Before the bell: Another day of gains ahead; data, earnings in the spotlightOffice Depot (NYSE: ODP) said its fiscal fourth-quarter profit slid 85% to $18.8 million, or 7 cents per share as sales fell 3% in North America. Adjusted earnings, though, were 10 cents per share compared with 51 cents per share and still much lower than expectations of 17 cents per share.
CBS Corp. (NYSE: CBS) says its profit fell 14.6% in the fourth quarter to $286.2 million or 42 cents per share, as its revenue slipped 3% to $3.76 billion. Adjusted per-share earnings, however, rose to 54 cents from 53 cents due share repurchases, beating analysts' estimates of 52 cents.
Sirius Satellite Radio (NASDAQ: SIRI) says a surge in subscriber numbers to 8.3 million (2.3 million more than a year ago) and lower costs helped narrow its fourth-quarter loss to $166.2 million, or 11 cents per share, compared with a loss of $245.6 million, or 17 cents per share, a year ago. Analysts had expected 13 cents per share according to Thomson Financials. Revenue grew 29% to $249.8 million. While CEO Karmazin mentioned the merger with rival XM Satellite (NASDAQ: XMSR), there is no decision from the DOJ yet.
Yahoo! (NASDAQ: YHOO) today introduced Yahoo! Buzz, which "measures consumer votes and search patterns to identify interesting and timely stories and videos from large news sources as well as niche blogs around the Web. Top stories are then given primary editorial consideration for feature placement on Yahoo.com." If it's anything like Yahoo! Answers, this could be an interesting service.
Circuit City Stores Inc. (NYSE: CC) received notice that Wattles Capital Management LLC, which has about a 6.5% stake in the company, intends to nominate five directors to the 12-member board.
Siemens AG (NYSE: SI) said Tuesday it will cut 3,800 jobs as it reorganizes its corporate telecom unit. It will also transfer another 3,000 to partners or other units.
Merrill Lynch slashed Goldman Sachs Group Inc. (NYSE: GS)'s first- quarter earnings estimates to $2.31 per share from $3.97 per share, partly because of slumping equity markets.
Merrill Lynch & Co. (NYSE: MER) itself revised certain cash flows in its 2005, 2006 and 2007 earnings, but those errors had no effect on its overall full-year financial results, according to a regulatory filing.
MasterCard Inc. (NYSE: MA) was upgraded by Credit Suisse from Underperform to Neutral, and the target upped from $180 to $215.
FORTUNE thinks that perhaps overseas sales could revive Apple (NASDAQ: AAPL).
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