Briefing.com
After Hours
ADC Beats Estimates
Price level vs. 4 pm ET: The major averages closed lower for the second straight session, as concerns about inflation continued to weigh on investor sentiment and the likelihood of the Fed cutting rates anytime soon.
The Labor Dept. reported that productivity slowed in the first quarter to an annual rate of 1.0%, versus earlier reports of a rise of 1.7%. The latest data also showed unit labor costs - a key inflation gauge - rose a higher than expected 1.8%. That again raised concerns of inflationary pressures and did little to console a central bank primarily focused on price stability.
Also weighing on the market was Richmond Fed president Lacker's comments that he sees no significant moderating trend in U.S. inflation, and that it is difficult to gauge whether the housing market correction has yet to reach a bottom.
The Dow Jones industrials ended the session 0.95% lower, while the broader S&P 500 fell 0.89% and the tech-heavy Nasdaq fell 0.92%.
All ten economic sectors posted losses today.
A slightly negative tone dictates the after hours session. The S&P 500 futures, at 1516.50, are 2.35 points below fair value, while the Nasdaq 100 futures, at 1913.75, are 3.62 points below fair value.
| Company | Stock Move | Reason for Move |
| ADC Telecommunications (ADCT) | 17.95 +0.64 (+3.70%) | ADC Telecommunications reported Q2 (Apr) earnings of $0.35 per share, excluding non-recurring items, $0.12 better than the Reuters Estimates consensus of $0.23. Revenues fell 2.4% year/year to $349.4 mln vs the $333 mln consensus. Co issued in-line guidance for FY07, sees EPS of $0.86-0.91, ex items vs. $0.86 consensus. It sees FY07 revs of $1.275-1.29 bln vs. $1.29 bln consensus.
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| Shuffle Master (SHFL) | 18.44 -1.17 (-5.97%) | Co reported Q2 (Apr) GAAP earnings of $0.10 per share, may not be comparable to the Reuters Estimates consensus of $0.13. Revenues rose 3.0% year/year to $44.6 mln vs the $43.3 mln consensus. Co said, we recently completed a review of our long-term strategy and believe that we are uniquely positioned to re-accelerate growth and drive long-term, sustainable profitability as we look to FY08 and beyond. That said, we do expect to see moderate improvement in the back half of the year, however, the remainder of FY07 will be characterized by addressing near-term challenges and staying the course in order to achieve our long-term objectives. For that reason, we will continue with our previously communicated suspension of FY07 earnings guidance."
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| Monster Worldwide (MNST) | 44.70 -1.16 (-2.53%) | Co announced that Timothy Yates will join the co's executive management team as executive vice president and CFO, and as a member of its board of directors, effective immediately. He succeeds Lanny Baker, who has decided to leave the co in order to pursue other career opportunities and business interests. The co expects to incur a charge of approx $3 mln in Q2 related to the executive departures.
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| Meritage Homes (MTH) | 32.55 -0.55 (-1.66%) | Co announced that April and May home sales have been weaker than expected, as reported by other leading homebuilders, and lower than the co's Q1 order rates. The co said preliminary net sales for the first two months of Q2 were approximately 21% lower than the same period last year, and cancellations increased to a rate of 36% of gross orders, from 27% reported in the first quarter 2007.
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| DSW (DSW) | 37.66 +1.10 (+3.01%) | DSW reported Q1 (Apr) earnings of $0.54 per share, $0.07 better than the Reuters Estimates consensus of $0.47; revenues rose 12.8% year/year to $357 mln vs the $366.1 mln consensus. Co maintains guidance for FY08, sees EPS of $1.63-1.68 vs. $1.66 consensus.
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Only a limited number of companies expected to report their earnings on Thursday. As such, investors will again look for economic data to help set the tone of trading during the session. Initial Claims will be out at 8:30 ET, followed by Wholesale Inventories at 10:00 ET and Consumer Credit at 15:00 ET.
On the earnings front, seven companies are confirmed to report their results before the bell, including Dollar General (DG), Smithfield Foods (SFD), and UTI Worldwide (UTIW). After the close, five more companies will report, including National Semiconductor (NSM) and Quiksilver (ZQK).
--Richard Jahnke, Briefing.com
_____________________________________________________________Last night was shit...losing and losing. Seriously, I need to do some reflections on what I'm doing. Obviously I myself don't know!
With the saying, "it is not important whether you are right or wrong, what is important is how much you win when you are right and how much you don't lose when you are wrong", I really need to learn it the hard way - cutting loses. A novice like me learning how to scalp, how to swing trade is like buy what lose what, because the difference between noobs and pros is the noobs don't know what's going on. ARHHH...I have do alot more reading from now on.
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