RIM shares fall at the open after earnings

 Research In Motion Ltd fell in early trading on Friday following the BlackBerry maker's Thursday earnings announcement, when the company outlined plans to change the way it charges for services.
RIM, pushing to revive its fortunes with the launch of its new BlackBerry 10 devices next month, surprised investors when it said it plans to alter its service revenue model, a move that could put the high-margin business under pressure.
Shares fell 16.0 percent to $11.86 in early trading on the Nasdaq. Toronto-listed shares fell 15.8 percent to C$11.74.

Read More..

Walgreen fiscal 1Q profit sinks nearly 26 pct

fiscal first-quarter earnings sank nearly 26 percent as costs tied to a couple big deals and Superstorm Sandy helped put a bigger-than-expected dent in the drugstore chain's performance.
CEO Greg Wasson told analysts he saw the quarter as a "turning point" for the Deerfield, Ill., company, which has been working to recapture customers it lost during a contract dispute with Express Scripts Holding Co. But investors didn't buy that message at least initially, as the stock fell deeper than broader market declines in Friday trading.
Walgreen Co. spent $4 billion in cash earlier this year to buy a stake in Alliance Boots, a Swiss company that runs the largest drugstore chain in the United Kingdom. It also spent $438 million on a drugstore chain focused on the mid-South under the USA Drug, Super D Drug and Med-X names.
Costs tied to those deals totaled $23 million in the quarter, and Walgreen said it only counted a small portion of the gains it received from Alliance Boots. It is reporting those gains a quarter after they occur to address audit and regulatory requirements.
The storm system that swept up the East Coast in late October also cost $24 million in the quarter, as it forced Walgreen to temporarily close hundreds of stores.
Overall, Walgreen earned $413 million, or 43 cents per share, in the three months that ended Nov. 30. That compares with net income of $554 million, or 63 cents per share, a year ago. Walgreen said earlier this month revenue fell nearly 5 percent to $17.34 billion.
Excluding one-time costs, adjusted earnings were 58 cents per share.
Analysts forecast, on average, earnings of 70 cents per share, according to FactSet.
Shares dropped 3.3 percent, or $1.24, to close at $36.31 Friday, while the Standard & Poor's 500 index fell 1 percent.
Walgreen runs more than 8,000 drugstores in all 50 states as the nation's largest drugstore chain. The company's revenue has slumped through 2012 after it started the year stuck in a contract squabble with Express Scripts, for which it fills prescriptions.
The companies had let a contract between them expire last December, and their new agreement didn't start until September. The split meant many Express Scripts customers migrated to new drugstores for their prescriptions.
Walgreen is trying to bring those customers back, but competitors like CVS Caremark Corp. and Rite Aid Corp. are pushing aggressively to keep them.
Walgreen said prescriptions filled at stores open at least a year fell nearly 5 percent in the quarter, a smaller decrease than the 8 percent drop it reported in the previous quarter. The drugstore chain saw that improvement as a sign that customers are returning.
"We think we can redeem significant portion of these customers over time," Wasson said.
Walgreen said prescription revenue from stores open at least a year fell 11.3 percent, while revenue from the front end, or rest of the store, dropped 2 percent. Revenue from stores open at least a year is considered a key indicator of retailer health because it excludes stores that recently opened or closed.
Generic drugs have squeezed revenue for Walgreen and other drugstores this year because they are cheaper than brand-name drugs. But they help profitability because they come with a wider margin between the cost for the pharmacy to purchase the drugs and the reimbursement it receives.
Walgreen launched a customer loyalty program called Balance Rewards during the quarter. It allows shoppers to gain points at both Walgreen and Duane Reade stores and for online purchases that translate into cash rewards they can then use at the stores.
Walgreen executives said the program will encourage customers to visit their stores more frequently and to buy more.

Read More..

Nigeria's Dangote Cement expects 38 pct rise in Q1 profit

Nigeria's biggest listed company, Dangote Cement, expects pretax profit to rise 38.9 percent year-on-year to 42.09 billion naira in the first three months of next year, it said in a filing with the Nigerian Stock Exchange.
Dangote Cement, Nigeria's biggest cement producer, said it expected turnover of around 81.6 billion naira in the first quarter, compared with 64.1 billion naira it achieved in the same period in 2012.
The company which is majority owned by billionaire tycoon Aliko Dangote earlier this month shut down a fifth of its production capacity because of a glut in the market caused by imported cement from Asia.
It is yet to release its 2012 full year results.

Read More..

