MarketWatch.com - MarketPulse

U.S., Europeans agree on ways to find tax cheats

Wed, 08 Feb 2012 13:45:17 GMT

WASHINGTON (MarketWatch) - The United States and five of the largest countries in Europe have agreed on a framework to cooperate to combat international tax evasion, according to a joint announcement released by the U.S. Treasury on Wednesday. Under the framework, financial institutions would be able to report necessary information about accounts of U.S. taxpayers to their home governments rather than to the U.S. Internal Revenue Service. Treasury and the IRS also issued regulations implementing the Foreign Account Tax Compliance Act, which seeks to target U.S. taxpayers who avoid taxes using foreign accounts. "When taxpayers overseas avoid paying what they owe, other Americans have to bear a disproportionate share of the tax burden," said Emily McMahon, acting Treasury assistant secretary for tax policy. The agreement covers France, Germany, Italy, Spain and the United Kingdom.

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Treasurys fall; 30-year yields up to 3-month high

Wed, 08 Feb 2012 13:34:41 GMT

NEW YORK (MarketWatch) -- Treasury prices slipped on Wednesday, pushing 30-year yields to their highest since October, as reports led traders to believe that a final deal on austerity measures for Greece may be agreed upon during the session, supporting stocks and the euro and reducing interest in the relative safe-haven status of U.S. debt. However, a deal has long been expected, which may limit the move. The price action in recent days "tells you we really needed the catalyst to sell even if the catalyst has been in the works for weeks and weeks," said bond strategists at CRT Capital Group. "That means it's probably so well discounted that it's unlikely to inspire a lot more." Yields on 10-year notes , which move inversely to prices, rose 2 basis points to 1.99%. Thirty-year yields rose to 3.17%. The main U.S. event for the bond market will be the government's sale of 10-year notes, which could attract foreign investors with a 2% coupon.

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Ralph Lauren profit about flat, revenue up 17%

Wed, 08 Feb 2012 13:24:08 GMT

NEW YORK (MarketWatch) -- Ralph Lauren said Wednesday its third-quarter profit remained about flat at $169 million, or $1.78 a share, from $168.4 million, or $1.72 a share, in the year-ago period. Revenue rose to $1.81 billion, from $1.55 billion. Wall Street analysts polled by FactSet Research expected the clothing firm to earn $1.66 a share on revenue of $1.76 billion. Looking ahead, Ralph Lauren said it now expects 2012 revenue to increase by 20%, narrowing its earlier view for high-teens to low 20s.

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McDonald's same-store sales up 6.7% in January

Wed, 08 Feb 2012 13:03:43 GMT

NEW YORK (MarketWatch) -- McDonald's Corp. said Wednesday its January comparable sales rose 6.7%. Same-store sales in the U.S. rose 7.8% and rose 4% in Europe. In Asia/Pacific, Middle East and Africa, comparable sales increased by 7.3%. Systemwide sales for the month rose by 8.4%, or 9.1% in constant currencies.

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Reynolds American profit rises

Wed, 08 Feb 2012 12:34:20 GMT

NEW YORK (MarketWatch) -- Reynolds American Inc. , which makes Camel cigarettes, said on Wednesday that it earned $304 million, or 52 cents a share in the fourth quarter, compared to $262 million, or 45 cents a share a year ago. On an adjusted basis, the firm posted 72 cents a share fourth-quarter profit. Sales for the quarter were flat, at $2.08 billion compared to $2.08 billion a year ago. Analysts polled by FactSet Research had expected the company to post a profit of 68 cents, on $2.04 billion of sales.

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Moody's profit dips as U.S. sales fall

Wed, 08 Feb 2012 12:30:47 GMT

LONDON (MarketWatch) -- Moody's Corp. on Wednesday reported a fourth-quarter profit of $96.2 million, or 43 cents a share, down from $137.4 million, or 58 cents a share, a year earlier. Revenue for the credit ratings agency rose slightly to $567.1 million from $564.3 million a year ago, despite a 3% decline in U.S. sales. Analysts polled by FactSet Research were looking for earnings, on average, of 48 cents a share on sales of $562 million. Moody's said it expects to report a 2012 profit in a range of $2.62 to $2.72 a share. Wall Street previously forecast annual earnings of $2.63 a share.

