Latest News In Stock Market Investment Research – July 17, 2009

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Mattel posts higher quarterly net profit

17 Jul 2009 at 3:07am

LONDON (MarketWatch) — Toy maker Mattel said Friday that second-quarter net income rose to $21.5 million, or 6 cents a share, from $11.8 million, or 3 cents a share, a year ago. Tightly managed expenses resulted in improved margins, profitability and cash flow, the firm said. Analysts had been expecting earnings of 1 cent a share, according to data compiled by FactSet. Sales declined 19% to $898.2 million, with Barbie sales down 15%, core Fisher-Price sales down 13% and Hot Wheels sales down 10%.

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Euro-zone posts 1.9 billion euro May trade surplus

17 Jul 2009 at 2:11am

LONDON (MarketWatch) — The 16-nation euro zone posted a 1.9 billion euro ($2.7 billion) trade surplus with the rest of the world in May, compared to a 3.8 billion euro deficit in the same month last year, the European Union statistics agency Eurostat reported Friday. The region posted a 2.7 billion euro surplus in April, compared to a 2.2 billion euro surplus in April 2008. Economists had forecast a May surplus of 2.7 billion euros. Eurostat said seasonally-adjusted exports fell by 2.7% between April and May, while imports declined 2.8%.

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ArcelorMittal: Lenders OK covenant change

17 Jul 2009 at 2:02am

LONDON (MarketWatch) — ArcelorMittal said it’s reached a deal with 90% of its lenders thus far to amend covenants. The covenant consent process does not increase the borrowing costs under these facilities unless the leverage ratio of net debt-to-earnings before interest, tax, depreciation and amortization rises above 3.5 times. ArcelorMittal, the world’s top steelmaker, had previously announced the covenant negotiations.

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Goldman says buy Shell, Statoil and BG

17 Jul 2009 at 1:57am

MADRID (MarketWatch) — Goldman Sachs on Friday said second-quarter results for European integrated oil will be the trough of the cycle, and recommended investors buy Shell , Statoil Hydro and BG Group . The investment bank said the reason for the trough is weak refining, spot and long-term gas pricing and normal seasonality, and expects earnings will pick up in the third and fourth quarter and continue into 2010. Goldman said this argues for a good entry point into its recommended names, given inexpensive valuations and its own positive view on oil prices. Goldman said production will be disappointing, reiterating the need for investment, and investors should buy stocks that offer profitable growth. Goldman also cut Repsol to buy from neutral, given the strong performance of the stock over the last three months.

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RHJ sees 10,000 Opel job cuts at most: report

17 Jul 2009 at 1:28am

MADRID (MarketWatch) — The chief executive of RHJ International, Leonhard Fischer, reportedly said Friday that they would cut a maximum 10,000 jobs at General Motors Corp’s Opel unit if they succeed in their bid for the European automaker. In an interview with the German daily Bild, Fischer said he aimed for cost savings of 800 million euros ($1.13 billion) per year, the Associated Press reported. Brussels-based RHJ is vying for a majority stake in Opel via a consortium with Canadian auto parts group Magna International and Russian lender Sberbank. Fischer denied accusations by Opel employees that RHJ’s aim may be to sell Opel back to its parent GM. “We want to build up an independent European brand with Opel,” he reportedly said.

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UBS initiates Valeo with buy

17 Jul 2009 at 1:03am

MADRID (MarketWatch) — UBS on Friday initiated coverage of French automotive supplier Valeo with a buy rating and an 18 euro share price target. The investment bank said a cyclical recovery in the industry and repositioning by the company — new management, industry mergers and acquisitions and a new shareholding structure — are drivers for the upside. Those factors also aren’t reflected in current share prices, said UBS. The investment bank also said lack of debt repayments before 2011 and the 1.2 billion euro ($1.68 billion) undrawn credit line with a new covenant allow more flexibility for the group.

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UBS introduces short-term sell rating on Thales

17 Jul 2009 at 12:52am

MADRID (MarketWatch) — UBS on Friday put a short-term sell rating on French defense group Thales saying upcoming first half earnings will cause a “significant downward change to consensus earnings expectations,” and knock shares as a result. The investment bank said Thales’ first-half 2009 results due July 27 will likely show weaker-than-expected end markets in aerospace, space and security, along with cost overruns for avionics development, costs related to its space facility in Italy destroyed in the earthquake and the closure of two aerospace sites for two weeks in August. UBS cut its earnings per share estimates by 15% for 2009 and 5% for 2010, but said it maintains a 12-month neutral rating and a 30 euro share price target owing to Thales’ relatively low valuation.

