Half-Time Earnings Report
Stocks were lower Friday,
with the
Dow closing at the lows of the year.
Crude oil topped $55.
In its first report as a public company, Google
(
GOOG |
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PowerRating)
reported 0.70, ex-items, vs. a 0.56 estimate. (Non-GAAP 0.45). The company
stated it would not be offering guidance. GOOG has doubled since its
August IPO, trading up 23% today. On a forward-looking P/E basis, GOOG is
trading at 45. Compare this to AMZN (29), EBAY (62) and YHOO (72).
So far this quarter, 255 S&P companies have
reported. Average earnings this quarter are higher by 15.2%; the average company
beats by 2.2%. Basic materials are the strongest at 73% earnings growth,
followed by energy, +48%, and technology, +38%.
Microsoft
(
MSFT |
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reported $0.32 vs. a $0.30 estimate. Revenue was $9.19 billion vs $8.99 billion
estimate.
Amazon
(
AMZN |
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with revenue of $1.46 billion, in-line.
Coca-Cola
(
KO |
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revenues were $5.66 billion.
Schlumberger
(
SLB |
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The Dreamworks IPO will price next
Wednesday.
| Dow | -107.95 | 9757.81 |
| S&P 500 | -10.75 | 1095.74 |
| Nasdaq | -38.48 | 1915.14 |
Strong sectors were: Healthcare Providers
(
HMO.X |
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PowerRating) +0.82%, Utilities
(
UTY.X |
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PowerRating) +0.85%, Oil
(
XOI.X |
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PowerRating) +0.30%.
Weak sectors were:Â Internet
(
GIN.X |
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PowerRating)
-4.17%
Semis
(
SOX.X |
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PowerRating) -3.37%, Biotech
(
BTK.X |
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PowerRating) -2.15%.
10-year notes were: +050
at 113 235
The dollar was -0.15 at
85.86
Gold was +0.90 at 424
Crude Oil was +0.68 at 55.15
1.7 billion on the Nasdaq.
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 1209 | Up Vol 438 |
| Declining | 2050 | Down Vol 875 |
| Ratio | 1.69 | 1.99 |
| Nasdaq |
||
| Advancing | 986 | Up Vol 348 |
| Declining | 2025 | Down Vol 1261 |
| Ratio | 2.05 | 3.62 |
Stocks in the News
Watch Vivendi
(
V |
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PowerRating) and Time Warner
(
TWX |
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PowerRating) as Eliot Spitzer
turns his focus on the record industry.
Broadcom
(
BRCM |
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PowerRating) beat by 0.02 but sees a see drag on orders.
KLA-Tencor
(
KLAC |
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PowerRating) beat by a penny but said that the current
quarter would slow down.
Brice Wightman