A $370 – $420 million non-cash charge to write-off goodwill
Genworth tumbles after disclosing accounting "material weakness"
Genworth (GNW -6.6%) discloses in its 2014 10-K it has "concluded that we did not have adequate controls designed and in place to ensure that we correctly implemented changes made to one of our methodologies as part of our comprehensive long-term care insurance claim reserves review completed in the third quarter of 2014," and that this deficiency resulted in the company failing to "identify a $44 million after-tax calculation error."
Though this error didn't cause "a material misstatement" for Genworth's financials, the company has "concluded a material weakness exists in the controls over the implementation of our long-term care insurance claim reserves assumption and methodology changes because such a misstatement could have occurred." It's working to address the weakness.
NEW YORK (TheStreet) -- Shares of Ensco (ESV - Get Report) are down 1.8% to $24.03 in morning trading today after BMO Capital Markets downgraded the London-based offshore driller to "underperform" from "market perform" and lowered its price target to $17 from $30.
"While we should have launched with an "underperform" rating on February 17, we did not expect the company to cut its dividend so soon. The dividend cut , to $0.60 from $3.00, removes the relative yield support and should lead to the stock trading toward our normalized NAV," analysts said.
Increased risk to the 8500 series rigs have also surfaced and analysts think these assets are likely to have a difficult time competing given "lower capabilities and efficiencies" when compared to other deepwater rigs, as suggested by Anadarko Petroleum Corp. (APC) on its fourth quarter conference call.
JinkoSolar Holding beats by $0.13, misses on revenue
JinkoSolar Holding (NYSE:JKS): Q4 EPS of $1.00 beats by $0.13.
Revenue of $478.88M (+32.5% Y/Y) misses by $9.85M.
Well hurry up & pull the trigger, so that we will not have to endure your mindless post.
Short away... See u at $6
It's only trade 635,00 in after hrs trades, so the 1.5 million must of been part of the regular trading market
• Fourth quarter adjusted1 EPS increased 10% to $1.41 per diluted share compared to $1.28 per diluted share for the prior year comparable quarter. Reported EPS increased 5% to $1.21 per diluted share compared to $1.15 per diluted share in the prior year.
• Fourth quarter worldwide net sales of $1.1 billion, down 11% due to an unfavorable impact from currency; net sales excluding currency impact were flat compared to the prior year period.
• Annual sales leader retention of approximately 54.2% percent.
• FY'15 adjusted EPS guidance to a range of $4.10 to $4.50