New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
January 31, 2013
09:23 EDTCUKCarnival PLC files automatic shelf to sell ordinary shares
News For CUK From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
September 22, 2015
16:36 EDTCUKOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street began the session sharply lower and remained that way throughout the session. There was little in the way of buying as each of the major equity indexes slid over 1% and the market internals were decidedly negative. The auto industry and biotech sector were both notably weak, after the French government called for an investigation into the entire auto industry in the wake of the Volkswagen (VLKAY) emissions scandal and Democratic Presidential hopeful Hillary Clinton presented a plan to limit the cost of drugs for consumers. ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.6% to 224.5 in July, which was better than the 0.4% rise that was expected. The Richmond Fed factory index fell to -5 in September, versus the reading of 2 that was expected. In Asia, the Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. COMPANY NEWS: Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... Bank of America (BAC) shareholders approved a proposal to ratify the 2014 amendments to the company's bylaws that permitted the board of directors to determine its leadership structure, meaning Brian Moynihan can retain his dual role as both Chairman and CEO... Shares of several fertilizer companies slid after Mosaic (MOS) announced it will reduce its potash production in response to current crop nutrient market conditions, primarily related to delayed fertilizer purchases in Brazil and North America. Shares of Mosaic finished the day down 7% at $33.87 following last night's announcement, while Potash (POT) fell 6.5% and Agrium (AGU) dropped 3.5%. MAJOR MOVERS: Among the notable gainers was Ashland (ASH), which advanced $2.78, or 2.6%, to $108.50 after announcing it will proceed with a plan to separate into two independent, publicly traded companies. Also higher was Weatherford (WFT), which gained 90c, or 10.7%, to $9.31 after cancelling plans for a public share offering, after which research firms Jefferies and Iberia both reiterated Buy-equivalent ratings on the stock. Among the noteworthy losers were Office Depot (ODP) and Staples (SPLS), which declined a respective 4% and 5.8% after the New York Post quoted a source as saying the FTC may move to block their merger plan. Also lower was Groupon (GRPN), which slipped 2.2% to $4.08 after announcing plans to cut 1,100 jobs related primarily to its international operations. ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell 7%, 5.5%, and 4.65%, respectively, following their quarterly earnings reports. INDEXES: The Dow fell 179.72, or 1.09%, to 16,330.47, the Nasdaq lost 72.23, or 1.5%, to 4,756.72, and the S&P 500 dropped 24.23, or 1.23%, to 1,942.74.
11:39 EDTCUKCarnival sinks after quarterly profit outlook misses expectations
Shares of cruise line operator Carnival Corp (CCL, CUK) are lower in morning trading after the company reported third quarter GAAP earnings per share and revenue that declined from a year ago and its earnings outlook for the fourth quarter fell short of expectations. WHAT'S NEW: Carnival reported Q3 EPS, including unrealized losses on fuel derivatives of $137M, of $1.56 per share, down slightly from the year-ago period and below analysts' consensus estimates of $1.63; excluding items, EPS for the quarter was $1.75. Revenue for Q3 was $4.88B, below $4.95B a year ago, but above analysts' consensus estimate of $4.82B. Net revenue yields in the quarter increased 4.3% on a constant dollar basis, above the June guidance of a 2%-3% increase, while gross revenue yields fell 2.1% in current dollars. Carnival also said that net cruise costs excluding fuel per available lower berth day, or ALBD, were up 1% in constant dollars, better than the guidance of 2%-3%, and fuel prices fell 33% to $439 per metric ton from $650 per metric ton last year. Looking ahead, Carnival raised its fiscal year 2015 adjusted EPS view to $2.56-$2.60 from $2.35-$2.50, against a consensus estimate of $2.55, and raised its FY15 revenue yield view to 4% from 3%-4%. The guidance was raised based on the strength in Q3 net revenue yields and current booking trends, the company said. The company still expects FY15 net cruise costs excluding fuel per ALBD to up about 3.5% from the prior year on a constant currency basis. Fourth quarter adjusted EPS is seen at 36c-40c, below analysts' consensus estimate of 46c, with net revenue yields expected to increase approximately 3% from the prior year. Carnival said net cruise costs excluding fuel per ALBD for Q4 are expected to be higher by approximately 3% on a constant currency basis compared to the prior year. WHAT'S NOTABLE: Carnival President and Chief Executive Officer Arnold Donald commented in the earnings release that the company is "accelerating progress" toward achieving a double digit return on invested capital over the next three to four years, adding that operating cash is expected to exceed $4B this year. Donald also noted that cumulative advance bookings for the first half of 2016 are "well ahead" of last year at lower constant dollar prices. Looking to 2016, Donald said "we have driven a significant lengthening of the booking curve and have less inventory remaining for the first half of 2016 than at this time last year, which bodes well for continued year-over-year revenue yield improvement." On the company's earnings conference call, Carnival said its cash position is "unchanged" following construction delays and said China is still a source of "aggressive" growth. Carnival said it is on track for a 2% reduction in fuel consumption this year. PRICE ACTION: Carnival Corp. shares are down 5.5% to $49.80 in late morning trading. OTHERS TO WATCH: Carnival peer Royal Caribbean Cruises (RCL) is down 4.5% to $92.79, and another peer, Norwegian Cruise Line Holdings (NCLH), is down 3.5% to $60.14. Royal Caribbean and Norwegian are expected to report quarterly results in October.
September 21, 2015
14:57 EDTCUKNotable companies reporting before tomorrow's open
Subscribe for More Information
08:03 EDTCUKCarnival expected to raise guidance following Q3 results, says Susquehanna
Susquehanna said based on their Cruise Pricing Survey they expect Carnival to report Q3 earnings above prior guidance and to raise its full year outlook. The firm also said Q1 bookings are encouraging, as pricing is up in both the Caribbean and Europe. Susquehanna reiterated its Positive rating and raised its price target to $60 from $56 on Carnival shares.

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use