Canadian Solar said Monday that its fiscal fourth-quarter loss widened versus a year ago as solar module shipments dropped and operating expenses increased. Its shares fell more than 3 percent in premarket trading. The Canadian solar power company lost $105 million, or $2.43 per share, for the three months ended Dec. 31. That compares with a loss of $59.9 million, or $1.39 per share, a year ago.
U.S. manufacturing continues its positive start to 2013. “The PMI is a little bit above my expectations but I try to stay away from expectations and try to focus on the data,” says Bradley J. Holcomb, CPSM, CPSD, chair of the Institute for Supply Management Business Survey Committee.
A Sterne Agee analyst said auto sales have been strongly tied to the unemployment rate for years, and that makes February's drop in the jobless rate to 7.7 percent good news for automakers. Michael Ward said the unemployment rate has been an indicator of vehicle demand for the past 30 years, and the trend continues to hold up now.
China's exports surged more than expected in February in a possible sign of stronger global demand. Exports leaped 21.8 percent, well ahead of analysts' expectations of single-digit growth as companies shut down for the Lunar New Year holiday, data showed Friday.
The automatic sequester budget cuts are expected to slash $43 billion in defense spending over the next seven months - 8 percent of the Pentagon's budget. And, as CBS News' Ben Tracy reports, that will impact thousands of small businesses that work in the defense industry.
Toyota Motor Corp.'s Aqua hybrid hatchback remained Japan's best-selling car in February for the fifth straight month, selling 24,526 units, up 11.7 percent from a year earlier, industry bodies said Wednesday. Ranking second was the same maker's Prius hybrid hatchback with sales of 23,473 units, down 34.6 percent.
Stock futures rose Wednesday on strong jobs numbers and what is expected to be more evidence that businesses are ramping up orders to meet rising demand from their customers. The Dow rode a triple-digit gain into the history books this week and appears ready to do it again Wednesday.
Nissan Motor Co., Honda Motor Co. and Mazda Motor Corp. all announced Monday that their sales of new passenger cars in China in the first two months of the year fell from the same period last year. Toyota Motor Corp. on Friday announced a similar drop in sales in the reporting period.
Stratasys shares surged in early trading today and rival 3D Systems was also up. Recently public company ExOne shares rallied as well. 3D printing companies are up on some good sales but be careful when investing in this volatile, emerging industry.
Uncertainty over the outcome of a budget battle in Washington pushed world stock markets lower on Monday. President Barack Obama and his political opponents have failed so far to agree on a way to roll back automatic spending cuts that took effect Friday. Those cuts slash $85 billion from the nation's budget, which could slow down the economy.
A number of positive signs are starting to emerge regarding the U.S. economy, but there remain political and global headwinds that could slow growth, according to a new report. The MAPI Quarterly Economic Forecast predicts that inflation-adjusted gross domestic product (GDP) will expand by 1.8 percent in 2013 and by 2.8 percent in 2014, showing no change from MAPI’s November 2012 report.
U.S. manufacturing expanded in February at the fastest pace since June 2011, buoyed by increases in new orders and production. The third straight month of growth suggests factories may help the economy this year after slumping through most of 2012.
Tax increases. Rising gas prices. Political dysfunction in Washington. None of that kept Americans away from auto dealer showrooms in February as General Motors, Ford and other automakers posted strong sales gains. Industry analysts expect last month's sales to be up about 7 percent from a year earlier as pent-up demand and cheap financing kept the U.S. auto sales recovery powering along.
The weakest quarter for the U.S. economy in nearly two years may end up being a temporary lull. Economists think growth has begun to pick up on the strength of a sustained housing recovery and a better job market. The economy grew at an annual rate of just 0.1 percent from October from December, a government report Thursday showed.
Industry analysts and manufacturers were eagerly waiting Eaton’s 4Q reporting as the diversified international manufacturer showed the partial results of its $13.2B acquisition of Cooper Industries. Eaton CEO, Alexander M. “Sandy” Cutler, had warned analysts last quarter that the reporting would be “complex” because the results would show only one month’s (December) numbers of Cooper on its 4Q report.
Japanese manufacturing showed a faint sign of recovery in January, with factory production up 1 percent from the month before. Japan's Ministry of Economy, Trade and Industry said Thursday that the figures, the second straight monthly increase, suggested the slump in output had "bottomed out."
Airbus parent company EADS NV posted a 47 percent drop in fourth-quarter net profit Wednesday after taking costly charges at its helicopter and defense electronics divisions. The aerospace giant recorded a €325 million ($425 million) net profit in the October-December period, down from the previous year's €612 million. But for the full year, its net earnings were up 19 percent at €1.23 billion from €1.03 billion in 2011.
Orders for U.S. factory goods that signal business investment plans jumped last month by the most in more than a year, suggesting companies are confident about their business prospects. The Commerce Department said Wednesday that orders for so-called core capital goods, which include industrial machinery, construction equipment and computers, rose 6.3 percent in January from December.
First Solar, Inc. on Tuesday posted net income of $154.2M for the fourth quarter, reversing a huge loss from a year earlier, but investors were disappointed by the company's sales in the quarter and the earnings outlook for this year. Last year the company lost $413M, or $4.78 per share, on revenue of $660.4M after it reduced the value of its solar system components division and booked other one-time charges.
The political standoff over the U.S. budget is slowing the economy, more so than any hesitance by Americans to spend. That consensus emerges from the latest AP Economy Survey just as the budget impasse in Washington is about to trigger automatic cuts across the economy.
Hewlett-Packard is selling its webOS software to South Korean electronics company LG Electronics, securing a new home for a technological orphan. The deal announced Monday rids HP of the centerpiece of its ill-fated, $1.8 billion purchase of Palm Inc. three years ago.
A survey shows China's manufacturing activity this month has declined to a four-month low in a reminder of possible threats to its shaky economic recovery. HSBC Corp. said Monday the preliminary version of its purchasing managers index for February fell to 50.4 on a 100-point scale on which numbers above 50 show activity expanding. That was down from January's 52.3.
Overall, confidence in the equipment finance market is up for the third consecutive month at 58.7, an increase from the January index of 54.2, reflecting industry participants’ increasing optimism despite a wary eye on economic conditions and government management of fiscal policies.
The chief executive of United Technologies Corp. expects automatic federal budget cuts will take effect in eight days, taking a nick out of earnings of the aerospace giant. CEO Louis Chenevert told investor analysts Thursday that the cuts, which are known in Washington as the "sequester," look more likely. He says earnings would be reduced by 10 cents per share in the "worst case."
German automaker Volkswagen AG says its net profit increased 41 percent for 2012 to €21.7 billion ($28.7 billion) on a 21 percent rise in revenues. Volkswagen said in a press release Friday ahead of its full-earnings next month that revenues were up to €192.7 billion. The number of vehicles delivered worldwide last year by the group topped 9 million for the first time, rising 12.2 percent to nearly 9.3 million.