PROACTIVE US NEWS SUMMARY: Apple, Netflix, IBM, Google, McDonald’s, Coach, United Technologies, Abbott Laboratories, Baker Hughes and more

23rd Jan 2013, 3:31 pm by ProactiveInvestors
US markets react positively to a vote in favour of raising the US debt ceiling until May, and amid a batch of corporate earnings reports. US markets react positively to a vote in favour of raising the US debt ceiling until May, and amid a batch of corporate earnings reports.

 

U.S. markets moved higher Wednesday afternoon, as earnings from a number of corporate heavyweights came in ahead of estimates and lawmakers voted in favour of raising the US debt ceiling.

Earnings season continued today, with all eyes on Apple (NASDAQ:AAPL) as the iPhone maker gets set to report its first quarter results after the bell.

Apple’s stock has fallen sharply since September mostly on fears over slowed growth in its iPhone business – which was spurred further earlier this month when reports surfaced that that the tech giant had slashed its orders for iPhone 5 components due to weaker-than-expected demand.

Netflix (NASDAQ:NFLX) is projected to report a loss of 13 cents a share in the fourth quarter, also after the closing bell, while SanDisk (NASDAQ:SNDK) and Amgen (NASDAQ:AMGN) also slated to report. 

Last night’s reports included IBM (NYSE:IBM) – which today rose almost 5% after the company reported earnings that topped analyst views, and issued upbeat profit guidance. 

Google (NASDAQ:GOOG) shares rose nearly 6% after the Internet search firm posted a higher profit on strong ad sales in the fourth quarter. Solid gains were seen in the core business, with advertising revenue jumping more than 20% to $12.91 billion in the quarter. It reported a 24% rise in paid clicks.

Semiconductor company Advanced Micro Devices (NYSE:AMD) saw its shares rise 11.84% after the company topped views late Tuesday. It reported a wider fourth quarter loss as revenues fell 32%, but excluding one-time items, it would have lost 14 cents a share. Analysts expected AMD to lose 21 cents per share. 

McDonald's (NYSE:MCD) advanced a more modest 0.60% after it said its fourth quarter profit rose 1%, with earnings per share of $1.38 topping analyst expectations. Sales at the world's biggest burger chain rose 2% to $6.95 billion, compared to estimates for sales of $6.9 billion. The company said it expects negative comparable store sales growth in January, and expects both top and bottom line growth to remain pressured in the near term. 

Others reporting earnings today included Coach (NYSE:COH), which saw its shares tank over 15% Wednesday, after the luxury shoe and handbag retailer posted second quarter results that missed expectations, citing a "challenging" holiday season.

United Technologies (NYSE:UTX) reported a drop in profit on restructuring costs and other one-time expenses. Sales at the industrial conglomerate rose 14% to $16.4 billion. Looking ahead, the company said it expects a 2013 profit of $5.85 to $6.15 a share, compared to the Wall Street estimate of $6.05 a share. 

Shares of Motorola Solutions (NYSE:MSI) rose late Wednesday after it said its fourth-quarter operating earnings rose 53%, with its adjusted profit of $1.10 a share beating expectations for a profit of $1.02 per share. Sales rose 6% to $2.44 billion. The company said it expects an adjusted profit of 62 to 67 cents for its first quarter, compared to the analyst forecast for 67 cents a share. 

Abbott Laboratories (NYSE:ABT) said its fourth quarter profit fell 35%, but sales rose 4.4% to $10.84 billion. Adjusted profit was $1.51 per share. Wall Street analysts were looking for Abbott to earn 70 cents a share on sales of $10.61 billion. It said it expects adjusted profit of $1.98 to $2.04 per share for 2013, versus calls for $1.96 per share. 

Baker Hughes (NYSE:BHI) reported Wednesday that fourth quarter profit declined as revenue fell 1%, with North American activity falling sharply at the end of the year. Shares in the oilfield services provider still rose however, as the company reported record full year revenues on strong international operations.

On the OTC, Sunridge Gold Corp. (CVE:SGC) (OTCQX:SGCNF) says it has started a reverse-circulation drill program at its Kodadu target on its Asmara project in Eritrea, East Africa, where the company is also focused on completing a feasibility study on the already four established deposits. 

The aim of its work at Kodadu is to quickly define a resource that could potentially be mined as feed to a gold plant at Emba Derho - one of the four established deposits. Kodadu is located around 25 kilometres south of Emba.

 

No investment advice


Proactive Investors North America Inc, trades as "Proactiveinvestors USA & Canada".


You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.


You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.


From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.


You understand that we may be providing advertising and/or marketing services to companies mentioned on the site. A full list of companies that are paying for services from us, or our affiliated companies in the UK and Australia can be viewed here