JDfn Daily Digest - August 21, 2008
The Conference Board says its measure of the economy's health fell more than expected in July, pushed lower by declines in the stock market, drops in new building permits and rising unemployment. The forecast of future economic activity fell 0.7 percent, far short of the consensus estimate of a 0.2 percent decline.
The Labor Department reported that initial applications for jobless benefits dropped to 432,000, down by 13,000 from the previous week. It was a bigger improvement than analysts expected. But claims remain elevated compared with recent years. The four-week average climbed to 445,750, the highest level in almost seven years.
Manufacturing activity declined in the Philadelphia region for the ninth month in a row in August. The Philly Fed index improved to negative 12.7 in August from negative 16.3 in July, indicating a slower pace of decline. Readings under zero indicate most firms report weaker conditions. Price pressures moderated, with the price-paid index falling to 57.5 from 75.6.
The outlook for Lehman Brothers Holdings (LEH) worsened today as a newspaper reported that an intended asset sale had collapsed and a Citigroup (C) analyst forecast big losses for the group. The fourth-largest U.S. investment bank has taken a $7 billion hit from credit-related write downs and losses since the start of the global crisis and is forecast to write down more.
Monsanto (MON) and China National Seed Group Corp. say they will expand their joint venture that provides corn seed to Chinese farmers. Monsanto will invest $84 million in the joint venture while China Seed will contribute its existing corn seed business assets.
The share price of Noven Pharmaceuticals Inc. (NOVN) increased after the company signed a global license and supply agreement with Procter & Gamble Co. (PG) for a developing treatment aimed at a type of female sexual disorder.
Scheduled U.S. Economic Reports (Friday)
None Scheduled
In Earnings News
Burger King Holdings Inc. (BKC) reported its profit surged 42 percent in its fiscal fourth quarter. The chain said it earned $51 million, or 37 cents per share, in the quarter ended June 30, up from $36 million, or 26 cents per share, a year ago. The earnings beat Wall Street analysts' expectations by 3 cents per share.
HJ Heinz (HNZ) earned $229 million, or 72 cents per share. That compares with a year-ago profit of $205.3 million, or 63 cents per share. The earnings beat the expectations of 66 cents per share.
Barnes & Noble Inc. (BKS), reported that second-quarter profit fell 15 percent as it confronts sluggish consumer spending. Barnes & Noble earned $15.41 million, or 27 cents per share, in the three-month period ended Aug. 2nd.
Shoe Carnival Inc. (SCVL) reported its second-quarter profit more than quadrupled, as it was able to increase realized prices on children's and adult shoes. The company earned $977,000, or 8 cents per share, compared with a year-ago profit of $167,000, or a penny per share.
Dick's Sporting Goods Inc. (DKS) reported that its fiscal second-quarter earnings dropped 5 percent, due in part to lower same-store sales. The company reported net income of $41.1 million, or 35 cents per share, for the quarter.
Scheduled Earnings Reports (Friday)
Harris Interactive, Perry Ellis International, Skillsoft Plc, Bridgford Foods, Gilat Satellite Networks
Stocks in the News
Bally Technologies (BYI) reported a 69% increase in fourth-quarter profit, on larger market share and lowered costs, and reaffirmed its full-year forecast.
Limited Brands (LTD) reported a second-quarter profit of $102 million, or 30 cents a share, down from $264.4 million, or 67 cents a share, a year ago.
Massey Energy Company (MEE), the largest U.S. producer of coal from the Appalachian region was upgraded to ``buy'' from ``neutral'' at UBS.
Gymboree Corp (GYMB) said its second-quarter profit increased to $8 million, or 27 cents a share, from $5.8 million, or 19 cents a share, in the year-ago period.
CME Group (CME) will pay $300 million to settle a class action suit from members of the Chicago Board Options Exchange.
Kohl’s Corp (KSS) named 26-year company veteran Kevin Mansell as chief executive, replacing 59-year-old Larry Montgomery.
