Soggy Opening As Earnings Keep Coming
Stocks appeared set to open lower as
the earning reports continue to come in.
Knight Trading
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PowerRating) reported Q2
earnings at 3 cents a share, 6 cents below analysts’ estimates.
Teradyne
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PowerRating) announced a Q2 loss
of 12 cents and lowered the company’s guidance for Q3 to a loss to be in the
range of 22 to 32 cents a share.
AOL Time Warner
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PowerRating) reported Q2
earnings of 32 cents a share beating analysts’ consensus by 4 cents.
Tellabs
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PowerRating) announced Q2
earnings fell dramatically to $10 million. Analysts surveyed by Thomson
Financial/First Call expected the company to break even for the quarter.
Johnson Controls
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PowerRating), the maker
of automotive parts announced Q3 earnings of $1.45 a share, beating analysts’
consensus of $1.44 according to a poll taken by Thomson Financial/First Call.
Electronic component manufacturer,
TyCom Ltd
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PowerRating) posted Q3 earnings at 23 cents a share beating analysts’
consensus of 16 cents according to Thomson Financial/First Call.
Tyco International
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PowerRating) reported
Q3 earnings that came in at 72 cents a share, beating analysts’ range of 69 to 71
cents a share for the quarter.
General Dynamics
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PowerRating) announced an
11% increase in Q2 profits. The company reported earnings of $1.12 per share in
line with analysts’ expectations.
Harrah’s Entertatinment
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PowerRating),
missed analysts’ lowered estimates for Q2. The casino operator reported Q2
earnings of 40 cents a share. According to a poll taken by Thomson
Financial/First Call, lowered consensus was for 48 cents a share.
Internet Security Systems
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PowerRating)
posted a Q2 loss of 13 cents a share. Analysts on average were expecting a loss
of 1 cent a share based on research firm Thomson Financial/First Call.
American Express
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PowerRating) said it
will cut between 4,000 and 5,000 jobs and will take a charge up to $1.2 billion.
The company expects earnings for the quarter to be 53 cents per share, in line
with analysts’ expectations.
Coca-Cola
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PowerRating) reported earnings
for Q2 of 45 cents beating analysts’ consensus of 43 cents, according to the
research firm Thomson Financial/First Call.
EMC Corp.
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PowerRating) announced Q2
earnings of 5 cents a share. On July 5, the data storage maker warned earnings
would be between 4 to 6 cents for the quarter.
Intel
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PowerRating) reported Q2 earnings
of 12 cents a share, which were in the top of the range of analysts’ expectations.
Analysts were expecting earnings to be between 8 and 13 cents a share, according
to analysts polled by Thomson Financial/First Call.
Kraft Foods
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PowerRating) said Q2 profits
rose 13.5%. This was the food company’s first earnings report since becoming a
publicly traded company.
Have a great trading day.