Nike profit drops 8%, shares fall in late trade(4:34 pm ET) SAN FRANCISCO (MarketWatch) -- Nike, Inc. (NKE: news, chart, profile) reported after the close Thursday its fiscal fourth-quarter results profit fell 8% to $549 million, or $1.17 a share, from $594 million, or $1.24 a share a year ago. Revenue for the three months ended May 31 is up 12% to $6.47 billion from $5.77 billion a year ago. A FactSet poll of analysts had earnings per share expectations for the Beaverton, Ore.-based sports apparel, footwear and equipment company at $1.37 a share on $6.51 billion in revenue. Future orders, an important measure for the company, rose 7% compared with a year ago. In after-hours trade, shares fell 10% to $87.19.
RIM swings to loss; launch of BB10 delayed(4:28 pm ET) SAN FRANCISCO (MarketWatch) - Research In Motion Ltd. said Thursday that it swung to a loss on a sharp drop in sales for its first fiscal quarter. It has also pushed back the launch of its BlackBerry 10 mobile operating system to early 2013; investors had been expecting a fall launch for the platform. For the period ended June 2, Research In Motion (RIMM: news, chart, profile) reported a net loss of $518 million, or 99 cents a share, compared with net income of $695 million, or $1.33 a share, for the same period last year. Revenue slid by 43% to $2.8 billion for the quarter. Analysts were expecting a net loss of 1 cent per share on revenue of $3.1 billion for the period, according to consensus forecasts from Thomson Reuters.
Accenture profits rise 11% in third quarter(4:22 pm ET) SAN FRANCISCO (MarketWatch) - Accenture PLC (ACN: news, chart, profile) reported after the close Thursday its fiscal third-quarter profit rose almost 11% to $763 million, or $1.03 a share, from $699 million, or 93 cents a share a year ago. Net revenue for the three months ended May 31 rose 6% to $7.2 billion from $6.7 billion. Analysts surveyed by FactSet Research had expected the Dublin, Ireland-based management consulting firm to earn $1.00 a share on $7.68 billion in revenue. Accenture PLC shares rose to $58.34 in after-hours trade. Ahead of the report, the stock was down about 5% over the past 12 months.
Smith & Wesson shares surge on strong earnings(4:22 pm ET) SAN FRANCISCO (MarketWatch) -- Smith & Wesson Holding Corp. (SWHC: news, chart, profile) reported late Thursday a fiscal fourth-quarter profit of $12.5 million, or 19 cents a share, up from $1.1 million, or 2 cents a share, a year ago. Revenue for the quarter rose 28% to $129.8 million, up from $101.7 million a year ago. Six analysts polled by FactSet Research had predicted the gun maker would post per-share earnings of 17 cents on $128.6 million in sales. Shares of Smith & Wesson rose as much as 17% in after hours trade, extending a 58% rise for the stock already this year.
Seagate warns of revenue shortfall; shares drop(5:09 pm ET) SAN FRANCISCO (MarketWatch) -- Seagate Technology Inc. said Thursday afternoon that revenue for the June quarter will come in below expectations, with the company citing lingering effects from the previous supply-chain disruption as well as "an isolated supplier quality issue that affected one of our enterprise product lines." In a statement, Seagate (STX: news, chart, profile) said it now expects revenue of about $4.5 billion for the fourth fiscal quarter, below its previously stated target of $5 billion. Gross margin for the quarter will be about 33.6% on a non-GAAP basis, the company said. In the statement, CEO Steve Luczo said the supplier issue product "impacted enterprise product unit shipments by approximately 1.5 million units and drove our non-GAAP gross margin below our targeted plan." He said the company has "resolved the issue" and resumed filling its orders. Full results for the period will be reported on July 30. Seagate shares were down about 5.7% in after-hours trading on Thursday.
Cummins raises dividend, warns on revenue(1:48 pm ET) CHICAGO (MarketWatch) -- Cummins Inc. (CMI: news, chart, profile) said Tuesday that its board approved a boost in the company's quarterly cash dividend by 25% to 50 cents a share. The dividend is payable Sept. 1 to shareholders of record as of Aug. 22. The maker of fuel and electrical-power generation systems also lowered its full-year revenue outlook for 2012, and now expects 2012 revenues to be in line with 2011 compared to its previous guidance of an increase of 10%. As a result, the stock was down more than 5% during Tuesday's session.
Applied Materials lowers outlook, shares slump(9:23 am ET) SAN FRANCISCO (MarketWatch) -- Applied Materials Inc. lowered its outlook for the current fiscal year on Tuesday morning, citing "weaker than expected near-term demand" in its semiconductor manufacturing equipment business. In a statement, Applied Materials (AMAT: news, chart, profile) said lower demand could have a 15-20 cents-per-share impact on its non-GAAP earnings for the fiscal year ending Oct. 28. Net sales are expected to come in below its previous outlook of $9.1 billion to $9.5 billion for the year. The company added that results for the current quarter -- ending July 29 -- are expected to remain within its previously issued outlook range. More specific guidance will be given in its next earnings call on Aug. 15. Shares of Applied Materials were down more than 5% in pre-market trading on Tuesday morning.
Google Inc. (GOOG: News ) gained 3 percent to $611.90. The company's second quarter profit improved from the previous year period and its earnings per share were above Wall Street view. GAAP revenues surged 35 percent.
Microsoft Corp. (MSFT: News ) gained over 2 percent to $31.38. The company slipped to a loss in its fourth quarter, although its non-GAAP earnings per share were above Wall Street view. Revenues increased from the year-ago quarter, but missed the consensus estimate.
SanDisk Corp. (SNDK: News ) rose 12 percent to $39.25. The company's second quarter profit plunged from the year-ago quarter, but its adjusted earnings per share and revenues topped Wall Street view. The company said it expects strengthening industry fundamentals and its expanding portfolio of solutions to contribute to improving financial results in the second half of 2012.
Decliners:
Advanced Micro Devices, Inc. (AMD: News ) declined more than 5 percent to $4.59. The company's second quarter profit and net sales decreased from the last year quarter. The company noted that overall weakness in the global economy, softer consumer spending and lower channel demand for its desktop processors in China and Europe made the closing weeks of the quarter challenging. On a sequential basis, the company expects third quarter revenue to decrease 1 percent, plus or minus 3 percent.
Freescale Semiconductor Ltd. (FSL: News ) declined nearly 12 percent to $9.01. The company's second quarter net loss narrowed from the year-ago quarter. Adjusted net earnings declined from the year-ago quarter, but topped the consensus estimate. Net sales declined from the previous year period, but managed to surpass analysts' prediction. Meanwhile, the company expects its third quarter net sales below consensus.
Chipotle Mexican Grill, Inc. (CMG: News ) fell 11 percent to $358.00. The company's second quarter profit improved from the previous year period. Total revenues for the quarter grew 20.9 percent, but were below the consensus estimate.
Align Technology, Inc. (ALGN: News ) decreased 2 percent to $31.00. The company's second quarter profit and revenues surged from the comparable period prior year and were also above analyst'' estimates. However, the company provided a weak forecast for its third quarter. The company noted that its third quarter net revenues will be impacted by lower Invisalign ASPs.
International Business Machines (IBM 195.34, +7.09) was a notable winner, rallying 3.8% and regaining its 200-day moving average as the stock was able to shake off a top line miss.
YUM! Brands (YUM 65.86, +0.31) was another example of the low second quarter expectations as erased early selling pressure and pushed back into positive territory. This despite a $0.03 miss on the bottom line. The company did outpace revenue expectations which appears to be enough to offset cost concerns at this point.
Morgan Stanley (MS 13.25, -0.74) was a notable underperformer after the firm missed on both the top and bottom lines.
Technology names eBay (EBAY 43.95, +3.49), Qualcomm (QCOM 58.44, +2.39), F5 Networks (FFIV 102.75, +4.16), Mellanox Technologies (MLNX 93.90, +27.52) and Skyworks Solutions (SWKS 29.17, +2.53) are ended higher after reporting earnings following yesterday's closing bell.
Apple: iPhone impacted by 'rumors and speculation'(5:30 pm ET) SAN FRANCISCO (MarketWatch) -- Apple Inc. admitted Tuesday afternoon that sales of the iPhone "continue to be impacted by rumors and speculation of new products." The statement was made by Apple (AAPL: news, chart, profile) CFO Peter Oppenheimer in the company's earnings call to discuss its third fiscal quarter results. Those results showed a 26% decline in iPhone shipments from the March quarter, a sharper drop than analysts had predicted. Some consumers are believed to be holding off on purchases on the device ahead of the expected launch of the iPhone 5 this fall. Apple has never confirmed any plans or timing for a new iPhone device, though Oppenheimer said elsewhere on the call that a "fall transition" was also a big factor in the company's lower gross-margin forecast for the September period. Apple shares were down 4.9% in after-hours trading on Tuesday during the call.
Netflix results top forecasts; outlook disappoints(4:15 pm ET) SAN FRANCISCO (MarketWatch) -- Netflix Inc. (NFLX: news, chart, profile) on Tuesday reported a fiscal second-quarter profit of $6 million, or 11 cents a share, on revenue of $889 million. During the same period a year ago, Netflix earned $1.26 a share, on sales of $788.6 million. Analysts surveyed by FactSet Research had forecast Netflix to earn 4 cents a share on $889.6 million in revenue for the quarter. The company said it added 1.1 million net subscribers to its video-streaming service, giving it 27.6 million subscribers worldwide. Netflix's shares fell as much as 13% in after-hours trading as the company said it expects to remain profitable in the third quarter, but forecast a fourth-quarter loss as it expands into a new international market.
Gentex plunges 30% on earnings report(3:18 pm ET) BOSTON (MarketWatch) -- Shares of Gentex Corp. (GNTX: news, chart, profile) plunged 30% to $14.98 on Tuesday after the auto-parts maker issued a disappointing earnings report and financial forecast. The stock hit a 52-week low of $14.38 earlier in the day, and is down 50% from the beginning of the year.
Broadcom shares up on stronger sales (5:23 pm ET) SAN FRANCISCO (MarketWatch) -- Broadcom Corp. (BRCM: news, chart, profile) reported late Tuesday second-quarter profit fell to $160 million, or 28 cents a share from $175 million, or 31 cents a share, a year ago. Adjusted to exclude one-time items, the semiconductor company earned 72 cents a share. Revenue for the three months ended June 30 climbed 9.7% to $1.97 billion compared with $1.8 billion. Analysts, who typically cite adjusted earnings, were looking for a profit of 67 cents a share, according to FactSet polling. Broadcom shares rose over 2% in after-hours trades to $31.50. Ahead of the report, the stock was down 13% over the past 12 months.
Juniper Networks profit drops 50%(5:17 pm ET) SAN FRANCISCO (MarketWatch) -- Juniper Networks (JNPR: news, chart, profile) said late Tuesday second-quarter profit fell 50% to $58 million, or 11 cents a share, from $116 million, or 22 cents a share, in the same 2011 period. Excluding charges, Juniper said it earned 19 cents a share. Analysts had forecast 16 cents, according to FactSet. Revenue for the quarter ended June 30 fell 4% to $1 billion from the year-ago period. For the third quarter, Juniper projected earnings between 15 cents and 18 cents a share and revenue of up to $1.075 billion. Analysts polled by FactSet were looking for 21 cents a share and revenue of $1.1 billion. Juniper shares rose 8% to $15.96 in after-hours trade.
Buffalo Wild Wings Q2 earnings miss expectations (4:58 pm ET) SAN FRANCISCO (MarketWatch) -- Buffalo Wild Wings (BWLD: news, chart, profile) shares slid 14% to $67.75 in after-hours trade Tuesday after the restaurant chain missed Wall Street expectations for the second quarter and indicated its 2012 profit may fall short of its prior target. For the quarter ended June 24, Buffalo Wild Wings posted a profit of $11.7 million, or 62 cents a share, up from $10.7 million, or 58 cents a share, in the same 2011 period. Revenue rose 29.7% to $238.7 million. Analysts polled by FactSet had estimated a profit of 68 cents a share and revenue of $240.3 million. Buffalo Wild Wings said same-store sales grew 5.3% at company-owned restaurants. Analysts had forecast an increase of 6.1%. For 2012, the Minnesota-based company said earnings would increase 15% to 20% over 2011. Its prior forecast had called for 20% growth.
DeVry shares fall 27% on weaker outlook (10:57 am ET) SAN FRANCISCO (MarketWatch) -- DeVry Inc. (DV: news, chart, profile) saw its share price drop over 27% in early trade Tuesday making the stock the biggest decliner on the S&P 500 (SPX: news, chart, profile) . The educational service provider warned after Monday's closing bell its fiscal fourth quarter results would fall short. The Downers Grove, Ill.-based company cited increased operating costs, rising one-time charges and a revenue shortfall for its downward revision. To cut costs and meet fiscal 2013 financial goals, DeVry said it would eliminate 570 positions across its institutions primarily at DeVry University and Carrington Colleges Group. DeVry is currently trading at $20 a share, down 48% since January and down 70% over the past 12 months.
Baidu shares jump on strong results(10:28 am ET) SAN FRANCISCO (MarketWatch) -- Baidu Inc. (BIDU: news, chart, profile) saw its U.S.-listed shares jump more than 10% to $118.17 on Tuesday morning after the Chinese Internet search firm posted a 70% surge in second-quarter earnings. Revenue jumped 60% during the period, narrowly beating analysts' expectations for the period. Aaron Kessler of Raymond James called the results "solid" in a note to clients on Tuesday morning, maintaining a "strong buy" rating on the stock and raising his price target to $200 from $165. "We continue to believe Baidu is well-positioned for strong, long-term growth driven by continued internet growth in China, increased e-commerce adoption, search advertiser adoption in China, and growth from non-search areas (e.g. mobile, display, video)," he wrote.
UPS profit rises, but misses Wall Street target(8:05 am ET) NEW YORK (MarketWatch) -- United Parcel Service Inc. (UPS: news, chart, profile) said on Tuesday that its second-quarter profit rose to $1.12 billion, or $1.15 a share, compared to $1.07 billion, or $1.07 a share a year ago. Revenue at the firm rose to $13.34 billion, from $13.19 billion a year ago. Analysts polled by FactSet Research had expected the company to earn $1.17 a share on revenue of $13.70 billion.
Texas Instruments earnings fall almost 34%(4:38 pm ET) SAN FRANCISCO (MarketWatch) -- Texas Instruments Inc. (TXN: news, chart, profile) on Monday reported a fiscal second-quarter profit of $446 million, or 38 cents a share, on revenue of $3.34 billion. TI said the results included 6 cents a share for charges associated with its acquisition of National Semiconductor. Analysts surveyed by FactSet Research had forecast TI to earn 34 cents a share on $3.35 billion in sales. During the same period a year ago, TI earned $672 million, or 56 cents a share, on revenue of $3.46 billion. TI had earlier said it expected to earn 32 cents to 36 cents a share on revenue between $3.28 billion and $3.42 billion for the quarter. For its third quarter, TI estimates it will earn 34 cents to 42 cents a share, on revenue in a range of $3.21 billion to $3.47 billion. TI said that quarter's results would include 7 cents a share for acquisition and restructuring charges.
Facebook shares fall on Zynga results, forecast(4:53 pm ET) SAN FRANCISCO (MarketWatch) -- Shares of Facebook Inc. (FB: news, chart, profile) fell 6% in after-hours trading on Wednesday following a disappointing earnings report by social game maker Zynga (ZNGA: news, chart, profile) . Zynga shares crashed nearly 40% after the company slashed its forecast for the full year, citing "delays in launching new games, a faster decline in existing web games due in part to a more challenging environment on the Facebook web platform, and reduced expectations for 'Draw Something,'" the latter a reference to its popular mobile game. Facebook reports its own second-quarter results Thursday afternoon.
Western Digital's earnings surge to $745 million(4:26 pm ET) SAN FRANCISCO (MarketWatch) -- Western Digital Corp. (WDC: news, chart, profile) on Wednesday reported a fiscal fourth-quarter profit of $745 million, or $2.87 a share, on revenue of $4.8 billion, compared with earnings of $158 million, or 67 cents a share, on $2.4 billion in sales. Excluding one-time items, the maker of hard-disk drives would have earned $3.35 a share. Analysts surveyed by FactSet Research had forecast Western Digital to earn $2.47 a share on $4.25 billion in revenue. The company also said it shipped 71 million hard-disk drives during the quarter. Western Digital's shares climbed as much as 6.3% in after-hours trading following the release of the results.
Las Vegas Sands profit falls sharply(4:20 pm ET) CHICAGO (MarketWatch) - Lower table hold and higher expenses dragged down Las Vegas Sands in the second quarter as the gambling firm reported a sharp decline in profit. Sands earned $240.6 million, or 29 cents a share, on the period, down from $367.6 million, or 45 cents a share, in the same quarter of 2011. On an adjusted basis, the company would have earned 44 cents a share, down from 54 cents a share. Revenue rose 10.1% to $2.58 billion. The average estimates of analysts polled by FactSet had been for Sands to earn 60 cents a share on revenue of $2.77 billion. Shares of Sands (LVS: news, chart, profile) were down about 4% in after-hours action, building on a 3% loss in the regular session.
Insurers get pummeled as WellPoint disappoints(10:56 am ET) LOS ANGELES (MarketWatch) -- Health insurers were pummeled in early trading on Wednesday after managed-care giant WellPoint Inc. (WLP: news, chart, profile) reported disappointing earnings. WellPoint reported net income of $2.04 a share for the second quarter, off 3 cents from consensus estimates, and lowered its 2012 outlook. WellPoint shares were off more than 11% as a result, and one of its competitors in the California market, HealthNet Inc. (HNT: news, chart, profile) fell by more than 10%. Others in the sector were dragged down as a result, with UnitedHealth Group Inc. (UNH: news, chart, profile) and Coventry HealthCare (CVH: news, chart, profile) down more than 5%. Humana Inc. (HUM: news, chart, profile) , Cigna Corp (CI: news, chart, profile) and Aetna Inc. (AET: news, chart, profile) were all off by more than 3%.
