Crude-oil futures slipped, with the December contract falling 63 cents at $58.70 a barrel in electronic trading as the market remained unfazed by OPEC's plan to cut output. Ford Motor Co. (F : Ford Motor Company News , chart, profile, more Last: 8.01-0.02-0.25% said it expects to report a third-quarter net loss of $5.8 billion, or $3.08 a share, compared to a loss of $284 million a year ago, due to its restructuring efforts. Ford also said it would restate financial results from 2001 through the second quarter of 2006 to correct the accounting for derivative transactions. Excluding special items, the third quarter's loss from continuing operations will be 62 cents a share. Ford CEO Alan Mulally called the results "unacceptable."
Xerox Corp. (XRX : Xerox Corporation News , chart, profile, more Last: 16.00-0.14-0.87%
7:05am 10/23/2006
XRX16.00, -0.14, -0.9%) said third-quarter net income rose to $536 million, or 54 cents a share, from $63 million, or 5 cents a share. Excluding items, it earned 23 cents a share. Total revenue rose to $3.84 billion from $3.76 billion. Analysts, on average, had expected it to earn 22 cents a share on revenue of $3.82 billion.
Hasbro Inc. (HAS : Hasbro Inc. News , chart, profile, more Last: 23.30-0.03-0.13%
5:18am 10/23/2006
HAS23.30, -0.03, -0.1%) reported third-quarter net income rose 8.2% to $99.6 million, or 58 cents a share. Revenue reached $1.04 billion from $988.1 million. A survey of analysts produced a consensus estimate of 50 cents of profit on $963 million of revenue.
Also due to report Monday, AT&T (T : AT&T Inc. News , chart, profile, more Last: 34.44+0.69+2.04%
4:15am 10/23/2006
T34.44, +0.69, +2.0%) is expected to earn 58 cents a share on revenue of $21.3 billion. Amgen Inc. (AMGN : Amgen Inc Last: 73.95+0.90+1.23%
7:30am 10/23/2006
AMGN73.95, +0.90, +1.2%) is likely to post higher third-quarter results that will once again include sales of its anemia drug Aranesp topping $1 billion. The company's seen posting earnings of 97 cents a share for the quarter ended Sept. 30.
American Express Corp. (AXP : American Express Company News , chart, profile, more Last: 58.04+0.07+0.12%
4:15am 10/23/2006
AXP58.04, +0.07, +0.1%) is expected to report earnings of $938.9 million, or 76 cents a share, on revenue of $6.8 billion.
Wal-Mart Stores Inc. (WMT : Wal-Mart Stores, Inc. News , chart, profile, more Last: 49.37+0.88+1.81%
4:15am 10/23/2006
Sponsored by: WMT49.37, +0.88, +1.8%) will also be in focus as the world's biggest retailer hosts an analyst meeting.
In analyst news, Goldman Sachs upgraded electronic broker E-Trade Financial Corp. (ET : e trade financial corp com News , chart, profile, more Last: 21.85+0.85+4.05%
4:15am 10/23/2006
ET21.85, +0.85, +4.0%) to buy from neutral, saying it believes the recent sell-off following Bank of America's free online trade announcement is overdone.
UBS upgraded Foot Locker Inc. (FL : foot locker inc com News , chart, profile, more Last: 23.00-0.20-0.86%
4:15am 10/23/2006
FL23.00, -0.20, -0.9%) to buy from neutral, citing improving athletic footwear sales in the U.S. after a 2% decline in July.
The broker told clients that Nike (NKE : NIKE, Inc. News , chart, profile, more Last: 88.60-0.80-0.89%
4:15am 10/23/2006
NKE88.60, -0.80, -0.9%) has been growing at a rate ahead of the market, which it said should help Foot Locker.
European stock markets edged lower, with the German DAX 30 index shedding 0.1% at 6,197. In Japan, the Nikkei 225 average ended up 0.8% at 16,788.82 as investors turned upbeat on blue chips.
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