January 17, 2013 |
NEW YORK -- Investors sent Bank of America's stock 3.7% lower Thursday morning after the firm said legal costs dragged down earnings in the fourth quarter. BofA's stock fell 43 cents, or 3.7%, to $11.35 in midday trading on Wall Street. The bank, which has continued to struggle from mortgage woes and acquisitions it made during the financial crisis, said legal costs stemming from massive mortgage-related settlements pushed down fourth-quarter earnings by 63%. Net income was $732 million, or 3 cents a share, down from $2 billion, or 15 cents, in the fourth quarter in 2011.
January 8, 2013 |
Investors sent stocks lower ahead of the release of corporate earnings that Wall Street will digest in coming weeks. The Dow Jones industrial average lost 48 points, or 0.4%, to 13,336 shortly after the opening bell. The broader Standard & Poor's 500 index lost seven points, or 0.5%, to 1,455. The Nasdaq was down nine points, or 0.3%, to 3,090. Earnings season unofficially begins with aluminum giant Alcoa Inc., which is to release earnings after the markets close Tuesday.
October 8, 2012 |
Stocks opened lower at the start of a week in which investors will learn how U.S. companies fared in the third quarter. The Dow Jones industrial average was down 46 points, or 0.3%, to 13,564 shortly after the opening bell. The broader Standard & Poor's 500 index was down 7 points, 0.5%, to 1,454. The Nasdaq was down 19 points, or 0.6%, to 3,117. Third-quarter earnings season begins with aluminum giant Alcoa Inc., which announces Tuesday. JPMorgan Chase & Co. is up Friday.
June 14, 2012 |
Shares of Kroger Co. rose the most in more than three years after the operator of Ralphs and Food 4 Less boosted its annual profit forecast and announced a $1-billion share buyback. The Cincinnati company's shares advanced 6.1% to $22.58, the biggest gain since March 2009. The shares have dropped 6.8% this year. Profit for the fiscal year ending Jan. 31 will be as much as $2.40 a share, up from a prior forecast of as much as $2.38, the company said Thursday. That compared with the $2.32 average that analysts expected in a Bloomberg survey.
November 24, 2011 |
Despite the struggling global economy, investors for the last two years have gotten used to corporate America generating robust earnings gains. But the profit picture now is getting cloudier: Although third-quarter results again were stellar, Wall Street analysts have slashed estimates for the current quarter and the first period of next year. "Earnings growth is very quickly decelerating," said David Rosenberg, chief market strategist at money manager Gluskin Sheff & Associates in Toronto.
September 22, 2011 |
Healthcare expenses for U.S. employers are expected to increase next year at the lowest rate in more than a decade, but the cost of benefits for workers is likely to outpace the growth of their earnings, a national survey has found. Companies expect their bills for health benefits to rise 5.4% on average next year, the smallest increase since 1997, according to preliminary results from a survey of nearly 1,600 employers by benefits consulting firm Mercer. The smaller increase reflects cost-cutting efforts by employers.