Feistier Obama shows up for second debate
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| EARNINGSWATCH | |
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| Updates, advisories and surprises | |
| By MarketWatch.com | |
| Tuesday, Oct. 16 | |
Linear Technology earnings slip 3%  (5:13 pm ET)SAN FRANCISCO (MarketWatch) -- Linear Technology Corp. (LLTC: news, chart, profile) on Tuesday reported a fiscal first-quarter profit of $105.2 million, or 45 cents a share, on revenue of $335.1 million, compared with earnings of $108.4 million, or 47 cents a share, on $330 million in the same period a year ago. Analysts surveyed by FactSet had forecast the maker of integrated circuit chips to earn 46 cents a share on $334.7 million in sales. Linear's shares were down about 3% in after-hours trading following the results. | |
Apollo shares fall 9% on results, outlook (4:38 pm ET)CHICAGO (MarketWatch) -- For-profit school operator Apollo Group Inc. (APOL: news, chart, profile) said Tuesday that its fourth-quarter profit dropped 60% on special items as enrollment fell sharply, and the company offered a full-year revenue outlook that fell short of most estimates. Apollo stock fell 9% in after-hours trading. Apollo said it now expects to report fiscal 2013 revenue of $3.65 billion to $3.8 billion. Analysts surveyed by Thomson Reuters were anticipating revenue of $4.07 billion for the year. Apollo said it expects to cut its total headcount by about 800 employees during fiscal 2013. The plan will lead to restructuring and other costs of about $25 million during the year. In the fourth quarter, Apollo said it earned $75.45 million, or 66 cents a share, compared with a profit of $188.6 million, or $1.37 a share, in the same period a year ago. Excluding special items, the company said it would have earned 52 cents a share in the latest three months. Revenue fell to $996.5 million from $1.12 billion. | |
Intuitive Surgical posts sharply higher profit (4:25 pm ET)CHICAGO (MarketWatch) -- Brisk demand for both its instruments and its systems propelled Intuitive Surgical's third quarter profit sharply higher, the company said Tuesday. Intuitive earned $183 million, or $4.46 a diluted share, for the period, up from $122 million, or $3.05 a diluted share, in the same quarter of 2011. Revenue stood at $538 million, up 20% from $447 million. The average estimates of analysts polled by FactSet had been for the company to earn $3.50 a share on revenue of $535.5 million. But the company also noted that it faced "significant headwinds" as "procedures came in below our expectations, driven by conditions in Europe and changes in prostate cancer detection and treatment." | |
IBM revenue falls in third quarter, missing target (4:23 pm ET)SAN FRANCISCO (MarketWatch) -- International Business Machines Corp. reported a decline in sales for the third quarter, missing Wall Street's target as revenue weakened in its services, software and hardware segments. For the period ended Sept. 30, IBM (IBM: news, chart, profile) reported net income of $3.82 billion, or $3.36 per share, compared to net income of $3.84 billion, or $3.23 per share, for the same period last year. Revenue slipped by 5.4% to $24.7 billion. Adjusted net earnings from operations were $3.62 per share. Analysts were expecting earnings of $3.61 per share on revenue of $25.4 billion, according consensus estimates from FactSet. Shares of Big Blue fell nearly 3.5% in after-hours trading following the report. IBM maintained its full-year operating EPS forecast of $15.10. | |
