Wednesday, August 1, 2012


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By MarketWatch
Transocean swings to $304 million loss
(5:44 PM ET) SAN FRANCISCO (MarketWatch) - Transocean Ltd. RIG +2.07% , the world's largest offshore drilling company, reported late Wednesday it had swung to a second-quarter loss of $304 million, or 86 cents a share, from a profit of $124 million, or 39 cents a share, a year ago. The company pinned most of the loss on $750 million set aside to cover losses stemming from the 2010 loss of its Deepwater Horizon rig at BP's Macondo well in the Gulf of Mexico. Revenue for the quarter rose 14% to $2.58 billion. Analysts polled by FactSet had predicted the Zug, Switzerland-based company would earn 44 cents a share. The stock has gained about 25% this year so far.
Prudential Financial profit up 182%
(4:38 PM ET) SAN FRANCISCO (MarketWatch) -- Prudential Financial, Inc. PRU -1.45%reported after the close Wednesday a second-quarter profit of $2.2 billion, or $4.64 a share, up from $779 million, or $1.58 a share, a year ago. Revenue for the three months ended June 30 increased about 13% to $11.41 billion from $10.1 billion. Analysts polled by FactSet had expected the Newark, N.J.-based financial service provider to earn $1.54 a share. In after-hours trade, the stock fell 1.6% to $46.80 a share. Ahead of the report, share price was down over 18% over the past 12 months.
First Solar soars on results, brighter outlook
(4:29 PM ET) SAN FRANCISCO (MarketWatch) -- First Solar Inc. FSLR +20.14% shares soared as much as 16% in after-hours trade Wednesday after the company reported its second-quarter profit rose to $111 million, or $1.27 a share, from $61.1 million, or 70 cents a share, a year ago. Revenue for the solar power company rose 79% to $957.3 million from $532.8 million. Analysts polled by FactSet had, on average, predicted the Tempe, Ariz.-based company would earn 97 cents a share on $841.3 million in revenue. First Solar also raised its 2012 full-year earnings outlook to $4.20 to $4.70 a share from its earlier forecast of $4.00 to $4.50 and lifted its sales forecast to between $3.6 billion and $3.9 billion. Its previous sales range had been $3.5 billion to $3.8 billion. First Solar had fallen 87% over the past 12 months prior to the report.
Green Mountain cuts 2012 outlook
(4:20 PM ET) SAN FRANCISCO (MarketWatch) -- Green Mountain Coffee RoastersGMCR +12.17% late Wednesday cut its fiscal 2012 financial targets for the second time since May while announcing a plan to buyback $500 million of stock. Green Mountain projects 2012 earnings of $2.21 to $2.26 a share, down from $2.40 to $2.50 a share. The Keurig coffee brewer maker also trimmed its sales outlook and shaved its capital expenditures plan. Profit for Green Mountain's fiscal third-quarter rose 30% to $73.3 million, or 46 cents a share, compared with $56.3 million, or 37 cents a share, in the same 2011 period. Revenue climbed 21% to $869.2 million. Gross margin fell to 34.9% from 36.8% due to a slowdown in demand and obsolete K-Cup coffee packs. Green Mountain shares fell 6% to $16.75 in after-hours trade. Shares are down 60% since Jan. 1.
Yelp reports 67% sales increase
(4:19 PM ET) SAN FRANCISCO (MarketWatch) -- Yelp Inc. YELP -5.71% shares rose 11% in after-hours trading Wednesday following the company's better-than-expected second quarter results. Yelp reported a loss of $2 million, or 3 cents a share, on revenue of $32.7 million, compared with a loss of $1.2 million, or 8 cents a share, on $19.6 million in sales in the same period a year ago. Analysts surveyed by FactSet Research had forecast the online consumer reviews and information company to lose 6 cents a share on $30.7 million in revenue for the quarter.
ServiceNow reports $8.7 million loss
(4:11 PM ET) SAN FRANCISCO (MarketWatch) -- ServiceNow Inc. NOW +2.63% reported on Wednesday a fiscal second-quarter loss of $8.7 million, or 32 cents a share, on revenue of $56.8 million. During the same period a year ago, the cloud-based enterprise software company earned $2 million, or 2 cents a share, on $29.4 million in revenue. Excluding one-time items, ServiceNow would have lost $3.1 million, or 12 cents a share. Analysts surveyed by FactSet Research had forecast ServiceNow to lose 7 cents a share on $53.2 million in revenue.
Cray shares down almost 10% late
(3:50 PM ET) SAN FRANCISCO (MarketWatch) -- Cray Inc. CRAY -8.53% shares on Wednesday fell by as much as 10% to $11.17 in late trading. A short-sale restriction was triggered in trading of Cray's stock on the Nasdaq OMX earlier in the session. On Tuesday, the supercomputer company reported that it swung to a second-quarter profit from a loss in the same period a year ago.
Humana shares gain back some lost ground
(11:33 AM ET) LOS ANGELES (MarketWatch) -- Shares of health insurer Humana Inc.HUM +3.75% gained back some lost ground on Wednesday, a day after the Louisville, Ky.-based company fell more than 12% as it lowered its full-year outlook. Humana shares were up more than 3% in recent action to $63.83.
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By Jim Jelter, MarketWatch
SAN FRANCISCO (MarketWatch) — Oil and oil-field-services stocks closed with slim gains Wednesday on the back of stronger oil prices, dodging a shallow but widespread sell-off in equities following a downbeat assessment of the U.S. economy by the Federal Reserve.
The biggest move of the day came after the close, however, on a surprisingly strong second-quarter report from First Solar Inc.
First Solar Inc. FSLR -4.76% shares surged as much a 16% in after-market trades after the company reported earnings of $1.27 a share, trouncing the 97 cents a share analysts were looking for.
The report marked a welcome turnaround from steep losses in the previous quarter and a big improvement of its year-ago earnings of 70 cents a share. Read about First Solar's surprise earnings.
The Tempe, Ariz., solar-power company, which had seen its share price tumble nearly 90% over the past year, also raised its full-year earnings and sales estimates.
Meanwhile, the NYSE Arca Oil and Gas Index XX:XOI +0.58% ended the session 0.6% higher at 1,203.74 points, reversing the previous session’s decline.
Firmer oil prices lent support to the sector. September crude-oil futures, reflecting an unexpected drop in the latest U.S. weekly inventory reports, rose 85 cents to settle at $88.91 a barrel in New York. See the latest on oil futures.
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Driving one of your best investments

