Earnings highlights: Tech stocks strong, financials weak

20 10 2007

Posted by: in Goog news

Another earnings season crunch is under way, and here are a some highlights of this past week’s earnings coverage here at BloggingStocks:

Advanced Micro Devices (NYSE: AMD) reported losses 9 cents greater than Wall Street estimates.
Altria Group Inc.’s (NYSE: MO) profits were down, but the company raised its full-year earnings guidance.
Bank of America Corp. (NYSE: BAC) fell short of expectations, profits down 32%.
Boston Scientific Corp. (NYSE: BSX) almost tripled Wall Street’s earnings estimates.
Citigroup Inc. (NYSE: C) had warned to expect a disappointing results, and earnings per share fell 57%.
Coca-Cola Co. (NYSE: KO) beat estimates, sending the share price to a 52-week high.
Domino’s Pizza Inc. (NASDAQ: DPZ) fell short of expectations, profits falling 55%.
eBay Inc.’s (NASDAQ: EBAY) otherwise good results were hurt by Skype-related losses.
Gannett Inc.’s (NYSE: GCI), earnings beat expectations but revenue fell short.
Genetech Inc. (NYSE: DNA) beat estimates by a penny, but analysts’ concerns linger.
Google Inc. (NASDAQ: GOOG) had a spectacular third quarter. See our live blog of the conference call.

Harley-Davidson Inc. (NYSE: HOG) reported a profit loss, but managed to beat low EPS expectations.
The Hershey Co. (NYSE: HSY) missed expectations, due in part to rising dairy costs.
IBM’s (NYSE: IBM) results were solid, beating analysts’ expectations by a penny.
Intel Corp. (NASDAQ: INTC) beat expectations, revenue up 15%.
Johnson & Johnson’s (NYSE: JNJ) profits fell, hurt largely by restructuring costs.
JPMorgan Chase Co. (NYSE: JPM) earnings per share rose 5%, beating expectations by seven cents.
Mattel Inc.’s (NYSE: MAT) earnings were affected by the recent toy recalls, though sales rose modestly.
McDonald’s Corp. (NYSE: MCD) beat expectations and continued its streak of same-store sales growth.
Nokia Corp.’s (NYSE: NOK) 85% profit rise was due in part to sales in emerging markets.
Pfizer Inc. (NYSE: PFE) suffered a profit loss of 77%, due in part to increased competition in generic drugs.
Southwest Airlines (NYSE: LUV) beat expectations by a penny, but the share price dropped nonetheless.
United Technologies Corp. (NYSE: UTX) beat expectations, revenue up 14%.
Wachovia Corp. (NYSE: WB) was also hit by the credit crunch and missed expectations.
Washington Mutual Inc. (NYSE: WM) suffered a 72% drop in profit, due largely to home loan difficulties.
Yahoo! Inc. (NASDAQ: YHOO) beat Wall Street expectations, revenue up 12%.

Jonathan Berr wonders if Yahoo!, Intel, and IBM reports signal strength in the tech sector, and the markets seem to bear out confidence in tech stocks. Georges Yared predicts that Google will surpass Microsoft Corp. (NASDAQ: MSFT) to become the biggest tech company in the world. Meanwhile, Jim Cramer would like to see Motorola Inc. (NYSE: MOT) and Ericssen (NYSE: ERIC) team up in light of the latter’s disappointing results.

When all was said and done, the accumulation of disappointing results and bad news took its toll on the markets.

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