CSX posts 2% lower profit on lower freight volume (4:21 pm ET)SAN FRANCISCO (MarketWatch) -- Railroad operator CSX Corp. (CSX: news, chart, profile) , citing an overall drop in freight volume, reported late Tuesday its third-quarter profit slipped 2% to $455 million, or 44 cents a share, from $464 million, or 43 cents a share, a year ago. The rise in per-share earnings reflects fewer outstanding shares than were on the market a year ago. Revenue for the three months ended Sept. 28 fell 2% to $2.89 billion from $2.96 billion. Analysts surveyed by FactSet had predicted the Jacksonville, Fla.-based company would earn 43 cents a share on $2.94 billion in revenue. CSX shares rose 2.9% to $22.25 in after-hours trade, extending a 2% gain for the stock over the past 12 months. | |
Intel profit slips, sales fall (4:12 pm ET)SAN FRANCISCO (MarketWatch) -- Intel Corp. (INTC: news, chart, profile) on Tuesday reported a third-quarter profit of $2.97 billion, or 58 cents a share, compared with a profit of $3.47 billion, or 65 cents a share, for the year-earlier period. Revenue was $13.46 billion, down from $14.23 billion. Adjusted profit was 60 cents a share. Analysts were expecting Intel to report a profit of 50 cents a share, on revenue of $13.2 billion, according to a consensus survey by FactSet. For the current quarter, Intel expects revenue of $13.6 billion, plus or minus $500 million. Analysts were expecting sales of $13.7 billion, according to FactSet. Intel shares were down 1% in after-hours trading. | |
Yahoo, Intel, IBM leads tech stocks higher (9:49 am ET)SAN FRANCISCO (MarketWatch) - Technology stocks mostly rose in early trades on Tuesday, with blue-chip players Intel Corp. and IBM leading the gains ahead of their earnings reports expected after the closing bell, which will kick off third-quarter earnings season for the tech sector. Intel (INTC: news, chart, profile) was up 2.4% to $22.25, while IBM (IBM: news, chart, profile) rose 0.4%. Yahoo (YHOO: news, chart, profile) picked up 0.8% following the news on Monday afternoon that it hired a high-ranking Google (GOOG: news, chart, profile) executive as its chief operating officer. The Nasdaq Composite Index (COMP: news, chart, profile) was up 0.3%, to stand at 3,075, while the Philadelphia Semiconductor Index (SOX: news, chart, profile) rose 0.7%. NCR (NCR: news, chart, profile) fell nearly 1% after rival Diebold (DBD: news, chart, profile) cut its outlook. Diebold slid more than 9% in early trades. | |
NCR shares down as rival Diebold cuts outlook (9:44 am ET)SAN FRANCISCO (MarketWatch) -- NCR Corp. (NCR: news, chart, profile) shares on Tuesday gave up as much as 2%, to slip to $22.02 after its top ATM rival, Diebold Inc. (DBD: news, chart, profile) , reported weaker-than-expected second-quarter results, and cut its outlook for the rest of its fiscal year. Before the market opened, Diebold said order delays in Brazil were behind its new forecast of a profit of $2.25 to $2.30 a share, and revenue growth of 6%, down from its earlier estimate of earnings of $2.50 to $2.60 a share, and a 6% to 8% increase in revenue for the year. Diebold shares fell 10.5% after the warning. | |
Johnson & Johnson profit dips, sales increase (8:30 am ET)NEW YORK (MarketWatch) -- Johnson & Johnson (JNJ: news, chart, profile) said Tuesday its third-quarter profit fell to $3 billion, or $1.05 a share, from $3.2 billion, or $1.15 a share, in the year-ago period. Adjusted profit rose to $1.25 a share from $1.24 a share. Revenue increased to $17.05 billion from $16 billion. Wall Street analysts expected the company to earn $1.21 a share on revenue of just under $17 billion, according to a survey by FactSet. Looking ahead, Johnson & Johnson expects adjusted 2012 earnings of $5.05 to $5.10 a share, compared to the analyst estimate of $5.08 a share. "Our third-quarter results reflected continued sales momentum driven by strong growth of key products, successful product launches and the addition of Synthes to our family of companies," said Chief Executive Alex Gorsky. | |
