DOW JONES NEWSWIRES
Below is a synopsis of major quarterly releases from Thursday
night and Friday morning:
J.C. Penney Barely In Red; Gives Weak 3Q View
J.C. Penney Co. (JCP) swung to a $1 million loss in its fiscal
second quarter as falling sales and pension-related expenses
weighed on the department-store chain. The retailer boosted its
fiscal-year view in light of last week's raised quarterly forecast,
but projected a third-quarter bottom line weaker than analysts
expected. Shares fell 1.7% premarket to $32.95.
Blockbuster Loss Narrows; Misses Views As Sales Tumble
Blockbuster Inc.'s (BBI) second-quarter loss narrowed on higher
margins as the video-rental chain reported results below analysts'
expectations amid tumbling U.S. same-store sales. The company also
cut its earnings target for the year. Its stock slid 21% to 68
cents.
Abercrombie Swings To Loss On Sales Slump
Abercrombie & Fitch Co. (ANF) swung to a fiscal
second-quarter loss on continued drops in sales and margins. The
teen-apparel retailer has been increasingly shedding its
no-markdown mantra after seeing same-store sales drop sharply month
after month as it looks to clear some inventory. Shares were up
3.8% to $34.21 in premarket trading as the result edged above
expectations and inventory fell 13% in the first half of the
year.
Autodesk 2Q Income Down 88% On Charges, Demand Woes
Autodesk Inc.'s (ADSK) second-quarter profit sank 88% on lower
sales and margins as well as a restructuring charges. But earnings
excluding items handily topped analysts' expectations, pushing its
stock up 3.6% to $25.06.
American Apparel Profit Down 34% As Costs Rise
American Apparel Inc.'s (APP) second-quarter profit fell 34% as
the casual and basic clothing retailer reported higher operating
expenses and lower same-store sales. Based on weaker-than-expected
results and continuing challenges, American Apparel lowered its
full-year targets. Its stock was inactive premarket.
Nordstrom Earnings Down 27%, Forecast Boosted
Nordstrom Inc.'s (JWN) fiscal second-quarter profit decreased
27% as the high-end clothing retailer reported lower same-store
sales. But while the company raised expectations for the year,
shares fell 1.1% to $29.43 in light premarket trading.
Elizabeth Arden Loss Narrows; Gives Downbeat Outlook
Elizabeth Arden Inc.'s (RDEN) loss for the fiscal fourth quarter
narrowed despite a double-digit percentage revenue drop as the
cosmetics maker recorded smaller charges. The loss was slightly
smaller than analysts' forecasts, but the company projected a
disappointing loss for its new year. Its stock was inactive
premarket.
VanceInfo Earnings Jump 50% On China Growth
VanceInfo Technologies Inc.'s (VIT) second-quarter earnings rose
a bigger-than-expected 50% amid robust growth in China and
stabilization in its U.S. and European markets. The company - the
only China-based IT outsourcing company listed in the U.S. - also
projected third-quarter results above analysts' recent views and
again boosted its 2009 forecast. American depositary shares rose
4.1% to $15.85.
Ticketmaster Income Slumps 70% On Sales Drop, Merger
Ticketmaster Entertainment Inc.'s (TKTM) second-quarter earnings
tumbled 70% amid merger expenses while the live-entertainment
ticketer and promoter reported a drop in sales. Shares of the
company, which has agreed to sell itself to concert promoter Live
Nation Inc. (LYV), were inactive premarket.
Red Robin Earnings Down 19% On Same-Store-Sales Dive
Red Robin Gourmet Burgers Inc.'s (RRGB) fiscal second-quarter
earnings fell 19% as the restaurateur's lower marketing spending
led to sagging traffic. Same-store sales slumped 11.5%. But
earnings topped estimates. Its stock was inactive.