Interessantes aus den USA
THOUSAND OAKS (dpa-AFX) - Der weltgrößte Biotechnologie-Konzern Amgen hat im abgelaufenen vierten Quartal mehr verdient als von Analysten erwartet. Der Umsatz ging hingegen zurück. Der Gewinn je Aktie (EPS) vor Sonderposten sei im Quartal um elf Prozent auf einen US-Dollar gestiegen, teilte der Konzern am Donnerstag mit. Die von Thomson Financial befragten Experten hatten mit 0,97 Dollar gerechnet.
Unter dem Strich verdiente der Konzern 835 (Vorjahr: 833) Millionen Dollar oder 76 (71) Cent je Aktie. Der Umsatz sank um zwei Prozent auf 3,745 Milliarden Dollar. Erwartet hatte der Markt 3,55 Milliarden Dollar. Probleme hatte Amgen im vergangenen Jahr mit dem Anämiemittel Aranesp, das mit Herzproblemen in Verbindung gebracht worden war.
Für das laufende Geschäftsjahr 2008 erwartet Amgen den Umsatz in der Spanne von 14,2 bis 14,6 Milliarden Dollar. Das EPS vor Sonderposten soll 4,00 bis 4,30 Dollar betragen. Die Wall Street-Experten gehen von 4,37 Dollar Gewinn je Aktie und 14,49 Milliarden Dollar Umsatz aus./she/gr/
Irvine, CA (aktiencheck.de AG) - Die amerikanische Broadcom Corp. (ISIN US1113201073/ WKN 913684) veröffentlichte am Donnerstag nach US-Börsenschluss die Zahlen für das vierte Quartal 2007.
Der Gewinn lag den Angaben zufolge bei 90,34 Mio. Dollar bzw. 16 Cents je Aktie, nach 45,08 Mio. Dollar bzw. 8 Cents je Aktie im Vorjahr. Exklusive Sondereffekte lag das EPS bei 34 Cents. Der Umsatz stieg von 923,45 Mio. Dollar auf nun 1,03 Mrd. Dollar an.
Analysten hatten zuvor ein EPS von 32 Cents bei einem Umsatz von 1,02 Mrd. Dollar erwartet und prognostizieren für das laufende erste Quartal 2008 ein EPS von 29 Cents bei einem Umsatz von 998,2 Mio. Dollar.
Die Aktie von Broadcom schloss heute an der NASDAQ bei 22,48 Dollar. Nachbörslich gewinnt der Titel 4,09 Prozent auf 23,40 Dollar. (24.01.2008/ac/n/a)
Santa Clara (aktiencheck.de AG) - Die Sun Microsystems Inc. (ISIN US8668101046/ WKN 871111) veröffentlichte am Donnerstag nach US-Börsenschluss die Zahlen für das zweite Fiskalquartal 2007/08. Dabei konnte der amerikanische Server-Anbieter Umsatz und Gewinn deutlich steigern und die Erwartungen schlagen.
Demnach erzielte der Konzern einen Nettogewinn von 260 Mio. Dollar bzw. 31 Cents je Aktie, nach 133 Mio. Dollar bzw. 15 Cents je Aktie im Vorjahreszeitraum. Im Vorfeld hatten die Analysten einen Gewinn von 30 Cents je Aktie prognostiziert.
Die Umsatzerlöse stiegen im Berichtszeitraum von 3,57 Mrd. Dollar auf nun 3,62 Mrd. Dollar. Im Vorfeld hatten die Analysten Erlöse von 3,59 Mrd. Dollar in Aussicht gestellt.
Für das laufende dritte Fiskalquartal 2007/08 erwarten die Analysten ein EPS von 18 Cents sowie Erlöse von 3,37 Mrd. Dollar.
Die Aktie von Sun Microsystems schloss heute an der NASDAQ bei 16,12 Dollar. Nachbörslich gewinnt die Aktie 1,05 Prozent auf 16,29 Dollar. (24.01.2008/ac/n/a)
| Indexstand: | 13.459,83 |
| Kurs Zeit: | 03:00 |
| Veränderung: |  367,05 (2,80%) |
| Letzt. Schlußk: | 13.092,78 |
| Eröffnungskurs: | 13.258,77 |
| Volumen: | 0 |
| Tagesspanne: | 13.248,89 - 13.471,09 |
| 52W Spanne: | 12.572,70 - 18.297,00 |
Angehängte Grafik:
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ECONOMIC REPORT
December drop caps worst housing year in decades
Median 2007 sales price of single-family homes falls for 1st time in 40 years
By Rex Nutting, MarketWatch
Last update: 11:48 a.m. EST Jan. 24, 2008
WASHINGTON (MarketWatch) -- Capping the worst year for the housing market in 25 years, resales of U.S. homes and condos fell 2.2% in December to a seasonally adjusted annual rate of 4.89 million, the National Association of Realtors reported Thursday.
For all of 2007, sales of single-family homes fell 13%, the biggest decline since 1982.
The median sales price of an existing single-family home fell for the first time in the 40-year history of the survey, dropping 1.8%. Although no hard data are available, most economists believe median home prices hadn't fallen since the Great Depression of the 1930s.
December resales at 4.89 million were weaker than the 4.98 million pace expected by economists surveyed by MarketWatch.
December's sales pace was down 22% compared to the previous December and was down 32% from their peak two years ago.
Sales of single-family homes dropped 2% in December to a 4.31 million annual rate, the lowest in 10 years. Condominium sales fell 3.3% to a 580,000 rate.
The median sales price fell to $206,500 in December, down 6.5% in the past year. The median sales price can be influenced by the mix of home sold in various price ranges or regionally. Fewer expensive homes sold in the West, for instance, would lower the median sales price even if the price of no individual home fell.
