to $350 million. The Finish Line said its second-quarter profit increased to $25 million, or 49 cents a share, from $20.9 million, or 39 cents a share, in the year-ago period. Sales increased to $385 million from $332 million. Wall Street analysts expected the company to earn 44 cents a share on sales of $358.3 million, according to a survey by FactSet. | |
| Thursday, Sept. 27 | |
Hong Kong stocks edge higher before holidays (9:55 pm ET)HONG KONG (MarketWatch) -- Hong Kong stocks turned positive after a weak start in choppy trading Friday, with consumer and some financial shares higher, although gains were limited on caution ahead of a long upcoming weekend. The Hang Seng Index (HK:HSI: news, chart, profile) rose 0.1% to 20,784.13 and the Hang Seng China Enterprises Index climbed 0.1% to 9,782.73. Shares of foods companies Want Want China Holdings Ltd. (HK:151: news, chart, profile) rose 0.9% and Tingyi Cayman Islands Holding Corp. (HK:322: news, chart, profile) added 0.9%, bourse operator Hong Kong Exchanges & Clearing Ltd. (HK:388: news, chart, profile) (HKXCY: news, chart, profile) added 0.6% and insurer AIA Group Ltd. (HK:1299: news, chart, profile) advanced 0.4%. Shares of Henderson Land Development Co. (HK:12: news, chart, profile) (HLDCY: news, chart, profile) dropped 0.7% and China Resources Land Ltd. (HK:1109: news, chart, profile) (CRBJY: news, chart, profile) fell 0.8% as investors locked in some of this week's profits. The Shanghai Composite (CN:SHCOMP: news, chart, profile) Index slipped 0.3% after soaring 2.6% on Thursday. Hong Kong markets are closed Monday and Tuesday, while mainland Chinese markets are shut the whole of next week for holidays. | |
Nike profit falls 12%, gross margin shrinks (4:28 pm ET)SAN FRANCISCO (MarketWatch) -- Nike, Inc. (NKE: news, chart, profile) reported late Thursday its fiscal first-quarter profit fell 12% to $567 million, or $1.23 a share, from $645 million, or $1.36 a share a year ago. Revenue for the three months ended Aug. 31 rose 10% to $6.67 billion from $6.08 billion a year ago. Analysts polled by FactSet had estimated the sports apparel and footwear retailer would earn $1.12 a share on $6.43 billion in revenue. Worldwide future orders, a key indicator of company strength, rose 6% from a year ago, while gross margin fell 80 basis points to 43.5%. Nike shares fell as much as 5% to $91.18 in after-hours trade, leaving the share price nearly unchanged over the past 12 months. | |
Micron posts wider loss as sales slip (4:11 pm ET)SAN FRANCISCO (MarketWatch) -- Micron Technology (MU: news, chart, profile) on Thursday reported a fiscal fourth-quarter loss of $243 million, or 24 cents a share, compared with a loss of $135 million, or 14 cents a share, for the year-earlier period. Revenue was $1.96 billion, down from $2.14 billion. Analysts were expecting the chipmaker to report a loss of 23 cents a share, on revenue of $2.12 billion, according to a consensus survey by FactSet. | |
RIM swings to loss, but beats estimates (4:11 pm ET)SAN FRANCISCO (MarketWatch) -- Research In Motion Ltd. swung to a loss for the second fiscal quarter on a sharp drop in revenue, but the results beat Wall Street's expectations for the period, giving the stock a boost in after-hours trading. For the period ended Sept. 1, RIM (RIMM: news, chart, profile) reported a net loss of $235 million, or 45 cents a share, compared with net income of $329 million, or 63 cents a share, for the same period last year. Adjusted for the company's on-going restructuring program, net loss for the recent period was $142 million, or 27 cents a share. Revenue fell 31% to $2.9 billion. Analysts were expecting a net loss of 47 cents a share on revenue of $2.49 billion, according to consensus estimates from FactSet. The stock jumped more than 14% in after-hours trading following the results. | |
| Wednesday, Sept. 26 | |
