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Allstate Sells Off on Weak Q4 Results

Michael Fowlkes — Wed, 09 Feb 2011 18:00:00 EST

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.

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Allstate Sells Off on Weak Q4 Results originally appeared on BloggingStocks on Wed, 09 Feb 2011 18:00:00 EST. Please see our terms for use of feeds.

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IBM Tops Estimates But Revenues Fall Short

Michael Fowlkes — Mon, 19 Jul 2010 18:30:00 EST

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.

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IBM Tops Estimates But Revenues Fall Short originally appeared on BloggingStocks on Mon, 19 Jul 2010 18:30:00 EST. Please see our terms for use of feeds.

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Jobless Claims Further Sour Street's Mood

Mark Fightmaster — Thu, 17 Dec 2009 09:30:00 EST

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.

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Jobless Claims Further Sour Street's Mood originally appeared on BloggingStocks on Thu, 17 Dec 2009 09:30:00 EST. Please see our terms for use of feeds.

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Mosaic reports lower than expected first quarter earnings

Michael Fowlkes — Mon, 05 Oct 2009 17:20:00 EST

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.

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Mosaic reports lower than expected first quarter earnings originally appeared on BloggingStocks on Mon, 05 Oct 2009 17:20:00 EST. Please see our terms for use of feeds.

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Accenture falls on weak fourth quarter earnings

Michael Fowlkes — Thu, 01 Oct 2009 18:20:00 EST

Filed under: Earnings Reports, Forecasts, Bad News, Press Releases, Market Matters, Recession, Financial Crisis

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.

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Accenture falls on weak fourth quarter earnings originally appeared on BloggingStocks on Thu, 01 Oct 2009 18:20:00 EST. Please see our terms for use of feeds.

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KB Home narrows loss but misses estimates

Michael Fowlkes — Fri, 25 Sep 2009 11:30:00 EST

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.

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KB Home narrows loss but misses estimates originally appeared on BloggingStocks on Fri, 25 Sep 2009 11:30:00 EST. Please see our terms for use of feeds.

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Amazon sells off sharply on second quarter numbers

Michael Fowlkes — Thu, 23 Jul 2009 18:00:00 EST

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.

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Amazon sells off sharply on second quarter numbers originally appeared on BloggingStocks on Thu, 23 Jul 2009 18:00:00 EST. Please see our terms for use of feeds.

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15 states now have more than 10% unemployment

Michael Fowlkes — Fri, 17 Jul 2009 17:00:00 EST

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%.

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15 states now have more than 10% unemployment originally appeared on BloggingStocks on Fri, 17 Jul 2009 17:00:00 EST. Please see our terms for use of feeds.

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Washington Post (WPO) misses the mark

Michael Fowlkes — Wed, 25 Feb 2009 11:20:00 EST

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.

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Washington Post (WPO) misses the mark originally appeared on BloggingStocks on Wed, 25 Feb 2009 11:20:00 EST. Please see our terms for use of feeds.

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Goodyear Tire (GT) loses air on earnings

Michael Fowlkes — Wed, 18 Feb 2009 12:15:00 EST

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.

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Goodyear Tire (GT) loses air on earnings originally appeared on BloggingStocks on Wed, 18 Feb 2009 12:15:00 EST. Please see our terms for use of feeds.

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Masco (MAS) misses estimates and announces dividend cut

Michael Fowlkes — Thu, 12 Feb 2009 08:18:00 EST

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.

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Masco (MAS) misses estimates and announces dividend cut originally appeared on BloggingStocks on Thu, 12 Feb 2009 08:18:00 EST. Please see our terms for use of feeds.

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Nvidia (NVDA) earnings disappoint

Michael Fowlkes — Tue, 10 Feb 2009 18:34:00 EST

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

Nvidia (NVDA) earnings disappoint originally appeared on BloggingStocks on Tue, 10 Feb 2009 18:34:00 EST. Please see our terms for use of feeds.

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Procter & Gamble (PG) falls on earnings forecast

Michael Fowlkes — Fri, 30 Jan 2009 11:50:00 EST

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.

