Market News
Merck (MRK)
This earnings preview is from Zacks Investment Research, according to IStockAnalyst.com: Merck is scheduled to report its fourth and 2009 results on Feb 16. The Zacks Consensus Estimate for the quarter and full year is pegged at a profit of 78 cents and $3.27 per share, respectively. Earnings estimates for the fourth quarter and 2009 have moved down over the past 30 days as 4 out of the 14 analysts lowered their estimates. In contrast, only 2 analysts raised their expectations.
For 2010, the current Zacks Consensus Estimate is $3.46 per share, representing an approximate growth of 5.8%. However, we witness a clear negative trend with respect to estimate revisions for 2010. Seven of the 17 analysts covering the stock have reduced their estimates over the past 30 days while only 1 analyst revised upward. We believe the loss of patent exclusivity of two of Merck's key drugs has prompted the analysts to lower estimates.
Feb 12 · 7:11:00 AM · Source: IStockAnalyst.com
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by Rich Pike
Sempra Energy (SRE)
Royal Bank of Scotland Group PLC is on the verge of striking a deal to sell the non-North American operations of a joint business with Sempra Energy to J.P. Morgan Chase , a person familiar with the situation said Wednesday.
RBS, which is 84%-owned by the government, has been ordered by the European Union to sell its 51% stake in RBS Sempra Commodities as a condition of taking billions in state aid. According to people familiar with the situation, bids for all of RBS Sempra came in at more than $4 billion.
Feb 11 · 3:42:00 PM · Source: NASDAQ
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by Michael Oliveto
SCANA (SCG)
Scana reported for the full year 2009 earnings of $348 million, or $2.85 per share, on sales of $4.237 billion. That compares to the prior year earnings of $346 million, or $2.95 per share, on sales of $5.319 billion.
The company announced that for fiscal 2010, it expects earnings per share to be in the range of $2.85 to $3.05. The Company continues to target an average annual earnings growth rate of 4% to 6% over the next 3-5 years.
Feb 11 · 3:34:00 PM · Source: Company News Release
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by Michael Oliveto
Progress Energy (PGN)
Progress Energy reported for the full year 2009 earnings of $767 million, or $2.75 per share, on sales of $9885 million. That compares to the prior year earnings of $830 million, or $3.17 per share, on sales of $9167 million.
The company announced that for fiscal 2010, it affirms ongoing earnings guidance range of $2.85 to $3.05 per share. The ongoing earnings guidance excludes the impact, if any, from discontinued operations, CVO mark-to-market adjustments, potential impairments, valuation allowances and plant retirement charges.
Feb 11 · 3:29:00 PM · Source: Company Press Release
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by Michael Oliveto
AMR (AMR)
Today in Tokyo, executives of Japan Airlines (JAL) and the Japanese Transport Ministry said that the carrier would remain a member of the oneworld® global alliance, anchored by AMR Corp.'s American Airlines. Japan Airlines (JAL) in a pivotal move announced its highly anticipated alliance decision by turning away from Delta and SkyTeam to strengthen its existing partnership with American Airlines (AMR) and oneworld®, according to American Airlines and Centre for Asia Pacific Aviation. oneworld® is a global alliance that brings together eleven of the world's biggest airlines. JAL and AMR, both members of the oneworld® alliance, will jointly apply to the US Department of Transportation (DOT) and the Ministry of Land Infrastructure, Transport and Tourism of Japan (MLIT) for antitrust immunity approval on transpacific routes.
This is a pivotal move in JAL's rahabilitation and restructuring plan, and is additional support for AMR. Both AMR and JAL intend to enter a joint business venture aimed at "enhancing their scope of cooperation on routes between the US and Japan, through adjustments to their respective networks, flight schedules, and other business activities". The joint venture will be subject to government approval.
Feb 11 · 3:26:00 PM
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by Steve Wieczorek
Pacific Gas & Electric (PCG)
Pacific Venture Capital, a subsidiary of PG&E, will provide $60 million in tax equity financing for the installation of 1000 solar power systems on residential and commercial buildings.
The investment will allow SolarCity to use its SolarLease® and power purchase agreement financing options where building owners adopt solar energy with no upfront investment.
In return for providing the upfront investment for the solar power systems, Pacific Venture Capital will receive lease revenues from SolarCity customers, along with the benefits of federal investment tax credits and local rebates for solar energy projects.
Feb 11 · 3:11:00 PM · Source: Renewable Energy Focus
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by Michael Oliveto
Southwest Airlines (LUV)
Southwest Airlines (LUV) stated that Passenger Revenue per Available Seat Mile (PRASM) is estimated to have increased 14-15% for January 2010. It is the largest PRASM increase in the past twelve months and the fifth consecutive month of PRASM growth for the carrier according to Centre for Asia Pacific Aviation.
Southwest, the star performer continues to improve its unit revenues, outperforming JetBlue, US Airways and Continental Airlines in the yield growth stakes in January 2010. With Southwest leading the way, it is providing hope the US airline industry may have finally turned the corner.
Feb 11 · 2:50:00 PM
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by Steve Wieczorek
Archer-Daniels-Midland (ADM)
The Board of Directors of Archer Daniels Midland Company (NYSE: ADM) today declared a cash dividend of 15 cents per share on the Company’s stock payable March 11, 2010, to Stockholders of record February 18, 2010. This is an increase of one cent a share.
This is ADM’s 313th consecutive quarterly payment, a record of 78 years of uninterrupted dividends.
Feb 11 · 2:37:00 PM · Source: Company Press Release
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by Rich Pike
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