Nasdaq Profits Slashed In Half
Nasdaq OMX Group (NDAQ) shares were lower by 3% into mid-afternoon trading on
Wednesday after reporting a drop in Q1 profits at $42 million or 25 cents a
share, compared to $85 million or $50 cents a share in year ago period. Net
exchange revenue was up 1% to $418 million from $422 million a year ago. In
connection with the potential resolution of the Securities Exchange Commission's
investigation into Nasdaq's handling of the Facebook (FB) debacle, the firm
agreed to pay $10 million.
Apple Inc. (AAPL) shares hosted a rebound from lows during premarket trading
activity on Wednesday, down less than 1% into early afternoon trading. Apple
reported revenue of $43.6 billion - up 11% from $39.2 billion in revenue in year
ago quarter. Revenue from Greater China came in at $8.8 billion, up 11% to $7.9
billion. Apple warned that revenue could fall for the first time in a decade in
fiscal Q3 they await a fresh product line. On a year-over-year basis, the
companies earnings fell for the first time in a decade as they reported a profit
of $9.5 billion, down 18% from a year earlier. On Tuesday, Apple announced they
plan to shell out $100 billion in dividends and buybacks by the end of 2015.
Apple reportedly sold more iPhones during their fiscal Q2 than it did in 2012
quarter - selling 37.4 million iPhones, up 7% from 35.1 million iPhones a year
ago. Sales of iPads for Q2 came in at 19.5 million, up 65% from 11.8 million
iPads in 2012 period. The company sold 3.95 million Macs, down 2% from 4 million
in 2012 period. CEO Tim Cook said the next batch of “exciting” products from the
iPhone and iPad maker won’t come until the fall. Since the peak of Apples shares
in September 2012, the stock has dropped over 40%.
Procter & Gamble (PG) announced fiscal Q3 net income rose 6% to $2.57 billion or
88 cents a share, from $2.41 billion or 82 cents a share in year ago period.
Quarterly net sales rose 2% to $20.6 billion from $20.2 billion a year ago while
core earnings rose 5% to 99 cents a share. Organic sales growth guidance for
2013 by P&G came in at 3% to 4%. They raised the lower end of range for core
earnings for fiscal year 2013 per share by 2 cents, and expect $3.96 to $4.04
for fiscal year 2013.
Sprint Nextel (S) reported Q1 loss of $643 million or $0.21 a share, compared to
net loss of $863 million or $0.29 a share in year ago period. Revenue rose 1% to
$8.79 billion from $8.73 billion in Q1 2012.
Ford Motor Company reported a 15% increase in Q1 profit, earning $2.44 billion
in pretax profit in North America for their highest profitable quarter since
2000 and generated 41 cents a share earnings excluding one time items. Net
income for Q1 came in at $1.61 billion or 40 cents a share, compared with Q1
2012 of $1.4 billion, or 35 cents a share. Revenue rose to $35.8 billion.
Outlook for Ford remains unchanged. Ford plans to increase production in Q2 by
80,000 vehicles, for a total of nearly 800,000 vehicles to be produced over the
next three months. During the first three months of 2013, Ford sold 168,843
pickups, an increase of 17.4% over the same period a year earlier. Ford's
Lincoln brand saw a drop in sales to the tune of 23.7% to 15,899 during Q1 2013.
The auto maker took a hit in Europe where the continued economic slowdown
widened the company's loss to $462 million compared with $149 million for the
same period a year earlier. In Europe during 2013, Ford expects to lose nearly
$2 billion compared with a loss in 2012 of nearly $1.75 billion and they plan to
close three European factories by 2014. In South America, Ford reported a
pre-tax loss of $218 million due to currency changes and trade restrictions
imposed by Brazil and Argentina.
Boeing (BA) reported Q1 earnings rose 20% with a profit of $1.11 billion or
$1.44 a share, up from $923 million or $1.22 a share a year earlier in 2012. The
firm affirmed 2013 financial and deliveries guidance. Core operating earnings
were $1.73 compared with $1.40 a year earlier in 2012, revenue decreased 2.5% to
$18.89 billion and operating margin was flat at 8.1%. “Our first priority in the
days ahead is to fully restore our customers’ 787 fleets to service and resume
production deliveries.” Chairman and Chief Executive Jim McNerney said. “Our
outlook for the year is positive, and our financial and delivery guidance is
reaffirmed as we remain focused on the profitable ramp up in commercial airplane
production rates, disciplined execution of our development programs, and
continued growth in core, adjacent and international defense and space markets.”
U.S. Commerce Department said Wednesday orders for big-ticket U.S. items sank
5.7% during March and orders for core capital goods edged up 0.2% after a 4.8%
decline in February. Orders fell a smaller 1.4% when stripping out the volatile
transportation sector. Shipments of core capital goods rose 0.3% in March.
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April 24, 2013