Storm Pushes Companies to Postpone Earnings Reports

NEW YORK (AP) — A number of major U.S. companies postponed quarterly earnings Monday, with Hurricane Sandy bearing down on the East Coast and the first unplanned shutdown of financial markets since 2001.

Pfizer (NYSE: PFE  ) , Thomson Reuters (NYSE: TRI  ) and NRG Energy  (NYSE: NRG  )  will hold financial reports until later this week. Pfizer and Martha Stewart Living Omnimedia (NYSE: MSO  ) , which were due to report Tuesday, will now announce results on Thursday. Thomson Reuters, also originally scheduled for Tuesday, will report Friday. NRG will also report on Friday instead of Wednesday.

Other companies delaying their announcements:

  • Power provider Entergy (NYSE: ETR  ) will report on Nov. 5 instead of Tuesday.
  • Biopharmaceutical Acorda Therapeutics (Nasdaq: ACOR  ) will report results on Wednesday instead of Tuesday.
  • Maintenance products distributor MSC Industrial Direct (NYSE: MSM  ) will report results on Wednesday instead of Tuesday.
  • Mortgage insurer Radian Group (NYSE: RDN  ) will report earnings on Thursday instead of Tuesday.
  • Rudolph Technologies (Nasdaq: RTEC  ) , a provider of process characterization equipment and software for wafer fabs and advanced packaging facilities, will report results on Wednesday instead of Monday.
  • Satellite radio provider Sirius XM Radio (Nasdaq: SIRI  ) will report earnings on Thursday instead of Tuesday.
  • Commercial mortgage real estate investment trust Apollo Commercial Real Estate Finance (Nasdaq: APOL  ) will report on Thursday instead of Tuesday.

Other companies, including Burger King Worldwide (NYSE: BKW  ) and Mastercard (NYSE: MA  ) , are reporting as planned. Luggage maker Tumi Holdings (NYSE: TUMI  ) said it will report its third-quarter results on Monday, but canceled its scheduled conference call because of Sandy.

The New York Stock Exchange, Nasdaq, and CME Group in Chicago will remain closed Monday and appears increasingly likely, Tuesday. Trading on the NYSE was last closed on Sept. 11, 2001, and last closed for a weather related event in 1985, for Hurricane Gloria.

If the exchange does remain closed Tuesday, it would be the first weather-related consecutive-day closing since 1888, when a blizzard left drifts of snow as high as 40 feet.

Sandy strengthened before dawn Monday and stayed on a predicted path toward Washington, Baltimore, Philadelphia and New York — putting it on a collision course with two other weather systems that would create a superstorm with the potential for havoc over 800 miles from the East Coast to the Great Lakes.

Lower parts of Manhattan around the Financial District are under mandatory evacuation orders and by early Monday, water was already coming over the banks of Battery Park, just south of the New York Stock Exchange.

Those conditions are expected to worsen over the next two days as a combination of factors causes the storm surge to increase.

The Motley Fool owns shares of MasterCard, MSC Industrial Direct, and Martha Stewart Living. Motley Fool newsletter services recommend Burger King Worldwide, MSC Industrial Direct, and Martha Stewart Living. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2082312, ~/Articles/ArticleHandler.aspx, 7/28/2014 4:39:44 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

TREND TRACKER: Get Rich When the Web Goes Dark

It's time to say "goodbye" to your Internet! One bleeding-edge technology is about to put the World Wide Web to bed. And if you act right away, it could make you wildly rich. Experts are calling it the single largest business opportunity in the history of capitalism… The Economist is calling it "transformative"... but you'll probably just call it "how I made my millions." Big money is already on the move. Don't be too late to the party – find out the 1 stock to own when the Web goes dark.


Advertisement