Here’s What May Take A Bite Out Of Corporate Earnings This Quarter
Stocks
are lower on news of higher energy costs. Oil
prices jumped to an 11-month high on Friday with US Crude
(
CLH4 |
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PowerRating) retreating
from Thursday’s $36 per barrel. BEA Systems
(
BEAS |
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PowerRating) reported higher
revenue and income, both up 12%. Revenue came in at $278.1 million with net
income at $39.3 million. BEAS expects next-quarter revenue to be about $265
million. According to the National Police Agency, Japan tightened security at
650 vital facilities around the country on possible terrorist attacks. The
dollar rose vs. the yen
(
JPY |
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News |
PowerRating) to $108.75 on the news.
Razor-maker Gillette
(
G |
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PowerRating) was upgraded by
Prudential after the company affirmed its previous annual sales growth target of
4%.
| Dow | -48.44 |
10615.33 |
| S&P 500 |
-4.22 | 1142.76 |
| Nasdaq | -15.31 |
2030.66 |
The day’s leading sectors are
Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) +0.49%, Oil
(
XOI.X |
Quote |
Chart |
News |
PowerRating) +0.13%, and
Energy
(
DXE.X |
Quote |
Chart |
News |
PowerRating) +0.09%.
Weak today are Amex Gold
Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) -3.08%, and Networking
(
NWX.X |
Quote |
Chart |
News |
PowerRating) -2.55%,
Economic news releases included
a much higher Consumer Price index, up 0.5%. The CPI index excluding volatile
food and energy prices rose by 0.2%
10-year Notes are -70
at 114 190
The dollar
is +1.21 at 87.25
Gold is -8.90 at 401.14
Crude Oil is -0.43 at
35.57
The euro
is +1.10 at 126.90
Volume is 711,000,000 on
the NYSE, and 990,000,000 on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 988 | Up Vol 137 |
| Declining | 2151 | Down Vol 552 |
| Ratio | 2.31 | 3.95 |
| Nasdaq | ||
| Advancing | 959 | Up Vol 251 |
| Declining | 2043 | Dow Vol 711 |
| Ratio | 2.20 | 2.84 |
Top Dow stocks are:
Microsoft [MSFT|MSFT],
+0.86% at 26.70, Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating), +0.71% at 58.81, 3M [MMM|MMM]
+0.65% at 79.62, and Boeing [BA|BA],
+0.42% at 44.71.
Stocks in the news:
Broadcom
(
BRCM |
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Chart |
News |
PowerRating) raised
first-quarter numbers on strong demand for its mobile communications and
broadband and wireless products. BRCM now expects a 17% increase or $560
million in revenue over fourth-quarter levels.
Univision
(
UVN |
Quote |
Chart |
News |
PowerRating) reported a 62%
increase in profit, $58.9 million on revenue of $408.1 million. The company
expects revenue for the first quarter to increase by high single to low
double-digit percentages with earnings to increase 8 cents.
Cobra Electronics
(
COBR |
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Chart |
News |
PowerRating)
reported a better quarter with earnings rising 50% to $1.5 million on revenue of
$42.6 million. The lower revenue came from increased competition in the two-way
radio sector. The company didn’t provide specific next-quarter numbers but
cautioned investors that sales will be “slightly less.”