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Vopak rises on prediction of ‘robust’ profit

17 Jul 2009 at 12:29am

LONDON (MarketWatch) — Tank terminal operator Vopak climbed in early Amsterdam trade as the company said it expects a “robust” operator profit of close to 100 million euros ($140 million) for the second quarter. First half adjusted operating profit will be around 185 million euros, up 18% from the prior period. All divisions except for chemicals in Europe, Middle East and Africa drove the improvement. The firm cited high occupancy rates and “healthy” demand for storage and handling services.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Accor shares slump after 9% sales drop

17 Jul 2009 at 12:24am

LONDON (MarketWatch) — French hotels group Accor dropped sharply in early Paris trade after reporting a 9% drop in second-quarter revenue, to 1.79 billion euros, with comparable sales down 10.1%. It said the global economic situation is “still extremely depressed,” that prepaid services comparable revenue will be “slightly positive” as interest income will drop by more than 25% in the second half and said there was low visibility in the hotels business.

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European shares rise for fifth straight session

17 Jul 2009 at 12:08am

LONDON (MarketWatch) — European shares climbed for the fifth straight session on Friday, with technology shares on the rise after forecast-beating earnings from Google and IBM. Commodity-sector stocks and banks were also helping the advance. Elsewhere, shares of British Airways rose 2.1% after it said that it will raise funds. Hotels group Accor fell 7.2% after reporting a 9% drop in second-quarter sales. The U.K. FTSE 100 index rose 0.6% to 4,387.174, the German DAX index climbed 0.9% to 5,000.89 — trading over 5,000 for the first time since the middle of June — and the French CAC-40 index advanced 0.7% to 3,222.04.

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Swedish Match profit up as snuff sales rise

16 Jul 2009 at 11:51pm

LONDON (MarketWatch) — Tobacco firm Swedish Match said Friday that second-quarter net profit rose to 664 million Swedish krona ($84.7 million), from 517 million krona a year ago. Sales climbed to 3.7 billion krona, from 3.2 billion krona, after snuff sales climbed 17%. For the full year Swedish Match expects both the snuff market in Scandinavia and in the U.S. to grow. Second-half sales and adjusted operating are expected to exceed last year’s figures.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Michelin: Double Coin to sell stake in China unit

16 Jul 2009 at 11:43pm

LONDON (MarketWatch) — French tire maker Michelin said Friday that Double Coin will sell the 28.5% stake it owns in Shanghai Michelin Warrior Tire Co. Shanghai Minhang United Development Co., another shareholder, will sell its 1.5% share at the same time. Michelin, which owns 70% of Shanghai Michelin Warrior Tire, will buy the shares. It said it’s committed to the Chinese tire industry and to its stakeholders.
Double Coin and Michelin will continue to collaborate.

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Cable & Wireless reiterates EBITDA guidance

16 Jul 2009 at 11:38pm

LONDON (MarketWatch) — Telecom Cable & Wireless said that its businesses continued to make progress in the first quarter despite a more challenging economic backdrop. Adjusted operating profit guidance is unchanged from May and the firm’s capital expenditure outlook is also
unchanged. At June 30, net debt was 415 million pounds, an increase of 38 million pounds since March 31, reflecting first-quarter working capital outflow which was partially offset by translation of the group’s U.S. dollar net debt into sterling.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Invensys sees fiscal-year improvement

16 Jul 2009 at 11:34pm

LONDON (MarketWatch) — British engineering firm Invensys said Friday that it continues to expect an improvement in performance in the current year. Compared with last year, group order intake in the first quarter of the financial year was up 17% at actual exchange rates and was flat at constant exchange rates, the firm said. Invensys Rail continues to perform well in its core markets and the pipeline of order prospects in export markets remains strong. Invensys Controls has seen some stabilization in demand in North America in recent weeks and is experiencing declines within its European operations, the firm said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Actelion: Positive blood pressure drug test

16 Jul 2009 at 11:30pm

LONDON (MarketWatch) — Actelion Pharmaceuticals said a Phase IIa study of its PGI2 receptor agonist demonstrates efficacy in pulmonary arterial hypertension patients. A Morbidity-Mortality Phase III study will be initiated before year-end.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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July 17 2009 02:22 am | Stock Market News

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