Jabil Circuit losses stand out as techs stumble (9:42 am ET)SAN FRANCISCO (MarketWatch) -- Tech stocks were mostly in the red in early trading Wednesday, with Jabil Circuit Inc. (JBL: news, chart, profile) posting one of the biggest declines. Jabil shares fell more than 8% to $19.16 after the electronics contract manufacturer gave a less-than-stellar quarterly report and forecast late Tuesday. Other losses came from Apple Inc. (AAPL: news, chart, profile) , Oracle Corp. (ORCL: news, chart, profile) and Texas Instruments Inc. (TXN: news, chart, profile) . The Nasdaq Composite Index ($COMPQ: news, chart, profile) fell 5.4 points to 3,122 and the Philadelphia Semiconductor Index ($SOX: news, chart, profile) gave up 1%. | |
| Tuesday, Sept. 25 | |
Jabil Circuit earnings drop more than 27% (4:29 pm ET)SAN FRANCISCO (MarketWatch) -- Jabil Circuit Inc. (JBL: news, chart, profile) on Tuesday reported a fiscal fourth-quarter profit of $82.8 million, or 39 cents a share, compared with earnings of $114.3 million, or 52 cents a share, in the same period a year ago. Revenue for the electronics contract manufacturer was flat at $4.3 billion. Excluding one-time items, the company reported core earnings of $113.3 million, or 54 cents a share. Analysts surveyed by FactSet had forecast Jabil to earn 58 cents a share on $4.23 billion in sales. For its fiscal first quarter, Jabil forecast earnings excluding one-time items of 51 cents to 62 cents a share, on $4.3 billion to $4.5 billion. In after-hours trading, Jabil shares fell almost 2%. | |
Caterpillar update hits mining-equipment stocks (10:10 am ET)SAN FRANCISCO (MarketWatch) -- Caterpillar (CAT: news, chart, profile) shares led Dow 30 (DJIA: news, chart, profile) percentage decliners Tuesday morning, falling 2% to $88.59 as its 2015 outlook weighed on other mining-equipment companies. Joy Global (JOY: news, chart, profile) lost 2% to $58.98, while Terex (TEX: news, chart, profile) slid 3% to $22.74. During a presentation in Las Vegas, Caterpillar projected 2015 earnings of $12 to $18 a share based on estimated revenue of $80 billion to $100 billion. Caterpillar Chairman and CEO Doug Oberhelman said his company is assuming "modest global economic growth" over the next few years. But he said Caterpillar doesn't think a recession is likely. Caterpillar and Joy Global have been facing a business slowdown in China. | |
C.H. Robinson buying private firm for $635 mln (7:13 am ET)NEW YORK (MarketWatch) -- C.H. Robinson Worldwide Inc. (CHRW: news, chart, profile) said Tuesday it'll buy privately-held freight handling company Phoenix International Inc. in a deal valued at $635 million. The purchase price includes $571.5 million in cash and about $63.5 million in newly-issued C.H. Robinson stock. Minneapolis-based C.H. Robinson said it expects to close the deal in the fourth quarter. The acquisition is expected to add to earnings in the first quarter. "Phoenix is a high quality growth company that brings additional expertise and scale to a key part of our long term growth strategy," the company said. | |
| Monday, Sept. 24 | |
Red Hat earnings fall more than 12% (4:25 pm ET)SAN FRANCISCO (MarketWatch) -- Red Hat Inc. (RHT: news, chart, profile) on Monday reported a fiscal second-quarter profit of $35 million, or 18 cents a share, on revenue of $322.6 million, compared with earnings of $40 million, or 20 cents a share on $281.3 million in sales in the same period a year ago. Excluding one-time items, Red Hat would have earned $54.9 million, or 28 cents a share. Analysts surveyed by FactSet had forecast Red Hat to earn 29 cents a share on $322.1 million in revenue. Red Hat shares fell 2.7% in after-hours trading. | |
Paychex posts higher profit as sales rise (4:19 pm ET)SAN FRANCISCO (MarketWatch) -- Paychex Inc. (PAYX: news, chart, profile) on Monday reported a fiscal first-quarter profit of $153.1 million, or 42 cents a share, compared with a profit of $148.9 million, or 41 cents a share, for the year-earlier period. Revenue was $578.2 million, up from $563.1 million. Analysts were expecting profit of 41 cents a share, on revenue of $584.3 million, according to a consensus survey by FactSet. Shares of Paychex were up fractionally in after-hours trading. | |
