Fossil Q1 EPS 43 cents vs 36 cents
Tue, 13 May 2008 11:14:51 GMT
New York (MarketWatch) -- Fossils Inc. said Tuesday that it earned $30.2 million, or 44 cents a share, compared to $25.0 million, or 37 cents, in the year-ago period. Sales grew 16.8% to $356.2 million. The company said it sees full-year 2008 earnings per share of $2.16 to $2.22 and second-quarter earnings per share of 25 cents, including items.
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Pianalto: Fed's strategy compatible with low inflation rate
Tue, 13 May 2008 11:04:59 GMT
LONDON (MarketWatch) -- Cleveland Federal Reserve Bank President Sandra Pianalto said Tuesday that inflation remains a top risk to the economic outlook, but that the Federal Reserve's rate-cutting strategy likely wouldn't stoke inflationary pressures. In a speech prepared for delivery in Paris, Pianalto said she finds herself in a "challenging environment" as a policymaker. "While even the core price measures in the United States are rising somewhat faster than I would prefer, and inflation presents a key risk to my outlook, I believe that the Federal Reserve's policy strategy remains compatible with a low and stable inflation rate," she said. Pianalto said it was important to distinguish between inflation and relative-price pressures.
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Allied Defense Group narrows net loss, revenue up
Tue, 13 May 2008 10:44:02 GMT
LONDON (MarketWatch) -- Allied Defense Group said that its first-quarter net loss narrowed to $3.3 million, or 41 cents a share, from $17.9 million, or $2.76 a share, at the same point a year ago. Revenue climbed to $30.1 million, from $9.4 million a year ago. The results were favorably impacted by the receipt of several new large orders with various clients in Europe, North America and other export markets in 2007, the company said.
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Genesee & Wyoming traffic up 2.3%
Tue, 13 May 2008 10:39:45 GMT
LONDON (MarketWatch) -- Railroad operator Genesee & Wyoming Inc. said Tuesday that April traffic from continuing operations rose 2.3% to 67,082 carloads, with same-railroad traffic up 0.1%. The increase was principally due to an increase in coal, coke and ores traffic. The year-ago figures do not include 2,189 carloads from its Mexican operations, which were liquidated following hurricane damage in 2007.
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SGX Pharmaceuticals posts profit on 55% revenue growth
Tue, 13 May 2008 10:31:18 GMT
WASHINGTON (MarketWatch) -- SGX Pharmaceuticals Inc. reported a first-quarter net profit of $3.7 million, or 18 cents a share, a reversal from the loss of $1.1 million, or 7 cents, generated in the same period during 2007. Two analysts surveyed by FactSet Research had forecast a quarterly loss of 25 cents a share, on average. The San Diego-based company posted revenue of nearly $17 million, up from the prior year's $11 million. The latest quarter's revenue included $10.8 million attributable to the one-time recognition of the remaining portion of an upfront payment, which had not yet been recognized, related to SGX's collaboration with Novartis . SGX's spending on research and development totaled $11.3 million for the latest quarter, up from $10 million a year earlier. The company also said it expects to incur a net loss in the remaining quarters of 2008 and for the full year.
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ITV cut at Goldman, severe advertising slowdown seen
Tue, 13 May 2008 10:04:59 GMT
LONDON (MarketWatch) -- Goldman Sachs downgraded British television broadcaster ITV to sell from neutral, saying it believes consensus estimates for the stock remain "considerably too optimistic." The broker said it expects a severe slowdown in advertising in the second half of the year.
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IEA lowers global oil product demand view
Tue, 13 May 2008 10:02:10 GMT
LONDON (MarketWatch) -- The International Energy Agency lowered its view on global oil product demand to 86.8 million barrels of oil equivalent a day, or a 1.2% rise from 2007 levels. That's down 390,000 barrels from the IEA forecast last month and the revision comes from downward revisions to preliminary data in the first quarter. Oil product demand in OECD North America turned out to be much weaker than expected, providing further evidence of the effects of the economic slowdown and high prices, the IEA said. In OECD Europe, both diesel and residual fuel deliveries were also much lower than anticipated across the continent. In OECD Pacific, a larger-than-expected contraction in Japanese gasoline offset continued strong demand for residual fuel oil and direct crude for power generation.
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Sainsbury cut at Goldman on valuation
Tue, 13 May 2008 09:59:37 GMT
LONDON (MarketWatch) -- Goldman Sachs downgraded British supermarket operator Sainsbury to neutral from buy, citing valuation. The broker said that since it added the stock to its buy list in January, it's been outperforming its U.K. peers Tesco and Morrisons [: uk:mrw]. Goldman also reiterated its view that the U.K. market will "remain challenging as consumers are stretched and the slowdown in the sector will likely need to margin pressure as competitors try to absorb food price inflation rather than continue to pass it through to consumers."
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Toll Brothers second-quarter home building revenues fall 30%
Tue, 13 May 2008 09:37:04 GMT
LONDON (MarketWatch) -- Toll Brothers Inc. said Tuesday second-quarter home-building revenues fell 30% to $817.9 million. "The just-completed spring selling season was quite weak," Chairman and CEO Robert Toll said in a statement. Toll Brothers said it's looking to use its $2.5 billion of available capital to make acquisitions that fit its criteria of "high-end communities at bargain prices," but said it hasn't seen any yet.
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European shares retreat from ealy highs
Tue, 13 May 2008 09:06:47 GMT
LONDON (MarketWatch) -- European shares retreated from early highs on Tuesday morning, pressured by mounting losses for oil and gas firms as crude prices weakened and continued weakness in the banking sector. CPI at 3% in April in the U.K. also spooked investors hoping for more interest rate cuts to shore up weakening economic growth. The U.K. FTSE 100 index fell 0.3% to 6,203.90, the German DAX 30 index inched up 0.1% to 7,039.61 and the French CAC-40 index added 0.2% to 4,985.31.
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U.K. April CPI surges to 3% annual rate
Tue, 13 May 2008 08:41:14 GMT
LONDON (MarketWatch) -- Consumer price inflation in the United Kingdom rose to an annual rate of 3% in April, the Office for National Statistics said Tuesday. The rate is the highest since March 2007. The jump exceeded expectations for a rise to 2.6% from an annual reading of 2.5% in March. Rising gas, electricity and heating oil prices were the biggest contributor to higher prices, but upward pressures were also felt across a range of other categories, including food and non-alcoholic beverages, alcohol and tobacco, and recreation and culture, the ONS said.
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U.K. April RICS house price balance at record low
Tue, 13 May 2008 08:24:39 GMT
LONDON (MarketWatch) -- Sentiment in the housing market in England and Wales fell to its lowest level in at least three decades in April, according to the Royal Institution of Chartered Surveyors monthly housing market survey released Tuesday. More surveyors reported falling rather than rising prices in April, with the net balance falling to a seasonally-adjusted -95.1 from a revised -79.4% in March -- the lowest reading since the survey began in January 1978. RICS noted, however, that the scale of price declines remains "relatively small at this stage" compared to past downturns. A lack of new sellers has helped brake price declines, the group said.
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