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The week in preview: Canadian banks, homebuilders, Sears and food producers

Last week, Bank of Montreal (NYSE: BMO), one of Canada's oldest and largest banks, reported growth in its fiscal fourth-quarter earnings. But it may be the only one that does, as at least two of the Canadian banks scheduled to report fourth-quarter numbers this week have already released preliminary results that warn of lower earnings due to debt write-downs and trading losses.

Analysts surveyed by Thomson Reuters expect Toronto-based Canadian Imperial Bank of Commerce (NYSE: CM) to post earnings 42.6% lower than a year ago, or $1.28 per share. CIBC beat estimates by a penny in the third quarter, but missed by a penny in the period before that. The bank faces a class-action lawsuit related to investments in collateralized debt obligations consisting of U.S. subprime mortgages. Shares have climbed 20.7% from a recent 52-week low of $39.52, but are down 37.8% in the past three months.

Toronto Dominion Bank (NYSE: TD), Bank of Nova Scotia (NYSE: BNS), and Royal Bank of Canada (NYSE: RY) are expected to report more modest earnings declines of $1.01 per share, $0.73 per share, and $0.83 per share, respectively. All three Toronto-based banks topped estimates in the third quarter. Toronto Dominion and RBC have recently announced plans to offer shares in order to raise capital. Toronto Dominion and Scotiabank have been trading near 52-week lows, and their share prices are down around 39% in the past three months. But only Toronto Dominion has a consensus buy recommendation from analysts.

Continue reading The week in preview: Canadian banks, homebuilders, Sears and food producers

Earnings highlights: HP, Campbell, Deere, Tiffany, Xerox, Borders and others

Here are some highlights from this past week's earnings coverage from BloggingStocks:

Upcoming earnings releases include Sears (NASDAQ: SHLD), Staples (NASDAQ: SPLS), Aeropostale (NYSE: ARO), Del Monte Foods (NYSE: DLM), Guess (NYSE: GES), Novell (NASDAQ: NOVL), Toll Brothers (NYSE: TOL), Big Lots (NYSE: BIG), Royal Bank of Canada (NYSE: RY).

Visit AOL Money & Finance for more earnings coverage.

Financial Felons: Where are they now and is there a next generation coming?

We recently presented a look at some of the most notorious financial felons of contemporary times.

Since then, news has included the indictment of Mark Cuban for insider trading in a case that is somewhat reminiscent of Martha Stewart's case. According to the SEC, the billionaire entrepreneur asked his broker to sell all his shares of Mamma.com after the company's CEO confidentially told him of an impending stock offering that would dilute the value of all existing shares. By selling before the information became public, Cuban is said to have sidestepped losses of more than $750,000. Cuban insists, though, that no agreement existed to keep the information confidential.

And then there was the indictment in Texas of Vice President Dick Cheney, along with former U.S. Attorney General Alberto Gonzales and others. There seems to be a conflict of interest between the vice president's influence on the federal agency that oversees federal immigration detention centers and his substantial holdings in Vanguard Group, which invests in private prison companies. But does the lame-duck county district attorney, who was a no-show in court, have the authority to bring charges against federal officials with regard to federally run institutions?

Continue reading Financial Felons: Where are they now and is there a next generation coming?

Housing sales, GDP, consumer confidence on this week's schedule

Here's a look at what's on the economic calendar for the week of November 24, 2008, which includes the Thanksgiving holiday in the U.S.

For expectations for this some of this coming week's earnings releases, see The week in preview: Holiday week earnings.

The week in preview: Holiday week earnings

The earnings season is beginning to wind down as we have passed the halfway mark of the quarter and the holiday season begins in earnest next week with Thanksgiving in the United States.

Bermuda-based Frontline Ltd. (NYSE: FRO) is anticipated by analysts surveyed by Thomson Reuters to be one of the biggest earnings gainers among companies scheduled to report quarterly results this coming week. The oil tanker fleet operator is expected to post third-quarter earnings of $1.97 per share, 86.8% higher than in the same period a year ago, on revenues of $399.5 million (+44.6%). Frontline missed estimates by 6.4% in the previous quarter, and the consensus recommendation by analysts is to hold FRO. While Motley Fool likes its robust dividend, Jim Cramer said in a recent Lightning Round that he prefers rival Nordic American Tanker Shipping Ltd. (NYSE: NAT). Shares have fallen 52.9% in the past three months, and reached a 52-week low of $25.00 on Friday.

Analog Devices Inc. (NYSE: ADI) is also expected to be among the week's biggest earnings gainers. Analysts are looking for the semiconductor chip maker to report a fiscal fourth-quarter profit of $0.44 per share, 31.8% higher than a year ago, on revenues of $661.7 million (+2.0%). Analog Devices has beat estimates in three of the past five quarters, but only missed by 1.3% in the previous quarter. Analysts on average recommend buying ADI, which has a forecast long-term EPS growth rate of 17.3%, which better than the S&P 500 and that of rival Texas Instruments Inc. (NYSE: TXN). Shares sank to a multiyear low of $16.23 on Friday, and are down 41.1% in the past three months.

