Toyota (NYSE:TM) sharply downgrades its earnings outlook for the fiscal year ending in March. The company points to a strong yen and recent flooding in Thailand. The company now expects a net profit of ¥180B ($2.3B) vs. August’s projection of ¥390B, revenue of ¥18.2T vs. ¥19T, and sales of 7.38M vehicles vs. 7.6M.
Wal-Mart (NYSE:WMT) disclosed yesterday it has begun an internal investigation into whether some workers violated the Foreign Corrupt Practices Act. It has also disclosed the matter to the Justice Department. Wal-Mart says it “cannot reasonably estimate the potential liability, if any, related to these matters,” but doesn’t expect a “material adverse effect.”
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Dr Pepper Snapple (NYSE:DPS) warns investors (8-K) that it could take a hit to FY11 earnings after unexpectedly losing a jury trial with a verdict of $18.3M over age discrimination by subsidiary Cadbury Schweppes Bottling dating back to 2009, and announces its plan to appeal.
Harry Winston (NYSE:HWD) reverses and turns sharply higher despite posting Q3 earnings (adjusted for one-time items) of $0.04. HWD missed expectations of $0.09. Revenue dropped to $119.7M vs. $140.9M a year ago as rough diamond sales sunk 40%.
Diamond Foods (NASDAQ:DMND) packager, though embattled, explodes higher after KeyBanc says the accounting scandal will fade and the sale of Pringles to P&G (NYSE:PG) will go through. Though lowering its price target to $76 from $95 due to the recent sharp decline, the firm gives the shares a buy rating.
General Electric’s (NYSE:GE) board bumps up the firm’s dividend, approving a $0.02 hike to $0.17/share. The stepped-up yield on shares of GE is now right at 4%. This is just about double what a 10-year Treasury offers.
Las Vegas Sands Corp. (NYSE:LVS), MGM Resorts International (NYSE:MGM), Wynn Resorts, Ltd. (NASDAQ:WYNN), Boyd Gaming Corporation (NYSE:BYD) are all up, contributing to Nevada’s gaming revenue rise of 8.1% to $960M in October. Las Vegas casinos posted 13.3% gains to $560M, reports the Nevada Gaming Control Board. Slot revenue rose 5.4%, and table game revenue jumped 20.9% (excluding baccarat).
Ford (NYSE:F) recalls 128K Fusion and Mercury Milan sedans. There is the risk that defective wheels could fall off, and Ford would like to fix them before this happens. A letter to the NHTSA from Ford outlines that only 2010 and 2011 are potentially affected.
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