Stocks in the news: Citigroup, General Electric, Google
General Electric (GE) first- quarter profit also topped estimates, falling less than expected, as demand for energy equipment and jet engines tempered the effects of real- estate losses and rising consumer-credit defaults at GE Capital. Profit from continuing operations declined 35 percent to $2.83 billion, or 26 cents a share, 4 pennies better than expected. Shares were higher in pre-market trade.
Google (GOOG) on Thursday posted a first-quarter profit that beat analysts' estimates thanks to continued spending by search advertisers and a clampdown on costs. While both earnings and revenues grew year-over-year, the search giant recorded its first-ever sequential decline in net revenue since it went public. CEO Schmidt also acknowledge that he sees no end in sight for the recession. All-in-all, though, it seems the company is weathering the economic downturn relatively well. Shares declined in pre-market trade.
Mattel (MAT) reported a loss that just missed analyst expectations as first-quarter sales dropped 15 percent -- also missing estimates. The toy maker's loss for the quarter ended March 31 totaled $51 million, or 14 cents per share, missing analyst estimates of a loss of 13 cents per share. Shares gained 4.6 percent in pre-market trade.
General Motors (GM) also will be in the spotlight as CEO Fritz Henderson is scheduled to update the media on the automaker's restructuring at about 10:15 AM. It may detail a plan to swap bonds for equity. Shares climbed 5.7 percent in pre-market trade.
BB&T (BBT) said first-quarter profit fell 37 percent, reflecting an increase in credit losses tied to real estate, but the results topped analysts' forecasts. BBT shares soared over 10 percent in pre-market trade.
Wal-Mart Stores Inc. (WMT) -- The United Food and Commercial Workers union has stepped up efforts to organize employees at Wal-Mart, according to the Wall Street Journal.
Dryships (DRYS) has completed its at-the-market equity offering of $500 million, strengthening its balance sheet and helping the company to reduce debt. Shares jumped over 11 percent before the bell.
Disclosure: Long Citi, GE