Your luxury car might be one of the best investments in your portfolio right now.
The NYSE Arca Natural Gas IndexXX:XNG -0.35% slipped 0.3% to 644.23 points, with Devon Energy among the group’s biggest decliners.
Devon Energy Corp. DVN -3.48% shares fell 3.5% to $57.06 after the gas producer said it is selling 30% of its holdings in Cline Shale and Midland-Wolfcamp Shale to Japan’s Sumitomo Corp. The deal, valued at $1.4 billion, aims to help Devon cover its drilling costs.
Devon also reported a second-quarter profit of $477 million, or $1.18 a share. Adjusted to exclude the impact of its derivatives trades, the company earned 55 cents a share, less than the 81 cents a share analysts had been looking for. Read about Devon's latest quarter.
Marathon Oil Corp. MRO +0.19% also released its second-quarter results, posting a 61% lower profit of 56 cents a share. It’s adjusted earnings were 59 cents a share, matching analysts’ expectations. The weaker results reflected lower oil and gas prices in the quarter. See Marathon's latest results.
Marathon Oil shares rose 5 cents, or 0.2%, to $26.52.
The Philadelphia Oil Service Sector Index OSX +0.99% rose 1% to 218.79 points. Oceaneering International Inc. OII +2.55%  led percentage gainers in the group on a 2.6% advance to $53.01 a share. 
Jim Jelter is Industrials Editor for MarketWatch in San Francisco.
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U.S. stocks end mildly lower; ECB up next