Radio Shack down 24% in premarket(8:11 am ET) NEW YORK (MarketWatch) -- Radio Shack Corp. (RSH: news, chart, profile) shares fell 24% in premarket trades on Wednesday after the Fort Worth, Texas, retailer said it lost 21 cents a share in its second quarter, falling well short of the Wall Street estimate for a profit of 3 cents a share, according to data compiled by FactSet. Radio Shack said its business performed below expectations in the quarter.
ER 7/26: Facebook, Starbucks, AuthenTec, Expedia, Arch Coal U.S. stocks were trading up Friday as the Dow Jones Industrial Average recently added 58 points to 12946, the Standard & Poor's 500-stock index rose nine points to 1369 and the Nasdaq Composite rose 21 points to 2915. Among the companies with shares actively trading were Facebook Inc. (FB), Starbucks Corp. (SBUX) and AuthenTec Inc. (AUTH).
Facebook Inc. ($23.00, -$3.85, -14.32%) posted a second-quarter loss--due largely to heavy employee-compensation costs and other rising expenses--and offered little insight into its progress in making money through mobile devices. Shares traded at their lowest level ever Friday.
Starbucks Corp.'s ($46.58, -$5.83, -11.12%) fiscal third-quarter earnings rose 19%, but the coffee giant said it saw slowing same-store sales growth in June and lowered its earnings guidance going forward. Earnings missed the company's own and analysts' estimates, marking the first time since the quarter ended December 2008 that Starbucks has fallen short of analysts' expectations. The news also weighed on Caribou Coffee Co. (CBOU, $11.46, -$0.51, -4.26%), a Starbucks competitor.
IT-security firm AuthenTec Inc. ($8.27, +$3.20, +63.12%) shares surged as that Apple Inc. (AAPL, $572.61, -$2.27, -0.39%) has agreed to buy the fingerprint authentication sensor maker for about $350 million. AuthenTec holders will receive $8 a share in cash, a 58% premium over Thursday's close.
Expedia Inc.'s (EXPE, $57.33, +$11.62, +25.42%) robust hotel revenue growth offset pressure from continued heavy technology spending, keeping the second quarter's profit decline unexpectedly shallow. Since online travel agencies have posted mixed results, the better-than-expected results from Expedia were welcome news for investors uncertain about how the industry is faring. Shares of competitor priceline.com Inc. (PCLN, $655.89, +$27.57, +4.39%) were also up.
Better-than-feared second-quarter results at Arch Coal Inc. (ACI, $5.84, +$0.58, +11.03%) gave the coal company a boost. Despite logging $624 million of write-downs and cutting its 2012 sales forecast, Arch Coal anticipates second-half volumes to be "slightly higher" overall. Also, CFO John Drexler notes the company now has no debt maturing for four years, giving the company financial flexibility to deal with a prolonged and sustained downturn.
Other Stocks to Watch
Acme Packet Inc. (APKT, $14.11, -$2.08, -12.85%) swung to a slight loss in its second-quarter as the data-delivery company's revenue and margins weakened. The company sharply lowered its full-year guidance.
Amarin Corp. PLC (AMRN, $13.91, -$1.41, -9.21%) said the U.S. Food and Drug Administration has approved its Vascepa fish-oil heart pill for patients with high triglycerides, but it is still awaiting a decision on whether the capsules will be granted new chemical entity status that would give the drug a five-year period of exclusivity.
Amgen Inc.'s (AMGN, $81.76, +$2.47, +3.11%) second-quarter earnings rose 8.2% as weaker sales of the biopharmaceutical company's anemia drugs were offset by growth of other treatments.
Aon PLC's (AON, $48.83, +$2.35, +5.06%) second-quarter earnings fell 4.7% as the insurance brokerage reported a lower profit in its human resources segment and higher operating expense. However, the company said it continues to anticipate improved performance in the second half of the year and that underlying performance is on track with Aon's long-term targets.
Blucora Inc. (BCOR, $15.79, +$3.04, +23.84%) swung to a second-quarter profit--and forecast strong growth in the current quarter--as the company's web search business saw substantial improvement and its year-ago period was weighed down by the sale of an underperforming business.
CA Inc.'s (CA, $24.12, -$2.19, -8.32%) fiscal first-quarter earnings edged down 0.4% after the business-computing company sold less new software than expected, prompting CA to scale back revenue goals for the rest of its fiscal year.
Cerner Corp.'s (CERN, $73.40, -$4.64, -5.95%) second-quarter earnings rose a better-than-expected 36% as the hospital-information technology vendor saw revenue jump in both its main segments, led by system sales. However, the company predicted mostly downbeat third-quarter results.
Clearwire Corp.'s (CLWR, $1.09, +$0.08, +8.10%) second-quarter loss narrowed as the wireless-data company continues its talks for a network partnership or possible asset sales.
Although Coinstar Inc.'s (CSTR, $51.61, -$7.61, -12.85%) second-quarter earnings jumped 38% as the company again saw growth in its Redbox DVD-rental business results, revenue grew less than analysts expected.
Coventry Health Care Inc.'s (CVH, $33.17, +$2.45, +7.98%) second-quarter earnings beat expectations, despite falling 59%, as the company reiteratesd its full-year guidance. Coventry is still losing money on medical care in Kentucky but not as sharply, as it tries to create a viable market.
Deckers Outdoor Corp.'s (DECK, $43.87, +$1.74, +4.13%) second-quarter loss widened as the footwear maker's expenses continued to offset sales gains. But the company's earnings and revenue, helped by an acquisition, beat Wall Street estimates.
Green Dot Corp.'s (GDOT, $9.63, -$13.69, -58.71%) second-quarter earnings slipped 1.5% as the provider of prepaid financial services' margins weakened. Results missed analyst expectations and as the company also lowered its full-year outlook, citing a greater level of uncertainty in the prepaid market.
Higher One Holdings Inc. (ONE, $10.02, -$1.53, -13.25%) shares plummeted after SunTrust Robinson Humphrey lowered its rating to neutral from buy, citing a loss of conviction in defensibility of the company's model. Competition has increased and the firm said entry barriers are lower than previously expected. There is significant uncertainty on Higher One's long-term sustainable organic revenue and per-share earning growth, said SunTrust.
Shares of Informatica Corp. (INFA, $31.00, +$2.06, +7.12%) surged Friday as investors appeared to "breathe a sigh of relief" following the in-line second-quarter results from the software company, JMP analysts wrote. Shares had plunged by more than a third after the company earlier this month warned second-quarter earnings and revenue would miss its earlier expectations, saying it didn't adapt as rapidly as it should have to changing economic conditions.
Shares of Medifast Inc. (MED, $24.32, +$3.69, +17.89%) surged to a 52-week high after the weight-loss company reported better-than-expected results in the second quarter and provided third-quarter guidance above forecasts. Helping drive results was improved profitability in the company's weight control center business, which swung to the black after three straight quarters of losses, Wedbush analysts noted.
Medicaid-insurer Molina Healthcare Inc. (MOH, $23.19, -$2.10, -8.30%) posted a second-quarter loss as it digests problems with high costs in a newly expanded Texas market. The company also kept its guidance on ice after withdrawing it in early June, when the Texas problems came to light.
Netgear Inc.'s (NTGR, $32.41, -$2.59, -7.40%) second-quarter earnings rose 4.5% as the networking company's revenue improved, though adjusted profits missed analyst expectations. The company also offered a downbeat outlook for the current quarter.
EARNINGSWATCH _ Monday, July 30 Andarko posts net loss, adjusted tops targets(4:49 pm ET) SAN FRANCISCO (MarketWatch) -- Anadarko Petroleum Corp. (APC: news, chart, profile) reported after close Friday second-quarter loss of $380 million, or 76 cents per share, reversing a year-ago profit of $544 million, or $1.08 a share. Adjusted to exclude one-time items, the company earned $424 million, or 85 cents a share, in the latest quarter. Revenue for the three-months ended June 30 fell to $3.22 billion from $3.68 billion. Analysts, who typically cite adjusted earnings, expected the The Woodlands, Texas-based company to earn 77 cents a share. Anadarko edged higher in after-hours to $72.24. Ahead of the report, the stock was down 13% in the last 12 months.
Humana shares fall 11% on lower earnings forecast(4:29 pm ET) LOS ANGELES (MarketWatch) -- Shares of Humana Inc. (HUM: news, chart, profile) tumbled by more than 11% in after-hours trading Monday after the managed-care provider lowered full-year earnings expectations upon release of its second-quarter results. Humana said net income was $356 million, or $2.16 a share, a drop of more than 22% when compared with the $460 million, or $2.76 a share, from a year ago. Revenue was $9.7 billion against last year's $9.3 billion. The company reported a one-time charge of 18 cents a share, but said it had 15 cents a share in prior-year favorable medical claims reserve development. Analysts polled by FactSet Research had predicted earnings of $2.23 a share. The company lowered its earnings outlook to a range of $6.90 to $7.10 a share, from $7.38 to $7.58 a share. The FactSet estimate had been $7.90 a share. Humana cited higher-than-expected benefit ratios for Medicare Advantage patients.
Seagate shares fall 6% as results disappoint(4:16 pm ET) SAN FRANCISCO (MarketWatch) -- Seagate Technology (STX: news, chart, profile) shares fell as much as 6% in after-hours trading after the computer hard-disk drive maker reported fiscal fourth-quarter results that fell short of Wall Street analysts' forecast. For the quarter ended June 29, Seagate said it earned $1.03 billion, or $2.41 a share, excluding one-time items, on revenue of $4.5 billion, while analysts surveyed by FactSet Research forecast Seagate to earn $2.50 a share on $4.55 billion.
HSBC net profit slips against 'difficult' backdrop(4:35 am ET) MADRID (MarketWatch) -- HSBC Holdings PLC (UK:HSBA: news, chart, profile) on Monday reported a fall in first-half net profit as it cited a difficult global economic backdrop. Profit in the six months to June 30 fell to $8.44 billion against $9.22 billion in the year-ago period. Analysts polled by Dow Jones Newswires had forecast net profit of $8.3 billion. Net interest income fell to $19.38 billion from $20.24 billion in the year-ago period. Net trading income also slipped, to $4.52 billion from $4.81 billion. The bank had a Core Tier 1 capital ratio of 11.3%, up from 10.1% at the end of 2011. Return on average ordinary shareholders' equity was 10.5%, down from 12.3% in the year-ago period. The bank kept its dividend at $0.09 per share. Douglas Flint, group chairman of HSBC, said regulatory and compliance events overshadowed financial performance for the group and apologized for "mistakes in the past." He added that "economic activity over the next six months and beyond will be planned against a backdrop of unusually difficult conditions in which to assess risks and uncertainties."
Genworth Financial swings to profit(4:34 pm ET) SAN FRANCISCO (MarketWatch) -- Genworth Financial Inc. (GNW: news, chart, profile) reported after the close Tuesday second-quarter profit of $76 million, or 16 cents a share. The company reported a net loss a year ago of $136 million, or 28 cents a share. Revenue for the three months ended June 30 decreased 4.9% to $2.53 billion from $2.66 billion. The Richmond, Va.-based insurance company's results fell short of analyst estimates of 19 cents a share on $2.56 billion, according to FactSet polling. In after hours trade stocks rose about 3.4% to $5.21 a share.
Allstate swings to $423 million profit (4:24 pm ET) SAN FRANCISCO (MarketWatch) -- Allstate Corp. (ALL: news, chart, profile) reported late Tuesday it swung to a second-quarter profit of $423 million, or 86 cents a share, from a loss of $624 million, or $1.19 a share, a year ago. The insurance company pointed to fewer catastrophe costs as reason for stronger results. Revenue for the quarter rose 2.4% to $8.28 billion. Analysts polled by FactSet had predicted the Northbrook, Ill.-based company would earn 53 cents a share. Allstate shares have risen 25% this year so far.
Take-Two's loss rises to $110.8 million(4:19 pm ET) SAN FRANCISCO (MarketWatch) -- Take-Two Interactive Software Inc. (TTWO: news, chart, profile) on Tuesday reported a fiscal first-quarter loss of $110.8 million, or $1.30 a share, on revenue of $226.1 million, During the same period a year ago, the video game publisher lost $8.7 million, or 11 cents a share, on $334.4 million in sales. Excluding one-time items Take-Two would have lost $98.8 million, or $1.16 a share. Analysts surveyed by FactSet Research had forecast Take-Two to lose 65 cents a share on $254.5 million in revenue. Take-Two said its results were affected by lower-than-expected sales of titles like "Spec Ops: The Line" and "Max Payne 3". For its fiscal second-quarter, Take-Two forecast a loss, excluding one-time items, of between 15 cents and 30 cents a share, with revenue in a range of $200 million to $250 million.
Pfizer climbs 3% on earnings report, IPO news(12:40 pm ET) BOSTON (MarketWatch) -- Shares of Pfizer Inc. (PFE: news, chart, profile) were up 3% in midday trading Tuesday after the pharmaceutical juggernaut reported improved second-quarter earnings despite a revenue drop due to the loss of U.S. patent protection for its blockbuster drug Lipitor. Pfizer attributed the profit boost in part to lower costs. Also buoying Pfizer shares was news that it plans to spin out up to 20% of its animal-health unit Zoetis in an initial public offering. Pfizer intends to register the IPO with regulators by mid-August. In related news, Pfizer reported additional positive data from a Phase III clinical trial for its drug tofacitinib. Pfizer added that the U.S. Food and Drug Administration has requested additional information in order to process the drug's market application. Pfizer plans to supply the information in early August. As a result of the request, Pfizer said the FDA may not issue a decision on the drug until after the agency's previously issued deadline of Aug. 21.
Cell Therapeutics announces stock placement(11:44 am ET) BOSTON (MarketWatch) -- Cell Therapeutics Inc. (CTIC: news, chart, profile) said Tuesday that it has completed a registered offering to an institutional investor for an additional 15,000 shares of its Series 15 convertible stock, convertible into roughly 25,000 common shares at just under 60 cents a share. The transaction also includes warrants to purchase up to approximately 16.8 million common shares at an exercise price of just over 61 cents a share. The deal is expected to generate gross proceeds of around $15 million. Cell Therapeutics is scheduled to release its quarterly earnings report on Wednesday. Shares of the biotech group were up 2% at 52 cents a share in recent dealings.
Humana shares tumble after company cuts view(10:49 am ET) LOS ANGELES (MarketWatch) -- Shares of Humana Inc. (HUM: news, chart, profile) tumbled by more than 10% Tuesday, a day after the company reported second-quarter earnings and cut its profit outlook for the year. Humana said it now expects earnings to fall within a range of $6.90 to $7.10 a share, down from $7.38 to $7.58 a share. Analysts polled by FactSet had forecast earnings of $7.91 a share but that has since been cut to $7.47 a share. The news dragged down the sector and took a bite out of Aetna Inc.'s (AET: news, chart, profile) stock despite that insurer's positive second-quarter earnings report and raised outlook. Aetna was off a little more than 1% to $36.66. Humana was down $7.45 to $63.01.
Goodyear shares up on earnings beat(10:28 am ET) SAN FRANCISCO (MarketWatch) -- Goodyear Tire & Rubber Co. (GT: news, chart, profile) saw its share price jump 6.9% to $11.08 a share in early trade Tuesday, landing the stock among the top percentage gainers on the S&P 500 (SPX: news, chart, profile) . The Akron, Ohio-based company reported second-quarter results before the open claiming profit nearly doubled in the three months ended June 30 as compared with a year ago. Goodyear beat analyst expectations of 45 cents per share by earning 57 cents a share, excluding one-time costs, and has since revised its financial outlook for 2012. The stock is currently trading at $11.05 a share and is up 9.7% since January.
EARNINGSWATCH _ Wed, Aug 1 First Solar soars on results, brighter outlook (4:29 pm ET) SAN FRANCISCO (MarketWatch) -- First Solar Inc. (FSLR: news, chart, profile) shares soared as much as 16% in after-hours trade Wednesday after the company reported its second-quarter profit rose to $111 million, or $1.27 a share, from $61.1 million, or 70 cents a share, a year ago. Revenue for the solar power company rose 79% to $957.3 million from $532.8 million. Analysts polled by FactSet had, on average, predicted the Tempe, Ariz.-based company would earn 97 cents a share on $841.3 million in revenue. First Solar also raised its 2012 full-year earnings outlook to $4.20 to $4.70 a share from its earlier forecast of $4.00 to $4.50 and lifted its sales forecast to between $3.6 billion and $3.9 billion. Its previous sales range had been $3.5 billion to $3.8 billion. First Solar had fallen 87% over the past 12 months prior to the report.
Green Mountain cuts 2012 outlook(4:20 pm ET) SAN FRANCISCO (MarketWatch) -- Green Mountain Coffee Roasters (GMCR: news, chart, profile) late Wednesday cut its fiscal 2012 financial targets for the second time since May while announcing a plan to buyback $500 million of stock. Green Mountain projects 2012 earnings of $2.21 to $2.26 a share, down from $2.40 to $2.50 a share. The Keurig coffee brewer maker also trimmed its sales outlook and shaved its capital expenditures plan. Profit for Green Mountain's fiscal third-quarter rose 30% to $73.3 million, or 46 cents a share, compared with $56.3 million, or 37 cents a share, in the same 2011 period. Revenue climbed 21% to $869.2 million. Gross margin fell to 34.9% from 36.8% due to a slowdown in demand and obsolete K-Cup coffee packs. Green Mountain shares fell 6% to $16.75 in after-hours trade. Shares are down 60% since Jan. 1.
Yelp reports 67% sales increase(4:19 pm ET) SAN FRANCISCO (MarketWatch) -- Yelp Inc. (YELP: news, chart, profile) shares rose 11% in after-hours trading Wednesday following the company's better-than-expected second quarter results. Yelp reported a loss of $2 million, or 3 cents a share, on revenue of $32.7 million, compared with a loss of $1.2 million, or 8 cents a share, on $19.6 million in sales in the same period a year ago. Analysts surveyed by FactSet Research had forecast the online consumer reviews and information company to lose 6 cents a share on $30.7 million in revenue for the quarter.
