Chevron, TransCanada, Ford, GDP
Chevron: profits rise 4 percent on higher priced oil in first quarter; expects $3.27 vs $3.09 y-o-y; earnings came in at $3.27
TransCanada (Keystone pipeline) reports today, also.
Ford 1Q12 data points:
- net income fell by 45 percent
- earned 35 pennies vs 61 pennies y-o-y
- half the decrease due to higher tax rate; now paying a 32% tax rate vs 8 % a year earlier
- Ford moved tax credits and assets taken in 2006 when not earning a profit, back unto the book
- European sales plummeted; the company paid higher taxes
- will offer lump sum payments to 90,000 retirees/former employees to cut pension costs; largest such offer in US history; does not know how much plan will cost; depends on number who accept
On another note, GDP plunges! Down to 2.2 percent. Get ready for QE3/Ben. It's not so bad that GDP is down, or that it "plunged" as written in one headline: this is the real story: analysts had forecast a 2.5 percent GDP. Analysts missed estimates on the "wrong" side.
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