Zions ($17.07, -$1.48, -7.98%) swung to a fourth-quarter profit as the Utah regional bank's continually improving credit quality erased any negative effects from loan-loss provision. The latest period marks a full year of profitability for the company after two and a half years of losses, but shares were down as the bottom line fell short of expectations. Stifel Nicolaus downgraded Zions to hold and pulled its $23 price target while cutting earnings targets through 2013 on reduced revenue expectations.
CSX Corp.'s ($21.92, -$0.78, -3.42%) volume slid in the fourth quarter despite the railroad company posting higher revenue and a 6.3% rise in earnings. The U.S. transportation sector is broadly expected to post improved results for the fourth quarter, coming off a better-than-expected, though subdued, peak shipping season.
Coach's ($68.62, +$4.38, +6.82%) fiscal second-quarter earnings rose 15% as strong North America sales helped offset flat indirect sales. The luxury handbag, accessories and leather-goods maker has seen its profit grow for over two years on the strength of its North American direct-to-consumer businesses and global expansion.
TCF Financial Corp.'s (TCB, $10.45, -$1.17, -10.05%) fourth-quarter revenue and earnings both missed analysts' consensus view as credit quality remains a challenge for the regional bank.
Polycom Inc.'s (PLCM, $21.79, +$3.37, +18.30%) fourth-quarter earnings rose a greater-than-expected 50% as the videoconferencing company's emerging-market sales continued to outperform its American business. Revenue also topped expectations. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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