Stocks in the news: Apple, Morgan Stanley, Wells Fargo, Boeing
Apple Inc. (AAPL) posted financial results Tuesday after the close that topped analyst estimates on both top and bottom lines. Apple got a boost from Macintosh buyers after cutting prices on Macs. Sales of the iPhone also topped estimates. Shares gained 3.8 percent ahead of the bell.
Morgan Stanley (MS) reported results this morning, saying it lost more than $1.2 billion during the second quarter as it took a charge to repay government bailout money. The investment bank was also hurt for a second straight quarter by the improving value of its own debt. Shares dropped 4.7 percent in pre-market trade.
Wells Fargo (WFC) reported this morning a 47 percent rise in profit helped by its acquisition of Wachovia Corp. The bank posted net income of $2.58 billion, or 57 cents per share, for the quarter, above analyst expectations for 34 cents per share. Shares declined about 6 percent.
Boeing Co (BA) said on Wednesday its quarterly profit increased more than expected to $998 million, or $1.41 per share, driven by growth in defense programs. Analysts expected profit of $1.21 per share, according to Reuters Estimates. Total revenue increased 1 percent to $17.15 billion.
Pfizer Inc. (PFE) reported this morning a 19 percent decline in second quarter earnings, as the strong dollar crimped revenue across its product line. But it raised its full-year forecast for earnings. Shares fell about a percent.
General Electric Co. (GE) said its finance unit received approval for a strategy to exit the Federal Deposit Insurance Corp.'s debt-insurance plan. Shares declined about 2 percent in pre-market trade.
PepsiCo Inc (PEP) posted this morning a bigger-than-expected adjusted quarterly profit of $1.02 per share, helped by higher sales of its Frito-Lay snacks and improved sales in the company's international division. Shares were down about 1.7 percent ahead of the bell.
Yahoo Inc. (YHOO) beat estimates when reporting Tuesday after the close. Shares fell about 4 percent in pre-market trade. Starbucks (SBUX) also topped analyst forecasts. Shares jumped about 10 percent.
Procter & Gamble Co. (PG) is in advanced talks to sell its prescription-drug business with several parties, including specialty drugmaker Warner Chilcott Ltd. (WCRX) and private equity firm Cerberus Capital Management LP, the Wall Street Journal reported.
Cisco Inc. (CSCO) was upgraded by Robert W. Baird to Outperform from Neutral on an improving demand outlook and promising new product cycles.
Many more earnings were reported late Tuesday and today including AMD -- shares down 14 percent, LLY, WHR, GSK, USB, STI, GENZ, MO, BK, GILD, STX. Set to report after the close are QCOM, SNDK, EBAY among others.