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40,000 jobs lost in one day as deflation's vicious cycle accelerates

Peter Cohan — Sat, 17 Jan 2009 11:10:00 EST

Filed under: Forecasts, General Electric (GE), Advanced Micro Dev (AMD), Clear Channel Commun (CCU), ConocoPhillips (COP), Economic data, Recession

Yesterday no fewer than 20 companies around the world announced 40,000 layoffs. As I posted, that's the flip side of the great inflation report that came out this week. And those 40,000 are among the first of 2.1 million U.S. jobs that are forecast to disappear in 2009 -- particularly if the $825 billion stimulus plan does not pass.

Here are some of yesterday's cuts from the U.S. companies:

Circuit City Stores is liquidating and taking 30,000 jobs along for the ride
Hertz Global Holdings Inc. (NYSE: HTZ) is eliminating 4,000 jobs worldwide due to a drop in travel demand.
WellPoint (NYSE: WLP) the second-largest U.S. health insurer, will end 1,500 jobs, which include 600 workers and 900 open positions.
Clear Channel (NYSE: CCO) -- the largest U.S. radio broadcaster -- will lay off 1,500 employees on January 20.

Continue reading 40,000 jobs lost in one day as deflation's vicious cycle accelerates

40,000 jobs lost in one day as deflation's vicious cycle accelerates originally appeared on BloggingStocks on Sat, 17 Jan 2009 11:10:00 EST. Please see our terms for use of feeds.

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Serious Money: eBay should auction off Skype

Sheldon Liber — Tue, 11 Nov 2008 14:42:00 EST

Filed under: Consumer experience, Rants and raves, Competitive strategy, Google (GOOG), Cisco Systems (CSCO), eBay (EBAY), AT and T (T), Sprint Nextel Corp (S), Clear Channel Commun (CCU), Comcast Cl'A' (CMCSA), Verizon Communications (VZ), Time Warner Cable (TWC), Serious Money

This is the first in a four part series which I hope gives buyers, sellers, shareholders and dare I say management a platform for discussion.

Over the years I have written numerous stories about eBay (NASDAQ: EBAY), which I think has evolved from a must own stock of the new economy to just another company struggling to adapt to the rapidly shifting sand under its feet.

Having made money (bought after bubble burst) and lost money, owning a few remaining shares (sold most at $34), I have been pondering what I would do if I ran the company. My conclusion is that I might break up eBay; at a minimum, I would refocus it.

eBay has had spectacular growth in the past, though less now. It has made highly profitable acquisitions like Pay-Pal and terrible buys like money-losing Skype.

Here are some tidbits for all to cogitate on. In my view, Skype belongs in the hands of a communications company, not an online store. It has millions of users but eBay has not been able to monetize its growth. I think it's time to sell it. The telephone and wireless companies could make much better use of this asset by integrating it into complimentary service bundles.

Continue reading Serious Money: eBay should auction off Skype

Serious Money: eBay should auction off Skype originally appeared on BloggingStocks on Tue, 11 Nov 2008 14:42:00 EST. Please see our terms for use of feeds.

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Before the bell: CROX, JNPR, CCU, FO, MSFT, DAL, GOOG, WB, WM, LEH ...

Melly Alazraki — Fri, 25 Jul 2008 08:13:00 EST

Filed under: Before the bell, Earnings reports, Analyst reports, Analyst upgrades and downgrades, Deals, Google (GOOG), Microsoft (MSFT), Yahoo! (YHOO), Market matters, Netflix, Inc. (NFLX), Black and Decker (BDK), Merrill Lynch (MER), Clear Channel Commun (CCU), Chipotle Mexican Grill'A' (CMG), Fortune Brands (FO), Morgan Stanley (MS), Wachovia Corp (WB), Washington Mutual (WM), Economic data, Juniper Networks (JNPR), Crocs Inc (CROX), Delta Air Lines (DAL), Lehman Br Holdings (LEH), Housing

U.S. stock futures were lower Friday morning, a day after a selloff triggered by housing data. Today investors are bracing for more housing data at 10:00 a.m. EDT after already hearing that foreclosures soared 121% during the second quarter. Other point of interest will be durable goods data reported an hour before the opening bell. Meanwhile, oil continued the steady climb that started Thursday as the dollar weakens, trading above $126 a barrel. It's Friday, and no many earnings reports are due.

