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Archiwum newsów - DJ UPDATE: BEFORE THE BELL: Citigroup Dn;CIBC Raises Div Concern

2007-11-01  
DJ UPDATE: BEFORE THE BELL: Citigroup Dn;CIBC Raises Div Concern
NEW YORK (Dow Jones)--Shares of Citigroup Inc. (C) fell 6.1% to $38.84
before the opening bell Thursday after CIBC cut its rating on the stock to
sector underperformer, saying the banking giant might need to cut its
dividend to get its capital ratios back up.
"Based on our thesis that over the near term C will be forced to sell
assets, raise capital or cut its dividend to shore up its capital ratios, we
believe the stock will be under significant pressure and could trade into
the low $30s," analyst Meredith Whitney wrote in a note to clients.
CIBC said Citigroup, a Dow Jones Industrial Average component, will need to
raise over $30 billion in capital as a result of its tangible capital ratios
falling to the lowest levels in decades, now standing at almost half its
peer group average at just 2.8%.
Exxon Mobil Dips As 3Q Net Falls 10%
Shares of Exxon Mobil Corp. (XOM) fell 2.3% to $89.90 after the oil and gas
giant posted a bigger-than-expected 10% drop in third-quarter net income on
lower refining and chemical margins, even as the company set a quarterly
revenue record.
The world's largest publicly traded oil company reported net income of $9.41
billion, or $1.70 a share. The mean estimate of analysts surveyed by Thomson
Financial was for earnings of $1.75 a share. Revenue rose 2.8% to $102.34
billion and capital spending climbed 7.5% to $5.44 billion.
Upstream earnings - the company's oil-and-gas production business - dropped
3% to $6.3 billion on a 2% drop in production on factors including
divestments and its loss of its Venezuelan assets.
At Exxon's downstream business, which buys crude oil and which converts it
to products like gasoline, earnings fell 31% to $1.9 billion on slumping
margins. Chemical earnings dropped 11% to $1.2 billion on lower margins.
Volume was flat.
Meanwhile, shares Marathon Oil Corp. (MRO) fell 2.8% to $57.50 and Tesoro
Corp. (TSO) shares fell 3.5% to $58.40 after both companies also posted
drops in third-quarter earnings on weaker refining margins.
Sprint Nextel Falls; Sees Subscriber-Growth Troubles
Shares of Sprint Nextel Corp. (S) fell 3.5% to $16.50 after the
telecommunications company said its third-quarter net income tumbled 77% as
it continued to lose high-margin subscribers and warned of subscriber-growth
troubles for the fourth quarter as well.
The nation's third-largest wireless carrier behind AT&T Inc. (T) and Verizon
Wireless reported net income of $64 million, or 2 cents a share. Excluding
items, earnings fell to 23 cents a share from 32 cents, while revenue
dropped 4.2% to $10.04 billion. Analysts forecast, on average, earnings of
22 cents a share on revenue of $10.24 billion.
Excluding acquisitions, the postpaid-subscriber loss came in at 337,000.
Total subscribership fell 60,000 from the second quarter to 54 million. The
company said it still sees 2007 revenue falling slightly below $41 billion,
with continued pressure on subscriber gains expected in the fourth quarter.
Eastman Kodak Rises After Swinging To Profit In 3Q
Shares of Eastman Kodak Co. (EK) rose 1.2% to $29 after the photography
company said it swung to a profit in the third quarter amid higher margins
and lower costs.
The Rochester, N.Y., camera and obraz filmowy company, reported net income of $37
million, or 13 cents a share, compared with a year-earlier net loss of $37
million, or 13 cents a share. The results included 33 cents and 48 cents a
share, respectively, in charges, mainly related to restructuring.
Net sales fell 0.5% to $2.58 billion from $2.6 billion, as digital sales
rose 12% to $1.59 billion, though more "traditional" revenue fell 16% to
$986 million. Analysts had forecast earnings of 27 cents a share on revenue
of $2.49 billion.
Crocs Down; Forecast Below Street View
Shares of Crocs Inc. (CROX) traded 28% lower at $53.85, extending afterhours
losses Wednesday after the maker of plastic footwear raised its full-year
revenue forecast, though it still fell below analysts' estimates.
The Niwot, Colo., company said it now expects full-year revenue of $820
million to $830 million, up from its previous estimate of $810 million to
$820 million. The company also forecast full-year earnings of between 1.94
and $1.98 a share. Analysts polled by Thomson Financial are expecting, on
average, earnings of $1.97 a share on revenue of $835.6 million.
The company also said its third-quarter net income rose to $56.5 million, or
66 cents a share, from $21.5 million, or 27 cents a share, a year earlier.
The company also said its revenue rose to $256.3 million from $111.3
million, in the same period last year. Analysts had forecast, on average,
earnings of 63 cents a share. Earnings are adjusted to reflect the company's
two-for-one stock split, the company said.
United Therapeutics Up On Positive Drug Trial Termin
Shares of United Therapeutics Corp. (UTHR) rose 27% to $86.70 after the
biotechnology company said Viveta, an inhaled formulation of treprostinil,
"robustly" met its primary endpoint in a Phase 3 trial that measured the the
drug's effectiveness against pulmonary arterial hypertension.
The inhalable formulation is seen as a growth driver for the Silver Spring,
Md.-based company and is seen as making United Therapeutics a more
attractive takeover target for a company looking to enter the pulmonary
arterial hypertension sklep wielkopowierzchniowy. Observers expect the results to be strong
enough for the company to file for regulatory approval next year and likely
launch the drug to the sklep wielkopowierzchniowy in 2009.
The Silver Spring, Md., company also said Thursday that third-quarter net
income rose 74% to $14.8 million, or 66 cents a share.
i2 Technologies Up On 3Q Results, Review Program
Shares of i2 Technologies Inc. (ITWO) rose 17% to $19.89 after the supply
chain company said Thursday that its third-quarter profit rose 17% to $5.3
million, or 17 cents a share, as it also revealed a strategic review of
options, including the possible sale of the group.
Revenue slipped 7% to $66.5 million.
Analysts had expected earnings of 12 cents a share on revenue of $64
million.
The company said it formed a committee of independent directors to consider
different strategic options. It added the review is expected to conclude at
the end of January, and said it expects earnings for the year in the range
of 55 cents to 65 cents a share.
Stock Futures Lower As Oil Rally Continues
U.S. stock futures edged lower Thursday, with surging crude-oil prices and
continued worries about the financial sector helping to take the glow away
from the Federal Reserve's decision to cut interest rates.
S&P 500 futures dropped 17.9 points to 1543, Dow Jones Industrial Average
futures fell 128 points to 13808, Nasdaq 100 futures fell 16.8 points to
2235.8.
-Aja Carmichael,
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