Earnings report
World's No. 2 automaker sees tough year ahead
Associated Press May 8, 08 7:15 AM CDT
(Newser)
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Even Toyota—with its array of popular gas-sipping vehicles—is struggling in a slumping global economy, according to the latest figures. The world’s No. 2 automaker today reported that earnings for the last quarter fell 28% to $3.05 billion from $4.2 billion a year ago, reports the AP. "We are facing a severe business environment," said Toyota's president.
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Earnings Report
Recession, gas prices can't stop entertainment giant's gains
Wall Street Journal May 7, 08 7:26 AM CDT
(Newser)
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Even rising gas prices couldn’t dent Disney’s second-quarter earnings. The company’s theme park earnings climbed 33%, helping push its overall net up 22% from a year ago, reports the Wall Street Journal. Disney also recorded a 61% jump in earnings from its movie arm and a 14% bump from its media networks. Only consumer product earnings declined, about 14%.
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Earnings report
Motorola posts larger-than-expected $194M loss
Bloomberg Apr 24, 08 7:59 AM CDT
(Newser)
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Apple and Nokia chewed away at Motorola’s cellphone market share, pushing the troubled handset maker to a larger first-quarter loss than expected, Bloomberg reports. Moto lost $194 million, or 9 cents a share, and revenues fell 21% to $7.45 billion. The company also issued a bleak forecast for Q2 as handset shipments plunged 40%. Moto plans to spin off its handset unit this year.
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Earnings report
Cost cutting offsets weak sales in US for world's No. 3 automaker
Bloomberg Apr 24, 08 7:28 AM CDT
(Newser)
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Ford today posted an unexpected first-quarter profit of $100 million, Bloomberg reports, the result of cost cutting in North America and strong overseas sales. Analysts had anticipated a loss on the order of last year's first-quarter drain of $282 million. The world’s third-largest automaker said its revenues increased 1.2% to $43.5 billion. It was only the second quarterly profit for the company in the past two years.
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Earnings Preview
Data out tomorrow expected to be in line with analysts' expectations
Wall Street Journal Apr 21, 08 10:50 AM CDT
(Newser)
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All eyes will be on Yahoo's first-quarter earnings report tomorrow; the company hopes to use solid results to pressure Microsoft into sweetening its takeover bid, the Wall Street Journal reports. The report comes just 2 days before Microsoft's own and 4 days before the deadline the latter set for a deal to avoid a hostile takeover. Yahoo is expected to meet modest projections for first-quarter growth.
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Earnings Report
Writedowns pack bigger punch than analysts expected
Bloomberg Apr 21, 08 8:00 AM CDT
(Newser)
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More than $6 billion in subprime writedowns sent Bank of America profits skidding for the third straight quarter today, as the nation's second-largest bank posted a 77% decline in net income for the first quarter. Earnings were $1.21 billion, down from $5.26 billion a year ago, reports Bloomberg. The losses exceeded analysts’ expectations by some 44% and sent market futures into a slide this morning. BofA—in the process of acquiring troubled home lender Countrywide Financial—said revenue slipped 6%.
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US's 10th-largest bank has been decimated by the mortgage crisis
Wall Street Journal Apr 21, 08 7:06 AM CDT
(Newser)
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Battered National City—which has seen shares plummet 78% as it's been overwhelmed by the subprime fiasco—is close to a $6 billion bailout funded by some of its largest shareholders and private equity firm Corsair Capital, reports the Wall Street Journal . The infusion for the Cleveland-based bank would be the third rescue package this month for a struggling bank that offers discounted shares to raise capital.
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Despite missing earnings forecasts, Immelt says he'll stay the course
Wall Street Journal Apr 17, 08 1:23 PM CDT
(Newser)
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General Electric CEO Jeffrey Immelt faced the music yesterday, as his predecessor, Jack Welch, raked him over the coals on his own cable TV network for missing first-quarter earnings forecasts. Immelt admitted GE “let people down” in downgrading its outlook for 2008, the Wall Street Journal reports. But he said he won’t change the direction he’s set for the company, or cave to demand he split it up.
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MARKETS
Limited losses by JPMorgan, Wells Fargo key best jump in two weeks
Wall Street Journal Apr 16, 08 3:42 PM CDT
(Newser)
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Stocks staged a rally today on the strength of profit reports from JP Morgan and Intel. "The bear market is bottoming, and folks are beginning to look beyond the valley of widely known problems to better times ahead," a strategist tells the Wall Street Journal . The Dow ended up 256.80 to 12,619.27, the Nasdaq 64.07 to 2,350.11, and the S&P 30.28 to 1,364.71.
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Earnings Report
Blames credit markets, slowing economy
Wall Street Journal Apr 16, 08 7:18 AM CDT
(Newser)
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JPMorgan Chase, battling $5.1 billion in subprime writeoffs and deteriorating consumer credit, reported first quarter profits fell 50%, reports the Wall Street Journal. CEO Jamie Dimon warned the outlook for the remainder of 2008 was likely as grim. Morgan—the 3rd-largest US bank—said profits dropped to $2.37 billion, or 68 cents a share, down from $4.79 billion, or $1.34 a year earlier.
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Earnings Report
Profit jumps 9% as chip-maker surprises Wall Street
New York Times Apr 16, 08 6:50 AM CDT
(Newser)
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Global demand for computer chips helped Intel power to a 9% first-quarter revenue gain, beating analysts' estimates and sending a message that while US sales may be slumping, the world’s largest chip maker’s still got game. Intel stock rose 7.7% in after hours trading, the New York Times reports, as the news allayed worries that computer sales are slowing.
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Profits off 28% in first quarter as electronics giant feel pinch
Reuters Apr 14, 08 10:15 AM CDT
(Newser)
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An expanding health-care sector in China couldn’t help Royal Philips Electronics offset poor television and video sales in North America, as the world’s leading lighting company reported core profits fell 28% in the first quarter, Reuters reports today. The company said it expects the global economic slowdown will continue to hurt its consumer-electronics sales.
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But analysts say Avastin sales slowing
Wall Street Journal Apr 11, 08 8:28 AM CDT
(Newser)
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Biotech firm Genentech said sales of its blockbuster cancer drug Avastin fueled a first-quarter profit increase of 12%, reports the Wall Street Journal, but the $600 million in sales was below analysts’ projected $622 million, causing some to grumble the drug may have reached a sales plateau. Genentech stock edged up 0.3% in after-hours trading.
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