Before the bell: Set for a lower start; SNE, GS, AMZN, AMGN, DOW, XRX ...

Posted Oct 23rd 2008 8:11AM by Melly Alazraki
Filed under: Before the Bell, Earnings Reports, Microsoft (MSFT), Apple Inc (AAPL), Amazon.com (AMZN), Market Matters, Sony Corp ADR (SNE), Altria Group (MO), Bristol-Myers Squibb (BMY), Goldman Sachs Group (GS), Xerox Corp (XRX), United Parcel'B' (UPS), Amgen Inc (AMGN), UAL Corp (UAUA), Dow Chemical (DOW), Lilly (Eli) (LLY), Economic Data, JetBlue Airways (JBLU)

U.S. stock futures once again were lower this morning, albeit more moderately, pointing to another lower start and possibly another down day following Wednesday's declines. Investors concern over the economy remained unabated, especially in light of recent and future corporate profits. This morning, weekly initial jobless claims will be released an hour ahead of the opening bell, and the numbers are expected to show yet another increase. Meanwhile, investors will continue to eye oil prices, which rebounded from a 16-month low to above $67, and foreclosures, which grew by 71% in the third quarter compared with the same period in 2007.

Sony Corp. (NYSE: SNE) drastically lowered profit and sales forecasts for the fiscal year Thursday, blaming weaker electronics sales and the stronger yen.

Goldman Sachs Group Inc (NYSE: GS) is joining many other companies recently announcing layoffs as it also plans to cut about 3,260 jobs, representing about 10% of its total staff.

Amazon.com Inc. (NASDAQ: AMZN) reported a 48% climb in profit in the third quarter on strong sales of electronics, beating analyst estimates. But the company reduced its full-year profit outlook. AMZN shares traded down 14% in after-hours action.

Amgen Inc. (NASDAQ: AMGN) shares, on the other hand, rose 4.3% in after-hours trading, as the biotech company earned (excluding one-time items) $1.23 a share, exceeding analysts' average expectations by 15 cents, according to Reuters Estimates. Revenue at Amgen rose 7%, to $3.9 billion and it upped its earnings forecast for the year.

Already reported this morning (in brief):
Dow Chemical (NYSE: DOW) -- Dow Chemical net up 6.2%; CEO sees recession in '09 -- shares are up 6.3% in pre-market.
Xerox Corp. (NYSE: XRX) - Xerox net up 2%, to take $400 million fourth-quarter hit -- shares are down 4% in pre-market
Altria (NYSE: MO) -- Altria Profit Adjusted for Overseas Unit Spinoff Rises on Cigarette Prices -- shares are up 2% in pre-market
Eli Lilly (NYSE: LLY) -- Lilly Reports Loss on $1.48 Billion for Zyprexa Probe

Other companies among the many reporting today are:
JetBlue (NASDAQ: JBLU), UAL Corp. (NASDAQ: UAUA), Bristol-Myers Squibb (NYSE: BMY), UPS (NYSE: UPS) and Microsoft Corp. (NASDAQ: MSFT).

Apple Inc. (NASDAQ: AAPL) -- The Wall Street Journal's technology writer takes a look at Apple's revamped MacBook laptop, and found it "to be speedy, solid, innovative, and comfortable to use, with very good battery life."

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