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Genzyme's second-quarter profit drops

Wed, 21 Jul 2010 12:56:52 GMT

BOSTON (MarketWach) -- Genzyme Corp. said Wednesday that its second-quarter net income dropped to $23,000, or nil per share, compared to a profit of $187.6 million, or 68 cents a share, in the year-earlier period. Adjusted net income totaled 18 cents a share in the latest period. Revenue declined to $1.08 billion from $1.23 billion. Wall Street analysts expected the company to earn 49 cents a share on revenue of $1.16 billion, according to a survey by FactSet Research. Genzyme said it expects to report adjusted earnings of 40 cents to 50 cents in the third quarter, 90 cents to $1 a share in the fourth quarter and $1.90 to $2 a share for the full year.

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Financials ETF up 2% in premarket on bank results

Wed, 21 Jul 2010 12:56:23 GMT

BOSTON (MarketWatch) -- The Financial Select Sector SPDR Fund rose 2% in premarket action Wednesday following upbeat quarterly results from Morgan Stanley and Wells Fargo & Co. . Shares of Morgan Stanley and Wells Fargo climbed about 4% and 6%, respectively, before the opening bell.

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Applied Materials cuttting up 500 jobs

Wed, 21 Jul 2010 12:55:16 GMT

NEW YORK (MarketWatch) -- Applied Materials Inc. said it plans to cut up to 500 jobs and take a third-quarter charge of $375 million to $425 million, or 18 cents to 21 cents a share, as it pares down its thin film solar manufacturing equipment products, called SunFab. The company said it will focus on crystalline silicon solar equipment and light-emitting diodes. The Santa Clara, Calif., tech giant said the thin film solar equipment market faces delays in utility-scale solar adoption, solar panel manufacturers' challenges in obtaining affordable capital, changes and uncertainty in government renewable energy policies, and competitive pressure from crystalline silicon technologies. The company lowered its adjusted third-quarter earnings target to 10 cents a share to 14 cents a share, from 22 cents a share to 26 cents a share, based on the new charges.

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Eaton lifts dividend 16%

Wed, 21 Jul 2010 12:45:09 GMT

NEW YORK (MarketWatch) -- Eaton Corp. said Wednesday that its board of directors has declared a quarterly dividend of 58 cents ashare. This represents a 16% increase over the previous quarterly dividend of 50 cents a share. The dividend is payable on August 27 to shareholders of record at the close of business on Aug. 9 2010. Eaton has paid dividends on common shares every year since 1923.

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US Airways net income up sharply, sees 2010 profit

Wed, 21 Jul 2010 12:42:15 GMT

NEW YORK (MarketWatch) -- US Airways Group Inc. said Wednesday its second-quarter net income rose to $279 million, $1.41 a share, from $58 million, or 42 cents a share, in the year-ago period. Excluding items, the company earned $1.34 a share, compared to a year-ago loss of 77 cents a share. Revenue rose to $3.17 billion, from $2.66 billion. Wall Street analysts expected net income of $1.15 a share and revenue of $3.14 billion, according to a survey by FactSet Research. Looking forward, the carrier expects to report a profit for the third quarter and full year 2010.

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Del Monte Foods vows to cut sodium by 20%

Wed, 21 Jul 2010 12:40:34 GMT

NEW YORK (MarketWatch) -- Del Monte Foods Co. said Wednesday that it will reduce sodium by 20% across its branded portfolio of vegetable, tomato and broth products that contain added salt by 2015. This initiative will include Del Monte Foods' top consumer brands Del Monte, S&W, Contadina and College Inn.

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Wynn Resorts says operating loss widens

Wed, 21 Jul 2010 12:30:33 GMT

NEW YORK (MarketWatch) -- Casino operator Wynn Resorts Ltd. said Wednesday that the preliminary second-quarter operating loss for Wynn Las Vegas, including Encore at Las Vegas, widened to $17.2 million from $8.3 million a year earlier. Revenue increased 1.7% to $318 million. Occupancy rose to 92.6% from 86.6%. Final results will be released on July 29. Separately, the company also said the Las Vegas unit plans to raise $1.32 billion through a private offering of first mortgage notes due 2020. It also has started a cash tender offer for any and all of the $1.32 billion notes due 2014.

