Ford Motor Co. (NYSE: F) posted a loss of $5.9 billion, or $2.46 per share, in the fourth quarter, but it said that it still has no plans to seek federal aid unless economic conditions worsen. Ford burned through $5.5 billion in cash during the quarter. Excluding one-time items, Ford lost $1.37 per share, below estimates of a loss of $1.30 per share. Revenue fell to $29.2 billion, down from $45.5 billion for the fourth quarter of 2007. Ford's shares are gaining nearly 2.5% in premarket trading. Fifteen minutes after the open, Ford shares were 2.2% lower.Starbucks (NASDAQ: SBUX) reported worse-than-expected quarterly results late Wednesday after the close, as its quarterly profit dropped 69%. It also also announced 6,700 more job cuts and plans to close 300 stores. As the company has been hurt by tighter consumer spending, it said it will not provide any sales or earnings guidance. SBUX shares are defclining over 4% in premarket trading. Fifteen minutes after the open, SBUX shares were flattish.
3M Co. (NYSE: MMM) posted a fourth-quarter profit drop of 37%, hurt by lower sales across most of its businesses. It also cut its forecast for sales and profit in 2009. Still, it beat estimates as it earned $536 million, or 77 cents per share, in the latest quarter. Excluding items, 3M earned 97 cents per share, beating the 93 cents per share estimate. Revenue fell 11.2% to $5.51 billion. Fifteen minutes after the open, MMM shares were 2.2% higher.
Eli Lilly & Co. (NYSE: LLY) swung to a loss in the fourth quarter after buying cancer-drug maker ImClone Systems Inc. Lilly lost $3.63 billion, or $3.31 per share in the quarter. Excluding one-time items, Lilly earned $1.07 per share, beating estimates of $1.05 per share. And while its sales edged up to $5.21 billion from $5.19 billion, they came in below analyst estimates of $5.42 billion. Lilly also reaffirmed its earnings expectation for 2009. Fifteen minutes after the open, LLY shares were 1.7% lower.
Altria Group Inc. (NYSE: MO) seems to have fared a little better during these economic troubling times as its fourth-quarter profit rose on higher prices for cigarettes including the top-selling Marlboro brand. Earnings per share from continuing operations increased to 37 cents from 35 cents a year earlier, inline with analyst estimates. Sales rose 2.8% to $4.65 billion in the quarter. Altria gave 2009 guidance roughly inline with estimates. Fifteen minutes after the open, MO shares were 1% higher.
Qualcomm Inc. (NASDAQ: QCOM) also disappointed investors and could add some pressure on tech stocks. QCOM shares are dropping 6.8% in premarket trading. Fifteen minutes after the open, QCOM shares were 7.7% lower. Similarly, Allstate (NYSE: ALL) also reported dismal results. ALL shares are sinking nearly 16% in premarket trading. Fifteen minutes after the open, ALL shares sank 19.8%.
Amazon.com (NADSAQ: AMZN) should report after the close today and is estimated to report a profit of 39 cents a share in the fourth quarter, according to analysts surveyed by Thomson Reuters.
Wells Fargo & Co. (NYSE: WFC) wrote off $294 million because customers who had money with Bernard Madoffcouldn't repay loans. WFC shares are declining over 4% in premarket trading. Fifteen minutes after the open, WFC shares traded over 5% lower.
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Reader Comments (Page 1 of 1)
2-19-2009 @ 11:02PM
jrtvett said...
Allstate will continue to decline in value. The reserves the company has to keep separate, to pay claims...will soon show a devaluation. The thing so many miss about Banks and Insurance companies...is where, and in what are they invested, that they count up as value, easily converted to cash ? They will carry most investments at a stated value...not reflecting Actual...todays cash eqivalent. AIG faces the same problem ahead. That's why I say ...watch out...it will get worse.