Archive for October, 2010

Today`s Notable Earnings (CSE, CEG, MGLN)

Friday, October 29th, 2010

CapitalSource, Inc. (NYSE:CSE) soared 8.03% to $6.19. The company swung to a third-quarter profit, handily beating estimates, as it set aside less money to cover bad loans.

Net income was $78.2 million, or 24 cents a share, compared with a loss of $274.2 million, or 87 cents a share, a year ago.

Analysts had expected a profit of 6 cents a share, excluding items, according to Thomson Reuters. Provisions for bad loans fell sharply to $38.8 million from $221.4 million, while net charge-offs declined 17 percent to $535.6 million.

Constellation Energy Group, Inc. (NYSE:CEG) declined 1.95% to $30.24. The company reported adjusted earnings of $0.48 per share for the third quarter of 2010, compared with adjusted earnings of $1.23 per share in the same period last year.

On a GAAP Principles basis, Constellation Energy reported a loss of $6.99 per share in the third quarter of 2010, compared with earnings of $0.69 per share in the third quarter of 2009. The 2010 GAAP results include noncash impairment charges of $7.29 per share related to our nuclear joint ventures, Constellation Energy Nuclear Group, LLC (CENG), and UniStar Nuclear Energy, LLC, and certain other equity method investments.

Magellan Health Services, Inc. (NASDAQ:MGLN) gained 1.89% to $49.68. The company posted a quarterly profit that beat market estimates, helped by product diversification, and also raised its full-year profit forecast for a second time in the year.

In the July-September quarter, the company earned $44.8 million or $1.31 per share, compared to $31 million, or 88 cents a share, a year ago. Revenue for the quarter rose about 12 percent to $750.3 million.

Analysts, on average, had expected the company to earn 92 cents a share, on revenue of $773.1 million, according to Thomson Reuters.

The stock opened at $48.87 and went up more than 19% year-to-date.

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Consumer Good Stocks to Watch (SKX, PG, CL)

Friday, October 29th, 2010

Skechers USA, Inc. (NYSE:SKX) plunged 18.20% to $19.33 after the company said it earned $36.4 million, or 74 cents a share on revenue of $554.6 million in its third-quarter, missing the analysts’ estimates of $1.02 cents a share and revenue of $572.1 million.

Operating expenses for the quarter rose 31% to $199 million.

The stock was downgraded to Hold from Buy by Capstone.

The stock went down more than 34% year-to-date. The 52-week range of the stock is $19-$44.90. The stock made its fresh 52-week low of $19.

The Procter & Gamble Company (NYSE:PG) added 0.17% to $63.19. The company said Wednesday its first-quarter earnings fell 7% to $3.08 billion, or $1.02 a share, from $3.3 billion, or $1.06 a share, in the year-ago period.

Wall Street analysts expected the consumer products giant to earn $1 a share on revenue of $20.27 billion, according to a survey of analysts by FactSet Research.

For its second quarter, Procter & Gamble expects earnings of $1.05 a share to $1.11 a share, with net sales growth of 3% to 5%. Wall Street analysts expect earnings of $1.11 a share.

The stock opened at $63.13 and was trading within the range of $63.06-$63.56.

Colgate-Palmolive Company (NYSE:CL) dropped 0.77% to $74.92. The company said Thursday its third-quarter net income rose to $619 million, or $1.21 a share, from $590 million, or $1.12 a share, in the year-ago period.

Analysts polled by FactSet Research were looking for earnings of $1.19 a share, on average, with sales of $4 billion.

The stock went down more than 9% year-to-date.

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Consumer Good Stocks Alert (Ford, AVP, KE)

Friday, October 29th, 2010

Ford Motor Company (NYSE:F) slid 0.07% to $14.22. This week, the company said that its third-quarter net income jumped to $1.7 billion, or 43 cents a share, from $997 million, or 29 cents a share, in the year-ago period.

Revenue fell slightly to $29 billion from $30.3 billion. Wall Street analysts expected net income of 36 cents a share and revenue of $27.9 billion, according to a survey by FactSet Research.