State Street Q3 profit beats estimates (8:17 am ET)NEW YORK (MarketWatch) -- State Street Corp. (STT: news, chart, profile) said Tuesday its third-quarter profit was $654 million, or $1.36 a share, compared to profit of $1.10 a share in the year-ago period. Total operating revenue fell 3% to $2.36 billion. Profit on an operating basis was 99 cents a share. Analysts surveyed by FactSet were expecting profit of 96 cents a share on revenue of $2.38 billion. | |
Coca-Cola profit up 4% (7:49 am ET)NEW YORK (MarketWatch) -- Coca-Cola Co. (KO: news, chart, profile) said Tuesday its third-quarter profit increased by 4% to $2.31 billion, or 50 cents a share, from $2.22 bilion, or 48 cents a share, in the year-ago period. Adjusted profit totaled 51 cents a share. Revenue at the Atlanta-based beverage company rose 1% to $12.34 billion. The company said its year-ago figure reflected adjustments for pension benefit accounting. Wall Street analysts expected Coke to earn 51 cents a share on revenue of $12.4 billion, according to a survey by FactSet. The company said it was pleased its third-quarter results. "We have been able to crack the calculus for growth in this environment," the company said. "We have done this by consistently investing in our system and our brands to ensure that our global portfolio is more relevant and healthier today than it has ever been." | |
Goldman Sachs swings to profit (7:46 am ET)NEW YORK (MarketWatch) -- Wall Street bank Goldman Sachs Group Inc. (GS: news, chart, profile) said Tuesday it had third quarter net earnings of $1.51 billion, or $2.85 a share, compared to a loss of 84 cents a share in the year-ago period. Revenue was $8.35 billion. Analysts surveyed by FactSet Research were expecting a profit of $2.19 a share on revenue of $7.24 billion. Net revenues to the investment banking unit were up 49% to $1.156 billion, while revenues in fixed income, currency and commodities client execution rose 28%, to $2.22 billion. | |
PNC Financial third-quarter profit rises 11% (6:48 am ET)FRANKFURT (MarketWatch) -- Pittsburgh-based PNC Financial Services Group Inc. (PNC: news, chart, profile) on Tuesday said third-quarter net income rose to $925 million, or $1.64 a share, from $834 million, or $1.55 a share in the same period a year ago. Analysts surveyed by FactSet produced a consensus forecast for earnings of $1.61 a share. Total revenue rose 15% from a year earlier to $4.09 billion. The bank said its Tier 1 common capital ratio increased to 9.5% from 9.3% in the second quarter as growth in retained earnings was partly offest by a rise in risk-weighted assets from loan growth. | |
Mattel net profit rises 22% as sales gain 4% (6:22 am ET)MADRID (MarketWatch) -- Mattel Inc. (MAT: news, chart, profile) on Tuesday reported third-quarter net profit rose 22% on a sales gain of 4%. Mattel reported a third-quarter profit of $365.9 million, or $1.04 per share, compared to profit of $300.8 million, or 86 cents a share in the year-ago period. Net sales rose 4% to $2.08 billion, which Mattel said reflected an unfavorable change in currency rates of 3 percentage points. A consensus estimate of analysts polled by FactSet Research was forecasting the company to earn 99 cents a share on sales of $2.07 billion. Bryan Stockton, Mattel chief executive officer said the company was "pleased with its performance," in the period. | |
UnitedHealth lifts 2012 profit target on strong Q3 (6:14 am ET)WASHINGTON (MarketWatch) -- UnitedHealth Group Inc. (UNH: news, chart, profile) raised its 2012 profit forecast to a range of $5.20 to $5.25 a share, as the newest member of the Dow Jones Industrial Average posted third-quarter earnings of $1.50 a share, up from the prior year's $1.17 a share. Earnings easily exceeded the $1.31-a-share consensus of analysts polled by Thomson Reuters. The company also generated 8% revenue growth, to $27.3 billion. "Our results were again well balanced across our business groups," said Stephen Hemsley, president and chief executive of UnitedHealth, in the earnings release. | |
