Early Stocks in Motion
Updated from 8:16 a.m. EST
A brokerage said the rally might not be over in
ExxonMobil
(XOM) - Get Report
, which slid 4% Wednesday on a big spike in volume attributed to several block trades. Thursday morning, CSFB raised its price target on the stock to by $10 to $63, saying the high price of oil could push up the oil giant's earnings. Exxon's shares are up 19% this year even with Wednesday's slide, closing last night at $60.79. They fell 29 cents to $60.50 Thursday morning.
Delta
(DAL) - Get Report
said in a Thursday
SEC
filing that it expects to post a "substantial net loss" this year, and warned that cash flow from operations alone won't be enough to meet liquidity needs. The company cited "significant challenges" in the area of passenger yield, high fuel prices and interest and pension expenses. Delta said it expects to fund itself through cash flow plus its regional jet credit facility and the final $250 million available from its financing arrangement with American Express. "Unless we are able to sell assets or access the capital markets by issuing equity or convertible debt securities, we expect that our cash and cash equivalents and short-term investments will be substantially lower at December 31, 2005 than at the end of 2004," the company said. Delta fell 63 cents to $4.26 Thursday morning.
Brinker
(EAT) - Get Report
warned after the bell Wednesday that fiscal third quarter earnings will trail estimates because of higher raw material and restaurant expenses. The restaurant operator expects to earn 57 cents or 58 cents in the quarter, excluding items including restructuring charges and re-franchising gains. The Thomson First Call consensus for the period is for earnings of 63 cents a share. For the fourth quarter, Brinker expects to earn 66 cents to 68 cents a share. The Thomson First Call consensus estimate is for earnings of 69 cents a share. Brinker fell $1.75 to $36.94 Thursday morning.
Cooper Cos.
(COO) - Get Report
Wednesday reported earnings of 58 cents a share, before various items, on revenue that rose 35% from a year ago to $147.9 million. Analysts were forecasting earnings of 54 cents a share on sales of $152.5 million. For the second quarter, Cooper expects to earn 72 cents to 75 cents a share on revenue of $222 million to $226 million. Analysts had been looking for earnings of 74 cents a share on revenue of $225.9 million. Cooper lost 72 cents to $81.65 Thursday morning.
Six Flags'
(PKS)
fourth-quarter loss swelled 29% from a year ago to $109 million, or $1.24 a share, missing estimates by a wide margin. But the company also posted revenue of $109.1 million, about $14 million above the Thomson First Call consensus. The company said attendance and revenue growth should be "significant" at about 5% in 2005 thanks to capital initiatives and forecasting adjusted earnings before interest, taxes, depreciation and amortization of $300 million. Six Flags added 17 cents to $4.60 Thursday morning.
Men's Warehouse
(MW)
reported net income Wednesday of $25.1 million, or 68 cents a share, for the fourth quarter ended Jan. 31. According to Thomson First Call, analysts were expecting earnings of 65 cents a share. Fourth-quarter sales roses 8.5% to $458.7 million. Looking ahead, the company expects mid-single-digit same-store sales growth for both its U.S. and Canadian based stores in the second quarter. Men's Warehouse put second-quarter earnings at 49 cents or 50 cents a share, excluding items. Analysts had been forecasting earnings of 48 cents a share. The stock added 69 cents to $37.72 Thursday morning.
A.C. Moore
(ACMR) - Get Report
released mixed earnings results for the fourth quarter ending Dec. 31. Compared to last year's results net income was unchanged at $14.4 million, or 72 cents per share, although the latest period included a 5-cent charge. Sales, however, rose 18.4% to $177.3 million. Analysts had been expecting earnings of 74 cents a share excluding the charge on sales of $177.9 million. For 2005, the company expects to earn $1.07 to $1.09 a share, including a charge of 7 cents a share. Excluding the charge, analysts had been $1.17 a share. The stock added 9 cents to $25.87 Thursday.