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Jan 19, 2012

Reuters - daily Investors Update. Wall Street advances on bank results, data


Wall Street advances on bank results, data
NEW YORK (Reuters) - U.S. stocks rose for a third straight day on Thursday, sparked by results from Bank of America and Morgan Stanley and as the latest jobless claims dropped to a near four-year low. | Full Article

Google revenue misses Wall Street targets
January 19, 2012 04:35 PM ET
(Reuters) - Google Inc's net revenue jumped more than 27 percent in the fourth quarter but fell short of Wall Street targets, sending shares down sharply in after hours trading on Thursday. | Full Article

IBM net up 4.4%; outlook for 2012 above target: Stocks and Markets in the News- - Companies Eanings

By Tess Stynes 

NEW YORK (MarketWatch) — International Business Machines Corp.’s fourth-quarter earnings rose 4.4% as higher software and services revenue offset a decline in its hardware business.
Shares of IBM IBM +2.68%  were up 2.8% to $185.50 in recent after-hours trading as the company projected 2012 earnings above expectations. The stock rose 25% in 2011, reaching new highs in December. Through the close, the stock has pulled back 1.8% in January.
For the new year, Big Blue projected per-share earnings of at least $14.85, above recent estimates of analysts polled by Thomson Reuters expecting $14.82. 

The Armonk, N.Y., company has benefited from its push toward higher-margin, complex businesses such as business analytics, as well as investments in emerging markets. Though the strategy has been paying off, recent economic uncertainty has increased concerns about technology spending by corporations and governments. 

IBM reported a profit of $5.49 billion, or $4.62 a share, up from $5.26 billion, or $4.18 a share, a year earlier. Operating earnings, which exclude retirement-plan costs and amortization, rose to $4.71 a share from $4.25 a share. 

Revenue increased 1.6% to $29.5 billion — or 1% including currency fluctuations. Analysts recently projected earnings of $4.62 on revenue of $29.71 billion.
Gross margin rose to 49.9% from 49%. 

In the latest results, IBM’s systems-and-technology unit reported an 8% decline in revenue. The unit, which includes its hardware business, has been an engine for revenue growth in recent quarters but though the growth has been slowing in recent quarters. 

However, software segment revenue was up 9% as most of its key products saw growth. Technology services and business services revenue also improved, both rising 3%.
In the company’s growth markets — which include Brazil, Russia, India and China — revenue grew 7%, or 8% adjusted for foreign exchange. 

Meanwhile, revenue in the Americas improved 3%. Total sales in Europe, the Middle East and Africa rose 1%, while total revenue in Asia increased 2%, but excluding currency impacts declined 1%.

Hard work ahead for constitutional change : Financial and Forex Info News | The Australian Capital Circle,

Hard work ahead for constitutional change
A push to recognise indigenous Australians in the Constitution is facing significant hurdles.

First off: Historic changes to the Constitution to acknowledge indigenous Australians face almost certain defeat unless significantly amended, after a 300-page proposal presented to Julia Gillard yesterday prompted a chorus of concerns from some indigenous leaders and legal experts (report). The panel of 22 indigenous leaders, politicians and lawyers has recommended removing sections which discriminate on the basis of race (report). And there is pressure on Tony Abbott to engage with the changes (report).
Julia Gillard is in Canberra. She has no public appearances scheduled.
Tony Abbott is in Adelaide. He'll appear on SAFM at about 9am (AEDT). Mr Abbott will also cycle in the Bupa Challenge Tour today, after raising $12,750 for the Cancer Council.
Front pages: The Australian; The Herald Sun; The West Australian; The Sydney Morning Herald; The Advertiser; The Age; The Daily Telegraph; The Courier Mail; The NT News; The Hobart Mercury; The Canberra Times.
Diary: Independent MP Andrew Wilkie and Senator Nick Xenophon are in Sydney for the launch of the "Stop the Loss" campaign by a coalition of pro-poker machine reform campaigners (Read more...
Peter Brent
Peter Brent
Heading to zero
Is Mark McGowan the great hope of Western Australia’s Opposition? There’s a bit of hooplah emanating from the Big State. From the Labor…
More Peter Brent

