Earnings After The Close…
Stocks
were mixed, with no follow through from yesterday’s rally, with
telecoms and energy stocks lagging. Stocks fell early on new terror warnings but
recovered in the afternoon. Oil prices
remained strong after the Energy department reported crude inventory levels were
unchanged for the week ended May 21 at 298.9 million barrels; gasoline
inventories declined by 700,000 barrels to 203 million barrels.Â
AutoZone
(
AZO |
Quote |
Chart |
News |
PowerRating)
reported a profit of $143.4 million on revenue of $1.36 billion. Same-store
sales rose a disappointing 2%. The company warned that higher commodity prices
may cut into margins next quarter. Tivo
(
TIVO |
Quote |
Chart |
News |
PowerRating) reported a wider loss
of $9.1 million but showed strong growth, adding 264,000 subscriptions –Â
three times the number added in a year ago. Revenue grew to $34.5 million from
$28.5 million. PeopleSoft’s
(
PSFT |
Quote |
Chart |
News |
PowerRating) board rejected Oracle’s
(
ORCL |
Quote |
Chart |
News |
PowerRating)
lowered bid of $21 per share.
United Airlines
(
UAL |
Quote |
Chart |
News |
PowerRating) will add $5 each way to its existing $10 fuel
surcharge.
After the close, Veritas
(
VTS |
Quote |
Chart |
News |
PowerRating) beat by 0.08 and beat on revenues; Dollar Tree
(
DLTR |
Quote |
Chart |
News |
PowerRating) beat
by 0.02 with revenues in-line; Openwave
(
OPWV |
Quote |
Chart |
News |
PowerRating) beat by a penny;
Michael’s Stores
(
MIK |
Quote |
Chart |
News |
PowerRating) beat by 0.05; Tech Data
(
TECD |
Quote |
Chart |
News |
PowerRating) beat
by 0.10.
| Dow | -7.73 | 10109.89 |
| S&P 500 | +1.89 | 1114.94 |
| Nasdaq | +11.50 | 1976.15 |
Strong today were Disk
Drives
(
DDX.X |
Quote |
Chart |
News |
PowerRating) +1.64% Networking
(
NWX.X |
Quote |
Chart |
News |
PowerRating) +1.47% and
Biotechs
(
BTK.X |
Quote |
Chart |
News |
PowerRating) +1.42%.
Weak today were Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) -1.72%, Energy
(
DXE.X |
Quote |
Chart |
News |
PowerRating) -1.06%
Economic news releases today
include durable orders for the month of April that fell 2.9% and new home sales
weaker than expected at 1093K units.
The dollar
was -0.02 at 89.82
Gold was -1.00 at 387.80
Crude Oil was -0.51 at
40.70
Volume was 1.36 billion
on the NYSE, and 1.6 billion on the Nasdaq.
Market breadth was positive.
| NYSE | Issues | |
| Advancing | 2099 | Up Vol 804 |
| Declining | 1203 | Down Vol 544 |
| Ratio | 1.74 | 1.47 |
| Nasdaq |
||
| Advancing | 1845 | Up Vol 1184 |
| Declining | 1282 | Down Vol 402 |
| Ratio | 1.43 | 2.94 |
Stocks in the news:
Computer Associates
(
CA |
Quote |
Chart |
News |
PowerRating) reported earnings of $89
million on revenue of $775 million amid DOJ and SEC accounting investigations.
The company is expecting software bookings to grow about 30% with revenue to
reach $865 million.
Eyetech Pharmaceuticals
(
EYET |
Quote |
Chart |
News |
PowerRating) rose after
announcing the FDA advisory committee would review its Macugen drug application.
Boeing
(
BA |
Quote |
Chart |
News |
PowerRating) is lower after the Pentagon decided to
delay a $23.5 billion aerial refueling tanker program.
Comcast
(
CMCSA |
Quote |
Chart |
News |
PowerRating) said they would
offer telephone service to more than 40 million households starting in 2006
using the VOIP technology.
Brice Wightman
bricew@tradingmarkets.com