Lennar rises 5% after builder tops earnings target (7:34 am ET)NEW YORK (MarketWatch) -- Miami-based homebuilder Lennar Corp. (LEN: news, chart, profile) saw its shares rise 5% early Monday after the company said its profit quadrupled and beat analyst estimates handily. "In homebuilding, we continue to see strong sales trends translating into increased deliveries, stronger gross margins and improved operating leverage," said Chief Executive Stuart Miller. "While materials and labor costs are moving higher, sales-price increases and incentive reductions should continue to offset the impact of increasing costs." | |
| Friday, Sept. 21 | |
Oracle, Apple among early tech gainers (9:47 am ET)SAN FRANCISCO (MarketWatch) -- Advances from Oracle Corp. (ORCL: news, chart, profile) and Apple Inc. (AAPL: news, chart, profile) highlighted a slate of gains in the tech sector Friday. Oracle shares rose 3% to $33.23 following the software giant's quarterly results, which came out late Thursday. Apple hit a new high, reaching $704.33 a share as the iPhone 5 went on sale around the world. The Nasdaq Composite Index ($COMPQ: news, chart, profile) rose 16 points to 3,191. | |
Rockwell Collins sees defense-cut impact in 2013 (9:01 am ET)NEW YORK (MarketWatch) -- Rockwell Collins Inc. (COL: news, chart, profile) said Friday it faces "unprecedented uncertainty" because of military spending cuts set to take place next year under the sequestration plan that Congress approved in the Budget Control Act of 2011. The Cedar Rapids, Iowa, company said it expects 2013 operating earnings of $4.30 to $4.50 a share, below the Wall Street estimate of $4.64 a share in a survey of analysts by FactSet Research. "Given the...challenges facing the U.S. Congress for the balance of this year, it is more than reasonable to assume sequestration impacts will occur," Rockwell Collins said. Sequestration is a term used to describe reductions in federal spending under the budget act. Defense companies have been publicly discussing the possibility of cutting jobs. More than $50 billion in spending cuts are projected for the Pentagon in January, according to reports. | |
Macquarie keeps upbeat veiw on Samsung SDI, SEMCO (5:25 am ET)HONG KONG (MarketWatch) -- Macquarie Securities said in a note it was maintaining its outperform ratings on Samsung SDI Co. (KR:006400: news, chart, profile) and Samsung Electro-Mechanics Co. (KR:009150: news, chart, profile) , two companies which supply parts to Samsung Electronics Co. (KR:005930: news, chart, profile) (SSNLF: news, chart, profile) . The brokerage said that strong orders and robust prices for Samsung Electronics Co.'s suppliers suggests that the South Korean electronics giant's momentum in the smart phones segment was intact. The analysts added that their checks indicated that handset component orders for the Samsung Galaxy S III smart phone should remain robust until November 2012. They said SDI was likely well positioned due to a resilient pricing trend for batteries and the company's increased capacity, and added they also had a positive view on Samsung Electro-Mechanics, or SEMCO, due to its likely strong earnings momentum in the third quarter. | |
| Thursday, Sept. 20 | |
Oracle net rises, but sales weaker-than-expected (4:15 pm ET)SAN FRANCISCO (MarketWatch) - Oracle Corp. (ORCL: news, chart, profile) on Thursday reported a fiscal first-quarter profit of $2.03 billion, or 41 cents a share, compared with a profit of $1.84 billion, or 36 cents a share, for the year-earlier period. Revenue was $8.18 billion, down from $8.37 billion. Adjusted profit was 53 cents a share. Analysts were expecting the company to report a profit of 53 cents a share, on revenue of $8.41 billion, according to a consensus survey by FactSet Research. | |
