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Staples (SPLS)
Staples, the world's largest office supply retainer, said Tuesday that its third quarter net income rose to $269.4 million, or 37 cents a share, from $156.7 million, or 22 cents, a year earlier. Sales fell 6.2 percent to $6.52 billion in the 13 weeks ended Oct. 31.
Earnings and sales both topped Street estimates.
Dec 1 · 11:41:00 AM · Source: Company News Release
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by Larry Etter
Unemployment
The U.S. Labor Department Wednesday reported that initial jobless claims declined to 466,000 in the week ended Nov. 21 from 501,000 a week earlier. The 4-week moving average was 496,500, a decrease of 16,500 from the previous week's revised average of 513,000.
The latest figures are the lowest since September 2008 as the economic recovery encourages companies to fire or layoff less employees.
Nov 25 · 12:40:00 PM · Source: U.S. Labor Dept.
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by Larry Etter
Tiffany (TIF)
Tiffany & Co. said Wednesday that third quarter profits declined 1 percent to $43.3 million, or 35 cents a share, from $43.8 million a year earlier. Earnings from continuing operations, excluding some items, totaled 33 cents a share. Total revenue dropped 2.9 percent to $598.2 million in the three months ended Oct. 31. U.S. stores open at least a year decreased 10 percent after declining 27 percent in the previous quarter.
Sales and profits topped Street estimates and the company's CEO said Tiffany was "pleased to see that the rate of sales declines in the U.S. lessened as the quarter progressed. At the same time, many countries in Asia-Pacific and Europe achieved considerably better-than-expected sales."
Nov 25 · 12:36:00 PM · Source: Company News
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by Larry Etter
Deere & Company (DE)
Deere & Co. said Wednesday that it had a fiscal fourth-quarter net loss of $222.8 million, or 53 cents a share, compared with profit of $345 million, or 81 cents, a year earlier. Sales fell 28 percent to $5.33 billion in the quarter ended Oct. 31. The net loss included a $321.8 million charge related to a decline in the value of the landscape supply business and to give the voluntary separation packages. Excluding those items, profit was 23 cents a share.
Company reported full-year earnings of $873 million and said its financial condition remains strong.
Nov 25 · 12:28:00 PM · Source: Company News Release
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by Larry Etter
US Airways (LCC)
US Airways said Tuesday it has completed a series of transactions with key business partners designed to improve its near-term and future liquidity. The Company will significantly reduce capital expenditures over the next three years, eliminate the need to access aircraft finance markets in 2010 and extend certain debt maturities. These transactions improve projected year-end 2009 liquidity by approximately $150 million and generate, in aggregate, approximately $450 million of projected liquidity improvements by the end of 2010.
The plans include deferral of 54 aircraft deliveries until at least 2013.
Nov 24 · 12:22:00 PM · Source: Company News Release
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by Larry Etter
Heinz (HNZ)
H.J. Heinz Co said Tuesday that it posted a lower fiscal second quarter profit, with the company saying it earned $231.4 million, or 73 cents a share, down from $276.7 million, or 87 cents per share, a year earlier. The previous year's results included a big gain from currency hedging. Sales rose 2.5 percent to $2.67 billion
The company said results were hampered by sales falls in North America and Europe, but said it is optimistic about sales momentum heading into the second half of its fiscal year.
Nov 24 · 12:17:00 PM · Source: Company News Release
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by Larry Etter
Housing
CNN Money is reporting that research firm First American CoreLogic reports that 23% of people with mortgages owe more than their home is worth. Almost 10.7 million U.S. mortgages were "underwater" as of September. Another 2.3 million homeowners are within 5% of negative territory, the report said. The two figures combined comprise almost 28% of all residential properties with mortgages.
This, along with continuing high unemployment, could lead to an increase in foreclosures because borrowers who owe more than their house is worth are more likely to go into foreclosure.
Nov 24 · 12:15:00 PM · Source: CNN Money
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by Rich Pike
Citigroup (C)
Citigroup said Tuesday it is selling its Diners Club North America card business to Bank of Montreal. The deal gives BMO exclusive rights to issue Diners cards in the U.S. and Canada. Terms of the deal were not disclosed.
The sale is anticipated to reduce Citi's assets in Citi Holdings by approximately $1 billion and is not expected to have a material impact on Citi's net income or capital ratios. The transaction is expected to close by March 31, 2010 and is subject to regulatory approvals and customary closing conditions.
Nov 24 · 12:13:00 PM · Source: Company News
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by Larry Etter
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