While there aren't many earnings reports today, there are a few including Fortune Brands (NYSE: FO), Netflix (NASDAQ: NFLX) and Black & Decker (NYSE: BDK) among others.

Crocs (NASDAQ: CROX) shares are tanking over 44% to $5 after after it cut its earnings outlook significantly on softer demand for its plastic shoes. With all those knockoffs around, is it any wonder? Robert W. Baird downgraded Crocs from Outperform to Neutral, slashing the target price from $21 to $5.

Meanwhile, Juniper Networks (NASDAQ: JNPR) surged 12% in premarket trading after the company not only beat estimates when reporting quarterly results Thursday, but also increased its sales forecast for the third-quarter much higher than analyst estimates. Friedman Billings and Citigroup both upgraded Juniper to Outperform and Buy respectively.

In deal news, Clear Channel Communications (NYSE: CCU) shareholders on Thursday approved a $17.9 billion takeover by private equity funds Thomas H. Lee Partners and Bain Capital. This ends the 20-month long effort.

Continue reading Before the bell: CROX, JNPR, CCU, FO, MSFT, DAL, GOOG, WB, WM, LEH ...

Before the bell: CROX, JNPR, CCU, FO, MSFT, DAL, GOOG, WB, WM, LEH ... originally appeared on BloggingStocks on Fri, 25 Jul 2008 08:13:00 EST. Please see our terms for use of feeds.

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Finally, BCE's buyout is a real deal

Tom Taulli — Fri, 04 Jul 2008 12:30:00 EST

Filed under: Private equity, Clear Channel Commun (CCU), Canada, SLM Corp (SLM)

This week, we've seen two major buyout deals come undone: the $6.1 transaction for Penn National Gaming Inc. (NASDAQ: PENN) and TPG's play for Bradford & Bingley. In fact, according to FactSet Research, about 20% of leveraged buyouts (LBOs) since mid-2007 have been terminated.

Despite all this, some deals are getting done. Perhaps the most notable is the BCE (NYSE: BCE) LBO. BCE has reached an agreement with its private equity sponsors and banks to close its $51 billion LBO. This will represent the biggest buyout in history.

Now, there are some wrinkles. The closing date will be extended to December and there will not be any dividend payments for the rest of the year. The break-up fee was also upped from $1 billion to $1.2 billion.

Yet, the fact is that the price tag will remain unchanged (at $42 per share). No doubt, this is a big feat, especially in light of the credit crunch.

Apparently, there was much discussion about renegotiating the price. Then again, the prospects of massive litigation were daunting, as we have seen in a variety of other deals such as with Clear Channel, SLM (NYSE: SLM) and Huntsman Corp. (NYSE: HUN).

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

Finally, BCE's buyout is a real deal originally appeared on BloggingStocks on Fri, 04 Jul 2008 12:30:00 EST. Please see our terms for use of feeds.

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Rush Limbaugh's $400 million contract: Good for Clear Channel?

Aaron Katsman — Wed, 02 Jul 2008 17:22:00 EST

Filed under: Press releases, Marketing and advertising, Clear Channel Commun (CCU), Media World, Politics

It's no secret that Talk Radio host extraordinaire Rush Limbaugh has revolutionized the alternative media. With his new contract, it appears that Rush is once again on the cutting edge of societal evolution, and has once again laid down the gauntlet that he is light years ahead of his competition. What's so amazing is that in an era when traditional media is having all kinds of problems, whether it's declining newspaper sales, or declining ratings for the nightly news, the man who sits behind the golden EIB microphone is forging ahead as if nothing is happening.

According to a press release, Limbaugh has signed a long-term contract extension:

Advertiser and affiliate demand is at an all-time high for Mr. Limbaugh. President of Premiere Radio Networks Charlie Rahilly stated, "The Rush Limbaugh Show enjoys an unprecedented platform of radio affiliates. Plus, advertisers harness the intensity of listener engagement -- no one's 'word of mouth' about a product or service delivers more impact than Mr. Limbaugh does. The Premiere team is proud to partner with Mr. Limbaugh deep into the next decade."

Continue reading Rush Limbaugh's $400 million contract: Good for Clear Channel?