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Time Warner profits up, sets $4 billion buyback

Wed, 08 Feb 2012 12:23:10 GMT

NEW YORK (MarketWatch) -- Time Warner Inc. on Wednesday said its fourth-quarter profit increased to $773 million, or 76 cents a share, from $769 million, or 68 cents a share, in the year-ago period. The media company's adjusted fourth-quarter profit rose to 94 cents a share from 67 cents a share. Revenue increased to $8.19 billion, from $7.81 billion. Wall Street analysts expected Time Warner to earn 87 cents a share on revenue of $8.07 billion, according to a survey by FactSet Research. Time Warner set plans to buy back up to $4 billion in stock and increased its dividend by 11% to 26 cents a share. Looking ahead, Time Warner expects adjusted 2012 earnings to rise in the low double digits over the figure of $2.89 a share in 2011. The analyst estimate for Time Warner's 2012 earnings is $3.16 a share.

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S&P cuts Sony's debt rating, warns on outlook

Wed, 08 Feb 2012 09:08:53 GMT

HONG KONG (MarketWatch) -- Standard & Poor's on Wednesday downgraded Sony Corp.'s long-term debt rating, saying the likelihood of a strong recovery in the company's main electronics business is low because of massive price erosion, falling demand and stiff competition. The ratings agency said in a statement after the market close in Tokyo that it had lowered Sony's long-term credit and senior unsecured debt one notch to BBB+ from A-. The ratings agency also said it had a negative outlook on Sony's long-term rating. "We base the downgrade on our view that severe circumstances in Sony's mainstay electronics businesses make a strong recovery in earnings unlikely," Standard & Poor's said in the statement. It also noted Sony's TV business had suffered losses since fiscal 2004 and that the company expects a net loss of 220 billion yen ($2.85 billion) in the fiscal year ending March 31. Sony Shares ended 1.9% higher in Wednesday's session ahead of the Standard & Poor's downgrade.

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Europe stocks advance, with banks, miners higher

Wed, 08 Feb 2012 08:25:02 GMT

MADRID (MarketWatch) -- European stock markets opened higher on Wednesday, with banking and resource stocks higher as investors continued to monitor events in Greece. The Stoxx Europe 600 index rose 0.5% to 264.88, with banks leading -- shares of Banco Comercial Portugues SA jumped 12% and Credit Agricole SA , Societe Generale SA and BNP Paribas SA were all up over 3% each. The French CAC 40 index rose 0.7% to 3,435.90. The German DAX 30 index rose nearly 1% to 6,819.16, with shares of Commerzbank AG up 7.6% and Deutsche Bank AG up 2%. The FTSE 100 index rose 0.4% to 5,915.69, with Reckitt Benckiser Group PLC up 3.2% after results, while International Power PLC fell 4.4% after its results. Miners were also on the rise in London.

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BP cut to hold from buy at Societe Generale

Wed, 08 Feb 2012 07:52:12 GMT

MADRID (MarketWatch) -- BP PLC was downgraded to hold from buy on Wednesday at Societe Generale, which cited legal uncertainty as the reason for the cut. The analysts cut their target price to 550 pence from 535 pence. "The key risk is the start of the Macondo trial on February 27. The impossibility of 'calling' the legal outcome, leads us tactically to a hold rating, following a year of outperformance," the analysts said. The trial will determine liability for the 2010 Gulf of Mexico oil spill. They added that the "prolonged nature" of the three-stage trial will sustain legal uncertainty and as BP will be last to submit evidence "may lead to material and possibly negative initial newsflow."

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Reckitt Benckiser profit up 26%; sets new strategy

Wed, 08 Feb 2012 07:37:52 GMT

MADRID (MarketWatch) -- Global consumer group Reckitt Benckiser PLC on Wednesday reported a 26% rise in fourth-quarter net profit , driven by emerging markets, as it announced a new growth strategy. Reckitt said net profit rose to 521 million pounds ($828 million) against GBP414 million in the year-ago period. Net revenue for the quarter rose 6% to GBP2.42 billion against GBP2.28 billion in the year-ago period. For 2012, the company is targeting net revenue growth, excluding Reckitt Benckiser Pharmaceuticals, of 200 basis points above market growth rate, which they expect to grow at 1% to 2%. "2012 will be a year of higher investment, but ex RBP, we are still targeting to maintain our operating margins," said Rakesh Kapoor, Chief Executive Officer. The company also outlined a growth strategy, which will see an increased focus on emerging markets, with that region expected to account for 50% of core business by 2016.

