Ford Motor Co. (NYSE: F) also said it would shut down most of its North American assembly plants -- 10 of them -- for an extra week in January because of sluggish sales. Ford shares decline 3.8% about an hour after the open.
FedEx Corp. (NYSE: FDX) today reported earnings of $1.58 per share, inline with estimates. It also reaffirmed its outlook and said it has already taken actions to reduce over $1 billion of expenses for all of fiscal 2009 including salary cuts for executives. Shares traded over 3% higher in premarket action. FDX shares traded 1.4% higher around 10:25 am.
Reporting today:
Oracle Corp. (NASDAQ: ORCL) is reporting after the close today and is expected to to report fiscal second-quarter earnings of 34 cents a share, according to analysts surveyed by FactSet Research.
Research in Motion Ltd. (NASDAQ: RIMM), Palm Inc. (NASDAQ: PALM), Discover Financial Services (NYSE: DFS) and 3Com Corp. (NASDAQ: COMS) are also scheduled to report today.
RIMM was trading 3.8% lower about an hour after the open after Deutsche Bank said it would have a hard time meeting its numbers.
PALM shares jumped about 5% an hour after the open despite a very bearish call from Canaccord Adams analyst, who initiated PALM with a Sell rating and a target price of zero.
DFS shares soared over 16% around 10:40 am after it reported a fourth-quarter net profit and the U.S. approved new credit card rules.
Nike Inc. (NYSE: NKE) reported after the close Wednesday topping analyst expectations as overseas sales growth more than made up for weakness in the U.S. market and actually improved earnings. NKE shares climbed 2% about an hour after the open.
Take-Two Interactive Software Inc. (NASDAQ: TTWO) also reported Wednesday after the close, saying its net loss grew in the fourth fiscal quarter, coming in well below expectations. Shares tanked 22% in premarket trade. TTWO shares sank over 24% about an hour after the open.
RIMM was trading 3.8% lower about an hour after the open after Deutsche Bank said it would have a hard time meeting its numbers.
PALM shares jumped about 5% an hour after the open despite a very bearish call from Canaccord Adams analyst, who initiated PALM with a Sell rating and a target price of zero.
DFS shares soared over 16% around 10:40 am after it reported a fourth-quarter net profit and the U.S. approved new credit card rules.
Nike Inc. (NYSE: NKE) reported after the close Wednesday topping analyst expectations as overseas sales growth more than made up for weakness in the U.S. market and actually improved earnings. NKE shares climbed 2% about an hour after the open.
Take-Two Interactive Software Inc. (NASDAQ: TTWO) also reported Wednesday after the close, saying its net loss grew in the fourth fiscal quarter, coming in well below expectations. Shares tanked 22% in premarket trade. TTWO shares sank over 24% about an hour after the open.
Lennar Inc. (NYSE: LEN)'s fiscal fourth-quarter loss actually narrowed, helped by smaller charges to write down land values. Results topped estimates.
Apple Inc. (NASDAQ: AAPL) -- Piper Jaffray analyst Gene Munster, the biggest Apple bull among analysts, told clients Wednesday that Steve Jobs' absence from this year's Macworld Expo signals "the beginning of a shift in leadership roles" at the company. The Wall Street Journal asks, How Apple Could Survive Without Steve Job.
AAPL shares climbed 1% an hour after the open despite another somewhat bearish call from a Canaccord Adams analyst, who initiated AAPL with Hold and an $80 target.
General Electric Co. (NYSE: GE) shares rose after reports of Obama's $850 billion stimulus plan were announced. GE shares ended up reversing direction and declining about 2% after the open following the warnings from fellow diversified manufactureres Ingersoll-Rand Co (NYSE: IR) and Pentair Inc (NYSE: PNR) -- both declining 5% and 3.5% respectively.
Why do we have a weak dollar?
Holiday hiring slow for retailers
Closing Bell: What sell-off? (AIG, ABK, EPR, MBI, JAVA, ORCL, ERTS)
Reader Comments (Page 1 of 1)
12-18-2008 @ 9:00AM
Beltway Greg said...
Canaccord Adams is out with a stunning call on Apple y'all. They see it falling to $80 and for comparisons sake these are the same folks that forecast POT going to $375 a share. Remember these are sophisticated people who live and breath this stuff so you need to take them seriously.
Beltway Greg