Rush Limbaugh's $400 million contract: Good for Clear Channel? originally appeared on BloggingStocks on Wed, 02 Jul 2008 17:22:00 EST. Please see our terms for use of feeds.

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Cramer on BloggingStocks: Despite FCC Nod, Merger between Sirius and XM is far from complete

Jim Cramer — Mon, 16 Jun 2008 09:00:00 EST

Filed under: Deals, Google (GOOG), Yahoo! (YHOO), XM Satellite Radio (XMSR), Sirius Satellite Radio (SIRI), Market matters, CBS Corp 'B' (CBS), Clear Channel Commun (CCU), Stocks to Buy, Cramer on BloggingStocks

Too many parties have too much to lose to let this one go through without a fight, TheStreet.com's Jim Cramer says.

No, it is not over. If there is one thing we have learned about Sirius (NASDAQ: SIRI) (Cramer's Take)-XM (NASDAQ: XMSR) (Cramer's Take), it is that at every step of the way, people have to try to block it or at least hold it up to the point that someone goes out of business. This is a deal, now much longer in passing than Exxon and Mobil, that still has congressional meddling even right now, still has rearguard activists who might fight the merger on the commission itself even though the FCC's staff has said yes.

Lots of people are confusing the issue of the merger benefits with the merger itself. The benefits will be helpful down the road on both the revenue and the costs, and the caps won't mean that much. What matters, plain and simple, is refinancing. Both companies are always in danger of running out of money.

However, if you know that three years hence -- after the frozen period during which service fees cannot be increased -- the two companies can begin to offer extreme cable pricing, you can go hat in hand to the Street with a good bond deal that people will no longer feel could default.

Continue reading Cramer on BloggingStocks: Despite FCC Nod, Merger between Sirius and XM is far from complete

Cramer on BloggingStocks: Despite FCC Nod, Merger between Sirius and XM is far from complete originally appeared on BloggingStocks on Mon, 16 Jun 2008 09:00:00 EST. Please see our terms for use of feeds.

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A failure for a huge LBO? Bell Canada (BCE)

Douglas McIntyre — Mon, 19 May 2008 09:48:00 EST

Filed under: Deals, Private equity, Citigroup Inc. (C), Clear Channel Commun (CCU)

It is the last big buyout left from 2007, the leveraged deal to take Bell Canada (NYSE: BCE) private. The transaction is worth almost $52 billion. Like several LBOs before it, banks are negotiating to get a better price, or kill the deal.

According to The New York Times, "The negotiations over the Bell Canada buyout began to fray late Friday." Banks in the deal, including Citigroup (NYSE: C), want higher interest rates and other concessions. The private equity firms trying to close the transaction, which include Providence Equity Partners and Madison Dearborn Partners, may elect to sue the banks to close. The tactic was used in the buyout of Clear Channel (NYSE: CCU). It worked, but the price still ended up lower than the original offer.

Since the banks have no shame in walking away from these deals, in many cases, observers probably hope courts will force closing on the terms that each party signed up for. But that is merely a child's fantasy. BCE trades at just under $39 after hitting $44 last November.

After hard negotiating and a threat of court visits, watch for a deal to get done below $40.

Douglas A. McIntyre is an editor at 247wallst.com and author of the Ten Stocks Under $10 letter.

A failure for a huge LBO? Bell Canada (BCE) originally appeared on BloggingStocks on Mon, 19 May 2008 09:48:00 EST. Please see our terms for use of feeds.

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Cramer on BloggingStocks: Evidence of a bottom

Jim Cramer — Fri, 16 May 2008 08:43:00 EST

Filed under: Home Depot (HD), Market matters, Federal Natl Mtge (FNM), Clear Channel Commun (CCU), Lowe's Cos (LOW), Toll Brothers (TOL), Housing, Cramer on BloggingStocks

TheStreet.com's Jim Cramer says the homebuilders won't quit, and that's making the early-cycle plays work.

Have we really bottomed? The stubborn lack of decline in the homebuilders, coupled with the better-than-expected retail sales, the strong transports, and the conclusion of a deal like Clear Channel (NYSE: CCU) (Cramer's Take), has created an environment where you are hard-pressed, if you rely on stocks as forecasters, to ignore the possibility of a bottom.

