WATSONVILLE, Calif. _ Granite Construction Inc. on Friday reported fourth-quarter net income of $17 million, after reporting a loss in the same period a year earlier. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 69 cents per share. Granite Construction shares have decreased 8 percent since the beginning of the...» Read More
A bright spot in today’s earnings report from KB Home, one of the nation’s largest home builders: prices on their homes are coming down this quarter. While the company posted some nasty earnings for the fiscal fourth quarter and is showing a 48% cancellation rate, that fact bodes well for the usually busy spring season.
Commercial property development in Britain grew at its slowest rate in 13 months in January due to the first contraction of work on public sector projects in 19 months, data showed on Monday.
This week HSBC Holdings admitted that it would be spending more money than originally anticipated to cover subprime loan defaults -- $1.76 billion more than analysts predicted. Now there’s concern over the mortgage-backed securities that go along with these riskier credit advances, and even more concern over the housing market in general.
Economists sure didn’t call the housing bubble as it inflated – and now as the air is let out, no one seems to know what’s next. What goes bubble must go burst, right? Not so fast says Yale economist Robert Shiller. He was on “Street Signs” to discuss an op-ed piece he wrote in today’s Wall Street Journal about the housing boom.
This morning on "Squawk on the Street" Mark Haines and Erin Burnett spoke to Jon Hilsenrath of The Wall Street Journal about his stocks of the week. This is part of our regular "Five for Five" segment, where we give you, the investor, a list of five stocks to keep your eye on.
Swedish engineering company Atlas Copco said Monday it agreed to buy paving equipment company Dynapac for 6.3 billion kronor (695 million euros; $902 million) from the Altor 2003 Fund.
This morning investors are trying to figure out what today’s jobs report means for the economy and interest rates. According to the U.S. Labor Department, employers added only 111,000 jobs last month, below the 150,000 that had been expected. The reports also says our nation’s unemployment rate reached 4.6%, that’s a four-month high.
Stocks in the U.S. are pointing lower this morning. The Fed's statement, important economic data and earnings could all drive the markets today. President Bush speaks on the economy on Wall Street and Treasury Secretary Hank Paulson appears before Senate Banking on the Chinese currency issue.
Prices for existing home sales nationwide rose just barely over 1% last year. That's not much compared with the double digit appreication in the previous years. And regionally--neighborhood to neighborhood--prices dropped and continue to fall.
Airport operator BAA said on Tuesday it had cut the planned cost of a new runway and terminal at its London Stansted airport by 17.5 % to 1.4 billion pounds ($2.7 billion).
KB Home is joining what's becoming a long list of companies caught up in the stock back dating issue. The home builder announced that it's under formal investigation by the SEC for improper stock option practices. The company CEO Bruce Karatz resigned (or retired) last fall over the backdating issue. Right now--more than two hundred companies are under a similar microscope (including computer giant Apple).
The steel industry is going strong, says Arcelor Mittal’s chief financial officer Aditya Mittal. In an interview with CNBC’s Maria Bartiromo, Mittal also declared the merger of steel companies Arcelor and Mittal a success, despite a rocky beginning to the relationship last year. Now the combined steel giant is setting its sights on Asia, especially China and India, and expects a bullish 2007 for the industry.
Wall Street is undecided so far on where it will start the day though early earnings news and housing data could help set the tone. For now, eBay's strong profits and big stock move is a bright spot lifting the Nasdaq, which bounced higher on a tech rebound yesterday. The Dow, fresh off its 26th high since October, is flattish.
German industrial conglomerate ThyssenKrupp said Friday that sales and orders in its fiscal first quarter rose 12% each and pretax profit more than doubled.
Shares in Vinci soared to a record high Friday after a holding controlled by French billionaire Francois Pinault said he had acquired a 5.1% stake in the world's largest construction company.
Today's U.S. housing numbers that we've been reporting have some very good news--and some not so good news (seems most economic reports out lately are a double edged sword). First--the housing starts for multi-family homes are up 42% in the month of December (the largest jump since April of 2005.) Great, right? Well hold on. CNBC's Diana Olick reported from a KB Home site in Florida--that the celebration might be premature.
Lots of corporate headlines are already getting attention ahead of the open. Stocks in the U.S. are lining up to open higher at this point, and earnings will be the big focus. After making gains yesterday, European stocks are mixed with a flattish performance, and Japanese stocks were little changed to the downside.
British defense contractor BAE Systems and U.S. private equity firm Carlyle Group plan a joint bid for the dockyard that maintains Britain's nuclear submarines, two newspapers reported Sunday.
As we've noted--earnings season officially kicks-off later today, with Alcoa reporting after the bell. So will 4th quarter corporate profits be a boom or a bust, and what role will oil play? (an earlier post had some sector predictions). CNBC’s Mark Haines asked two analysts on today’s “Morning Call.” Nick Raich, Director of Research at National City Private Client Group says...
We've been telling you that earnings season gets underway today--when Alcoa releases its earnings after the closing bell. Wall Street investors are certainly interested in who will meet or beat expectations--and who will NOT do either in Q4. CNBC's Mary Thompson previewed some numbers on "Squawk on the Street" as to which sectors may come out on top--or the bottom.