Gammon Gold (GRS) is a Canadian-based gold mining company. Like many firms in the metals exploration industry, it likes to put our cryptic press releases on progress at its drilling sites.
These releases always mean the same thing, no matter how they are worded–"We are looking hard, but we have not found anything yet."
From Gammon’s release today on its Guadalupe y Calvo exploration property located in Chihuahua State,
Wells Fargo & Company (NYSE: WFC) has priced that monster share offering. Rather than $10 billion being raised, it is more like $11 billion. The banking giant priced 407.5 million shares at $27.00 per share. The stock closed down 9% today on the news that the offering was coming. It closed down about 8.5% yesterday in the post-election selling. And shares are down 4.7% in after-hours trading at $27.40 tonight.
NVIDIA Corp. (NASDAQ: NVDA) reported earnings above estimates, and shares are recovering. The graphics chip-maker said its net earnings were $61.7 million, or $0.11 EPS. On a non-GAAP basis its earnings were $0.20 EPS. Its revenue was $897.7 million. First Call had estimates pegged at $0.12 non-GAAP EPS and $890 million in revenue. While earnings were above estimates, they are down a whopping 74% from the $235.7 million and $0.38 EPS and represents a 20% drop in revenues from year ago levels.
Valassis (VCI), the media and marketing services companies, has done an astonishingly poor jobs for its shareholders. The stock is down from a 52-week high of $16.80 to $1.78. The firm’s third quarter earnings only made the situation worse.
VCI reported quarterly revenue of $563.7 million down 7.2% from $607.2 million for the prior year quarter. The firm also said it had a net loss of $5.2 million or $.11 per share, for the third quarter compared to net earnings of $16.4 million, or $.34 per share, in the year ago period.
The company also lowered its forecast for the balance of the year.
GT Solar International, Inc. (NASDAQ: SOLR) posted strong earnings and mixed guidance, but shares are recovering handily after the report since its stock has been beaten down so much since coming public this summer. Net income was $27.9 million, or $0.19 EPS; Revenues were $140 million, which was up 71% year-over-year. Thomson Reuters (First Call) had estimates of $0.14 EPS and $127.33 million in revenues.
The Walt Disney Co. (NYSE: DIS) posted earnings after the close of $0.43 non-GAAP EPS from normalized operations on $9.445 billion in revenues. Thomson Reuters (First Call) had estimates for the media giant and DJIA component at $0.49 EPS and $9.34 billion in revenue for this last Q4 period.
Thomson Reuters estimates for CDMA giant Qualcomm (QCOM) were for $0.60 EPS and $2.86 billion in revenue. Reported revenue was $3.33 billion, up 45 percent year-over-year. Reported net income was $878 million, down 22 percent year-over-year. Earnings per share were $0.52, down 22 percent year-over-year.
Next quarter estimates are $0.61 EPS and $2.91 billion in revenue .New company guidance was for profit of $.46 to $.50. Revenue forecast was $2.3 billion to $2.5 billion.
Qualcomm missed on almost every number which is important. Shares were down about 10% after hours to $31.18 after dropping 6% in the regular session.
Douglas A. McIntyre
Valassis Communications (VCI) Q3 loss and outlook cut. Plunges to $1.78 from 52-week high of $16.80.
Syniverse (SVR) Baird downgrades shares. Falls to $9.79 from 52-week high of $22.93.
McDermott International (MDR) Lower profit. Downgrades from Jefferies and Credit Suisse. Daily double. Off to $10.26 from 52-week high of $67.14.
Ann Taylor Stores (ANN) Grim outlook on sales. Sells down to $8.74 from 52-week high of $33.28.
Express Scripts Inc. (NASDAQ:ESRX) is about to have one massive PR nightmare in its hands. The pharmacy benefit management manager announced that it has received a letter from an unknown person or persons trying to extort money from the company. The letter threatened to expose millions of Express Scripts patient records.
Making calls on financial guidance and modeling for the future right now beyond a quarter is no longer an art which is easily mastered by many. It is now guesswork or financial alchemy. So how is that a speculative and consumer dependent company such as SIRIUS XM Radio (NASDAQ: SIRI) can issue a 5-year projection? For better or worse, that is exactly what Mel Karmazin and friends did at SIRIUS XM this morning.
The Walt Disney Co. (NYSE: DIS) is set to report earnings right at the close of trading today. The Thomson Reuters (First Call) estimates for the media giant and DJIA component are $0.49 EPS and $9.34 billion for this last Q4 period. Estimates for next quarter (fiscal Q1-2009)are $0.59 EPS and $10.53 billion in revenues. Unfortunately, there are many other issues to consider here than the past quarterly earnings report today.
Mad Catz Interactive, Inc. (AMEX: MCZ) has been a dismal video game-related stock which never really get off of the ground. Its annual sales have also not shown any growth even when the sector was rapidly growing. The interactive entertainment accessory provider (video game peripherals) has entered into a multi-year licensing pact with Nintendo (NTDOY).
Level 3 (LVLT) got hit by concerns about raising cash. It shares collapsed back toward $1 on heavy volume. Detail…
Noble (NOBL) released terrible numbers to the market late yesterday. It paid for that today with a 50% drop in its share price.
Las Vegas Sands (LVS) indicated it might have some trouble with debt covenants. Its shares moved down almost 25% on that news.
Retailer Hot Topic (HOTT) rallied, probably because it did "less bad" than other companies reporting retail results.
Douglas A. McIntyre
Crude oil refiners Sunoco (NYSE:SUN) and Western Refining (NYSE:WNR) reported earnings this morning before the market opened. Sunoco posted diluted EPS of $4.70 on revenues $16.109 billion. Western reported diluted EPS of $1.61 on revenues of $3.165 billion. Analysts had estimated Sunoco’s EPS at $0.81 on revenues of $12.55 billion and Western’s EPS at $1.21. There are no estimates on Western’s third quarter revenues, but in the year-ago quarter, revenues reached $2.23 billion.
The king of customer satisfaction surveys, JP Power, has anointed the Apple (AAPL) iPhone as the best smartphone on the market.
Apple ranks highest in overall smartphone customer satisfaction with a score of 778 on a 1,000-point scale, performing particularly well in the ease of operation, physical design and handset feature factors.
The people at the International Monetary Fund say that the world economy will be in a recession in 2009, making them the last group on earth to acknowledge it.
"World growth is projected to slow from 5 percent in 2007 to 3¾ percent in 2008 and to just over 2 percent in 2009, with the downturn led by advanced economies."
After the market closed yesterday, American Water Works (NYSE:AWK) reported third quarter EPS of $0.55 on revenues of $672 million. EPS was right on expectations, but revenues fell short by about 12%. The floods in the Midwest reduced water sales by 4.8% from the same period a year ago, reducing EPS by about 4%.
Before the market opened this morning, CVR Energy (NYSE:CVI) released is third quarter earnings. EPS reached $1.16 and revenues totaled $1.58 billion. Analysts expected EPS of $0.75 on revenues of $1.04 billion, so CVR really blew out the doors. Shares are surging pre-market.
The retail sales numbers on Main Street are truly going to hell in a hand basket. The only bright spot is Wal-Mart Stores (NYSE: WMT), and that is just indicative of a tapped out consumer that is heading over to the trade-down shop for all their needs. Think of it as the new general store. Target (NYSE: TGT) and Costco (NASDAQ: COST) posted worse-than-expected sales. If you were looking for good news out of the department stores, let’s just say that you can find great news if you pretend that those minus signs in front of each number are not really there.
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