Stocks in the news: Apple, Credit Suisse, Bank of America, UPS
Apple Inc. (AAPL) reported late Wednesday a stronger-than-forecast 15% profit rise on iPod and iPhone sales. iPod sales rose three percent over last year's first three months. iPhone sales were up a whopping 123 percent. Apple's profit for the first three months of 2009 was $1.33 a share, beating analyst estimates of $1.09. AAPL shares were up 4.5 percent at the open.
Credit Suisse (CS) returned to a profit in the first quarter of $1.72 billion to easily trump analyst expectations. The Swiss bank reported a net profit of 2.01 billion Swiss francs ($1.72 billion) for the first quarter of 2009, compared to a loss of 2.15 billion Swiss francs a year earlier. This was roughly double the consensus forecast. CS shares jumped 11.5 percent at the open.
Bank of America's (BAC) CEO Ken Lewis has testified that Federal Reserve Chairman Ben Bernanke and then-Treasury Department chief Henry Paulsonpressured its increasingly troubled plan to buy Merrill Lynch & Co. -- a deal that later triggered a government bailout of BofA. This according to to not discussThe Wall Street Journal. BAC shares gained 5 percent at the open.
UPS (UPS) said Thursday first-quarter profit plunged more than 55 percent to $401 million as revenue dropped more than 13 percent. The results missed Wall Street expectations, and UPS provided an outlook for second-quarter earnings that was below analysts expectations. UPS declined 3.5 percent at the open.
General Motors (GM) is planning to temporarily close most of its U.S. factories for up to nine weeks this summer because of slumping sales and growing inventories of unsold vehicles. GM usually closes plants for a two-week period. GM also said Wednesday it may miss a $1 billion bond payment due June 1 if it doesn't complete a debt-for-equity exchange by then.
eBay (EBAY) reported its profit dropped 22 percent though the bottom line for the online auctioneer topped analyst estimates. EBAY shares soared over 10 percent at the open.
VMware (VMW) reported a 62 percent profit rise but disappointed investors when it said second-quarter revenue will be flat or even down. Shares slumped over 17 percent at the open.
Logitech International (LOGI) reported a fourth-quarter loss of $35 million. Shares declined over 8 percent at the open.
Novartis (NVS) reported a 15 percent profit drop on the impact of the stronger dollar and warned that the dollar's strength may hurt annual results. Shares were up 2 percent at the open.
Other companies reporting better than expected results are Hershey Foods (HSY), Diamond Offshore (DO), ConocoPhillips (COP) and Raytheon (RTN) all posted better-than-expected results. Shares of all four climbed at the open.
Also reporting this morning were US Airways (LCC) and Danaher (DHR). Microsoft (MSFT), Amazon.com (AMZN), American Express (AXP) and Amgen (AMGN) are reporting results after the close. Check out AOL's earnings page.