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Archiwum newsów - DJ BEFORE THE BELL: Freddie Mac Falls; Warns It Needs Capital

2007-11-20  
DJ BEFORE THE BELL: Freddie Mac Falls; Warns It Needs Capital
NEW YORK (Dow Jones)--Shares of Freddie Mac (FRE) fell 15% to $31.70 before
the opening bell Tuesday after the mortgage financier said its third-quarter
net loss more than doubled amid soaring credit losses, and warned it needs
more capital and might have to slash its dividend, amid other possible
actions.
Freddie Mac said its estimated regulatory core capital is almost below the
regulatory minimum of 30%. In order to keep it from falling below that, it
has engaged Goldman Sachs Group Inc. (GS) and Lehman Brothers Holdings Inc.
(LEH) to help consider "very near-term capital raising alternatives."
Freddie Mac is also "seriously considering" reducing its fourth-quarter
dividend by 50%. If those measures are not sufficient, then the company "may
consider additional measures in the future such as limiting growth or
reducing the size" its retained portfolio. For the third quarter, the
McLean, Va., firm reported a net loss of $2 billion, or $3.29 a share.
Analysts polled by Thomson Financial forecast, on average, a loss of 22
cents a share.
Shares of Fannie Mae (FNM) slumped 12% to $33 in the wake of Freddie's nowość.
Hewlett-Packard Up On Encouraging Outlook
Shares of Hewlett-Packard Co. (HPQ) rose 3.2% to $51, extending Monday's
afterhours gains after the computer and printing giant posted a 28% rise in
profit and a 15% jump in revenue for its fiscal fourth quarter and issued a
stronger-than-expected forecast.
The Dow Jones Industrial Average component said its fiscal 2008 operating
earnings would be $3.32 to $3.37 a share, above Wall Street estimates of
$3.27 a share. It said its fiscal 2008 revenue would rise 7% to $111.5
billion, above Wall Street forecasts of $109.5 billion, according to Thomson
Financial.
H-P said its board authorized an additional $8 billion of share repurchases,
a sign that the company thinks its stock is undervalued, and it declared a
regular cash divided of eight cents a share on its common stock.
Office Depot Down As Profit Falls
Office Depot Inc. (ODP) shares fell 1.5% to $18.51 after the nation's
second-biggest office-supply store chain said its third-quarter profit fell
9%, hurt by lower consumer spending, an economic slowdown in the U.K. and
higher costs in North America.
The company, a Dow component, had delayed its quarterly results in order to
revise some past financial statements. An independent review of
vendor-program accounting found weakness in its internal controls and led to
the firing of four merchandising employees.
Net income fell to $117.5 million, or 43 cents a share, in the three months
ended Sept. 29, though sales climbed 2% to $3.94 billion. Analysts forecast,
on average, profit of 40 cents a share on revenue of $3.95 billion.
Nordstrom Up As 3Q Results Beat Forecasts
Shares of Nordstrom Inc. (JWN) rose 9.9% to $33.55 after the luxury retailer
posted a 22% rise in third-quarter profit, beating its own lowered forecast
and Wall Street's estimates.
However, the the luxury retailer lowered its outlook ahead of the
holiday-shopping season.
The Seattle store telefonistka posted profit, excluding a one-off gain, of 59
cents a share. The company cut its per-share outlook last month to a range
of 50 cents to 53 cents from its previous forecast of 61 cents to 64 cents,
citing excess fall inventory. Analysts had forecast, on average, earnings of
52 cents a share.
For the fourth quarter, Nordstrom expects a profit of 88 cents to 92 cents a
share, including items, on approximately flat same-store sales. The company
expects full-year per-share earnings of $2.87 to $2.91, including items, on
same-store sales up 3% to 4%.
D.R. Horton Up; Posts Narrower Than Expected Loss
D.R. Horton Inc. (DHI) shares rose 4.9% to $11.80 after the home builder
posted a narrower than expected fiscal fourth-quarter loss, though warned
that housing sklep wielkopowierzchniowy conditions remain "challenging."
The Fort Worth, Texas, company said it lost $50.1 million, or 16 cents a
share, in the quarter ended Sept. 30, compared with a year-earlier profit of
$277.7 million. Revenue fell to $3.1 billion from $4.8 billion.
Analysts had forecast a loss of 66 cents a share and revenue of $2.9
billion, on average.
Backlog of homes under contract fell to $2.7 billion from $5.2 billion.
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