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| Subject: Oracle==Wednesday 21/3/2012==first-quarter earnings | |
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Author: for the three months ended Feb. 29 WEDNESDAY |
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Date Posted: 07:39:18 03/21/12 Wed NEW YORK (TheStreet) -- U.S. stocks were wavering Wednesday following a disappointing read on the housing market and bearish comments from Federal Reserve Chairman Ben Bernanke about Europe. More on Stock Market Stock Futures Mixed on Housing Expectations, Bernanke WarningsStocks End Lower on Chinese Growth ConcernsStock Futures Fall on China, Housing DataMarket Activity Dow Jones Industrial Average| ^DJI S&P 500 Index| ^GSPC NASDAQ Composite| ^IXIC The Dow Jones Industrial Average was behind by 9.2 points, 0.07%, at 13,161. The S&P 500 was ticking down 3 points, or 0.2%, at 1402. The Nasdaq was down 1.1 points, or 0.04%, at 3073, and wavering, after database giant Oracle's(ORCL_) posting of strong first-quarter earnings. U.S. stocks edged lower on Tuesday following mixed housing market data and signs of a slowing Chinese economy, and after China began sharply raising retail gasoline and diesel prices. The National Association of Realtors reported today that February existing-home sales declined from an upwardly revised January pace, but were well above year ago levels. Total existing-home sales slipped 0.9% to a seasonally adjusted annual rate of 4.59 million in February from an upwardly revised 4.63 million in January, but were 8.8% higher than the 4.22 million-unit level reported the same time last year. Economist surveyed by Thomson Reuters expected existing-home sales would increase to an annual rate of 4.62 million in February from the originally reported 4.57 million the preceding month. Meanwhile, the Mortgage Bankers Association said Wednesday that mortgage applications on a seasonally adjusted basis fell 7.4% in the U.S. last week from one week earlier as interest rates climbed and discouraged many borrowers from refinancing their homes. The seasonally adjusted four-week moving average for mortgage applications was down 2.79%. Federal Reserve Chairman Ben Bernanke on Wednesday morning was speaking about the European economic and financial situation before the Committee on Government Oversight and Reform of the U.S. House of Representatives. Bernanke says that U.S. banks and money market funds remain vulnerable to any turn for the worse in Europe and risks of debt contagion remain a concern for these firms. Bernanke notes that although U.S. banks have limited exposure to peripheral European countries, their exposure to European banks and the larger, "core" countries of Europe are "more material." Moreover, he said that European holdings represented 35% of the assets of prime U.S. money market funds in February, leaving these funds "structurally vulnerable" despite some constructive steps such as improved liquidity requirements, taken since the recent financial crisis. "Were the situation in Europe to take a severe turn for the worse, the U.S. financial sector likely would have to contend not only with problems stemming from its direct European exposures, but also with an array of broader market movements, including declines in global equity prices, increased credit costs, and reduced availability of funding," he warned. In corporate news, Oracle, the database giant, handily topped Wall Street's first-quarter earnings expectations. Oracle reported a non-GAAP profit of $3.13 billion, or 62 cents a share, for the three months ended Feb. 29 on revenue of $9.06 billion. Analysts were expecting earnings of 56 cents a share in the quarter on revenue of $9.02 billion. Shares were rising 1.4% to $30.51. General Mills(GIS_), the maker of Cheerios, reported a slip in earnings as increasing input costs and prices conscious consumers in the fiscal third quarter weighed on profitability. Profit came in at $391.5 million, or 58 cents a share, in the quarter ending Feb. 26, down from $392.1 million a year earlier. Revenue came in at $4.12 billion, compared to analyst estimates for $4.09 billion. Shares were slipping 1.1% to $38.33 a share. Jabil Circuit(JBL_), the provider of electronics manufacturing services, posted second-quarter profit that was in-line with estimates but the low end of its third-quarter outlook came in below analysts' estimates. Shares were up 0.5% to $26.61. For its fiscal third quarter ending in May, Jabil forecast core earnings of 60 cents to 70 cents a share on revenue of $4.2 billion to $4.4 billion. Analysts forecast profit of 65 cents a share on revenue of $4.35 billion. Shares were down 2.2% to $25.90. Hartford Financial Services(HIG_) will split up after coming under pressure from hedge fund titan John Paulson. Hartford will wind down its individual annuity business and will sell or pursue "strategic alternatives" for the company's individual life, Woodbury Financial Services and retirement plans units, according to a statement. The split is a big victory for Paulson who took an 8% stake in Hartford. Shares of the company were up 0.05% to $21.71. Overseas, London's FTSE was edging up 0.07%, and Germany's DAX was behind by 0.18%. In Asia, Japan's Nikkei Average settled down 0.55% and Hong Kong's Hang Seng index closed lower by 0.15%. 2012 Stock Predictions and Outlook Your one-stop shop for 2012 stock recommendations and market predictions. May oil futures were drifting 40 cents higher to $106.47 a barrel, while April gold futures were adding $4.80 to $1,651.80 an ounce. The benchmark 10-year Treasury was gaining 9/32, diluting the yield to 2.33%, while the U.S. dollar index was up 0.07% to $79.65. -- Written by Andrea Tse in New York. >To contact the writer of this article, click here: Andrea Tse. >To order reprints of this article, click here: Reprints Add Comment inShare0 More from TheStreet Bank of America Takes Another Shot at $10 (TheStreet) 3 Natural Gas Stocks That Should Survive to See a Renaissance (TheStreet) 'Mad Money Lightning Round': Stick With Linn Energy (TheStreet) Stock Futures Fall on China, Housing Data (TheStreet) Stocks to Watch: Oracle, General Mills (TheStreet) From Around the Web The 5% Money Management Rule (DailyFX) Vitamin D Affects Genes for Cancer, Autoimmune Diseases (HealthCentral.com) Why Are Harvard Graduates in the Mailroom? (The New York Times) Abandoned Vintage Vehicles (Auto Enthusiast) 10 Ways to Make Money on the Side (HowStuffWorks) [ Next Thread | Previous Thread | Next Message | Previous Message ] |