Transocean swings to $304 million loss (5:44 pm ET) SAN FRANCISCO (MarketWatch) - Transocean Ltd. (RIG: news, chart, profile) , the world's largest offshore drilling company, reported late Wednesday it had swung to a second-quarter loss of $304 million, or 86 cents a share, from a profit of $124 million, or 39 cents a share, a year ago. The company pinned most of the loss on $750 million set aside to cover losses stemming from the 2010 loss of its Deepwater Horizon rig at BP's Macondo well in the Gulf of Mexico. Revenue for the quarter rose 14% to $2.58 billion. Analysts polled by FactSet had predicted the Zug, Switzerland-based company would earn 44 cents a share. The stock has gained about 25% this year so far.
Prudential Financial profit up 182%(4:38 pm ET) SAN FRANCISCO (MarketWatch) -- Prudential Financial, Inc. (PRU: news, chart, profile) reported after the close Wednesday a second-quarter profit of $2.2 billion, or $4.64 a share, up from $779 million, or $1.58 a share, a year ago. Revenue for the three months ended June 30 increased about 13% to $11.41 billion from $10.1 billion. Analysts polled by FactSet had expected the Newark, N.J.-based financial service provider to earn $1.54 a share. In after-hours trade, the stock fell 1.6% to $46.80 a share. Ahead of the report, share price was down over 18% over the past 12 months.
Cray shares down almost 10% late(3:50 pm ET) SAN FRANCISCO (MarketWatch) -- Cray Inc. (CRAY: news, chart, profile) shares on Wednesday fell by as much as 10% to $11.17 in late trading. A short-sale restriction was triggered in trading of Cray's stock on the Nasdaq OMX earlier in the session. On Tuesday, the supercomputer company reported that it swung to a second-quarter profit from a loss in the same period a year ago.
Sunoco swings to profit (4:41 pm ET) SAN FRANCISCO (MarketWatch) -- Sunoco Inc. (SUN: news, chart, profile) , citing a one-time gain and improved results from its fuel distribution, retail and refining businesses, reported late Thursday a second-quarter profit of $248 million, or $2.35 a share, reversing a year-ago loss of $125 million, or $1.03 a share. Revenue for the quarter rose to $12,23 billion from $11.32 billion. Adjusted to exclude one-time items, the company posted a profit of $129 million, or $1.22 cents a share, for the three months ended June 30. Analysts polled by FactSet Research, who cite adjusted earnings, had expected the Philadelphia-based company to report earnings of 51 cents a share. Sunoco shares are up 46% from where they were trading 12 months ago.
Zipcar's second-quarter loss narrows, shares slide(4:28 pm ET) SAN FRANCISCO (MarketWatch) -- Zipcar Inc. (ZIP: news, chart, profile) late Thursday reported its second-quarter loss narrowed to $422,000, or a penny a share, from a loss of $5.6 million, or 17 cents a share, in the year-earlier quarter. Revenue rose to $70.8 million from $61.6 million. Analysts surveyed by FactSet had projected the company to break even on revenue of $73.1 million. The car-sharing service company said it expects to post anywhere from a loss of $500,000 to earnings of $2 million in 2012 while revenue is likely to range between $272 million to $278 million. Shares of Zipcar slumped 6% in after hours in light volume.
Activision Blizzard earnings drop almost 45%(4:23 pm ET) SAN FRANCISCO (MarketWatch) -- Activision Blizzard Inc. (ATVI: news, chart, profile) on Thursday reported earnings of $185 million, or 16 cents a share, on $1.08 billion in revenue, compared with earnings of $335 million, or 29 cents a share, on sales of $1.15 billion in the same period a year ago. Excluding one-time items, the videogame publisher would have earned 20 cents a share on $1.05 billion in revenue. By that measure, analysts surveyed by FactSet Research had forecast Activision to earn 12 cents a share on $836.3 million in revenue. For its fiscal third-quarter, Activision forecast earnings, excluding one-time items, of 7 cents a share on $690 million in revenue, while analysts had earliest forecast a profit of 12 cents a share on sales of $730 million for the quarter.
Kraft profit up 5%, sets Oct. 1 split(4:23 pm ET) SAN FRANCISCO (MarketWatch) -- Kraft Foods (KFT: news, chart, profile) , which Thursday set Oct. 1 as the date it will split its snacks and grocery units, reported second-quarter profit rose 5% from the same 2011 period. However, revenue fell short of Wall Street's expectations. The world's No. 2 food company earned $1 billion, or 55 cents a share, compared with $976 million, or 55 cents a share, in the year-ago period. Revenue fell 4% to $13.3 billion due to currency headwinds. Analysts had estimated $13.96 billion, according to FactSet. On an adjusted basis, Kraft said it earned 68 cents, topping expectations of 66 cents a share. Gross margin rose to 36.7% from 35.1%. Kraft backed its 2012 financial outlook. Kraft shares, trading near a decade-high, are up 14% over the last 12 months. The stock closed Thursday at $38.94.
AIG shares up on 28% higher profit(4:16 pm ET) SAN FRANCISCO (MarketWatch) -- American International Group, Inc. (AIG: news, chart, profile) reported after the close Thursday a second-quarter profit of $2.3 billion, or $1.33 a share, up from $1.8 billion, or $1.00 a share, a year ago. Analysts polled by FactSet had expected the New York-based insurance group to earn 58 cents per share. In after-hours trade, the stock climbed 1.2% to $31.20 a share. Ahead of the report, share price was up almost 33% since January and up 11% over the past 12 months.
CBS second-quarter profit climbs 8% (4:17 pm ET) SAN FRANCISCO (MarketWatch) - CBS Corp. (CBS: news, chart, profile) reported late Thursday a second-quarter profit of $427 million, or 65 cents a share, up from $395 million, or 58 cents a share, in the year-ago period. The company said that strong financial results were supported by its digital streaming agreement, growth in subcription fees, and fewer outstanding shares due to its share repurchase program. Revenue for the quarter slipped 3% to $3.48 billion. Analysts polled by FactSet had predicted the media conglomerate would earn 59 cents a share. Class B shares of New York-based CBS are down 22% this year so far.
big losers today: KCG MTG BMY SEE Knight Capital Says Trading Glitch Cost It $440 Million Knight Capital shares plunged 63% due to software Glitch launched yesterday. The Knight Capital Group announced on Thursday that it lost $440 million when it sold all the stocks it accidentally bought Wednesday morning because a computer glitch. TD Ameritrade Holding Corp. (AMTD), E*Trade Financial Corp. (ETFC) and Vanguard Group Inc. are among the financial institutions that have stopped trading with Knight Capital Group Inc. (KCG), while several banks limited their trades with the company, one day after a glitch cost it $440 million and raised fresh questions about the reliability of highly automated equity trading.
-Freddie Mac imposes conditions on its agreement to allow MGIC to keep selling coverage
--Wisconsin regulator objects to some conditions
--CEO says resolving differences will be a 'major issue' for the company
(Updates with closing share price in paragraph six.)
A plan by MGIC Investment Corp. (MTG) to continue selling mortgage insurance is at risk during a tug-of-war between its primary regulator and Freddie Mac (FMCC), one of its major customers.
MGIC, plagued by billions of dollars in losses over the last five years, had hoped to keep selling coverage in several key states under a complicated plan
Bristol-Myers Executive Charged With Insider Trading and Bristol Halts Test Drug for Hepatitis Bristol-Myers Squibb Co. suffered a serious setback in its multibillion-dollar efforts to find new treatments for a deadly liver disease, suspending testing of a pill for hepatitis C after a patient's heart failed.
The pill was the crown jewel of Bristol's $2.5 billion purchase of a small drug developer early this year, and part of Bristol's attempt to enter a fast-growing market by coming up with a new generation of hepatitis C treatments that were easier to take and more effective than current drugs.
EARNINGSWATCH: Friday, Aug. 3 WellCare shares tumble on earnings news(11:12 am ET) LOS ANGELES (MarketWatch) -- Shares of WellCare Plans Inc. were off more than 6% in morning trades Friday after the company said it was experiencing higher costs in some markets as it reported second-quarter earnings. The Medicaid insurer said net income was $46.4 million, or $1.08 a share, compared with $69.6 million, or $1.61 a share, for the same period a year ago. Revenue was $1.81 billion against the $1.49 billion reported a year ago. Adjusted earnings were $1.24 a share, three cents ahead of the estimate from analysts polled by FactSet. The company also raised its full-year outlook to a range of $5.25 to $5.45 a share, up from $5.20 to $5.40 a share. But WellCare's medical expenses grew to 86.4% of revenue, up from 81.9% during the same quarter in 2011, driven largely by higher-than-expected costs in the Kentucky market. Shares were off $3.81 to $58.57 in recent action.
HealthNet plummets 23% after earnings miss(10:53 am ET) LOS ANGELES (MarketWatch) -- Shares of Health Net Inc. (HNT: news, chart, profile) plummeted by more than 23% in morning trades Friday after the health insurer's second-quarter earnings were one-eleventh that of estimates, due to higher than expected costs, and it cut its earnings outlook by more than half. The company said net income was $124.6 million, or $1.48 a share, compared with $58.3 million, or 63 cents a share, for the same period a year ago. Revenue for the Woodland Hills, Calif.-based company was $2.84 billion against last year's $2.83 billion. After a one-time gain from a sale of operations, adjusted earnings were 6 cents a share. Analysts polled by FactSet had expected earnings of 66 cents a share. The company cut its adjusted earnings-per-share outlook for the rest of 2012 to a range of $1 to $1.10, down from $2.35 to $2.50. Shares were down $5.38 to $17.32 in recent action.
OpenTable shares surge 17% on upbeat earnings (10:01 am ET) SAN FRANCISCO (MarketWatch) -- OpenTable Inc. (OPEN: news, chart, profile) shares climbed $5.85 or 17%, to $40 Friday following the online restaurant review and reservation company's second-quarter results. Late Thursday, OpenTable said it earned $5.7 million, or 25 cents a share, on $39.6 million, compared with a profit of $6.3 million, or 26 cents a share, on $34.3 million in sales in the same period a year ago. Excluding one-time items, OpenTable would have earned 42 cents a share. The results topped the estimates of analysts surveyed by FactSet Research, who forecast OpenTable to earn 37 cents a share on $39.4 million in revenue. http://www.marketwatch.com/news/markets/earningswatch.asp
CenturyLink posts lower profit, but sales rise(4:37 pm ET) SAN FRANCISCO (MarketWatch) - CenturyLink Inc. (CTL: news, chart, profile) on Wednesday reported a second-quarter profit of $74 million, or 12 cents a share, compared with a profit of $115 million, or 19 cents a share, for the year-earlier period. The company reported operating revenues of $4.6 billion, up from $4.4 billion. Adjusted profit was 65 cents a share. Analysts were expecting the company to report earnings of 61 cents a share, on revenue of $4.6 billion, according to a consensus survey by FactSet.
Boingo Wireless shares slip on results, forecast(4:31 pm ET) SAN FRANCISCO (MarketWatch) -- Shares of Boingo Wireless fell more than 8% in after-hours trading on Wednesday after the operator of Wi-Fi hotspots reported second-quarter results that were slightly lower than analysts' estimates, and issued a forecast for the current period that was also below targets. Boingo (WIFI: news, chart, profile) said it expects revenue to come in the range of $25.5 million to $26.5 million, with earnings in the range of 5-6 cents per share, for the September period. Analysts had been expecting revenue of $28.9 million with earnings of 8 cents per share for the quarter, according to consensus targets from Thomson Reuters.
RealNetworks sales fall, patent sale helps profits(4:20 pm ET) SAN FRANCISCO (MarketWatch) -- RealNetworks Inc. (RNWK: news, chart, profile) on Wednesday reported a fiscal second-quarter profit of $81 million, or $2.32 a share, on revenue of $65.6 million, compared with a loss of $6.8 million, or 20 cents a share, on $83.8 million in sales in the same period a year ago. Results for the recent quarter included a gain of $120 million related to the sale of patents assets to Intel Corp. (INTC: news, chart, profile) . The online media-technology company also reported an adjusted loss of $6.5 million. Analysts surveyed by FactSet Research had forecast Real to lose 36 cents a share on $67.6 million in revenue. For its third-quarter, Real forecast an adjusted loss of $9 million to $12 million and revenue in a range of $59 million to $62 million.
Monster Beverage shares sink on profit miss(4:19 pm ET) SAN FRANCISCO (MarketWatch) -- Monster Beverage (MNST: news, chart, profile) late Wednesday reported a weaker-than-expected profit for the second quarter, driving shares of the energy drinks maker down 19% to $55.38 in after-hours trade. Profit rose 30% to $110 million, or 59 cents a share, from $84 million, or 45 cents a share, in the same 2011 period. Analysts had forecast the drinks maker to earn 62 cents a share, according to FactSet. Sales climbed 28% to $593 million. Gross margin edged down to 51.8% from 52.8%. Ahead of the report, Monster Beverage shares had surged 97% over the last 12 months.
News Corp. takes loss on publishing spinoff plan(4:17 pm ET) CHICAGO (MarketWatch) -- News Corp. (NWSA: news, chart, profile) (NWS: news, chart, profile) said Wednesday that it swung to a fiscal fourth-quarter loss on $3 billion in pre-tax charges related to its plan to spin off its publishing businesses. The company said it lost $1.6 billion, or 64 cents a share, in the quarter ended June 30, compared with a profit of $683 million, or 26 cents, in the same period a year ago. Excluding the charges, News Corp. said it would have earned 32 cents a share in the latest three months. Revenue slipped to $8.4 billion from $9 billion. Analysts polled by FactSet were expecting a profit of 32 cents a share on revenue of $8.76 billion. News Corp. is the parent company of MarketWatch, the publisher of this report.
Zillow shares slump 8% on outlook(4:12 pm ET) CHICAGO (MarketWatch) -- Zillow shares slumped 8% Wednesday, after the company offered a disappointing profit outlook for the current quarter. The real estate website also said it had filed registration papers for the possible sale of up to $150 million worth of stock. The drop in price at one point triggered short sale restrictions on Zillow (Z: news, chart, profile) shares
Boingo Wireless earnings decline in second quarter(4:11 pm ET) SAN FRANCISCO (MarketWatch) -- Boingo Wireless reported a 14% decline in earnings for the second quarter on Wednesday afternoon. For the period ended June 30, Boingo (WIFI: news, chart, profile) reported net income of $1.6 million, or 4 cents a share, compared to net income of $1.88 million, or 5 cents per share, for the same period last year. Revenue rose 6% to $24.3 million. Analysts were expecting earnings of 5 cents per share on revenue of $25.7 million, according to consensus estimates from Thomson Reuters. Based in Los Angeles, Boingo provides a national network of Wi-Fi-based hotspots.
Spectrum drops 14% after earnings report(11:25 am ET) BOSTON (MarketWatch) -- Shares of Spectrum Pharmaceuticals (SPPI: news, chart, profile) dropped 14% to $11.88 on Wednesday after the biotech group released its quarterly earnings report. The stock has fallen 30% over the past 30 days, and is off 20% year-to-date.
Molex falls 6% on trimmed outlook(10:57 am ET) SAN FRANCISCO (MarketWatch) -- Molex Inc. (MOLX: news, chart, profile) reported before the open Wednesday fiscal fourth-quarter profit of $72 million, or 40 cents a share, down from $77.3 million, or 44 cents a share, a year ago. Revenue for the three months ended June 30 fell 6% to $858.5 million from $913.7 million. Analysts polled by FactSet had expected the Lisle, Ill.-based electronic component company to earn 37 cents per share. The company also cut its forecast for the 2013 fiscal first quarter below analyst estimates, but expect pre-Christmas sales to boost quarterly revenue. The stock is currently trading down 6% at $25.09 a share, but has been up almost 35% in the past 12 months.
SodaStream raises outlook again; shares gain(10:27 am ET) SAN FRANCISCO (MarketWatch) -- SodaStream (SODA: news, chart, profile) raised its 2012 outlook for the second time this year, sending its U.S. shares up 4% to $42.88 Wednesday morning. SodaStream, maker of its namesake carbonated beverage machine, now projects revenue will grow 40% this year over 2011, with profit to increase 55%. Israel-based SodaSteam has been making a strong push into the U.S. the past 18 months. Meanwhile, rival Primo Water (PMRW: news, chart, profile) has struggled with the launch of its Flavorstation machine. Short sellers have piled into Sodastream this year, counting on the company to stumble. The percentage of Sodastream's common shares sold short is very high at 49%. SodaStream's stock has gained 31% since Jan. 1.
International Flavors up 9% on strong earnings (10:25 am ET) SAN FRANCISCO (MarketWatch) -- Shares of International Flavors & Fragrances Inc. (IFF: news, chart, profile) shot up 8.8% Wednesday after posting a 16% higher second-quarter profit, beating analyst estimates. The move made the International Flavors the third biggest percentage gainer in the S&P 500 Wednesday. Net income rose to $88.6 million, or $1.08 a share, from $76.2 million, or 93 cents a share, a year ago. Analysts polled by FactSet had predicted it would earn $1.02 a share. The New York-based company said manufacturing efficiencies and sales growth in emerging markets contributed to its higher profit. Shares of the flavor and fragrance manufacturer have risen 17% this year so far.
Rackspace share jump on results, upgrades(10:21 am ET) SAN FRANCISCO (MarketWatch) -- Rackspace Hosting Inc. saw its shares jump more than 10% to $54.62 on Wednesday morning, after the company reported better-than-excpected revenue for the second quarter, with a 43% gain in profits for the period. Pacific Crest and Jefferies & Co. both upgraded the stock to buy ratings following the results. "Given the on-time launch of OpenStack on August 1 and our expectation that additional modules will launch on schedule as well, we are confident that revenue re-acceleration is in the picture for 2013," Thomas Seitz of Jefferies wrote in a note to clients, in which he also upped his price target on the stock to $65.