Continue reading The week in preview: Holiday week earnings

Earnings highlights: Dell, Home Depot, Lowe's, PetSmart, Trina Solar and others

Here are some highlights from this past week's earnings coverage from BloggingStocks:

Continue reading Earnings highlights: Dell, Home Depot, Lowe's, PetSmart, Trina Solar and others

Earnings highlights: Target, Heinz, Barnes & Noble, Pepsi, Disney and others

Here are some highlights from this past week's earnings coverage from BloggingStocks:

Continue reading Earnings highlights: Target, Heinz, Barnes & Noble, Pepsi, Disney and others

Financial Felons: Mark Whitacre

This post is part of a feature in which he wonder whatever happened to some notorious financial felons. See all 17.

How does the head of one of Archer Daniels Midland's (NYSE: ADM) fastest-growing divisions, a virtual shoo-in to be the company's next president, end up embezzling $9 million dollars while simultaneously acting as an informant for the Federal Bureau of Investigation? And how does the highest-level executive to turn whistleblower receive a sentence much harsher than those of his co-conspirators despite pleas for leniency and clemency from everyone from the FBI and the Justice Department to congressmen, university professors, and even a baseball hall-of-famer?

Sounds like the stuff of motion pictures, doesn't it? And that's exactly what this true story will be in September of 2009 with the release of The Informant, a Warner Brothers film directed by Steven Soderbergh and starring Matt Damon as whistleblower turned felon, Mark Whitacre. The movie is based on one of several books written about the case.

When the FBI began an investigation of ADM in 1992, Whitacre admitted that he and other executives were involved in a multinational price-fixing scheme. For the next three years, he helped the FBI gather evidence. Despite that, however, Whitacre was convicted in 1998 for wire fraud, tax evasion, and money laundering. The sentence of more than 10 years in prison was considered excessive by many, given his cooperation with the investigation and the fact that he suffered from bipolar disorder (the pressure drove him to attempt suicide at one point). Whitacre served eight and half years, reportedly as a model prisoner. To this day, efforts continue to win a pardon for Whitacre.

Continue reading Financial Felons: Mark Whitacre

Financial Felons: Lou Pearlman

This post is part of a feature in which he wonder whatever happened to some notorious financial felons. See all 17.

Back in the 1990s, Lou Pearlman was a well-know boy band mogul and talent scout, handling such talent as the BackStreet Boys and 'NSync. But in 2006 it became clear that Pearlman had perpetrated one of the biggest and longest running Ponzi schemes in American history.

It all started with a fake travel agency and grew into a complex enterprise comprised of many entities, funded by millions from banks and investors. The state of Florida, the FBI, the IRS, and the FDIC all took part in investigations. In 2007, Pearlman's attorneys filed suit to withdraw from representing him and Pearlman's assets were seized and his companies put into bankruptcy. Pearlman fled the country but was arrested after being spotted in Indonesia. He was promptly indicted by a federal grand jury on charges of bank fraud, mail fraud, and wire fraud.

With a year like that, he easily made BloggingStocks' list of Money Losers of 2007.

Continue reading Financial Felons: Lou Pearlman

Trina Solar, LDK Solar fall despite stellar Q3 earnings

Increasing demand for solar energy and solar products proved to be a boon for Trina Solar Ltd. (NYSE: TSL) and LDK Solar Co. Ltd. (NYSE: LDK) as both companies reported Wednesday that their earnings soared in the third quarter. Investors were not impressed, however, pushing shares lower.

Trina Solar, a maker of solar photovoltaic products, said its net income quadrupled to $32.1 million, or $1.17 per American Depository Share, from the same period of the previous year. These results included a foreign currency exchange loss of $4.9 million. Revenue more than tripled to $290.7 million.

Analysts surveyed by Thomson Reuters, on average, had expected a profit of $1.21 per share on revenue of $276.9 million.

However, the company lowered its full-year 2008 revenue estimate to range between $800 and $850 million because the company expects fewer product shipments for the year than previously forecast.

Shares of Trina Solar fell to a 52-week low of $6.81 Wednesday. The share price is 86.8% lower than a year ago.

Continue reading Trina Solar, LDK Solar fall despite stellar Q3 earnings

Financial Felons: Boris Berezovsky

This post is part of a feature in which he wonder whatever happened to some notorious financial felons. See all 17.

Boris Abramovich Berezovsky, Russia's first billionaire, now lives in exile in London. "I am really thinking of returning to Russia after Putin collapses," Berezovsky told the BBC earlier this year.

