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Warren Buffett’s Berkshire Hathaway Inc. (BRK/A)’s cash hoard hit a record as first-quarter profit jumped 51 percent on gains from equity-linked derivatives and insurance operations. Net income climbed to $4.89 billion, or $2,977 a share, from $3.25 billion, or $1,966, a year earlier, the Omaha, Nebraska-based company said yesterday in a statement. The cash pile grew to $49.1 billion from $47 billion three months earlier, eclipsing the previous record of $47.9 billion in [...]  A MASSIVE collapse of the stock market lies ahead!!! Today is the 25th anniversary of the 1987 “crash” Critical Levels on the 25th Anniversary of the Crash The World’s Biggest Tech Companies Could Be Sending A Serious Warning Three technology bellwethers missed income or revenue expectations in the past few days. Let’s take a quick look at IBM (IBM), Intel (INTC), and Google (GOOG). TechCrunch reports “IBM Q3 Earnings Mostly In Line With Expectations”: IBM just [...] Microsoft earnings fall 22%; sales also down Microsoft Corp. (NASDAQ:MSFT) on Thursday reported a fiscal first-quarter profit of $4.47 billion, or 53 cents a share, on revenue of $16 billion. During the same period a year ago, the software giant earned $5.74 billion, or 68 cents a share, on $17.37 billion in revenue. Analysts surveyed by FactSet had forecast Microsoft to earn 56 cents a share on $16.5 billion in sales for the [...] Bank of America Corp., the second-largest U.S. lender, said third-quarter profit dropped 95% on litigation expenses and an accounting charge tied to the firm’s debt. Net income fell to US$340 million, or 0 cents a diluted share, from US$6.2 billion, or 56 cents, a year earlier, according to a statement Wednesday from the Charlotte, North Carolina-based firm. Analysts surveyed by Bloomberg were predicting a loss for the quarter, and the shares [...] Reuters JPMorgan Chase & Co has sold an estimated $25 billion of profitable securities in an effort to prop up earnings after suffering trading losses tied to the bank’s now-infamous “London Whale,” compounding the cost of those trades. CEO Jamie Dimon earlier this month said the bank sold corporate bonds and other securities, pocketing $1 billion in gains that will help offset more than $2 billion in losses. As a result, the bank will [...] Credit Suisse Group AG (CSGN), Switzerland’s second-biggest lender, told New York state regulators it will begin cutting 126 jobs in Manhattan in the “next few months.” The dismissals affect offices at 1 Madison Ave. and 11 Madison Ave. and will extend through Aug. 6, the bank wrote in a Department of Labor filing. The firm decided last year to scale down its investment bank and announced intent to cut 3,500 jobs. Financial companies, mainly [...] From Bloomberg: Berkshire Hathaway Inc. (BRK/A) said fourth- quarter profit fell 30 percent on smaller gains from Warren Buffett’s portfolio of derivatives. Net income declined to $3.05 billion, or $1,846 a share, from $4.38 billion, or $2,656, a year earlier, Omaha, Nebraska- based Berkshire said today in its annual report. Buffett, Berkshire’s chairman and chief executive officer, is investing in stocks and acquisitions as operating units generate cash. Derivatives bets, made in prior [...] From Bloomberg: Apple Inc. (AAPL) reported quarterly profit that more than doubled as holiday purchases of the iPhone catapulted sales to a record and helped the company steer clear of the consumer-spending slump that has hurt rival companies. Fiscal first-quarter profit surged to $13.1 billion, or $13.87 a share, Apple said today in a statement. Sales rose 73 percent to $46.3 billion. Analysts surveyed by Bloomberg on average estimated profit of $10.14 a [...] From Reuters: Chevron Corp (CVX.N) warned that fourth-quarter profit would be significantly below the previous quarter, with production still falling short of prior expectations and its refining operations about breaking even. Shares of the second-largest U.S. oil company fell more than 2 percent in after-hours trading to $105.21, or about $5 below the record high they hit last week. Chevron said “upstream” earnings from oil and gas production would be comparable to the $6.2 billion [...] Bryce G. Hoffman/ The Detroit News General Motors Co. has quietly begun laying off white-collar workers as it works to consolidate its global operations. The numbers are small — a dozen here, a dozen there — but more are coming before the end of the year. “GM is continually seeking ways to improve our operating performance and reduce complexity to deliver a world-class cost structure and profit margins,” spokesman Jay Cooney told The Detroit News. [...] MANUFACTURING Stryker, the Kalamazoo-based maker of artificial hips and knees, will cut 5% of its global workforce by the end of next year to reduce costs in the face of new fees on device makers required by the U.S. health care law. The job cuts will reduce annual pretax operating costs by more than $100 million beginning in 2013, when the medical-device excise tax is scheduled to take effect, Stryker said Thursday [...]
