Filed under: Before the bell, Earnings reports, Analyst reports, Analyst upgrades and downgrades, Deals, Apple Inc (AAPL), Ford Motor (F), Boeing Co (BA), Darden Restaurants (DRI), Research in Motion (RIMM), NIKE, Inc’B’ (NKE), Oracle Corp (ORCL)
Before the bell: Futures higher ahead of data, Fed
Reporting this day are the agrichemicals firm Monsanto (NYSE: MON) — AP Preview, and after the close, software giant Oracle (NASDAQ: ORCL) and Nike (NYSE: NKE).
Reported Tuesday:
- Jabil Circuit (NYSE: JBL) shares are up nearly 11% in premarket trading after the company reported its profit soared as revenue grew and costs declined, topping third-quarter earnings estimates. Merrill Lynch upgraded Jabil from Neutral to Purchase.
- Red Lobster operator Darden Restaurants (NYSE: DRI) shares are up 1.9% in premarket trading after it also topped quarterly earnings estimates, postinga higher quarterly profit, boosted by the Olive Garden chain, and lower costs that helped raise operating profit at its Red Lobster chain.
- 3COM (NASDAQ: COMS) shares also rose over 6% in after-hours trading after it posted higher than expected revenue.
Meanwhile Pier 1 Imports (NYSE: PIR) shares were also nearly 5% higher in after-hours trading Tuesday after the retailer stated it abandoned plans to take over rival home furnishings retailer Cost Plus (NASDAQ: CPWM) for $88 million.
It’s no wonder that after Apple Inc. (NASDAQ: AAPL)’s iPhone success in the consumer market and its own attempt to enter the business segment of customers, that Research in Motion (NASDAQ: RIMM) would do the reverse and try to enter the consumer segment. But WSJ’s Heard on the Street writer thinks there are lots of issues to be worried about, not in the least is competition from the iPhone.
Boeing Co. (NYSE: BA) was downgraded by Goldman Sachs from Neutral to Sell and the price target cut from $88 to $60. The analyst said the weak economy and spiking fuel costs will affect Boeing and added it to the Conviction Sell list. Boeing shares are down over 3% in premarket trading.
It has been a few days since we’ve heard of more layoffs at automakers, hasn’t it? Well, Ford Motor Co. (NYSE: F)’s Volvo stated Wednesday it had given layoff notices to 1,200 workers in Sweden following a $151 million first-quarter loss on declining U.S. sales.
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