Futures Point To A Flat Open
Futures Remain Near Flat Line, Boeing Earnings
Help Dow – U.S. Commentary
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Though Boeing’s earnings have helped give a more positive indication to the Dow,
the futures remain relatively flat early on Wednesday.
Boeing (BA) announced earnings for the second quarter of $0.70 per share, after
a charge of $0.09 per share for the sale of Wichita and Tulsa operations. In the
same period last year, the company earned $0.75 per share. Wall Street analysts
had expected a profit of $0.61 per share. Looking ahead, Boeing projected a
profit for 2005 of $2.75-$2.85 per share on revenue of about $58 million.
Sprint (FON) revealed adjusted earnings for the second quarter of $0.42 per
share, up from $0.21 per share last year. The company said revenues for the
period rose 4% to $7.1 billion. The company, which is in the process of closing
its acquisition of Nextel (NXTL), also raised its guidance for the full year,
saying it now expects full-year revenue growth of 3%-4%.
Kerr-McGee (KMG) reported a second-quarter adjusted profit of $2.65 per share,
up from $1.09 per share last year and above the $2.30 per share projected by
analysts. The company said revenues for the period were $1.8 billion, up 70%
from last year’s mark. Kerr-McGee stated that the separation of its chemical
business remains on track, and it anticipates making a decision on a sale or IPO/spinoff
during the third quarter.
Helped by earnings-related enthusiasm, Japanese stocks jumped higher on
Wednesday, reversing last Friday’s weakness after a couple of days of lackluster
trading. Wednesday’s advance allowed Japan’s main equity index to record its
highest close in more than 3 months. The Japanese Nikkei 225 index climbed 97.12
points to close at 11,835.08. Stocks were higher throughout the rest of Asia as
well, with Hong Kong’s Hang Seng index rising 31.93 points to 14,801.86.
Chubb Corp. Exceeded The Q2 Consensus –
Stock To Watch
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Chubb Corp. (CB) reported second quarter EPS of
$2.28 after the close on Tuesday, which beat the consensus estimate of $2.03.
Full year 2005 EPS is expected to come in between $8.30 and $8.70, compared to
the consensus estimate of $8.17.
Chubb Corp. climbed to the upside around 10:30 Tuesday morning and finished
higher by 0.25 at $87.25. The stock has been moving in a narrow range for the
last 2 1/2 weeks at the highs of the year.
Electronic Arts Inc. – Stock To Watch
Following Q1 Report
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Electronic Arts Inc. (ERTS) reported a first
quarter EPS loss of $0.18 after the close on Tuesday, compared to the consensus
estimate of a loss of $0.24. The company expects to report second quarter EPS
between break-even and $0.05 and full year 2006 EPS of $1.45 to $1.60. The
consensus estimates are for EPS of $0.01 and $1.63 respectively. The stock is
now down 1.60 on light volume Wednesday morning on Instinet.
Electronic Arts Inc. gapped down and moved lower until around 10:45 Tuesday
morning and closed down by 2.90 at $59.00. The stock dipped to a 6-session low.
Boeing Co. – UPDATE – Trading Higher On Q2
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We alerted readers at 7:31 that Boeing Co. (BA)
reported second quarter EPS of $0.70, which topped the consensus estimate of
$0.61. Revenues increased to $15.02 billion, from the $13.08 billion reported
last year. The stock is now up 1.38 on 3K shares Wednesday morning on Instinet.
Boeing Co. gapped up Tuesday morning, but moved in a range for the bulk of the
session, to close higher by 0.30 at $66.35. The stock climbed above resistance
to close at a new 52-week high.
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Garmin Ltd. – UPDATE – Climbing Higher On Q2
Earnings
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We alerted readers at 7:06 that Garmin Ltd. (GRMN)
reported second quarter EPS of $0.69, which topped the consensus estimate of
$0.58. Full year 2005 EPS is expected to come in between $2.43 and $2.48,
compared to the consensus estimate of $2.38. The stock is now up 2.42 on 20K
shares Wednesday morning on Instinet.
Garmin Ltd. moved to the upside in the first hour of Tuesday’s session and
climbed further around mid-afternoon, to close higher by 1.28 at $52.57. The
stock rose above a one-week range to close at over a 4 1/2 month high.
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