Peregrine Semiconductor shares rise on IPO debut(10:11 am ET) SAN FRANCISCO (MarketWatch) -- Shares of Peregrine Semiconductor (PSMI: news, chart, profile) rose more than 8% to $15.23 in early trades following its initial public offering Wednesday morning. The stock began trading on the Nasdaq at $15 after pricing its offering late Tuesday at $14 per share - the low end of its expected range of $14-$16. About 5.5 million shares were sold in the offering, with 159,220 of those shares being sold by selling shareholders. The company makes radio frequency chipsets used in wireless devices and other products.
Computer Sciences jumps 15% on results (10:04 am ET) SAN FRANCISCO (MarketWatch) -- Shares of Computer Sciences Corp. jumped more than 15% to $29.37 on Wednesday morning, after the provider of IT outsourcing services reported better-than-expected results for its first fiscal quarter. For the quarter ended June 29, CSC (CSC: news, chart, profile) reported net income of $40 million, or 26 cents a share, compared with $183 million, or $1.17 a share, a year earlier, though the previous period included a tax benefit worth 78 cents a share. Revenue fell 2% to $3.96 billion. Analysts expected earnings of 22 cents a share on revenue of $3.89 billion, according to Thomson Reuters. "We are encouraged by CSC's F1Q results, which represent a nice contrast from past trends of disappointment, but we recognize this is a long-term turnaround effort," Jason Kupferberg of Jefferies & Co. wrote in an early note to clients.
Techs mixed with H-P rising, Priceline falling(9:46 am ET) SAN FRANCISCO (MarketWatch) -- Tech stocks opened to mixed trades on Wednesday, led by Hewlett-Packard Co. jumping more than 3% after the company raised its outlook for the recently ended third fiscal quarter. This was offset by a sharp drop on Priceline, which shed more than 14% after reporting weaker-than-expected revenue for the second quarter. The Nasdaq Composite (COMP: news, chart, profile) was down 0.3% to 3,008 while the Philadelphia Semiconductor Index (SOX: news, chart, profile) made a fractional gain. H-P (HPQ: news, chart, profile) rose to $19.53 after the company raised its outlook for the July quarter to a non-GAAP EPS target of $1, up from its previous range of 94-97 cents per share.
Priceline falls 15% in wake of earnings forecast(9:40 am ET) SAN FRANCISCO (MarketWatch) -- Priceline.com Inc. (PCLN: news, chart, profile) shares fell more than $100, or 15%, to $576.18 Wednesday following the online travel company's disappointing third-quarter profit outlook. Late Tuesday, Priceline said that for its third quarter, ending in September, it expects to earn between $11.10 and $12.10 a share, excluding one-time items. Analysts surveyed by FactSet Research had earlier forecast Priceline to earn $12.82 a share for the quarter. The company said economic conditions in Europe involving the ongoing euro crisis were the main reason for its forecast. Stifel Nicolaus analyst George Askew cut his rating on Priceline's stock to hold from buy, saying that the company "is transitioning from a momentum stock to a growth stock."
EZChip falls 15% on dimmed revenue view(9:05 am ET) NEW YORK (MarketWatch) -- EZChip Semiconductor Ltd. (EZCH: news, chart, profile) fell 15% in premarket trades Wednesday after the Israel-based networking processor said its revenue in the second half of the year is expected to be lower than initially expected, with a "significant sequential decline" in the third quarter. EZChip said some of its customers are taking longer than expected to use its technology in production. The company also cited global economic worries. "It is a very disappointing short term guidance that delays our expected revenue ramp, but we believe it is just a delay that does not change our long term view," the company said.
Ralph Lauren falls 7% on tighter margin view(8:44 am ET) NEW YORK (MarketWatch) -- Shares of Ralph Lauren Corp. (RL: news, chart, profile) fell nearly 7% in premarket trades Wednesday after the retailer said operating profit margins in its upcoming second-quarter results will drop by about 1.75% to 2.25% below the comparable period. The retailer cited incremental investment to support the its strategic growth objectives in the context of lower revenue. It expects second-quarter revenue to fall by a mid-single-digit percentage. Ralph Lauren's first-quarter profit increased to $193 million, or $2.03 a share, from $184.1 million, or $1.90 a share, in the year-ago period. The retailer's net sales rose to $1.55 billion from $1.49 billion. Wall Street analysts expected Ralph Lauren to earn $1.78 a share on sales of $1.58 billion, according to a survey by FactSet. "The outlook for consumer spending and global economic growth remains challenging and we are planning our business accordingly," the company said.
Macy's grows profit, shares up 3.8%(8:27 am ET) NEW YORK (MarketWatch) -- Macy's Inc. (M: news, chart, profile) said Wednesday its second-quarter profit increased to $279 million, or 67 cents a share, from $241 million, or 55 cents a share, in the year-ago period. Sales at the retailer increased to $6.1 billion from $5.9 billion. Wall Street analysts expected Macy's to earn 64 cents a share on sales of $6.1 billion, according to a survey by FactSet. Looking ahead, Macy's expects fiscal 2012 earnings of $3.30 to $3.35 a share, compared to the analyst forecast of $3.36 a share. Shares of Macy's rose 3.8% in premarket trades.
McDonalds down 2.3% in premarket on flat sales(8:20 am ET) NEW YORK (MarketWatch) -- McDonald's Corp. (MCD: news, chart, profile) said Wednesday its global comparable sales were flat in July, while total systemwide sales fell 3.2% in the month. The Oak Brook, Ill., fast food chain said U.S. same-store sales fell 0.1% in the month while Europe dropped 0.6%. In the U.S., McDonald's said promotional activity did not offset the effects of a sluggish economy. In Europe, McDonald's faced "an increasingly difficult environment." Shares of McDonald's fell 2.3% in premarket trades. In Asia/Pacific, Middle East and Africa, McDonald's said its July same-store sales dropped 1.5%
Monsanto boosts dividend by 25%(8:09 am ET) NEW YORK (MarketWatch) -- Monsanto Co. (MOS: news, chart, profile) said Wednesday it'll pay a fourth-quarter dividend of 37.5 cents a share on Oct. 26 to shareholders of record as of Oct. 5. The payout amounts to a 25% increase. The St. Louis agriculture products company cited its "strong cash flow" in making the dividend hike.
PPL sticks to 2012 outlook; quarterly profit up(7:51 am ET) NEW YORK (MarketWatch) -- PPL Corp. (PPL: news, chart, profile) said Wednesday it continues to expect fiscal 2012 earnings of $2.15 to $2.45 a share, compared to the Wall Street estimate of $2.31 a share, with the power producer citing strength in its U.K. operations and cost-management of an unexpected outage at its Susquehanna nuclear power plant. The Allentown, Pa., company's second-quarter profit rose to $271 million, or 46 cents a share, from $196 million, or 35 cents a share, in the year-ago period. Adjusted earnings totaled 51 cents a share in the latest quarter, while revenue rose to $2.55 billion from $2.29 billion. Wall Street analsyts expected PPL to earn 41 cents a share on revenue of $2.2 billion, according to a survey by FactSet.
Ralcorp Q3 profit up after acquisitions(7:32 am ET) NEW YORK (MarketWatch) -- Ralcorp. (RAH: news, chart, profile) , the St. Louis maker of cereal, snacks, sauces and bakery products, said Wednesday its third-quarter profit rose as it absorbed the acquisitions of the Sara Lee refrigerated dough business, Petri Baking Products and others. Net earnings increased to $29.8 million, or 53 cents a share, from $28.3 million, or 50 cents a share in the year-ago period. Adjusted profit totaled 60 cents a share in the latest period. Third-quarter sales rose 11% to $1.03 billion from $927.8 million. Wall Street analysts expected Ralcorp to earn 65 cents a share on revenue of $1.03 billion, according to a survey by FactSet. Tuesday, Aug. 7
Disney profit rises 24% on parks, 'Avengers'(4:30 pm ET) CHICAGO (MarketWatch) -- Walt Disney Co. (DIS: news, chart, profile) said Tuesday its fiscal third-quarter profit rose 24% on improved results at its theme parks and box-office results from the Marvel action feature "The Avengers." The company said it earned $1.83 billion, or $1.01 a share, compared with a profit of $1.48 billion, or 77 cents a share, in the same period a year earlier. Revenue rose to $11.09 billion from $10.68 billion. Analysts polled by FactSet were expecting a profit of 93 cents a share on revenue of $11.32 billion.
Priceline shares fall as outlook disappoints(4:17 pm ET) SAN FRANCISCO (MarketWatch) -- Online travel booking company Priceline.com Inc. (PCLN: news, chart, profile) saw its share tumble almost 14% in after-hours trading Tuesday. The company said that for its fiscal third quarter, it expects to earn between $11.10 and $12.10 a share, while analysts surveyed by FactSet Research had forecast Priceline to earn $12.82 a share for the quarter. In a statement, Priceline said that "concerns related to sovereign debt and the viability of the euro have negatively impacted historical operating results and are likely to impact future results."
Tenet Healthcare shares advance on profit beat(10:06 am ET) SAN FRANCISCO (MarketWatch) -- Tenet Healthcare (THC: news, chart, profile) shares advanced 6% to $4.94 Tuesday morning, landing its among the top S&P 500 gainers. The hospital operator reported an operating profit of 10 cents a share for the quarter ended June 30, ahead of the 5-cent profit analysts polled by FactSet had forecast. Tenet said patient volume increased, with surgery growth up 4.9% and emergency department visits increasing 5%. Tenet shares are almost unchanged over the last 12 months.
Leap Wireless hits new low on results, downgrades(9:48 am ET) SAN FRANCISCO (MarketWatch) -- Leap Wireless International Inc. (LEAP: news, chart, profile) saw its shares slide more than 18% to $4.50 -- a record low -- after the pre-paid wireless carrier reported disappointing results for the second quarter driven by a net decline in subscribers. The stock was downgraded by Robert W. Baird and Hudson Square Research following the results. Baird analyst William Power wrote that even though the company said it is evaluating all options, "given the challenging industry backdrop, continued free cash flow losses, a levered balance sheet, and a spectrum value that likely won't cover the debt, we are unconvinced that a buyer will step in." He cut his rating to underperform.
Chesapeake Energy up nearly 7%, energy stocks up(9:44 am ET) NEW YORK (MarketWatch) -- Chesapeake Energy Corp. (CHK: news, chart, profile) shares rose nearly 8% on Tuesday as energy stocks moved up. Exxon Mobil Corp. (XOM: news, chart, profile) and Chevron Corp. (CVX: news, chart, profile) moved up by 0.5% each. The two oil majors are components of the Dow Jones Industrial Average, which rose 54 points. The Energy Select Sector SPDR Fund (XLE: news, chart, profile) rose 1.2%. Nexen Inc. (NXY: news, chart, profile) dipped 0.2%. First Solar Inc. (FSLR: news, chart, profile) moved up by 6% and Cabot Oil & Gas Corp. (COG: news, chart, profile) advanced by nearly 5%.
MGM up 3% in premarket on favorable debt outlook(9:10 am ET) NEW YORK (MarketWatch) -- MGM Resorts International (MGM: news, chart, profile) climbed 3% in premarket trades Tuesday after the casino and hotel firm said it expects to refinance some of its long-term capital at "progressively lower rates." MGM lost $145.5 million, or 30 cents a share in the second quarter, compared to year-ago income of $3.44 billion, or $6.22 a share. The latest quarter's results included one-time costs for tax provisions and a non-cash impairment charge of $85 million related to MGM's joint venture investment in Grand Victoria. The prior year quarter included a $3.5 billion gain for the consolidation of MGM China. Revenue increased to $2.3 billion from $1.8 billion. Interest expense increased to $276 million from $270 million. Wall Street analysts expected MGM to report a second-quarter loss of 15 cents a share and revenue of just under $2.4 billion, according to a survey by FactSet.
CVS Caremark hikes 2012 earnings view (7:40 am ET) NEW YORK (MarketWatch) -- CVS Caremark (CVS: news, chart, profile) on Tuesday hiked its 2012 adjusted earnings outlook to a range of $3.32 to $3.38 a share, from its earlier estimate of $3.23 to $3.33 a share. Wall Street analysts expected the retail pharmacy company to earn $3.33 a share on average in 2012, according to data from FactSet. CVS Caremark said it'll book a gain of about 5 cents a share in the second half of 2012 related to the prescription business expected to be retained from the contractual impasse between Walgreen Co. (WAG: news, chart, profile) and Express Scripts (ESRX: news, chart, profile) . CVS Caremark's second-quarter profit increased to $967 million, or 75 cents a share, from $814 million, or 60 cents a share, in the year-ago period. Adjusted profit in the latest quarter totaled 81 cents a share. Revenue climbed 16% to $30.7 billion. Analysts estimated earnings of 79 cents a share and revenue of $31 billion, on average, for CVS Caremark's second-quarter results.
CareFusion shares jump on earnings, forecast(11:01 am ET) LOS ANGELES (MarketWatch) -- Shares of CareFusion Corp. (CFN: news, chart, profile) jumped nearly 8% in early trading Friday after the company beat forecasts on fourth-quarter earnings and offered a full-year forecast that was ahead of estimates. CareFusion said adjusted earnings for the quarter were 51 cents a share, while analysts polled by FactSet had expected income of 50 cents a share. CareFusion said in its earnings release issued after the close Thursday that it expects fiscal 2013 earnings of $2.11 to $2.21 a share, excluding acquisition-related costs. The FactSet estimate had been for $1.98 and was raised to $2.05 after earnings were reported. Shares of CareFusion were up more than 7% to $26.32 in recent action.
Codexis drops 15% on earnings outlook(10:45 am ET) BOSTON (MarketWatch) -- Shares of Codexis Inc. (CDXS: news, chart, profile) fell 15% to $2.61 on Friday the day after the biochemicals group reported a widened quarterly loss. Codexis attributed the shortfall in part to the timing of certain pharmaceutical orders. The biotech group also said that it expects partner Shell Oil to reduce certain collaborative funding starting on Sept. 1, and does not anticipate any additional funding after Oct. 31. Codexis also anticipates pharmaceutical sales for 2012 will be largely flat with those of 2011 at $49 million. As a result, Codexis said it now sees 2012 revenue coming in lower than last year's, and expects to report a year-end adjusted EBITDA loss. Codexis expects to end 2012 with about $50 million in cash and short-term securities. The stock has fallen 30% over the past 30 days and is off 50% year-to-date.
Roundy's shares drop 22% after grocer cuts outlook(10:43 am ET) SAN FRANCISCO (MarketWatch) -- Investors checked out of regional supermarket chain Roundy's (RNDY: news, chart, profile) Friday after the grocer cut its 2012 outlook. Roundy's shares tumbled 22% to $7.94 in morning trade. Following the earnings report, at least three analysts downgraded Roundy's, which operates 159 stores in Wisconsin, Minnesota and Illinois. Roundy's said tight-fisted shoppers and price competition from other supermarket chains was weighing on its business. BB&T analyst Andy Wolf indicated that Wal-Mart (WMT: news, chart, profile) , Target (TGT: news, chart, profile) and Whole Foods Market (WFM: news, chart, profile) have opened new stores in and around Milwaukee and Minneapolis, cities that are core markets for Roundy's. Roundy's shares now trading under their Feb. 8 initial public offering price of $8.50.
Yahoo leads early tech slump; chips rise(9:46 am ET) SAN FRANCISCO (MarketWatch) -- Tech stocks opened to mostly weak trades on Friday morning, led by a 5% drop at Yahoo Inc. (YHOO: news, chart, profile) , which warned investors the previous afternoon that it was considering several initiatives under new CEO Marissa Mayer, including not returning all of the cash it gets from selling its stake in Alibaba to shareholders. Yahoo was downgraded to neutral by Bank of America/Merrill Lynch, with analyst Justin Post noting the risk that the company may make "material acquisitions" that "could disappoint a portion of the shareholder base." The Nasdaq Composite (COMP: news, chart, profile) was down about 0.2% to 3,012. The Philadelphia Semiconductor Index rose nearly 0.5%, helped by strong gains at Nvidia (NVDA: news, chart, profile) and Broadcom (BRCM: news, chart, profile) . Thursday, Aug. 9
Roundy's outlook cut as grocers fight for shoppers(5:34 pm ET) SAN FRANCISCO (MarketWatch) -- Supermarket chain Roundy's (RNDY: news, chart, profile) lowered its financial forecast late Thursday in another sign grocers are duking it out to lure customers as the economy remains sluggish. In a statement, chief executive Robert Mariano indicated that an "increasingly price-conscious consumer and greater-than-anticipated pricing and promotional activity in several of our major markets" was weighing on the company. He said Roundy's would defend its turf through promotions. Milwaukee-based Roundy's operates 159 stores in Wisconsin, Minnesota and Illinois. Its shares fell 5% to $9.75 in late trade.
Scotts Miracle-Gro profit down 21%(4:52 pm ET) SAN FRANCISCO (MarketWatch) -- Scotts Miracle-Gro (SMG: news, chart, profile) reported after the close Thursday fiscal third-quarter profit of $99.4 million, or $1.60 a share, down from $126.7 million, or $1.91 a share, a year ago. Revenue for the three months ended June 30 fell to $1.062 billion from $1.058 billion. Analysts expected the Marysville, Ohio-based manufacturer of branded consumer lawn and garden products to earn $1.93 cents a share, according to FactSet polling. The stock fell almost 9% in after-hours trade to $37.75 a share, but has been down over 11% since January and over 3% in the past 12 months.
CareFusion fourth-quarter income rises 29%(4:50 pm ET) LOS ANGELES (MarketWatch) -- CareFusion Corp. (CFN: news, chart, profile) on Thursday said fourth-quarter net income rose 29% to $110 million, or 49 cents a share, compared with $85 million, or 37 cents a share, for the same period a year ago. Reporting after the close, the the San Diego-based medical technology company said revenue was up 3% to $968 million from the $940 million reported a year ago. Adjusted earnings were 50 cents a share. Analysts polled by FactSet had expected earnings of 39 cents a share. Shares ended the regular session up marginally to $24.57 and were unchanged after hours.