The stock went up more than 42% year-to-date. The 52-week range of the stock is $6.81-$14.57.

Avon Products, Inc. (NYSE:AVP) lost 5.63% to $31.01. Quarterly earnings of the company rose 7% to $166.7 million, or 38 cents a share, from $156.2 million, or 36 cents a share, in the year-earlier period, the New York-based company said. Total revenue increased 4% to $2.66 billion.

On average, analysts surveyed by FactSet Research expected Avon to earn 47 cents a share on revenue of $2.69 billion.

The stock opened at $30.13 and was trading within the range of $29.01-$31.57.

Eastman Kodak Company (NYSE:EK) soared 15.37% to $4.58. The company late Thursday posted third-quarter net income of $170 million, or $2.33 a share, up from $101 million, or $1.38 a share, in the year-earlier period.

Analysts surveyed by FactSet Research had expected Eastman Chemical to earn $2.24 a share. For the fourth quarter, the company said it will earn between $1.40 and $1.50 a share. Analysts are looking for $1.41 a share.

The stock went up more than 5% year-to-date.

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Service Sector Stocks Rallied (CMCSA, OMX, EXPE)

Friday, October 29th, 2010

Comcast Corporation (NASDAQ:CMCSA) added 2.91% to $20.86. Yesterday, the company said it earned $867 million, or 31 cents a share, compared with a profit of $944 million, or 33 cents a share, in the same quarter last year.

Excluding items, the company said it would have earned $906 million, or 32 cents a share, in the latest three months. Revenue rose 7.3% to $9.49 billion.

According to a survey taken by FactSet Research, analysts were expecting a profit of 31 cents a share on revenue of $9.53 billion.

The stock went up more than 22% year-to-date. The stock made its fresh 52-week high of $20.95.

OfficeMax Incorporated (NYSE:OMX) soared 15.15% to $17.10. The company said Thursday that its third-quarter profit more than tripled to $20 million, or 23 cents a share, from $5.66 million, or 7 cents, a year earlier. Sales fell 1% to $1.81 billion.

Analysts estimated profit of 13 cents a share on sales of $1.82 billion, according to FactSet.

The stock opened at $16.52 and was trading within the range of $16.34-$17.56.

Expedia, Inc. (NASDAQ:EXPE) advanced 0.48% to $29.14. The company reported net income of $176.6 million, or 62 cents a share, compared to net income of $117 million, or 40 cents a share, for the same period the previous year.

Revenue grew 16% to $987.9 million. Analysts were expecting earnings of 62 cents a share on revenue of $944 million, according to consensus estimates from FactSet Research.

The stock went up more than 10% year-to-date.

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Utility Stocks Ended Mixed (DUK, CNP, PPL)

Friday, October 29th, 2010

Duke Energy Corporation (NYSE:DUK) added 1.12% to $18.07. The company said on Thursday that its third-quarter profit rose to $670 million, or 51 cents a share, from $109 million, or 8 cents a share a year ago.

Analysts polled by FactSet Research had expected the company to earn 42 cents a share on revenue of $3.74 billion.

The company also raised it earnings outlook for the full year, to $1.40 to $1.45 a share, from $1.30 to $1.35 a share.

The stock went up more than 3% year-to-date. The 52-week range of the stock is $15.47-$18.09.

CenterPoint Energy, Inc. (NYSE:CNP) lost 0.18% to $16.39. The company said Thursday its third-quarter earnings rose to $123 million, or 29 cents a share, from $114 million, or 31 cents a share, in the year-ago period.

Wall Street analysts expected CenterPoint to earn 27 cents a share, on revenue of $2.05 billion, according to a survey by FactSet Research.

The company said it continues to expect 2010 earnings of $1.02 a share to $1.12 a share.

The stock opened at $16.42 and was trading within the range of $16.28-$16.55.

PPL Corporation (NYSE:PPL) slid 0.23% to $26.44. The company said Thursday its third-quarter earnings rose sharply to $248 million, or 51 cents a share, from $20 million, or 5 cents a share, in the year-ago period.