NYT Afternoon Business News: Summary Box: Strong Bank Earnings Drive Stocks Up

Latest Business News

4:57 PM ET
Summary Box: Strong Bank Earnings Drive Stocks Up
4:57 PM ET
Old Navy Brand President Resigns
4:51 PM ET
Summary Box: FDA Won't OK Diabetes Drug for Now

Google earnings rise 6%, but miss targets: Stocks and Markets in the News | Companies Earnings Outlook - MarketWatch,

By Dan Gallagher

SAN FRANCISCO (MarketWatch) -- Google Inc. reported a 6% gain in fourth-quarter earnings on Thursday afternoon, missing Wall Street's expectations. For the period ended Dec. 31, Google GOOG -7.70% reported net income of $2.71 billion, or $8.22 per share, compared to net income of $2.54 billion, or $7.81 per share, for the same period the previous year. On a non-GAAP basis, the company said it would have earned $3.13 billion, or $9.50 per share, for the recent period. Net revenue, excluding traffic acquisition costs, came in at $8.13 billion. Analysts were expecting earnings of $10.51 per share on net revenue of $8.43 billion, according to consensus estimates from FactSet Research.

DealBooK | DealB%K Afternoon Edition: It's Goldman Bonus Day

It's Goldman Bonus Day Many employees are dreading "Compensation Communication Day," and for good reason. The firm announced on Wednesday that its revenue in 2011 was down significantly, probably bringing bonuses down with it.
    White Collar Watch:Yet Another Insider Case Begins to Unfold Peter J. Henning examines the next steps in the government's insider trading case against a "circle of friends" that prosecutors say included a co-founder of the Level Global hedge fund.
New York Fed Sells $7 Billion in A.I.G. Assets to Credit Suisse The New York Fed's decision to sell the Maiden Lane assets was started by an offer from Goldman Sachs earlier this month.
To Sir, With Regret The British government may strip Frederick A. Goodwin of his knighthood because of his role as chief executive in the failure of the Royal Bank of Scotland, which had to be bailed out by the government.
Occupy London to Appeal Ruling Against Campsite The move comes after a court sided with city authorities, who had called on the protestors to leave the colorful campsite that encircles the entrance to St. Paul's Cathedral, located in the heart of London's financial district.
European Central Bank to Recover Most of Its Lehman Loans Lehman Brothers' German unit had used 33 securities as collateral to borrow 8.5 billion euros from the European Central Bank before its collapse in September 2008.
BlackRock's Quarterly Profit Falls 16% BlackRock's overall assets under management, while down 1 percent from a year ago, grew 5 percent in the fourth quarter from the third quarter, to $3.51 trillion.
Morgan Stanley's headquarters in Manhattan.
Morgan Stanley Reports Loss as Settlement Weighs on Results The one main bright spot in the fourth quarter was the Wall Street firm's global wealth management division.
Brian T. Moynihan, chief of Bank of America.
Bank of America Swings to a Profit Yet even as Bank of America reported a $2 billion profit in the fourth quarter, what was once the country's largest bank continued to shrink, shedding tens of billions of dollars from its balance sheet and laying off nearly 7,000 employees.
Swiss Re Appoints New Chief Executive The world's second largest reinsurer said on Thursday that Michel M. Lies will take over as the company's chief executive on Feb. 1.
Securities Lawsuits Hold Steady but Below Average The number of investor lawsuits alleging fraud at corporations remained mostly flat last year, a new study found. But if it were not for suits tied to mergers and I.P.O.'s of Chinese companies, litigation would be below historical norms.
The Kodak film factory in Rochester, New York.
Eastman Kodak Files for Bankruptcy Eastman Kodak, the 131-year-old film pioneer that has been struggling for years to adapt to an increasingly digital world, ran short of cash before a turnaround effort could succeed.
    BankUnited Calls Off Short Sales Process BankUnited, the private-equity-owned bank that went public last year, has ended an effort to sell itself after failing to fetch attractive-enough offers from potential suitors.
Economic Reports Data released on Friday will include existing home sales for December.
Corporate Earnings Companies reporting on Friday will include General Electric.
In Europe Chancellor Angela Merkel of Germany and President Nicolas Sarkozy of France will meet in Rome with Prime Minister Mario Monti of Italy to discuss the European debt crisis. Banks in the European Union face a deadline to submit plans to meet the European Banking Authority's new capital requirements.