Ubiquiti plunges as counterfeits hurt outlook(4:48 pm ET) SAN FRANCISCO (MarketWatch) -- Ubiquiti Networks Inc. reported strong earnings growth for its fourth fiscal quarter, but saw its shares crash in after-hours trading as the network technology company warned that counterfeit products will hurt its forecast. The stock was down nearly 40% in after-hours trading. In its statement reporting 57% earnings growth for the June quarter, Ubiquiti (UBNT: news, chart, profile) said "the amount of counterfeited goods, combined with the impact it has on our distributor's inventory and the purchasing patterns of our customers, will impact our business outlook for the next two fiscal quarters." The company forecast revenue in the range of $62 million to $70 million for the September quarter -- far below the $98.4 million expected by analysts for the period.
Nordstrom profit slips 11%; lifts 2012 targets(4:37 pm ET) SAN FRANCISCO (MarketWatch) -- Nordstrom (JWN: news, chart, profile) late Thursday posted an 11% decrease in second-quarter profit but did lift its 2012 financial targets. The Seattle-based department-store chain also said it would accelerate new openings of its Nordstrom Rack stores. Profit for the quarter ended July 28 was $156 million, or 75 cents a share, down from $175 million, or 80 cents a share, in the same 2011 period. Revenue rose 7% to $2.92 billion, while same-store sales grew 4.5%. Gross margin declined to 36.6% from 37.4% in last year's same period. For 2012, Nordstrom raised its earnings target to $3.40 to $3.50 a share and increased its same-store sales guidance to growth of 6% to 7%. At the same time, the department store chain did indicate it would face more margin pressure. Nordstrom shares rose almost 2% to $56 in after-hours trade. The stock is up 11% year-to-date.
Nvidia shares up as results, outlook beat street(4:28 pm ET) SAN FRANCISCO (MarketWatch) - Nvidia Corp. (NVDA: news, chart, profile) on Thursday reported a second-quarter profit of $119 million, or 19 cents a share, compared with a profit of $151.6 million, or 25 cents a share, for the year-earlier period. Revenue was $1.04 billion, up from $1.02 billion. Adjusted profit was 27 cents a share. Analysts were expecting the chipmaker to report a profit of 14 cents a share, on revenue of $1 billion, according to a consensus survey by FactSet. For the current quarter, the company expects revenue of between $1.15 billion and $1.25 billion. Analysts were expecting the company to post revenue of $1.09 billion, according to FactSet. Shares of Nvidia were up 5% in after-hours trading.
GameStop profit falls 32%(8:42 am ET) NEW YORK (MarketWatch) -- GameStop Corp. (GME: news, chart, profile) said Thursday its second-quarter profit fell to $21 million, or 16 cents a share, from $30.9 million, or 22 cents a share, in the year-ago period. Sales at the video game retailer dipped to $1.55 billion from $1.74 billion. Wall Street analysts expected GameStop to earn 16 cents a share on sales of $1.6 billion, according to a survey by FactSet. Looking ahead, GameStop expects third-quarter profit of 28 cents to 36 cents a share, below the Wall Street estimate of 40 cents a share.
Cisco up 6%, analyst boost profit target(8:03 am ET) NEW YORK (MarketWatch) -- Cisco Systems Inc. (CSCO: news, chart, profile) jumped 6% in premarket trades on Thursday after the networking technology maker drew praise for its fourth-quarter profit. Analysts at Sterne Agee hiked their fiscal 2013 estimate for Cisco to $1.95 a share from $1.90 a share and said the company turned in a solid performance. Analysts maintained their buy rating on the stock and said they continue to believe that Cisco "is an underappreciated turnaround story similar to what we have seen with Apple (AAPL: news, chart, profile) , IBM (IBM: news, chart, profile) and EMC (EMC: news, chart, profile) in the past."
Dollar Tree Q3 profit to fall short of estimates(7:52 am ET) NEW YORK (MarketWatch) -- Dollar Tree (DLTR: news, chart, profile) said Thursday it expects third-quarter profit of 47 cents to 51 cents a share, below the estimate of 52 cents a share in a survey of Wall Street analysts by FactSet. The retailer's second-quarter profit rose to $119.2 million, or 51 cents a share, from $94.9 million, or 39 cents a share, in the year-ago period. Sales increased to $1.7 billion from $1.54 billion. Analysts expected Dollar Tree to earn 47 cents a share on sales of $1.7 billion. For 2012, Dollar Tree expects earnings of $2.45 to $2.54 a share, compared to the estimate of $2.48 a share.
Wal-Mart raises full-year view; profit up 5.7%(7:23 am ET) NEW YORK (MarketWatch) -- Wal-Mart Stores Inc. (WMT: news, chart, profile) said Thursday its second-quarter profit increased by 5.7%, but shares fell 3% in premarket trades after the company said it could fall slightly short of Wall Street estimates for the third quarter. Wal-Mart's earnings for the three months ended July 31 rose to $4 billion, or $1.18 a share, from $3.8 billion, or $1.09 a share in the year-ago period. Total revenue at the Bentonville, Ark., mass marker retailer increased by 4.5% to $114.3 billion from $109.4 billion. Wall Street analysts expected the world's largest store chain to earn $1.17 a share on revenue of $114.6 billion, according to a survey by FactSet. Looking ahead, Wal-Mart said it expects third-quarter profit of $1.04 to $1.09 a share, compared to the analyst expectation of $1.05 a share. For fiscal 2012, Wal-Mart said it now expects full-year profit of $4.83 to $4.93 a share, up from its earlier view of $4.72 to $4.92 a share. The analyst forecast for the year is $4.93 a share.
Brazil unveils $66 bln stimulus ahead of Olympics(3:16 am ET) LONDON (MarketWatch) -- Brazilian President Dilma Rousseff late Wednesday unveiled a $66 billion stimulus package aimed at improving the nation's infrastructure and boosting investor confidence, according to a report in The Financial Times, which cited some remarks Rousseff gave to business leaders and politicians in the country. "We are starting with railways and roads but obviously we will take care of airports, ports and waterways," Rousseff said, the FT reported. Brazil's economic growth rate slowed to 2.7% in 2011, a significantly slower pace of expansion than seen in 2010 when the economy expanded 7.5%. Brazil's growth rate is expected to see further slowing in 2012. In 2014, Brazil will host the soccer World Cup. Two years after that it will host the Olympics. Both events are causing the Latin American nation, and BRIC member, to speed up infrastructure-related activities.
China Mobile first half profit up 1.5%(12:44 am ET) HONG KONG (MarketWatch) -- China Mobile Ltd. (HK:941: news, chart, profile) (CHL: news, chart, profile) announced Thursday first half net income of 62.2 billion yuan ($9.77 billion), a rise of 1.5% from the year earlier period, and kept its dividend payout ratio unchanged at 43%, unveiling a interim divided of HK$1.633 per share. The result was below expections for a profit of 63.95 billion yuan, according to analysts polled by Dow Jones Newswires. China Mobile said its total customer base swelled to 683 million, a rise of 10.7% from a year earlier. China Mobile's Hong Kong traded shares ended the morning session 1% lower ahead of the results announcement. Wednesday, Aug. 15
Limited Brands net profit slips, lifts outlook (5:02 pm ET) SAN FRANCISCO (MarketWatch) -- Limited Brands Inc. (LTD: news, chart, profile) , whose apparel lines include Pink and Victoria's Secret, reported late Wednesday its fiscal second-quarter profit fell to $143.6 million, or 49 cents a share, from $231.2 million, or 73 cents, a year ago. Adjusted to exclude one-time items, the company earned 50 cents a share in the latest quarter. Revenue for the three months ended July 28 slipped to $2.4 billion from $2.46 billion. Analysts polled by FactSet had expected the Columbus, Ohio-based company to earn 48 cents a share on $2.4 billion in revenue. The company raised its full-year earmings outlook to $2.73 to $2.88 a share from $2.63 to $2.83 a share. Limited Brands shares slipped 0.7% to $48.65 in after-hours trade. The stock is up 40% the past 12 months.
Agilent shares tumble on results, forecast(4:44 pm ET) SAN FRANCISCO (MarketWatch) -- Agilent Technologies Inc. saw its shares slide more than 8% in after-hours trading on Wednesday after the maker of high-tech instruments reported lower-than-expected earnings for its third fiscal quarter and issued a disappointing forecast for the current period. Agilent (A: news, chart, profile) said it expects adjusted earnings to come in the range of 80-82 cents per share for the October period, well below the 93 cents per share expected by analysts. Revenue for the period is expected to range between $1.76 billion and $1.78 billion; analysts were expecting $1.87 billion in revenue, according to FactSet. "We have clearly entered an environment of much slower growth, resulting in deals taking longer to close and customers delaying their order deliveries," Agilent president Bill Sullivansaid in a statement.
Agilent earnings fall 26%, missing estimates(4:39 pm ET) SAN FRANCISCO (MarketWatch) -- Agilent Technologies Inc. reported a 26% drop in earnings for its third fiscal quarter on Wednesday afternoon, with the results missing Wall Street's targets for the period. For the period ended July 31, Agilent (A: news, chart, profile) reported net income of $243 million, or 69 cents a share, compared to net income of $330 million, or 92 cents a share, for the same period last year. Adjusted earnings came in at $278 million, or 79 cents a share, for the recent quarter. Revenue rose by 2% to $1.72 billion. Analysts were expecting adjusted earnings of 83 cents a share on revenue of $1.79 billion, according to consensus estimates from FactSet.
PetSmart boosts profit 31%, shares rise 6%(4:39 pm ET) SAN FRANCISCO (MarketWatch) -- PetSmart Inc. (PETM: news, chart, profile) reported after the close Wednesday a second-quarter profit of $79 million, or 72 cents a share, up 31% from $61 million, or 54 cents a share, a year ago. The company reported a sales increase of 9% to $1.62 billion from $1.48 billion, but lost $4 million in unfavorable foreign currency fluctuations. Analysts polled by FactSet expected the Phoenix-based specialty pet retailer to gain 65 cents a share on $1.6 billion in sales. PetSmart's comparable store sales grew 7% from a year ago. The share price surged 6% to $71.43 in after-hour trades.
Applied Materials' shares down on weak forecast(4:32 pm ET) SAN FRANCISCO (MarketWatch) -- Applied Materials Inc. (AMAT: news, chart, profile) saw its shares fall more than 3% in after-hours trading on Wednesday after the maker of semiconductor manufacturing tools issued a forecast for the current fourth fiscal quarter that was well below Wall Street's estimates. The company projected earnings to come in the range of 0-6 cents per share for the October period; analysts had been expecting earnings of 12 cents a share. The company also said sales were expected to fall between 25% and 40% from the July period; Wall Street had been projecting a 16% decline. Applied CEO Mike Slinter said in a statement that "economic uncertainty is weighing on top of a seasonal pullback to produce weaker near-term demand."
Applied Materials' earnings drop 54% as sales fall(4:22 pm ET) SAN FRANCISCO (MarketWatch) -- Applied Materials Inc. reported a 54% drop in earnings for its third fiscal quarter on Wednesday afternoon, though the results were largely in line with an earlier forecast from the company. For the period ended July 29, Applied Materials (AMAT: news, chart, profile) reported net income of $218 million, or 17 cents a share, compared to net income of $476 million, or 36 cents a share, for the same period last year. Adjusted earnings came in at $431 million, or 24 cents a share, for the recent quarter. Revenue fell 16% to $2.34 billion. Analysts were expecting earnings of 22 cents a share on revenue of $2.3 billion, according to consensus estimates from FactSet.
NetApp expects gains in current quarter(4:19 pm ET) SAN FRANCISCO (MarketWatch) -- NetApp Inc. (NTAP: news, chart, profile) on Wednesday said that it expects to earn 45 cents to 50 cents a share, excluding one-time items, on revenue between $1.5 billion and $1.6 billion for its current, fiscal second quarter. Analysts surveyed by FactSet Research had earlier forecast NetApp to earn 46 cents a share on $1.54 billion in revenue for the quarter. Following the forecast, which also came with NetApp's first-quarter results, the company's shares rose as much as 7% in after-hours trading before giving up most of those gains.
Cisco shares rise as dividend hiked by 75%(4:13 pm ET) SAN FRANCISCO (MarketWatch) -- Cisco Systems Inc. (CSCO: news, chart, profile) said Wednesday afternoon that it has raised its quarterly dividend by 75% to 14 cents per share. The dividend will be payable on Oct. 24 to shareholders of record as of the close of business on Oct. 4. "Cisco has the financial strength and flexibility to effectively invest in our business, pursue strategic opportunities, such as acquisitions, as well as return a minimum of 50% of our free cash flow annually through dividends and share repurchases to our shareholders," CFO Frank Calderoni said in a statement. Shares of Cisco were up nearly 3% in after-hours trading Wednesday following the announcement, which also included the company's results for the fourth fiscal quarter.
Cisco posts 56% profit jump, beats Street views(4:12 pm ET) SAN FRANCISCO (MarketWatch) - Cisco Systems (CSCO: news, chart, profile) on Wednesday reported a fiscal fourth-quarter profit of $1.92 billion, or 36 cents a share, compared with a profit of $1.23 billion, or 22 cents a share, for the year-earlier period. Revenue was $11.7 billion, up from $11.2 billion. Adjusted profit was 47 cents a share. Analysts were expecting the networking gear maker to post a profit of 45 cents a share, on revenue of $11.62 billion, according to consensus survey by FactSet. Shares of Cisco were up 3% in after-hours trading.
NetApp reports better-than-expected earnings(4:07 pm ET) SAN FRANCISCO (MarketWatch) -- NetApp Inc. (NTAP: news, chart, profile) on Wednesday reported a fiscal first-quarter profit of $64 million, or 17cents a share, on revenue of $1.45 billion, compared with earnings of $140 million, or 34 cents a share, on $1.49 billion in the same period a year ago. Excluding one-time items, the data-storage technology company would have earned $156 million, or 42 cents a share. Analysts surveyed by FactSet Research had forecast NetApp to earn 38 cents a share on $1.46 billion in sales.
Staples shares drop 14% on lower outlook(10:28 am ET) SAN FRANCISCO (MarketWatch) -- Staples Inc. (SPLS: news, chart, profile) saw its shares drop over 14% Wednesday to $11.55 a share after announcing fiscal second-quarter earnings fell 32%, prompting the company to trim its full-year outlook. The move made the Framingham, Mass.-based office-supply chain the top decliner on the S&P 500 (SPX: news, chart, profile) . Target Corp. (TGT: news, chart, profile) also released quarterly results before the bell and despite flat second-quarter earnings, the Minneapolis-based retailer raised its full-year forecast helping the stock gain almost 2% to $64.46 a share.
Abercrombie & Fitch surges 10% to lead S&P 500 (10:14 am ET) SAN FRANCISCO (MarketWatch) -- Abercrombie & Fitch (ANF: news, chart, profile) shares led S&P 500 (SPX: news, chart, profile) gainers Wednesday morning after the teen apparel retailer said it boosted its share repurchase program by 10 million shares and is making progress shrinking its inventory. Shares surged 10% to $35.63. Abercrombie, which is coping with a sales slowdown worldwide and shuttering stores, said it expects to earn between $2.50 to $2.75 a share in fiscal 2012. Analysts polled by FactSet are looking for $2.54 a share. Ohio-based Abercrombie runs 1,055 stores across the world. Its stock is down 50% over the past 12 months.
Target profit flat, firm raises outlook (7:46 am ET) NEW YORK (MarketWatch) -- Target Corp. (TGT: news, chart, profile) said on Wednesday that its second-quarter profit was $704 million, or $1.06 a share, compared to $704 million, or $1.03 a share a year ago. Adjusted earnings per share were $1.12 in the second quarter, up from $1.07 a year ago. The firm had 662.9 million outstanding shares in the latest quarter, compared to 685.1 million a year ago. Target's revenue rose to $16.78 billion in the quarter, from $15.90 billion a year ago. Analysts polled by FactSet Research had expected the company to earn $1.01 a share on revenue of $16.45 billion. The company also said on Wednesday that it expects to earn $4.65 to $4.85 a share in 2012, compared to analysts current $4.30 estimate.
Deere & Co. earnings rise 11%; drought in focus(7:32 am ET) LONDON (MarketWatch) -- Deere & Co. (DE: news, chart, profile) on Wednesday reported an 11% rise in third-quarter earnings to a record $788 million, or $1.98 a share, from $712.3 million, or $1.69 a share, in the year-ago-period. Worldwide sales and revenues increased 15% to $9.59 billion. Analysts surveyed by FactSet expected earnings of $2.31 a share on revenue of $9.614 billion. "Although a strong quarter, we are not satisfied that sales fell short of our expectations due to weakening in certain international markets and short-term manufacturing inefficiencies," said Samuel R. Allen, chairman and chief executive officer, in the earnings release. For full-year profit the Moline, Ill.-based company expects net income to land around $3.1 billion, but said global economic conditions and dryness in key markets may warrant caution in coming months. "However, this year's drought could positively influence our outlook as it spotlights the need for John Deere's highly productive agricultural equipment," Allen said. Tuesday, Aug. 14
Elpida may start rebuilding in October: report(8:04 pm ET) LOS ANGELES (MarketWatch) -- Bankrupted Japanese chip maker Elpida Memory Inc. plans to submit its restructuring plans to court next Tuesday and to start rebuilding as early as October under its new owner Micron Technology Inc. (MU: news, chart, profile) , the Nikkei said in an unsourced report Wednesday. Micron agreed to buy the DRAM maker in July. However, 20 bondholders, including foreign investment funds, have offered to provide Elpida a credit line and time to find a new sponsor, saying the company is worth more than Micron is paying, the report said.
JDSU swings to loss, but results beat Street(4:20 pm ET) SAN FRANCISCO (MarketWatch) - JDSU (JDSU: news, chart, profile) on Tuesday reported a fiscal fourth-quarter loss of $24.3 million, or 10 cents a share, compared with a profit of $9.3 million, or 4 cents a share, for the year-earlier period. Revenue was $439.3 million, down from $471.8 million. Adjusted profit was 15 cents a share. Analysts were expecting a profit of 12 cents a share, on revenue of $421.6 million, according to a consensus survey by FactSet. For the current quarter, the company is expecting adjusted revenue in the range of $415 million to $435 million. Analysts were expecting $426.1 million, according to FactSet. Shares of JDSU were up more than 5% in after-hours trading.