Former mathematician turned media tycoon, Berezovsky was one of the first Russian oligarchs, as well as a member President Boris Yeltsin's inner circle, or "family," in the 1990s. He even served as deputy secretary of Russia's security council and was also a member of the State Duma. He helped introduce Vladimir Putin to the "family," only to have Putin turn around and try to curb the political ambitions of Russia's oligarchs, including wresting control of the country's main television channel, ORT, from Berezovsky. After Putin became the Russian president, Berezovsky fled to the United Kingdom to escape charges of defrauding the government, where he was granted political asylum. In 2007, a Moscow court convicted Berezovsky of embezzlement in absentia and sentenced him to six years in jail.

The U.K. has denied all attempts to extradite Berezovsky, who continues to be a vocal critic of Putin and his administration. He has publicly stated his mission to bring down Putin, and has antagonized his opponent by traveling to Georgia in 2003 and Latvia in 2005, as well as investing in and public ally supporting a business run by Neil Bush, the younger brother of U.S. President George W. Bush.

Continue reading Financial Felons: Boris Berezovsky

Financial Felons: Dennis Kozlowski

This post is part of a feature in which he wonder whatever happened to some notorious financial felons. See all 17.

In 2005, Dennis Kozlowski was convicted of misappropriating more than $400 million in company funds from Tyco International (NYSE: TYC). He had been Tyco's CEO from 1992 to 2002, during which he oversaw a massive expansion of the company through a series of strategic mergers and acquisitions. But he left the company amid controversy about his extravagant compensation package.

Though found guilty of grand larceny, Kozlowski continues to deny that he committed any crime. He feels that he was unfairly punished for his "embarrassingly big" pay package, as he once put it, as well as his extravagant lifestyle. That lifestyle included such things as $6,000 shower curtains and $15,000 umbrella stands, as well as a $2 million birthday party complete with togas, Jimmy Buffett, a cake with exploding breasts, and a stature of David that peed vodka. Oh, and the party was also "shareholder meeting" so Tyco could help foot the bill. (The home where this party occurred is now for sale for a mere $16.5 million, if you're interested.)

Continue reading Financial Felons: Dennis Kozlowski

The week in preview: High hopes for solar, not so much for home improvement

Last week, JA Solar Holdings Co. Ltd. (NASDAQ: JASO) posted a quarterly loss and lowered its guidance. But as interest in alternative energy continues to grow, analysts polled by Thomson Financial are still looking for good things from solar energy concerns scheduled to report earnings this week.

Strong growth at Trina Solar Ltd. (NYSE: TSL) in the third quarter prompted it to lift its guidance back in October. Analysts expect the Chinese company to post profits that are 76.3% higher than a year ago, or $1.18 per share on revenues of $268.4 million (+225.0%). Though Trina Solar missed estimates in the second quarter, analysts on average recommend buying TSL. Shares are down 81.4% from a year ago and trading near an all-time low.

Earnings of rival LDK Solar Co. Ltd. (NYSE: LDK) are expect to have risen 47.9% to $0.71 per share on revenues of $486.7 million (+206.6%). Also based in China, LDK has not missed estimates in recent quarters; in fact, it blew past expectations in the second quarter. Yet the consensus recommendation is to hold LDK. Like Trina Solar, LDK's shares are trading near an all-time low; the share price has fallen 50.0% in the past year.

Analysts anticipate third-quarter earnings for Canadian Solar Inc. (NASDAQ: CSIQ) to be a whopping 96.3% higher than a year ago, or $0.54 per share on revenues of $248.0 million (+154.5%). The company easily topped estimates in the previous quarter. ReneSola Ltd. (NYSE: SOL) and Suntech Power Holdings Co. Ltd. (NYSE: STP) are also expected to report earnings growth of 29.7% ($0.37 per share) and 23.8% ($0.42 per share), respectively. All three of these stocks reached 52-week lows last week, and all are considered buys.

Continue reading The week in preview: High hopes for solar, not so much for home improvement

Earnings highlights: Starbucks, Best Buy, JCPenney, Agilent, Wells Fargo and others

Here are some highlights from this past week's earnings coverage from BloggingStocks:

Continue reading Earnings highlights: Starbucks, Best Buy, JCPenney, Agilent, Wells Fargo and others

Earnings highlights: Walmart, Google, Intel, P&G, Sirius, Blackstone and others

Here are some highlights from this past week's earnings coverage from BloggingStocks:

Continue reading Earnings highlights: Walmart, Google, Intel, P&G, Sirius, Blackstone and others

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Symbol Lookup
IndexesChangePrice
DJIA-60.778,530.92
NASDAQ-16.801,475.58
S&P 500-9.02861.72

Last updated: December 04, 2008: 03:02 PM

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