Market News
Emerson Electric (EMR)
Emerson Electric Company today said third quarter earnings of $506 million, or 67 cents a share, down from $688 million, or 88 cents a share, a year earlier. Revenue dropped 21% to $5.32 billion. Emerson also boosted its dividend by a half cent to 33.5 cents a share, or an increase of 1.5%
Company's CEO said latest quarter's results showed improving revenue trends but he warned the shape and speed of the recovery remains unknown and said the company expected weakness to continue in the near term.
Nov 3 · 10:08:00 AM · Source: Company News
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by Larry Etter
Johnson & Johnson (JNJ)
Johnson & Johnson said Tuesday it will cut up to 7% of its global workforce as part of an ongoing cost-cutting plan that the company says will save between $1.4 and $1.7 billion by 2011. The consumer health product maker has about 117,000 employees spread across more than 250 companies.
Nov 3 · 9:59:00 AM · Source: Company News Release
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by Larry Etter
Viacom, Inc. (VIA)
Media company Viacom Inc. Tuesday said it's third-quarter profit climbed 15% to $463 million, or 76 cents a share, up from $401 million, or 65 cents a share, a year earlier. Excluding a tax benefit as well as an after-tax loss related to paying off debt in the latest quarter, earnings rose to 69 cents from 55 cents. Revenue dropped 2.7% to $3.32 billion.
The company benefited from cost-saving efforts and a turn in profits in its filmed-entertainment segment.
Nov 3 · 9:55:00 AM · Source: Company News Release
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by Larry Etter
Burlington Northern Santa Fe (BNI)
Warren Buffett's Berkshire Hathaway said Tuesday it will buy railroad operator Burlington Northern Santa Fe for $44 billion. Berkshire already has major stake in the company, and said it would acquire the remaining 77.4% of the company in a cash-and-stock offer worth $100 per share.
Buffett said deal shows his confidence in the U.S.economy.
Nov 3 · 9:50:00 AM · Source: Company News
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by Larry Etter
Principal Financial Group (PFG)
Principal Financial Group said that it reported a third quarter profit of $192.9 million, or 57 cents a share, up from $98.3 million, or 35 cents a share, a year earlier. Operating earnings, which exclude net realized capital gains and losses, fell to 74 cents from 96 cents on lower assets under management, higher benefit costs and lower investment income. Revenue slid 9.1% to $2.27 billion.
The company said "mproved market conditions, and the positive impact of actions by management over the past several quarters, contributed to a strong sequential increase in assets under management and operating earnings."
Nov 2 · 10:14:00 PM · Source: Company News Release
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by Larry Etter
Black & Decker (BDK)
Stanley Works agreed to buy Black & Decker Corp. for $4.5 billion in stock, in a deal that will enable the companies--household names in the U.S. tools industry--to cut costs and exert more influence on pricing.
Both companies have felt the pressues of the recession, particularly given their close links with the housing industry. The companies expect the combination, which has been approved by both companies' boards, will result in savings of $350 million a year and to add to earnings by the third year.
The transaction would represent "a landmark move in the tools industry,??? and one that makes strong sense as the housing market resumes some growth and raw materials prices rebound, said Brian Sozzi, retail analyst at Wall Street Strategies. Together the companies have greater purchasing power.
Nov 2 · 10:09:00 PM · Source: Company News
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by Larry Etter
CNA Financial Corporation (CNA)
CNA Financial Corp. said third-quarter results swung to a profit, reporting net income of $263 million, or 86 cents per share available to stockholders, compared with a loss of $331 million, or $1.23 per share, a year earlier.
Nov 2 · 1:25:00 PM · Source: Company News Release
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by Larry Etter
Dean Foods (DF)
Dean Foods, the biggest U.S. dairy processor, said third-quarter net profit increased 32 percent to $49.7 million, or 27 cents a share, from $37.8 million, or 24 cents, a year earlier. Sales dropped 13 percent to $2.77 billion.
Nov 2 · 1:19:00 PM · Source: Company News Release
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by Larry Etter
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