Sales are expected to be soft in coming months, said Lawrence Yun, chief economist for the real estate agent trade group, adding however that sales are being supported by very low mortgage rates.
"The problem is that borrowers who need jumbo mortgages or who have credit problems are still facing a tighter lending environment," wrote Mike Larson, real estate analyst at Weiss Research.
Economists took some comfort in the slowing pace of decline. "Sales plummeted in 2006 and much of 2007, but the recent adjustment has been subdued by comparison," wrote Michael Moran, U.S. economist for Daiwa Securities America.
Inventories of unsold homes fell 7.4% in December to 3.90 million, representing a 9.6 month supply at the December sales pace. Inventories typically fall in December, but the data are not seasonally adjusted.
Sales fell in all four regions, dropping 4.6% in the Northeast, 2.1% in the West, 1.7% in the Midwest and 1% in the South.
In a separate report, the Labor Department said first-time jobless claims fell 1,000 to 301,000 last week, a very low level considering other dismal state of other economic indicators.
Rex Nutting is Washington bureau chief of MarketWatch
By MarketWatch
Last update: 12:40 p.m. EST Jan. 24, 2008
NEW YORK (MarketWatch) -- Morgan Stanley, anticipating an economic slowdown, is planning to cut roughly 1,000 jobs, or about 2% of its workforce, mostly from its brokerage unit.
Chart of MS
"The firm is engaged in an ongoing process of assessing its personnel needs in light of overall market conditions, business priorities and individual performance," said a Morgan spokesman. "This will involve headcount reduction in some areas and additions in others."
The job cuts, while focusing most directly on the brokerage division, are expected to exact some toll across most of Morgan Stanley's units.
Morgan Stanley shares were down 2% to $50.69 in afternoon trading Thursday. End of Story
Busy data week to fill in Jan.'s economic scorecard
By Laura Mandaro, MarketWatch
Last update: 10:30 a.m. EST Jan. 27, 2008
SAN FRANCISCO (MarketWatch) -- A packed series of economic releases, overlapping with a Federal Reserve meeting, will give markets a better idea of whether the year-end economic slump spread into January -- and what the Fed is going to do about it.
Dominating attention during the first part of the week is the two-day Federal Reserve Open Market Committee meeting, capped by a statement Wednesday afternoon that will spell out the Fed's decision on interest rates and its outlook on the economy.
"The big question is how much do they do in light of last week's emergency moves," said Carl Riccadonna, U.S. economist at Deutsche Bank.
Last Tuesday, the Federal Reserve surprised markets by slashing the fed funds rate by 75 basis points, or three-quarters of a percentage point, making a rare move outside a scheduled meeting and the first reduction of such magnitude since 1982.
The cut came after equity markets plummeted around the world, starting in the U.S. the week before and extending to Asia and Europe on Monday. Worries that the United States was on the brink of recession hastened the sell-off, and the Fed cited the "weakening economic outlook" for its decision to slash its fed funds target to 3.50%.
Markets and economists are expecting even more cuts, although probably not a repeat of the FOMC's 75 basis-point shocker. Fed funds futures Friday had priced in 100% odds for at least a 25-basis point and 70% odds for a 50 basis-point cut.
Economists are also looking to hear what the FOMC, led by Federal Reserve Chairman Ben Bernanke, says about the economy, and namely, whether he again highlights growth risks rather than inflation as the most worrisome issue. See full story on Fed outlook.
Bernanke and other policymakers will have a few more pieces of data to chew on before announcing Wednesday's rate decision.
December new home sales, out Monday, could show a glimmer of relief after a steep drop in November, say economists. Those polled by MarketWatch are forecasting a seasonally adjusted annual rate of 635,000. See Economic Calendar.
"We've had no sign of a bottom in housing," said Scott Anderson, senior economist at Wells Fargo & Co.
Still, a slight uptick in a January index of homebuilder confidence, released by the National Association of Home Builders and Wells Fargo, suggests "we may see some stability in new home sales," Anderson said.
On Tuesday, the Commerce Department will release its report on durable goods orders for December. Demand for these big-ticket items like machinery and computer systems will add to previous data from the Institute for Supply Manufacturing and the Fed's industrial production survey, which both showed manufacturing languished at the end of 2007.
Economists are anticipating a 2.2% gain in durable goods orders, rebounding from a 0.1% drop in November.
Separately, consumer confidence for January could fall further from December due to still-high gasoline prices, recession talk and big dips in the stock market. A consensus is expecting a reading of 88, slightly off December's result.
After Wednesday, Friday's the day
The most anticipated releases, however, are saved for Friday when the Labor Department publishes its January report on job growth and unemployment. The prior report, for December, started markets on a rocky footing this month when the Labor Department showed a surprise spike in the unemployment rate, to 5%, and said companies added a mere 18,000 nonfarm jobs on a seasonally adjusted basis, the most anemic job growth since August 2003.
"December's numbers were surprisingly weak and a lot of people are looking for a follow-through or bounce back," said Anderson. Economists now are anticipating job growth of 60,000 and an unemployment rate to hold at 5%.
Anderson and others noted that first-time jobless claims have fallen for four straight weeks, painting a rosier view of the job market than the previous payrolls report.
Later on Friday, the Institute for Supply Manufacturing will release its report on January manufacturing activity. In December, the index contracted for the first time in nearly a year after new orders collapsed. Economists are now looking for the index to stay in contraction mode, with a reading of 47.3%.
Readings under 50% indicate that more manufacturing firms are contracting rather than expanding.
Adding to these main reports are several others, including Wednesday's report on gross domestic product for the fourth quarter and Friday's release on construction spending in December.