Wall St higher on strong earnings: Financial and Forex Info News | The Australian Business Briefing Update

Wall St higher on strong earnings
Christian Berthelsen and Brendan Conway FINANCIAL stocks led major indexes higher today, combined with improved US economic data and European bond auctions.
Bank of America makes Q4 profit
David Benoit and Mia Lamar BANK of America closed out a turbulent 2011 with a $1.9 bln fourth-quarter profit, compared with the prior year's loss.
TRUenergy float on hold
Matt Chambers and Damon Kitney IT delays and global volatility have put a cloud over the timing of a $3bn-plus float of Victorian power company TRUenergy.
Europe bond sales ease jitters
Emese Bartha SPAIN and France, both hit by ratings downgrades last week, paid predominantly lower borrowing costs as markets remained upbeat.
Gorman upbeat on Morgan Stanley
Brett Philbin MORGAN Stanley swung to a fourth-quarter loss but beat expectations, as CEO James Gorman sounded an upbeat tone on its prospects.
Rate rise 'ruinous' for business
Scott Murdoch SMALL business owners have warned Julia Gillard of the damage higher interest rates would inflict on the struggling sector.
Coles escalates milk war
Blair Speedy COLES has stepped up the pressure on dairy suppliers by tying up an exclusive distribution deal with Warrnambool Cheese & Butter.
World Bank puts surplus in doubt
Adam Creighton THE World Bank's growth outlook casts doubt on the government's plan to achieve a budget surplus next financial year.
Financial Markets
Dollar up as Europe worry eases
THE Australian dollar was firmer today as concerns about Europe's debt crisis eased overnight.
Europe bond sales ease jitters
Copper near four-month high
Financial Markets Coverage
Mining & Energy
Let Abbott repeal mining tax: McGowan
Debbie Guest WA Labor's slated new leader has urged his federal counterparts to allow Tony Abbott to go through with a pledge to repeal the mining tax.
Local steelmakers face Asian heat
Trade group defends China role
More Mining & Energy

Ubisoft to close Vancouver studio: BIV - Today's Business News,

Business in Vancouver Today

Ubisoft to close Vancouver studio

Thursday, 19 January 2012 10:28
closure signUbisoft, a French video game company, has confirmed that it will close its Vancouver studio by month’s end.

Avigilon expands sales force in Europe

Thursday, 19 January 2012 10:23
avigilonAvigilon (TSX:AVO), a surveillance equipment company with headquarters in Vancouver and a manufacturing plant in Richmond, has announced the expansion of its European sales team to meet the growing needs of that market.

Retailers to face challenging 2012: Ernst & Young

Thursday, 19 January 2012 10:33
buy online keyCanadian retailers will face a challenging 2012, with an influx of foreign competitors, weak consumer sentiment and decreased consumer buying power, according to an Ernst & Young trend forecast released this morning.

B.C. sets record on China-bound lumber

Thursday, 19 January 2012 10:25
lumberB.C.’s lumber exporters achieved a new record on China-bound exports, as more than four billion board feet of lumber were shipped as of the end of November 2011, according to Ministry of Jobs, Tourism and Innovation information released this morning.

City hall to streamline construction permit process

Thursday, 19 January 2012 10:20
construction helmetVancouver City Council passed a motion Tuesday to review its building construction permit system to improve efficiency.

Free online currency exchange for travellers debuts

Thursday, 19 January 2012 10:16
foreign currency symbolsTravellers have a new option for ordering foreign cash prior to leaving the country. ICE International Currency Exchange (ICE) has announced the launch of its new online Click & Collect currency reservation service.