| As of Friday, November 13th: |
As of October 1st, the earnings growth rate was at -24.7%.Of the 463 S&P 500 companies who have reported Q3, 80% beat estimates, 6% were in-line, and 14% were below estimates. The blended earnings growth rate for the S&P 500 for Q3 2009 is currently at -13.8%. (Data provided by Thomson Reuters)
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Lehman Brothers posted a 3.2% decline in quarterly earnings Tuesday as the U.S. investment bank wrote down mortgage and leveraged loan assets, but the results beat expectations and its shares jumped before the market opened.
The decline in earnings, Lehman's first quarterly decrease in five years, comes as the U.S. subprime mortgage crisis spreads to other markets, leaving many investment banks with
assets that weren't as valuable as they were before.
"A slight decline (in earnings) is a pretty admirable showing in this environment," said Ned Riley, head of Riley Asset Management in Boston.
The fourth-largest U.S. investment bank by market capitalization said its earnings were $887 million, or $1.54 a share for the quarter ended Aug. 31, compared with $916 million, or $1.57 a share in the same quarter last year.
Analysts had on average expected earnings of $1.47 a share, according to Reuters Estimates.
Lehman's shares [LEH
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] rose sharply in reaction to the news.
Lehman's shares have dropped about 25 percent this year through Monday's close, more than three times the decline in the overall sector as measured by the Amex Securities Broker
Dealer index, amid concerns about the company's exposure to troubled markets including subprime mortgages. Lehman is one of the biggest mortgage bond underwriters on Wall Street.
Lehman has also provided financing to multiple leveraged buyout deals, and the risk from those deals might be harder to share with other investors than previously believed.
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- JC Penney Profit Falls, but Shares Up on Forecast
U.S. department store operator JC Penney forecast earnings for the holiday quarter that could surpass Wall Street expectations, and its shares rose about 8 percent on Friday.
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Walt Disney shares rose in after-hours trading Thursday after the company reported earnings and revenue that beat analysts' expectations.
- Nordstrom Earnings Miss Forecasts; Shares Take Hit
Nordstrom reported earnings that missed analysts expectations by a penny but beat on revenue, causing the company's shares to fall in after-hours trading.
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Wal-Mart Stores posted a higher-than-expected quarterly profit, but forecast earnings during the key holiday quarter that could miss Wall Street estimates as its customers face rising unemployment.
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Data is a real-time snapshot *Data is delayed at least 15 minutes