I watch the HGX like a hawk, the homebuilding aggregation, and it simply won't come down. That's despite the awful numbers, the covenant violations (Standard Pacific (NYSE: SPF) (Cramer's Take)) the bad loans, the lack of mortgage money, the insistence of a down payment and an abysmal spring traffic season.

So, why are people buying the group that signaled the downturn? I think it comes down to price. If you force the homebuilders to sell, as Toll (NYSE: TOL) (Cramer's Take) did this quarter, taking no gains on homes, you clean up inventory. If you clean up inventory, which is what happened in western Florida, you stabilize pricing. When you stabilize pricing, you bring out buyers. It is a virtuous circle.

Continue reading Cramer on BloggingStocks: Evidence of a bottom

Cramer on BloggingStocks: Evidence of a bottom originally appeared on BloggingStocks on Fri, 16 May 2008 08:43:00 EST. Please see our terms for use of feeds.

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Home prices fall further, when will I get my tax rebate?, & Satan's accountant - Today in Money 5/14

Allan Halprin — Wed, 14 May 2008 09:03:00 EST

Filed under: Yahoo! (YHOO), eBay (EBAY), Sony Corp ADR (SNE), Money and Finance Today, Clear Channel Commun (CCU)

In the News:

· Freddie Mac Quarterly Loss Widens; Will Raise $5.5 Billion

· Clear Channel Poised to Go Private As It Agrees to Lower Buyout Offer of $17.9 Billion

· Yahoo Jumps as Carl Icahn Reportedly Buys Shares in Attempt for Proxy Fight

· Foreclosure Filing Surge 65% in April

· Tiny Smart Car Receives Top Crash Scores

· Sony Returns to Profit in 4Q

· Craigslist Countersues eBay

· Consumers Ditching Land-line Phones

· U.S. Airlines Expect Fewer Fliers This Summer

· Taco Bell's New Menu Goes for a Cheap Fill

Will My Tax Rebate Ever Come?
Those who filed their tax returns at the last minute could have longer waits for their money. But there is an easy way to check the status of your check.
Will My Rebate Check Ever Come? - Kiplinger.com

Home Prices Fall for 7th Straight Quarter
Twenty-eight metro areas saw double-digit drops in median house prices in the 12 months ending in March, according to the National Association of Realtors. Eight metro areas saw year-over-year price declines of more than 20 percent: Sacramento (29.2 percent); Riverside-San Bernardino, Calif. (27.7 percent); Lansing, Mich. (26.9 percent); San Diego (22.9 percent); Sarasota, Fla. (22.2 percent); Los Angeles (21.3 percent); Grand Rapids, Mich. (20.7 percent) and Las Vegas (20.2 percent).
Study: House prices -Bankrate.com

Continue reading Home prices fall further, when will I get my tax rebate?, & Satan's accountant - Today in Money 5/14

Home prices fall further, when will I get my tax rebate?, & Satan's accountant - Today in Money 5/14 originally appeared on BloggingStocks on Wed, 14 May 2008 09:03:00 EST. Please see our terms for use of feeds.

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Before the bell: Futures lower ahead of CPI

Melly Alazraki — Wed, 14 May 2008 07:41:00 EST

Filed under: Before the bell, Earnings reports, Deals, Microsoft (MSFT), Yahoo! (YHOO), Market matters, Sony Corp ADR (SNE), Clear Channel Commun (CCU), Economic data, Housing, Federal Reserve

As is almost the case ahead of some key data announcement, investors tend to be looking for direction. Indeed, stock futures were mildly lower early Wednesday morning as the Street awaits CPI reading on inflation. Also in focus this morning is housing after a reading on foreclosures surged.

Already on Tuesday investors seemed nervous as U.S. stocks finished mixed on Tuesday. Retail sales, Wal-Mart results, Hewlett Packard's acquisition of EDS and Federal Reserve Chairman Ben Bernanke's speech on the markets affected stocks with the Dow ending 44 points, or 0.34% lower, the S&P 500 nearly flat as it was down half a point, or 0.04%, and the Nasdaq Composite ending 6 points, or 0.27%, higher.

This morning, stocks will likely get a clearer direction after April's Consumer Price Index report due out at 8:30 a.m. EDT. Economists, according to Briefing.com expect CPI to rise 0.3% in April, while core CPI, which excludes the volatile food and energy prices, is estimated to be up 0.2% in April. Investors want the report to allow the Fed to keep interest rates as they are so as to bolster the dollar, and hence commodities, somewhat.

