Before the bell: WB, BA, YHOO, AAPL, MAR, WMT, RT, BAC

Posted Jul 10th 2008 8:20AM by Melly Alazraki
Filed under: Before the Bell, Earnings Reports, Analyst Reports, Analyst Upgrades and Downgrades, Deals, Yahoo! (YHOO), Apple Inc (AAPL), Wal-Mart (WMT), Bank of America (BAC), Boeing Co (BA), Wachovia Corp (WB), Marriott Intl'A' (MAR)

Before the bell: Futures higher after Dow deal, ahead of retail sales

Boeing (NYSE: BA) shares lost more than 2.2% in premarket trading after saying its second-quarter results will include a charge of about 22 cents a share. Boeing still expects per-share profit of $5.70 to $5.85 in 2008 and $6.80 to $7 in 2009.

Wachovia (NYSE: WB) named Treasury Undersecretary Robert Steel chief executive on Wednesday after a nearly six-week search for a new leader. It also said it may lose $2.6 to $2.8 billion during the second quarter.

Yahoo Inc. (NASDAQ: YHOO) said it would open a new search tool Thursday called "Build Your Own Search," or BOSS. Yahoo! will share its technology with third-party developers in hope their creativity could help it preserve its independence by regaining some lost ground in the lucrative Internet search advertising market. Two specialty search services, Hakia and Me.dium, already have agreed to participate in the BOSS program.

Apple Inc. (NASDAQ: AAPL) is opening its online App Store for iPhone software on Thursday. The App Store will let iPhone users choose from over than 500 software applications to download, including games, educational programs, mobile commerce and business productivity tools. Some say the store is a far more important development than the iPhone 3G, as it could make the iPhone's operating system dominant among its competitors.

Marriott International Inc. (NYSE: MAR) the Bethesda, Md., hotel operator, reported fiscal second-quarter net income fell 24% on 2% higher revenue. Excluding one-time items, Marriott says earnings from continuing operations were $189 million, or 51 cents per share. The company is reporting $3.18 billion in revenue. Thomson Financial says analysts expected a profit of 49 cents per share on revenue of $3.15 billion. MAR shares are down nearly 9.5% in premarket trading.

Wal-Mart Stores Inc. (NYSE: WMT) said Thursday its June same-store sales rose 5.8%, excluding fuel. Analysts, on average, had expected the same-store sales to rise 3.8%, according to Thomson Reuters. Shares of WMT are trading 1.8% in premarket action.

Bank of America (NYSE: BAC) - Morgan Stanley downgraded from Equal-weight to Underweight and lowered its price target to $15. Morgan Stanley said the company may cut its dividend by 20% and may raise up $12 billion in Q4. Still, BAC shares are trading higher this morning.

Ruby Tuesday (NYSE: RT) shares were 19% higher in after-hours trading after it forecast 2009 earnings 40% higher than analyst estimates when reporting Wednesday after the close.

Tags: aapl, ba, bac, inthenews, mar, wb, wmt, yhoo