Wall Street is back on a winning track, at least for now, with the Dow, the S&P 500, and the Nasdaq all riding 3-day winning streaks, their first concurrent streaks of that length since early June. All three are also on the verge of being positive for both June and July, something that’s not happened since 2003.
After a busy Thursday for both corporate earnings and economic stats, the calendar lightens considerably today. There are no major economic reports set for release, and Dow component General Electric (GE) is one of just a few companies set to release quarterly numbers. We’ll also hear from oilfield services companies Baker Hughes (BHI) and Schlumberger (SLB) this morning, as well as Ingersoll-Rand (IR), SunTrust Banks (STI) and Xerox (XRX). There are no earnings releases scheduled for after the closing bell.
Microsoft (MSFT) is a stock to watch today, reporting fiscal fourth quarter profit of $0.67 per share, five cents above estimates. That number excludes a previously announced writedown for the value of its online advertising unit.
Google (GOOG) is reporting second quarter profit of $10.12 per share, eight cents above estimates, with revenues very slightly short of estimates. But those revenues were 21 percent ahead of a year ago.
Chipotle Mexican Grill (CMG) earned $2.56 per share for the second quarter, versus estimates of $2.30. But its revenues came up short of analyst forecasts, as did an 8 percent gain in same store sales. The company says sales slowed in late April and that the trend continued through May and June.
Intuitive Surgical (ISRG) earned $3.75 per share for the second quarter, beating estimates by 19 cents. Revenues were also ahead of analyst forecasts. The medical device maker did, however, warn about the ongoing negative impact of Europe’s economic crisis, as well as a decline in prostate surgeries that use its surgical equipment.
Advanced Micro Devices (AMD) fell a penny short of consensus in reporting second quarter profit of $0.06 per share, with revenues in line with estimates. AMD, like its rivals, is battling global economic woes and a consumer shift towards non-PC electronic devices.
Pfizer (PFE) has won a court ruling upholding the validity of its patents for its best-selling pain medication Lyrica. That allows Pfizer to maintain U.S. marketing exclusivity for the drug through 2018. Generic manufacturers who were seeking to sell their own versions must now wait until that time.
Citigroup (C ) and Morgan Stanley (MS) disagree on the value of their jointly owned Morgan Stanley Smith Barney brokerage unit. The two exchanged appraisals as Morgan Stanley moves ahead with plans to add another 14 percent to its current 51 percent stake. A third party will conduct an appraisal, which could result in significant non-cash third quarter charges for Citi, which values the unit 60 percent higher than Morgan Stanley does.
Freescale Semiconductor (FSL) lost $0.14 per share for its second quarter, compared to analyst expectations of a $0.02 per share profit. The chipmaker did see higher profit margins but experienced a drop in revenue.
Yahoo (YHOO) has detailed its compensation plans for new CEO Marissa Mayer, who will get a package that could be worth up to $59 million over the next several years. That includes a $30 million retention award if she stays at the company for five years, and $14 million in restricted stock.
Apple (AAPL) has debuted its latest iPad in China today, after recently settling a trademark lawsuit with China’s ProView over the iPad name.
Two IPOs of note on today’s calendar: Palo Alto Networks (PANW) priced its IPO at $42 per share, above its recently raised range of $38 - $40, while Kayak Software (KYAK) priced its IPO at $26, above the projected range of $22 - $25. One IPO that won’t be happening – at least for now – is legendary guitar maker Fender, which has withdrawn its offering due to unfavorable market and economic conditions
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