In fact, in the 2d quarter 2010 BA earned $3.1 billion, or 27 cents a share. As reported, in the 3d quarter 2010 BA reported a net loss of $7.3 billion, or 77 cents a share (76 cents in my link, but let’s not quibble). In the 4th quarter 2010 BA reported reported a net loss of $1.2 billion, or $0.16 per diluted share. In the 1st quarter 2011 BA reported a net income (profit) of $2.0 [...] Swiss bank UBS plans to slash around 3,500 jobs, almost half of them from its investment bank, as it seeks to shave some 2 billion Swiss francs from annual costs by the end of 2013. UBS [UBS 13.19 -0.12 (-0.9%) ] had already said it would cut jobs when it posted a lower-than-expected second-quarter profit last month as its underperforming fixed income business weighed. [...] SAN FRANCISCO (MarketWatch) — Aeropostale Inc. ate Thursday reported its first-quarter profit slumped over 50% to $16.4 million, or 20 cents a share, from $45.4 million, or 48 cents a share, in the year-earlier period. Revenue in the latest quarter rose fractionally to $469.2 million from $463.6 million a year ago while same-store sales fell 7%. Analysts surveyed by FactSet Research had forecast the company [...] Freddie Mac Reports $676 Million Profit, Won’t Seek Treasury Aid A shrinking inventory of delinquent loans and foreclosed properties helped government-owned mortgage finance company Freddie Mac post a $676 million first-quarter profit and avoid an infusion of Treasury Department aid. Freddie Mac reported net worth of $1.2 billion for the three-month period that ended March 31 even after paying [...] NEW YORK (MarketWatch) — New York Times Co. said Thursday that its first-quarter profit fell 58% to $5.42 million, or 4 cents a share, from $12.8 million, or 8 cents, a year earlier. [...] NEW YORK (Reuters) – Citigroup Inc’s first-quarter profit fell 32 percent as the bank lost less money on bad loans but struggled to grow its business. The third-largest U.S. bank said on Monday it earned $3.0 billion, or 10 cents per share. That compared with $4.4 billion, or 15 cents per share, a year earlier. – Source by ZH What is, however, surprising is that another prominent silver miner, Pan American silver, announced during its earning call that “it plans to produce between 23-24 million ounces of silver in 2011, down from 24.3 million ounces in 2010. The company said it expects to produce between 76,000-78,000 ounces of gold in 2011, down from the 89,555 ounces it produced last year.” So despite a [...] GM salaried workers to get performance bonuses of 4 to 16 pct.; small number may get 50 pct. By The Associated Press DETROIT – General Motors Co. says most of its 26,000 white-collar workers will get bonuses of between 4 to 16 per cent of their base salaries this year, but few could get more than 50 per cent. The company says in a statement Thursday that bonuses will be [...] by Saxplayer00o1 Sysco 2nd-quarter profit falls 4 pct on food costs WFP warns of rising food insecurity Iraqi flour prices triple on wheat import shortages Soaring food prices threaten livelihoods amid looming shortage Could cocoa prices chill love on Valentine’s? Skyrocketing Prices Point To Looming Global Food Crisis “Alcoa beats expectations by 1P due to continued robust recovery” For the detail behind the forecast see the following story from another internet news site. “Alcoa Inc (AA.N), facing a sharp drop in aluminum prices, is losing favor on Wall Street as analysts lower their expectations for the company’s earnings. Alcoa, the largest U.S. aluminum producer, is expected to turn a second-quarter profit after a year-ago loss, but analysts have recently been cutting [...] |
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