The U.S. economy likely slowed to a 1.1% rate in the fourth quarter, according to a MarketWatch survey of economists, down from a 4.9% rate in the third quarter. This expected cooling of growth reflects a drop in housing construction and more conservative inventory management by businesses. The report also includes an inflation gauge closely watched by the Fed: the core PCE index.
Coming out during a weak jam-packed with earnings releases, the report may not have the impact it often does.
"We are very concerned about what's happening in Q1," said Deutsche Bank's Riccadonna. "Since we're in such a fluid situation, Q4 is kind of old news." End of Story
Laura Mandaro is a reporter for MarketWatch in San Francisco.
No relief so far from corporate earnings
S&P 500 companies faring worse than forecast; technology is a highlight
By Laura Mandaro, MarketWatch
Last update: 12:23 p.m. EST Jan. 26, 2008
SAN FRANCISCO (MarketWatch) -- What was expected to be a stormy season for U.S. corporate earnings has turned into a blizzard, at least as far as financials are concerned.
Fourth-quarter earnings for companies in the Standard & Poor's 500 ( are on track to fall 20.5% from the same quarter last year, the most severe drop since the fourth quarter of 2001. By contrast, analysts were expecting a 9.8% drop in profits heading into this month's round of earnings reports, according to Thomson Financial.
There are still about 340 companies in the S&P that have yet to report, and analysts said the overall picture could improve as a broader range of companies, particularly technology firms, announce their earnings. But with financials, materials firms and consumer discretionary companies all set to report profit declines for the period, actual earnings growth for the quarter seems out of reach.
The main culprits for the results storm are the banks and the multi-billion-dollar, debt-related losses they reported. Things were so bad among the nation's financial institutions that they managed to lose more money than the already gloomy analysts expected.
Headlined by nearly $10 billion in losses at Merrill Lynch & Co. and Citigroup reported and expected fourth-quarter earnings at financial institutions are on track to fall by the equivalent of 104% of their year-ago results -- a far deeper tumble than the 67% slide that analysts were anticipating earlier this month. See earnings outlook.
As expected, banks took huge writedowns on subprime debt and derivatives. Those with big consumer operations, such as Citigroup and Bank of America Corp. jacked up loan-loss reserves to cushion against accelerating delinquencies on credit-card, car and other consumer loans.
"Clearly the big story on earnings has been in financials," said Rod Smyth, chief investment strategist for Wachovia Securities. However, he anticipates non-financial companies will also struggle to meet earnings expectations.
"There are more disappointments to come outside financials as the reality of a slower global economy plays out," he said.
The grim news from financial-institution earnings has stoked fears that the U.S. is headed towards, or is already in, a recession sparked by the housing slump, tight credit and high gasoline prices. On Tuesday, in an effort to prevent a deep recession, the Federal Reserve engineered a surprise 75-basis point cut in its benchmark overnight lending rate. The U.S. central bank cited a "weakening of the economic outlook," deterioration in financial markets and tighter credit for businesses and households.
Since financial institutions' earnings carry the heaviest weight on the S&P 500 in terms of total earnings, they tend to have a big impact on corporate earnings as a whole. They are also some of the first companies to release their quarterly reports.
With earnings at financial institutions stripped out, profits in the index of large U.S. companies would rise about 11.3%, according to Thomson Financial. The research firm's figure includes both reported results and the estimates of companies that have yet to report.
Strength for companies outside the downtrodden financial sector is giving one strategist hope that the corporate outlook is not as bad as widely expected.
"The vast majority of corporations are enjoying a double-digit profit spree," said James Paulsen, chief investment strategist at Wells Capital Management. "We're kind of getting a daily string of earnings reports that are not at all recessionary."
Going into the earnings season, market-watchers were keen to hear what chief executives say about the future. Outside housing and finance, the prognosis has been cautious but not necessarily gloomy. That's particularly true for companies such as Caterpillar Inc. and DuPont which have extensive international operations.
"While we expected anemic growth in the U.S. economy, we continue to see positive conditions for our sales in most of the rest of the world," Caterpillar CEO Jim Owens said Friday.
Toilet paper and diaper maker Kimberly-Clark Corp. was more sanguine about the U.S. outlook, with CEO Tom Falk saying he was "more confident in the outlook than maybe what you read in the newspaper these days."
Hardest hit
Materials firms -- which include big steel, aluminum and gold companies -- are on track for an earnings drop of 8%, the deepest fall after financials.
Freeport-McMoRan Copper & Gold for instance, reported a 0.7% decline in profit for the fourth quarter, dragged down by charges related to its Phelps Dodge acquisition and lower gold sales. Dow Chemical Co. and U.S. Steel Corp. are expected to report drops in earnings excluding special items when they report next week.
Depressed by the earnings situation for homebuilders Lennar Corp. and D.R. Horton and automakers Ford Motor Co. and General Motors Corp., companies in the wide-ranging consumer discretionary sector are on track for a 4% drop in earnings, swinging from a 10% rise expected by analysts earlier.
Builders slash prices 10%, but sales fall anyway
December's 5% decline caps record 26% drop in U.S. new-home sales for 2007
By Rex Nutting, MarketWatch
Last update: 11:48 a.m. EST Jan. 28, 2008
WASHINGTON (MarketWatch) -- U.S. builders slashed prices by more than 10% in December in a failed bid to boost sales, which dropped about 5% to the lowest level in nearly 13 years, the Commerce Department reported Monday.
The grim figures show no relief in sight for a battered building sector and are certain to be a major item on the Federal Reserve's agenda for its two-day policy-setting meeting that begins Tuesday.
"The housing recession is still bottoming out," said Christian Menegatti, managing editor and analyst for the Roubini Global Economics Monitor.
Sales of new homes fell 4.7% to a seasonally adjusted annual rate of 604,000 in December, far below the 645,000 expected by economists surveyed by MarketWatch and the lowest sales pace since February 1995. December's sales pace was down 40.7% compared with December 2006. See Economic Calendar.
