Main market news: Before the bell 7-25-07: Lifted by Amazon, stocks trying to reboundApple Inc. (NASDAQ: AAPL) lost some 6% of its value yesterday after AT&T said it activated 146,000 iPhones in the first two days the iPhone was launched (the last two days in the quarter). As you recall, estimates put that number at around half a million. Frankly, I don't see the big deal. AT&T said it activated, not sold 146,000 iPhones. I would imagine many who had bought the phone took their time activating it over the weekend, not to mention all the activation problems reported back then. I actually thought yesterday morning when I heard the number that it was an excellent one when factoring in all the rest. Analysts also cautioned against reading too much into this.
Boeing Co. (NYSE: BA) reported quarterly financial results this morning and shares are climbing 3.8% in premarket trading (8:16 a.m.). Not surprising, growth in its commercial airplane business was led by the new 787 jet airliner. Net income for the second quarter rose to $1.1 billion, or $1.35 a share, after a loss of $160 million, or 21 cents a share, last year. Revenue jumped 14% to $17.03 billion. Analysts surveyed by Thomson Financial had forecast earnings of $1.16 a share on revenue of $16.2 billion. The company also raised 2007 outlook higher than analysts' estimates.
It seems that Cerberus Capital Management is running into trouble raising the $20 billion needed to finance the buyout of DaimlerChrysler's (NYSE: DCX) Chrysler group, according to The Wall Street Journal.
Less than a month after Ford Motor Co. (NYSE: F) announced a partnership with power utility Southern California Edison to test rechargeable hybrid vehicles,Toyota Motor Corp. (NYSE: TM) now says it has developed a plug-in hybrid vehicle for public road tests in Japan and plans tests for the U.S. and Europe. General Motors Corp. (NYSE: GM) hopes to have its version in showrooms by 2010.
General Electric Co. (NYSE: GE) is planning to launch the first "green" credit card in the U.S. with rewards dedicated to reducing cardholders' carbon emissions.
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