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Santorum wins caucus, Colorado GOP chair says

Wed, 08 Feb 2012 06:11:48 GMT

LOS ANGELES (MarketWatch) -- Former Pennsylvania Sen. Rick Santorum pulled a massive upset Tuesday by beating Republican frontrunner Mitt Romney in the Colorado caucuses. Colorado state Republican chair Ryan Call told CNN that Santorum completed the hat trick of presidential contests Tuesday by winning the nonbinding caucus there by a 40% to 35% margin over Romney, the former Massachusetts governor. Santorum also won a nonbinding primary in Missouri as well as caucuses in Minnesota. Romney had been expected to handily win in Colorado, where he beat John McCain in 2008 caucuses there by more than 40 points.

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China raises retail gasoline, diesel prices

Wed, 08 Feb 2012 05:09:45 GMT

HONG KONG (MarketWatch) -- China announced increases in retail gasoline and diesel prices, a move that will see prices at the pump rise by 3.3% and 3.6%, respectively, above current retail ceiling benchmarks, according to calculations by The Wall Street Journal that were based on a late Tuesday announcement by the National Development and Reform Commission. In spite of the price hikes, Chinese consumers will still be shielded from paying full energy prices, although the hikes should help bring retail charges into closer alignment with those quoted on international markets. Gasoline and diesel prices will rise by 300 yuan ($47.54) per metric ton, effective from midnight Wednesday, China's top economic planning body said in a statement. Ahead of the announcement, the average retail ceiling benchmarks for gasoline and diesel were 9,080 yuan per metric ton and 8,230 per metric ton, respectively.

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China aims to create 45 million new jobs: report

Wed, 08 Feb 2012 04:43:14 GMT

HONG KONG (MarketWatch) -- China's cabinet, the State Council, approved a plan Wednesday to create 45 million new jobs through 2015, setting a target of holding urban unemployment under 5%, according to report by the state-run Xinhua news agency. The plan included upgrading employment regulations and improvements to workers' rights and benefits, the report said. The government acknowledged it saw harder times ahead, with job-market conditions to be "complicated" during the currenct national economic plan running from last year through 2015, the report said. China's urban unemployment rate stood at 4.1% at the end of 2011, unchanged from a year earlier, according to official data, though some analysts have questioned the accuracy of the jobless data.

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China to help first-time home buyers

Wed, 08 Feb 2012 04:02:50 GMT

HONG KONG (MarketWatch) -- China's central bank pledged Wednesday to support first-time home buyers, marking the first notable softening in tone towards the real-estate sector since a clampdown on prices that began in mid-2010. The People's Bank of China said it would ensure lending support to affordable housing projects and take other steps to address credit flows to "weak links," including first-time home buyers, according to a statement posted on its website. Societe Generale economist Wei Yao said the statement signals a "significant" shift that gives more weight to demand in the private sector, but it shouldn't be seen as a reversal of the broad program to prevent a bubble in housing. "This change was probably a response to the rapidly worsening property data, and aimed to lead the sector to bottom-out earlier than later. However, we don't think Beijing will reverse its tough stance on speculative demand and developers so soon," Yao said in a note Wednesday.

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Santorum wins Minnesota Republican caucuses

Wed, 08 Feb 2012 03:42:08 GMT

WASHINGTON (MarketWatch) -- Former Pennsylvania Sen. Rick Santorum won Minnesota's Republican caucuses on Tuesday night, collecting his second win of the evening. Earlier Tuesday, Santorum beat Mitt Romney and other challengers in Missouri's Republican primary. Colorado voters are also going to the polls in caucuses on Tuesday, with results expected later Tuesday night.

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Santorum wins Missouri Republican primary

Wed, 08 Feb 2012 02:46:28 GMT

WASHINGTON (MarketWatch) -- Former Pennsylvania Sen. Rick Santorum won Missouri's Republican primary on Tuesday night, reinvigorating his struggling bid for the GOP nomination. Santorum beat ex-Massachusetts Gov. Mitt Romney as well as Texas Rep. Paul, but gained no delegates from the non-binding contest. Former House Speaker Newt Gingrich was not on the ballot.

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Santorum leads in early Missouri primary voting

Wed, 08 Feb 2012 02:30:29 GMT

WASHINGTON (MarketWatch) -- Rick Santorum had a wide lead over rivals Mitt Romney and Ron Paul in Missouri's Republican presidential primary on Tuesday night, early results showed. With about 23% of precincts reporting, Santorum had just over 53% of the vote to Romney's 26% and Paul's 12%. Newt Gingrich is not on the ballot.

