Stocks in the news: Morgan Stanley, McDonald's, Boeing
Morgan Stanley (MS) lost $578 million or 57 cents per share, after paying preferred dividends, in the first quarter, hurt by the deteriorating commercial real estate market. The loss was sharply lower than what analysts had expected -- a loss of 8 cents per share. MS shares declined over 8 percent in pre-market trade.
McDonald's (MCD) profit climbed nearly 4 percent in the first quarter to $979.5 million, or 87 cents per share as more customers came to the fast food chain for a cheap meal. Sales fell 10 percent to $5.08 billion from $5.61 billion. Same-store sales worldwide rose 4.3 percent. Results beat analyst expectations of profit of 82 cents per share on revenue of $5.19 billion.
Boeing Co. (BA) reported its first-quarter profit fell 50 percent to $610 million, or 86 cents per share, partly because of planned production cuts as airlines postpone deliveries of new planes. It also lowered its outlook for the year. Revenue rose 3 percent to $16.50 billion. Results came in below estimates, but BA shares gained 3.6 percent in pre-market trade.
AT&T Inc. (T) post a decline of 9.7 percent to $3.126 billion, or 53 cents per share, in it first quarter earnings due to economic pressures and spending on iPhone subsidies. Excluding items earnings matched analysts' estimate for earnings of 48 cents per share. Revenue fell 0.6 percent to $30.6 billion, below expectations. Shares gained 2 percent in premarket trade.
Freddie Mac's (FRE) acting CFO David Kellermann was found dead at his home Wednesday morning in what reports said was an apparent suicide. Kellermann's death is the latest blow to Freddie Mac after CEO David Moffett resigned last month. FRE shares plunged over 9 percent before the bell.
Yahoo Inc. (YHOO) reported Tuesday after the close that first-quarter net income fell 80 percent to $117.6 million, or 8 cents a share. Net revenue fell to $1.2 billion. Results matched analyst estimates. Yahoo said online advertisers drastically cut back on spending, and added it will eliminate up to 700 positions in the next couple of week. Shares gained 1.5 percent in premarket trade.
Apple (AAPL) and eBay (EBAY) are set to report results after the close today. Apple is projected to post a fiscal second-quarter profit of $1.09 a share, and eBay 34 cents per share according to First Call.
For much more earnings check AOL's earnings page.