These Earnings Will Affect Friday’s Opening
Stocks were mixed on fears over interest rates and unemployment.
Initial claims rose by a surprising 30,000 last week, the biggest jump in a
year.
Citigroup
(
C |
Quote |
Chart |
News |
PowerRating) reported earnings that rose
by 29% to $5.27 billion with revenue up 16% to $21.49 billion. The bank saw
strength in its fixed-income trading business and double-digit growth in all of
its overseas markets.
Apple Computer
(
AAPL |
Quote |
Chart |
News |
PowerRating)
reported earnings that rose more than 200% to $46 million on strong sales of its
iPod music player, with revenue rising to $1.48 billion. Apple expects to earn
12 cents in the third quarter on revenue of $1.925 billion.
Reliance Steel & Aluminum
(
RS |
Quote |
Chart |
News |
PowerRating) said continued
demand is allowing the company to pass along higher prices to its customers due
to rising metal prices. RS posted earnings that quintupled to $29.8 million with
revenue soaring 46% to $655.8 million.
After the bell, IBM
(
IBM |
Quote |
Chart |
News |
PowerRating)
reported in-line at $0.93 a share with sales up 18% at $22.25 billion. Net
profit grew for a fifth straight quarter, but services signings were at the low
end of estimates, which pushed the stock lower in the after market. Sun
Microsystems
(
SUNW |
Quote |
Chart |
News |
PowerRating) missed by a penny; Siebel Systems
(
SEBL |
Quote |
Chart |
News |
PowerRating)
beat by a penny, revenues fell slightly; Eon Labs
(
ELAB |
Quote |
Chart |
News |
PowerRating) announced a
2:1 split; PMC-Sierra
(
PMCS |
Quote |
Chart |
News |
PowerRating) beat by 0.02 and guided Q2 in-line;
Avid Tech
(
AVID |
Quote |
Chart |
News |
PowerRating) beat by 0.08; Cree Research
(
CREE |
Quote |
Chart |
News |
PowerRating) beat by
0.02; CDW Corp.
(
CDWC |
Quote |
Chart |
News |
PowerRating) beat by 0.03; Doubleclick
(
DCLK |
Quote |
Chart |
News |
PowerRating)
was in-line but missed on revenues of $68 million and guided Q2 and Y04 lower;
Aspect Communications
(
ASPT |
Quote |
Chart |
News |
PowerRating) beat by 0.03, missed on revs and guided
in-line; Molex
(
MOLX |
Quote |
Chart |
News |
PowerRating) beat by 0.02 and guided Q4 higher.
Don’t forget, Friday is triple
witching.
| Dow | +19.51 |
10397.46 |
| S&P 500 |
+0.67 | 1128.84 |
| Nasdaq | -22.68 |
2002.17 |
The day’s leading sectors were
Pharmaceuticals
(
DRG.X |
Quote |
Chart |
News |
PowerRating) +3.56%, Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating)
+2.28%, Natural Gas
(
XNG.X |
Quote |
Chart |
News |
PowerRating) +1.98%, and Energy
(
DXE.X |
Quote |
Chart |
News |
PowerRating)
+ 1.65%.
Weak today were Healthcare
(
HMO.X |
Quote |
Chart |
News |
PowerRating) -3.55%, Disk Drives
(
$DDX.X |
Quote |
Chart |
News |
PowerRating) -3.33% and Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) -2.85%.
Economic news releases today:Â
Higher initial claims at 360,000 and NY Empire State Index that rose to 36.05.
10-year Notes were -025
at 111 055
The dollar
was -0.17 at 90.07
Gold was -1.70 at 398.58
Crude Oil was -0.58 at
36.10
Volume was
1,568,771,000 on
the NYSE, and 1,568,771,000 on the Nasdaq.
Market breadth was negative.
| NYSE | Issues | |
| Advancing |
1610 | Up Vol 772 |
| Declining | 1710 | Down Vol 775 |
| Ratio | 1.06 | 1.00 |
| Nasdaq |
||
| Advancing |
1229 | Up Vol 484 |
| Declining |
1986 | Down Vol 1471 |
| Ratio | 1.61 | 3.03 |
Stocks in the news:
TradeStation
(
TRAD |
Quote |
Chart |
News |
PowerRating)
reported earnings that beat estimates by a penny at 8 cents per share or $3.5
million, on revenue that rose 31% to 17.5 million. It reported a 32% increase in
new accounts with daily average revenue trades that doubled year over year.
PepsiCo
(
PEP |
Quote |
Chart |
News |
PowerRating) posted earnings of
$804 million with revenue of $6.13 billion. It increased its soft drink market
share by 0.4%. The company is seeking $2.29 a share for the full year with cash
from operating activities at $4.9 billion.
Continental Airlines
(
CAL |
Quote |
Chart |
News |
PowerRating) halved
its quarterly loss to $124 million despite rising fuel costs. The company
reported a $1.6 billion balance of cash and short-term investments at the close
of the quarter.
Advanced Micro Devices
(
AMD |
Quote |
Chart |
News |
PowerRating)
reported earnings of $45.1 million on revenue of $1.24 billion with strong
demand for its flash memory chips.
Brice Wightman
bricew@tradingmarkets.com