Speaking of the dollar and commodities, though, oil keeps trading on its own set of "rules," it seems. Overnight, oil set yet another record, shrugging off gains in the dollar. The record, near $127 a barrel, was due to concerns that Iran may cut production. Oil has retreated since as the reports may have been overblown. This morning, at 10:30 a.m. EDT the weekly release of U.S. fuel inventories is due. Meanwhile, congress voted Tuesday to challenge President Bush to temporarily halt the daily shipment of thousands of barrels of oil into the government's emergency reserve.

Continue reading Before the bell: Futures lower ahead of CPI

Before the bell: Futures lower ahead of CPI originally appeared on BloggingStocks on Wed, 14 May 2008 07:41:00 EST. Please see our terms for use of feeds.

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Closing Bell: survey says national home prices tumbled 7.7%

Jon Ogg — Tue, 13 May 2008 16:14:00 EST

Filed under: Dell (DELL), Hewlett-Packard (HPQ), International Business Machines (IBM), Clear Channel Commun (CCU), Countrywide Financial (CFC), Electronic Data Systems (EDS)

National home prices tumbled by 7.7% in the first quarter in a recent survey. While retail sales did fall -0.2% overall in the month of April, the ex-autos numbers were actually positive by +0.5%. Below are the unofficial closing levels for major averages:

DJIA 12,833.97 (-42.34; -0.33%)
S&P500 1,403.42 (-0.16; -0.01%)
NASDAQ 2,495.34 (+6.85; +0.28%)
10YR-TBond 3.909% (+0.134%)
TOP 10 ANALYST CALLS

Clear Channel Communications Inc. (NYSE: CCU) was up again on news of a settlement between the buyers and the banks for the $20 billion delayed buyout by Bain Capital and THL Partners. The court was adjourned until 2 pm today to allow settlement talks to continue. Shares were up 4% to $34.24 at the end of the day.

Continue reading Closing Bell: survey says national home prices tumbled 7.7%

Closing Bell: survey says national home prices tumbled 7.7% originally appeared on BloggingStocks on Tue, 13 May 2008 16:14:00 EST. Please see our terms for use of feeds.

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Closing Bell: Merger talk, oil drop, dollar gain

Jon Ogg — Mon, 12 May 2008 16:18:00 EST

Filed under: After the bell, Earnings reports, Deals, XM Satellite Radio (XMSR), Clear Channel Commun (CCU), Research in Motion (RIMM), ImClone Systems (IMCL)

Crude surpassed $126.00 before retreating down by $1.85 to $124.11 late in the day. Many are citing that the interest in owning the dollar is also partly to thank for today's gains. Below are the unofficial closing bell prices for major index levels:

DJIA 12,879.24 (+133.36; +1.05%)
S&P 500 1,403.50 (+15.22; +1.10%)
NASDAQ 2,487.86 (+42.34; +1.73%)
10YR-TBond 3.775% (+0.008%)
52 WEEK LOWS
ANALYST CALLS

AnnTaylor Stores Corp. (NYSE: ANN) rose today after it forecast that first quarter profit will exceed projections. Additionally, the women's apparel store reported its plans to drop its older women fall line but push the opening of its Loft outlets. Shares were up 16% at $28.50 in the final minutes of trading.

Continue reading Closing Bell: Merger talk, oil drop, dollar gain

Closing Bell: Merger talk, oil drop, dollar gain originally appeared on BloggingStocks on Mon, 12 May 2008 16:18:00 EST. Please see our terms for use of feeds.

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Clear Channel -- finally a deal?

Tom Taulli — Mon, 12 May 2008 11:37:00 EST

Filed under: Deals, Citigroup Inc. (C), Clear Channel Commun (CCU), Morgan Stanley (MS), Wachovia Corp (WB)

Just a few weeks ago, it looked like the $19.4 billion buyout of Clear Channel Communications (NYSE: CCU) was dead. But in the deal market, things can change quickly.

Just today, the New York Supreme Court said there will be a stay on the litigation on the deal. According to CNBC, it looks like the parties are engaged in heavy settlement talk.

