STD Expects 2010 Earnings Similar to 2009
Banco Santander (STD 10.35 +0.44) this morning said that "We expect earnings in 2010 to be similar to those of 2009 and we will maintain shareholder remuneration at EUR 0.60 a share"
FNSR Guides Q1 Revs Above Consensus
Finisar (FNSR 14.31 +0.07) reported fourth quarter earnings of $0.22 per share after the close yesterday, which was $0.02 better than the Thomson Reuters consensus of $0.20.
Revenues rose 75.3% year-over-year to $188.5 million, above the $183 million consensus.
For its first quarter, the company forecasted revenues in the range of $190 million to $205 million, above the $186.09 million Thomson Reuters consensus.
Retail Sales Fall, but Long-Term Growth Looks Stable
Retail sales plummeted 1.2% in May. Excluding the payback period following the cash for clunkers program, this was the worst month for retail sales since a 1.5% decline in March 2009. The Briefing.com consensus called for sales to increase 0.2%.
However, the headline level is misleading and the report was actually very benign.
Long-term growth trends in personal consumption follow core sales, which exclude auto dealers, building material and supply firms, and gasoline stations, and not the headline growth number. Core retail sales increased 0.1% and are poised to stay above zero for at least the next few months.
The majority of the total sales decline was due to a 9.3% drop in building material sales. We conjectured that the April construction numbers were inflated due to a surge in home improvements. These projects seem to have been connected with the expiration of the homebuyers' tax credit. With the credit ending, home improvement demand stalled and sales at building material firms came to a halt.
The auto sales data were a little confusing. Sales at motor vehicle and parts dealers fell 1.7%. Yet, auto manufacturers revealed a 430,000 unit increase in demand. The discrepancy leads us to believe that motor vehicle retail sales will be revised higher next month.
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