Warnings Weigh On Markets
Stocks appeared set to open lower Wednesday as overnight
warnings pressured pre-market action.
After Tuesday’s close, Tellabs
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PowerRating)
announced that Q2 earnings will break even while analyst consensus was for a
29 cent profit. In the same industry Ciena
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PowerRating) was trading lower
in premarket action.
United Airlines
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reported after the bell that they expect a double-digit decline in revenues for
Q2. According to UAL Chairman, James E. Goodman, the slow down is due to higher fuel cost,
increase in labor spending and a worsening economy.
Jabil Circuits
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PowerRating) third quarter
net fell to 16 cents which matched analysts’ lowered expectations according to Thomson
Financial/First Call. Q3 results are 24% lower than the same quarter one year ago.
Teradyne
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PowerRating) annnounced late Tuesday
night that they expect to experience their first loss since 1991.
TER expects to lose between 5 and 10 cents in Q2. Analyst expected a loss of 1
cent according to a survey conducted by Thomson Financial/First Call.
Federated Department Stores
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PowerRating)
announced that they will buy Hawaii’s Liberty House. Terms of the deal
were not disclosed. FD is the parent company of Macy’s and Bloomingdale’s.