Market News
Fifth Third Bancorp (FITB)
Fifth Third Bancorp Thursday posted a wider loss in the third quarter on rising real estate and construction loan losses and high credit costs. The Cincinnati company reported a loss of $97 million, or 20 cents per share, compared with $56 million, or 14 cents per share, a year ago.
Analysts surveyed by Thomson Reuters, on average, expected a loss of 17 cents per share.
Oct 22 · 10:54:00 AM · Source: News Release
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by Larry Etter
Caterpillar (CAT)
Caterpillar Inc. said it is promoting Douglas Oberhelman to chief executive officer to replace Jim Owens, who plans to retire next year.
Oct 22 · 10:50:00 AM · Source: News Release
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by Larry Etter
Amgen (AMGN)
Amgen reported Q3 earnings of $1.49 on net income of $1.5 billion versus $1.23 on net income of $1.3 billion in the year ago period. Total revenue decreased 2% during the quarter to $3.8 billion.
"Our third quarter results reflect the continued stability of our core
businesses in the face of increased competition," said Kevin Sharer, chairman
& chief executive officer. "We are pleased by the results of clinical studies
for denosumab and Vectibix that we recently presented at a scientific meeting,
and look forward to making these innovative medicines available to patients in
their respective indications."
Oct 22 · 10:47:00 AM · Source: Press Release
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by Michael Oliveto
Delta Air Lines (DAL)
Delta Air Lines Inc., the world’s largest airline, posted a third-quarter net loss of $161 million as passenger revenue fell. Total operating revenue declined 21% versus prior year due to the global economic recession.
Oct 22 · 10:46:00 AM · Source: Company Press Release
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by Larry Etter
Schering-Plough (SGP)
Drugmaker Schering-Plough Corp. on Thursday ported lower revenue and a smaller profit in the third quarter, partly due to slightly higher spending on taxes and research. The Kenilworth, N.J.-based company said it had net income of $477 million, down 17 percent from $576 million in last year's third quarter. It posted earnings per share of 29 cents, or 40 cents, excluding one-time items, down from 35 cents a year earlier.
Oct 22 · 10:41:00 AM · Source: Company Press Release
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by Larry Etter
Suntrust Banks (STI)
SunTrust Banks Inc. on Thursday posted a big third-quarter loss as it set aside more money to cover bad loans, but said the rate at which mortgages were slipping into delinquency slowed for the first time in a year. The bank reported a loss of $377.1 million, or 76 cents per share, compared with a year-ago profit of $304.4 million, or 87 cents per share. The latest quarter included charges of 16 cents per share related to the valuation of certain debt.
"Negative earnings could continue until 2010 and normalized earnings may take longer to realize than peers,'' Bank of America Merrill Lynch analyst Kenneth Usdin had reported in an Oct. 13 report
Oct 22 · 10:37:00 AM · Source: AP
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by Larry Etter
United Parcel Service (UPS)
United Parcel Service Inc (UPS.N), the world's largest package delivery service, reported a 43 percent drop in earnings that nonetheless topped analysts' forecasts, saying that cost-cutting helped its profit margins. It said Thursday third-quarter profit fell to $549 million, or 55 cents per share, from $970 million, or 96 cents per share, a year earlier. Revenue tumbled 14.9 percent to $11.15 billion.
Analysts on average had looked for earnings of 52 cents per share, according to Thomson Reuters I/B/E/S, and they were expecting $11.17 billion in revenues.
Oct 22 · 10:18:00 AM · Source: Reuters
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by Larry Etter
Philip Morris (PM)
Philip Morris International Inc.'s (PM) third-quarter profit fell a less-than-expected 13%, as cigarette sales remained weak. The company reported third-quarter earnings of $1.8 billion, or 93 cents a share, down from $2.08 billion, or $1.01, a year earlier. The prior-year had an 8-cent boost from currency changes. Revenue fell 4.6% to $16.57 billion, and revenue excluding excise taxes fell 5.3% to $6.59 billion. Excluding currency effects, revenue without taxes jumped 6.9%.
The Altria Group Inc. (MO) spinoff, which operates completely outside the U.S., raised its full-year earnings target to between $3.20 and $3.25 a share from $3.10 and $3.20 a share, reflecting better fundamentals and a lesser impact from foreign-currency exchange, given the weaker dollar.
Oct 22 · 10:12:00 AM · Source: Dow Jones
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by Larry Etter
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