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Bad News posts

Allstate Sells Off on Weak Q4 Results

Posted Feb 9th 2011 6:00PM by Michael Fowlkes (RSS feed)
Filed under: Major Movement, Earnings Reports, Bad News, Allstate Corp (ALL), Small Business

Shares of insurance giant The Allstate Corporation (ALL) are trading sharply lower in after hours trading after the company reported weaker than expected Q4 results this afternoon.

Going into this afternoon's earnings report, analysts had been expecting to see the company report earnings of $0.88, but actual results came in much lower than expected at just $0.55 per share.

Continue reading Allstate Sells Off on Weak Q4 Results

IBM Tops Estimates But Revenues Fall Short

Posted Jul 19th 2010 6:30PM by Michael Fowlkes (RSS feed)
Filed under: After the Bell, Major Movement, International Markets, Earnings Reports, Bad News, Market Matters, International Business Machines (IBM), Technology

Shares of tech giant International Business Machines Corp. (IBM) are selling off in after hours trading today after the company posted lower than expected revenues for its second quarter.

Analysts had been expecting to see the company show revenues of $24.17 billion during the quarter, but actual revenues were a bit lower at $23.7 billion.

Continue reading IBM Tops Estimates But Revenues Fall Short

Jobless Claims Further Sour Street's Mood

Posted Dec 17th 2009 9:30AM by Mark Fightmaster (RSS feed)
Filed under: Before the Bell, Bad News, Economic Data

What started as a rough morning have become even rougher after the weekly release of jobless claims. Initial jobless claims unexpectedly increased by 7,000 in the past week to total 480,000, reversing the recent trend. While the dollar remained higher, both crude oil and treasuries reacted negatively to the news.

The consensus called for a drop to 465,000 initial claims in the past week. The number of claims in the prior week was revised down to 473,000 from the originally reported 474,000. The four-week average for jobless claims dropped, marking a 15th straight week.

Continue reading Jobless Claims Further Sour Street's Mood

Mosaic reports lower than expected first quarter earnings

Posted Oct 5th 2009 5:20PM by Michael Fowlkes (RSS feed)
Filed under: Earnings Reports, Bad News, Market Matters, Agriculture

Agricultural manufacturer Mosaic Co. (NYSE: MOS) is trading slightly lower in after hours trading this afternoon after the company posted lower than expected earnings for its fiscal first quarter.

Going into this afternoon's release, analysts had been expecting to see the company show earnings of 35 cents per share, but the company came in well below this estimate, with actual earnings of just 23 cents per share. During the same period last year the company had earnings of $2.65 per share.

Continue reading Mosaic reports lower than expected first quarter earnings

Accenture falls on weak fourth quarter earnings

Posted Oct 1st 2009 6:20PM by Michael Fowlkes (RSS feed)
Filed under: Earnings Reports, Forecasts, Bad News, Press Releases, Market Matters, Recession, Financial Crisis

Accenture Fourth Quarter Earnings Release

Shares of Accenture (NYSE: ACN) are trading in the red in after hours trading today following the company's fiscal fourth quarter earnings release and a weaker than expected first quarter forecast.

For the quarter, the company reported that it had earnings of 39 cents per share. Excluding a previously disclosed restructuring charge, earnings were in line with analyst estimates for 63 cents per share for the quarter.

Continue reading Accenture falls on weak fourth quarter earnings

KB Home narrows loss but misses estimates

Posted Sep 25th 2009 11:30AM by Michael Fowlkes (RSS feed)
Filed under: Earnings Reports, KB HOME (KBH), Housing, Recession

Shares of California-based homebuilder KB Home (NYSE: KBH) sold off Friday morning after the company failed to meet analyst estimates for its third quarter.

As we noted in our earnings preview, analysts were expecting to see the company show a loss of 56 cents per share for its third quarter, but the company failed to hit that number, posting an actual loss of a much worse 87 cents per share.