Federal Reserve’s monetary-policy decision largely as expected

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By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) — U.S. stocks fell Wednesday after the Federal Reserve held pat on monetary policy and paved the way to further stimulus, with investors bracing for a gathering of European central bankers.
“Today’s announcement was priced in; the markets got exactly what they expected. The fireworks are tomorrow,” Jim Russell, chief equity strategist for U.S. Bank Wealth Management, said of expected stimulus from the European Central Bank after its meeting Thursday.
EUROPE IN CRISIS | Topics: Europe
A woman walks near the Alexander Nevski golden-domed cathedral in central Sofia June 17, 2009. REUTERS/Stoyan Nenov (BULGARIA SOCIETY RELIGION) Reuters
Alexander Nevski Cathedral in Bulgarian capital Sofia.
EU’s poorest countries shunning the euro
The union’s poorest members, who once looked to joining the euro as a symbol of prestige, are now shunning the currency.
• Has Draghi overpromised?
• Darkening skies over Europe
• It’s about time to buy Europe
• Europe as enemy of recovery
The U.S. central bank refrained from further easing moves, but noted economic activity had decelerated somewhat during the first half of the year. Read text of FOMC statement.
“We feel that is an important acknowledgment by the Fed. We want the Fed to see what we are seeing, it opens up their ability to address with monetary policy, aggressively with scale,” said Russell. Read Rex Nutting’s First Take.
The Dow Jones Industrial Average DJIA -0.25%  retreated 32.55 points, or 0.3%, to 12,976.13.
The S&P 500 index SPX -0.29%  lost 4 points, or 0.3%, to 1,375.32, with energy the best performing and utilities the worst of its 10 major industry sectors.
The Nasdaq Composite COMP -0.66%  fell 19.31 points, or 0.7%, to 2,920.21.
Decliners outpaced advancers roughly nine to five on the New York Stock Exchange, where composite volume topped 4.3 billion. Nasdaq’s composite volume edged past 1.7 billion.
Early trading was marked by unusual volumes and large swings in many large-cap stocks. NYSE Euronext’s NYX -2.16%  New York Stock Exchange said it was probing trades in 140 stocks, including Citigroup Inc. C -1.29%  , Bank of America Corp. BAC -1.63% , Ford Motor Co. F -1.63%  and American International Group Inc. AIG -1.38%  . It eventually said it would cancel trades in six smaller cap stocks.See charts on early swings.
Shares of market-maker Knight Capital Group Inc. KCG -32.82%  , which said a technology glitch led to routing problems for about 150 stocks, ended down 33%. Read more on Knight Capital, trading glitches.

Great expectations

Compared to the Fed, the expectation bar is far higher for Thursday’s European Central Bank meeting in the wake of comments last week. German Chancellor Angela Merkel and French President Francois Hollande echoed ECB President Mario Draghi in pledging to do whatever it takes to protect the euro. Read full story of expectations for Draghi.
“We got a very constructive and positive reaction from the markets on Thursday and Friday last week, and now the markets are expecting follow-through,” said Russell of U.S. Bank Wealth Management.
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Stocks fall as Fed holds back

Investors sent stocks lower after the Federal Reserve held back from announcing any new stimulus measures. Paul Vigna has details on The News Hub. Photo: Getty Images.
“If we don’t get it, the markets are possibly set up for disappointment,” he said. “That is frankly why on Monday, Tuesday and Wednesday, [the markets] have done nothing but go sideways.”
Art Hogan, equity strategist at Lazard Capital Markets LLC, said: “They’ll have to produce something; promising to do whatever is needed and that it will be enough is a difficult act to follow.” He was referring to statements last week by ECB President Mario Draghi.
Wednesday U.S. economic reports included better-than-expected data on the labor market, which boosted optimism ahead of the government’s nonfarm payrolls data due on Friday. ADP Employer Services said companies added 163,000 jobs in July compared to a revised 172,000 in June. See details of ADP data.
“The interesting one would be the ADP employment change, ISM [the Institute for Supply Management] was a little lower, but nothing surprising,” said Matt Lloyd, chief investment strategist at Advisors Asset Management.
For Lloyd, an uncertain climate has curbed hiring, but the underlying trends are largely positive, with average hours worked rising. Companies are using a “flexible labor pool, where they aren’t hiring that much, but working employees longer,” he said.
Lazard’s Hogan said: “ADP was better than expected, but it also was last month and we still got a bad nonfarm payrolls report.”
The Institute for Supply Management’s manufacturing index remained under the 50% level for a second month. That was a cause for concern for Mickey North Rizza, vice president of strategic services at supply management consultant BravoSolution: “Portions of the industry are doing fairly well, and others are not. Everything is in a holding pattern.”  Read story on manufacturing.
Kate Gibson is a reporter for MarketWatch, based in New York.


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Another head splitting day!

Not the best option trades....but I got out with a +147 gain....

Traded some FSLR a/h and after buying too soon....it worked out:


That's more like it!

Damn hard week....or at least it has been for me...

Too many earnings....too much ecodata....too much Fed/Ben meetings....

sdh

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