Synopsys Inc (SNPS) reported its third-quarter net income more than doubled to $57.7 million or 39 cents a share.
The Labor Department reported that initial applications for jobless benefits dropped to 432,000, down by 13,000 from the previous week. It was a bigger improvement than analysts expected. But claims remain elevated compared with recent years. The four-week average climbed to 445,750, the highest level in almost seven years.
Manufacturing activity declined in the Philadelphia region for the ninth month in a row in August. The Philly Fed index improved to negative 12.7 in August from negative 16.3 in July, indicating a slower pace of decline. Readings under zero indicate most firms report weaker conditions. Price pressures moderated, with the price-paid index falling to 57.5 from 75.6.
The outlook for Lehman Brothers Holdings (LEH) worsened today as a newspaper reported that an intended asset sale had collapsed and a Citigroup (C) analyst forecast big losses for the group. The fourth-largest U.S. investment bank has taken a $7 billion hit from credit-related write downs and losses since the start of the global crisis and is forecast to write down more.
Monsanto (MON) and China National Seed Group Corp. say they will expand their joint venture that provides corn seed to Chinese farmers. Monsanto will invest $84 million in the joint venture while China Seed will contribute its existing corn seed business assets.
The share price of Noven Pharmaceuticals Inc. (NOVN) increased after the company signed a global license and supply agreement with Procter & Gamble Co. (PG) for a developing treatment aimed at a type of female sexual disorder.
Scheduled U.S. Economic Reports (Friday)
None Scheduled
In Earnings News
Burger King Holdings Inc. (BKC) reported its profit surged 42 percent in its fiscal fourth quarter. The chain said it earned $51 million, or 37 cents per share, in the quarter ended June 30, up from $36 million, or 26 cents per share, a year ago. The earnings beat Wall Street analysts' expectations by 3 cents per share.
HJ Heinz (HNZ) earned $229 million, or 72 cents per share. That compares with a year-ago profit of $205.3 million, or 63 cents per share. The earnings beat the expectations of 66 cents per share.
Barnes & Noble Inc. (BKS), reported that second-quarter profit fell 15 percent as it confronts sluggish consumer spending. Barnes & Noble earned $15.41 million, or 27 cents per share, in the three-month period ended Aug. 2nd.
Shoe Carnival Inc. (SCVL) reported its second-quarter profit more than quadrupled, as it was able to increase realized prices on children's and adult shoes. The company earned $977,000, or 8 cents per share, compared with a year-ago profit of $167,000, or a penny per share.
Dick's Sporting Goods Inc. (DKS) reported that its fiscal second-quarter earnings dropped 5 percent, due in part to lower same-store sales. The company reported net income of $41.1 million, or 35 cents per share, for the quarter.
Scheduled Earnings Reports (Friday)
Harris Interactive, Perry Ellis International, Skillsoft Plc, Bridgford Foods, Gilat Satellite Networks
Stocks in the News
Bally Technologies (BYI) reported a 69% increase in fourth-quarter profit, on larger market share and lowered costs, and reaffirmed its full-year forecast.
Limited Brands (LTD) reported a second-quarter profit of $102 million, or 30 cents a share, down from $264.4 million, or 67 cents a share, a year ago.
Massey Energy Company (MEE), the largest U.S. producer of coal from the Appalachian region was upgraded to ``buy'' from ``neutral'' at UBS.
Gymboree Corp (GYMB) said its second-quarter profit increased to $8 million, or 27 cents a share, from $5.8 million, or 19 cents a share, in the year-ago period.
CME Group (CME) will pay $300 million to settle a class action suit from members of the Chicago Board Options Exchange.
Kohl’s Corp (KSS) named 26-year company veteran Kevin Mansell as chief executive, replacing 59-year-old Larry Montgomery.
Synopsys Inc (SNPS) reported its third-quarter net income more than doubled to $57.7 million or 39 cents a share.
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