Juniper’s Earnings
Stocks were
sharply lower Thursday.
The major indices sold off despite Yahoo’s
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in line second-quarter results. Yahoo topped estimates on both revenues and
earnings but the stock is selling off on valuation concerns. Shares of Yahoo
have doubled since the beginning of the year. Economic data showing a
still-struggling job market didn’t help either. Retail issues were lower
today despite higher monthly comparable same-store sales from Wal-Mart
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J.C. Penney
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The Dow Jones Industrial
Average
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$INDU.X |
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PowerRating) fell 120.17 at 9,036.04. The S&P 500
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$SPX.X |
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dropped 13.54 at 988.67. The Nasdaq
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$COMPQ |
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1715.69.
The day’s leading sectors wasGold
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$XAU.X |
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PowerRating),
+0.36%
Weak today was Internet
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$INX.X |
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$SOX.X |
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$OSX.X |
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-3.00%.
In economic news, Export
Prices in Jun (excluding agriculture) fell 0.1%. Import Prices in June
(excluding oil) rose 0.5%. Initial Jobless Claims for the week ended
7/05/2003 rose by 5,000 to 439,00 compared to expectations of 420,000. The less
volatile four week moving average rose by 1,000 to 426,750.
The 10-year U.S. Note
was +085 at 116 195.
The dollar was -0.22 at
95.67
Gold was -0.80 at 345.40.
Crude Oil -0.03 at
31.03.
Volume was
1,446,297,000
on the NYSE, and 1,738,283,000 on the Nasdaq.
Market breadth was negative, with NYSE declining issues over advancing
issues by a ratio of 2.43, and down volume over up volume by a 4.73 ratio. Nasdaq declining issues over advancing issues is at
1.99, and down volume over up volume is at 4.81 ratio.
Stocks in the news:
After the bell, Juniper
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JNPR |
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beat estimates by a penny, reporting .03 vs .02 estimate and .02 a year ago.
Pepsico
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PEP |
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higher after reporting second-quarter results in line with estimates.
The company reported earnings of 58 cent a share compared to 48 cents a share
during the same period a year ago. Pepsico also backed its full year 2003
estimates of $2.16 to $2.19 a share.
Abbott Laboratories
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ABT |
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PowerRating)
was lower after the company reported second-quarter results excluding
items in line with estimates. However the company lowered its third-quarter
forecast to 52 to 54 cents a share compared to estimates of 55 cents a share.
Moreover Abbott did back its full-year forecast of $2.20 to $2.25 a share.
Coinstar
(
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fell after the company ended a nine-year
relationship with Safeway
(
SWY |
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PowerRating). As a result, the company now sees full year
results to come in between 74 to 85 cents a share compared to estimates of 96
cents a share.
Genentech
(
DNA |
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PowerRating) was
fractionally higher after the company reported second-quarter results that
topped analysts’ estimates. The company earned 31 cents a share or 5 cents above
consensus estimates. For the same period last year, the company reported a loss
of 41 cents a share.
Kohls
(
KSS |
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PowerRating) rose after the company lowered its second-quarter
forecast. The retailer now expects earnings between 30 and 32 cents a share
compared to consensus estimates of 39 cents a share.
Yahoo!
(
YHOO |
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News |
PowerRating) was
lower despite reporting second-quarter results in line
with estimates. The company reported results of 8 cents a share compared to 3
cents a share during the same period a year ago. Quarterly revenues of $321
million also topped estimates of $314 million. However, the shares are down on
valuation concerns.
If you have any comments or questions, please
feel free to email me.