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Earnings Roundup
Monday, July 25, 2011 - 9:09am | 832Baker Hughes Inc (NYSE: BHI) reported a strong rise in its second-quarter net profit. Baker Hughes reported its quarterly net profit at $338 million, or $0.77 per share, up from $93 million, or $0.23 per share, in the year-ago period. Excluding items, the company's earnings came in at $0.93 per...
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Zhongpin Stands by Its SEC Filings and Reserves the Right to Take Legal Action
Monday, July 25, 2011 - 8:59am | 225Zhongpin Inc. (Nasdaq: HOGS) today released the following statements: During its public conference call on July 19, 2011, Zhongpin refuted defamatory allegations contained in a report published by China Economic Review that was dated July 8, 2011. The conference call also included a question and...
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Nothing To Sneeze At Here
Monday, July 25, 2011 - 8:35am | 715Dallas, TX.-based Kimberly-Clark (NYSE: KMB) reported second quarter earnings this morning that handily beat Wall Street expectations, despite higher commodity prices for its products. The company reported earnings of $1.18 per share on $5.26 billion in revenues. Wall Street analysts were...
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Benzinga's Top Downgrades
Monday, July 25, 2011 - 8:14am | 128MedcoHealth Solutions Inc (NYSE: MHS) was downgraded by BB&T Capital Markets from "buy" to "hold." MHS' shares closed at $65.96 on Friday. MHS' trailing-twelve-month profit margin is 2.16%. Roth Capital downgraded Hollysys Automation Technologies Ltd (NASDAQ: HOLI) from “buy” to “neutral.”...
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UPDATE: Kimberly-Clark Reports Better-Than-Expected FQ2 Results
Monday, July 25, 2011 - 8:05am | 86Kimberly-Clark Corp (NYSE: KMB) reported upbeat results for the fiscal second quarter on Monday. Kimberly-Clark's quarterly earnings dropped to $408 million, or $1.03 per share, from $498 million, or $1.20 per share, in the year-earlier period. Its total revenue rose 8% y/y to $5.3 billion....
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UPDATE: Goldman Sachs Downgrades PepsiCo to Neutral
Monday, July 25, 2011 - 7:58am | 143Goldman Sachs is out with its report today on PepsiCo (NYSE: PEP), downgrading PEP from Buy to Neutral. In a note to clients, Goldman Sachs writes, "We are removing PEP from the America's Conviction Buy List and lowering the rating to Neutral. Since adding PEP to the Conviction Buy List on May 8,...
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News Summary for July 25, 2011
Monday, July 25, 2011 - 7:51am | 610This is your Benzinga news summary and traders' outlook for Monday, July 25, 2011, covering headlines from overnight and Monday's pre-market session. Today in domestic pre-market trading, U.S. equity futures are trading lower after Congress failed to work out a deal to raise the debt ceiling over...
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Benzinga's Top Pre-Market Losers
Monday, July 25, 2011 - 7:47am | 115International Paper Company (NYSE: IP) dipped 3.86% to $29.67 in the pre-market session. IP's trailing-twelve-month profit margin is 4.46%. Chesapeake Energy Corporation (NYSE: CHK) lost 2.38% to $33.57 in the pre-market session. CHK's trailing-twelve-month ROE is 6.42%. Safeway Inc (NYSE: SWY)...
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UPDATE: United Natural Foods to Incur $1.5-2.5M in Total Start-up Expenses
Monday, July 25, 2011 - 7:32am | 71United Natural Foods, Inc. (Nasdaq: UNFI) will incur approximately $1.5 million – $2.5 million in total start-up expenses during the fourth quarter of fiscal 2011 and the first quarter of fiscal 2012 to transition this business. It is anticipated that approximately $0.5 million to $1.0 million in...
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UPDATE: Cal Maine Reports Upbeat Q4 Profit; Shares Rise In Pre-Market
Monday, July 25, 2011 - 7:32am | 61Cal Maine Foods Inc (NASDAQ: CALM) reported upbeat Q4 profit on Monday. Cal Maine reported its quarterly net income at $7.3 million, or $0.30 per share, versus $21.0 million, or $0.88 per share, in the year-ago period. Its sales surged 9% to $242.4 million. Analysts were expecting earnings of $0....
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United Natural Foods, Inc. Announces Three-Year Distribution Agreement With Safeway Inc.
Monday, July 25, 2011 - 7:30am | 237United Natural Foods, Inc. (Nasdaq: UNFI) today announced that it has signed a three-year distribution agreement with Safeway Inc. (NYSE: SWY). A brief transition period from Safeway's current distributors is expected, which will coincide with the termination of the current distributors'...
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UPDATE: Lorillard Reports Q2 Profit of $291M
Monday, July 25, 2011 - 7:27am | 66Lorillard Inc (NYSE: LO) reported a 10.7% rise in its second-quarter profit. Lorillard's quarterly profit surged to $291 million, or $2.05 per share, from $263 million, or $1.73 per share, in the year-earlier period. Its sales increased 11% y/y to $1.69 billion from $1.52 billion. However,...
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Pre-Market Winners
Monday, July 25, 2011 - 7:22am | 100Great Basin Gold (NYSE: GBG) is trading up over 5% as gold has advanced to record highs. E*Trade Financial (NASDAQ: ETFC) is trading up over 5% after the company's largest shareholder Citadel demands special shareholder meeting, repeats need to remove 2 directors. Cal-Maine Foods (NASDAQ: CALM)...
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First Global Reiterates Underperform on Safeway
Monday, July 25, 2011 - 7:16am | 99First Global is out with its report today on Safeway (NYSE: SWY), reiterating Underperform. In a note to clients, First Global writes, "On the valuation front, the stock currently trades at a P/E of 12.2x our CY11 proforma diluted EPS of $1.72 and an EV/EBIDTA of 4.2x our CY11 estimates, which...
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Morgan Stanley Updates 7/25/11
Monday, July 25, 2011 - 7:06am | 359Morgan Stanley made a number of updates in a research report published today. Bank of New York Mellon Corp (NYSE: BK) had its rating reiterated at Equal-weight. At the same time, its price target was left unchanged at $30. On Friday, BK lost 0.43% of its value to end the week at $25.76. Northern...