WWW - Posts tagged Economic struggles at BloggingStocks

economic struggles posts

MBIA reports a Q4 loss thanks to mortgage problems

Posted Mar 3rd 2009 11:00AM by Mark Fightmaster (RSS feed)
Filed under: Earnings Reports, MBIA Inc (MBI)

After the closing bell sounded yesterday afternoon, MBIA (NYSE: MBI) stepped into the spotlight to report fourth-quarter earnings. The struggling banking firm saw its fourth-quarter loss shrink to $1.2 billion, or $5.30 per share from last year's fourth-quarter loss of $18.55 per share.

This quarter's loss came courtesy of a $1.7-billion and a $532-million loss on insured derivatives. Both of these losses were logged pre-tax. The company's CEO Jay Brown blamed the rough 18-month period on the "worst credit crisis since the Great Depression." Last year was a rough year for MBIA, as the weak housing market lead to many homebuyers and homeowners defaulting on or lagging in their mortgage payments leading to a major problem for MBIA, which insures mortgage bonds. The problem for the banking firm is that the mortgage turmoil is expected to continue.

Continue reading MBIA reports a Q4 loss thanks to mortgage problems

First Solar (FSLR) reports stronger-than-expected earnings; shares tank

Posted Feb 25th 2009 9:00AM by Mark Fightmaster (RSS feed)
Filed under: Major Movement, Earnings Reports

Yesterday, solar firm First Solar (NASDAQ: FSLR) announced that its fourth-quarter profit more-than doubled in the face of declining demand for its products. Arizona-based FSLR raked in $1.61 per share in the fourth quarter, up from 77 cents per share a year earlier. The Street expected earnings of $1.30 per share.

Fourth-quarter sales increased to $433.7 million, far better than the expected $410.4 million. Full-year sales totaled $348.3 million, with earnings checking in at $4.24 per share.

Continue reading First Solar (FSLR) reports stronger-than-expected earnings; shares tank