For 2007, new-home sales fell a record 26.4% to the lowest level since 1996.
"A lousy end to a lousy year," summarized Richard Moody, chief economist for Mission Residential.
The sales figures likely overstate the health of the building sector, since they don't include cancellations, which have soared in the past year.
November's sales pace was revised to 634,000, down from the 647,000 reported earlier. Large downward revisions to the data have become common. Read the full government report.
Sales fell in three of four regions in December, with the Northeast showing a 6% gain. Sales dropped by 1% in the Midwest and by about 6% in the West and the South.
The median sales price tumbled a record 10.9% to $219,200 compared with November and were down 10.4% compared with a year earlier. It marked the biggest year-over-year drop in the median sales price since 1970.
Median sales prices can be influenced by the type of home sold and where those homes are sold. In December, sales of homes costing more than $400,000 fell fully 50% compared with a year earlier -- likely a reflection of how difficult it has become to qualify for a jumbo mortgage.
The average sales price fell a record 11.5% to $267,300 compared with December 2006.
The inventory of unsold new homes dropped to 495,000 from 502,000 -- but rose to a 26-year high in relation to sales, representing a supply of 9.6 months at the December sales pace. Inventories don't include homes thrown back on the market due to canceled sales.
The inventory of completed homes continued to move higher, and now represent nearly 40% of the homes on the market, the biggest percentage ever, up from 21% during the heart of the boom two years ago. "This figure will continue to put pressure on builders to move spec homes," wrote Adam York, an economist for Wachovia.
For all of 2007, home sales fell a record 26.4% to 774,000 compared with 1.05 million sold in 2006. Inventories fell 8% in 2007.
The median sales price rose 0.2% in 2007 to $246,900.
Government statisticians have low confidence in the monthly report, which is subject to large revisions and large sampling and other statistical errors. The standard error in December was plus or minus 12.1%.
Longer trends do a better job of showing the reality of the housing market than volatile monthly numbers. For the annual figures, the standard error is just 2.5%.
The government says it can take up to five months to establish a new trend in sales. Over the past five months, sales have been on a 669,000 annual pace, 33% slower than a year earlier. In 2006, 1.05 million new homes were sold.
Last week, the National Association of Realtors said sales of existing homes marked the sharpest annual decline in a decade, while median sales prices fell for the first time on record.
Rex Nutting is Washington bureau chief of MarketWatch.
CAPITOL REPORT
Half-point cut most likely: Former top Fed staffer
Top concern is 'vicious circle' sparked by curb in bank lending
By Greg Robb, MarketWatch
Last update: 4:00 p.m. EST Jan. 28, 2008
WASHINGTON (MarketWatch) -- The Federal Open Market Committee is likely to cut rates again by a half-point on Wednesday, according to former top Fed staffer Vincent Reinhart.
Fed watchers pay attention to Reinhart because he has the distinction of being the last man who has come in from the cold, having left the Fed's marble temple last year for the private sector.
Reinhart worked at the Fed for twenty-five years, rising to become the top staffer on monetary policy.
In an interview with MarketWatch, Reinhart said the Bernanke Fed "clearly has to ease" on Wednesday. A half-point cut is the "most likely" action, but a quarter-point cut shouldn't be ruled out, he said.
Fed officials would like nothing better than to hold rates steady and show independence from the market, but this is not the time for such action, Reinhart said, as financial markets are so volatile and skittish.
"They are not in a situation where they can disappoint market participants," Reinhart said in an interview at the American Enterprise Institute, the conservative think-tank he has joined as a research scholar.
Traders are pricing in about an 86% chance of a half-point rate cut on Wednesday.
Reinhart said the Fed will be influenced by concern that the January unemployment report, to be released two days after their meeting, could be weaker than expected.
If the Fed cuts by a quarter-point and the unemployment report is weak, the central bank would have to play catch up, he said.
On the other hand, a half-point cut could be spun as insurance even if the January job report is strong.
Economists now are anticipating job growth of 70,000 and the unemployment rate to hold at 5%. See Economic Calendar.
The Fed "has to ask themselves how do they look the most foolish," he said.
Underneath all the rhetoric, Reinhart believes the Fed is worried about the threat of a 'financial accelerator."
In layman's terms, this is a vicious cycle where a decline in asset price decline leads to a cut in bank lending, which would lead to an economic decline and a further decline in asset prices.
Think of a plane hurtling toward earth and gaining speed as it gets closer to the ground.
Fed chairman Ben Bernanke is in a "unique position" to understand this risk because of his long-time study of the Great Depression, which began with a financial accelerator.
Facing this threat, the Fed will turn its attention away from inflation, even though the inflation rate will likely stay above the Fed's target this year.
Fed officials set an unofficial target for inflation, as measured by the core personal consumption index at 1.7%-1.9%.
Final readings for 2007 for that index will be released later this week, but the core consumer price index gauge rose 2.4% over the year.
A half-point cut by the Fed would bring the Federal funds rate down to 3%. Reinhart believes the Fed will halt their easing when the funds rate reaches 2.75% or 2.5%.
That would put the funds rate, adjusted for inflation, close to zero, given that the core CPI rose 2.5% in 2007.
If the threat of a vicious cycle dissipates, Reinhart believes the Fed will be quick to hike rates.
The central bank now believes it waited too long in 1999 to reverse the three rate cuts engineered at the end of 1998 in response to the collapse of the hedge fund Long Term Capitol Management.
