NEW YORK (
) -- Here are the top stock market headlines for the morning of Monday, April 19, 2010.
Monday's Earnings Roundup
- Citigroup (C) - Get Report said it had net income of $4.4 billion, or 15 cents a share, compared with the average estimate that the bank would break even, according to Thomson Reuters. Citigroup said it had revenue of $25.4 billion, above the $20.8 billion consensus target. Citigroup said net credit losses fell by $1.6 billion, or 16%, sequentially to $8.4 billion. Provisions for credit losses and for benefits and claims fell by $2.4 billion, or 22%, sequentially to $8.6 billion.
- Halliburton (HAL) - Get Report posted a first-quarter adjusted profit of 28 cents a share, which was above the Thomson Reuters average estimate of 25 cents a share. Revenue was down 3.7% from a year ago to $3.76 billion, matching the consensus target.
- Eli Lilly (LLY) - Get Report reported a first-quarter profit of $1.18 a share, which was above the Thomson Reuters average estimate of $1.10 a share. Revenue was up nearly 9% from a year ago to $5.49 billion, although that was slightly below consensus. In addition, citing U.S. health care reform, Eli Lilly lowered its full-year earnings guidance to a range of $4.40 to $4.45 a share, below the $4.73-a-share analyst target.
- Hasbro (HAS) - Get Report said it had a first-quarter adjusted profit of 26 cents a share, which was above the 16-cent-a-share target, according to Thomson Reuters. Sales were up 8.2% from a year ago to $672.4 million, also better than analysts had expected.
- M&T Bank (MTB) - Get Report reported first-quarter earnings of $1.15 a share, which was better than the Thomson Reuters average estimate for a profit of 99 cents a share. M&T's provision for credit losses was $105 million in the quarter, down from $158 million and $145 million in the year-ago quarter and in the fourth quarter, respectively.
- Arch Coal (ACI) - Get Report notched a first-quarter adjusted profit of 3 cents a share, which was below the Thomson Reuters consensus of 8 cents a share. Revenue was up 4.5% from a year ago to $711.9 million, also below forecasts. However, the company offered better-than-expected earnings guidance for the full-year, saying it expects to earn $1 to $1.40, compared to the Thomson Reuters average estimate of 89 cents a share.
Monday's Early Headlines
- Fallout from Goldman Fraud Charges Continues -- Goldman Sachs (GS) - Get Report weighed on U.S. futures and overseas markets, with shares down more than 1% in Monday's premarket session after falling nearly 13% Friday. The fraud charges against Goldman may only be the beginning, The Wall Street Journal reports. The SEC is now is investigating whether mortgage deals set up by other big Wall Street firms may have misled investors, the report says.
- Newmont Reportedly in Talks With Lihir -- Newmont Mining (NEM) - Get Report is in the early stages of discussion with advisers to take over Australia's Lihir Gold( LIHR), Reuters reports, citing a report published by the Australian Financial Review. Lihir has rejected an $8.45 billion offer from Newcrest Mining and hired Macquarie Capital Advisers and Greenhill Caliburn to advise on other options.
- Volcano in Iceland Still Limiting Air Travel -- Eurocontrol, the air traffic control agency, said European airlines were expected to fly between 8,000 and 9,000 of their 28,000 scheduled flights on Monday because of a ban on flying in major parts of Europe, The Associated Press reports. Volcanic ash can cause engine failure. Eurocontrol said airspace in southern Europe, including Portugal, Spain, parts of Italy and France, the Balkans, Bulgaria, Greece and Turkey, and parts of northern Europe is open, AP reports.
- Toyota Agrees to $16.4 Million Fine: Report -- Toyota (TM) - Get Report will pay $16.4 million to settle charges by the U.S. government without admitting that it knowingly hid evidence of defective sticky gas pedals from safety regulators, The Wall Street Journal reported, citing a senior U.S. Transportation Department official.
-- Written by Robert Holmes in Boston
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