Earnings Reports Mixed Once Again
Investors were treated to another round of mixed earnings reports late Wednesday, with Apple
Apple shares jumped 7% in late trading after the company reported earnings of 54 cents a share, a dime better than analysts expected. Sales rose 24% to $4.37 billion, in line with estimates. Mac shipments of 1.327 million were better than expected, and the company shipped 8.1 million iPods in the quarter. Forward guidance was a little lighter than expected, but the company said it doesn't expect any changes to its results as a result of a stock option investigation.
eBay shares rose 4% in after-hours trading just for issuing no surprises. Sales rose 30% to $1.41 billion, matching estimates, and earnings of 24 cents a share were also in line with expectations. The company reiterated forward guidance too. Marketplace revenues were up 22%, payments revenues were up 39%, and communications sales climbed 26%. The company said it plans "marketing and pricing initiatives" to boost trading.
Intel, meanwhile, delivered yet another disappointment, missing sales estimates and lowering guidance once again. Earnings of 15 cents a share topped forecasts by a penny, but sales fell 13% to $8 billion, even more than the 10% decline analysts expected. Intel said it sees third-quarter sales of $8.3-$8.9 billion, below $9.1 billion estimates. Intel shares slipped 2% on the news.
Results were also mixed in the wireless sector. Motorola shares surged 6% on results that were well ahead of forecasts, while Qualcomm fell 6% on in-line results and lowered guidance.
Also after hours, Novellus
Stocks surged during the day after Federal Reserve Chairman Ben Bernanke delivered congressional testimony that suggested the Fed will soon pause in its two-year rate-hike campaign.
IBM
Unisys
Rambus
The Nasdaq soared 37 to 2080, the S&P 500 surged 23 to 1259, and the Dow soared 212 to 11,011. Volume rose to 2.7 billion shares on the NYSE, and 2.42 billion on the Nasdaq. Advancers led 28-4 on the NYSE, and 23-7 on the Nasdaq. Upside volume was 91% on the NYSE, and 76% on the Nasdaq. New highs-new lows were 76-55 on the NYSE, and 56-89 on the Nasdaq.
and Motorola
delivering blow-out results, eBay
and Qualcomm
meeting estimates, and Intel
disappointing once again.
rose 2% after beating estimates.
rose 2% on its results, while Yahoo
plummeted 22% on its earnings report.
, ADC Telecom
, Digitas
and PLX
fell on their results, while CDW
and Keane
rose on their numbers.
lost 14% on a stock option-related earnings restatement.