NEW YORK, Dec 6- U.S. companies are sounding the alarm on fourth-quarter earnings, lowering profit estimates just as the stock market is poised to end its best year since 1998.. "There's a natural tendency on the part of Wall Street in any given year to be overly optimistic as it relates to the back half of the year...
FORT WORTH, Texas-- American Airlines said on Friday that its November passenger revenue rose slightly compared to a year earlier, when airlines were canceling flights because of Superstorm Sandy. American said per-seat passenger revenue was up 1 percent for the month.
CNBC's Tyler Mathisen looks ahead to what are likely to be next week's top business and financial stories.
THE SPARK: Conn's Inc. said customers bought more furniture, mattresses and computers from its stores. THE BIG PICTURE: The Woodlands, Texas, company expects to earn $2.75 to $2.80 per share in the current fiscal year, up from its previous estimate of $2.50 to $2.65 per share.
*Fourth-quarter adjusted profit C $1.31 vs est C $1.32. TORONTO, Dec 6- Bank of Nova Scotia reported a 12 percent rise in quarterly profit due to its acquisition last year of online bank ING Direct, but results were marred by a sluggish performance at its international unit.
NEWS: Flat sales and added expenses helped drive fiscal third-quarter earnings down 34 percent at Genesco Inc. The specialty retailer said a slow start to the fourth quarter prompted it to lower its forecast for the year. DETAILS: The Nashville, Tenn., company said Friday that revenue in the quarter that ended Nov. 2 grew less than 1 percent.
NEWS: American Eagle Outfitters Inc. said Friday that its third-quarter net income tumbled 68 percent, matching Wall Street predictions, but issued a lower-than-expected profit prediction for the current period. NUMBERS: American Eagle earned $24.9 million, or 13 cents per share, down from $78.6 million, or 39 cents per share, in the same quarter of 2012..
NEWS: Sears Hometown and Outlet Stores Inc. said Friday that its third-quarter net income fell 12 percent, as the company continued to shape itself following its spinoff from Sears Holding Corp.. DETAILS: Hoffman Estates, Ill.- based Sears Hometown and Outlet shares began trading publicly last October.
*Analysts bank on earnings rebound despite downgrade trend. LONDON, Dec 6- Equity analysts are predicting double-digit growth in European earnings in 2014, banking on economic recovery to fuel a rebound despite seeing similarly rosy forecasts confounded for two years running.
Some of the names on the move ahead of the open.
DETAILS: The company was weighed down by $21.1 million in costs for the sale of its Aime contact lens and solution brand in Japan, which it completed in November. NUMBERS: Cooper's net income fell to $57.4 million, or $1.15 per share, from $71.9 million, or $1.46 per share, last year.
DETAILS: Pacific Sunwear of California Inc. said sales at stores open at least a year rose 1 percent. NUMBERS: The Anaheim, Calif., company's net income grew to $17.2 million, or 23 cents per share, in the period that ended on Nov. 2.
In a CNBC exclusive interview, Gordon Nixon, Royal Bank of Canada president & CEO, discusses his decision to step down as CEO of Canada's largest bank and touches on the slowdown in the banking retail business.
With its stock rising, is Tiffany now priced too high? Brian Nagel, Oppenheimer & Co. senior equity research analyst and John Blank, Zacks Investment Research chief equity, debate if the valuations on the luxury jeweler are too rich.
*Slashes full-year EPS view to $0.55- $0.75 from $1.20- $1.50. *Cuts revenue view to $2.15- $2.35 bln from $2.25- $2.45 bln. Dec 5- Farm equipment retailer Titan Machinery Inc slashed its full-year profit forecast as a record corn harvest pulled down prices and left farmers with less money to spend on new tractors and harvesters.
NEWS: Titan Machinery's fiscal third-quarter net income slid 60 percent, hindered by lower agriculture equipment sales and reduced equipment margins due to pricing pressure. DETAILS: Operating expenses rose to $75 million from $64 million, partly because sales in the company's retail locations open at least a year declined 6.5 percent.
NEWS: Freight logistics company UTi Worldwide moved to a loss in its fiscal third quarter, dragged down in part by severance costs. NUMBERS: UTi Worldwide Inc. lost $9.1 million, or 9 cents per share, for the quarter ended Oct. 31. Revenue dipped slightly to $1.15 billion from $1.16 billion, but still beat Wall Street's estimate of $1.14 billion.
NEWS: The Toro Co. reported Thursday that its fourth-quarter net income soared with help from higher prices, lower taxes and internal operating improvements. NUMBERS: Net income grew to $5 million, or 8 cents per share, for the period that ended in October from $251,000, or flat on a per share basis, last year.
NEWS: Conn's Inc. said Thursday that its fiscal third-quarter net income more than doubled from a year ago, as customers bought more furniture, mattresses and computers from its stores. NUMBERS: Net income rose to $24.4 million, or 66 cents per share, in the quarter ending Oct. 31. That compares with $11.8 million, or 35 cents per share, in the same quarter a year ago.
*CEO Nixon to be replaced by executive Dave McKay. TORONTO, Dec 5- Royal Bank of Canada Chief Executive Gordon Nixon will step down next summer after 13 years at the helm of Canada's largest bank, RBC said on Thursday as it announced a stronger-than-expected quarterly profit.