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Iran buyers default on Indian rice payments:report

Wed, 08 Feb 2012 02:08:00 GMT

HONG KONG (MarketWatch) -- Iranian buyers have defaulted on payment for about 200,000 tons of rice from India, their top supplier, according to a Reuters report citing exporters and rice millers. The default, a sign of mounting pressure on Iran following sanctions from the West, prompted a call from the head of the All India Rice Exporters' Association to call on members to stop rice exports to Iran on credit, the report said. Meanwhile, Tehran has agreed to New Delhi's proposal to a payment mechanism that will allow India to pay for 45% of its imports from Iran in the Indian rupee, The Times of India reported. The change was made necessary by the likely disruption of the current mode of payment through a Turkish bank, the report added.

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Hong Kong stocks rise, with property, energy up

Wed, 08 Feb 2012 01:47:04 GMT

LOS ANGELES (MarketWatch) -- Hong Kong stocks advanced in early Wednesday action, with property and energy shares among the gainers as the Hang Seng Index rose 0.3% to 20,764.37. For mainland Chinese shares, the Hang Seng China Enterprises Index added 0.4% in Hong Kong, although the Shanghai Composite slipped 0.2% after brief gains. Real-estate shares bounced back from losses in the previous session, with China Resources Land Ltd. up 1.4%, and Sun Hung Kai Properties Ltd. ahead by 1.2%. Shares of Chinese refining majors PetroChina Co. and China Petroleum & Chemical Corp., or Sinopec, were up 0.7% and 1.8%, respectively, after China's government announced a 3.3% hike for retail gasoline prices and 3.6% increase for diesel. In Shanghai, PetroChina added 0.4%, but Sinopec slipped 0.2%. Stock in Zijin Mining Group Co. climbed 2.2% as gold futures rose.

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Japan stocks rise, with Toyota lifting car shares

Wed, 08 Feb 2012 00:21:24 GMT

LOS ANGELES (MarketWatch) -- Japanese stocks rose in early Wednesday trading, with earnings from Toyota Motor Corp. helping lift car makers. The Nikkei Stock Average added 0.7% to trade at 8,975.71, while the broader Topix advanced 0.6%. Toyota posted a drop in quarterly profit late Tuesday but also raised its full-year earnings target, with the news sending the company's shares up 2.8% early Wednesday. Other auto majors followed, with Honda Motor Co. rising 2%, Mitsubishi Motors Corp. up 1.1%, and Mazda Motor Corp. climbing 3.7%. Elsewhere, Panasonic Corp. rose 2.2%, and Fujitsu Ltd. gained 4.2%, after a Nikkei business daily report that the two, along with Renesas Electronics Corp. , were in talks to merge their system-chip operations. Shares of Renesas zoomed 10.3%. A separate Nikkei report said Elpida Memory Inc. may offshore its low-end DRAM chip production to Taiwan, sending Elpida stocks up 8.2%.

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Japan hits first annual goods trade gap since 1963

Wed, 08 Feb 2012 00:06:32 GMT

LOS ANGELES (MarketWatch) -- Japan's current-account surplus widened to 303.5 billion yen ($3.95 billion) in December, while the merchandise trade account saw its first annual deficit in almost half a century. The current-account surplus was up from ¥138.5 billion in November but much narrower than the year-earlier's ¥1.198 trillion, the Ministry of Finance said Wednesday. The surplus printed below the median expectation for ¥331.4 billion according to a Dow Jones Newswires survey. The trade account remained in deficit, with a ¥145.8 billion trade gap, narrowing from November's ¥585.1 billion deficit. Exports for December were down 7%, as imports rose 9.8%. For all of 2011, the trade account saw a deficitof ¥1.609 trillion. It was the first merchandise trade deficit since 1963, CNBC reported.

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Australian shares edge higher in early trading

Tue, 07 Feb 2012 23:24:02 GMT

SYDNEY (MarketWatch) -- Australian shares edged higher today, as optimism over progress toward an agreement in Greece offset some earnings-related weakness in the mining sector. The benchmark S&P/ASX 200 index rose 0.4% to 4,290.30. Banks were higher, with Australia & New Zealand Banking Group Ltd. up 1.5%. Miners lagged the broader market, however, with BHP Billiton Ltd. down 0.5% after reporting a weaker-than-expected first-half net profit.

