Down we go,
General Electric (GE 22.16, -0.64) is off by 2.9% after reporting earnings and revenues below Capital IQ consensus. However, the management noted that the company is performing well, and is on track to deliver double-digit earnings growth in 2012.
Caterpillar (CAT 84.03, -2.58) is down 3.0% after reporting a 6.0% increase in retail sales of machines during September. The rate appears to be slowing as sales growth during the previous two months was reported at 13.0% in August and 14.0% in July.
Looking at the technology sector, Advanced Micro Devices (AMD 2.24, -0.38) reported a loss of $0.20, which was $0.04 worse than the Capital IQ consensus estimate. In addition, the company's revenue of $1.27 billion was in-line with Capital IQ analyst expectations. Also of note, the second largest manufacturer of microprocessors issued downside guidance for the fourth quarter, and announced restructuring plans in order to improve profitability. Currently, the stock trades lower by 14.4%.
Marvell Technology (MRVL 7.58, -1.25) is sliding 14.3% after lowering its third quarter guidance. The company now expects revenue to fall between $765 million and $785 million. This is down from the previous range of $800 million to $850 million, and below the Capital IQ consensus estimate of $815.58 million. The management commented on the lowered expectations by saying that "the continued slowdown in the global economy during the third quarter is resulting in a weaker PC market than previously anticipated." The guidance cut was met with a slew of downgrades as Credit Suisse, Credit Agricole, JP Morgan, Lazard, Jefferies, Deutsche Bank, and FBR Capital all lowered their rating of the semiconductor manufacturer.
Quick service restaurants are seeing weakness following disappointing earnings from McDonald's (MCD 89.22, -3.64) and Chipotle Mexican Grill (CMG 241.23, -44.70).
McDonald's is sliding 3.9% after its earnings of $1.43 fell short of the Capital IQ consensus estimate of $1.47. Meanwhile, the company's revenues were reported at $7.15 billion, which was in-line with the Capital IQ consensus.
Elsewhere, Chipotle is falling 15.8% after missing on both earnings and revenues. The management commented on the upcoming quarter by saying they do not expect food inflation to be an issue. Following the earnings report, Wedbush downgraded the stock to ‘neutral' from ‘outperform' with a $270 price target.
Peers Buffalo Wild Wings (BWLD 83.88, -2.25), Panera Bread (PNRA 160.80, -8.74), and Starbucks (SBUX 45.68, -1.73) are all down between 2.7% and 5.2%.
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