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J.P. Morgan reshuffles ratings on tanker companies

Wed, 21 Jul 2010 12:26:24 GMT

LONDON (MarketWatch) -- J.P. Morgan reshuffled its ratings on tanker companies, upgrading Frontline and Overseas Shipholding Group to overweight from underweight and General Maritime Corp. to overweight from neutral. The broker also downgraded Tsakos Energy Navigation and Ship Finance International to underweight from neutral and Capital Product Partners to neutral from overweight. The broker said it expects the spot market exposure of Frontline, OSG and General Maritime to help them outperform peers as rates start to recover in the fourth quarter of 2010.

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Morgan Stanley swings to profit

Wed, 21 Jul 2010 12:24:41 GMT

NEW YORK (MarketWatch) -- Morgan Stanley said Wednesday that its second-quarter profit was $1.58 billion, or $1.09 a share, compared to a loss of $1.26 billion, or $1.10 a share, in the year-ago period. Income from continuing operations was 80 cents a share, while consolidated income applicable to Morgan Stanley was $1.44 billion. Net revenue was $7.95 billion, up 53% from the second quarter of 2009. The Wall Street firm reported revenue increases in each of its three business segments, institutional securities, global wealth management and asset management. Analysts surveyed by FactSet Research had expected, on average, profit of 57 cents a share on revenue of $8.11 billion. Shares of Morgan Stanley rose more than 3% in premarket trading.

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Treasurys slip before Bernanke testimony

Wed, 21 Jul 2010 12:21:31 GMT

NEW YORK (MarketWatch) -- Treasury prices turned down slightly, pushing yields up, as traders kept an eye on equities and U.S. corporate earnings. Losses may be limited as Federal Reserve Chairman Ben Bernanke's testimony to Congress, starting later in the session, is expected to be modestly supportive for bonds. "It's a sideways grind ahead of Bernanke, but one with a bullish tilt," said strategists at CRT Capital Group. Yields on 10-year notes , which move inversely to prices, rose 1 basis point to 2.96%, hovering near a 15-month low.

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Airgas quarterly earnings rise 18%

Wed, 21 Jul 2010 12:14:34 GMT

NEW YORK (MarketWatch) -- Airgas Inc. on Wednesday said its fiscal first-quarter net income rose to $65 million, or 76 cents a share, from $55 million, or 66 cents a share, in the year-ago period. Net revenues rose 7% to $1.05 billion. Wall Street analysts expected earnings of 72 cents a share and revenue of $1.03 billion, according to a survey by FactSet Research. The Radnor, Pa. distributor of specialty gases and chemicals raised its adjusted fiscal 2011 net income target to between $3.15 a share and $3.30 a share from its earlier target of between $2.95 a share to $3.05 a share. The company also increased its second-quarter dividend to 25 cents.

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Wells Fargo's quarterly net falls 3%

Wed, 21 Jul 2010 12:14:40 GMT

BOSTON (MarketWatch) -- Wells Fargo & Co. Wednesday said its second-quarter net income fell to $3.06 billion, or 55 cents a share, from $3.17 billion, or 57 cents a share, in the year-ago quarter. The bank reported revenue of $21.39 billion, compared with $22.51 billion in the second quarter of 2009. Wells Fargo shares were up nearly 4% in premarket trade following the results.

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Freeport-McMoRan net income climbs 10%

Wed, 21 Jul 2010 12:15:18 GMT

NEW YORK (MarketWatch) -- Freeport-McMoRan Copper & Gold Inc. said Wednesday its second-quarter net income rose to $649 million, or $1.40 a share, from $588 million, or $1.38 a share, in the year-ago period. The Phoenix mining giant said its revenue rose to $3.86 billion, from $3.68 billion. Wall Street analysts expected the company to earn $1.34 a share, on revenue of $3.66 billion, according to a survey by FactSet Research. For the third quarter, FreePort-McMoRan expects to sell 970 million pounds of copper, 410,000 ounces of gold and 15 million pounds of molybdenum. The company expects 2010 cash flow to exceed $5 billionm with capital expenditures of $1.7 billion.

