Apple Inc. and Facebook Inc. were both weak as they prepared to release quarterly results later Wednesday, while Intuitive Surgical Inc. slumped as its earnings fell short.
Apple (AAPL) shares slipped 0.5%. The iPhone and iPad maker is expected to report earnings of $10.19 a share when it announces second-quarter results after the bell. "We expect a slight pause in near-term iPhone sales due to the faster global ramp of new models in late 2013 as well as anticipation of the larger form-factor iPhone 6 in second half. We believe AAPL should get a 'pass' on earnings in the first half, but look for upside potential in the second half," said analyst Brian Marshall at ISI in a report.
Facebook Inc. (FB) shares lost 1.2%. The social media company is projected to post first-quarter earnings of 24 cents a share when it reports after the market closes. "We expect solid revenue and EPS results for first quarter, but we prefer other names. Barring a consumer backlash, a mobile ad network would be a big deal for Facebook and others," analyst Evan Wilson at Pacific Crest Securities said.
Gainers
Delta Air Lines Inc. (DAL) shares rose 3.5%. The company said Wednesday its first-quarter adjusted profit rose to $281 million , or 33 cents a share, beating expectations of 29 cents . Passenger revenue increased 5% in the first quarter and the airline company said it expects second-quarter operating margins of 14% to 16%.
FMC Technologies Inc. ( FTI ) shares climbed 6.3%. The offshore oilfield products manufacturer on Tuesday reported first-quarter earnings of 57 cents a share, sharply above 50 cents a share forecast by analysts in a FactSet survey.
Shares of Dr Pepper Snapple Group Inc. (DPS) gained 3.7%. The beverage company on Wednesday said it earned 74 cents a share in the first quarter, better than the average of 59 cents a share projected by analysts.
Decliners
Intuitive Surgical Inc. (ISRG) shares retreated 8.7%. The company late Tuesday reported a decline in first-quarter profit and sales that both missed analyst expectations.
International Game Technology (IGT) shares skidded 8.5%. The slot machine maker on Tuesday reported second-quarter earnings of 10 cents a share, down 66% from a year earlier.
Plug Power Inc. (PLUGD) shares dropped 6.7%. The fuel-cell maker said it would take part in a secondary offering of stock, selling an additional 15 million shares.
Tickers to watch:
GILD: Gilead Sciences Inc. (GILD) shares rose 2.9% after the biotech company reported surprisingly strong sales of its hepatitis C drug Sovaldi, boosting its profit and sales beyond forecasts.
BA: Boeing Co. (BA) shares gained 1.6%. The aircraft maker said Wednesday its first-quarter per-share adjusted profit rose to $1.76 from $1.73 a year earlier as revenue increased to $20.47 billion from $18.89 billion , topping forecasts. Boeing said it expects between $7.15 and $7.35 in adjusted per-share earnings for the full year.
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