Market News
Bank of America (BAC)
Bank of America today announced organizational changes to its Global Wealth and Investment Management (GWIM) division designed to support the growth of its investment and retirement businesses and to deepen leadership in areas identified as being among its greatest strategic opportunities. Kunal Kamlani will join the company as managing director and head of Global Investment Solutions (GIS). Chris Dupuy will become head of Institutional Investments and Philanthropic Solutions.
Feb 19 · 2:12:00 PM · Source: Company Press Release
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by Larry Etter
Campbell's Soup (CPB)
Campbell Soup Company today announced a comprehensive plan to boost the performance of its condensed soup portfolio in the United States, a business that generated more than $1 billion in net sales in fiscal 2009. Campbell plans to enhance more than 60 percent of its condensed line with product improvements, further sodium reduction, more contemporary packaging, improved shelving systems and new marketing aimed at the simple meals category. These upcoming plans for condensed soup build on Campbell's substantial investments in its entire U.S. Soup business over the last several years, designed to improve the quality, convenience, variety and wellness profile across its portfolio. As a result of these investments, Campbell has increased net sales of U.S. soup every year since 2003.
Campbell reiterated its full-year guidance for adjusted earnings before interest and taxes (EBIT) growth of 6 to 7 percent and adjusted net earnings per share growth of 9 to 11 percent from the fiscal 2009 adjusted base of $2.21. The company revised its fiscal 2010 guidance for sales growth to 2.5 to 3.5 percent from the prior range of 4 to 5 percent.
Feb 18 · 12:45:00 PM · Source: Company Press Release
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by Rich Pike
Walmart (WMT)
Wal-Mart today reported financial results for the quarter and year ended Jan. 31, 2010. Net sales for the fourth quarter of fiscal year 2010 were $112.8 billion, an increase of 4.6 percent from $107.9 billion in the fourth quarter last year. Net sales for the fourth quarter included a currency exchange rate benefit of $1.9 billion. Income from continuing operations attributable to Walmart for the quarter was $4.7 billion, an increase of almost 24 percent from $3.8 billion in the fourth quarter last year. For fiscal year 2010, adjusted earnings from continuing operations attributable to Walmart were $14.2 billion, or $3.66 per share, versus $13.5 billion or $3.42 per share in the prior year, an increase of 7.0 percent per share.
The company expects diluted earnings per share from continuing operations attributable to Walmart for fiscal year 2011 to be between $3.90 and $4.00. For the first quarter of this fiscal year, the company forecasts earnings per share from continuing operations attributable to Walmart to range from $0.81 to $0.85. Earnings guidance assumes that currency exchange rates will remain where they are today.
Feb 18 · 12:36:00 PM · Source: Company Press Release
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by Rich Pike
Coca-Cola (KO)
The Board of Directors of The Coca-Cola Company today approved the Company's 48th consecutive annual dividend increase, raising the quarterly dividend approximately 7 percent from 41 cents to 44 cents per common share. This is equivalent to an annual dividend of $1.76 per share, up from $1.64 per share in 2009. The first quarterly dividend is payable April 1, 2010, to shareowners of record as of March 15, 2010.
The increase reflects the Board's confidence in the Company's long-term cash flow. The Company returned $5.3 billion to shareowners in 2009, through $3.8 billion in dividends and $1.5 billion in share repurchases.
Feb 18 · 12:25:00 PM · Source: Company Press Release
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by Rich Pike
News Corp (NWSA)
News Corporation announced today it has reached an agreement to sell bTV, its Bulgarian terrestrial TV business, to Central European Media Enterprises (CME), the leading broadcaster in Central and Eastern Europe, for $400 million in cash.
The sale completes News Corporation's program of exiting its substantial Eastern European free-to-air broadcasting businesses. The transaction is subject to regulatory approval by the Bulgarian Commission for the Protection of Competition and other customary closing conditions.
Feb 18 · 12:22:00 PM · Source: Company Press Release
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by Rich Pike
Amazon (AMZN)
Amazon.com today introduced "Kindle for BlackBerry," a new application available as a free download from Amazon.com that lets customers enjoy over 420,000 books, including 102 of 112 New York Times Bestsellers, on a range of BlackBerry devices.
"Since the launch of our popular Kindle for iPhone app last year, customers have been asking us to bring a similar experience to the BlackBerry, and we are thrilled to make it available today," said Ian Freed, Vice President, Amazon Kindle. "Kindle for BlackBerry is a great way for customers to continue reading their current book wherever they are - in between meetings, at the grocery store or waiting in the doctor's office. We think customers are going to love how easy and fun it is to read their Kindle books on their BlackBerry."
Feb 18 · 12:18:00 PM · Source: Company Press Release
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by Rich Pike
Johnson & Johnson (JNJ)
The Wall Street Journal is reporting that Johnson & Johnson plans to cut the yearly performance-bonus maximums for 38% of its employees and freeze salaries for certain workers, according to an internal announcement and other company documents. J&J reported a 19% drop in fourth-quarter earnings, largely because of charges related to cost restructuring. The company had announced in November that it was eliminating 8,200 jobs, mostly overseas.
"The cost savings from this program are minimal. It is not why we implemented the program. This program is about creating a global compensation program that is consistent and equitable for our employees across the company," a J&J spokeswoman said.
Feb 18 · 12:10:00 PM · Source: Wall Street Journal
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by Rich Pike
Boston Scientific (BSX)
Pharmaceutical-Jobs.net is reporting that Boston Scientific has come up with a series of restructuring initiatives. The company is reducing non-sales related expenses and headcount to adjust its expense base for the changing market dynamics across some of its businesses as well as increased government regulation. Boston Scientific is planning to eliminate approximately 1000 to 1300 medical device jobs worldwide through its restructuring initiatives excluding any potential divestitures. This gross head count reduction is 8-10% from company's non direct labour base.
The reduction activities will be initiated this month and are expected to be completed over the next 18 to 24 months.
Feb 18 · 12:07:00 PM · Source: Pharmaceutical-Jobs.net
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by Rich Pike
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