JDSU slated to report results after hours (3:34 pm ET) LOS ANGELES (MarketWatch) -- JDS Uniphase (JDSU: news, chart, profile) is expected to release fiscal fourth-quarter earnings late Tuesday. The optical networking gear maker is forecast to report a 48% fall in earnings to 12 cents a share, on a 10% revenue decline to $421.6 million, according to a FactSet poll of analysts. Wall Street will also look for the release of quarterly equity-holdings reports from institutional investment managers.
Sears mulling sale of Lands End: report(11:30 am ET) BOSTON (MarketWatch) -- Sears Holdings Corp. (SHLD: news, chart, profile) may sell off its Lands End unit as part of a vast ongoing restructuring, the New York Post reported early Tuesday. According to the Post, Sears Holdings Chairman Eddie Lampert has been meeting with investors to discuss the divestiture of Lands End, a major revenue generator for the troubled retailer. Sears will release its fiscal second quarter earnings on Aug. 16.
Angie's List, Yelp down; social media stocks fall (11:06 am ET) SAN FRANCISCO (MarketWatch) -- Several social-media stocks tumbled into the red Tuesday in the wake of Groupon Inc.'s (GRPN: news, chart, profile) disappointing quarterly revenue results and forecast. Groupon shares fell more than 23% to a new low of $5.83. Also losing ground were Angie's List Inc. [s; angi], down 17% at $11.04; Facebook Inc. (FB: news, chart, profile) , which saw its shares fall more than 3%, to $20.91 and Yelp Inc. (YELP: news, chart, profile) , off by 3% to trade at $23.19.
Estee Lauder, Michael Kors lead retail sector (10:50 am ET) SAN FRANCISCO (MarketWatch) -- Retailers saw sizeable share price moves in trade Tuesday after reporting earnings before the open. Estee Lauder Cos. (EL: news, chart, profile) reported a 25% fiscal fourth-quarter profit spike in line with Wall Street estimates. The New York-based beauty product manufacturer saw its share price rise 9% to $59.96 a share. Designer clothing and accessories manufacturer Michael Kors Holdings Ltd. (KORS: news, chart, profile) reported their fiscal first-quarter profits nearly tripled. The move helped shares jump over 14% to $48.38 a share. Pittsburg-based Dick's Sporting Goods Inc. (DKS: news, chart, profile) saw share prices fall over 3% to $48.82 a share after reporting a second-quarter profit decline. The moves made the S&P 500 Index's (SPX: news, chart, profile) consumer discretionary sector the index's top gainer, advancing 0.4%.
EARNINGSWATCH: Thursday, Aug. 16 Aeropostale shares drop on profit forecast(4:29 pm ET) SAN FRANCISCO (MarketWatch) -- Aeropostale (ARO: news, chart, profile) late Thursday issued a weak-than-expected profit forecast for the current quarter, driving its shares down 7% to $12.70 in after-hours trading. The teen-apparel retailer projected a profit of 25 cents to 30 cents a share. Analysts polled by FactSet were looking for 38 cents. During the quarter ended July 28, Aeropostale said it made $71,000, down from $2.9 million in the same 2011 period that was boosted by a one-time tax benefit. Sales rose 4% to $485 million. Comparable-store sales fell 1%. "While we were encouraged by the customer response to our fashion offering, we were disappointed by our overall financial performance for the second quarter. Our core basics business experienced significant pricing pressure due to the highly promotional and competitive retail landscape," CEO Thomas Johnson said in a statement. Aeropostale runs 1,085 stores. Its shares are down 10% year-to-date.
Gap posts 29% higher profit, lifts outlook(4:24 pm ET) SAN FRANCISCO (MarketWatch) -- The Gap Inc. (GPS: news, chart, profile) clothing company, whose brands include Banana Republic and Old Navy, reported late Thursday its second-quarter profit rose to $243 million, or 49 cents a share, from $189 million, or 35 cents a share, a year ago. Revenue for the quarter ended July 28 rose 5.6% to $3.58 billion from $3.39 billion. Analysts polled by FactSet had expected the San Francisco-based retailer to earn 47 cents a share on $3.58 billion in revenue. The company raised its full-year earnings outlook to $1.95 to $2 a share, which is slightly lower than the $2.09 analysts were looking for. Gap shares fell 0.7% to $34.10 in after-hours trade. Gap shares are up 108% over the past 12 months.
Marvell earnings slide 52%; shares fall on miss(4:12 pm ET) SAN FRANCISCO (MarketWatch) -- Marvell Technology Group Ltd. reported a 52% drop in earnings for its second-fiscal quarter on Thursday afternoon, with results missing Wall Street's estimates as the chip-maker cited a "soft near-term demand environment." For the period ended July 28, Marvell (MRVL: news, chart, profile) reported net income of $93 million, or 16 cents per share, compared to net income of $192 million, or 31 cents a share, for the same period last year. Adjusted earnings came in at $142 million, or 24 cents a share, for the recent period. Revenue slipped by 9% to $816 million. Analysts were expecting adjusted earnings of 27 cents a share on revenue of $851.7 million, according to consensus estimates from FactSet. Marvell shares were down more than 6.5% in after-hours trading on Thursday following the report.
Perrigo drops 8% after earnings, worst of S&P 500(11:00 am ET) BOSTON (MarketWatch) -- Shares of Perrigo Co. (PRGO: news, chart, profile) dropped 8% Thursday, making it the worst performer of the S&P 500 Index (SPX: news, chart, profile) . Perrigo shares slid to $107.80 after the pharmaceutical and nutritional-products maker posted fiscal fourth-quarter sales below most Wall Street estimates. The stock has fallen 6% over the past 30 days, but has climbed 10% since the beginning of the year.
Treasury move to entrench Fannie, Freddie Fannie, Freddie portfolios to be cut by 15% a year The Treasury Department’s announcement that it is changing the terms of its four-year-old financial backing for Fannie Mae and Freddie Mac is a boon for mortgage originators, homebuilders and Treasury bonds as it delays reform of the two giant government-seized firms, experts said Friday.
Market Update: Monday, Aug 20 4:15 pm : Challenged by thin volume, equities endured yet another day of lackluster action. After reaching lows during the first hour of trade, stocks staged a slow, session-long recovery. As a result, the major indices ended flat.
Healthcare was one of today's top performers. The space was lifted by Coventry Health Care (CVH 42.04, +7.10) as it surged 20.3% after being acquired by Aetna (AET 40.18, +2.14) in a $7.3 billion deal. Other healthcare components received a lift from the acquisition as Bio-Reference Laboratories (BRLI 29.71, +0.31) gained 1.1% and Humana (HUM 68.23, +0.43) added 0.6%.
Technology stocks posted gains as the group's biggest component, Apple (AAPL 665.15, +17.04), advanced by 2.6%. As shares marked a new all-time high above $665.00, the company achieved a milestone market cap of $623.14 billion. This made Apple the most valuable company in history. Competitors Hewlett-Packard (HPQ 20.09, +0.57) and Dell (DELL 12.56, +0.34) gained 2.9% and 2.8%, respectively. The two computer makers are scheduled to release their earnings later in the week.
Airline stocks outperformed after Southwest Airlines (LUV 9.44, +0.31) announced a $10 increase in the price of nearly a third of its flights. Shares of the discount airline ended higher by 3.4%. Other carriers followed the announcement with fare hikes of their own. United Continental Holdings (UAL 19.45, +1.05) and JetBlue (JBLU 5.27, +0.21) jumped 5.7% and 4.2%, respectively.
The consumer discretionary sector underperformed with some of the biggest losses observed in homebuilder stocks. The group retreated after making a broad advance resulting from Thursday's positive new housing permit data. KB Home (KBH 10.59, -0.45) was down 4.1% while NVR (NVR 811.59, -32.17) and DR Horton (DHI 18.41, -0.57) ended lower by 3.8% and 3.0%, respectively.
The telecommunications sector was the day's biggest laggard. Stocks within the space have been on a strong run recently and today's weakness appeared to be due to profit-taking rather than a sector-wide sell-off. Sprint (S 5.11, -0.08) shed 1.5% and MetroPCS (PCS 9.91, -0.12) was off by 1.2%.
Lowe's (LOW 26.26, -1.61) fell 5.8% on heavy volume. Shares of the hardware retailer are under pressure after the company delivered disappointing results which showed both earnings and revenues misses, and lowered guidance. Competitor Home Depot (HD 56.57, -0.16) slipped 0.3%.
Best Buy (BBY 18.16, -2.11) slumped 10.4% after Hubert Joly was named as the new Chief Executive Officer. Shares of the technology retailer are under pressure as the board of directors steps up its battle with founder Richard Schulze over an attempted buyout. Best Buy will report earnings tomorrow before the bell.
There is no notable economic data scheduled for release tomorrow.DJ30 -3.56 NASDAQ -0.38 SP500 -0.03 NASDAQ Adv/Vol/Dec 999/1.41 bln/1435 NYSE Adv/Vol/Dec 1322/550.9 mln/1671
3:30 pm : Crude oil spent the majority of its floor session in negative territory. The energy component fell to a session low of $95.32 per barrel in morning action and then worked on erasing the loss. It dipped again in the afternoon pit session but a rally heading into the close helped push prices up briefly into the black to a session high of $96.45 per barrel. The late effort had crude settle just 3 cents lower at $96.29 per barrel.
Natural gas fell into the red in morning pit action, but investors quickly stepped in and brought prices back into positive territory. The momentum continued for the remainder of pit trade, and natural gas settled 2.2% higher at $2.78 per MMBtu, or just below its session high of $2.79 per MMBtu. Precious metals got a boost during today's pit trade from a weakening dollar.
Gold came off its floor session low of $1611.80 per ounce and broke into positive territory by late morning action. It then brushed a session high of $1624.50 per ounce and settled at $1622.90 per ounce for a gain of 0.2%. Silver dipped to a session low of $27.88 per ounce but quickly recovered back into the black. Prices began to see real strength as the metal rallied in late morning action and touched a session high of $28.65 per ounce. Silver then consolidated in afternoon action and settled at $28.60, or 2.2% higher.DJ30 -9.29 NASDAQ -3.10 SP500 -1.11 NASDAQ Adv/Vol/Dec 925/1157 mln/1515 NYSE Adv/Vol/Dec 1197/350 mln/1757
3:00 pm : As the session enters its final hour, major indices remain near their unchanged lines.
Best Buy (BBY 18.70, -1.57) is slumping 7.8% after Hubert Joly was named as the new Chief Executive Officer. Shares of the technology retailer are under pressure as the board of directors steps up its battle with founder Richard Schulze over an attempted buyout. Best Buy will report earnings tomorrow before the bell.DJ30 -9.99 NASDAQ -4.35 SP500 -1.39 NASDAQ Adv/Vol/Dec 946/1.06 bln/1503 NYSE Adv/Vol/Dec 1186/322.1 mln/1762
Autodesk profit drops, but sales rise(4:23 pm ET) SAN FRANCISCO (MarketWatch) - Autodesk Inc. (ADSK: news, chart, profile) on Thursday reported a fiscal second-quarter profit of $64.6 million, or 28 cents a share, compared with a profit of $71.2 million, or 30 cents a share, for the year-earlier period. Revenue was $568.7 million, up from $546.3 million. Adjusted profit was 48 cents a share. Analysts were expecting a profit of 49 cents a share, on revenue of $593.5 million, according to a consensus survey by FactSet. For the current quarter, the company expects adjusted profit in the range of 40 cents to 45 cents a share, and revenue in the range of $550 million to $570 million. Analysts were expecting a profit of 50 cents a share, on revenue of $601.3 million.
Salesforce shares fall in after-hours action(4:20 pm ET) SAN FRANCISCO (MarketWatch) -- Salesforce.com Inc. (CRM: news, chart, profile) shares fell as much as 4.6% in after-hours trading Thursday as the on-demand software company gave a fiscal third-quarter earnings forecast that fell short of analysts' estimates. Salesforce said that it expects to lose 26 to 27 cents a share, on revenue in a range of $773 million to $777 million. Excluding one-time items, Salesforce forecast earnings of 31 cents to 32 cents a share. Analysts surveyed by FactSet had earlier estimated Salesforce to earn 34 cents a share on $770 million in revenue.
Salesforce's loss rises to $9.8 million(4:13 pm ET) SAN FRANCISCO (MarketWatch) -- Salesforce.com Inc. (CRM: news, chart, profile) on Thursday reported a fiscal second-quarter loss of $9.8 million, or 7 cents a share, on revenue of $731.6 million. During the same period a year ago, the on-demand business software company lost $4.3 million, or 3 cents a share, on $46 million in sales. Excluding one-time items, Salesforce would have earned 42 cents a share. Analysts surveyed by FactSet had forecast Salesforce to earn 39 cents a share on $728.4 million in revenue.
Guess shares dive on earnings miss(10:15 am ET) SAN FRANCISCO (MarketWatch) -- Guess Inc. (GES: news, chart, profile) shares plunged 18.5% to $27.32 in morning trade Thursday as investors reacted to the retailer's worse-than-expected fiscal second-quarter earnings. The clothing retailer's profit declined 29% as revenue fell 6%, mostly due to lower sales in North America and weakness in Europe, though growth did continue in the Asian sector. The Los Angeles-based company cut its full-year outlook for the second time since May. The stock has been down 8% since January and over 18% over the past year.
Big Lots shares hammered on weaker outlook(10:03 am ET) SAN FRANCISCO (MarketWatch) -- Big Lots (BIG: news, chart, profile) shares led S&P 500 (SPX: news, chart, profile) decliners Thursday morning, plunging 21% to $30.63. Big Lots, a seller of discounted goods ranging from everyday household items to food, slashed its fiscal year profit outlook after its U.S. comparable-store sales fell 1.9% during its fiscal second-quarter. For the year, Big Lots is forecasting its comparable-store sales to decline in the "low single digit range." Ohio-based Big Lots operates 1,463 stores in 48 United States. Its stock is now down 4% over the past 12 months.
H-P stock falls; analyst cites CEO comments(9:45 am ET) SAN FRANCISCO (MarketWatch) - Shares of Hewlett-Packard (HPQ: news, chart, profile) fell about 6% early Thursday, the worst on the Dow Jones Industrial Average (DJIA: news, chart, profile) after the company posted results that analysts say were "better-than-feared," but also signaled troubles ahead in the personal computer market. Analysts cited Wednesday's earnings call with company executives in which Chief Executive Meg Whitman said the PC market "remains weak and channel inventory is high across the industry. ... The reality is, we're locked in serious competitive battles but we're determined to win." RBC Capital analyst Amit Daryanani identified Lenovo as the main rival H-P was referring to, saying, "I believe the implication is they may sacrifice some margin degradation for PC share." With expected revenue and margin declines in PCs and printers, he added, "There is less clarity in understanding beyond cost savings what can sustain earnings per share higher on a year-over-basis."
HP down 5% in premarket; analyst reiterates sell (7:30 am ET) NEW YORK (MarketWatch) -- Deutsche Bank analysts on Thursday reiterated their sell rating on Hewlett-Packard Co. (HPQ: news, chart, profile) after the computer maker posted its deepest-ever loss. Analysts at the investment bank slashed their price target on HP to $15 a share from $20 and reduced their fourth-quarter profit estimate for the technology company to $1.15 a share from $1.17 a share. For the 2013 fiscal year, Deutsche Bank analysts now expect HP to earn $4 a share, down from their earlier view of $4.10 a share. Hewlett-Packard, which is one of 30 stocks in the Dow Jones Industrial Average ($DJ: news, chart, profile) , fell 5.3% in premarket trades to $18.18 a share. Wednesday, Aug. 22
H-P better-than-feared, analysts say; shares up(4:31 pm ET) SAN FRANCISCO (MarketWatch) - Shares of Hewlett-Packard Co. (HPQ: news, chart, profile) were up late Wednesday as the company's generally in-line results - highlighted by a slight beat on adjusted earnings per share and a full-year revenue guidance at the low end of a previous outlook - eased worries over a bad quarter. ISI Group analyst Brian Marshall said people were "expecting a miss" and a cut in guidance, especially following Dell Inc.'s disappointing results and lowered outlook. Sterne Agee's Shaw Wu also said H-P's guidance was "essentially in line with consensus." "To sum it up: better than feared," he added. H-P was last trading up 2.4% after hours, after falling nearly 4% in regular trading.
Krispy Kreme backs outlook even as profit slips(4:27 pm ET) SAN FRANCISCO (MarketWatch) -- Krispy Kreme (KKD: news, chart, profile) late Wednesday reported a fiscal second-quarter profit of $4.9 million, or 7 cents a share, down from $8.8 million, or 12 cents a share, in last year's period that was boosted by a one-time investment gain and a tax adjustment. Revenue rose 4% to $102 million. Comparable-store sales at company-owned sites increased 5.4%. During the quarter, Krispy Kreme said it bought back 2.858 million shares at an average cost of $6.35 a share. Krispy Kreme backed its fiscal year outlook. In after-hours trade, Krispy Kreme fell 5 cents to $6.90. Shares are up 6% since Jan. 1.
H-P posts loss, but beats view; shares up(4:19 pm ET) SAN FRANCISCO (MarketWatch) - Hewlett-Packard Co. (HPQ: news, chart, profile) on Wednesday reported a fiscal third-quarter loss of $8.9 billion, or $4.49 a share, compared with a profit of $1.93 billion or 93 cents a share for the year-earlier period. Revenue came in at $29.7 billion, down from $31.2 billion. Adjusted profit was a $1 share. The company's results included after-tax costs of $10.8 billion, or $5.49 a share, related to one-time charges, including the impairment of goodwill within the company's services business. Analysts were expecting an adjusted profit of 98 cents a share on revenue of $30.2 billion, according to a consensus survey by FactSet. For its fiscal year 2012, H-P said it expects adjusted earnings in the range of $4.05 to $4.07, at the low end of its earlier guidance. Shares of H-P were up nearly 1.2% after-hours trading.
