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Dell (DELL)
Dell Thursday night reported net income of $337 million, or 17 cents a share, in the quarter that ended on Oct. 30, down from $727 million, or 37 cents a share, it earned in the same period last year. Dell’s revenue fell to $12.9 billion from $15.16 billion,
Earnings and revenues missed Street estimates.
Nov 20 · 1:06:00 PM · Source: Company News
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by Larry Etter
AnnTaylor Stores Corporation (ANN)
New York-based retailer Ann Taylor said Friday it posted net income of $2.07 million or $0.03 per share for the third quarter, compared to a net loss of $13.45 million or $0.24 per share in the prior-year quarter. Net sales for the quarter dropped to $462.41 million from $527.22 million last year. Comparable-store sales decreased 13.7%.
Net sale missed Street estimate of $473.85 million.
Nov 20 · 1:01:00 PM · Source: Company News Release
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by Larry Etter
Valero Energy (VLO)
U.S. oil refiner Valero Energy said Friday it will permanently shut down its Delaware City, Delaware, refinery because of the weak economic conditions .
The U.S. refining sector has been hard hit this year as weak fuel demand due to the recession.
Nov 20 · 12:57:00 PM · Source: Company News Release
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by Larry Etter
Time Warner (TWX)
AOL plans to cut 2,500 jobs, a third of their work force as it prepares to spin off from Tine Warner next month.
AOL's legacy dial-up Internet access business has been fading for many years. It's business is profitable, but profits are declining.
Nov 19 · 3:20:00 PM · Source: Yahoo Finance
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by Rich Pike
Adobe Systems (ADBE)
CNET is reporting that Adobe Systems expects to cut 680 full-time employees, or about 9 percent of its global workforce, as the company tries to align costs in the face of lagging sales. In September, Adobe reported that its fiscal third-quarter profit fell 29 percent amid declining sales.
Sales are down 38% through the 3rd quarter of 2009 compared to 2008. Adobe currently has a PE of 38, which seems very high for a company whose sales are declining at that pace.
Nov 19 · 1:15:00 PM · Source: CNet
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by Rich Pike
Lorillard (LO)
The Wall Street Journal is reporting that the board of cigarette maker Lorillard Inc. said Thursday it has begun looking for a successor to Chief Executive Martin L. Orlowsky, whose contract expires next year.
Lorillard makes Newport menthol cigarettes. Newport accounts for more than 85% of Lorillard's cigarette volume and represents about 35% of the menthol cigarette category in the U.S. Lorillard is the third-largest U.S. cigarette maker by sales.
Nov 19 · 11:00:00 AM · Source: Wall Street Journal
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by Rich Pike
American Express (AXP)
American Express Company Wednesday announced it has agreed to acquire Revolution Money, a company launched by AOL Co-founder Steve Case's Revolution LLC in 2007 to provides secure payments through an internet based platform.
Interestingly, American Express is buying a nascent competitor that has positioned itself to merchants as a low-cost alternative as Revolution offers PIN-based credit cards that charge merchants a fraction of the typical acceptance cost and free online money transfers.
Nov 18 · 11:58:00 AM · Source: Company News Release
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by Larry Etter
Saks Incorporated (SKS)
Saks Tuesday said that for the third quarter ended October 31, 2009 the Company posted net income of $1.9 million, or $.01 per share. This compares to a net loss of $43.7 million, or $.32 per share, for the prior year third quarter ended November 1, 2008. Revenue fell 8.5 percent to $631.4 million from $690.3 million a year earlier, and sales at stores open more than a year declined 10.1 percent.
The slight profit surprised analysts.
Nov 17 · 12:16:00 PM · Source: Company News Release
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by Larry Etter
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