From Briefing.com: 4:50PM Apple drops ~24 pts to $294 in after-hours upon resumption of trading... call to begin in 10 minutes at 17:00 ET (AAPL) 318.00 +3.26 :
4:48PM Microsoft dips ~0.50 on 16:45 headline regarding departure of Chief Software architect, now at 25.20 in after-hours (MSFT) 25.82 +0.28 :
4:35PM Apple beats by $0.56, beats on revs; guides Q1 EPS below consensus, revs above consensus (AAPL) 318.0 +3.26 : Reports Q4 (Sep) earnings of $4.64 per share, $0.56 better than the Thomson Reuters consensus of $4.08; revenues rose 66.6% year/year to $20.34 bln vs the $18.9 bln consensus. AAPL reports Q4 gross margins of 36.9% vs Street est of 38.1%. Apple reports 4.19 mln iPads sold in Q4 vs Street est of ~4.7 mln; 9.05 mln iPods sold in Q4 vs Street est of ~9.5 mln; 14.1 mln iPhones sold in Q4 vs Street est of ~11.4 mln; 3.89 mln Macs sold in Q4 vs Street est of ~3.8 mln... Co issues mixed guidance for Q1, sees EPS of $4.80 vs. $5.06 Thomson Reuters consensus; sees Q1 revs of $23.0 bln vs. $22.34 bln Thomson Reuters consensus... "iPhone sales of 14.1 million were up 91 percent year-over-year, handily beating the 12.1 million phones RIMM sold in their most recent quarter. We still have a few surprises left for the remainder of this calendar year... We're thrilled with the performance and strength of our business, generating almost $5.7 billion in cash flow from operations during the quarter. (Stock is halted; resumption time set for 16:50)
4:11PM IBM beats by $0.07, reports revs in-line; guides FY10 EPS above consensus (IBM) 142.83 +1.77 : Reports Q3 (Sep) earnings of $2.82 per share, $0.07 better than the Thomson Reuters consensus of $2.75; revenues rose 3.0% year/year to $24.27 bln vs the $24.13 bln consensus. Co reported Q3 gross margin of 45.3% vs 46.0% Thomson Reuters consensus. Co issues upside guidance for FY10, sees EPS of at least $11.40 vs. $11.30 Thomson Reuters consensus; up from prior guidance of "at least $11.25." "In the third quarter we grew revenue in our hardware, software and services businesses, expanded margins and again increased earnings per share at double digits... We achieved excellent performance in our growth markets unit, reflecting sustained investments through the downturn and the continued strength of the infrastructure build-out in these countries... Looking ahead, we are uniquely positioned in the enterprise, investing in high value segments like business analytics, advanced systems and smarter planet solutions. As a result, we are confident we can deliver strong business performance to grow profit, return value to our shareholders and to achieve full-year 2010 diluted earnings per share of at least $11.40." IBM ended the third-quarter 2010 with $11.1 billion of cash on hand and generated free cash flow of $3.2 billion, down approximately $200 million year over year.
9:02AM First Solar Increases Revolving Credit Facility to $600 million (FSLR) 144.56 : Co announced that it has amended its existing senior secured revolving credit facility, increasing it from $300 million to $600 million. The term of the facility, which was oversubscribed, has been extended from three to five years and will mature in 2015. First Solar intends to use the facility for general corporate purposes, including the issuance of letters of credit.
09:37 am C Q3 Earnings Beat Expectations (C)
Citigroup (C 4.01 +0.06) reports third quarter earnings of $0.07 per share, $0.01 better than the Thomson Reuters consensus of $0.06.
Revenues fell 5.7% year-over-year to $20.74 billion versus the $21.15 billion consensus.
Citigroup income from continuing operations, which excludes an $800 million pre-tax ($435 million after-tax) loss on the previously-announced sale of The Student Loan Corporation, was $2.6 billion. Net income was down $529 million, or 20%, from the second quarter 2010, mainly driven by the loss on the previously-announced sale of SLC, as well as Securities and Banking, which declined 17%. Revenues were primarily driven by Local Consumer Lending and Securities and Banking.
