Updated with BB&T earnings, Toyota recall, Symetra IPO
NEW YORK (
) -- Here are the top stock market headlines for the morning of Friday, Jan. 22, 2010.
Friday's Earnings Roundup
- General Electric (GE) - Get Report posted fourth-quarter earnings of 28 cents a share, down from a profit of 36 cents a share in the year-ago quarter but better than the Thomson Reuters average estimate of 26 cents a share. Revenue was also from a year ago, falling to $41.4 billion, although that was also better than consensus. GE also backed a recent outlook for a flat performance in 2010, with CEO and Chairman Jeffrey Immelt saying: "We believe this is quite achievable and sets us up for solid growth in 2011 and beyond."
- McDonald's (MCD) - Get Report said it earned $1.11 a share in the fourth quarter, beating the Thomson Reuters average estimate of $1.02 a share. Revenue climbed 7.3% from a year ago to $5.97 billion, which was slightly ahead of consensus estimates. McDonald's said that global comp sales grew 3.8%, with a 2.6% rise in the U.S. and a 5.2% increase in Europe.
- Johnson Controls (JCI) - Get Report swung to a fiscal first-quarter profit of 52 cents a share, compared with a year-ago loss of $1.02 a share. Excluding items, Johnson said it had a profit of 43 cents a share, which handily beat the Thomson Reuters average estimate for a profit of 29 cents a share. Sales jumped 15% from a year ago to $8.4 billion, also well ahead of consensus targets. The auto-parts maker also raised its earnings and revenue guidance for 2010 above the Thomson Reuters average estimates.
- Schlumberger (SLB) - Get Report recorded a fourth-quarter profit of 65 cents a share, down from a year ago and but a penny better than Wall Street's consensus target. Revenue fell to $5.74 billion from $6.87 billion in the year-ago quarter. Oilfield services revenue fell 17% from a year earlier to $5.17 billion, Schlumberger said.
- SunTrust Banks (STI) - Get Report notched a fourth-quarter loss of 64 cents a share, although that number shrank from the year-ago loss of $1.07 a share and was narrower than the Thomson Reuters average estimate for a loss of 75 cents a share. Revenue rose just over 1% to $1.95 billion, also that was below the consensus target of $2.06 billion.
- Kimberly-Clark (KMB) - Get Report said it earned $1.17 a share in the fourth quarter, although that was below the consensus target of $1.25 a share. Revenue was up 8.4% from a year ago to $4.98 billion, which topped forecasts. Looking ahead to 2010, Kimberly-Clark offered weak guidance, saying it expects full-year earnings to fall in a range of $4.80 to $5 a share, below the Thomson Reuters average estimate of $5.14 a share.
- BB&T (BBT) - Get Report reported a fourth-quarter profit of 27 cents a share, which was slashed nearly in half from a year ago but still better than the Thomson Reuters average estimate. The bank said its provision for credit losses rose by $197 million from a year ago to $725 million.
- Google (GOOG) - Get Report late Thursday posted a fourth-quarter adjusted profit of $6.79 a share, up from the $5.10 pro forma profit in the year-ago quarter and well above analysts' estimates of $6.50 a share. Revenue climbed more than 17% from a year ago to $4.95 billion, which was slightly above the $4.92-billion consensus. Despite the earnings and revenue beat, Google shares were trading lower in Friday's premarket session.
Friday's Early Headlines
- Toyota Recall Another 2.3 Million Vehicles -- Toyota (TM) - Get Report said it would recall about 2.3 million vehicles in the U.S. to correct "sticking accelerator pedals." Toyota said the action is separate from a previous and ongoing recall of about 4.2 million Toyota and Lexus vehicles to fix acceleration problems caused by out of place floor mats. Toyota said about 1.7 million cars are subject to both recall actions. Toyota said it will continue to investigate incidents of unwanted acceleration and "take appropriate measures to address any trends that are identified."
- Symetra Financial Prices IPO -- Symetra Financial's increased initial public offering of 30.4 million shares was priced at $12 a share. Symetra, the insurer, originally planned to offer 27 million shares in its IPO. The expected price range was $12 to $14. Symetra said it plans to use proceeds from the IPO for purposes that may include funding its subsidiaries. It will begin trading on the New York Stock Exchange under symbol "SYA."
-- Written by Robert Holmes in Boston
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