Fannie Reports Billions In Net Income
Federally controlled mortgage buyer Fannie Mae (FNMA) reported Q1 net income of
$58.7 billion, up from $2.7 billion during the same period in 2012 after most
recent quarterly result included a $50.6 billion federal-income-tax benefit and
$8.1 billion for income before federal income taxes. Fannie has drawn a total of
$116.1 billion in aid from U.S. Treasury Department and plans to pay Treasury
$59.4 billion by the end of June. Since the firm was taken into conservatorship
in 2008, Fannie has sent Treasury a total $95 billion in cash dividends. Fannie
has not received any funds from Treasury since the Q1 2012. Fannie said outside
of the tax benefits, higher home prices supported the better Q1 and the number
of delinquent loans has dropped.
Dean Foods Co. (DF) reported Q1 profit rose to $492.6 million or $2.63 a share,
adjusted earnings came in at 29 cents a share and revenue rose slightly to $2.88
billion. Dean expects low to mid single digit decline in volumes, which it plans
to offset with cost reduction however, they reaffirmed its full-year adjusted
earnings per share range of between 45 and 55 cents. Strong unadjusted earnings
per share primarily reflects the sale of the company's Morningstar business in
Priceline.com Inc. (PCLN) - online travel agency - on Thursday reported a Q1
profit of $244 million or $4.76 a share, on revenue of $1.3 billion. Priceline
forecast Q2 earnings between $8.87 and $9.45 a share, excluding certain items.
Priceline shares were off by 3% or over $24 a share in after-hour trading on
Groupon Inc. (GRPN) reported revenue of $601.4 million for Q1. The company
reported non-GAAP EPS of $0.03 which were 50% higher than same period in 2012.
GAAP EPS were -$0.01 for Q1 versus -$0.02 per share for same period in 2012.
Estimate for revenue during Q2 expected at $618.4 million. Groupon shares were
higher by 11% into late day trading Thursday.
Nvidia Corp. (NVDA) reported Q1 earnings on Thursday with a profit of $77.9
million or 13 cents a share. Revenue rose to $518.6 million and adjusted profit
came in at 18 cents a share. For the current quarter, Nvidia expects revenue of
$975 million, plus or minus 2%. Nvidia shares were higher by 2% in after-market
trading on Thursday.
The U.S. Commerce Department reported on Thursday that wholesale inventories
grew 0.4% in March, while wholesale sales tumbled 1.6%. The monthly sales drop
was the largest since March 2009 with the ratio of inventories to sales rising
to 1.21 from 1.19 during March.
The U.S. Department of Labor reported Thursday that for week ending May 4, the
number of people who applied for regular state unemployment-insurance benefits
dropped by 4,000 to 323,000 - striking the lowest level seen since January 2008.
The four-week average of new jobless claims fell 6,250 to 336,750 - striking
lowest level seen since November 2007, near the start of the recession. In the
week ended April 27, continuing jobless claims fell by 27,000 to a seasonally
adjusted 3.01 million - striking the lowest level seen since May 2008. The
four-week average of claims from people already receiving benefits fell 24,500
to 3.03 million - striking the lowest level seen since June 2008.
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