Wal-Mart Store Inc. (NYSE: WMT) November same-store sales were expected to
Costco Wholesale Corp (NASDAQ: COST) reported that November same-store sales fell 5%.
Limited Brands Inc. (NYSE: LTD) reported November same-store sales fell 12%.
Toll Brothers (NYSE: TOL) reported a loss of nearly $80 million, or 49 cents per share, including about $175 million in pre-tax writedowns. Without the charges, the company reported a profit of 23 cents per share. Revenue fell to $698.9 million from $1.17 billion a year ago. TOL beat analyst estimates of 46 cents per share on revenue of $681.4 million, according to Thomson Reuters. TOL decline to issue guidance for next year. As of 11:47, TOL shares were 9.5% higher.
Merck & Co. (NYSE: MRK) issued guidance, saying net income in 2009 may miss analysts' expectations as the drug maker trying to make up for falling sales of its top-selling cholesterol pills with cost cuts, including job reduction. Merck made no change in its forecast for 2008 earnings. MRK shares traded 3.6% lower in premarket (8:14 am). Shares of MRK traded down 3.6% by 11:47.
Credit Suisse (NYSE: CS) announced it will cut 5,300 jobs and scrap bonuses for its top executives after posting a loss of around $2.5 billion for the first two months of the fourth quarter. CS shares were 2.2% higher in premarket (8:14 am). As of 11:48, CS shares were 6.6% higher.
Nokia Corp. (NYSE: NOK) cut its outlook for fourth-quarter sales in the handset industry as the slowdown had "continued more rapidly" since the middle of last month. NOK shares were 3.5% higher in premarket trade (8:17 am). As of 11:49, NOK shares were 5.3% higher.
Philips Electronics (NYSE: PHG) said that due to worsening conditions it wouldn't meet its 2010 goal of doubling operating profit and expects additional charges and write downs of euro1.2 billion ($1.51 billion) in the fourth quarter. PHG shares traded 6.3% lower in premarket (8:16 am). PHG shares were 2.4% lower by 11:49 am.
Adobe Systems (NASDAQ: ADBE) on Wednesday lowered is revenue outlook and said current quarter revenue would also fall short of estimates. It also announced it will eliminate 600 jobs due to the weak economy. ADBE shares traded 6.8% lower in premarket (8:06 am). ADBE shares were 5.5% lower by 11:50 am.
Capital One Financial (NYSE: COF) will buy Chevy Chase Bank for $520 million, according to The Wall Street Journal. COF shares were 5% lower in premarket trade (8:17 am).
Citigroup (NYSE: C), which may have had an interest in Chevy Chase Bank, is now saying top executives, as well as senior adviser Robert Rubin, are ready to waive their bonuses this year, according to the Financial Times.
International Business Machines Corp. (NYSE: IBM) says it has created a "Microsoft-free" virtual desktop. Microsoft Corp (NASDAQ: MSFT) cannot be happy about this. Both companies' shares were down more than a percent by midday trading.
More job cuts:
AT&T Inc. (NYSE: T) is cutting 12,000 jobs. T shares are trading 2.7% lower in premarket (8:22 am). T shares were 1.9% lower by 11:51 am.
DuPont (NYSE: DD) says it will cut 2,500 jobs and trim 4,000 contractors. DD shares are down 7.2% in premarket trade (8:17 am). Shares of DD were flattish by midday.
Analyst calls:
Amazon.com, Inc. (NASDAQ: AMZN) shares soared over 10% by midday trading after Barclays upgraded the stock from Equal Weight to Overweight.
Applied Materials (NASDAQ: AMAT) shares also climbed 5.6% by midday trading following an upgarde from Citigroup from Hold to Buy.
U.S. Justice Department turns an eye on the telecoms
Serious Money: Three stocks that beat the market
Closing Bell: The wishy-washy return to Q3 (AA, DDUP, EMC, DNDN, CVX, FSLR, GS)
