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Updates, advisories and surprises
By MarketWatch
Last Update: 7:31 AM ET Nov 20, 2009
D.R. Horton's quarterly loss narrows
(7:27 AM ET) BOSTON (MarketWatch) -- D.R. Horton Inc.before Friday's opening bell reported a fiscal fourth-quarter loss of $231.9 million, or 73 cents a share, compared with $799.9 million, or $2.53 a share, in the year-ago period. The Ft. Worth, Texas-based home builder said the latest quarter's results included $192.6 million in pretax charges related to inventory and land. Home-building revenue for the September quarter dropped to $1 billion from $1.8 billion in the same quarter the previous year. D.R. Horton shares are up 73% for the year-to-date period.
Smucker earnings nearly triple on Folger's boost
(7:26 AM ET) NEW YORK (MarketWatch) -- The J. M. Smucker Co.said Friday its second-quarter earnings nearly tripled to $140 million, or $1.18 a share from $51.5 million, or 94 cents a share in the year-ago period. The food company's adjusted net income rose to $1.22 share from $1.01 a share. Sales rose 52% to $1.29 billion due to the addition of Smucker's acquisition of Folger's. Wall Street analysts expected earnings of $1.04 a share and revenue of $1.25 billion, according to a survey by FactSet Research. Smucker raised its 2010 earnings forecast to $3.95 to $4.05 a share, from its previous target of $3.65 to $3.80 a share.
KKR shares gain after swinging to profit
(3:35 AM ET) LONDON (MarketWatch) -- Shares in Kohlberg Kravis Roberts & Co.climbed 2.3% in early trading on the Amsterdam market after the private equity firm said late Thursday that it swung to a third-quarter profit and is seeing interesting investment opportunities. The firm closed a deal in October to buy its Amsterdam-listed fund and become a publicly traded company. KKR reported economic net income of $656.6 million for the third quarter, following a loss of $465.6 million a year earlier. The turnaround was largely due to unrealized gains from increases in the fair value of KKR's private equity investment portfolio. "While we continue to face difficult economic conditions, we are also observing signs of improving trends, particularly as it relates to debt and equity capital markets," said co-CEOs Henry Kravis and George Roberts. "We are seeing interesting situations to invest capital all over the world, across various industries, and throughout the capital structure," they added.
Volkswagen board approves Porsche deal contracts
(2:31 AM ET) LONDON (MarketWatch) -- German car maker Volkswagensaid that its supervisory board has approved the contracts relating to its planned multi-stage takeover of rival Porsche. The company said the agreement was a further important step towards the takeover, which would be completed over the course of 2011 under the plans. It added that the supervisory board of Porsche will meet Friday to consult on the contracts. Volkswagen shareholder are due to vote on financing measures, including the issue of new preferred shares, at a Dec. 3 meeting. The next major milestone in the takeover will be Volkswagen building its stake in Porsche to 49.9%, which is planned for realization by the end of 2009.
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