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New York AG cancels bank settlement statement

Tue, 07 Feb 2012 23:01:37 GMT

WASHINGTON (MarketWatch) - New York Attorney General Eric Schneiderman late Tuesday postponed a much anticipated conference call with reporters that was set up to announce whether the state would participate in broad a settlement with five big banks over foreclosure practices. Schneiderman, who is co-chair of a new mortgage fraud task force, told reporters in late January that he was not ready to participate in state settlement negotiations. Observers had speculated that he might announce his participation. The state of New York announced Friday that it was suing Bank of America Corp. , Wells Fargo & Co. , and J.P. Morgan Chase & Co. , claiming they used an electronic mortgage database to submit false and misleading information in courts making it appear the bank had the authority to bring a case when it may not have.

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Disney CEO: Going to 28-day DVD rental window

Tue, 07 Feb 2012 22:59:39 GMT

CHICAGO (MarketWatch) -- Walt Disney Co. Chief Executive Bob Iger said Tuesday that the company's movie studios have decided to join other studios in demanding that DVD rental firms such as Redbox wait at least 28 days after a title's release before renting it to consumers. Iger said Disney did not make the move when other studios did because it wasn't seeing a significant impact upon its DVD sales from $1 kiosk rentals of the kind offered by Redbox. Now, however, DVD sales across the industry have deteriorated enough to justify the window, Iger explained.

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Disney has no specific comment on ABC-Univision

Tue, 07 Feb 2012 22:53:34 GMT

CHICAGO (MarketWatch) -- Walt Disney Co. Chief Executive Bob Iger declined specific comment Tuesday on a reported combination between ABC News and spanish-language broadcaster Univision, but said the continued growth of ABC News remains a goal for Disney.

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Disney CEO: Cable customers like what they have

Tue, 07 Feb 2012 22:49:31 GMT

CHICAGO (MarketWatch) -- Walt Disney Co. Chief Executive Bob Iger on Tuesday reiterated his view that so-called à la carte cable services are unlikely to be offered on a broad basis. Iger, speaking on a call with analysts, said that most consumers still want large packages of cable channels because of the variety that is offered. He also said the industry's cost structure could not sustain so many channels under an à la carte system, and that many customers would pay just about what they do now, but receive fewer channels. Rising sports rights costs have led many to speculate that a related increase in cable rates would cause many consumers to cancel their subcriptions unless they could choose only the channels they want.

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ECB to swap Greek bonds for EFSF bonds -- report

Tue, 07 Feb 2012 22:45:06 GMT

SAN FRANCISCO (MarketWatch) -- The European Central Bank has agreed to exchange Greek bonds it bought last year for bonds of the European Financial Stability Facility, the euro zone's temporary rescue fund, the Wall Street Journal reported Tuesday, citing anonymous sources. The exchange won't take place unless Greece's debt restructuring talks end successfully, the paper reported. The ECB won't make a loss on the swap but details of pricing were not known, the paper reported. The paper said analysts estimated the exchange could reduce Greece's debt by as much as 11 billion euros ($14.6 billion).

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Disney CEO: 'Wait-and-see' view of UltraViolet

Tue, 07 Feb 2012 22:34:29 GMT

CHICAGO (MarketWatch) -- Walt Disney Co. Chief Executive Bob Iger said Tuesday that the entertainment company is taking a "wait-and-see" attitude regarding UltraViolet, the cloud-based service offered by several major studios that lets users stream films they've purchased to various devices. "We still think it's smart to give consumers greater operability," Iger said during a conference call with analysts. However, he added, UltraViolet "has not been as consumer-friendly as we had anticipated, or as we had hoped."

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Life Technologies posts 80% higher profit

Tue, 07 Feb 2012 22:12:49 GMT

SAN FRANCISCO (MarketWatch) -- Life Technologies Corp. reported late Tuesday fourth-quarter profit rose to $127.4 million, or 69 cents a share, from $70.7 million, or 37 cents, a year ago. Adjusted to exclude one-time items, the company earned $1.06 a share. Revenue for the quarter ended Dec. 31 rose to $1.01 billion from $932.3 million. Analysts surveyed by FactSet Research, who typically cite adjusted earnings, predicted the Carlsbad, Calif.-based biotech products and services company would earn $1.04 a share on $967.8 million in sales. Life Technologies shares were up 19 cents, or 0.4%, at $49.07 in after-hours trade.

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