Jan 29 (Reuters) – Northrop Grumman Corp, maker of
Global Hawk surveillance planes, forecast 2015 earnings above
analysts’ estimates as the company increases its exposure to
international markets in the face of declining U.S. defense
Northrop’s shares rose as much as 4 percent after the U.S.
weapons maker also reported better-than-expected fourth-quarter
results and said order backlog increased 3 percent.
Jan 29 (Reuters) – U.S. weapons maker Raytheon Co on
Thursday forecast 2015 revenue largely below average analyst
expectations as orders fell, and said profit margins would drop
further to just over 12 percent, sending its shares down 5
The maker of the Tomahawk missile and the Patriot missile
defense system said it expected revenue to grow modestly in
2016, with further growth seen in subsequent years.
Jan 28 (Reuters) – General Dynamics Corp, maker of
Gulfstream jets, tanks and war ships, forecast
better-than-expected revenue for 2015 as aircraft orders touched
their highest in more than three years.
The company’s shares rose more than 3 percent after Chief
Executive Phebe Novakovic said revenue should increase in 2016
Jan 27 (Reuters) – Lockheed Martin Corp, the
Pentagon’s largest arms supplier, forecast 2015 earnings below
analysts’ estimates due to lower pension income.
Lockheed’s shares fell as much as 2.6 percent after the
company also forecast revenue to decline by as much as 4.6
percent in 2015, larger than the “low single digit” percentage
fall it had estimated in October.
By Sagarika Jaisinghani
(Reuters) – Packaging companies Rock-Tenn Co (RKT.N: Quote, Profile, Research) and MeadWestvaco Corp (MWV.N: Quote, Profile, Research) agreed to form a combined $16 billion company to take on market leader International Paper Co (IP.N: Quote, Profile, Research) in the United States and abroad.
Shares of MeadWestvaco and Rock-Tenn rose to record highs.
Demand for the corrugated boxes made by both companies has risen sharply as internet shopping has taken off. Worldwide e-commerce sales are expected to have risen 20 percent to $1.5 trillion last year, according to industry data firm eMarketer.
DUBAI, Jan 25 (Reuters) – Russian shoppers caught in a
currency crunch are staying away from the Dubai Shopping
Festival (DSF) this year, but visitors from elsewhere look set
to make up the numbers at the annual retail bonanza.
Every January, Dubai is decked out in lights, banners and
roadside ornaments heralding the event. Luxury boutiques staffed
with Russian and Cantonese speakers promise generous discounts,
and raffles offer cars as prizes.
Jan 23 (Reuters) – U.S. construction materials suppliers
that have a sizeable exposure to European housing markets are
expected to report slower revenue growth this year than their
domestic peers due to cooling housing demand on the continent
and a stronger dollar.
The uncertainty bodes especially ill for Masonite
International Corp, Armstrong World Industries Inc
, Mohawk Industries Inc and Masco Corp,
which get nearly a fifth of their revenues from Europe.
By Daniel Kelley and Sagarika Jaisinghani
(Reuters) – Billionaire investor Carl Icahn offered $20
million in financing on Thursday to keep the Trump Taj Mahal
from becoming the fifth casino to close this year in New
Jersey’s troubled Atlantic City, was once the only major
destination for gamblers on the U.S. East Coast.
The Taj, owned by bankrupt Trump Entertainment Resorts Inc.,
is slated to close on Saturday. It is not clear how long the
additional financing from Icahn, who holds the mortgage to the
property, could keep the Taj operating.