Green Mountain falls as Starbucks unveils Verismo (8:40 am ET)NEW YORK (MarketWatch) -- Shares of Green Mountain Coffee Roasters Inc. (GMCR: news, chart, profile) fell 2.6% in premarket trades Thursday as its larger competitor, Starbucks Corp. (SBUX: news, chart, profile) , rolled out its Verismo-branded line of single-serve coffees, along with a selection of electric brewers. Starbucks CEO Howard Schultz said the Seattle company is addressing the "fastest-growing segment of the coffee market, the multibillion-dollar premium single-cup segment." Starbucks is offering customers access to the "recipes that we use in our coffeehouses to create the drinks you love ... at home," the company said on its Verismo.com website. Shares of Starbucks closed Wednesday at $50.11, up 1.8%. | |
ConAgra profit nearly triples; lifts view (7:45 am ET)NEW YORK (MarketWatch) -- ConAgra Foods Inc. (CAG: news, chart, profile) said Thursday its first-quarter profit nearly tripled to $250.1 million, or 61 cents a share, from $93.8 million, or 23 cents a share, in the year-ago period. Adjusted profit rose to 44 cents a share from 31 cents a share. Sales increased by 6.7% to $3.31 billion. Wall Street analysts expected the food producer to earn 35 cents a share on sales of $3.24 billion, according to a survey by FactSet. ConAgra raised its adjusted fiscal 2013 profit outlook to $2.03 to $2.06 a share, ahead of the analyst forecast of $1.98 a share. ConAgra hiked its quarterly dividend by a penny a share to 25 cents a share. "Based on continued momentum in our potato operations, effective margin management initiatives across the portfolio, and contribution from acquisitions, we are able to post a strong...performance in the midst of difficult marketplace conditions," the company said. | |
Scholastic loss widens, sticks to 2013 view (7:32 am ET)NEW YORK (MarketWatch) -- Scholastic Corp. (SCHL: news, chart, profile) said Thursday its first-quarter loss widened to $32 million, or $1.02 a share, from a loss of $27.1 million, or 87 cents a share, in the year-ago period. Revenue dropped to $293.6 million, from $318 million. Wall Street analysts expected the book and educational publishing firm to lose $1.05 a share on revenue of $313.9 million, according to a survey by FactSet. Looking ahead, Scholastic continues to expect fiscal 2013 earnings from continuing operations of $2.20 to $2.40 a share, while analysts are forecasting earnings of $2.23 a share. | |
| Wednesday, Sept. 19 | |
Bed Bath & Beyond posts 5.4% higher profit (4:32 pm ET)SAN FRANCISCO (MarketWatch) -- Bed Bath & Beyond. Inc. (BBBY: news, chart, profile) reported late Wednesday its fiscal second-quarter profit rose to $224.3 million, or 98 cents a share, from $229.4 million, or 93 cents, a year ago. Revenue for the three months ended Aug. 25 rose 12% to $2.59 billion from $2.31 billion. Analysts polled by FactSet had predicted the Union, N.J.-based home-furnishings retailer would earn $1.02 a share on $2.56 billion in revenue. The company said it expects to earn from 99 cents a share to $1.04 a share in its fiscal third quarter. Bed Bath & Beyond shares briefly fell as much as 4% to $65.40 on the report in after-hours trade. | |
Norfolk Southern warns on third-quarter results (4:18 pm ET)SAN FRANCISCO (MarketWatch) -- Railroad operator Norfolk Southern Corp. (NSC: news, chart, profile) , citing depressed coal and merchandise shipments and lower fuel surcharges, warned late Wednesday its third-quarter earnings would miss Wall Street estimates. The railroad said it now expects to earn between $1.18 and $1.25 a share, below the $1.63 a share analysts surveyed by FactSet were looking for. The company said it will report its third-quarter results on Oct. 23 after the market close. Norfolk Southern shares fell as much as 5.9% to $68.41 in after-hours trade. | |
