Earnings After The Close…
Stocks fell Wednesday as concerns of higher rates and tensions in Iraq
outweighed strong corporate profits.
Corinthian Colleges
(
COCO |
Quote |
Chart |
News |
PowerRating) was lower after reporting a third-quarter
profit of $21.2 million on revenue of $217 million. COO and president Anthony
Digiovanni is also leaving the company. COCO will continue with previously
announced closure of two education centers in California. Plantronics
(
PLT |
Quote |
Chart |
News |
PowerRating)
doubled its earnings to $20.9 million with sales that rose to $121.4 on strong
sales of its mobile and wireless handset.
Boeing
(
BA |
Quote |
Chart |
News |
PowerRating)
earned $623 million on revenue of $13 billion and upped 2005 revenue forecast by
$2 billion to $58 billion with profit expected to exceed 30 cents a share for
2004. McDonalds
(
MCD |
Quote |
Chart |
News |
PowerRating) reported earnings of $511.5 million with
revenue up 16% to $.4 billion. Same-store sales were up 9.4 globally and up
14.2% in the US. A weak dollar and its new healthy menu contributed to the
higher earnings. Nortel Networks
(
NT |
Quote |
Chart |
News |
PowerRating) dropped 26% after it fired CEO
Frank Dunn and two other high-level executives in
connection with an internal probe of the company’s financial
practices.
Comcast
(
CMCSA |
Quote |
Chart |
News |
PowerRating) has dropped their bid to acquire Disney
(
DIS |
Quote |
Chart |
News |
PowerRating). Merrill
Lynch upgrades the stock on the news. Comcast posted earnings of $65 million
with revenue up 9.8% to 4.91 billion. The company said it would continue with
its previously announced share buyback program.Â
^next^
Symantec
(
SYMC |
Quote |
Chart |
News |
PowerRating) was
a penny ahead — $0.35 vs $0.34. For the year the company raised guidance; the
stock traded down after-hours. Openwave
(
OPWV |
Quote |
Chart |
News |
PowerRating) beat by 0.03; LSI
Logic
(
LSI |
Quote |
Chart |
News |
PowerRating) Q1 0.06, beating by a penny, guided lower and sees Q2Â
at 0.01 -0.03. Akamai Technologies
(
AKAM |
Quote |
Chart |
News |
PowerRating) was in-line, ex-items;
Express Scripts
(
ESRX |
Quote |
Chart |
News |
PowerRating) beat by a penny; ON Semi
(
ONNN |
Quote |
Chart |
News |
PowerRating)
missed by 0.03 and guided higher; Time Warner
(
TWX |
Quote |
Chart |
News |
PowerRating) beat by 0.06,
ex-items and beat on revenues; Komag
(
KOMG |
Quote |
Chart |
News |
PowerRating) beat by 0.14 and beat on
revenues but guided Q2 below consensus. InfoSpace
(
INSP |
Quote |
Chart |
News |
PowerRating) missed by
0.02 but beat on revenues; Varian
(
VARI |
Quote |
Chart |
News |
PowerRating) beat by 0.04, ex-items and
guided Q3 below consensus. JDS Uniphase
(
JDSU |
Quote |
Chart |
News |
PowerRating) reported Q3 0.00 vs
(0.01) and guided lower; Millenium Pharmaceuticals
(
MNM |
Quote |
Chart |
News |
PowerRating) beat by
0.14 on lighter revenues.
| Dow | -135.56 |
10342.60 |
| S&P 500 |
-15.70 |
1122.41 |
| Nasdaq | -42.99 |
1989.54 |
Weak today were Amex Gold
Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) -8.60%, Â Gold and Silver
(
XAU.X |
Quote |
Chart |
News |
PowerRating) -7.14%,
BiotechsÂ
(
BTK.X |
Quote |
Chart |
News |
PowerRating) -3.39%.
No Economic news releases
today.
10-year Notes were
-160 at 110 190
The dollar
was +0.80 at 91.43
Gold was -13.20 at
385.40
Crude Oil was -0.33 at
37.20
Volume was 1,836,000,000
on the NYSE, and 2,008,000,000 on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing |
778 | Up Vol 247 |
| Declining | 2500 | Down Vol 1593 |
| Ratio | 3.21 | 6.25 |
| Nasdaq |
||
| Advancing |
654 | Up Vol 269 |
| Declining |
2536 | Down Vol 1734 |
| Ratio | 3.89 | 6.41 |
Stocks in the news:
Bristol-Myers
(
BMY |
Quote |
Chart |
News |
PowerRating) posted
earnings of $964 million on revenue that rose 9.6% to $5.18 billion. Its Blood
clot reduction agent Plavix sales grew 71% to $697 million with its
antipsychotic Abilify sales up 200% to $115 million.
Utility Dynegy
(
DYN |
Quote |
Chart |
News |
PowerRating) posted
earnings of $74 million with revenue also down 12% to $1.66 billion.
Flextronics International
(
FLEX |
Quote |
Chart |
News |
PowerRating)
reported earnings of $16 million with sales up to $3.77 billion.
Kerr-McGee
(
KMG |
Quote |
Chart |
News |
PowerRating) reported
first-quarter net income of $152.2 million on high commodity prices with revenue
up to $1.12 billion.
Brice Wightman
bricew@tradingmarkets.com