| Monday, Oct. 15 | |
Charles Schwab Q3 profit rises 12% (8:59 am ET)NEW YORK (MarketWatch) -- Charles Schwab Corp. (SCHW: news, chart, profile) said Monday its third-quarter profit increased by 12% to $247 million, or 19 cents a share, from $220 million, or 18 cents a share, in the year-ago period. Revenue at the online financial services firm increased by 1% to $1.2 billion from $1.18 billion. Wall Street analysts expected Schwab to earn 17 cents a share on revenue of about $1.2 billion, according to a survey by FactSet. "Our clients remain resilient yet cautious in this challenging economic environment," the company said. "They continue to be net purchasers of securities; their cash holdings at Schwab remain at pre-crisis levels." | |
Gannett profit climbs 33% on TV unit strength (8:49 am ET)NEW YORK (MarketWatch) -- Gannett Co. (GCI: news, chart, profile) said Monday its third-quarter profit increased by 33% to $133.1 million, or 56 cents a share, from $99.79 million, or 41 cents a share, in the year-ago period. Adjusted profit in the latest period totaled 56 cents a share. The media company's revenue increased by 3.4% to $1.31 billion. Wall Street analysts expected Gannett Co. to earn 53 cents a share on revenue of $1.29 billion, according to a survey by FactSet. Gannett cited record results in its broadcasting unit, which drew benefits from advertisers during the Olympics and through political spending. Operating revenue at Gannett's broadcasting unit rose 36% to $237 million. | |
Amedisys falls 11% on lower Humana revenue view (8:34 am ET)NEW YORK (MarketWatch) -- Amedisys Inc. (AMED: news, chart, profile) fell 10.8% in premarket trades on Monday after the company cut its revenue outlook under its new contract to provide home health services for Humana Inc. (HUM: news, chart, profile) . The Baton Rouge, La., company expects revenue of about half of its past annual level of $65 million to $70 million. Revenue will be affected beginning in the fourth quarter, but the full impact will not take place until 2013, the company said. | |
Citigroup profit falls 88% after items (8:17 am ET)NEW YORK (MarketWatch) -- Citigroup Inc. (C: news, chart, profile) said Monday its third-quarter profit dropped 88% to $468 million, or 15 cents a share, from $3.77 billion, or $1.23 a share, in the year-ago period. Excluding one-time items, Citi earned $1.06 a share in the latest period. Revenue dropped 33% to $13.95 billion. Wall Street analysts expected Citigroup to earn 96 cents a share, according to a survey by FactSet Research. Citigroup Chief Executive Vikram Pandit said the bank's core business "showed momentum" during the quarter as the company increased lending and generated higher operating revenue. | |
| Friday, Oct. 12 | |
J.P. Morgan Q3 net and revenue exceed estimates (7:24 am ET)TEL AVIV (MarketWatch) -- J.P. Morgan Chase & Co., (JPM: news, chart, profile) the New York banking major, on Friday reported stronger-than-expected third-quarter net income and revenue. Earnings advanced 34% to $5.71 billion, or $1.40 a share, from $4.26 billion, or $1.02, in the year-earlier quarter. Revenue reached $25.15 billion, up 6% from $23.76 billion. A survey of analysts by FactSet Research produced consensus estimates of profit of $1.21 a share on revenue of $24.42 billion. The banking firm estimated its common-equity ratio for purposes of the Basel III standards was 8.4% at the end of the third quarter compared with 7.9% at the end of the second quarter. Business loans grew for the eighth straight quarter, up 8% from a year earlier to $19 billion, J.P. Morgan reported. The bank said that in mortgage banking, "credit trends continued to modestly improve." And it said "the housing market has turned the corner." | |
| Wednesday, Oct. 10 | |