No doubt, a trial could be problematic for the banks that are on the hook for $22 billion in debt financing. These banks include: Citigroup (NYSE: C), Credit Suisse (NYSE: CS), Morgan Stanley (NYSE: MS), Royal Bank of Scotland, Deutsche Bank AG and Wachovia (NYSE: WB).

Now, they may be willing to fund the deal.

Why? Well, it looks like the debt markets are improving and the major banks have worked hard to boost their balance sheets.

In other words, the US credit crunch may be thawing. If so, we may see some more dealmaking - which would be a relief for Wall Street banks eager to get some juicy fees.

So far in today's trading, Clear Channel's shares are up 9.5%.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

Clear Channel -- finally a deal? originally appeared on BloggingStocks on Mon, 12 May 2008 11:37:00 EST. Please see our terms for use of feeds.

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Option Update: Clear Channel call active as shares rally on reports of trial delay

Paul Foster — Mon, 12 May 2008 11:00:00 EST

Filed under: Major movement, Clear Channel Commun (CCU), Options

Clear Channel (NYSE: CCU) is recently up $1.70 to $31.96.

Thomas H. Lee Partners and Bain Capital have filed suits to try to force a bank group to fund their $19 billion buyout of CCU. The bank group is asking the courts to dismiss a part of the litigation.

Bloomberg is reporting that the CCU trail in New York State Court has been delayed by one day and that lawyers decline to comment on whether a settlement is in the works.

CCU call option volume of 23,870 contracts compares to put volume of 5,295 contracts. CCU May 32.5 straddle is priced at $4.10. CCU June option implied volatility of 89 is above its 26-week average of 61 according to Track Data, suggesting larger price risk.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Option Update: Clear Channel call active as shares rally on reports of trial delay originally appeared on BloggingStocks on Mon, 12 May 2008 11:00:00 EST. Please see our terms for use of feeds.

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Earnings highlights: Cisco, News Corp., Crocs, Clear Channel, WWE, CVS and others

Trey Thoelcke — Sun, 11 May 2008 09:10:00 EST

Filed under: Earnings reports, Cisco Systems (CSCO), Sara Lee Corp (SLE), Clear Channel Commun (CCU), NYSE Euronext (NYX), CVS Corp (CVS), News Corp'B' (NWS), Crocs Inc (CROX)

Here are some highlights from this past week's earnings coverage from BloggingStocks:

Cisco Systems Inc. (NASDAQ: CSCO) beat Q2 expectations but offered a weak outlook.
Clear Channel Communications Inc. (NYSE: CCU) higher Q1 profits failed to beat expectations.
Crocs Inc. (NASDAQ: CROX) just missed EPS estimates but raised its full-year guidance.
CVS Caremark Corp. (NYSE: CVS) strong Q1 results only met Wall Street expectations.
eResearch Technology Inc. (NASDAQ: ERES) beat Q1 expectations and offered Q2 and full-year guidance.
Foster Wheeler Ltd. (NASDAQ: FWLT) beat estimates due to a boost in its power plant segment.
Internet Brands Inc. (NASDAQ: INET) reported strong Q1 results on ongoing M&A.
Midway Games Inc. (NYSE: MWY) widened its loss in Q1 but beat expectations.
News Corp. (NYSE: NWS) Q3 earnings jumped on a one-time transaction with Liberty Media.
NVIDIA Corp. (NASDAQ: NVDA) missed Q1 estimates but was upgraded by analysts anyway.
NYSE Euronext (NYSE: NYX) reported a first-quarter profit above analysts' estimates.
Sara Lee Corp. (NYSE: SLE) Q3 profits surged but fell short of analysts' expectations.
World Wrestling Entertainment Inc. (NYSE: WWE) posted strong results but couldn't cover its dividend.

Upcoming results to watch for include Sprint Nextel (NYSE: S), XM Satellite Radio (NASDAQ: XMSR), Sirius Satellite Radio (NASDAQ: SIRI), Electronic Arts (NASDAQ: ERTS), Whole Foods (NASDAQ: WFMI), Wal-Mart (NYSE: WMT), Deere & Co. (NYSE: DE), Toll Brothers (NYSE: TOL), Applied Materials (NASDAQ: AMAT), JC Penney (NYSE: JCP), Macy's (NYSE: M), Nordstrom (NYSE: JWN), Hewlett-Packard (NYSE: HPQ), Abercrombie & Fitch (NYSE: ANF).

