Thread: Market News

IBM on Wednesday reported a second-quarter profit of $2.26 billion, or $1.55 a share, up from $2.02 billion or $1.30 a share a year ago. Revenue grew by 8.6% to $23.77 billion from last year's $21.9 billion. Excluding a gain from the sale of its printing systems business, IBM would have earned $1.50 a share. The company topped the estimates of analysts surveyed by Thomson Financial, who forecast IBM to earn $1.47 a share on $23.07 billion in revenue. IBM's its results were helped by strong sales from its global services business, which posted revenue of $13.1 billion.

http://www.marketwatch.com/News/Stor...yhoo&dist=yhoo

IBM and JNPR up 1.5% to 2% after hours. Ebay was up 2%, now down slightly.

Yes, love is in the air.

Originally Posted by tsptalk

IBM and JNPR up 1.5% to 2% after hours. Ebay was up 2%, now down slightly.

You know, most people believe that IBM stands for International Business Machines, but the truth is it stands for "Itty Bitty Machine"!

[BRIEFING.COM] S&P futures vs fair value: +3.9. Nasdaq futures vs fair value: +11.8. Early indications suggest yesterday’s late-day recovery attempt will carry over into this morning’s opening bell. A better than expected batch of earnings is helping stocks bounce back from a session influenced by earnings disappointments. Dow component IBM (IBM) after boosting its full-year growth forecasts last night is renewing optimism throughout a tech sector that a day earlier took a bearish cue from Intel’s (INTC) margin pressures and a warning from Yahoo! (YHOO). Other large-cap names contributing to the positive disposition include Bank of America (BAC), which beat expectations, UnitedHealth Group (UNH), which lifted the upper end of its full-year guidance, and Wyeth (WYE), which boosted its 2007 outlook.

[BRIEFING.COM] S&P futures vs fair value: +5.6. Nasdaq futures vs fair value: +15.8. Initial claims, which were compiled during the same week as the crucial July payrolls report, unexpectedly fell 8K to 301K (consensus 310K). Since that's the lowest number of jobless benefits in two months, suggesting labor conditions remain healthy, the futures market has gotten a boost and now points to an even stronger start for stocks.

Everything's rosy but Bernanke looms in the afternoon. Tomorrow is probably going to spin on MSFT and GOOG reporting tonight

Originally Posted by offtrack

Everything's rosy but Bernanke looms in the afternoon. Tomorrow is probably going to spin on MSFT and GOOG reporting tonight

And, FOMC minutes are released this afternoon. No surprises please.

July 19 (Bloomberg) -- Federal Reserve officials said risks to economic growth last month were ``more balanced'' than in May and reiterated that inflation remains the biggest policy concern.
``Members generally regarded the risks to economic growth as more balanced than at the time of the May meeting,'' the central bank said in minutes of the June 27-28 Federal Open Market Committee meeting released today in Washington.

http://www.bloomberg.com/apps/news?p...&refer=economy

GOOG is down more than 4% afterhours

Google's 2Q Profit Surges 28 Percent, Falling Below Analyst Views

SAN FRANCISCO (AP) -- Google Inc.'s second-quarter profit climbed 28 percent, falling below Wall Street's high expectations for the Internet's search leader. The Mountain View-based company earned $925.1 million, or $2.93 per share, during the three months ended in June. That compared with net income of $721.1 million, or $2.33 per share, at the same time last year

Briefing.com: Caterpillar misses by $0.24; reaffirms FY07 guidance (CAT) 86.98 : Reports Q2 (Jun) earnings of $1.24 per share, $0.24 worse than the Reuters Estimates consensus of $1.48; revenues, excluding financial products rose 6.6% year/year to $10.61 bln vs the $10.34 bln consensus. Co reaffirms guidance for FY07, sees EPS of $5.30-5.80 vs. $5.60 consensus; reaffirms total revs of $44 bln. Co stated, "Disappointing earnings in the second quarter were attributable to the sharp negative swing in on-highway truck engine profitability, weakness in North American machine sales, continued selected supply chain disruptions and higher material costs," said Owens. "Manufacturing costs were also higher, in part, due to transitional costs associated with the launch of the Cat Production System."