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Procter & Gamble (PG) falls on earnings forecast originally appeared on BloggingStocks on Fri, 30 Jan 2009 11:50:00 EST. Please see our terms for use of feeds.

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Intel sells off following Q4 revenue guidance

Michael Fowlkes — Wed, 07 Jan 2009 17:00:00 EST

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.

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Intel sells off following Q4 revenue guidance originally appeared on BloggingStocks on Wed, 07 Jan 2009 17:00:00 EST. Please see our terms for use of feeds.

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Wachovia (WB) talks the talk

Todd Harrison — Wed, 22 Oct 2008 13:05:00 EST

Filed under: Analyst Reports, Bad News, Wachovia Corp (WB)

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.

Wachovia (WB) talks the talk originally appeared on BloggingStocks on Wed, 22 Oct 2008 13:05:00 EST. Please see our terms for use of feeds.

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Alcoa (AA) to open lower following weak earnings

Michael Fowlkes — Wed, 08 Oct 2008 08:45:00 EST

Filed under: Before the Bell, Earnings Reports, Bad News, Competitive Strategy, Alcoa Inc (AA), Commodities

The current earnings season officially got under way last night as Alcoa (NYSE: AA), the first DOW stock to report, released its third quarter numbers, and the results were not too pretty.

Going into last night's earnings release, analysts had been expecting Alcoa to earn 53 cents per share in its third quarter, but the company reported much lower actual numbers -- 33 cents per share for the quarter, or $268 million. Weak demand, coupled with falling aluminum prices were the main culprits during the quarter.

During the same period last year, the company showed earnings of 63 cents per share, or $555 million.

Since hitting an all time high in July, aluminum prices have been pulling back sharply over the past few months, and have dipped around 32% from the highs set over the summer.

The company also announced that it would be trying to preserve its cash by suspending its stock buyback plan. Previously, the company had approved a 25% buyback of its outstanding stock, and had already purchased 12%, but will stop the buying for the time being.

Shares of the company are trading down a little over 3% this morning in the premarket.

Michael Fowlkes has worked as a stock trader for seven years and spent the last four years working as an analyst for the online investment advisory service Investor's Observer.

Alcoa (AA) to open lower following weak earnings originally appeared on BloggingStocks on Wed, 08 Oct 2008 08:45:00 EST. Please see our terms for use of feeds.

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Ford (F) sales plummet in September

Michael Fowlkes — Wed, 01 Oct 2008 15:46:00 EST

Filed under: Bad News, Products and Services, Consumer Experience, Competitive Strategy, Ford Motor (F), General Motors (GM), Toyota Motor Corp. (TM), Economic Data, Recession, Financial Crisis

September proved to be yet another tough month for American auto maker Ford Motor Company (NYSE: F) as the company saw its U.S. sales drop by a massive 34% during the month.

The company noted that we are in the middle of an "atmosphere of caution" as the troubled economic environment, and tightening credit conditions are still taking their tolls on the automotive industry.

We will hear more troubling news later today as more auto makers release their September numbers, and analysts are expecting to hear more of the same from the other major names in the industry. Fellow Detroit auto maker General Motors Corporation (NYSE: GM) is expected to announce sales dropping around 27%, while Japanese maker Toyota Motor Corporation (NYSE: TM) is expected to show a sales decline of around 17%.

Today's news from the major names should really come as no surprise, since we have been hearing much of the same through most of the year. Through August, nationwide sales of vehicles was down 11.2%.

As consumers continue to express their concerns over the overall economy it is going to continue to be tough for car dealers to get shoppers into their showrooms. Bigger incentives should help a little, but until consumers start to turn more positive on the overall economy, it is going to be tougher and tougher to sell them new cars.

Michael Fowlkes has worked as a stock trader for seven years and spent the last four years working as an analyst for the online investment advisory service Investor's Observer.

Ford (F) sales plummet in September originally appeared on BloggingStocks on Wed, 01 Oct 2008 15:46:00 EST. Please see our terms for use of feeds.

