Earnings from continuing operations were 77 cents per share, beating estimates by a penny. Sales rose more than 7% to $97.6 billion. The discount retailer, however, lowered its full year guidance, mostly citing currency exchange effects. WMT shares were trading lower at the open.
Intel Corp. (NASDAQ: INTC) sharply cut its fourth-quarter sales projection Wednesday to about $9 billion, down from a previous estimate of $10.1 billion to $10.9 billion. Following Cisco Systems Inc. (NASDAQ: CSCO)'s warnings, as well as a few others, that orders dropped significantly during October, this is further indication that technology spending has been grinding to a hlat as the economic slowdown continues. INTC shares were down 4.2% in premarket trading (7:58 am), but were flat an hour into the session.
Citigroup Inc. (NYES: C) -- The board is considering replacing its chairman Sir Win Bischoff, the Wall Street Journal reported, citing people familiar with the matter, but a spokesman denied it. A leading candidate is Richard Parsons, Time Warner Inc. (NYSE: TWX)'s chairman. [Update: 9:30: The WSJ also reported that Citi is in talks to buy U.S. regional lender Chevy Chase Bank FSB, which operates in the mid-Atlantic region. Citi shares are trading 1.7% higher in premarket (7:56 am), but traded 5% lower around 11 a.m.
Siemens (NYSE: SI) on Thursday reported a widening fiscal fourth-quarter loss to 2.47 billion euros ($3.1 billion) and said it would be more difficult to meet its profit target for the current year. Operating profit for its core sectors of industry, energy and healthcare dropped 24% to 1.49 billion euros. Sales rose 7% to 21.65 billion euros as demand from China and Europe offset U.S. weakness. SI shares rising in Germany and traded 4.4% higher in premarket (7:25 am). SI shares are adding 7% to their value during the session.
Intel Corp. (NASDAQ: INTC) sharply cut its fourth-quarter sales projection Wednesday to about $9 billion, down from a previous estimate of $10.1 billion to $10.9 billion. Following Cisco Systems Inc. (NASDAQ: CSCO)'s warnings, as well as a few others, that orders dropped significantly during October, this is further indication that technology spending has been grinding to a hlat as the economic slowdown continues. INTC shares were down 4.2% in premarket trading (7:58 am), but were flat an hour into the session.
Citigroup Inc. (NYES: C) -- The board is considering replacing its chairman Sir Win Bischoff, the Wall Street Journal reported, citing people familiar with the matter, but a spokesman denied it. A leading candidate is Richard Parsons, Time Warner Inc. (NYSE: TWX)'s chairman. [Update: 9:30: The WSJ also reported that Citi is in talks to buy U.S. regional lender Chevy Chase Bank FSB, which operates in the mid-Atlantic region. Citi shares are trading 1.7% higher in premarket (7:56 am), but traded 5% lower around 11 a.m.
Siemens (NYSE: SI) on Thursday reported a widening fiscal fourth-quarter loss to 2.47 billion euros ($3.1 billion) and said it would be more difficult to meet its profit target for the current year. Operating profit for its core sectors of industry, energy and healthcare dropped 24% to 1.49 billion euros. Sales rose 7% to 21.65 billion euros as demand from China and Europe offset U.S. weakness. SI shares rising in Germany and traded 4.4% higher in premarket (7:25 am). SI shares are adding 7% to their value during the session.
Crocs Inc. (NASDAQ: CROX) late Wednesday reported a third-quarter loss of $148 million, or $1.79 a share. Sales fell 32% to $174 million. Crocs warned more losses are coming as it downsizes. This once was a a high-flying stock is now completely out-of-favor. CROX shares are trading 33.7% lower in premarket (8:00 am). CROX shares were down over 50% around 11:00 am to below $1.
Google Inc. (NASDAQ: GOOG) shares on Wednesday dived below $300 for the first time since October 2005 as the shares posted deep declined on three consecutive days, closing down 6.7% Wednesday to close at $291. GOOG shares kept trading lower during the session, down 2% to $285.00 an hour and half after the open.
Applied Materials Inc. (NYSE: AMAT) on Wednesday reported fourth-quarter results, posting a 45% decline in profit to that fell 45% $231 million, or 17 cents a share, on declining sales of $2.04 billion. Excluding one-time items, it would have earned $264 million, or 20 cents a share, beating analysts estimates from surveyed by FactSet Research of 17 cents a share on $1.97 billion in revenue. The company also said it would slash 1,800 jobs in order to cut its costs over the next year. AMAT shares traded 4.3% higher around 11 am.
Analyst calls:
- Banc of America upgraded Las Vegas Sands (NYSE: LVS) from Sell to Neutral. Separately, Sands said will lay off as many as 11,000 workers, 2,000 in Macau with the remainder from Hong Kong, mainland China and other areas. LVS shares are trading some 7% higher during the session.
- Morgan Stanley downgraded JC Penney (NYSE: JCP) from Overweight to Equal-weight. JCP shares are down about 5% during the session.
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Lions Gate Entertainment: Still waiting for cash flow
Reader Comments (Page 1 of 1)
11-13-2008 @ 11:25AM
WIlliams said...
Transportation Division, GE Aircraft Engines: GEAE in negotiations with United
Technologies for spin-off on GEAE major segments to Pratt & Whitney.