Stocks in the News: Ford, Goldman Sachs, DuPont
Ford Motor Co. (F) said Tuesday it earned $2.1 billion, or 50 cents a share in the first quarter, compared to a loss of $1.4 billion, or 60 cents per share, in last year's quarter. Analysts had expected earnings of 32 cents a share. With sales rising 37%, this is yet another sign the economy is improving as people spend more on big-ticket items like cars. Shares fell over 1% ahead of the bell.
Goldman Sachs (GS) CEO Lloyd Blankfein and other Goldman executives will testify before Congress to answer questions about the fraud allegations and the firm's strategy and conduct during the housing meltdown. Shares were under pressure in premarket trading.
3M (MMM) on Tuesday reported a 79% rise in first-quarter earnings that exceeded Wall Street expectations as sales jumped 25%. 3M also lifted its 2010 earnings and revenue guidance far above estimates. Shares jumped over 4% before the bell.
UPS (UPS) posted Tuesday adjusted earnings per share of 71 cents for the first quarter, below consensus calling for earnings of 74 cents per share. Its 2010 guidance was roughly in line with estimates. Shares traded 1.4% lower in premarket action.
DuPont Co. (DD) on Tuesday said it more than doubled its earnings for the first quarter as revenue jumped 23% with business improving across all operating units and market regions. The results easily beat expectations. Shares jumped 2.5% in premarket trading.
BP PLC (BP) announced Tuesday that first-quarter profit more than doubled from a year earlier as revenue jumped 55%, handily beating expectations. Still, investors worried about the impact of the oil spill from its sunken Deepwater Horizon rig in the Gulf of Mexico. Shares fell about 1.3% before the bell.
Texas Instruments Inc. (TXN) reported late Monday a higher profit on a 54% rise in revenue, both of which topped estimates. It also gave a current-quarter outlook that exceeded expectations and said chip demand was strong in all product segments.
Boston Scientific (BSX) on Monday reported its loss widened and that it's cutting its 2010 earnings guidance, citing the impact of a halt in defibrillator sales in mid-March. Shares sank over 5% in premarket trades.
RadioShack (RSH) on Monday said first-quarter profit rose 16% to beat analysts' expectations, thanks to sales of cell phone handsets and prepaid wireless services. Shares were 2.3% higher in premarket trading.
Oracle Corp. (ORCL) said Monday that CEO Larry Ellison set up a prearranged plan to sell up to 50 million shares -- or about 4% of his current stake in the company -- over 10 months.
Wal-Mart Stores Inc. (WMT) on Monday found itself exposed to billions of dollar in damages after a federal appeals court ruled a massive class action lawsuit alleging gender discrimination over pay for female workers can go to trial.
Earnings in brief:
- Newmont (NEM) first-quarter profit doubles as gold prices rise. Results beat estimates. Shares advanced before the bell.
- Tyco (TYC) second-quarter profit tops estimates, plans to spin off unit.
- Daimler (DAI) posts first-quarter net profit of $817 million. Shares fell 2.4%.
- CIT Group (CIT) turns profit after exiting bankruptcy. Results top expectations. Shares were up nearly 2% in premarket.
- Novo Nordisk (NVO) reports first quarter up 23%, lifts outlook. Shares rose over 1% ahead of the bell.
- Lexmark (LXK) posts sharp jump in first quarter profit. Shares soar over 9% in premarket trading.
- Tellabs (TLAB) announced first-quarter results that beat estimates. Shares rally over 10% before the bell.