SanDisk, Qualcomm, Moody's Decline

Mayank Mehta
23 Jul, 2009
New York City

Ford Motor Company reported a loss but expects earnings to improve for the year. eBay, International Game Technology and EMC surged after companies exceeded expectations. Pacific Sunwear declined on lowered earnings outlook. SanDisk revenue guidance disappoints investors.

[R]2:20 PM New York – Ford Motor Company reported a loss but expects earnings to improve for the year. eBay, International Game Technology and EMC surged after companies exceeded expectations. Pacific Sunwear declined on lowered earnings outlook.[/R]

3M Company ((MMM)) increased 5.6% to $68.32 after the company reported second quarter earnings dropped 15.8% to $1.12 a share on sales decline of 15.1% to $5.7 billion.

AT&T Inc ((T)) added 96 cents to $25.79 after the telecom giant reported second quarter earnings of 54 cents a share compared to 63 cents a share. The company added 1.4 million net new subscribers in the quarter to a total of 79.6 million.

Celera Corp ((CRA)) plunged 27% to $5.64 after the company estimated revenues in the second quarter in the range between $40 million and $42 million compared to revenues in the quarter a year ago of $42.8 million.

Celgene Corp ((CELG)) surged 15% to $54.39 after the company reported second quarter revenues of $628.66 million compared to $571.46 million. Net income increased to $142.83 million or 31 cents a share compared to $119.88 million or 26 cents a share.

eBay Inc ((EBAY)) increased 10% to $21.50 after it reported revenues declined 4% to $2.1 billion on strong dollar modest declines in market place business offsetting the gains in Skype and Pay Pal revenues. Earnings in the quarter declined 29% to $327.3 million or 25 cents a share compared to $460 million or 35 cents a share.

EMC Corp ((EMC)) added 5% to $15.13 after the data storage company reported second quarter revenues increased 3% to $3.26 billion and earnings increase of 6% to $205.2 million or 10 cents a share.

Ford Motor Company ((F)) soared 9.6% to $7.00 after the auto maker reported second quarter revenues of $27.2 billion and a loss of 21 cents a share.

International Game Technology ((IGT)) surged 15% to $20.08 after it reported third quarter earnings per share declined to 23 cents compared to 35 cents in the quarter a year ago.

LoopNet, Inc (LOOP)) increased 4.3% to $8.28 after it announced that company won a legal case filed against settlement with its former business partner CoStar.

McDonald’s Corp ((MCD)) decreased 3.8% to $56.60 after it reported revenues declined 7% to $5.65 billion and net income fell 8% to $1.09 billion or 98 cents a share compared to $1.04 a share.

Moody’s Corp ((MCO)) declined 3% to $25.72 after Warren Buffett lowered his stake in the troubled rating agency. The company is at the heart of current financial crisis that provided ratings to several questionable mortgage linked securities.

PF Chang’s China Bistro ((PFCB)) increased 3% to $33.45 a day after it reported second quarter earnings of $11.6 million or 51 cents a share compared to $9.3 million or 41 cents a share. Revenues were flat at $301.36 million.

Pacific Sunwear of California, Inc ((PSUN)) declined 10.9% to $3.03 after it estimated second quarter loss between 11 cents and 17 cents a share. The company estimated second quarter same store sales to fall 24% compared to estimate of 17% to 20%.

Pool Corp ((POOL)) surged 18% to $21.80 after the pool supplies provider reported second quarter earnings of 99 cents a share or $48.4 million compared to $1.08 a share or $52.9 million. Sales declined 13% to $602.1 million.

Qualcomm, Inc ((QCOM)) decreased 2.9% to $47.03 after the telecom chip maker reported third quarter revenues of $2.75 billion and net income of $737 million and diluted earnings per share of 44 cents compared to a year ago. Revenues in the quarter year were $2.46 billion.

Ryder System, Inc ((R)) added 13.2% to $31.16 after the logistics company reported second quarter revenues decline of 25% to $1.2 billion and net earnings plunged to $22.9 million from 62.9 million. Earnings per share declined to 41 cents from $1.09 a share a year ago quarter.

SanDisk Corp ((SNDK)) decreased 12.6% to $16.59 after it reported second quarter revenues declined 10% to $731 million and net income of $53 million or 23 cents a share compared to net loss of $74 million or 33 cents a share.

VMware, Inc ((VMW)) gained 6.7% to $33.35 after it reported flat revenue of $456 million and net income declined to $32.53 million or 8 cents a share compare to $52 million or 14 cents a share.