Ford (NYSE: F) and General Motors (NYSE: GM) are among the many car companies to report January sales today, with estimates calling for declines of possibly over 40%. SanDisk (NASDAQ: SNDK) posted a huge fourth-quarter net loss of $1.9 billion Monday after the close. While some of the loss was attributed to a $2 billion one-time charge, weak consumer spending and pricing pressures in the memory chip market also took their toll. Sandisk's adjusted net loss was $1.65 a share; Revenue was $863.9 million, down from $1.25 billion last year. Analysts had expected a net loss of 60 cents a share, on revenue of $766.7 million, according to Thomson Reuters. SNDK shares sank over 20% in premarket trading.
Dow Chemical (NYSE: DOW) swung to a $1.55 billion loss in the fourth quarter and said low demand will continue. Excluding items, it lost 62 cents a share. Sales fell 23% to $10.9 billion. Analysts polled by FactSet expected a profit of 15 cents a share. Dow shares declined fell nearly 5% in premarket trade.
BP (NYSE: BP) joined other some oil companies when it reported this morning it managed a multi-billion dollar fourth-quarter loss of $3.3 billion as a result of lower oil-prices that also eroded the value of inventories it has yet to sell. Analysts were looking for an adjusted profit of $3 billion. BP expects higher tax rate for 2009. BP shares dropped 3.4% in premarket trading.
Vodafone Group (NYSE: VOD) posted d a 14% increase in third-quarter sales this morning and upped its revenue guidance due to the weakness of the British pound. VOD shares advanced over 5% in preamarket trading.
Merck (NYSE: MRK) reported quarterly earnings, posting a profit of 87 cents per share (excluding items) compared to a loss of 75 cents per share the previous year, and 13 cents better than estimates. Shares of the Dow component gained more than 4% in premarket trading.
Motorola (NYSE: MOT) reported quarterly earnings this morning, posting a fourth-quarter loss of $3.6 billion, or $1.57 a share, compared with a profit of $100 million, or 4 cents, a year earlier. Sales fell 26% to $7.1 billion, missing the $7.2 billion average of estimates compiled by Bloomberg. Motorola also suspended its dividend and forecast a first-quarter loss that exceeded analysts' estimates. MOT shares dropped about 8.6% in premarket trading.
Macy's (NYSE: M) said Monday it would cut 7,000 jobs and slash its dividend by 62%. M shares dropped around 2.2% in premarket trading.
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Reader Comments (Page 1 of 1)
9-30-2009 @ 1:41PM
payday18 said...
exxon is offering a 15 cents a gallon discount when you purchase gasoline with there credit card. i applied for their credit card and got turned down reason they say i owe to much.by the way i have one of the highest credit scores never been late always paid my bills on time. i asked them to only give me the minimum credit they refused then it hit me they cant make money on me because i will pay my bill on time so that is probably the reason i am being turned down. or could it be that the exxon station is discounting there gasoline allready.