Hong Kong stocks drop on property, utility shares (9:48 pm ET)HONG KONG (MarketWatch) -- Hong Kong stocks declined early Thursday as downbeat forecasts from Alcoa Inc. (AA: news, chart, profile) and Chevron Corp. (CVX: news, chart, profile) led to extended losses on Wall Street and weighed on investor sentiment, pressuring local property developers and utilities in particular. The Hang Seng Index (HK:HSI: news, chart, profile) fell 0.3% to 20,854.94, while the Hang Seng China Enterprises Index was little changed at 10,042.81, erasing early losses in choppy trade. Shares of New World Development Co. (HK:17: news, chart, profile) (NDVLY: news, chart, profile) dropped 1.3% and Hang Lung Properties Ltd. (HK:101: news, chart, profile) (HLPPY: news, chart, profile) shed 0.8%, while Power Assets Holdings Ltd. (HK:6: news, chart, profile) (HK:HGKGY: news, chart, profile) gave up 1% and China Resources Power Holdings Co. (HK:836: news, chart, profile) shed 0.8%. Financial stocks were broadly lower, while energy sector shares provided support. China's Shanghai Composite (CN:SHCOMP: news, chart, profile) dropped 0.7% to 2,105.99. | |
Helen of Troy shares fall 5% on profit outlook (7:57 am ET)NEW YORK (MarketWatch) -- Helen of Troy Ltd. (HELE: news, chart, profile) fell 5% in premarket trades Wednesday after the consumer products company said it expects fiscal 2013 earnings of $3.50 to $3.60 a share, below the Wall Street estimate of $3.76 a share in a survey of analysts by FactSet. The company cited a "challenging retail sales environment." | |
Costco Q4 net beats estimate; comp sales up 5% (4:57 am ET)TEL AVIV (MarketWatch) -- Costco Wholesale Corp., (COST: news, chart, profile) the Issaquah, Wash., warehouse retailer, on Wednesday reported fiscal-fourth-quarter net income rose 27% as both net sales and total revenue moved 14% higher. For the quarter ended Sept. 2, Costco earned $609 million, or $1.39 a share, compared with $478 million, or $1.08, in the year-earlier quarter. Net sales reached $31.52 billion from $27.59 billion. Total revenue, reflecting membership fees, rose to $32.22 billion from $28.18 billion. A survey of analysts by FactSet Research produced consensus estimates of profit of $1.31 a share on sales of $31.66 billion. Comparable-store sales for the quarter rose 5%, reflecting increases of 6% in the U.S. and 2% internationally. Excluding lower gasoline prices and a negative impact from foreign-currency translations, comparable-store sales rose 6% overall. Costco ended fiscal 2012 operating 608 stores and plans to open another 14 by the end of calendar 2012. | |
| Tuesday, Oct. 9 | |
Higher margins, brisk growth boost Yum Brands (5:21 pm ET)CHICAGO (MarketWatch) -- Brisk growth in China and the U.S., along with higher margins worldwide, helped Yum Brands push its third quarter profit sharply higher, the company said Tuesday. The parent of KFC, Taco Bell and Pizza Hut earned $471 million, or $1 a share, on the period, up from $383 million, or 80 cents a share, in the same quarter a year ago. Revenue stood at $3.57 billion, up from $3.27 billion. Same-store sales rose 6% in the U.S., 6% in China and 2% in the company's international division. The average estimate of analysts polled by FactSet had been for Yum (YUM: news, chart, profile) to earn 97 cents a share on revenue of $3.66 billion. The company also boosted its full-year EPS target to a growth rate of at least 13%, or $3.24 a share. | |
Alcoa results top targets but China slows outlook (4:23 pm ET)SAN FRANCISCO (MarketWatch) -- Alcoa (AA: news, chart, profile) swung to a third-quarter loss from the year-earlier period, dragged down by legal charges. But the aluminum maker topped Wall Street's expectations. Alcoa posted a loss of $143 million, or 13 cents a share a share. Excluding charges, Alcoa said it made 3 cents a share, outpacing the consensus estimate for Alcoa to break even on a per-share basis, according to FactSet. The company earned $172 million, or 15 cents a share, in the same 2011 period. Sales fell 8% to $5.8 billion due to lower metal prices. But that was above the $5.56 billion analysts had projected. Due to a slowdown in China, Alcoa tweaked its 2012 global aluminum demand forecast to 6% growth, down from 7%. Alcoa shares rose 6 cents to $9.19 after the report. | |
