DOW JONES NEWSWIRES
Below is a synopsis of major quarterly releases from Monday
night and Tuesday morning:
Home Depot Net Tops Estimates; Co Boosts Year View
Home Depot Inc.'s (HD) earnings fell a smaller-than-expected
7.2% as operating improvements helped offset weak sales. The
world's largest home-improvement retailer by sales also raised its
fiscal-year earnings outlook to reflect the year-to-date
performance. Shares jumped 3% to $26.90.
Target Profit Falls Again; Cost Cuts Help Results Top Views
Target Corp.'s (TGT) profit fell 6.4%, the retailer's eighth
consecutive quarterly profit decline, but the results were well
above expectations as the discount retailer continued to cut costs
and inventory. Shares climbed 5.3% to $43.39.
Cardinal Health Earnings Drop On Lower Sales, Sees Strong FY
Cardinal Health Inc.'s (CAH) income dropped 14% on weaker sales
and profit in its medical-products segment, though earnings matched
and revenue beat Wall Street's expectations. The company also
raised its fiscal-year earnings view and gave a
stronger-than-expected projection for revenue growth. Shares jumped
4.2% to $34.75.
CIT Posts $1.62B Loss; Credit Provisions Surge
CIT Group Inc. (CIT) posted a $1.62 billion quarterly loss from
continuing operations as the struggling lender borrowed funds at a
higher rate than it loaned out and squirreled away reserves to
account for future losses. The results strike a blow to the very
core of the company's small business lending operations,
heightening concerns around its ability to survive. Shares are up
5.2% to $1.43.
Agilent Swings To Loss On Charges, Gives Strong View
Agilent Technologies Inc. (A) swung to a loss - its second in a
row - on lower sales and restructuring and impairment charges.
Shares rose 8.5% to $25.56 as the maker of testing and measurement
equipment's results topped Wall Street's expectations and it gave a
more optimistic fiscal fourth-quarter forecast than analysts'
estimated.
TJX Earnings Rise With Sales, Margins But Guidance
Disappoints
TJX Cos.'s (TJX) earnings rose 31% amid stronger sales and
margins, but the retailer issued guidance - the lower range of
which falls below Wall's Street's expectations. For the year, TJX,
which buys fashion brands at prices below wholesale, then sells
them at very steep discounts, projected earnings of $2.26 to $2.38,
while analysts were looking for $2.36. Shares declined 3.7% to
$34.08.
Saks Loss Widens Amid Markdowns; Margins Top Views
Saks Inc.'s (SKS) loss widened on lower margins as markdowns
continued to take a toll, but the luxury retailer's loss was much
better than expectations, aided by strong expense management, while
sales slid. Chairman and Chief Executive Stephen Sadove said
although the economy remains difficult, the company's gross margin
exceeded expectations and inventories were down 18% per store on a
year-over-year basis. Shares jumped 4.1% to $5.57.
Cargill Earnings Decline On More Fertilizer Weakness
Cargill Inc.'s earnings fell 69% amid further declines at its
fertilizer and processing operations and a loss at its risk
management and financial services unit. Chairman and Chief
Executive Greg Page said the company expects the effects of the
global downturn to "persist for some time" but noted that the
company continued to open or expand major processing facilities and
strengthen its supply chains.
Dillard's Loss Narrows On Cost-Cutting; Inventory Drops
Dillard's Inc.'s (DDS) loss narrowed despite a drop in sales, as
the department-store operator's efforts to manage inventory and cut
costs paid off. Gross margin grew to 29.9% from 29.7%, because of
efforts to manage inventory and minimize markdowns. Inventory was
lowered by 18% in comparable stores, and down 19% companywide.
Shares climbed 4.3% to $10.42.
Higher Sales Propel Perrigo's Net; Co Sees Strong FY EPS
Perrigo Co.'s (PRGO) earnings edged up 0.4%, helped by higher
sales and strength in its prescription drug business, prompting the
company to issue a rosy fiscal 2010 earnings outlook. Shares rose
3.9% to $27.53.