New York, NY (aktiencheck.de AG) - Die American Express Co. (ISIN US0258161092/ WKN 850226) gab am Montag nach US-Börsenschluss die Zahlen für das vierte Quartal 2007 bekannt. Der US-Finanzkonzern konnte dabei einen 10-prozentigen Umsatzanstieg verbuchen und trotz eines Gewinnrückgangs die Erwartungen treffen. Bereits vor zwei Wochen hatte der Konzern die entsprechende Einmalbelastung angekündigt.
Demnach stieg das Nettoergebnis von 831 Mio. Dollar bzw. 71 Cents je Aktie auf 922 Mio. Dollar bzw. 75 Cents je Aktie. Analysten hatten im Vorfeld ein EPS von durchschnittlich 71 Cents erwartet.
Die Umsätze nach Zinsen beliefen sich auf 7,36 Mrd. Dollar, nach 6,68 Mrd. Dollar im Vergleichszeitraum. Im Vorfeld waren Analysten von Umsätzen in Höhe von 7,85 Mrd. Dollar ausgegangen.
Für das derzeit laufende erste Quartal 2008 erwarten die Analysten ein EPS von 85 Cents bei Umsatzerlösen von 7,28 Mrd. Dollar.
Die Aktie von American Express schloss heute an der NYSE bei 47,40 Dollar. Nachbörslich verliert der Titel 0,04 Prozent auf 47,38 Dollar. (28.01.2008/ac/n/a)
Milpitas (aktiencheck.de AG) - Die SanDisk Corp. (ISIN US80004C1018/ WKN 897826) hat am Montag nach US-Börsenschluss die Zahlen für das vierte Quartal 2007 veröffentlicht. Dabei konnte der amerikanische Speicherchip-Hersteller Umsatz und Gewinn steigern und die Gewinnerwartungen schlagen.
Der Nettoverlust belief sich dabei auf 106 Mio. Dollar bzw. 45 Cents je Aktie, nach einem Gewinn von 35 Mio. Dollar bzw. 17 Cents je Aktie im Vorjahreszeitraum. Das um Einmaleffekte bereinigte Ergebnis beläuft sich auf einen Gewinn von 162 Mio. Dollar bzw. 69 Cents je Aktie. Die Analysten hatten im Vorfeld ein EPS von durchschnittlich 64 Cents erwartet.
Die Umsatzerlöse verbesserten sich im Berichtszeitraum um 7 Prozent auf 1,25 Mrd. Dollar. Die Analystenerwartungen hatten sich im Vorfeld auf 1,27 Mrd. Dollar belaufen.
Für das derzeit laufende erste Quartal 2008 erwarten die Analysten ein EPS von 40 Cents, bei Umsatzerlösen in Höhe von 1,01 Mrd. Dollar.
Die SanDisk-Aktie schloss heute an der NASDAQ bei 25,89 Dollar. Nachbörslich gewinnt die Aktie 0,39 Prozent auf 25,99 Dollar. (28.01.2008/ac/n/a)
Scottsdale, AZ (aktiencheck.de AG) - Die JDA Software Group Inc. (ISIN US46612K1088/ WKN 899847) hat am Montag nach US-Börsenschluss die Zahlen für das vierte Quartal 2007 vorgelegt. Dabei konnte der Softwarehersteller wieder einen Gewinn erzielen und die Erwartungen übertreffen.
Der Nettogewinn belief sich demnach auf 7,98 Mio. Dollar bzw. 22 Cents je Aktie, nach einem Verlust von 1,86 Mio. Dollar bzw. 6 Cents je Aktie im Vorjahreszeitraum. Bereinigt um Einmal-Effekte stieg der Gewinn je Aktie von 20 auf 35 Cents. Die Analysten hatten zuvor ein EPS von 34 Cents erwartet.
Die Umsatzerlöse stiegen von 88,65 Mio. Dollar auf 98,46 Mio. Dollar. Die Analysten hatten im Vorfeld Umsätze von 92,07 Mio. Dollar prognostiziert.
Für das erste Quartal 2008 erwarten die Analysten Erlöse von 91,97 Mio. Dollar und ein EPS von 33 Cents.
Die Aktie der JDA Software Group schloss heute an der NASDAQ bei 18,20 Dollar. Nachbörslich verliert der Titel 3,43 Prozent auf 17,58 Dollar. (28.01.2008/ac/n/a)
INDICATIONS
U.S. stock futures flattish as Fed decision nears
VMware tumbles; Dow Chemical tops forecasts
By Steve Goldstein, MarketWatch
Last update: 7:07 a.m. EST Jan. 29, 2008
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LONDON (MarketWatch) - U.S. stock futures pointed to an uncertain start Tuesday as the Federal Reserve starts to deliberate on interest-rate policy, though tech-darling VMware Corp. could be in for a tough session after its 80% revenue growth wasn't enough to satiate investor expectations.
S&P 500 futures edged up 2.7 points to 1,357.30 and Nasdaq 100 futures rose 2.75 points to 1,813.00. Dow industrial futures added 14 points.
A bleak report on new-home sales on Monday reignited speculation that the Federal Reserve will cut interest rates by a half-point this week, sending the Dow industrials up 176 points, the S&P 500 up 23 points and the Nasdaq Composite up 23 points.
The Federal Open Market Committee begins its deliberations on Tuesday, with the announcement on rates due out Wednesday.
Markets will be eyeing durable-goods orders for December, due out 8:30 a.m. Eastern, and the Conference Board's consumer confidence report for January, due for release at 10 a.m., for further clues as to how the Fed may act.
Crude-oil futures rose 52 cents to $91.51 a barrel. The dollar fell slightly against the yen.
Chart of VMW
Of stocks in focus, VMware tumbled 25% in Frankfurt after it revealed a quarter that, on the surface, looks strong -- a more than doubling of its profit on 80% sales growth. But the virtualization software maker's revenue for the fourth quarter came in below Wall Street expectations, as did its forecast for 2008 sales growth of 50%.
