Merck's 2008: The Year That Wasn't
For the once invincible pharmaceutical giant Merck & Co. Inc. (MRK), having endured a triple whammy - generic competition, sales erosion following safety concerns of drugs, and regulatory setbacks, 2008 has definitely been a tough year. Not to mention the stock has lost about 54% of its value thus far this year and at last count was at $26.13.
BJ's Wholesale Q3 profit up 24.4%; lifts FY08 EPS view; issues FY09 outlook - Update
Wednesday, Warehouse club operator BJ's Wholesale Club, Inc reported an increase in profit for the third quarter, mainly driven by unusually strong gasoline sales and profits. Double-digit growth in net sales and comparable club sales helped top line grow 13.4% and beat market projections. Further, the company lifted its fiscal 2008 earnings forecast, and provided a fiscal 2009 earnings view.
Illinois Beefs Up Campaign Against Fraudulent Mortgage Rescue Firms
As home foreclosures peaked at 31 percent in October for Illinois, the state had to double its efforts to prevent troubled home owners from being victimized by mortgage rescue companies preying on hapless residents.
People on the move: Nov. 19
3Par, the Fremont provider of utility storage, appointed Tim Pitcher vice president of direct sales.
Consumer prices in record decline
Consumer prices fell by a record amount in October, in another worrisome sign about the contracting economy, the government reported Wednesday.
LONDON (MarketWatch) -- Hornbeck Offshore said it's filed a shelf registration with the Securities and Exchange Commission allowing it to sell up to $500 million of common stock, preferred stock, debt securities or warrants. The company said the filing will replace an existing shelf registration that was due to expire on Dec. 1.
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LONDON (MarketWatch) -- Grand Canyon Education cut its initial public offering price for a second time, now planning to sell 10.5 million shares between $12 and $14. Earlier this month, it planned to sell between $16 and $18, and initially the Arizona school was expecting to sell the IPO for $2 more than that. The company plans to trade under the LOPE symbol on the Nasdaq Global Market.
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TEL AVIV (MarketWatch) -- Trina Solar, the Changzhou, China, producer of solar-power equipment, reported third-quarter net income quadrupled as revenue tripled. Earnings reached $32.1 million, or $1.17 a share, from $7.8 million, or 31 cents, in the year-earlier period. Shares outstanding rose 12% to 28.4 million. Revenue rose to $290.7 million from $82.6 million. A survey of analysts by FactSet Research produced consensus estimates of $1.13 of profit on $289 million of revenue. For the year, Trina cut $50 million from the top and bottom of its estimated range, putting the new estimate at $800 million to $850 million. For the fourth quarter it expects revenue of $190 million to $210 million. FactSet's survey was looking for $271.9 million for the quarter and $882 million for the year. The company also trimmed its estimate of full-year gross margin, to a range 20% to 22% from the previous view of 23% to 25%.
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LONDON (MarketWatch) -- SolarWorld said it's offered to buy four plants of the Opel unit of General Motors . SolarWorld said the offer is conditional on compensation of 40,000 euros per German job, or about 1 billion euros altogether.
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TEL AVIV (MarketWatch) -- LDK Solar, the Xinyu City, China, producer of solar wafers, the raw material for solar-power cells, reported third-quarter earnings doubled as revenue tripled. Net income was $88.4 million, or 77 cents an American depositary share, against $41.6 million, or 37 cents, in the year-earlier period. Sales reached $541.8 million from $158.7 million. A survey of analysts by FactSet Research produced consensus estimates of 73 cents of profit on $530 million of revenue. LDK estimates revenue at $555 million to $565 million in the fourth quarter. FactSet's survey is looking for $579.7 million. Gross-profit margin should range 18% to 21% in the fourth period, LDK said. (Adds outlook.)
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LONDON (MarketWatch) -- Video search engine Blinkx on Wednesday revived a proposal to buy digital-media company MIVA for a revised consideration of 55 cents a share in cash. The offer represents a 39% premium on MIVA's average closing price in the 30 days prior to Nov. 18. The transaction would be funded from existing cash resources.
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WASHINGTON (MarketWatch) -- Thornburg Mortgage Inc. failed to make a Nov. 15 interest payment due on its 8% senior notes, saying it currently doesn't have available funds to do so. The Santa Fe, N.M.-based company also said it's "in active negotiations" on this front and expects to make the $12.2 million payment within the 30-day grace period under the indenture, once an amended and restated agreement has been reached with counterparties. The company's amended exchange offer and consent solicitation for all series of its outstanding preferred stock is currently scheduled to expire Wednesday at 5 p.m. Eastern time.