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Gold up from two-month low before Bernanke

Wed, 21 Jul 2010 12:06:00 GMT

NEW YORK (MarketWatch) -- Gold futures rose early Wednesday, after touching a tow-month low earlier this week, as traders focus on technical factors amid nervousness before the results of European banks' stress tests on Friday and Federal Reserve Chairman Ben Bernanke's testimony to Congress starting later in the session. Gold futures for August delivery rose $4.20, or 0.4%, to $1,196.10. It touched a high of $1,260 about a month ago.

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Oil rises above $78/bbl ahead of supply data

Wed, 21 Jul 2010 12:01:16 GMT

FRANKFURT (MarketWatch) -- Oil futures gained on Wednesday ahead of U.S. government data on petroleum inventories. Crude oil for September delivery rose 51 cents to $78.09 a barrel in electronic trading on the New York Mercantile Exchange. The contract earlier rose to an intraday high of $78.29 a barrel. "We remain convinced that not so much the weather or inventory data but rather the events on financial markets, especially on the U.S. equity market, and the macro data will determine what happens on the oil market in the near term," said analysts at Commerzbank AG in a note to clients. "The market is now closely watching the quarterly results of U.S. companies." U.S. stock futures pointed to a higher opening on Wall Street.

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Abbott Q2 net income flat, sales rise 18%

Wed, 21 Jul 2010 11:58:30 GMT

NEW YORK (MarketWach) -- Abbott Laboratories on Wednesday said its net income stayed about flat at $1.29 billion, or 83 cents a share, from $1.29 billion, or 83 cents a share, in the year-ago period. Adjusted net income totaled $1.01 a share, in the latest period. Revenue rose 18% to $8.83 billion. Wall Street analysts expected the company to earn $1 a share on revenue of $8.85 billion, according to a survey by FactSet Research. Abbott stuck to its previously issued 2010 earnings outlook of $4.13 a share to $4.18 a share, excluding items. Wall Street analysts expect earnings of $4.16 a share for the year.

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ALAFCO converts Airbus order into bigger planes

Wed, 21 Jul 2010 11:59:18 GMT

LONDON (MarketWatch) -- Kuwait-based aviation lease and finance company ALAFCO on Wednesday converted its order for 12 Airbus A350-800s into the bigger A350-900 models. "This decision is further evidence of a wider industry trend towards larger aircraft," said John Leahy, Airbus Chief Operating Officer Customers. Airbus is owned by French aerospace giant EADS . The smaller model has a list price of $225.2 million each while the larger goes for $254.5 million.

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U.S. Bancorp 2nd-quarter net quadruples

Wed, 21 Jul 2010 11:55:54 GMT

NEW YORK (MarketWatch) - U.S. Bancorp, the Minneapolis banking giant, reported second-quarter net income quadrupled with net interest income up and the provision for credit losses down. Net applicable to common-share holders leaped to $862 million, or 45 cents a share, from $221 million, or 12 cents, in the year-earlier period. The latest period's share earnings reflected a 5-cent benefit tied to a securities swap. Shares outstanding rose 4.4% to 1.92 billion. A survey of analysts by FactSet produced a consensus estimate of profit of 38 cents for the quarter. Net interest income climbed 15% to $2.36 billion from $2.05 billion. The provision for possible losses on bad loans fell 18% to $1.14 billion from $1.4 billion.

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Coca-Cola profit rises more than expected

Wed, 21 Jul 2010 11:53:58 GMT

NEW YORK (MarketWatch) -- Beverage giant Coca-Cola Co. said Wednesday that its second-quarter profit jumped 16% to $2.37 billion, or $1.02 a share, from $2.04 billion, or 88 cents a share, a year earlier. Revenue rose 5% to $8.67 billion. Excluding non-recurring items, the company said it would have earned $1.06 a share in the latest period. Analysts, on average, estimated profit of $1.02 a share on sales of $8.74 billion, according to FactSet. Shares of Coca-Cola, a member of the Dow Jones Industrials Average, rose 1.4% in pre-market trading.