Owens Corning sees weakness in roofing business (7:46 am ET)NEW YORK (MarketWatch) -- Owens Corning (OC: news, chart, profile) said Tuesday that weakness in the roofing business has persisted in its fiscal third quarter. The Toledo, Ohio, building materials maker said it now expected its roofing segment to report $2 billion in revenue for fiscal 2012. Analysts surveyed by FactSet have estimated 2012 revenue of $2.15 billion for the company's roofing unit. The company also said the outlook for its composites business has also weakened. Full-year adjusted earnings before interest and taxes are now expected to be $280 million to $310 million, "with the primary uncertainty through the remainder of the year attributed to roofing volumes," the company said. | |
| Monday, Oct. 8 | |
AngioDynamics swings to Q1 net loss (4:38 pm ET)LOS ANGELES (MarketWatch) -- Medical device maker AngioDynamics Inc. (ANGO: news, chart, profile) late Monday said it swung to a fiscal first-quarter net loss of $721 million, or 2 cents a share. A year ago, it made $1.3 billion, or 5 cents a share. Excluding costs related to its acquisition of Navilyst Medical and a program to improve quality, AngioDynamics would have earned 10 cents a share in the most recent period. Revenue for the first quarter jumped 53% to $83.4 million from $54.4 million a year ago. Analysts polled by FactSet had anticipated, on average, earnings of 10 cents share on revenue of $85.3 million. | |
| Friday, Oct. 5 | |
Curtiss-Wright cuts 2012 profit view after strike (7:40 am ET)NEW YORK (MarketWatch) -- Curtiss-Wright Corp. (CW: news, chart, profile) on Friday reduced its adjusted fiscal 2012 earnings estimate to a range of $2.05 to $2.15 a share, from its earlier estimate of $2.50 to $2.60 a share, after a strike that shut down a company plant in Cheswick, Penn. Wall Street analysts expected the company to earn $2.53 a share, according to a survey by FactSet. Curtiss-Wright said workers ratified a new contract on Sept. 21. The plant, which makes nuclear cooling pumps, is expected to be at 100% utilization by the middle of October. | |
| Thursday, Oct. 4 | |
Zynga cuts outlook; writes down acquisition (5:08 pm ET)SAN FRANCISCO (MarketWatch) -- Zynga Inc. (ZNGA: news, chart, profile) cut its full-year forecast and wrote down a large chunk of its acquisition of mobile game firm OMGPOP on Thursday afternoon. The social game maker also issues preliminary results for the third quarter that primarily reflect weakness of certain games in our web 'invest and express' category. Zynga said it expects to report revenue in the range of $300 million to $305 million for the third quarter, with bookings coming in between $250 million and $255 million for the period. That's down sharply from the $302 million in bookings reported in the second quarter. Its full-year bookings forecast was lowered to a range of $1.085 billion to $1.1 billion, compared to its previous forecast of $1.15 billion to $1.225 billion. The company said the full-year outlook was lowered to reflect "reduced expectations" for certain games, including the recently launched "The Ville" title on Facebook. The results for the third quarter will include a write-down of between $85 million and $95 million for its acquisition of OMGPOP. | |
Rite Aid same-store sales dip 0.7% in Sept. (8:52 am ET)NEW YORK (MarketWatch) -- Rite Aid Corp. (RAD: news, chart, profile) said Thursday its September comparable-store sales dropped 0.7%. Total drugstore sales for the four weeks ended Sept. 29 dipped 1.5% to $1.9 billion. |
