Every morning ValueWalk provides a wrap up of the latest company news, of US, European, and Asian Pacific corporation.
Company News Update
U.S.
- Alcoa Inc. (NYSE:AA), the biggest U.S. aluminum maker, was up 5.2 percent in premarket trading after posting a better-than-expected first quarter earnings and revenue as orders for the metal rose. https://www.valuewalk.com/2012/04/alcoa-inc-aa-blowout-earnings-of-0-10-vs-0-03-forecast/
- Oil major Chevron Corporation (NYSE:CVX), in an interim report released on Tuesday after the bell, said that it expects to outperform on earnings in the first quarter.
- Oracle Corporation (NASDAQ:ORCL) has alleged that Google Inc (NASDAQ:GOOG) has infringed on patents, it owns through Sun Microsystems Inc., while making the Android software.
- The Carlyle Group, L.P., the second-biggest U.S. private-equity firm, is planning to sell a stake of about 10 percent in an initial public offering, and is hoping to seek valuation of up to $8 billion.
- Owens-Illinois, Inc. (NYSE:OI), the world’s biggest maker of glass bottles, said first-quarter earnings will be better than previously projected, citing better manufacturing performance and greater-than-planned production rates.
- Titan Machinery Inc. (NASDAQ:TITN), the owner of full-service agricultural and equipment stores, projected annual earnings of at least $2.55 a share, topping the average analyst estimate of $2.06. The stock rallied 16 percent in premarket trading.
- Semiconductor manufacturer, Standard Microsystems Corporation (NASDAQ:SMSC), forecast first-quarter earnings excluding certain items will be at least 29 cents a share, which is better than the average analysts’ projection of 27 cents.
- Mattress Firm Holding Corp (NASDAQ:MFRM), the mattress retailer, soared 19 percent after forecasting earnings of at least $1.40 a share for the current fiscal year, beating the average analyst estimate of $1.37.
- Seattle-based coal miner, L&L Energy, Inc. (NASDAQ:LLEN), has signed a contract with China’s Guodian Yongfu Power Generation Co to sell thermal coal, which is expected to generate about $19 million in revenue for the company.
- The New York-based Internet travel marketer, Travelzoo Inc. (NASDAQ:TZOO), is planning to sell itself and is in the process of hiring a financial adviser, according to a report by Reuters.
Europe
- Britain telecom major, BT Group plc (LON:BT.A) (NYSE:BT) was cut to “neutral” from “overweight” at JPMorgan citing higher valuation, and rising concerns over its revenue and dividend outlook. The stock slid 2.2 percent in London trading.
- The world’s largest security company, G4S plc (LON:GFS), jumped 2.9 percent after the stock was raised to “overweight” from “equal weight” at Morgan Stanley.
- Recruitment services company, Michael Page International plc (LON:MPI) fell 3.6 percent after reporting first-quarter profit of 136 million pounds ($216 million), up from £127.3m over the same period last year. Steve Ingham, chief executive of Michael Page, said current market situation remains grim, but was hopeful that growth in Asia Pacific and Latin America should drive the company forward.
- Givaudan, the Geneva-based maker of fragrances and flavour products, gained 3.2 percent after reporting a 4.7 percent increase in first-quarter sales, which stood at 1.06 billion Swiss francs ($1.16 billion).
- Swedish medical technology firm, Getinge, was among the biggest losers in Europe today, after it said that first-quarter profit would be between 560-570 million Swedish crowns ($82-84 million), much below what analysts’ were expecting.
- Total S.A.’s (EPA:FP) U.K. managing director, Philippe Guys, said that if everything goes as planned, the gas leak at North Sea Elgin platform could be stemmed by the end of April.
Asia-Pacific
- Sony Corporation (TYO:6758) (NYSE:SNE) yesterday reported a record loss of 520 billion yen ($6.4 billion) for the year ended March 31, more than twice its earlier forecast. Sony, which plans to cut about 6 per cent of its global workforce, has been hard hit by falling demand for its televisions amid stiff competition from rivals such as Apple Inc. (NASDAQ:APPL) https://www.valuewalk.com/2012/04/sony-corporation-sneprojects-huge-loss-on-strong-yen-and-natural-disasters/
- Samsung Electronics. The stock plunged 4.5 percent in Tokyo.
- Sharp Corporation (TYO:6753), Japan’s largest maker of liquid-crystal displays, fell 3.2 percent in Tokyo trading after reporting a record full-year loss of 380 billion yen, 31 per cent more than what it had previously predicted.
- Fanuc Ltd. (TYO:6954), the world’s biggest maker of controls for machinery tools, gained 1.9 percent after Japan’s machinery orders unexpectedly rose in February,
- China Shipping Development Company Ltd. (HKG:1138) fell 7.7 percent in Hong Kong after saying that it expects to post a net loss for the first quarter due to low freight rates on account of weak demand and an excessive shipping supply.
- In Shanghai trading, Chongqing-based companies, Chongqing Brewery Co., Ltd (SHA:600132) and Chongqing Road & Bridge Co., Ltd. (SHA:600106) were under pressure after the official Xinhua News Agency said Bo Xilai, the former Communist Party chief of the city of Chongqing, was removed from all party positions, over his alleged role in the killing of British businessman Neil Heywood in November.
- PT Garuda Indonesia, the country’s biggest listed carrier, will buy 11 Airbus A330 jets worth US$2.5 billion, at a time when travel demand in the country is witnessing rapid growth. Garuda is on a buying spree, and in the current year purchased 11 new aircrafts consisting of 9 Boeing 737-800 NG and 2 Airbus 330-200.
- Virgin Australia Holdings Ltd (ASX:VAH) will acquire a 10 per cent stake in regional airline operator, Skywest Airline Ltd (ASX:SKR), as it tries to increase its foot-hold in the country’s booming mining hubs.