Continue reading KB Home narrows loss but misses estimates

Amazon sells off sharply on second quarter numbers

Posted Jul 23rd 2009 6:00PM by Michael Fowlkes (RSS feed)
Filed under: After the Bell, Major Movement, Earnings Reports, Forecasts, Bad News, Amazon.com (AMZN), Market Matters, Recession

Shares of e-commerce giant Amazon.com, Inc. (NASDAQ: AMZN) are selling off sharply this afternoon after disappointing Wall Street with its second quarter numbers.

This afternoon's results shows the company posting a 10% drop in quarterly net profit, as the company was hit by an unfavorable foreign currency translation and legal expenses related to its recent $51 million Toys R Us settlement.

Continue reading Amazon sells off sharply on second quarter numbers

15 states now have more than 10% unemployment

Posted Jul 17th 2009 5:00PM by Michael Fowlkes (RSS feed)
Filed under: Forecasts, Bad News, Employees, Market Matters, Money and Finance Today, Housing, Recession, Financial Crisis

According to a report today from the Labor Department, 15 states now have unemployment rates above 10%.

The most recent states to see unemployment above 10% are the southern states of Georgia and Alabama. The worst hit state remains Michigan, where the collapse of America's auto industry is having its biggest impact on jobs. Unemployment in Michigan is now sitting at 15.2%.

Continue reading 15 states now have more than 10% unemployment

Washington Post (WPO) misses the mark

Posted Feb 25th 2009 11:20AM by Michael Fowlkes (RSS feed)
Filed under: Earnings Reports, Bad News, Products and Services, Newspapers, Competitive Strategy, Marketing and Advertising, Recession

Shares of the Washington Post Company (NYSE: WPO) are trading in the red this morning after the company reported that its fourth quarter profit dropped by a massive 77%. Net income came in at $2.01 per share, verse $8.71 per share in the same period last year.

As I noted in the earnings preview yesterday, the company's flagship newspaper and its magazine division (Newsweek Magazine) have been hit hard with losses in advertising revenue, and both had a dismal 2008 year. The company's newspaper division lost $14.4 million in the fourth quarter and had a $192.4 million operating loss for the entire 2008 year. Its newspaper division had a slight profit of $10.9 million in the fourth quarter, but on a full year basis it posted a loss of $16.1 million.

Continue reading Washington Post (WPO) misses the mark

Goodyear Tire (GT) loses air on earnings

Posted Feb 18th 2009 12:15PM by Michael Fowlkes (RSS feed)
Filed under: International Markets, Earnings Reports, Bad News, Products and Services, Employees, Goodyear Tire and Rubber (GT), Recession, Financial Crisis

Shares of Akron, Ohio based Goodyear Tire and Rubber (NYSE: GT) are trading in the red this morning after the company reported dismal fourth quarter and full year 2008 earnings this morning.

Going into today's earnings release, analysts had been expecting to see the company show a $1.03 per share loss for its fourth quarter, but the results came in worse than expected, with a quarterly loss down at -$1.37 per share. This compares to a profit during the same period last year of 23 cents per share.

Continue reading Goodyear Tire (GT) loses air on earnings

Masco (MAS) misses estimates and announces dividend cut

Posted Feb 12th 2009 8:18AM by Michael Fowlkes (RSS feed)
Filed under: After the Bell, International Markets, Earnings Reports, Bad News, Products and Services, Housing, Earnings Transcripts, Recession, Financial Crisis

Masco Corp. (NYSE: MAS), which manufactures and installs building materials, announced its fourth quarter numbers Wednesday afternoon, falling short of analyst estimates.

Analysts had expected to see the company show a loss for its fourth quarter of 5 cents, but a tough sales environment pushed the company's loss much wider than expected, with a reported 18-cent loss per share.