Adobe profit rises, but outlook weak (4:12 pm ET)SAN FRANCISCO (MarketWatch) - Adobe Systems (ADBE: news, chart, profile) on Wednesday reported a fiscal third quarter profit of $201.4 million, or 40 cents a share, compared with a profit of $195.1 million, or 39 cents a share, for the year-earlier period. Revenue was $1.08 billion, up from $1.01 billion. Adjusted profit was 58 cents a share. Analysts were expecting the software company to report a profit of 58 cents a share, on revenue of $1.1 billion, according to a consensus survey by FactSet Research. For the current quarter, the company said it expects revenue of $1.075 billion to $1.125 billion, and adjusted profit in the range of 53 cents to 58 cents a share. Analysts were expecting a profit of 67 cents a share, on revenue of $1.21 billion, according to FactSet data. Shares of Adobe were down more than 3% in after-hours trading. | |
AutoZone profit up 7%, same-store sales fall short (7:33 am ET)NEW YORK (MarketWatch) -- AutoZone Inc. (AZO: news, chart, profile) said Wednesday its fourth-quarter profit increased by 7.4% to $323.7 million, or $8.46 a share, from $301.5 million, or $7.18 a share, in the year-ago period. The Memphis-based auto parts retailer's sales for the quarter grew by 4.6% to $2.76 billion. Wall Street analysts expected AutoZone to earn $8.42 a share on sales of $2.8 billion, according to a survey by FactSet Research. Fourth-quarter domestic same-store sales rose 2.1%, down from the year-ago growth rate of 4.5%. "While our same store sales performance was below our expectations for the quarter, we are confident we are well positioned to again deliver strong results for our new fiscal year," the company said. | |
General Mills profit up after Yoplait acquisition (7:13 am ET)NEW YORK (MarketWatch) -- General Mills Inc. (GIS: news, chart, profile) said Wednesday its first-quarter profit rose to $548.9 million, or 82 cents a share, from $405.6 million, or 61 cents a share, in the year-ago period. Adjusted profit totaled 66 cents a share in the latest quarter. Revenue rose 5% to $4.05 billion, as the company notched a two-month contribution from the acquisition of Yoplait International and other company purchases. The Minneapolis food company was expected to earn 62 cents a share on sales of $4.08 billion, according to a survey by FactSet Research. Looking ahead, General Mills said it's seeing "slow improvement in price and volume trends across our retail food categories." Starting in the second quarter, General Mills will include the results of its Yoki Alimentos and Yoplait Canada acquisitions. General Mills continues to expect adjusted 2013 earnings of about $2.65 a share, compared to the analyst estimate of $2.66 a share. | |
| Tuesday, Sept. 18 | |
Manchester United loss grows in fourth quarter (9:52 am ET)LONDON (MarketWatch) -- Soccer club Manchester United PLC (MANU: news, chart, profile) on Tuesday reported its first results as a New York Stock Exchange listed company and said a loss in the fourth fiscal quarter widened to 14.9 million pounds ($24.21 million), or 10 pence a share, from a loss of 351.000 pounds, or zero pence per share, in the year ago period. For the full year ended June 30, earnings, however, jumped 79% to 23.3 million pounds from 13 million pounds last year. Revenue for the quarter slumped 25% to 74.5 million pounds, with broadcasting revenue showing the biggest decline. Manchester United's executive vice chairman, Ed Woodward, said that the full fiscal year was the best ever for the club's commercial business. For fiscal 2013 the soccer firm expects revenue to come in between 350 million pounds and 360 million pounds. | |
Walgreen sees $1 bln in Alliance Boots synergies (9:45 am ET)NEW YORK (MarketWatch) -- Walgreens (WAG: news, chart, profile) said Tuesday it expects to realize about $1 billion in synergies by 2016 as part of its strategic partnership with Alliance Boots to create a "pharmacy-led, health and well-being enterprise." Walgreens set up a new global synergy team to realize an estimated $100 million to $150 million in synergies expected from the strategic partnership in its first year. As part of the effort, former WellPoint and Aetna senior executive Brad Fluegel will join Walgreens as its new chief strategy officer. In June, Walgreens agreed to buy a 45% stake in Switzerland-based Alliance Boots for $6.7 billion in cash and stock. On Aug. 2, Walgreens completed its initial investment in the strategic partnership. |
