Weyerhaeuser ( WY - Get Report) reported better-than-expected fourth-quarter earnings Friday despite reporting income that fell 62% as the company recorded restructuring charges and write-downs. The forest products company said it earned 12 cents a share on revenue of $1.62 billion, compared to profit of 32 cents a share a year earlier. Analysts polled by Thomson Reuters expected the company to post fourth-quarter earnings of 6 cents a share on revenue of $1.59 billion. Weyerhaeuser shares were climbing 5% to $21.15.
Panasonic ( PC) cautioned investors that it may be heading toward a record loss of 780 billion yen ($10.2 billion) on weak TV and mobile phone sales and restructuring costs related to the acquisition of Sanyo Electronics. The Japanese electronics maker joins its domestic rival Sony in warning of a bigger-than-expected loss as both companies struggle to evolve their TV businesses. "I feel the responsibility for the huge amount," Panasonic President Fumio Ohtsubo said as he apologized for the heavy loss at a press conference Friday. However, Ohtsubo gave no indication that he would follow in Sony's Howard Stringer's footsteps and step down. Panasonic said it will see 514 billion yen in restricting costs, as well as a 250 billion yen writedown from the 2009 acquisition of Sanyo.
Clorox ( CLX - Get Report), the consumer products maker, is expected by analysts Friday to post fiscal second-quarter profit of 68 cents a share on revenue of $1.2 billion.
Private-equity firm Blackstone ( BX - Get Report) is studying a leveraged buyout of Brocade Communications Systems ( BRCD), according to Bloomberg, which cited a person with knowledge of the situation. Brocade has been seeking a buyer since 2009, Bloomberg said. While Blackstone is in talks with Brocade, reaching a deal may be difficult, the person told the news agency. Brocade has a market value of $2.65 billion. Brocade shares were jumping 2.6% to $5.98 in premarket trades.
Acme Packet ( APKT), the maker of networking software and equipment, posted fourth-quarter earnings below analysts' forecasts. Acme Packet posted non-GAAP earnings of $18.3 million, or 26 cents a share, on revenue of $83 million. Analysts were expecting profit of 28 cents a share on revenue of $85.2 million. The shares were tumbling 13% to $26.80.
Take-Two Interactive Software ( TTWO - Get Report) reported better-than-expected earnings for its fiscal third quarter, but lowered its guidance for the fourth quarter as the company faces costs related to delayed products and other issues. The videogame maker reported earnings of 27 cents a share for the third quarter, bearing the average analyst expectation of 23 cents, according to Thomson Reuters. However, Take-Two said a delay for its "Max Payne 3" game, and other issues, will lead to a fourth-quarter adjusted loss of 50 cents to 65 cents a share on revenue of $112 million to $162 million. Analysts had previously forecast a loss of 11 cents on revenue of $185 million. The shares were rising 1.8% to $16.
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