Continue reading Masco (MAS) misses estimates and announces dividend cut

Nvidia (NVDA) earnings disappoint

Posted Feb 10th 2009 6:34PM by Michael Fowlkes (RSS feed)
Filed under: After the Bell, Earnings Reports, Technology, Recession, Financial Crisis

Semiconductor Nvidia Corp. (NASDAQ: NVDA) had its turn in the earnings parade this afternoon, and the company put up dismal results that failed to meet analyst expectations.

Going into this afternoon's earnings report, analysts had been expecting to see the company show a loss of $0.09 per share, but the actual EPS for the quarter was a greater loss, one of $0.18 per share.

Continue reading Nvidia (NVDA) earnings disappoint

Procter & Gamble (PG) falls on earnings forecast

Posted Jan 30th 2009 11:50AM by Michael Fowlkes (RSS feed)
Filed under: Before the Bell, Major Movement, Earnings Reports, Forecasts, Bad News, From the Boards, Procter and Gamble (PG), Recession

Consumer products maker Procter & Gamble (NYSE: PG) is falling today after the company announced earnings this morning, and lowered its full year 2009 forecast.

Going into this morning's earnings release, analysts had been expecting to see the company show earnings of $1.58 per share for its fiscal 2009 second quarter. While the company was able to post $1.58 for the quarter, earnings from continuing operations missed, with a reported $0.94 per share, short of analyst estimates for $0.99 a share.

Continue reading Procter & Gamble (PG) falls on earnings forecast

Intel sells off following Q4 revenue guidance

Posted Jan 7th 2009 5:00PM by Michael Fowlkes (RSS feed)
Filed under: Major Movement, International Markets, Forecasts, Bad News, Products and Services, Intel (INTC), Technology, Recession, Financial Crisis

Shares of chip maker Intel Corporation (NASDAQ: INTC) are selling off today after the company announced that fourth quarter revenues were going to be below (wsj subscription required) an already lowered estimate.

The stock is currently down 6.4% on the day to $14.38 and trading near its intraday low of $14.34 following the announcement that the company is expecting to see revenues for its fourth quarter around the $8.2 billion level. At this level, the quarterly revenues would be 20% lower than its previous quarter, and well below its guidance from November that forecast a 12% dip in the quarter.

Today's news is a clear sign of the troubles that the semiconductor industry is dealing with at this time. Typically, the fourth quarter is the strongest quarter, and as recently as October, Intel had forecast that its fourth quarter sales would actually be higher than its third quarter numbers by around 3%. How quickly things can change.

Continue reading Intel sells off following Q4 revenue guidance

Wachovia (WB) talks the talk

Posted Oct 22nd 2008 1:05PM by Todd Harrison (RSS feed)
Filed under: Analyst Reports, Bad News,

Minyanville contributor Minyan Peter dares to share the kind of keen insight and actionable information you won't find in any prospectus. For more original thought, visit www.minyanville.com.

I will make my visit to the soap box this morning very brief. When I read comments like the following from Wachovia (NYSE: WB) this morning, my skin crawls:

"The $18.8 billion in noncash goodwill impairment reflect[s] declining market valuations and the terms of the merger with Wells Fargo; the recognition of the impairment affected the retail and small business, commercial, wealth management and asset management subsegments. The goodwill impairment charge has no impact on Wachovia's tangible capital levels or regulatory capital ratios, because goodwill is deducted when computing those ratios."

Let me put what Wachovia just said in plain language:

'In hindsight, we paid $18.8 billion more than we should have for the businesses we bought. But it doesn't matter. The cash went out the door long ago. And because the regulators were at least smart enough to realize we were overpaying, they didn't let us count the $18.8 billion as capital. So none of this should bother you.'

So when you open your next brokerage statement and your stocks are worth less than they were last month, try expressing your feelings like you are the CEO of a one of the world's largest financial institutions:

"The $10,000 in noncash impairment that I took this month reflects declining market values, but that's okay, at least I didn't have to write a check for $10,000 this month."

Feel better?

I sure do.

Now I will get off my soap box.

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