Profit parade brings faint cheers
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Profit parade brings faint cheers
CBS MarketWatch
Profit parade brings faint cheers
Wednesday July 23, 9:16 am ET
By Rex Nutting
WASHINGTON (CBS.MW) -- U.S. stock markets prepared for mild gains at the opening Wednesday as the earnings parade continued.
Earnings results were mixed, with many companies beating estimates while others set lower targets for the third quarter.
Dozens of top companies were reporting quarterly financials on Wednesday, including AOL, Boeing, Lucent Technologies, Eastman Kodak, Bell South, GlaxoSmithKline and Schering-Plough.
Shares of Internet retail giant Amazon.com (NasdaqNMAMZNNews) and biotechnology star Amgen (NasdaqNMAMGNNews) were bid higher in the pre-market after reporting better-than-expected earnings late Tuesday.
Kodak (NYSEEKNews) was rewarded for cutting another 4,500 to 6,000 jobs despite missing its earnings target for the quarter.
AOL Time-Warner (NYSEAOLNews) doubled its quarterly profit over a year ago to more than $1 billion, but warned that its accounting problems could delay a spin-off of its cable TV division. The largest media company in the world said it expects mid-single digit revenue growth this year.
Dow component Boeing (NYSEBANews) boosted its expectation for full year profits to 95 cents to $1.05 a year on strength in its space and defense businesses.
On the downside, Sun Microsystems (NasdaqNMSUNWNews) said its profits plunged by 80 percent on weak demand for its high-end servers.
Another technology bellwether, Lucent Technologies (NYSELUNews) reported its 13th straight loss.
Kimberly-Clark (NYSEKMBNews) unveiled a new business plan to fix its ailing units after reporting flat earnings and sales.
Schering-Plough (NYSESGPNews) warned that profits in the second half of the year wouldn't meet earlier targets.
On Tuesday, the markets got a boost from the deaths of Saddam Hussein's two sons, Uday and Qusay, in a shootout with U.S. military forces in northern Iraq.
On Tuesday, the Dow Jones Industrial Average (CBOT^DJINews) rose 61 points to 9,158. The Nasdaq (NasdaqSC^IXICNews) jumped 24 points to 1,706. The S&P 500 (CBOE^SPXNews) added 9 points to 988.
No major economic news was scheduled for Wednesday. The mortgage bankers said applications for loans fell in the latest week as the average mortgage rate jumped to 5.72 percent. Later, Federal Reserve Gov. Ben Bernanke was to deliver a speech on managing inflation.
In the bond pits, Treasurys gained for a second straight day. The benchmark 10-year note rose 7/32 at 96 7/32. Its yield (CBOE^TNXNews) fell to 4.11 percent from 4.15 percent in the previous session.
The dollar lost 0.8 percent against the euro to $1.1419, but was flat against the yen.
Profit parade brings faint cheers
Wednesday July 23, 9:16 am ET
By Rex Nutting
WASHINGTON (CBS.MW) -- U.S. stock markets prepared for mild gains at the opening Wednesday as the earnings parade continued.
Earnings results were mixed, with many companies beating estimates while others set lower targets for the third quarter.
Dozens of top companies were reporting quarterly financials on Wednesday, including AOL, Boeing, Lucent Technologies, Eastman Kodak, Bell South, GlaxoSmithKline and Schering-Plough.
Shares of Internet retail giant Amazon.com (NasdaqNMAMZNNews) and biotechnology star Amgen (NasdaqNMAMGNNews) were bid higher in the pre-market after reporting better-than-expected earnings late Tuesday.
Kodak (NYSEEKNews) was rewarded for cutting another 4,500 to 6,000 jobs despite missing its earnings target for the quarter.
AOL Time-Warner (NYSEAOLNews) doubled its quarterly profit over a year ago to more than $1 billion, but warned that its accounting problems could delay a spin-off of its cable TV division. The largest media company in the world said it expects mid-single digit revenue growth this year.
Dow component Boeing (NYSEBANews) boosted its expectation for full year profits to 95 cents to $1.05 a year on strength in its space and defense businesses.
On the downside, Sun Microsystems (NasdaqNMSUNWNews) said its profits plunged by 80 percent on weak demand for its high-end servers.
Another technology bellwether, Lucent Technologies (NYSELUNews) reported its 13th straight loss.
Kimberly-Clark (NYSEKMBNews) unveiled a new business plan to fix its ailing units after reporting flat earnings and sales.
Schering-Plough (NYSESGPNews) warned that profits in the second half of the year wouldn't meet earlier targets.
On Tuesday, the markets got a boost from the deaths of Saddam Hussein's two sons, Uday and Qusay, in a shootout with U.S. military forces in northern Iraq.
On Tuesday, the Dow Jones Industrial Average (CBOT^DJINews) rose 61 points to 9,158. The Nasdaq (NasdaqSC^IXICNews) jumped 24 points to 1,706. The S&P 500 (CBOE^SPXNews) added 9 points to 988.
No major economic news was scheduled for Wednesday. The mortgage bankers said applications for loans fell in the latest week as the average mortgage rate jumped to 5.72 percent. Later, Federal Reserve Gov. Ben Bernanke was to deliver a speech on managing inflation.
In the bond pits, Treasurys gained for a second straight day. The benchmark 10-year note rose 7/32 at 96 7/32. Its yield (CBOE^TNXNews) fell to 4.11 percent from 4.15 percent in the previous session.
The dollar lost 0.8 percent against the euro to $1.1419, but was flat against the yen.
Abraços
Figas
Sempre a aprender
Figas
Sempre a aprender
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