Here’s What Novellus Reported After The Close
Stocks rose as investors begin banking that first-quarter earnings will meet
or exceed expectations. In
one of the busiest weeks of the quarterly reporting
season, 70
companies will report, including
(
JNJ |
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PowerRating),
(
MER |
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PowerRating),
(
INTC |
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PowerRating),
(
APPL |
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PowerRating),
(
AMD |
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PowerRating) and
(
EMC |
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PowerRating).
Gasoline hit another record
high, to a national average of $1.786/gallon. The U.S. Energy Information
Administration said that this is up 0.19 from this time last year.
Bank of America
upgraded Comcast
(
CMCSA |
Quote |
Chart |
News |
PowerRating) to “buy” and raised its price target to
$41 on favorable industry fundamentals. The banker believes Comcast will walk
away from Disney’s
(
DIS |
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News |
PowerRating) proposed acquisition and excel without
Disney.
Gannett
(
GCI |
Quote |
Chart |
News |
PowerRating)
reported earnings of $274.4 million on strong ad growth, with revenue rising 11%
to $1.73 billion. Its TV division showed a 7% increase in revenue and its
newspaper division reported a 12% increase in revenue. Abbott Laboratories
(
ABT |
Quote |
Chart |
News |
PowerRating) traded lower after a downgrade from JP Morgan due to increased concern
over generic competition on some of its products.
After the close, Novellus
(
NVLS |
Quote |
Chart |
News |
PowerRating) reported 0.12 vs a 0.10 estimate, ex-items, beating estimates. Net
was $16.17 million on $263 million revenues that rose 10% year/year. The stock
traded higher after the close.
| Dow | +73.53 |
10515.56 |
| S&P 500 |
+5.90 | 1145.22 |
| Nasdaq | +12.60 |
2065.48 |
The day’s leading sectors were
Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) +2.37%, Energy
(
DXE.X |
Quote |
Chart |
News |
PowerRating) +2.00%,
Oil Index
(
XOI.X |
Quote |
Chart |
News |
PowerRating) +1.72%, and Natural Gas
(
XNG.X |
Quote |
Chart |
News |
PowerRating) +1.14%.
Weak today were REITs
(
DJR.X |
Quote |
Chart |
News |
PowerRating)
-4.79%, and Amex Gold Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) -1.08%.
10-year Notes were -085 at
112 130
The dollar
was -0.09 at 88.95
Gold was -1.01 at 419.48
Crude oil was +0.71 at
37.84
Volume was
1,102,178,000 on
the NYSE, and 1,500,449,000 on the Nasdaq.
Market breadth was positive.
| NYSE | Issues | |
| Advancing |
1669 | Up Vol 610 |
| Declining | 1621 | Down Vol 482 |
| Ratio | 1.02 |
1.26 |
| Nasdaq |
||
| Advancing |
1835 | Up Vol 1039 |
| Declining |
1356 | Down Vol 420 |
| Ratio | 1.35 |
2.47 |
Stocks in the news:
Advanced Micro Devices
(
AMD |
Quote |
Chart |
News |
PowerRating)
has settled a microprocessor patent suit with Intergraph. AMD will pay
Intergraph a maximum of $25 million. JMP Securities also raised its estimates,
citing better margins.
Entergy
(
ETR |
Quote |
Chart |
News |
PowerRating) lowered its
first-quarter earnings estimates to 85 cents a share, citing lower profits from
its energy marketing and trading partnership.
DuPont
(
DD |
Quote |
Chart |
News |
PowerRating) will cut
3,500 jobs–representing 6% of its workforce–as part of a previously announced
plan to reduce costs by $900 million.
Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating) has settled
InterTrust’s patent suit over anti-piracy technology for digital music and
movies for $440 million.
Brice Wightman
bricew@tradingmarkets.com