Wall Street analysts expected PPL to earn 72 cents a share, on revenue of $2.53 billion, according to a survey by FactSet Research.

The stock went down more than 19% year-to-date.

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Regional Banking Stock Movers (RF, SNV, STD)

Friday, October 29th, 2010

Regions Financial Corporation (NYSE:RF) dropped 1.26% to $6.29. This week, the company reported a bigger-than-expected quarterly loss. Regions reported a third-quarter loss of 17 cents a share, reflecting “elevated disposition of problem assets and continued de-risking of the balance sheet.”

The stock went up more than 18% year-to-date. The 52-week range of the stock is $4.61-$9.33.

Synovus Financial Corp. (NYSE:SNV) lost 1.30% to $2.27. This week, the company reported a net loss for the third quarter of $195.8 million, a 19 percent improvement from the net loss of $243 million for the second quarter of 2010, and a 57 percent improvement from the net loss of $454 million for the third quarter of 2009. The net loss per common share for the third quarter was $0.25.

The stock opened at $2.33 and was trading within the range of $2.23-$2.36.

Banco Santander, S.A. (ADR) (NYSE:STD) added 0.39% to $12.71. The company on Thursday said third-quarter net profit fell to 1.64 billion euros ($2.27 billion), or 18 European cents a share, from 2.2 billion euros, or 26 cents a share, earned in the year-earlier period.

Net interest income rose 8% to 7.4 billion euros. At the end of September, the bank’s core capital ratio stood at 8.5% down from 8.6% in June.

The stock went down more than 23% year-to-date.

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Financial Stocks Lower (CIM, FBC, PLD)

Friday, October 29th, 2010

Chimera Investment Corporation (NYSE:CIM) slid 0.25% to $4.03. This week, the company reported third-quarter net income of $126.4 million or $0.14 per share, compared with $158.0 million or $0.24 per share in the previous year period.

On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share. Analysts’ estimates typically exclude special items.

The stock went up more than 2% year-to-date. The 52-week range of the stock is $3.49-$4.36.

Flagstar Bancorp, Inc. (NYSE:FBC) slumped 46.12% to $1.25 after it made its fresh 52-week low of $1.21. The company narrowed its third-quarter net loss to 15 cents a share from $6.36 a share. And the company plans to sell common and preferred shares to raise $380 million.

The company priced offerings of new stock at a big discount. The offerings, which included convertible preferred stock, will raise aggregate gross proceeds of $367.3 million, Flagstar said. The offerings consisted of 110 million shares of common stock at $1 each and 13.5 million shares of convertible preferred stock at $20 each.

The stock opened at $1.55 and was trading within the range of $1.21-$1.59.

ProLogis (NYSE:PLD) declined 0.74% to $13.34. The company announced that its Board declared ProLogis’ fourth quarter dividend of $0.1125 per common share, payable on November 30, 2010, to shareholders of record on November 15, 2010.

Earlier this week, the company announced the pricing of 80 million common shares in a public offering at a price of $12.30 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 12 million shares to cover overallotments, if any.

The stock went up more than 5% year-to-date.

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Insurance Stocks in Focus (MET, GNW, PMI)

Friday, October 29th, 2010

MetLife, Inc. (NYSE:MET) added 0.20% to $40.46. The company said third-quarter net income came in at $286 million, or 32 cents a share, versus a net loss of $650 million, or 79 cents a share, in the same period a year earlier.

The company was expected to make $1.03 a share, according to a survey of analysts by FactSet Research.

The stock went up more than 14% year-to-date. The 52-week range of the stock is $32.16-$47.75.

Genworth Financial, Inc. (NYSE:GNW) lost 4.70% to $12.58. The company said third-quarter net income came in at $83 million, or 17 cents a share, compared with net income of $19 million, or 4 cents a share, in the third quarter of 2009. Genworth was expected to make 26 cents a share, according to a survey of analysts by FactSet Research.