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Quest Diagnostics second-quarter earnings up 7%

Wed, 21 Jul 2010 11:39:17 GMT

NEW YORK (MarketWatch) -- Quest Diagnostics Inc. on Wednesday said its second-quarter net income rose to $195 million, or $1.07 a share, from $188 million, or $1 a share, in the year-ago period. Net revenues fell 1.4% to $1.87 billion. Wall Street analysts expected earnings of $1.06 a share and revenue of $1.93 billion, according to a survey by FactSet Research. The Madison, N.J. provider of diagnostic technology also lowered its adjusted 2010 net income target to between $3.90 a share and $4 a share from its earlier target of between $4 a share to $4.20 a share.

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Sukhoi scores order for 30 Superjets, 15 options

Wed, 21 Jul 2010 11:30:52 GMT

FARNBOROUGH, U.K. (MarketWatch) -- SuperJet International, a joint venture of Italy's Finmeccanica and Russia's Sukhoi, on Wednesday announced an order for 30 SuperJet 100s and 15 options from Bermuda-based leasing company Pearl Aircraft Corp. Based on list prices the order is worth more than $900 million. "This announcement is of particular value to SuperJet International as Pearl Aircraft is a new competitive financial company characterized by an innovative approach to the maket," Alessandro Franzoni, SuperJet International chief executive said in a statement.

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United Technologies profit up 14%, lifts view

Wed, 21 Jul 2010 11:28:40 GMT

NEW YORK (MarketWatch) -- United Technologie Corp. on Wednesday said its second-quarter net income rose to $1.1 billion, or $1.20 a share, from $976 million, or $1.05 a share, in the year-ago period. The latest period includes a one-time gain of 3 cents a share from currency hedges. Revenue rose 5% to $13.9 billion, from $13.2 billion. Wall Street analysts expected the Hartford, Conn., helicopter and elevator maker to earn $1.16 a share on revenue of $13.5 billion, according to a survey by FactSet Research. United Technologies lifted its 2010 earnings target to $4.60 a share to $4.70 a share, from $4.50 a share to $4.65 a share. United Technologies is a component of the Dow Jones Industrial Average .

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AirTran profit falls 84%

Wed, 21 Jul 2010 11:29:20 GMT

NEW YORK (MarketWatch) -- AirTran Holdings Inc. said Wednesday that its second-quarter profit fell to $12.4 million, or 9 cents a share, from $78.4 million, or 56 cents a share, in the year-ago period. Excluding unrealized losses, profit for the quarter would have been 23 cents a share. Total revenues rose to $701 million from $604 million in the comparable quarter. Analysts surveyed by FactSet Research had expected, on average, profit of 26 cents a share on revenue of $712 million. The Orlando-based parent of AirTran Airways Inc. said much of the profit drop was due to $34 million in net losses on derivatives in the latest quarter compared to a $27.3 million profit on derivatives in the year-ago period.

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Bombardier Q400 in new biofuel test program

Wed, 21 Jul 2010 11:21:07 GMT

FARNBOROUGH, U.K. (MarketWatch) -- Canadian jet maker Bombardier on Wednesday announced a new biofuel test program that aims to fly a Porter Airlines Q400 aircraft using fuel from an oilseed crop. A six-partner consortium led by Target Growth Canada expects to demonstrate the flight by early 2012, using renewable fuel from Camelina. "There is no doubt that biotechnology will play a key role in developping long-term, sustainable and low-carbon fuel sources," Tom Todaro, the president of Target Growth Canada said in a statement. Recognized for its potential as a biofuel and bio-lubricant, camelina is a member of the same plant family as cauliflower and cabbage.

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BlackRock net income nearly doubles

Wed, 21 Jul 2010 11:20:25 GMT

NEW YORK (MarketWatch) -- BlackRock Inc. said Wednesday its second-quarter net income rose to $432 million, or $2.21 a share, up 98% from $218 million, or $1.59 a share, in the year-earlier period. Adjusted quarterly earnings for the New York financial-services company came in at $463 million, or $2.37 a share. Analysts polled by FactSet Research, on average, expected earnings of $2.29 a share. Revenue nearly doubled for the quarter, to $2.03 billion from $1.03 billion. As of June 30, assets under management amounted to $3.1 trillion, down 6% from the end of the first quarter.