Visit AOL Money & Finance for more earnings coverage.

Earnings highlights: Cisco, News Corp., Crocs, Clear Channel, WWE, CVS and others originally appeared on BloggingStocks on Sun, 11 May 2008 09:10:00 EST. Please see our terms for use of feeds.

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Clear Channel (CCU) first-quarter profit soars but misses estimates

Eliza Popescu — Fri, 09 May 2008 09:52:00 EST

Filed under: Earnings reports, Deals, Marketing and advertising, Clear Channel Commun (CCU), Economic data

Shares of radio broadcaster Clear Channel Communications Inc. (NYSE: CCU) were slightly up in early trading after the company posted higher first-quarter profit boosted in part by gains in its outdoor advertising unit. Though, the company was not able to beat analysts' predictions as the weak economy put pressure on the overall advertising market.

Clear Channel Communications announced that its quarterly profit surged to $799.7 million, or $1.61 per share. The income figures were definitely something to cheer about. During its first quarter last year, the company had net income of $102.2 million or 21 cents per share. Excluding one-time items, earnings for the quarter would have been $0.19 per share. Analysts' forecast (which typically exclude one-time items) was for $0.21 per share, according to Thomson Reuters.

The media and advertising display company also said that quarterly revenue rose 3.9% to $1.56 billion, compared with $1.51 billion reported in the same period a year ago, helped by favorable foreign exchange rates; excluding the effect of the week dollar, revenue rose only 1%. Analysts had been expecting to see slower sales of $1.53 billion.

Continue reading Clear Channel (CCU) first-quarter profit soars but misses estimates

Clear Channel (CCU) first-quarter profit soars but misses estimates originally appeared on BloggingStocks on Fri, 09 May 2008 09:52:00 EST. Please see our terms for use of feeds.

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Before the bell: ATVI, BMY, SNY, CCU, AAPL, KO, MCD ...

Melly Alazraki — Fri, 09 May 2008 08:19:00 EST

Filed under: Before the bell, Earnings reports, Apple Inc (AAPL), Coca-Cola (KO), McDonald's (MCD), Bristol-Myers Squibb (BMY), Clear Channel Commun (CCU), Activision Inc (ATVI)

Before the bell: AIG, Citi pressure stock futures lower

Activision (NASDAQ: ATVI) late Thursday reported a fourth-quarter profit that handily beat expectations as video games sales nearly doubled with strong demand for Guitar Hero 3 and Call of Duty 4 games. ATVI shares are up over 4.5% in premarket trading.

Bristol-Myers Squibb (NYSE: BMY) and Sanofi-Aventis (NYSE: SNY) are about to face a generic threat from Swiss drug firm, Schweizerhall Holding, that said it's going to soon launch a generic version in Germany of Plavix blood-thinning drug.

Clear Channel (NYSE: CCU) reported its profit soared to $799.7 million or $1.61 per share in the first quarter while revenues rose 4% to $1.56 billion. The results beat expectation even when taken excluding one-time items that have earnings rising 70% to $161.4 million or 32 cents a share.

Continue reading Before the bell: ATVI, BMY, SNY, CCU, AAPL, KO, MCD ...

Before the bell: ATVI, BMY, SNY, CCU, AAPL, KO, MCD ... originally appeared on BloggingStocks on Fri, 09 May 2008 08:19:00 EST. Please see our terms for use of feeds.

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The week in preview: Optimism reigns, but will earnings news prolong the fiesta?

Andrew Horowitz — Sun, 04 May 2008 12:00:00 EST

Filed under: Hansen Natural (HANS), Walt Disney (DIS), Estee Lauder (EL), Federal Natl Mtge (FNM), Clear Channel Commun (CCU), Economic data, Initial public offerings

We are investing in optimistic times. News -- good or bad -- seems to magically morph into an opportunity to move markets higher. In the past week, even more than usual, weak economic news was accompanied by commentary along the lines of, "it could have been worse," and other euphoric sentiments.

It is difficult to determine whether this is another short-covering bear market bounce or a real rally. But next week will bring us new information that will start to indicate where the answer lies. For now, investors are looking at the glass as half-full. Cash on the sidelines is moving in to equities, partly because there are very few other alternatives. Yields are low, commodities are risky and real estate is taboo.