Guess posts lower profit, cuts outlook (4:18 pm ET) SAN FRANCISCO (MarketWatch) -- Guess Inc. (GES: news, chart, profile) , hit by weaker sales in North America and Europe, reported late Wednesday its fiscal 2013 second-quarter profit fell to $42.9 million, or 49 cents a share, from $60.7 million, or 65 cents a share, a year ago. Revenue for the three months ended July 28 fell 6% to $635.4 million from $677.2 million. Analysts polled by FactSet had forecast the Los Angeles-based apparel maker would earn 51 cents a share on $629.9 million in revenue. The company lowered its full-year earnings outlook to $2.15 to $2.30 a share from the $2.50 to $2.65 forecast it offered in May. Guess shares fell as much as 14% to $28.81 on the report in after-hours trade.
Dell losses lead weakness in tech stocks(9:47 am ET) SAN FRANCISCO (MarketWatch) -- Tech stocks were mostly in the red Wednesday, led by losses from Dell Inc. (DELL: news, chart, profile) . The PC maker's shares fell more than 5%, to $11.66, after Dell reported mixed second-quarter results and gave a disappointing quarterly and fiscal-year outlook. Dell's results also kept investors on edge regarding Hewlett-Packard Co.'s (HPQ: news, chart, profile) quarterly report, due after the market close. H-P's shares were off by 2%. The Nasdaq Composite Index ($COMPQ: news, chart, profile) fell 10 points to 3,057, while the Philadelphia Semiconductor Index ($SOX: news, chart, profile) gave up 1%.
Dell profit view surprisingly weak: analyst(9:03 am ET) NEW YORK (MarketWatch) -- Dell Inc. (DELL: news, chart, profile) fell 5.4% in premarket trades on Wednesday after the computer maker's second-quarter earnings fell 18% in the face of lower revenue from personal computer sales. Analysts at Sterne Agee said the company's profit outlook was "surprisingly weak" despite already low expectations. "With key competitors Apple (AAPL: news, chart, profile) , IBM (IBM: news, chart, profile) and Cisco (CSCO: news, chart, profile) posting better results, one can't help but wonder if Dell is simply losing share," the analysts said.
American Eagle up 6% in premarket(8:50 am ET) NEW YORK (MarketWatch) -- American Eagle Outfitters Inc. (AEO: news, chart, profile) rose 6% in premarket trades on Wednesday after the Pittsburgh retailer said it will meet or beat Wall Street's earnings target for the third quarter. American Eagle forecast third-quarter earnings from continuing operations of 37 cents to 38 cents a share, compared to the analyst estimate of 37 cents a share in a survey by FactSet Research. For the full year, American Eagle expects earnings from continuing operations of $1.33 to $1.36 a share, compared to the estimate of $1.33 a share.
ConocoPhillips booking $400 mln gain after sale(8:35 am ET) NEW YORK (MarketWatch) -- ConocoPhillips (COP: news, chart, profile) said it'll book an after-tax gain of about $400 million for the sale of its indirect, 30% interest in NaryanMarNefteGaz and related assets to Russia's Lukoil. Terms of the sale weren't disclosed. The Houston oil and gas firm said the deal marks an "important component of our divestiture program for 2012."
Dell CFO: BRIC sales down; slower emerging market(4:36 pm ET) SAN FRANCISCO (MarketWatch) - Dell Inc. (DELL: news, chart, profile) saw a dramatic shift in demand in emerging markets, particularly in the so-called BRIC countries where the company saw a 15% decline in sales, the company's Chief Financial Officer Brian Gladden told MarketWatch. "That's been part of our business that's been growing double-digits," he said, adding, "The PC business is in a tough environment." But Gladden said the company expects to see "good growth" in its enterprise business in the second half. Dell shares were down more than 3% after the company also cut its full-year forecast.
La-Z-Boy profit falls on loss of year-ago gain (4:33 pm ET) SAN FRANCISCO (MarketWatch) -- La-Z-Boy Inc. (LZB: news, chart, profile) reported late Tuesday its fiscal 2013 first-quarter profit fell to $4.7 million, or 8 cents a share, from $45.9 million, or 85 cents a share, a year ago. The year-ago results included a one-time gain of 81 cents a share. Revenue for the quarter ended July 28 rose 7.6% to $301.5 million from $280.1 million, with same-store sales up 9.2%. Analysts surveyed by FactSet had predicted the Monroe, Mich.-based furniture maker would earn 8 cents a share on $290.5 million in revenue. La-Z-Boy shares closed at $13.50, an 88% advance over the past 12 months.
Dell profit falls on lower sales, shares down(4:11 pm ET) SAN FRANCISCO (MarketWatch) - Dell Inc. (DELL: news, chart, profile) on Tuesday reported a fiscal second-quarter profit of $732 million, or 42 cents a share, compared with a profit of $890 million, or 48 cents a share, for the year-earlier period. Revenue was $14.5 billion, down from $15.7 billion. Adjusted profit was 50 cents a share. Analysts were expecting the Round Rock, Texas-based technology company to report a profit of 45 cents a share, on revenue of $14.7 billion, according to a consensus survey by FactSet. For the current quarter, Dell said it expects revenue to be down 2% to 5% from the second quarter. The company also said it is revising its full-year adjusted earnings outlook to at least $1.70 a share. Analysts were expecting a full-year profit of $1.90 a share, according to data from FactSet. Dell shares were down about 4% in after-hours trading.
Urban Outfitters shares jump on earnings beat(10:15 am ET) SAN FRANCISCO (MarketWatch) -- Urban Outfitters Inc. (URBN: news, chart, profile) stock hit a 52-week high in early trade Tuesday to $37.65 a share. The share price move helped the retailer dominate the S&P 500 Index (SPX: news, chart, profile) . The Philadelphia-based retailer, which also operates the Anthropologie and Free People brands in addition to its namesake store, said Monday its fiscal second-quarter earnings rose 8.1% and revenue increased 11%, beating analyst estimates. Same-store sales jumped for Urban Outfitters and Free People, but were flat for Anthropologie. The share price is up 39% from a year ago and 31% since January. The stock is currently up 16% at $36.29 a share.
Best Buy shares extend losses on earnings report(10:00 am ET) SAN FRANCISCO (MarketWatch) -- Best Buy (BBY: news, chart, profile) shares faced heavy selling pressure for a second consecutive day, sliding 6% to $16.98 Tuesday morning to led S&P 500 (SPX: news, chart, profile) decliners. The consumer electronics retailer missed Wall Street's adjusted profit forecast by 11 cents a share for the second quarter. Best Buy also suspended its outlook and its share repurchase program. In a statement, the company said it isn't providing a forecast due to the "uncertainty associated with several key product launches" later this year as well as the appointment of new chief executive Hubert Joly. Best Buy expects to generate free cash flow of $1.25 billion to $1.5 billion this fiscal year. Best Buy shares are now down 17% since Aug. 17, also hit by a breakdown in negotiations with its founder Richard Schulze who is seeking to buy the retailer.
Barnes & Noble narrows loss, shares up 5%(8:52 am ET) NEW YORK (MarketWatch) -- Barnes & Noble Inc. (BKS: news, chart, profile) said Tuesday its first-quarter loss narrowed to $41 million, or 78 cents a share, from a loss of $56.6 million, or 99 cents a share, in the year-ago period. Revenue at the book retailer rose 2.5% to $1.45 billion. The company said its results were boosted by consolidation in the market as well as strong sales of the Fifty Shades series. Wall Street analysts expected the New York company to lose 94 cents a share, according to a survey by FactSet. Sales of the company's Nook unit remained flat from the year-ago level at $192 million. Prices of the Nook device fell, while digital content sales increased by 46%. The company said its Glowlight product is seeing unmet demand due to production scaling issues. Shares of Barnes & Noble rose 5% in premarket trades.
Best Buy drops 9% after earnings fall short(8:18 am ET) NEW YORK (MarketWatch) -- Best Buy Co. (BBY: news, chart, profile) dropped 9% in premarket trades on Tuesday after the electronics retailer's earnings missed Wall Street estimates. The Minneapolis store chain's second-quarter profit dropped 87% to $33 million, or 4 cents a share, from $260 million, or 39 cents a share, in the year-ago period. Adjusted profit dropped to 20 cents a share from 39 cents a share. Revenue fell 3% to $10.55 billion. Wall Street analysts expected Best Buy to earn 31 cents a share on revenue of $10.65 billion, according to a survey by FactSet. The earnings miss comes a day after Best Buy named Hubert Joly as its new chief executive. He is expected to join the company in early September. Best Buy declined to provide detailed profit forecasts for 2013, but said it expects to generate free cash flow in the range of $1.25 billion to $1.5 billion.
Market update: 8/27 Technology stocks outperformed the broader market with Apple (AAPL 675.68, +12.45) advancing 1.9% after the tech giant won its patent battle against Samsung. Apple's competitor, and the maker of Android operating software, Google (GOOG 669.22, -9.41) slid 1.4% after the verdict. Elsewhere, Universal Display (PANL 39.26, -3.47), which has a partnership agreement with Samsung, fell 8.1% as investors showed concern over the impact of the Apple ruling on the maker of organic LED screens. The selling may have been excessive as Wedbush Securities, Cowen Group, and Goldman Sachs have all come out to defend Universal Display by saying investor concerns are overblown.
Utility stocks were among the session's top performers. Electric distributor Black Hills (BKH 34.13, +0.71) ended higher by 2.1% while Exelon (EXC 37.05, +0.22) added 0.6%. Gas utility companies were also higher with National Fuel Gas (NFG 50.34, +0.39) and WGL Holdings (WGL 40.06, +0.29) advancing near 0.8% each.
Health care stocks traded mostly in-line with the market today. However, the SPDR Health Care Select Sector ETF (XLV 38.78, +0.04) marked a fresh all-time best at $38.94. The ETF was boosted by Bristol-Myers Squibb (BMY 32.89, +0.32), Eli Lilly (LLY 44.59, +0.73), and Unitedhealth Group (UNH 54.61, +0.45) as all three posted gains near 1.5%.
Stocks in the materials space underperformed the broader market. The sector was dragged down by Freeport-McMoRan (FCX 35.65, -0.48) and Dow Chemical (DOW 29.43, -0.46), both of which were down near 1.5%. Meanwhile, Monsanto (MON 86.13, +0.79) advanced 0.9% after announcing a new testing program from the company's Integrated Farming System Platform is set to launch next year.
Multiple mergers and acquisitions were announced today.
Kenexa (KNXA 45.79, +13.40) surged 41.4% after IBM (IBM 195.69, -2.08) agreed to purchase the human resources management software maker for $1.3 billion. IBM will pay $46.00 per share of Kenexa in a transaction which represents a 42.0% premium to Friday's closing price of $32.39.
Hertz Global Holdings (HTZ 14.21, +1.06) jumped 8.1% after announcing the purchase of Dollar Thrifty Automotive Group (DTG 87.08, +6.08). The transaction which has been five years in the making values Dollar Thrifty at $2.3 billion, or $87.50 per share. This represents an 8.0% premium to Friday's closing price of $81.00. In addition, Hertz has announced an agreement to sell its Advantage unit to Franchise Services of North America and Macquarie Capital.
Hudson City Bancorp (HCBK 7.45, +1.01) soared 15.7% after agreeing to be acquired by M&T Bank (MTB 89.82, +3.95) in a $3.7 billion deal. M&T will pay $7.22 per share of Hudson City, representing a 12.0% premium to Friday's close of $6.44.
After rising up to the 200-day moving average over the past two weeks, yields have been on a steady decline. The Treasury complex continues to rally off its August lows with today's one point gain in the long bond dropping the 30-yr yield four basis points to 2.756%. Meanwhile, a more modest advance of 11/32 in the 10-yr lowered the benchmark yield three basis points to 1.647%. Tomorrow's $35 billion, 2-yr auction will be a good gauge of investor demand as it will be the first auction in over two weeks.
Tomorrow's economic releases are limited to the Case-Shiller 20-city Index at 9 AM ET and consumer confidence at 10 AM ET.DJ30 -33.30 NASDAQ +3.40 SP500 -0.69 NASDAQ Adv/Vol/Dec 1228/1.36 bln/1235 NYSE Adv/Vol/Dec 1422/504.3 mln/1571
3:30 pm : Crude oil traded in positive territory in the overnight session as Tropical Storm Isaac posed concerns over production in the Gulf Coast. Strength also came following reports of a fire that shut down an Iraqi crude oil pipeline to Turkey and reports of a refinery explosion in Venezuela.
However, the energy component tumbled over $3.00 into the red as the National Hurricane Center stated that the hurricane is not expected to strengthen past a Category 1 storm. The forecasted reduction of the hurricane's severity took crude's prices down to a session low of $94.41 per barrel.
Crude continued to struggle in negative territory and settled with a 0.6% loss at $95.54 per barrel. Natural gas fell off its session high of $2.74 per MMBtu and trended lower into negative territory. It settled with a 1.9% loss at $2.65 per MMBtu, just above its session low of $2.64 per MMBtu.
Gold dipped to a floor session low of $1668.50 per ounce moments before equity markets opened. However, buyers stepped in and took the yellow metal into positive territory. After trading in a consolidative pattern in afternoon action, gold settled 0.2% higher at $1675.50 per ounce, just below its session high of $1676.00 per ounce.
Silver continued last week's advance. It came off its session low of $30.80 per ounce and later popped to a session high of $31.17 per ounce. Although silver pulled-back slightly heading into the close, it settled 1.3% higher at $31.04 per ounce.DJ30 -19.32 NASDAQ +2.75 SP500 0.48 NASDAQ Adv/Vol/Dec 1184/1101.2 mln/1271 NYSE Adv/Vol/Dec 1412/321 mln/1563
3:00 pm : Equities are maintaining their afternoon levels with the S&P 500 up 0.2%.
After rallying up to the 200-day moving average over the past two weeks, Treasury yields have been on a steady decline since. The complex continues to rally off its August lows with today's 1 point gain in the long bond dropping the 30-yr yield four basis points to 2.756%. Meanwhile, a more modest advance of 12/32 in the 10-yr has lowered the benchmark yield three basis points to 1.647%. Tomorrow's $35 billion, 2-yr auction will be a good gauge of investor demand as it will be the first auction in over two weeks.DJ30 -5.42 NASDAQ +8.23 SP500 +2.40 NASDAQ Adv/Vol/Dec 1240/995.8 mln/1192 NYSE Adv/Vol/Dec 1524/289.2 mln/1417
2:30 pm : Equities have retraced most of their early gains with all three major averages back near the unchanged line.
Telecom stocks are underperforming the broader market as wireless service providers weigh on the sector. Sprint (S 4.82, -0.07), Verizon (VZ 42.57, -0.60), and Windstream (WIN 9.63, -0.10) are all down between 1.0% and 1.4%.DJ30 -8.80 NASDAQ +6.76 SP500 +2.29 NASDAQ Adv/Vol/Dec 1200/913.3 mln/1224 NYSE Adv/Vol/Dec 1520/264.6 mln/1418
2:00 pm : Equities have slipped back near their opening levels as the S&P 500 trades higher by 0.2%.
Health care stocks have traded mostly in-line with the market today. However, the SPDR Health Care Select Sector ETF (XLV 38.82, +0.08) has marked a fresh all-time best at $38.94. The ETF is being boosted by Bristol-Myers Squibb (BMY 32.92, +0.35), Eli Lilly (LLY 44.36, +0.50), and Unitedhealth Group (UNH 54.87, +0.71) as all three trade up near 1.0%.DJ30 -8.71 NASDAQ +6.56 SP500 +2.23 NASDAQ Adv/Vol/Dec 1194/845.4 mln/1214 NYSE Adv/Vol/Dec 1516/244.9 mln/1395
1:30 pm : Equities continue to trade in a narrow afternoon range with the S&P 500 up 0.2%.
Utility stocks began the session flat, but have gained ground into the afternoon. Electric distributor Black Hills (BKH 34.32, +0.90) is higher by 2.7% while Exelon (EXC 37.28, +0.45) is up 1.2%. Gas utility companies are also higher with National Fuel Gas (NFG 50.50, +0.55) and WGL Holdings (WGL 40.15, +0.38) advancing near 1.0% each.DJ30 +6.93 NASDAQ +10.43 SP500 +3.78 NASDAQ Adv/Vol/Dec 1323/775.8 mln/1080 NYSE Adv/Vol/Dec 1643/224.3 mln/1243
1:00 pm : Equities have spent the majority of the morning searching for direction. As the European markets closed, stocks lifted to session highs and have held near those levels since. At midday, the S&P 500 is higher by 0.2% while the Dow is flat.
Technology stocks are outperforming the broader market with Apple (AAPL 676.62, +13.40) higher by 2.1% after the tech giant won its patent battle against Samsung. Apple's competitor and the maker of Android operating software, Google (GOOG 669.21, -9.42) is sliding 1.4% after the verdict. Elsewhere, Universal Display (PANL 39.46, -3.27), which has a partnership agreement with Samsung, is down 7.7% as investors show concern over the impact of the Apple ruling on the maker of organic LED screens. The selling may be excessive as Wedbush Securities, Cowen Group, and Goldman Sachs have all come out to defend the company by saying investor concerns are overblown.
The SPDR Energy Select Sector ETF (XLE 72.38, +0.40) is up 0.6% as the energy sector is being supported by several outperforming names. National Oilwell Varco (NOV 78.79, +1.76) is higher by 2.3% while Halliburton (HAL 34.74, +0.47), Schlumberger Limited (SLB 75.31, +0.72), and BP (BP 42.47, +0.29) are all up near 1.0%.
Stocks in the materials space are underperforming the broader market. The sector is being dragged down by Freeport-McMoRan (FCX 35.66, -0.47) and Dow Chemical (DOW 29.61, -0.28), both of which are down near 1.0%. Meanwhile, Monsanto (MON 86.65, +1.31) is higher by 1.5% after announcing that a new testing program from the company's Integrated Farming System Platform is set to launch next year.
Multiple mergers and acquisitions were announced today.
Kenexa (KNXA 45.86, +13.47) is surging 41.6% after IBM (IBM 196.43, -1.33) agreed to purchase the HR software maker for $1.3 billion. IBM will pay $46 per share of Kenexa in a transaction which represents a 42.0% premium to Friday's closing price of $32.39.
