- Wal-Mart Stores Inc. (NYSE: WMT) surprised when it said that December same-store sales rose 1.7% excluding fuel. This was lower than the average estimate of an increase of 2.8% in a survey of analysts by Thomson Reuters. WMT also cut its forecast for fourth-quarter earnings from continuing operations due to higher expenses and lower-than-expected sales at Sam's Club and Wal-Mart International. WMT shares were down over 8% in premarket trading.
- Costco Wholesale Corp. (NASDAQ: COST) reported that for December, same-store sales fell 4%, and total sales fell 2% from the year-earlier month. Comparable sales fell 2% in the U.S. and 11% internationally. This was below analyst estimates of a 3.7% decline. COST shares were down 1.8% in premarket trading.
- Sears Holdings (NASDAQ: SHLD) reported that December domestic same-store sales fell 7.3%, with Kmart sales down 1.1% and Sears domestic sales falling 12.8%. Sears also gave revenue and earnings estimates, higher than what analyst estimated. SHLD shares soared over 10% in premarket trading.
- Williams-Sonoma Inc. (NYSE: WSM) said that comparable sales in the 8 weeks to Dec. 28 fell 24.2%. Total sales declined 22.6%. The company also said fourth-quarter earnings will likely be at the lower end of the range, much lower than the average estimate. WSM shares were 1.7% higher in premarket trading.
- EMC (NYSE: EMC), the data-storage firm, announced 2,400 job cuts, or about 6% of its workforce. EMC also cut the salaries of top executives. Its preliminary results, though, were inline with estimates. EMC shares rose 4.2% in premarket trading.
- Dell (NASDAQ: DELL) said it is closing its main plant in Ireland, cutting 1,900 jobs as it is moving production to Poland. Dell shares were down 1.4% in premarket trading.
- Lenovo Group warned it expects a loss for its latest quarter and said it will lay off 2,500, or 11%, of its workforce worldwide. Shares plunged over 25% in Hong Kong.
Macy's Inc (NYSE: M) is expected to announce as soon as Thursday it will close 10 locations, according to the Wall Street Journal's sources. Like nearly all retailers, Macy's has been hurt by the severe drop in consumer spending and is acting to try and cut costs. M shares were down 3.8% in premarket trading.
Microsoft Corp.'s (NASDAQ: MSFT) is ready to reveal the next version of the Windows operating system, Windows 7, according to CEO Ballmer. Microsoft also disclosed deals to make its Live Search programs the default search engines on more personal computers and mobile phones, as well as a new version of its Ford Sync in-car technology that includes the voice-operated directory service TellMe.
Bed Bath & Beyond Inc. (NASDAQ: BBBY) reported that fiscal third-quarter net income fell 36% to 34 cents a share, from 52 cents a share, in the year-earlier period. Revenue also decreased to $1.78 billion. Analysts had forecast earnings of 35 cents a share on revenue of $1.81 billion. BBBY shares were down 2.2% in premarket trading.
Microsoft Corp.'s (NASDAQ: MSFT) is ready to reveal the next version of the Windows operating system, Windows 7, according to CEO Ballmer. Microsoft also disclosed deals to make its Live Search programs the default search engines on more personal computers and mobile phones, as well as a new version of its Ford Sync in-car technology that includes the voice-operated directory service TellMe.
Bed Bath & Beyond Inc. (NASDAQ: BBBY) reported that fiscal third-quarter net income fell 36% to 34 cents a share, from 52 cents a share, in the year-earlier period. Revenue also decreased to $1.78 billion. Analysts had forecast earnings of 35 cents a share on revenue of $1.81 billion. BBBY shares were down 2.2% in premarket trading.
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Reader Comments (Page 1 of 1)
1-09-2009 @ 2:39PM
adam hartung said...
How could anyone be optimistic about Wal-Mart's current and future eanrings? No innovation for 20 years - and customers aren't loyal to "cheap." Investors cannot expect Wal-Mart to provide future growth when the company has saturated its market and keeps trying to do "more of the same." Read more at http://www.ThePhoenixPrinciple.com