"While we expected signs of a noticeable deceleration in the first half of 2008, the trend is happening sooner than we expected and much sooner than the bullish expectations out there. A reset of growth will likely ensue and thus we believe the stock will come back down to a more reasonable valuation range," said Walter Pritchard, an analyst at Cowen and Co.
Dow industrials component American Express fell nearly 3% in Frankfurt after it reported a 10% profit fall after setting aside more money to cover loan losses.
Dow Chemical reported a 52% profit drop, but beat expectations.
After the close, Internet search engine Yahoo will unveil its quarterly performance.
IAC Interactivecorp also will be in the spotlight as Liberty Media took steps to throw Chairman Barry Diller off IAC's board. Diller called John Malone's Liberty Media "insane," according to a report in The Wall Street Journal.
Also on the media front, Walt Disney & Co. was downgraded to sell from hold at Citigroup on worries over its theme park division.
International stock markets generally were stronger after the Wall Street gains. The Nikkei 225 climbed 3% in Tokyo, and the FTSE 100 rose 0.9% in London.
Durable orders surge 5.2% in Dec.
By Greg Robb, MarketWatch
Last update: 8:31 a.m. EST Jan. 29, 2008
WASHINGTON (MarketWatch) - Orders for durable goods rose by 5.2% in December, led by aircraft and defense capital goods, the Commerce Department reported Tuesday.
Orders for new durable manufactured goods increased in most sectors last month. It was the biggest gain since July.
The December increase far exceeded economists' expectations of a 2.2% gain. See Economic Calendar. Another sign of strength was the upward revision to November orders, which rose 0.5%, much stronger than the previous estimate of a 0.1% gain.
Excluding the 11.3% growth in transportation goods, December orders rose 2.6%, the first gain since September and the biggest since July.
Two factors combined to push up orders in December.
Economists at BNP Paribas said Boeing Co. booked orders for 287 planes in December, up from 177 in November.
In addition, the Pentagon did not have authorization in December to order new equipment. So there was a rush in December for new defense good orders. For instance, orders for defense aircraft rose 138%.
Orders for core capital equipment -- the kind of goods producers invest in to build their productive capacity -- rose 4.4% in December, the biggest gain since March and the first increase since September.
For all of 2007, durable-goods orders rose 1% cooling from 2006's 6.3% pace.
Durable goods are manufactured goods designed to last three years or longer. Because of that durability, orders and shipments of these big-ticket items are typically very sensitive to the ups and downs of the business cycle, adding to their value as a leading indicator of economic activity.
Meanwhile, shipments of durable goods fell 0.1% in December, the second straight monthly decline.
Inventories rose 1.1n December and unfilled orders -- a signal of future production -- increased by 2.5%.
Details of the report
December's orders for transportation goods rose 11.3%, as civilian airplane orders jumped 11.7%. .Orders for motor vehicles decreased 2.3%. Shipments of transportation goods fell 1.4%.
Orders for electronics (excluding semiconductors) rose 4.6%, while shipments (which do include semiconductors) fell 0.7%. Orders for computers rose 5.5%.
Orders for machinery rose 7.6%, while shipments showed 3.8% growth last month.
Orders for fabricated metals rose 2.8%, while shipments fell 0.2%. Orders for primary metals fell 0.2%, with shipments increasing 0.4%.
Orders for electrical equipment fell 1.4%, and December's shipments fell 0.7%.
Embattled firm says loan production nearly halved; maintains dividend
By MarketWatch
Last update: 9:11 a.m. EST Jan. 29, 2008
BOSTON (MarketWatch) -- Countrywide Financial Corp., the troubled mortgage lender that's in a deal to be acquired by Bank of America Corp., reported Tuesday a sizable fourth-quarter loss as loan production fell sharply toward the end of 2007.
The Calabasas, Calif.-based company swung to a loss of $422 million, or 79 cents a share, while provision for credit losses totaled $924 million, down from $937 million in the third quarter. Reserve for credit losses stood at $1.9 billion at the end of 2007, the company said.
In addition, the Countrywide board elected to maintain the company's 15-cent dividend paid on common shares.
Shares of Countrywide gained 6% ahead of the opening bell in New York.
Quarterly results were "adversely impacted by further credit deterioration across the industry and continued illiquidity in the secondary mortgage markets," said Angelo Mozilo, chief executive, in the earnings release. Countrywide on Monday said Mozilo was giving up a severance package worth $37.5 million.
Countrywide has reduced its headcount by about 11,000 since last July. Bank of America earlier this month announced it was acquiring Countrywide, which has been pummeled by the subprime debacle, for $4 billion.
Also Tuesday, Countrywide said loan production in the fourth quarter plunged to $61 billion, down from $90 billion in the third quarter and from $118 billion in the year-ago fourth quarter.
"This decline reflects a smaller origination market, which is largely attributable to the tightening of underwriting and loan program guidelines throughout the industry, as well as economic conditions and the lack of liquidity for non agency-eligible loans," the company said.
Impairment of credit-sensitive residuals rose to $831 million from $690 million in the third quarter, related to retained interests from prime junior-lien home-equity securitizations.
About $7 billion of non-agency loans were moved to the company's held-for-investment portfolio. Countrywide booked losses of about $394 million, driven mainly by write-downs on the loans prior to the transfer.
During the fourth quarter, "the disruption in the capital markets and a severe lack of liquidity for non-agency mortgage assets persisted and credit spreads on those assets continued to widen," Countrywide said. End of Story
Excluding year-ago unit sale, profit jumped 14% with overseas help
By Christopher Hinton, MarketWatch
Last update: 8:58 a.m. EST Jan. 29, 2008
NEW YORK (MarketWatch) -- 3M Co.'s fourth-quarter earnings fell 28%, largely as a result of gains from the sale of its pharmaceutical business in the year-earlier period, the Dow Jones Industrial Average component said Tuesday.
