Markets & Finance

Citigroup Posts Weaker Earnings

Capital One warns of pressures ahead for the mortgage industry; Pulte Homes sees weaker results; plus more stocks in the news Friday

Citigroup (C) posted $1.03 vs. $1.37 fourth quarter GAAP earnings per share (EPS) as charges and other factors offset a 15% revenue rise. Raises its quarterly dividend 10% to $0.54 per share.

Capital One Financial (COF) posted $1.14 vs. $0.97 fourth quarter EPS. Sees $7.40 to $7.80 2007 EPS, which includes expectations for a continuing challenging interest rate environment and cyclical pressures in the mortgage industry.

Pulte Homes (PHM) expects fourth quarter results to be in the range of a $0.05 loss to $0.05 EPS from continuing operations vs. previous guidance of $0.30 to $0.70 EPS. Sees impairments and land-related charges of $330 million to $350 million for the fourth quarter.

International Business Machines (IBM) posted $2.31 vs. $1.99 fourth quarter EPS on a 7.5% revenue rise.

General Electric (GE) posted 64 cents vs. 30 cents fourth quarter EPS; sees $2.18 to $2.23 2007 EPS from continuing operations. To amend its 2005 10-K to adjust for rate swaps. Acquires Abbott's in vitro diagnostics and Point-of-Care diagnostics bizs for $8.13 billion cash.

Motorola (MOT) posted 25 cents vs. 47 cents fourth quarter GAAP EPS despite a 17% sales rise. Sees first quarter sales of $10.4 billion to $10.6 billion.

E Trade Financial (ETFC) posted 40 cents vs. 32 cents fourth quarter EPS on a 31% revenue rise.

Washington Post (WPO) raised its annual dividend rate 5% to $8.20 from $7.80.

XM Satellite Radio (XMSR) Seen lower following news that a judge denied an XM motion to have a copyright lawsuit brought by Atlantic Recording, Capital Records, and other major recording companies over its digital download service.

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