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Altria lifts outlook as profit rises 3.2%

Wed, 21 Jul 2010 11:17:39 GMT

LONDON (MarketWatch) -- Cigarette maker Altria Group Inc. said Wednesday that its second-quarter profit rose 3.2% as the company also lifted its earnings outlook for the year. Altria said profit rose to $1.04 billion, or 50 cents a share, from $1.01 billion, or 49 cents a share, a year earlier. Net revenue slipped 6.6% to $6.27 billion. Analysts polled by FactSet had been expecting earnings of 49 cents a share in the latest quarter. Altria said its profit growth was helped by lower asset impairments and the reversal of tax reserves. The group also said that its Marlboro brand achieved a record retail share of 42.8% in the quarter. Altria raised its outlook for 2010 reported earnings to a range of $1.81 to $1.85 a share from a range of $1.78 to $1.82 a share and said adjusted earnings would be in a range of $1.87 to $1.91 a share. Analysts were, on average, expecting 2010 earnings of $1.88 a share.

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EMC doubles profit, raises outlook

Wed, 21 Jul 2010 11:17:56 GMT

LONDON (MarketWatch) -- EMC Corp. on Wednesday reported a second-quarter profit of $426 million, or 20 cents a share, up from $205 million, or 10 cents a share, a year ago. Sales rose 24% to $4.02 billion. Earnings, excluding one-time items, came in at 28 cents a share. Analysts polled by FactSet Research were looking for earnings of 28 cents a share, on average, with sales of $3.99 billion. The information infrastructure technology company said it expects to top its prior 2010 sales outlook of $16.5 billion and also to exceed its full-year net profit target of 84 cents a share.

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GlaxoSmithKline posts quarterly loss after charges

Wed, 21 Jul 2010 11:18:17 GMT

LONDON (MarketWatch) -- Drug giant GlaxoSmithKline said Wednesday that it swung to a second-quarter net loss of 304 million pounds ($464.2 million). Last year, the firm posted a profit of 1.46 billion pounds. Sales totaled 7.0 billion pounds, up from 6.7 billion pounds last year. The firm took 590 million pounds of restructuring charges in the quarter and a legal charge of 1.57 billion pounds. Glaxo said that it will progress five new assets into phase III development. "We continue to make good progress to diversify the company and improve R&D output," said CEO Andrew Witty. Shares were up 0.1% in London.

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Stanley Black & Decker sales up 157% after merger

Wed, 21 Jul 2010 11:15:39 GMT

NEW YORK (MarketWatch) -- Stanley Black & Decker Inc. on Wednesday said its second-quarter net income fell to $45.8 million, or 28 cents a share, from $69.5 million, or 87 cents a share, in the year-ago period. Excluding one-time charges related primarily to its Black & Decker merger, earnings totaled $1.24 a share in the second-quarter. Revenue rose 157% to $2.4 billion. Wall Street analysts expected earnings of 77 cents a share and revenue of $2.26 billion, according to a survey by FactSet Research. Looking ahead, the New Britain, Conn. tool maker lifted its adjusted 2010 net income target go $3.35 a share to $3.55 a share, from its earlier target of $3.10 a share to $3.30 a share.

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Eaton second-quarter profit jumps, raises guidance

Wed, 21 Jul 2010 11:05:03 GMT

LONDON (MarketWatch) -- Cleveland-based Eaton Corp. on Wednesday said second-quarter net income totaled $226 million, or $1.33 a share, up from $29 million, or 17 cents a share, in the same period last year. Excluding acquisition-related integration costs, operating earnings were $232 million, or $1.36 a share. A survey of analysts by FactSet Research produced a mean estimate of $1.14 a share. The industrial-equipment maker said second-quarter sales rose 16% to $3.38 billion. Eaton said it expects third quarter net income to range between $1.25 to $1.35 a share and raised its full-year guidance to a range of $4.75 to $4.95. Eaton said 2010 operating earnings are seen between $4.95 and $5.10 a share.

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