Next week begins with the celebration of Cinco de Mayo, yet the markets were way ahead -- it has shifted into party mode on its own during the past few weeks. Here is a summary of key events to watch during the week ahead:

Monday, May 5

First off, the market gets a chance to react to news of Microsoft withdrawing its bid for Yahoo. It will be interesting to see how far Yahoo's stock price sinks as well as what all the market watchers think Yahoo (NASDAQ: YHOO) and Microsoft (NASDAQ: MSFT) will do next.

Hewitt Associates (NYSE: HEW) the HR firm that has been showing amazing strength is set to report. First Call is looking for quarterly earnings of $.38 as compared to a year ago of $.23. There may be opportunity for this firm as we go into harder economic times where companies are looking for an easy solution to labor concerns.

Also reporting is Nam Tai Electronics (NYSE: NTE). It could have a good quarter since the need for computer parts is on the rise. Intel and Apple did well to show that international demand is still hot for electronics and this is one of the parts manufacturers. Through its electronics manufacturing services operations, Nam Tai makes electronic components and sub-assemblies, including liquid crystal display (LCD) panels, LCD modules, flexible printed circuit sub-assemblies and image sensors modules and printed circuit board assembly for Bluetooth headsets. First Call estimates are for $.19 as compared to year ago of $.19 per share on $163 million of revenue.

Continue reading The week in preview: Optimism reigns, but will earnings news prolong the fiesta?

The week in preview: Optimism reigns, but will earnings news prolong the fiesta? originally appeared on BloggingStocks on Sun, 04 May 2008 12:00:00 EST. Please see our terms for use of feeds.

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Newspaper wrap-up: Wendy's and Nelson Peltz to today unveil deal

Laurie Pasternack — Thu, 24 Apr 2008 07:50:00 EST

Filed under: Newspapers, Magazines, Citigroup Inc. (C), Clear Channel Commun (CCU)

MAJOR PAPERS:

Wendy's International Inc (NYSE: WEN), struggling since the 2002 death of founder Dave Thomas, and pressed by investor Nelson Peltz to improve results, will today announce a deal with Peltz, the Wall Street Journal reported.
The Wall Street Journal also reported that the House Financial Services Committee voted to approve $15B in loans and grants so that local governments can buy foreclosed homes throughout the U.S. Committee chairman Barney Frank said the bill will avoid abuse, including requiring that purchased homes be a minimum 60 days into the process.
Adding to evidence of a rally in corporate credit markets, the Financial Times reported that Deutsche Bank AG (NYSE: DB) is preparing another big sell-off of its leveraged loans in Europe.

OTHER PAPERS:

Several e-mails that have been obtained by the New York Post sent between Wall Street banks may prove a serious setback in the fight over the takeover Clear Channel Communications Inc (NYSE: CCU). The e-mails reportedly show the banks, led by Citigroup Incorporated (NYSE: C) and Deutsche Bank, looking to get out of financing the buyout by Bain Capital and THL Partners by offering terms "they know the [firms] won't be able to accept."

Newspaper wrap-up: Wendy's and Nelson Peltz to today unveil deal originally appeared on BloggingStocks on Thu, 24 Apr 2008 07:50:00 EST. Please see our terms for use of feeds.

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Early analyst calls: CMR, ALL, CCU

Douglas McIntyre — Wed, 09 Apr 2008 08:04:00 EST

Filed under: Before the bell, Analyst upgrades and downgrades, Allstate Corp (ALL), Bed Bath and Beyond (BBBY), Clear Channel Commun (CCU), salesforce.com inc (CRM)

Bernstein downgraded Salesforce.com (NYSE: CRM) to "market perform" from "outperform" according to Briefing.com. The news service also reports that Citigroup initiated Southern Cooper (NYSE: PCU) with a "sell".

Banc of America Securities said that Allstate (NYSE: ALL) may miss first quarter earnings due to payments for storm damages according to the AP.

Clear Channel (NYSE: CCU) cut to "hold" at Stanford Research according to 24/7 Wall St. The website also reports that Bed Bath & Beyond (NASDAQ: BBBY) cut to "sell" at Piper Jaffray

Early analyst calls: CMR, ALL, CCU originally appeared on BloggingStocks on Wed, 09 Apr 2008 08:04:00 EST. Please see our terms for use of feeds.

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