It’s earnings season. We’ve got dozens and dozens of companies with news related to earnings, management changes, contracts, drug news, retail, banking, tech, and more. Here is a snapshot of the news affecting shares in pre-market trading:
- ADC Telecom (ADCT) indicated up 2% after being noted as a cheap oversold tech stock again by Cramer on MAD MONEY last night.
- AEGON (AEG) announced its CEO of Netherlands operations stepped down.
- Altria (MO) noted as a great value stock again by Cramer on MAD MONEY.
- Bank of New York (BK) $0.67 EPS vs. $0.69 estimate; $118 million after-tax writedown on CDO’s/mortgages or -$0.10 off of EPS.
- Black Hills (BKH) announced that CFO Mark T. Thies resigned effective January 18.
- Borg Warner (BWA) put earnings in 2008 at $2.85 to $3.00 EPS versus $2.85 estimates.
- Callaway Golf (ELY) reaffirmed 2007 targets of $0.87 to $0.87 versus $0.87 estimate.
- Capstone Turbine (CPST) announced its CFO is leaving to join a private genomics company; announced new distributor agreement in China for oil & gas sector.
- Cell Therapeutics (CTIC) reported that Zevalin + chemo and stem-cell transplants produce high overall survival and progression-free survival rates in relapsed NHL patients.
- China Automotive Systems (CAAS) announced its sales rose over 42% and exceeded 1.1 million units of power steering systems in in 2007.
- Converted Organics (COIN) announced that it is exempt from the new tax that will be levied on most of the solid waste facilities in New Jersey.
- Continental Airlines (CAL) revenues $3.52 Billion versus $3.51 Billion estimate; posted $71 million pre-tax profit, will have $70 to $140 million charge on employees.
- GlaxoSmithKline (GSK) lower after NEJM report pans antidepressants.
- IBM (IBM) reports earnings after the close, although it already raised guidance.
- Logitech (LOGI) trading down roughly 4% after posting $0.71 EPS versus $0.63 estimate but revenues looked light; looking for 15% sales growth and 20% operating income growth in 2008;
- Merrill Lynch (MER) loss was $12.57 net for Q4, -$10.73 for all of 2007, but writedowns for Q4 were $14.1 Billion (11.5B from ABS CDO and $2.6 from hedges with financial guarantors on ABS CDO); Thain interview CNBC at 9:15 AM.
- MFA Mortgage (MFA) announced a public offering of 25 million shares of common stock at $9.25 per share; closed at $9.41 yesterday.
- Novartis (NVS) shares down 2% after it noted a 45% earnings drop overseas after restructuring charges; plans some $9 Billion for share buybacks.
- Pfizer (PFE) lower after NEJM report pans antidepressants.
- PNC (PNC) $1.07 EPS versus $1.08 estimate.
- QLT Inc. (QLTI) reported Visudyne sales were lower by 40%; announced that it will sell U.S. operations and cut jobs in restructuring.
- TD Ameritrade (AMTD) reports earnings this morning.
- True Religion (TRLG) preliminary Q4 revenues $52.4 million versus $46.9 million estimate; sees 2008 EPS $1.48 to $1.52 on revenues of $210 to $215 million versus $1.56/$210.5M estimates.
- Wyeth (WYE) lower after NEJM report pans antidepressants.
This is going to be a long day, and this data is nothing compared to what you will start seeing next week.
Jon C. Ogg
January 17, 2008
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