Excluding the year-ago sale, 3M said quarterly earnings grew 14%, reflecting robust demand in all major markets for its industrial, transportation and health-care products.
The St. Paul, Minn.-based company said it had a net profit of $851 million, or $1.17 a share, down from $1.18 billion, or $1.57 a share, earned in the final three months of 2006. On an adjusted basis, 3M said it would have earned $1.19 a share.
3M, known for Post-It notes and Scotchgard fabric protector as well as graphic display screens and home-building materials, also said sales rose 7.3% in the latest quarter, reaching $6.21 billion.
Analysts polled by Thomson Financial had expected, on average, that quarterly earnings would come in at $1.17 a share on revenue of $6.14 billion.
3M's shares closed Monday at $77.44, up 2.6%. The stock's down nearly 20% from its all-time high of $97 set Oct. 10, primarily on recessionary fears.
As has been the case for many blue-chip manufacturers, 3M has been benefiting from a diverse international portfolio that helped offset a cooling U.S. economy. 3M currently draws about half of its revenue from overseas markets.
For the fourth quarter, 3M said local-currency sales, including acquisitions, increased 6.3%, while the impact of currency translations added 4.7% to the quarter's 11% top-line growth after adjusting for divestitures.
3M also reiterated its 2008 outlook calling for earnings growth of at least 10%, suggesting a profit on an adjusted basis of $5.47 a share or higher. Analysts are currently looking for, on average, earnings of $5.44 a share.
Some analysts have expressed concern that the company had been overly optimistic coming into 2008 because 10% to 12% of its product portfolio is tied to consumer, residential and office-products spending.
Last week, chief executives from Dow components DuPont Co., Honeywell International Inc. and United Technologies Corp. said overseas growth continued to be robust with few signs of softness. End of Story
By Rex Crum & Jeffry Bartash, MarketWatch
Last update: 9:56 a.m. EST Jan. 29, 2008
SAN FRANCISCO (MarketWatch) -- EMC Corp. shares fell more than 8% Tuesday as the storage-technology company's relationship with VMware Inc. outweighed any positive sentiment from an upbeat quarterly earnings report.
EMC shares gave up $1.45 to trade at $15.46 even after the company posted a 35% gain in fourth-quarter net income, driven by growth in all key segments of its data-storage business.
Yet EMC's stock lost ground after VMware Inc. reported fourth-quarter sales that fell short of Wall Street's forecast for revenue. EMC owns about 86% of VMware.
In the final three months of 2007, meanwhile, EMC reported a profit of $525.7 million, or 24 cents a share, compared with net income of $388.8 million, or 18 cents a share, in the year-ago quarter.
Revenue rose 19% to $3.83 billion from $3.21 billion a year ago. Hopkinton, Ma.-based EMC makes hardware and software that allow companies to store vast amounts of computerized data.
By that measure, EMC exceeded Wall Street estimates. The company was expected to earn 22 cents a share on revenue of $3.66 billion, according to a survey of analysts compiled by financial-data provider FactSet.
For 2008, EMC forecast that revenue would grow 13% to $15 billion from $13.23 billion in 2007. The company also expects to generate income of $1.04 a share, excluding onetime items.
"Looking forward, EMC has never been better positioned to continue to grow and gain market share," Chief Executive Joe Tucci said in a statement. "We have the best product line-up in our history with a very favorable product cycle, and our proven go-to-market model is firmly in place."
During the quarter, EMC said Systems revenue rose 15% and totaled 44% of the quarter's revenue.
Sales from software licenses and maintenance rose 20% from a year ago to account for 40% of the fourth-quarter's sales.
Professional services, systems maintenance and other services accounted for the remaining 16% of quarterly sales.
However, investors focused their attention more on VMware's business and that company's ties to EMC.
Late Monday, Palo Alto, Calif.-based VMware reported a 150% increase in fourth-quarter profit and an 80% jump in sales to $412 million, but analysts were expecting revenue of $417 million.
VMare's revenue forecast for 2008 also appeared a touch light compared to Wall Street's forecast.
In early-morning action, VMware shares plunged as much as 26% to $61 -- a level the stock has not seen since its record-setting IPO in August of last year. The stock is down sharply from its peak above $125 in late October. End of Story
Commentary: Morgan Stanley's fine print suggests deeper woes
By MarketWatch
Last update: 11:04 a.m. EST Jan. 29, 2008
NEW YORK (MarketWatch) - Imagine a Morgan Stanley broker telling his or her client about some assets that are nearly worthless because they can't be sold. Would that customer feel any better that the brokerage was simply "reclassifying" that investor's losses?
That seems to be the question facing investors in Morgan Stanley today after the brokerage and investment bank said it reclassified $7 billion of funded assets and $279 million in unfunded assets from Level 2 to Level 3.
The levels are a new kind of accounting parlance Wall Street instituted last year. The bigger the number, the harder it is to sell or value the securities in question. In other words, Morgan Stanley no longer knows how much these assets are worth because no one is buying.
Morgan Stanley says the "reclassification" affects commercial whole loans, residuals from residential securitizations, interest-only commercial mortgage and agency bonds as well as commercial and residential credit default swaps. These are the kinds of subprime derivatives that some firms have written off.
Just as troubling for investors is how Morgan Stanley announced the move: It was buried on page 64 of its 191-page quarterly report. It's been a long three months since the firm won kudos for taking an aggressive $3.7 billion write-down that many thought would represent the worst for the firm.
A few weeks later, that loss had grown to $13.1 billion. Now, it appears those losses are going to be reclassified higher, and to top it off, the brokerage is being investigated by regulators over its role in the subprime crisis.
