Yahoo (NASDAQ: YHOO) may be naming a new CEO as soon as next week, according to The Wall Street Journal. Ex-Autodesk CEO Carol Bartz is the leading candidate. YHOO shares traded 3.7% higher in premarket action.
KB Home (NYSE: KBH) reported total revenues for the fourth quarter ended November 30, 2008 were $919.0 million, down from $2.07 billion for the year-earlier quarter, and a net loss of $307.3 million, or $3.96 per diluted share. Analysts had expected a fourth-quarter loss -- excluding any charges -- of $1.23 a share. KBH shares were nearly 3% higher in premarket trade.
Best Buy (NYSE: BBY) reported December revenue of $7.5 billion, 4% growth coming mostly from international operations. Same-store sales declined of 6.5%. It said, however, it continued to gain market share.
Coach (NYSE: COH) also warned Thursday that quarterly earnings may fall on slower traffic and sales, especially during the dismal holiday shopping season that led to a 13% drop in comparable store sales during the quarter. It now expects to earn 67 cents per share, 10 cents lower than a previous estimate. Liz Dunn of Thomas Weisel Partners dropped Coach's price target to $30 from $34. COH shares were 5.7% lower in premarket trade.
Job cuts:
- Schlumberger Ltd. (NYSE: SLB) plans to lay off about 1,000 workers in North America, or about 5% of its workforce in the region.
- Halliburton Corp. (NYSE: HAL) will also be eliminating jobs but no details are available yet.
Satyam Computer Services (NYSE: SAY) continued its plunge in Mumbai. Investors are dumping the stock after the scandal regarding its CEO cooking the books was made public. The Indian software giant may be strapped for cash and some clients are reviewing contracts. In the U.S., SAY shares have been halted since Wednesday.
Closing Bell: When We All Love the PIIGS (NBG, SQNM, PG, ERTS, KO)
Serious Money: Cheapest Stocks List Shrinks from 26 to 21
Chasing Value: Hasbro Earnings Makes My Point
