Stocks To Open Up
U.S. shares led by tech appeared
headed higher at Thursday’s open after a strong report from telecommunications
equipment maker Ciena.
Before the open, Ciena
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said its fiscal Q2 earnings before charges and other items more than tripled. The
maker of fiber-optic gear said adjusted net income, excluding its Cyrus
acquisition and payroll taxes on stock option exercises, rose to 20 cents a
share vs. 6 cents a share, in the year-ago period and First Call’s consensus
estimate of 16 cents. Revenue surged to $425.4 million from $185.7 million.
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Discount chain Kmart
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net loss of 5 cents a share, in the May 2 first quarter quarter vs. a year-ago
profit of 6 cents. Stripping out a charge for employee severance and a voluntary
early retirement program, the company reported a loss of 2 cents. Analysts
estimates averaged 7 cents a share.
Oracle
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by its guidance for flat Q4 profits but said demand would start to recover
by the end of the year. Estimates average 15 cents for Q4.
Hewlett-Packard
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overnight that its second-quarter net profit fell, citing among other factors, economic weakness. The company weighed in with a quarterly profit of 18 cents a
share vs. 43 cents a year ago and consensus expectations of 15 cents.
Children’s Place Retail Stores
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reported first-quarter earnings of 48 cents a share vs. 36 cents a year ago and
estimates averaging 45 cents.
Remember that all stocks are
speculative. On any new trade, be sure to limit your position size and set a
protective price stop where you will sell your buy or cover your short to
protect yourself against severe losses. For an introduction to combining price
stops with position sizing, see Loren Fleckenstein’s lesson, Risky
Business.