This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Profits, Guidance Come Down at Metris

Metris (MXT) said its first-quarter profits fell, and the company warned that its yearly results would be lower than previously expected.

The financial services company reported first-quarter operating income of $52.3 million, or 54 cents a share. These numbers were in line with analyst estimates according to Thomson Financial/First Call, but were down 7% from the company's year-ago results of $56 million, or 57 cents a share.

The company's primary credit card business decreased by $133.5 million in the first-quarter even as the company added 145,000 new accounts.

Metris also reduced its first-quarter net income by $14.5 million, or 15 cents a share, due to accounting changes requiring the company to recognize all derivatives as assets or liabilities.

Due to a weak economy and falling consumer demand, the company warned that it is reducing its 2002 full-year outlook to earnings of $1.75 to $2.25 a share. Analysts had been looking for $2.75, according to Thomson Financial/First Call.

Shares of Metris were recently trading down 31.9% to $13.00 in Instinet premarket trading after closing at $19.10 on Tuesday.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
MXT $0.57 -20.95%
AAPL $118.74 -2.10%
FB $93.65 -0.38%
GOOG $628.02 0.39%
TSLA $259.40 -2.50%

Markets

Chart of I:DJI
DOW 17,527.04 -162.82 -0.92%
S&P 500 2,089.59 -14.25 -0.68%
NASDAQ 5,093.3790 -34.9020 -0.68%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs