Market News
Costco (COST)
Costco reported for the 1st-quarter 2010 earnings of $266 million, or $.60 per share, on sales of $17.3 billion. That compares to the prior year earnings of $263 million, or $.60 per share, on sales of $16.92 billion.
Same-store sales rose 3 percent, which is encouraging. However, much of that increase was from overseas and was helped by the weaker dollar.
Dec 10 · 9:23:00 PM · Source: NY Times
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by Rich Pike
The Men's Wearhouse (MW)
Men's Wearhouse, Inc. (the) reported for the 3rd-quarter 2009 earnings of $19.7 million, or $.37 per share, on sales of $462 million. That compares to the prior year earnings of $15.7 million, or $.28 per share, on sales of $459.7 million.
For the fourth quarter the company guidance is that the Company expects a GAAP loss per share to be in a range of $0.15 to $0.19. Ouch.
Dec 10 · 8:41:00 PM · Source: Company Press Release
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by Rich Pike
Housing
Bloomberg.com reports that 2009 foreclosure filings in the U.S. will reach a record for the second consecutive year with 3.9 million notices sent to homeowners in default, according to real estate company, RealtyTrac Inc. This year’s filings will surpass 2008’s total of 3.2 million as record unemployment and price erosion batter the housing market, the Irvine, California-based company said.
On the bright side, November filings fell 15 percent from the July peak and dropped 8 percent from October. That was the fourth straight monthly drop. Still, “we are a long way from a recovery,” John Quigley, economics professor at the University of California, Berkeley, said in an interview. “You can’t start to see improvement in the housing market until after unemployment peaks.”
Dec 10 · 7:53:00 PM · Source: Bloomberg.com
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by Rich Pike
The Men's Wearhouse (MW)
The Men's Wearhouse, Inc. reported for the 3rd-quarter 2009 earnings of $19.7 million, or $.37 per share, on sales of $462 million. That compares to the prior year earnings of $15.7 million, or $.28 per share, on sales of $459.7 million.
For the fourth quarter the company guidance is that the Company expects a GAAP loss per share to be in a range of $0.15 to $0.19. Ouch.
Dec 10 · 1:58:00 PM · Source: Company Press Release
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by Rich Pike
Goldman Sachs (GS)
Market Watch is reporting that Goldman Sachs' management committee will be receiving bonuses in the form of "shares at risk" in 2009 instead of cash. The shares cannot be sold for five years. Shareholders will also have an advisory vote on the compensation package at the firm's annual meeting in 2010.
Dec 10 · 1:05:00 PM · Source: Market Watch
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by Rich Pike
Bank of America (BAC)
Yahoo Finance reports that Bank of America Corp. said Wednesday it has repaid the entire $45 billion it owed U.S. taxpayers as part of the Troubled Asset Relief Program. Repayment of the funds frees the Charlotte, N.C.-based bank from the government restrictions that have hampered its search for a new CEO.
Treasury now estimates that total bank repayments could reach up to $175 billion by the end of 2010, the agency said in a release Wednesday.
Dec 9 · 6:04:00 PM · Source: Yahoo Finance
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by Rich Pike
Citigroup (C)
CNBC is reporting that Citigroup plans to pay back some of the $45 billion in TARP money it received last year by raising as much as $20 billion through a stock offering.
Exiting TARP would allow Citigroup to get out from under the thumb of the US government's pay czar, who has the authority to rule on how the bank pays its employees.
But Citigroup's plan to extract itself from TARP could be more complicated than Bank of America's, because it has received more government support. The US owns about a third of the bank's shares, after Citigroup gave a big chunk of common stock to investors in exchange for preferred shares.
Dec 9 · 5:53:00 PM · Source: CNBC
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by Rich Pike
Garmin (GRMN)
Smarttrend.com is reporting that Barclays Capital equity research issued a note to clients Wednesday following a meeting with Garmin's management. The note concluded with this statement, "Coupled with expectations of growth in its other business lines driven largely by new product introductions, share gains, and a broader cyclical recovery, management is planning for growth on a top and bottom line basis (compared to consensus expectations of a decline)."
Garmin's stock is currently up 4% in today's trading to $31.24.
Dec 9 · 3:41:00 PM · Source: Smarttrend.com
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by Rich Pike
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