Market News
Pier 1 Imports, Inc. (PIR)
Pier 1 said Thursday that its fiscal third quarter net income was $39 million, or 37 cents a share, compared with a year-earlier loss of $37 million, or 41 cents a share. Excluding items, the company's profit was 2 cents a share. Sales rose 8.7 percent to $327.1 million.
Sales at stores open at least a year rose 13.7 percent.
The profit was a surprise, as analysts had been expecting a loss of 5 cents.
Dec 17 · 11:08:00 AM · Source: Company News
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by Larry Etter
General Mills (GIS)
Cereal maker General Mills said its fiscal second quarter profit rose to $565.5 million, or $1.66 a share, from $378.2 million, or $1.09 a share, a year earlier. Excluding a gain from commodity hedges, earnings were $1.54 a share. Sales rose 1.7 percent to $4.08 billion as a 4 percent increase in the U.S. retail segment, the company's largest business, helped offset a 16 percent decline in the bakeries and food service unit.
Earnings were above analyst expectations.
Dec 17 · 11:04:00 AM · Source: Company News
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by Larry Etter
Discover Financial Services (DFS)
Discover Financial Services said Thursday that earnings from continuing operations for the fiscal fourth quarter ended Nov. 30 were $371 million, or 63 cents, compared with $444 million, or 92 cents, a year earlier. The company said its net yield on credit cards fell to 9.37 percent from 9.9 percent in the previous quarter as Discover implemented changes mandated by the Credit Card Accountability Responsibility and Disclosure Act.
Dec 17 · 10:59:00 AM · Source: Company News Release
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by Larry Etter
FedEx (FDX)
Federal Express said Thursday that its fiscal second quarter net profits totalled $345 million, or $1.10 a share, down from $493 million, or $1.58 a share, earned in the year-ago second quarter. Quarterly revenue fell 10% to $8.6 billion.
Fedex did say it expects stronger demand in the second half of the fiscal year.
Dec 17 · 10:54:00 AM · Source: Company News Release
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by Larry Etter
Unemployment
Initial jobless claims rose by 7,000 to 480,000 in the week ended Dec. 12, from a revised 473,000 the prior week, the U.S. Labor Department said Thursday. The number of people receiving unemployment insurance was little changed in the prior week, while those getting extended payments increased.
The 473,000 number was more than anticipated, a reminder that the labor market will take time to strengthen.
Dec 17 · 10:49:00 AM · Source: U.S. Labor Dept.
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by Larry Etter
Citigroup (C)
Citi Wednesday announced the pricing of 5.4 billion common shares and 35 million tangible equity units as part of its agreement with the U.S. government and its regulators to repay U.S. taxpayers for the $20 billion the government holds in TARP trust preferred securities and to terminate the loss-sharing agreement with the government. The common stock priced at $3.15 per share, generating net proceeds of approximately $17 billion. The tangible equity units priced at $100 each, generating net proceeds of approximately $3.5 billion (about $2.8 billion counted as equity.) The combined offering of common stock and tangible equity units is the largest public equity offering in U.S. capital markets history.
Dec 17 · 10:44:00 AM · Source: Company News
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by Larry Etter
Bank of America (BAC)
The Bank of America Board of Directors late Wednesday elected Brian T. Moynihan as CEO and president of the company. He will assume the office and join the Board of Directors following the retirement of Kenneth D. Lewis on December 31, 2009. Moynihan, 50, has held senior leadership positions at Bank of America representing experience across virtually all business lines. He currently is president of Consumer and Small Business Banking.
The naming of Moynihan takes the shroud of uncertainty off BofA.
Dec 17 · 10:21:00 AM · Source: Company News
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by Larry Etter
Pepsico (PEP)
Gatorade, a unit of PepsiCo, is looking to innovate itself out of a sales slump and will spend some $30 million on product and packaging development to do so, according to Advertising Age. The granddaddy of the sports-drink category, Ad Age says, is pushing forward with plans to introduce "G Series," a grouping of three product categories, while giving another facelift to its core product lines.
Dec 15 · 12:54:00 PM · Source: Advertising Age
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by Larry Etter
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