No broker who wanted to earn his client's trust would try to hide a loss behind slick words. What does Morgan Stanley think of its investors?
- David Weidner End of Story
Monthly reading gives up much of prior month's gain
By Ruth Mantell, MarketWatch
Last update: 11:26 a.m. EST Jan. 29, 2008
WASHINGTON (MarketWatch) -- U.S. consumer confidence declined in January, giving up much of the prior month's gain, with consumers "quite downbeat" about the short-term future, the Conference Board reported Tuesday.
The preliminary January consumer confidence index fell to 87.9 from a revised reading of 90.6 in December. The initial estimate for December was 88.6. Economists surveyed by MarketWatch had expected a January reading of 87.5.
"Consumers' appraisal of current business conditions is becoming more negative," said Lynn Franco, director of consumer research at the private Conference Board.
The percentage of consumers anticipating improved earnings has declined and "could potentially impact spending decisions," Franco said, adding that consumers' views on the job market are worse than they were a year ago.
January's level is a tick above the lowest in the past 12 months -- 87.8 in November -- and below the 110.2 recorded in January 2007.
The index indicates that consumers think the economy is weakening, and the Federal Reserve may agree. Last week, the Fed lowered its target for the federal-funds rate by three-quarters of a percentage point, a rare move outside a scheduled meeting and the first reduction of such magnitude since 1982.
There's uncertainty on Wall Street about the Federal Reserve's next move. Some Fed watchers are calling for a half-point rate cut, others a quarter-point cut, while some expect no change. See full story.
The Conference Board's present situation index rose to 115.3 in January from 112.9 in the prior month. The percentage of consumers saying jobs are "hard to get" declined to 20.1% from 22.7%. Those claiming jobs are "plentiful" nudged up to 23.9% from 23.6%.
"Although consumer confidence continued to decline in January, consumers' assessment of the jobs market improved modestly, which supports our forecast of a small decline in the unemployment rate to 4.9% in January from 5.0% in December," wrote John Ryding, chief U.S. economist for Bear Stearns.
The expectations index fell to 69.6 in January from 75.8 in the prior month, as those expecting business condition to worsen over the next six months rose to 16.0% from 14.1%. The outlook for labor declined, while the proportion of consumers expecting higher incomes fell to 17.6% from 20.2%.
The lower expectations index illustrates "just how badly consumers are being hit by the housing collapse, the surge in energy and food prices, the drop in stock prices and the deterioration in credit conditions," wrote Ian Shepherdson, chief U.S. economist for High Frequency Economics. "The first half of this year will be very tough."
Lawmakers are working on details of a $150 billion plan to stimulate the economy. The plan could distribute tax rebates to households in coming months, with a family of five eligible for as much as $2,100.
The plan aims to spur spending, but many MarketWatch readers have said they would rather do without the windfall and keep the U.S. from falling any deeper into debt.
In his State of the Union speech Monday night, President Bush noted a "period of uncertainty" in the economy and "turbulent times" in the housing market. "At kitchen tables across our country, there is concern about our economic future," he said.
Internet giant set to report earnings; layoffs expected
By John Letzing, MarketWatch
Last update: 12:34 p.m. EST Jan. 29, 2008
SAN FRANCISCO (MarketWatch) -- Yahoo Inc. is scheduled to report fiscal fourth-quarter results after the market's close Tuesday, though investors and analysts will be primarily focused on the Internet company's restructuring efforts and its outlook for 2008.
In particular, the company is expected to spell out its efforts to reduce costs and re-focus its business, which may include layoffs of thousands of workers, according to media reports.
Analysts on average estimate Yahoo will post earnings of 11 cents a share, on $1.4 billion in revenue, according to a survey by Thomson Financial. For the same period last year, Yahoo posted earnings of 16 cents a share, excluding charges, on revenue of $1.7 billion.
The company has faced increasingly difficult competition in the search and advertising segments from rival Google Inc., while striving to stanch the outflow of Internet traffic to younger Web properties such as Facebook.com and others. Yahoo announced a re-organization last summer, and news reports have said the company is planning to announce job cuts with its earnings Tuesday, with the cuts tipped anywhere between 500 and "several thousand" jobs. Yahoo currently has about 14,000 workers.
Also of concern for Yahoo -- and other Internet companies -- is the troubled outlook for the broader economy and its impact on spending in the online advertising market.
Susquehanna Financial Group analyst Marianne Wolk wrote in a note to clients Monday that she believes Yahoo will meet fourth-quarter profit and sales estimates, though "All eyes will be on guidance for 2008, which will reflect the challenges of achieving major changes to the branded ad business amidst a weakening economy."
Wolk wrote that she believes Yahoo shares will react favorably if the company's outlook for the coming year includes earnings growth between 5% and 15%, "essentially lowering the bar for management in this tough economic climate."
Thomas Weisel analyst Christa Quarles wrote in a note to clients that she is "taking a more muted stance on [Yahoo's] display and search growth due to cyclical concerns and search-query loss issues."
In a recent report from Nielsen Online., Yahoo was shown to have lost some of its share of the lucrative U.S. Internet search market in December. A subsequent report from ComScore Inc. showed the company making a slight gain in market share from month to month.
Quarles wrote that she is lowering her 2008 annual revenue estimates for Yahoo from $5.91 billion to $5.73 billion.
Analysts on average expect the company to post revenue of $5.9 billion for 2008, according to Thomson.
Quarles touched on the reports of impending job cuts at Yahoo, writing that, "cutting a few hundred heads is unlikely to be meaningful as it relates to the bottom line."
But if the cuts eliminate less-promising aspects of Yahoo's business, Quarles wrote, their size may not be an issue. Quarles wrote that promising areas the company should bolster include its Finance and News services.