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Closing Bell: Oil + charts = Fear + pain

Posted May 7th 2008 4:21PM by Jon OggJon Ogg RSS Feed
Filed under: After the bell, Major movement, Earnings reports, Cisco Systems (CSCO), Market matters, Economic data, DJIA

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As you saw in a Market tankola note earlier, today can be blamed on oil or many other things. But the charts are likely the real culprit as old resistance levels didn't hold as the new support levels. The bears may have gotten an upper hand for a while if today's sentiment holds.

To top it off, worker productivity data came out strong enough today that it might even allow companies to make more layoffs. Below are the unofficial closing bell prices today:
  • DJIA 12,814.35 (-206.48; -1.59%)
  • S&P500 1,392.56 (-25.70; -1.81%)
  • NASDAQ 2,438.49 (-44.82; -1.80%)
  • 10YR-TBond 3.867% (-0.026)
  • 52-WEEK LOWS.
  • TOP 10 ANALYST CALLS
Cisco Systems (NASDAQ: CSCO) beat Street estimates for earnings Tuesday with $1.77 billion in net income, or $0.29 EPS, a 5.4% drop from first quarter 2007. Sales of $9.79 billion beat estimates of $9.75 million. Cisco gave 2008 guidance that met expectations as demand for Cisco's costly networking systems may still be slow during the economic slowdown. Shares fell 2% to $25.78 despite being positive earlier this morning.


Walt Disney Company (NYSE: DIS) climbed after beating second quarter estimates with $1.13 net income or $0.58 EPS. Sales continued to grow across the board over the quarter despite the economic downturn. Shares rose almost 3% to $34.70.

Foster Wheeler, Ltd. (NASDAQ: FWLT) showed a 20% growth in earnings driven primarily by the boost in its power plant segment. Net income for the quarter was $138.1 million or $0.95 EPS, up from $0.80 EPS in the same quarter in 2007. Revenue jumped 56% to $1.8 billion, beating Thomson estimates of $1.48 billion. Shares fell almost 2% to $65.15, but interestingly enough the stock was up big early this morning.

Synchronoss Technologies, Inc. (NASDAQ: SNCR) took a massive hit after it released guidance, saying the company is concerned with revenues by Apple's (NASDAQ: AAPL) iPhone. On Tuesday, the company reported a 17% profit growth at $0.16 EPS on $29.1 million in revenues, meeting estimates. Shares tanked 43% to $13.04.

UTStarcom Inc. (NASDAQ: UTSI) still soared after releasing preliminary guidance that significantly beat expectations. Revenues are expected to be between $580 million and $590 million compared to initial estimates of $500 million to $520 million due to improved performance in its personal communications unit. Shares closed up 15% at $3.87.

Tags: CSCO, DIS, FWLT, inthenews, SNCR, UTSI

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Symbol Lookup
IndexesChangePrice
DJIA-10.8810,216.06
NASDAQ-8.862,145.20
S&P 500-2.931,090.15

Last updated: November 10, 2009: 12:26 PM

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