Sears Holdings Corp. (NASDAQ: SHLD) reported a much wider-than-expected third-quarter loss due to an 8% decline in sales and store closing charges. Excluding the charges, Sears reported a loss of 90 cents per share in the latest period. Analysts had expected, according to Thomson Reuters, a loss of 49 cents per share. The company did announce a $500 million stock buyback. By around 11:42 SHLD shares soared 17.9%.
Goldman Sachs Group Inc. (NYTSE: GS), known so far for being able to mostly dodge most of its rivals' problems, may now, according to industry insiders The Wall Street Journal quotes, report a net loss of as much as $2 billion for its quarter ended Nov. 28 -- its first loss as a public company. Fourth-quarter loss could be as much as $5 a share, five times the current analyst consensus. GS shares trade 1% lower in premarket. By around 11:42 Goldman shares declined 2.2%.
Staples Inc. (NASDAQ: SPLS) reported its third-quarter net income dropped 43%, but adjusted earnings remained flat at 42 cents a share. Sales increased 34%, but adjusted sales fell 3% to $5 billion. Wall Street analysts expected earnings of 41 cents a share and revenue of $6.84 billion, according to a survey by FactSet Research. By around 11:43 am, SPLS shares rose 7.7%.
Beazer Homes USA, Inc. (NYSE: BZH) said its fiscal fourth-quarter losses more than tripled as revenue plunged and its income tax provision ballooned. Revenue fell 35% at the struggling homebuilder and losses from continuing operations totaled $12.32 per share in the latest period. Analysts surveyed by Thomson Reuters expected a loss of $2.10 per share.By around 11:43 am, BZH shares plunged 16%.
JPMorgan Chase & Co. (NYSE: JPM) said Monday it will cut a total of 9,200 jobs at Washington Mutual, which it acquired Sept. 25 after the latter failed amid the ongoing credit crisis. Shares traded 1.9% higher in premarket trade (8:01 am). By around 11:43 am, JPM shares rose 4.9%.
Palm Inc. (NASDAQ: PALM) shares tumbled 11.7% in pre-market trade (7:54 am) after said Monday it expects fiscal second-quarter revenue to come in well below Wall Street's forecast, as demand for its devices weakens. The company also said it would cut jobs and cut operating expenses by $20 million. By around 11:43 am, PALM shares sank 17%.
General Electric Co. (NYSE: GE) shares gained in pre-market trading, as investors waited for the conglomerate to release details of its plans to reorganize its finance arm GE Capital Tuesday morning. By around 11:45 am, GE shares rose 8.5%.
Boeing Co. (NYSE: BA) managed to avoid a second strike as its engineers accepted a four- year contract offer. Shares gained 1.6% in premarket trade (8:02 am). By around 11:45 am, BA shares rose half a percent,
Apple Inc. (NASDAQ: AAPL) recently added a note encouraging Mac users to run anti-virus software. This could mean, some bloggers are saying, that one of the strong selling points of Macs -- PCs get infected, but Macs don't -- may no longer be valid as the user base grows. AAPL shares were 1.3% higher in premarket trade (8:06 am). By around 11:45 am, AAPL shares rose 1.9%.
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