Piano maker Steinway takes down 'for sale' sign

 Steinway Musical Instruments Inc, the famous manufacturer of pianos, saxophones and trumpets, said on Wednesday it had decided not to sell itself following a 17-month-long exploration of strategic alternatives.
An American icon synonymous with handmade grand pianos, Steinway has struggled to keep its production margins competitive amid stagnant sales, and has seen its shares plunge 10 percent year-to-date. Still, its third-quarter earnings last month offered signs that cost-cutting was paying off.
In a statement on Wednesday, Steinway said it had received several non-binding indications of interest in buying the company, following talks with other companies in the sector as well as private equity, yet these did not offer more value than its own strategic plan.
"We will continue to focus management's efforts on execution of that plan and we look forward to a prosperous 2013," Steinway CEO Michael Sweeney said in the statement.
An in-principle agreement to sell its band instrument division to an investor group led by two of its board members, Dana Messina and John Stoner, was also scrapped in light of the current operating performance of the band division, Steinway said.
In July 2011, Messina, Stoner and other members of management made an offer for Steinway's band instrument and online music divisions, prompting the company to set up a special committee in order to assess it.
Later that month, Steinway asked investment bank Allen & Company LLC to a assist the special committee on exploring strategic alternatives that could also include selling the whole company outright to other interested parties.
By October 2011, Messina had stepped down as CEO of the company after 15 years at the helm to pursue his bid, yet he remained a board member. He was replaced by Sweeney, a chairman of the board of Star Tribune Media Holdings and a former president of Starbucks Coffee Company (UK) Ltd.
Steinway said on Wednesday that it was continuing a separate process to sell its leasehold interest in New York's Steinway Hall building, situated on Manhattan's 57th Street, and was in talks with several parties.
According to its website, Steinway & Sons, the company's piano unit, opened the first Steinway Hall on 14th Street in Manhattan in 1866.
With a main auditorium of 2,000 seats, it became New York City's artistic and cultural center, housing the New York Philharmonic until Carnegie Hall opened in 1891. These days, Steinway Hall is a showroom for the company's instruments.
The Waltham, Massachusetts-based company's pianos have been used by legendary artists such as Cole Porter and Sergei Rachmaninoff and by contemporary ones like Chinese concert pianist Lang Lang.

Read More..

Duke still No. 1 in AP poll; Pitt, K-State move in

Duke and Michigan remain the top two teams in The Associated Press' college basketball poll while Syracuse drops from third to ninth after its first loss.
The Blue Devils received all but two of the first-place votes Monday from the 65-member national media panel. Michigan got the others.
Arizona, Louisville and Indiana all moved up one place to third through fifth. Kansas, which won at Ohio State, moved from ninth to sixth. Missouri, which beat Illinois, jumped from 12th to seventh. Cincinnati advanced from 11th to eighth. Syracuse, which lost to Temple, and Ohio State complete the top 10.
Pittsburgh and Kansas State are the newcomers to the poll at 24th and 25th. They replace New Mexico and North Carolina, which dropped out from 16th and 23rd after losses to South Dakota State and Texas.

Read More..

Playoff puzzle nearly complete with one week to go

With one week remaining in the regular season, the National Football League's playoff picture has come into sharper focus with only a few more pieces of the post-season puzzle to be put into place.
Much of the remaining drama is focused on the NFC East, where the Washington Redskins, Dallas Cowboys and New York Giants will stage a battle royale for the division crown with a ticket to the post-season going to the survivor.
The Redskins (9-6), riding a six-game winning streak and with rookie sensation quarterback Robert Griffin III healthy and calling plays, host the Cowboys (8-7) in the Sunday evening prime time finale to the NFL regular season that will see the winner claim the division.
While the Cowboys' (8-7) only path to the post-season requires a victory, the Redskins could still scrape into the playoffs with a loss if the Chicago Bears and Minnesota Vikings also lose their finales.
The situation is much more dire for the slumping Giants (8-7), who will need plenty of help to advance.
The defending Super Bowl champions have lost five of their last seven and must defeat the Philadelphia Eagles at home on Sunday and hope Dallas, Chicago and Minnesota all lose.
TRIP TO MOTOR CITY
The Seattle Seahawks (10-5) and San Francisco 49ers (10-4-1) enter the final weekend having clinched playoff berths but with the NFC West title still up for grabs along with a possible first round bye.
San Francisco can take top spot in the West with a win at home over the Arizona Cardinals (5-10) while the surging Seahawks, who have outscored opponents 150-30 in their last three contests, must close out the regular season with a fifth straight victory when they visit the St. Louis Rams (7-7-1) and have the 49ers lose.
With the 49ers or Seahawks guaranteed playoff spots the other NFC wildcard will go to either the Bears (9-6) or Vikings (9-6).
The Vikings, who have staged a late season charge behind the running of Adrian Peterson, can lock up a playoff spot with visit to Lambeau Field and a win over NFC North rivals the Green Bay Packers (11-4).
The Bears close out the campaign with a trip to the Motor City where they must combine victory over the Lions (4-11), losers of seven straight with a Vikings loss to move on.
The Atlanta Falcons (13-2) clinched a first round bye and home field advantage throughout the playoffs with a 31-18 win over the Detroit Lions on Saturday and the Packers can also grab a first round bye with a win over Minnesota or a San Francisco loss combined with a Seattle loss or tie.
The post-season picture is much clearer in the AFC with the four division winners, New England Patriots (East), Baltimore Ravens (North), Houston Texans (South), Denver Broncos (West) and wildcards Cincinnati Bengals and Indianapolis Colts already decided.
The Broncos (12-3), Texans (12-3) and Patriots (11-4), however, will all have something to play for on the final Sunday with two first round byes and home field advantage throughout the playoffs on offer.
Denver, who will host the Kansas City Chiefs (2-13) and Houston, who visit the Colts can get the first weekend off with wins while the Patriots must beat the Miami Dolphins (7-8) and have either the Broncos or Texans lose.
A number of combinations of wins and losses could give the Texans, Broncos or Patriots home field advantage for the playoff run.

Read More..

AP source: Dolphins' Smith has knee bruise

A person familiar with the diagnosis says Miami Dolphins cornerback Sean Smith escaped serious injury when he hurt his left knee in the team's victory over Buffalo.
An MRI test Monday determined the injury was only a bruise, the person told The Associated Press, speaking on condition of anonymity because the Dolphins are not releasing details about the injury.
Smith, a fourth-year pro and Miami's best cornerback, can become a free agent this offseason. The Dolphins, who are out of the playoff race, conclude the season Sunday at New England.

Read More..