Citicorp Latin America and Asia revenues were up 7% and 1%, respectively, from the prior quarter, while North America and EMEA revenues declined 6% and 2%, respectively. Provisions for credit losses and for benefits and claims declined $746 million sequentially to $5.9 billion, the lowest level since the second quarter of 2007. Expenses of $11.5 billion decreased $346 million, or 3%, from the prior quarter.
Citi's maintained a Tier 1 Common ratio of 10.3% at the end of the third quarter 2010. Citigroup net credit losses declined $303 million, or 4%, sequentially to $7.7 billion, reflecting continued improvement across most consumer portfolios. Citigroup's allowance for consumer loan losses was $37.6 billion, down $2.0 billion from the prior quarter. The net release of allowance for loan losses and unfunded commitments was $2.0 billion, compared to $1.5 billion in the quarter. The net reserve release in the current quarter was $1.4 billion for consumer loans and $575 million for corporate lo unfunded lending commitments.
4:15 pm : A big rebound by bank stocks on the back of an upbeat report from Citigroup helped drive the broader market markedly higher Monday.
Citigroup (C 4.17, +0.22) not only posted bigger-than-expected bottom line results, but also reported reduced credit provisions. That, along with a good conference call, helped overshadow a light revenue figure. The stock rallied for its best single-session percentage gain since a 7% surge in April on the strongest volume of any other stock in the S&P 500.
Strength in C helped drive buying among bank stocks, such that the KBW Bank Index bounced to a 3.0% gain after it booked a 4.5% loss last week.
Strength among bank stocks boosted the broader financial sector to a 2.3% gain, which was the best gain of any major sector.
Energy stocks handed back some of their gains just ahead of the close as Halliburton (HAL 34.09, -1.73) was hammered amid disappointment over its third quarter earnings report. However, BP (BP 41.49, +0.87) provided leadership amid news that it has agreed to sell its upstream businesses and associated interests in Venezuela and Vietnam to TNK-BP for $1.8 billion. A 2.3% spike in crude oil prices, which settled a bit above $83.00 per barrel, also helped the sector. Energy stocks collectively advanced 0.8%.
While the broader market was able to book a strong gain and settle near its session high, retailers failed to rally. They settled the day with a collective loss of 0.5% as JC Penney (JCP 33.30, -0.57) dropped in response to a short-term stockholder rights plan that is likely intended to fight off institutional control.
Semiconductor stocks also slumped in the face of broader market strength. They shed 0.7% on the session, and hampered the Nasdaq in the process.
Treasuries also put in a strong session, but they pulled back a bit into the close. Still, the benchmark 10-year Note settled about 15 ticks higher with its yield quoted at 2.51%.
The dollar had less of an impact on trade than it has had in recent weeks. It was up 0.8% at its overnight high, but finished with a 0.1% loss. The reversal was never met with much of a response by market participants.
Data also had a little role in this session's trade. Participants were generally unmoved in news that September industrial production unexpectedly fell 0.2% and capacity utilization remained just shy of 75%. Separately, net Long-term Treasury International Capital Flow for August doubled month-over-month to $128.7 billion.
Trading volume was unimpressive again as fewer than 1 billion shares were exchanged on the NYSE. That comes after Friday's total hit 1.42 billion shares, the second highest sum since mid-July.
Advancing Sectors: Financials (+2.3%), Health Care (+0.9%), Utilities (+0.9%), Energy (+0.8%), Telecom (+0.7%), Tech (+0.5%), Consumer Staples (+0.3%), Materials (+0.3%), Industrials (+0.1%)
Declining Sectors: Consumer Discretionary (-0.2%)DJ30 +80.91 NASDAQ +11.89 NQ100 +0.3% R2K +1.0% SP400 +0.6% SP500 +8.52 NASDAQ Adv/Vol/Dec 1727/1.74 bln/893 NYSE Adv/Vol/Dec 1995/995 mln/1021
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