Company News for November 20, 2009 - Corporate Summary
• DR Horton (NYSE:DHI) reported a fiscal fourth quarter loss of 73 cents, versus Zacks projections of a 27 cents loss, on revenues of $1.01 billion, which was inline with Zacks estimates. According to Chairman Donald R. Horton, "Our net sales orders in the September quarter reflected a 26% increase compared to the prior year quarter. However, market conditions in the homebuilding industry are still challenging, characterized by rising foreclosures, high inventory levels of available homes, increasing unemployment, tight credit for homebuyers and weak consumer confidence."
• Dell (NASDAQ:DELL) reported disappointing third quarter earnings of 23 cents a share, missing Zacks estimates of 27 cents a share, as a 15% fall in revenues from a year ago generated revenues of $12.9 billion, below Zacks projections of $13.2 billion. Nevertheless, CEO Michael Dell said early Windows 7 demand was proving correct his assumption that firms which had passed over Vista would upgrade with Windows 7, driving the market growth above traditional 10% averages
• JM Smucker (NYSE:SJM) reported record fiscal second-quarter earnings of $1.22 a share, 18 cents better than Zacks estimates, on revenues of $1.28 billion, above Zacks estimates of $1.24 billion. The company said it sees full-year earnings of $3.95 to $4.05 a share
