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Closing Bell: Not all earnings created equal (GOOG, BAC, GE, AMD, PMTI, JNJ)

Posted Oct 16th 2009 4:00PM by Jon OggJon Ogg RSS Feed
Filed under: Google (GOOG), General Electric (GE), Johnson and Johnson (JNJ), Advanced Micro Dev (AMD), Bank of America (BAC)

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Today's earnings were deemed a disappointment despite some bottom-line comfort here. A weaker University of Michigan Consumer Survey report kept the DJIA muted, and whether we'd close above or under the 10,000 mark was something that wasn't known until the final hour of trading.

Here were today's unofficial closing bell levels:

Dow 9,996.21 -66.73 (-0.66%)
S&P 500 1,087.71 -8.85 (-0.81%)
Nasdaq 2,156.80 -16.49 (-0.76%)

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Google Inc. (NASDAQ: GOOG) rose to new 52-week highs on better than expected earnings and better than expected revenues and ended the quarter with some $22 billion in cash. There are many analyst price target upgrades as well, with one at $700.00 for now. Shares were up 4% at $551.67 late in the day.

Bank of America Corporation (NYSE: BAC) fell on earnings: -$0.26 EPS vs. -$0.21 EPS estimates and revenue of $26.04 billion vs. $27.61B estimates from Thomson Reuters. BofA also added $2.1B billion to its credit loss reserves as credit costs remain high. Shares were down 4.3% late in the trading day.

General Electric Company (NYSE: GE) posted earnings that beat Thomson Reuters consensus figures on the surface: $0.27 EPS vs $0.20 estimates, but this translates to a 44% drop in profits. Revenue was down 20% at $37.8 billion vs. estimates of $39.5 billion. An MRI dye side effect also added woes. Shares were down 4% at $16.10 late in the trading day.

Advanced Micro Devices Inc. (NYSE: AMD) was down all day despite having a narrower loss than expected. Shares were down 7.7% at $5.71 late in the trading day.

Palomar Medical Technologies Inc. (NASDAQ: PMTI) was a huge disappointment today. Johnson & Johnson (NYSE: JNJ) notified Palomar that the soft economy was causing it dump its partnership for OTC laser and light treatments for acne, wrinkles, and cellulite. Shares were down almost 14% at $13.13 late in teh trading day.

Tags: feautred, laser treatments, LaserTreatments, palomar medical, PalomarMedical, PMTI, University of michigan, UniversityOfMichigan

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DJIA-14.2810,318.16
NASDAQ-10.782,146.04
S&P 500-3.521,091.38

Last updated: November 22, 2009: 08:11 AM

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