Hertz Global Holdings (HTZ 14.69, +1.54) is up 11.7% after announcing the purchase of Dollar Thrifty Automotive Group (DTG 87.02, +6.02). In a transaction valued at $2.3 billion, Hertz will pay $87.50 for each Dollar Thrifty share, representing an 8.0% premium to Friday's closing price of $81.00. In addition, Hertz has announced an agreement to sell its Advantage unit to Franchise Services of North America and Macquarie Capital.
Hudson City Bancorp (HCBK 7.50, +1.06) agreed to be acquired by M&T Bank (MTB 90.06, +4.19) in a $3.7 billion deal. M&T will pay $7.22 per share of Hudson City, representing a 12.0% premium to Friday's close of $6.44.DJ30 +0.57 NASDAQ +7.28 SP500 +2.82 NASDAQ Adv/Vol/Dec 1293/717.8 mln/1102 NYSE Adv/Vol/Dec 1623/209.2 mln/1262
12:30 pm : Stocks are holding steady just beneath session highs. The Dow is flat as it lags behind the other indices.
The SPDR Energy Select Sector ETF (XLE 72.43, +0.45) is up 0.6% as the energy sector is being supported by several outperforming names. National Oilwell Varco (NOV 78.70, +1.67) is higher by 2.2% while Halliburton (HAL 34.71, +0.44), Schlumberger Limited (SLB 75.32, +0.73), and BP (BP 42.51, +0.32) are all up near 1.0%.DJ30 +0.50 NASDAQ +6.95 SP500 +2.75 NASDAQ Adv/Vol/Dec 1277/644.8 mln/1078 NYSE Adv/Vol/Dec 1577/190.9 mln/1290
12:00 pm : Equities continue to hover near their best levels as the S&P 500 trades up 0.3%.
Stocks in the materials space are underperforming the broader market. The sector is being dragged down by Freeport-McMoRan (FCX 35.76, -0.97) and Dow Chemical (DOW 29.65, -0.22), both of which are down near 1.0%. Meanwhile, Monsanto (MON 86.51, +1.17) is higher by 1.4% after announcing that a new testing program from the company's Integrated Farming System Platform is set to launch next year.DJ30 +3.46 NASDAQ +10.11 SP500 +3.41 NASDAQ Adv/Vol/Dec 1326/575.3 mln/1005 NYSE Adv/Vol/Dec 1637/172.6 mln/1218
11:30 am : As the European markets close, U.S. equities have risen to their session highs with the Nasdaq up 0.5%.
Technology stocks are outperforming the broader market as Apple (AAPL 677.28, +14.06) trades higher by 2.1% after the tech giant won its patent battle against Samsung. Apple's competitor and the maker of Android operating software, Google (GOOG 670.23, -8.40) is sliding 1.3% after the verdict.
Elsewhere, Universal Display (PANL 39.14, -3.59), which has a partnership agreement with Samsung, is down 8.4% as investors show concern over the impact of the Apple ruling on the maker of organic LED screens. The selling may be excessive as Wedbush Securities and Cowen Group have come out to defend the company by saying investor concerns are overblown.DJ30 +9.33 NASDAQ +14.10 SP500 +4.20 NASDAQ Adv/Vol/Dec 1423/512.1 mln/884 NYSE Adv/Vol/Dec 1751/154.4 mln/1070
11:00 am : After erasing their early gains, stocks have slipped to session lows with the S&P 500 holding flat.
Best Buy (BBY 18.49, +1.18) is higher by 6.8% after the company allowed its founder, Richard Schulze, to conduct due diligence as he attempts to acquire the electronics retailer. Per the agreement, Schulze will have 60 days to bring forward an offer.DJ30 -29.31 NASDAQ +2.70 SP500 -0.29 NASDAQ Adv/Vol/Dec 1017/408.4 mln/1246 NYSE Adv/Vol/Dec 1318/125.4 mln/1464
10:35 am : The dollar index has spent most of the morning in negative territory. In more recent trade, the index has been climbing off of its session, which has pushed it back to the unchanged line.
Oct crude oil and Sept natural gas fell sharply in recent trade after preciously showing nice gains, primarily due to Hurricane Issac.
Crude oil fell as much as $3.11/barrel off its session high of $97.52 between 8:30am - 9:40am ET. In current activity, crude has inched off its low and is now -1.3% at $94.95/barrel. Natural gas is now -0.7% at $2.68.
Dec gold and Sept silver were mixed earlier this morning with gold just slightly lower and silver showing nice gains. Gold, overall, has traded in a tight range and is now -0.06% at $1672/oz. Silver has been in positive territory all session and is now +1.1% at $30.95/oz. Sept copper is -0.4% at $3.47/lb.DJ30 -29.85 NASDAQ +5.68 SP500 +0.08 NASDAQ Adv/Vol/Dec 1013/322.9 mln/1184 NYSE Adv/Vol/Dec 1371/108 mln/1372
10:00 am : Stocks have slipped into the red as the Dow is off by 0.2%.
A handful of acquisitions have been announced this morning. In the financial space, Hudson City Bancorp (HCBK 7.50, +1.06) agreed to be acquired by M&T Bank (MTB 90.41, +4.54) in a $3.7 billion deal. M&T will pay $7.22 per share of Hudson City, representing a 12.0% premium to Friday's close of $6.44.DJ30 -28.39 NASDAQ +1.94 SP500 -0.67 NASDAQ Adv/Vol/Dec 918/190.1 mln/1201 NYSE Adv/Vol/Dec 1258/68.5 mln/1396
09:45 am : Equities have slipped to session lows as the S&P 500 is flat.
Kenexa (KNXA 45.73, +13.34) is surging 41.2% after IBM (IBM 198.08, +0.23) agreed to purchase the HR software maker for $1.3 billion. IBM will pay $46 per share of Kenexa in a transaction which represents a 42.0% premium to Friday's closing price of $32.39.DJ30 -26.36 NASDAQ +2.31 SP500 -0.53 NASDAQ Adv/Vol/Dec 949/125.3 mln/1115 NYSE Adv/Vol/Dec 1321/52.5 mln/1269
09:15 am : [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +14.50. Heading into the open, futures remain higher with the S&P 500 up 0.3%.
The SPDR Energy Select Sector ETF (XLE 72.36, +0.38) is worth watching today as Tropical Storm Isaac enters the Gulf of Mexico. The presence of the storm could disturb the region's oil production and cause volatility in shares of energy producers.
Technology stocks will also be in focus after Apple (AAPL 678.83, +15.61) won its patent case against Samsung. The verdict has wide-reaching implications as producers of all smartphones may be affected. Nokia (NOK 3.38, +0.30), Google (GOOG 666.08, -12.55), and Research In Motion (RIMM 7.33, +0.39) all bear watching.
08:58 am : [BRIEFING.COM] S&P futures vs fair value: +4.10. Nasdaq futures vs fair value: +14.00. U.S. futures are higher this morning as the Nasdaq outperforms with a gain of 0.6%.
Hertz Global Holdings (HTZ 15.41, +2.26) is up 17.2% after announcing the purchase of Dollar Thrifty Automotive Group (DTG 86.93, +5.93). In a transaction valued at $2.3 billion, Hertz will pay $87.50 for each Dollar Thrifty share, representing an 8.0% premium to Friday's closing price of $81.00. In addition, Hertz has announced an agreement to sell its Advantage unit to Franchise Services of North America and Macquarie Capital.
08:31 am : [BRIEFING.COM] S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +17.30. The major Asian bourses finished mostly lower after China's industrial corporate profits fell 5.4% in July, posting their biggest decline of the year. The Shanghai Composite was hit hard on the news, tumbling 1.7%, to register its lowest close since March 2009.
Japan's Nikkei tacked on 0.2%, inching higher on continued hopes of more central bank action. Embattled camera maker Olympus climbed 4.4% on reports it would sell its mobile telecom business for $674 million. Elsewhere, Kansai Electric Power plunged 5.3% after Nikkei reported the company would cancel its dividend payment; however, the company has disputed those claims.
In Hong Kong, the Hang Seng slipped 0.4% as insurance and casino-related names were under pressure. China Life shed 3.5% to lead insurance names to the downside while Galaxy Entertainment slipped 3.3% despite favorable earnings results.
China's Shanghai Composite settled lower by 1.7% as financials and insurance names led to the downside. Ping An Insurance and Citic Bank were among the worst performers in their respective sectors, sliding 4.9% and 0.5% respectively.
European markets are slightly higher in what has been a pretty quiet session so far. Over the weekend, German Chancellor Angela Merkel asked party members to temper down talks of a Greek exit while Bundesbank President Jens Weidmann warned that European Central Bank plan to buy government debt may be illegal and could produce unintended consequences. The region's economic data was limited to a couple points out of Germany where the IFO business climate index slightly missed expectations while the import price index printed in-line. Germany's DAX is up 0.8% while France's CAC is higher by 0.6%. UK's FTSE is closed for the Summer Bank holiday.
In Germany, financials are showing strength as Deutsche Bank leads the index, up 2.6%. In addition, industrial stocks are also higher with ThyssenKrupp advancing by 2.0% after reports indicated the steel maker wants to sell some of its steel plants.
France's CAC is being supported by financial stocks as BNP Paribas, Credit Agricole, and Societe Generale are all up by more than 2.0% each. Consumer stocks are slightly lower as Sanofi is off by 0.6% and Danone is down 0.3%.
07:59 am : [BRIEFING.COM] S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +14.00. U.S. equity futures are pointing to a slightly higher open with the S&P 500 futures up 0.3%.
The global equity markets are mixed this morning. With the Jackson Hole summit coming up later in the week, speculation regarding possible easing is likely to continue swirling about. Over the weekend, China's Premier stated the need for policies to support exports in order for China to meet its annual targets. Meanwhile, the Chinese press reports that many banks have either tightened or completely cut off credit to steel companies.
European indices are showing little change this morning as most are hovering just above their unchanged lines. Germany's Angela Merkel asked party members to temper down talks of a Greek exit while Bundesbank President Jens Weidmann warned that European Central Bank plans to buy government debt may be illegal and could become addictive. Other reports indicate that Friday's rumored cap to bond buying is unlikely, but more transparency could guide investors to yield objectives. In economic news, German IFO slightly missed expectations while the import price index printed in-line.
While it is a quiet morning in U.S. pre-market, few participants are making news-driven moves.
Immunogen (IMGN 17.00, +3.16) is surging 22.8% after issuing an upbeat update from clinical trials related to the development of a breast cancer treatment.
Nokia (NOK 3.46, +0.38) is higher by 12.0% following the ruling in the Apple (AAPL 681.80, +18.78) versus Samsung patent case. With some Samsung phones being pulled from the market, shares of competitors are trading higher this morning. Elsewhere, Research In Motion (RIMM 7.35, +0.41) is advancing 6.6% on the news.
Tiffany (TIF 62.50, +4.00) is up 6.8% despite missing on earnings and issuing downside guidance.
EARNINGSWATCH Updates, advisories and surprises By MarketWatch.com Wednesday, Aug. 29
Pandora shares jump; CEO touts listener growth(4:21 pm ET) SAN FRANCISCO (MarketWatch) -- Pandora Media Inc. (P: news, chart, profile) shares climbed more than 11% in after-hours trading Wednesday following the Internet radio company's upbeat second-quarter results and forecast. "Our growth continues unabated," said Pandora Chief Executive Joe Kennedy, in an interview. During its fiscal second quarter, Pandora reported active listeners rose 48%, to 54.9 million, while its 3.3 billion total listener hours rose 80% from the same period a year ago. Kennedy noted that the company also raised its full-year forecast to a loss of between 4 cents and 8 cents a share, on revenue in a range of $425 million to $432 million, up from an earlier estimate for a loss between 7 cents and 11 cents a share, on $420 million to $427 million in revenue.
TiVo loss widens on higher costs (4:14 pm ET) CHICAGO (MarketWatch) -- TiVo Inc. (TIVO: news, chart, profile) said its second-quarter loss widened on greater expenses in the period. The digital video-recording technology provider said it lost $27.74 million, or 23 cents a share, compared with a loss of $19.55 million, or 17 cents, in the same quarter a year ago. Service and technology revenues rose 10% to $54.1 million. Analysts polled by FactSet were expecting a loss of 24 cents a share on service and technology revenues of $54.5 million. In the third quarter, TiVo projects that it will take a loss in the range of $27 million to $29 million on service and technology revenues in the range of $57 million to $59 million. Respondents to the FactSet survey were expecting service and technology revenues of $57 million for the third quarter. The shares were up 9.5% in after-hours trading.
Pandora loss grows, but results top forecasts(4:08 pm ET) SAN FRANCISCO (MarketWatch) -- Pandora Media Inc. (P: news, chart, profile) on Wednesday reported a fiscal second-quarter loss of $5.4 million, or 3 cents a share, on revenue of $101.3 million. During the same period a year ago, the online-radio company lost $1.8 million, or 4 cents a share, on $67 million in sales. Excluding one-time items, Pandora would have broken even on a per-share basis. Analysts surveyed by FactSet had forecast Pandora to lose 4 cents a share on $100.4 million in revenue. Pandora said that during the quarter its total listener hours climbed 80% from a year ago to 3.3 billion hours. For its third quarter, Pandora estimates it will break even, or earn a penny a share, excluding one-time items, on revenue in a range of $115 million to $118 million. Analysts had forecast a profit of a penny a share on $114.3 million in sales.
Jos. A. Bank rallies 16% on earnings report(2:07 pm ET) BOSTON (MarketWatch) -- Shares of Jos. A Bank Clothiers Inc. (JOSB: news, chart, profile) rallied 16% to $48.44 Wednesday afternoon after the retailer released a better-than-expected quarterly earnings report, helped by strong direct-marketing sales. The company added that it also expects to open between 45 and 50 stores, along with ten factory stories, per year for fiscal 2012 and 2013. The stock has climbed 13% over the last 30 days, but is down 0.7% year-to-date.
Joy Global slumps on weak mining outlook(10:14 am ET) SAN FRANCISCO (MarketWatch) -- Joy Global (JOY: news, chart, profile) shares were the leading decliner on the S&P 500 (SPX: news, chart, profile) Wednesday morning after the mining equipment company cuts its fiscal 2012 outlook due to a slowing Chinese economy and tepid demand for U.S. coal. Shares slid 5% to $50.16. "Although there is evidence that both the U.S. and China markets have bottomed, we expect a recovery to be sluggish," Joy Global CEO Mike Sutherlin said in a statement. Bookings fell 25% to $1.1 billion during the quarter ended July 27 compared with the same 2011 period. Joy Global said commodities demand has slowed forcing its customers to cut capital expenditures, reduce overhead and trim production. Joy Global shares have been hard hit this year, trading down 48% from a 52-week high of $96 touched on Jan. 26.
4:10 pm : Today's lackluster session saw equities hover within points of the unchanged line for the majority of the day. Economic data was mostly positive, but did little to inspire investor confidence. As a result the S&P 500 ended higher by 0.1% on light volume.
The Federal Reserve has released its August Beige Book which aggregates economic condition reports from the twelve Federal Reserve Districts. The Book suggested "economic activity continued to expand gradually in July and early August." It also noted an improvement has taken place in credit conditions and the housing market. Sales and construction continue to rise gradually while employment is holding steady or showing only marginal improvement. Several Districts cited declining demand for staffing services while most Districts indicated that retail activity, including auto sales, had increased since the last Beige Book.
Healthcare stocks were higher as a handful of names advanced on upgrades. Genetic Technologies (GENE 3.93, +0.81) soared 26.0% after positive comments were made by boutique firm Lodge Partners. PROLOR Biotech (PBTH 4.88, +0.19) ended higher by 4.1% following the initiation of coverage at Oppenheimer where the stock was given an ‘outperform' rating with a $7.00 price target. Elsewhere, Cyberonics (CYBX 49.67, +3.31) advanced 7.1% as the shares were upgraded from ‘hold' to ‘buy' at Canaccord Genuity. In addition, analysts at Piper Jaffray elevated the price target for Cyberonics from $44.00 to $52.00.
For-profit education stocks slumped after Lincoln Educational Services (LINC 4.27, -0.09) was downgraded from ‘outperform' to ‘perform' at Oppenheimer. The downgrade was attributed to slowing enrollment as well as seven campus closures. As a result, shares of Lincoln slid 2.1%. Other for-profit education stocks were also lower as slowing enrollment will likely affect all providers. Career Education (CECO 3.22, -0.11) and DeVry (DV 18.60, -0.52) slipped 3.3% and 2.7%, respectively.
Yelp (YELP 22.37, +4.11) surged 22.5% as the share lock-up expired today. The event was anticipated by short sellers as it often leads to insider selling. However, Yelp was able to buck the trend and instead made an advance. Other social media names were mixed as Groupon (GRPN 4.31, -0.06) fell 1.4% and Pandora Media (P 10.08, -0.10) slipped 1.0% ahead of its earnings release after the close.
After-market Movers For Sept. 5 (AIR, MW, SEAC, PAY, OCZ)
(RTTNews) - Shares of AAR Corp. (AIR:Quote) surged more than 9% in after hours trading after the company, which provides various products and services to the aviation and defense industries worldwide, announced preliminary first quarter results that came in above analysts' estimates.
Men's Wearhouse, Inc. (MW:Quote) shares rose more than 8% in extended hours trading after the the Houston, Texas-based men's apparel retailer reported second quarter profit above analysts' expectations, and raised its full year outlook.
Shares of SeaChange International Inc. (SEAC:Quote) slipped more than 8% in late trading after the video management software maker reported second quarter adjusted profit below Wall Street expectations, and forecast third quarter earnings well below analysts' current consensus estimate.
VeriFone Systems Inc. (PAY:Quote) shares slumped more than 11% in after hours trading after the San Jose, California-based electronic payment technology company reported third quarter revenue below analysts' expectations and forecast fourth quarter revenue below analysts' current consensus estimate.
Shares of OCZ Technology Group, Inc. (OCZ:Quote) tumbled more than 20% in extended hours trading after the solid-state drives maker cut its second quarter revenue outlook, citing constraints in NAND flash supply.
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