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Slowing economy hits Office Depot (ODP) hard

Michael Fowlkes — Tue, 08 Jul 2008 09:43:00 EST

Filed under: Before the Bell, Major Movement, Earnings Reports, Forecasts, Bad News, Office Depot (ODP), Recession

Look for shares of Office Depot (NYSE: ODP) to take a beating today after the office supplies retailer shocked Wall Street by predicting a huge drop in its second quarter same-stores sales.

Office Depot is going to announce its second quarter numbers later this month, and investors got a better picture of just what to expect this morning after the company stated that it is now forecasting a 10% drop in its same-store sales for the quarter, citing the slowing American economy as the main reason.

The company also warned it expects the remainder of the year to remain difficult. While the retailer believes that sales trends should improve slightly, it is remaining pessimistic. Margins for the quarter, it says, have declined by about 200 basis points than what it had previously anticipated. Even before today's revision, the company had estimated about 200 to 250 basis point decline in its margins. Looking at the rest of the year, the company thinks that its margins should increase sequentially in both Q3 and Q4.

Continue reading Slowing economy hits Office Depot (ODP) hard

Slowing economy hits Office Depot (ODP) hard originally appeared on BloggingStocks on Tue, 08 Jul 2008 09:43:00 EST. Please see our terms for use of feeds.

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Kroger (KR) issues a beef recall following reports of E. coli

Michael Fowlkes — Thu, 26 Jun 2008 15:50:00 EST

Filed under: Bad News, Products and Services, Competitive Strategy, Kroger Co (KR)

If you are a Kroger (NYSE: KR) shopper and you think that you may have picked up some beef from the grocer recently, you may want to take a closer look at it, as reports of E. coli have prompted a recall from the grocery chain.

The recall involves beef products that were purchased between May 21 and June 8 in Michigan, and parts of the Ohio market. Kroger was forced to take this action following reports that there had been E. coli illnesses linked to beef sold in Kroger stores in the two locations.

So far, it looks as though there have been 19 reported cases in Michigan, and another 15 cases reported in the state of Ohio that can be linked back to the Kroger beef. The meat in question has been traced back to a Kroger store in Gahanna, a town in central Ohio. It does not look as though any stores in Michigan have definitely been linked to the tainted meat, but since there are reported cases of the disease in the area, you should definitely return any beef that you purchased from Kroger during the time frame in question.

Continue reading Kroger (KR) issues a beef recall following reports of E. coli

Kroger (KR) issues a beef recall following reports of E. coli originally appeared on BloggingStocks on Thu, 26 Jun 2008 15:50:00 EST. Please see our terms for use of feeds.

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More troubles for Circuit City (CC) during the first quarter

Michael Fowlkes — Thu, 19 Jun 2008 15:00:00 EST

Filed under: Major Movement, Earnings Reports, Forecasts, Bad News, Management, Competitive Strategy, Best Buy (BBY), Circuit City Stores (CC)

It is safe to say that the past couple of years have been tough on shareholders of Circuit City (NYSE: CC), and today is no different as the company posted a large loss for its fiscal first quarter. Shares of the electronics retailer are down 7.5% after the company posted a loss of $1 a share for its most recent quarter.

The company stated that the main reason for its poor performance last quarter was weak sales performance in the company's established stores. This really should not come as a big surprise to us since we have been well aware of the company's faltering sales over the past couple of years. On the whole, same-store sales dropped by 11.3%, and continues to affirm the belief that Circuit City definitely has its work cut out for it if it ever wants to start regaining its lost market share.

The total loss on the quarter totaled $164.8 million, about triple the $54.6 million loss it recorded for the same period last year. I wish I could say that things are looking brighter down the road but that is just not the case, as the retailer is expected to post another large loss for its second quarter. Analysts had been expecting to see a loss of $143.4 million for the current quarter, but the company issued weaker guidance, stating that it expects to see a loss of somewhere between $170 and $185 million.

Continue reading More troubles for Circuit City (CC) during the first quarter

More troubles for Circuit City (CC) during the first quarter originally appeared on BloggingStocks on Thu, 19 Jun 2008 15:00:00 EST. Please see our terms for use of feeds.

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