AfterThe Close…Apple!
Stocks fell
Wednesday.Â
Intel
(
INTC |
Quote |
Chart |
News |
PowerRating) reported earnings that
jumped 96% to $1.76 billion with revenue up 18%. The company projected Q3
revenue to reach at least $8.6 billion but warned of lower gross margins and
increasing inventory levels. After a gap down on the news, the market rallied,
only to sell off beginning mid-day.
New York Times
(
NYT |
Quote |
Chart |
News |
PowerRating) reported earnings
that rose 3.9% to $75.7 million with revenue up 2.7%. The publisher also warned
of a slowdown in advertising growth. Bank of America
(
BAC |
Quote |
Chart |
News |
PowerRating) posted
earnings of $3.85 billion, beating estimates by 12 cents with revenue up 35% to
$13.19 billion. The higher profit included a one-time $795 million securities
gain. According to Reuters, Harrah’s Entertainment
(
HET |
Quote |
Chart |
News |
PowerRating) is close to
a deal to purchase Caesars Entertainment
(
CZR |
Quote |
Chart |
News |
PowerRating) for about $10 billion.
Advanced Micro Devices
(
AMD |
Quote |
Chart |
News |
PowerRating) reported
0.09, in-line, with gross margins of 38%. Apple
(
AAPL |
Quote |
Chart |
News |
PowerRating) reported
0.17, beating by 0.02, and guided in-line. Net income more than tripled; the
company shipped 860,000 iPods last quarter. SanDisk
(
SNDK |
Quote |
Chart |
News |
PowerRating) beat by
0.08 and beat on revenues; gross margins were 35%, beating estimates. The stock
traded up after hours. Furniture Brands
(
FBN |
Quote |
Chart |
News |
PowerRating) said that they would
take a 0.09 – 0.10 charge for the quarter.
| Dow | -38.79 | 10208.80 |
| S&P 500 | -3.67 | 1111.47 |
| Nasdaq | -16.78 | 1914.88 |
Strong today were:
Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) +2.23%,
Energy
(
DXE.X |
Quote |
Chart |
News |
PowerRating) +1.44%, Natural Gas
(
XNG.X |
Quote |
Chart |
News |
PowerRating) +1.21%,
Networking
(
NWX.X |
Quote |
Chart |
News |
PowerRating) +1.16%.
Weak today were:
Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) -4.48%,
Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) -3.29%.
Economic news release include
export prices ex-ag that fell 0.1%, import prices ex-oil was unchanged. Retail
sales dropped 1.1% and retail sales ex-autos dipped 0.2%.
10-year Notes were -010 at
110 250
The dollar
was -0.24 at 87.65
Gold was +1.30 at 404.80
Crude Oil was +1.66 at
41.15
Volume was 1.46 billion
on the NYSE, and 2.11 billion on the Nasdaq.
Market breadth was mixed.
| NYSE | Issues | |
| Advancing | 1572 | Up Vol 578 |
| Declining | 1710 | Down Vol 875 |
| Ratio | 1.08 | 1.51 |
| Nasdaq |
||
| Advancing | 1142 | Up Vol 644 |
| Declining | 1921 | Down Vol 1432 |
| Ratio | 1.68 | 2.22 |
Stocks in the news:
McDonalds
(
MCD |
Quote |
Chart |
News |
PowerRating) said they expect
earnings of 47 cents a share with same-store sales climbing 7.8% — the highest
second quarter same-store sales since 1987.
Juniper Networks
(
JNPR |
Quote |
Chart |
News |
PowerRating)
surged after surprising Wall Street with earnings of 8 cents a share on sales of
$306.9 million. The company also upped its second half of the year sales to $765
million.
Genzyme
(
GENZ |
Quote |
Chart |
News |
PowerRating) reported earnings of $78.2
million with revenue up at $549.6 million. The company also raised FY earnings
to $1.75 a share.
Ericsson
(
ERICY |
Quote |
Chart |
News |
PowerRating) rose after getting a $210
million deal to supply GSM equipment to Swedish telecom VimpelCom
(
VIP |
Quote |
Chart |
News |
PowerRating).
Brice Wightman
bricew@tradingmarkets.com