Week in Preview: New Earnings Season, Unemployment
Week in Preview: New Earnings Season, Unemployment
Rite Aid Corporation (RAD) announced a quarterly loss of 23 cents per diluted share, compared to a loss of 14 cents per share a year earlier, thanks to refinancing costs and falling revenues. Revenue for the quarter ending Aug. 28 was $6.2 billion, compared with $6.3 billion a year earlier, the company said in a statement. Same store sales fell 1.5%.
AutoZone Inc (AZO) reported diluted earnings per share of $5.66 for the quarter ended Aug. 28, a 27.7% increase from a year earlier. Net sales rose 9.5% from a year earlier to $2.4 billion in the fourth quarter of fiscal 2010, the auto parts company said in a statement. AutoZone opened 80 new stores in the U.S. in the quarter, and 26 new stores in Mexico.
Supermarket giant Kroger (KR) said earnings per share rose to 41 cents in the second quarter of fiscal 2010 from 39 cents a year earlier. Sales, including fuel, were $18.8 billion for the quarter, up 6% from a year earlier, the company said in a statement. Identical supermarket sales, without fuel, rose 2.7
BP (BP) will delay the release of its third quarter earnings by one week to give the company more time to incorporate data and disclosures related to the oil spill in the Gulf of Mexico. BP%u2019s earnings will now be released on Nov. 2, Dow Jones Newswires said.
Campbell Soup Company (CPB) reported net earnings of 33 cents per share for the quarter ended Aug. 1, compared with adjusted net earnings of 30 cents per share a year earlier. The improvement in earnings was driven by a lower effective tax rate and a reduction in weighted average diluted shares outstanding, the company said in a statement. Sales fell 1% to $1.518 billion in the quarter.
Business News You Need Today: Aug. 23, 2010
Earnings highlights this week include Tiffany & Co., Bank of Montreal, Royal Bank of Canada and Semtech.
Business News You Need Today: Aug. 18, 2010
Earnings season gave a lift to stocks, but now the market is focused again on the global economy and U.S. macroeconomic issues. FBN Securities' Cort Gwon says that even in a market like this one that's stuck in a trading range, investors can find ways to profit.
During GM's earnings call, Whitacre announced that he'll step down next month as CEO of the country's largest automaker. Daniel Akerson, a GM board member and former chief exec at privately held XO Communications, will assume the top role.
General Motors on Thursday reported net earnings of $1.3 billion in the second quarter on revenue of $33.2 billion, as the resurgent automaker continues to make strides following last year's descent into bankruptcy. On a per-share basis, the Detroit auto giant said it earned $2.55, in the three months ending June.
Business News You Need Today: Aug. 12, 2010
Three months after turning profitable since its bankruptcy, GM CEO Ed Whitacre is expected to report it made even bigger profits -- perhaps in excess of $1 billion -- during the second quarter when it releases its latest results on Thursday.
Business News You Need Today: Aug. 11, 2010
Business News You Need Today: Aug. 6, 2010
Business News You Need Today: Aug. 4, 2010
After the crunch of quarterly reports over the past two weeks, things will be fairly quiet on the earnings front Monday, with Loews and Vulcan Materials the key names reporting. But the crush resumes Tuesday, with reports from Coach, MasterCard, Molson Coors, Pfizer and Parker Hannifin.
Some robust blue-chip earnings and an improvement in consumer sentiment helped stocks shrug off a disappointing reading on economic growth to end mixed Friday -- but the market still enjoyed its biggest monthly gain in a year.
Grocery chain Supervalu reported a net income of 31 cents per share this morning for the last quarter, which ended May 10, a 40% decline year-over-year. An after-tax charge of 12 cents per share that brought the figure down, but the quarter was still a disappointment.
The first peak week of second-quarter earnings season was just what the market ordered, thanks to some beat-and-raise reports from Dow blue chips. This week has more such big-name results on tap. And again, investors will be looking closely for top-line revenue growth.
Honeywell (HON) reported earnings of 60 cents per diluted share, unchanged from the second quarter of 2009. Sales rose 8% to $8.2 billion, driven by strong gains in transportation systems and specialty materials. Earnings excluding non-cash pension expenses were up 24% to 78 cents a share, the company said in a statement.
3M (MMM) reported that second-quarter earnings rose 37.5% from a year ago to $1.54 per share, driven by booming sales. Sales were $6.7 billion, an increase of 17.7% from the year-ago quarter, the company said in a statement. Geographically, the biggest gain was in emerging economies, which posted an increase of 38% in sales from a year ago.
After the Dow's 261-point belly flop to end last week on what were, after all, better-than-expected bank earnings, investors may be forgiven for feeling rather queasy after checking out this week's earnings calendar, which includes 120 of the S&P 500.
For better or worse, earnings season hits high gear this week. Here's a quick run down of what analysts are expecting to see, as well as a closer look at three of the biggest anticipated earnings gainers: American Express, Texas Instruments and Apple.
Stocks rallied for a third day, driven by encouraging second-quarter earnings. But there are increasing signs that profit growth may disappoint. In the face of warning signs, what should investors do?
GE reports Q4 earnings Friday before the market opens, and Wall Street will scrutinize the company's industrial products sales and orders for clues to the strength of the U.S. and global economic recoveries.
Ring the bell, sound the trumpets, bang a gong, whatever you do to signal that earnings' season has begun, because Alcoa (AA) has reported...