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NEW YORK (MarketWatch) -- BJ's Wholesale Club Inc. said Wednesday that third-quarter earnings were $28.2 million, or 48 cents a share, compared to $22.7 million, or 35 cents, a year ago. Sales were $2.4 billion, an increase of 13.4% over the third quarter of 2007. Analysts polled by FactSet Research estimated, on average, earnings per share of 46 cents and sales of $2.4 billion. For the full year 2008, BJ's now expects earnings per share of $2.20 to $2.30, up from $2.10 to $2.20 previously forecast. For 2009, BJ's expects earnings of $2.27 to $2.39 a share. BJ's shares fell 1% on Tuesday to $33.57.
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LONDON (MarketWatch) -- BASF , the world's biggest chemicals company, said it's cutting 20,000 jobs and warned adjusted earnings before interest and tax won't grow this year. It's temporarily shutting down 80 plants worldwide and reducing production at 100 plants. Flexible working time arrangements will be used wherever possible and scheduled maintenance work is being brought forward. Most affected will be the company's main site in Ludwigshafen, Germany, where 5,000 jobs will be lost.
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NEW YORK (MarketWatch) -- Southwest Airlines said Wednesday it will begin flying into New York's LaGuardia Airport next year if a $7.5 million deal with bankrupt ATA Airlines goes through. The Dallas-based, low-cost carrier said it could get 14 slots, enough for seven daily landings and take offs. Southwest already flies to a smaller airport on nearby Long Island, N.Y., but a route into one of New York City's largest, and busiest airports is certain to raise its profile. However, LaGuardia is also notorious for air traffic congestion and delays, which could bring difficulties for the carrier. ATA declared bankruptcy in April. Shares of Southwest closed Tuesday at $9.82, off a fraction.
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Sen. Richard Shelby said Wednesday he doesn't believe there will be a turnaround in the troubled U.S. auto industry until its top management is ousted.
Dabhol plant's production to fall by one-third
"The plant is producing 900 MW of power now. This will come down to 300 MW as we are shutting down two units for maintenance inspection," an official in Ratnagiri Gas and Power Pvt Ltd, the company that runs the Dabhol plant, said.
A bird in the sky to ease rural Net connectivity
It's a fast-track spacecraft for rural connectivity, chairman of Indian Space Research Organisation, G Madhavan Nair told PTI in Bangalore. Primarily aimed at rural areas, it's an INSAT-class (three tonne) satellite but the speciality would be that instead of having an all-India beam, it would have spot beams covering different parts of the country, and there would be a control hub by which it would be connected to national network.
Nissan in warning of profits dive to zero
Nissan chief Carlos Ghosn has warned that the company's second-half profit will probably fall to zero as the global motor industry crisis intensifies
Detroit's Big Three automakers are pleading with Congress for a $25 billion lifeline to save their once-proud companies from collapse, warning of broader peril for the national economy as well.
With its emphasis on future automotive technologies, the Los Angeles auto show is often an optimistic and forward-looking event, but there will be little to celebrate this year.
As financial markets have ravaged his savings, Gary Laursen, 62, has put his retirement on hold. He is one of millions of Americans confronting a stark reality about retirement.
Toyota Cuts North American Production
The world's biggest automaker says it will stop production at all U.S. and Canadian factories for two days next month. Toyota's assembly, transmission and engine plants will close in late December as the company tries to work through excess inventory. The Japanese carmaker is in much better financial shape than its U.S. rivals, but sales of Toyota's vehicles also are plunging.
It's Gonna Get Ugly: Q&A With TouchCommerce Chair Jeff Stiefler
Jeff Stiefler, Chairman of TouchCommerce, is a former president of American Express and CEO of IDS Financial Services. He also was the CEO of banking outsourcer Digital Insight, now part of Intuit. Stiefler spoke recently with ECT News Network interviewer Blake Glenn about technology and the economy.
'India confident of weathering global credit crunch'
India is confident of weathering the current global financial crisis and is on track to become the world's third largest economy by 2035 as predicted by experts, India's High Commissioner to the UK Shiv Shankar Mukherjee has said.
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