Market News
Del Monte Foods Company (DLM)
Del Monte Foods Thursday said that for the fiscal second quarter ended Nov. 1, profit from continuing operations was $62.6 million, or 31 cents a share, compared with $27.3 million, or 14 cents a share, a year earlier. Sales came in at $958.9 million -- a rise of 6.4 percent
Earnings topped analyst expectations and company raised its full-year guidance.
Dec 3 · 12:17:00 PM · Source: Company News
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by Larry Etter
Toll Brothers Inc. (TOL)
Toll Brothers Inc., the largest U.S. luxury-home builder, Thursday said its fiscal fourth quarter net loss widened to $111 million for the three months ended Oct. 31, or 68 cents a share, from $79 million, or 49 cents, a year earlier. Fourth-quarter costs fell 23 percent to $592 million from a year earlier, while revenue declined 30 percent to $486.6 million. Toll wrote down the value of its property and work in progress by $85.5 million in the quarter, down from $176 million a year earlier.
The earnings were below analyst expectations.
Dec 3 · 12:11:00 PM · Source: Company News
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by Larry Etter
Comcast (CMCSA)
Comcast, the largest U.S. cable company, and General Electric Thursday said they have signed a definitive agreement to form a joint venture that will be 51 percent owned by Comcast, 49 percent owned by GE and be managed by Comcast. The joint venture will consist of the NBC Universal (NBCU) businesses and Comcast's cable networks, regional sports networks and certain digital properties and certain unconsolidated investments.,
The companies said the venture will be well positioned to compete in "an increasingly dynamic and competitive media and digital environment."
Dec 3 · 12:02:00 PM · Source: Company News
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by Larry Etter
Bank of America (BAC)
Bank of America Wednesday announced It will repay U.S. taxpayers their entire $45 billion investment provided under the Troubled Asset Relief Program (TARP). The repayment will be made after the completion of a securities offering. To date, Bank of America has paid $2.54 billion in dividends to the U.S. Treasury on the TARP investment. Repaying TARP will save the company approximately $3.6 billion in annual dividend costs from the TARP investment.
The move underscores the banking industry’s swift recovery from the financial crisis.
Dec 3 · 11:54:00 AM · Source: Company News Release
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by Larry Etter
Unemployment
The number of Americans filing first- time claims for unemployment benefits fell last week to the lowest level in more than a year. The U.S. Labor Dept. said Thursday that initial jobless claims declined by 5,000 to 457,000 in the week ended Nov. 28, the fewest since September 2008.
Dec 3 · 11:47:00 AM · Source: U.S. Labor Dept.
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by Larry Etter
Charming Shoppes Inc. (CHRS)
Charming Shoppes, which specialises in plus-sized women's apparel, said Wednesday it lost $48.4 million, or 42 cents a share, from continuing operations in the third quarter, compared with a loss of $59.9 million, or 52 cents a share, in the year-ago quarter. Revenue fell 17 percent to $460.2 million. Comparable store sales fell 13 percent, compared with a 14 percent fall in the second quarter.
Dec 2 · 1:57:00 PM · Source: Company News
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by Larry Etter
Cisco (CSCO)
Cisco Systems Inc. said Wednesday it now has about 84 percent of Tandberg ASA’s shares.
Cisco's holdings now bring it closer to completing a 19 billion-kroner ($3.39 billion) purchase of the Norwegian maker of video-conferencing systems.
Dec 2 · 1:52:00 PM · Source: Company News Release
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by Larry Etter
Walgreen (WAG)
Walgreens said it posted November sales of $5,360,800,000, an increase of 8.7 percent from $4,933,433,000 for the same month in 2008. Sales in comparable stores (those open at least a year) increased 3.9 percent. November pharmacy sales increased 9.7 percent, while comparable pharmacy sales increased 5.7 percent. Comparable pharmacy sales were negatively impacted by 2.4 percentage points due to generic drug introductions in the last 12 months.
Sales, however, we up less than expected.
Dec 2 · 1:49:00 PM · Source: Company News Release
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by Larry Etter
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