Global Investing Roundups Friday, October 17th, 2008
Oct 17th, 2008 | By William Patalon III | Category: Financial NewsGoogle Doesn’t Disappoint; Jobless Claims Drop but Remain High; Peabody’s Third Quarter Lights Out; Nucor Profit Doubles; Nokia’s Profit Dip; AMD Narrows Loss; Hershey’s Sweet Surprise; Citi’s Consumer Credit Woes
- Google Inc. (GOOG) said yesterday (Thursday) that profit climbed 26% to $1.35 billion, or $4.24 per share in the third quarter, up from $1.07 billion, or $3.38 per share, at the same time last year. Revenue soared 31% to $5.54 billion.
- Initial claims for unemployment insurance last week fell 16,000 to a seasonally adjusted level of 461,000 the Labor Department reported yesterday (Thursday). However, the four-week average, which is less volatile, increased slightly to 483,250 – a seven-year high. The number of people continuing to receive jobless benefits rose 40,000 to 3.7 million.
- Peabody Energy Corp. (BTU), the St. Louis-based company that fuels about one-tenth of all U.S. electricity generation and more than 2% worldwide reported net income of $369 million, or $1.36 cents per share, in the third quarter. That compares with $32.3 million, or 12 cents per share, a year ago.
- Nucor Corp.’s (NUE) third-quarter profit nearly doubled, the Charlotte, N.C.-based steelmaker said yesterday (Thursday). The company reported profit of $734.6 million, or $2.31 per share, compared to $381.2 million, or $1.29 per share, in 2007. Quarterly sales jumped 75 percent to a record $7.45 billion.
- Nokia Corp. (ADR: NOK) announced yesterday (Thursday) that third quarter net profit dropped to $2.7 billion (1.09 billion euros) from 1.56 billion euros a year earlier. Net sales for the Finland-based cell phone maker declined 5% to $16.6 billion (12.2 billion euros) from 12.9 billion euros, BusinessWeek reported.
- Advanced Micro Devices Inc. (AMD) yesterday (Thursday) announced a third quarter loss of $67 million, or 11 cents per share. For the same period the year prior, the memory-chip maker lost $396 million, or 71 cents per share, MarketWatch reported.
- The Hershey Co. (HSY) yesterday (Thursday) announced that its third quarter profit was $124.5 million, or 54 cents per share, up from $62.8 million, or 28 cents per share, in the third quarter of 2007. The domestic candy maker’s revenue increased 6.4% to $1.49 billion due to 25% price increases to help offset higher raw ingredient costs, The Wall Street Journal reported.
- Citigroup Inc. (C) yesterday (Thursday) announced a $2.8 billion loss for the third quarter. North American credit-card loan charge offs increased by $311 million in the quarter, reflecting slower payment rates, higher bankruptcies, rising unemployment and lower recoveries on bad debt, Citigroup Chief Financial Officer Crittenden said on a conference call, Bloomberg News reported. Citi shares lost 33 cents each, or 2.03%, to close at $15.90.
Source: Global Investing Roundups Friday, October 17th, 2008
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William (Bill) Patalon III is the Managing Editor and Senior Research Analyst for Money Morning, and is also the Managing Editor for The Money Map Report. Patalon's work has appeared in Kiplinger's personal finance magazine, USA Today, and The South China Morning Post, among other publications.
