Look At These Earnings!
Stocks were
higher, with tech stocks leading the charge.
All major indices climbed on stronger volume.
Positive economic reports started the day, along with a pullback in oil. The Dow
and the S&P could make their first up-week since June 18. The Russian Ministry
of Justice lifted a previously imposed ban on Yukos’ property transactions Yukos
produces 1.7 million bpd. Oil giant Exxon Mobil
(
XOM |
Quote |
Chart |
News |
PowerRating) reported
Q2 earnings that rose 39% to $5.79 billion with a 24% rise in revenue on high
oil prices and demand. Its daily crude oil output rose to 4% with daily average
oil and gas production at 4.08 million barrels. XOM closed at an all-time high
of 46.10.
TXU Corp
(
TXU |
Quote |
Chart |
News |
PowerRating)
reported a loss of $600 million on one-time charges that exceed $1 billion that
related to share buyback and restructuring transactions. The company upped its
earnings outlook to $2.60 a share as its operating revenue rose 6.8% to $2.3
billion for the quarter. Aetna
(
AET |
Quote |
Chart |
News |
PowerRating) rose after posting earnings of
$286 million with revenue rising 9% to $4.9 billion.
The SEC is investigating
Krispy Kreme’s
(
KKD |
Quote |
Chart |
News |
PowerRating) franchise repurchases; shares fell 10%. The stock
is at its lowest level in almost three years, closing down 3.01 to 15.65.
After the bell, KLA-Tencor
(
KLAC |
Quote |
Chart |
News |
PowerRating) reported Q4 of 0.48, beating by 0.03 and beat on revenues. The net
was $96 million on $450 million revenue. Adaptec
(
ADPT |
Quote |
Chart |
News |
PowerRating) beat by 0.02
but was light on sales. Thoratec
(
THOR |
Quote |
Chart |
News |
PowerRating) beat and guided higher; the
stock traded up after hours. Multimedia Games
(
MGAM |
Quote |
Chart |
News |
PowerRating) missed by 0.02
and missed on revenues; the stock traded down after hours. THQ Inc.
(
THQI |
Quote |
Chart |
News |
PowerRating)
beat by a penny. Gilead
(
GILD |
Quote |
Chart |
News |
PowerRating) reported Q2 GAAP of 0.49
vs. an estimate of $ 0.46; product revenue was up 36%, beating estimates; the
results included an after-tax gain of $1.6 million. The stock traded up after
hours. Varian Medical
(
VAR |
Quote |
Chart |
News |
PowerRating) beat by 0.02; NetGear
(
NTGR |
Quote |
Chart |
News |
PowerRating)
beat by 0.03. American Power
(
APCC |
Quote |
Chart |
News |
PowerRating) missed by 0.07 but beat on
revenues.
| Dow | +12.17 | 10129.24 |
| S&P 500 | +5.01 | 1100.43 |
| Nasdaq | +22.80 | 1881.06 |
Strong today were:
Healthcare
(
HMO.X |
Quote |
Chart |
News |
PowerRating) +4.00%, Internet
(
GIN.X |
Quote |
Chart |
News |
PowerRating) +3.13%,
Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) +2.92%, Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) +2.44%.
Economic news releases today
include: Employment cost index that rose by 0.9%, initial claims higher at 345K,
and help wanted index at 38.
10-year Notes were +045
at 109 310
The dollar
was +0.20 at 89.97
Gold was -2.10 at 387
Crude Oil was -0.12 at
42.78.
Volume was 1.5 billion
on the NYSE, and 1.7 billion on the Nasdaq.
Market breadth was positive
| NYSE | Issues | |
| Advancing | 2262 | Up Vol 980 |
| Declining | 1023 | Down Vol 398 |
| Ratio | 2.21 | 2.46 |
| Nasdaq |
||
| Advancing | 1970 | Up Vol 1227 |
| Declining | 1085 | Down Vol 341 |
| Ratio | 1.81 | 3.59 |
Stocks in the news:
Georgia-Pacific
(
GP |
Quote |
Chart |
News |
PowerRating) reported
earnings of $220 million with revenue up 6.2% to $5.19 billion.
Raytheon
(
RTN |
Quote |
Chart |
News |
PowerRating) posted a net loss of $108 million
with sales up 11% to $4.9 billion. Its government and defense production
backlog exceed $29.5 billion.
Taro Pharmaceutical
(
TARO |
Quote |
Chart |
News |
PowerRating)
tanked after missing earnings forecasts by a wide margin, with a loss of $8.9
million vs. estimates of 44 cents a share by Thomson First Call.
General Motors
(
GM |
Quote |
Chart |
News |
PowerRating) fell after receiving downgrades
from Lehman Brother and Goldman Sachs.
Brice Wightman
bricew@tradingmarkets.com