The company said term life insurance sales jumped 68% vs. a year ago, while individual long-term care insurance sales rose 36%.

The stock opened at $13.36 and was trading within the range of $12.55-$13.49.

The PMI Group, Inc. (NYSE:PMI) plunged 18.98% to $3.33. The company reported a third-quarter loss of $281.1 million, or $1.74 a share, versus a loss of $93.2 million, or $1.13 a share, in the year-ago period.

Analysts polled by Thomson Reuters had forecast a net loss of 59 cents a share, on average. New insurance written rose to $2 billion from $1.2 billion in the third quarter of 2009, PMI said.

The stock went up more than 32% year-to-date.

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Tech Stocks to Watch (Sprint, SYMC, TER)

Friday, October 29th, 2010

Sprint Nextel Corporation (NYSE:S) dropped 2.56% to $4.19. Yesterday, the company reported a wider third-quarter loss on 1.4% higher revenue. The losses were $911 million, or 30 cents a share, against $478 million, or 17 cents, in the year-earlier quarter. Revenue reached $8.15 billion from $8.04 billion.

This morning, the stock was downgraded to Sector Performer from Outperform with a price target of $5 target by RBC Capital.

The stock went up more than 10% year-to-date.

Symantec Corporation (NASDAQ:SYMC) jumped 4.11% to $16.45. Yesterday, the company said net income for the period ended Oct. 1 fell to $136 million, or 17 cents a share, compared with $155 million or 19 cents a share in the same period last year. Revenue rose marginally to $1.48 billion from $1.47 billion. Excluding one-time items, Symantec said earnings were 34 cents a share.

Analysts polled by FactSet Research had expected Symantec to report earnings excluding items of 28 cents a share, and $1.46 billion in revenue.

FBR Capital maintained a ‘Market Perform’ rating on Symantec Corporation and raised its price target on the stock to $16.

Teradyne, Inc. (NYSE:TER) plunged 7.91% to $10.95. The company said Wednesday its third-quarter net income rose to $147.3 million, or 66 cents a share, from $6.7 million, or 4 cents a share in the same period last year. The comapny said revenue for the period ended Oct. 3 rose to $502.1 million from $262.2 million.

Analysts polled by FactSet Research had expected Teradyne to report earnings of 79 cents a share, and $508 million in revenue.

For its current, fourth quarter, Teradyne said it expects earnings excluding items to be between 21 and 28 cents a share, and revenue to be between $300 million and $325 million.

The stock opened at $10.80 and was trading within the range of $10.71-$11.24.

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Communication Equipment Stocks Higher (MOT, TLAB, ARRS)

Friday, October 29th, 2010

Motorola, Inc. (NYSE:MOT) surged 0.49% to $8.13. The company said Thursday its third-quarter net income rose to $109 million, or 5 cents a share, from $12 million, or a penny a share, in the year-ago period.

Wall Street analysts expected the company to earn 12 cents a share on revenue of $5.66 billion, according to a survey by FactSet Research.

The company expects fourth-quarter earnings of 14 cents a share to 16 cents a share, compared to the Wall Street target of 15 cents a share.

Tellabs, Inc. (NASDAQ:TLAB) rose 0.89% and closed at $6.81. This week, the company said that its quarterly profit rose to $59 million from $28 million a year earlier. Earnings per share, excluding intangible asset amortization but including stock option expenses, was 16 cents compared to the market’s forecast of 14 cents, according to Thomson Reuters.

The stock opened at $145 and was trading within the range of $5.36-$9.45.

Arris Group, Inc. (NASDAQ:ARRS) added 0.85% to $9.47. This week, the company posted a 35 percent drop in preliminary third-quarter net income at $14 million, or 11 cents a share.

Revenue declined modestly to $274.3 million. Analysts were looking for revenue of $278.3 5 million, according to Thomson Reuters.

For the fourth quarter, the company forecast an adjusted profit of 14-18 cents a share, on revenue of $250-$275 million, compared with analysts’ estimates of 19 cents a share in profit and $283.4 million revenue.

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