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The headline: Stocks Up As Street Watches Earnings
Wall Street ended a choppy session with the Dow [.DJIA
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]modestly higher, explains Erin Burnett who’s in for Dylan Ratigan, after a better-than-expected profit report from Boeing and a see-saw day in the energy markets. Meanwhile the Street continues to digest a flood of corporate earnings.
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AFTER HOURS ACTION: APPLE
The headline: Apple quarterly profit rises on strong Mac, iPod sales
Apple [AAPL
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] on Wednesday posted a 36 percent rise in quarterly profit, helped by strong sales. The company said it sold 2.29 million Mac computers, 10.6 million iPods and 1.7 million iPhones in the quarter.
Known for conservative financial forecasts, Apple also gave a profit outlook for its current quarter that was below Wall Street estimates, saying it expected earnings of $1.00 per share on revenue of $7.2 billion.
Apple had been expected to show revenue of $6.95 billion, with earnings after special items of $1.07 per share, according to Reuters Estimates.
Doesn’t Apple do this every quarter, asks Erin Burnett. I mean they always low ball.
Yes they do this every quarter, exclaims Jeff Macke. They mute the expectations.
If you can buy Apple at $155 I think it’s a great value, adds Guy adami.
Apple looks tasty at current levels, counters Pete Najarian. I expect them to beat those numbers going forward.
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AFTER HOURS ACTION: STARBUCKS
The headline: Starbucks Lowers Its Second Quarter And Full Year Guidance.
Starbucks [SBUX
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] on Wednesday warned of weaker-than-expected earnings for the second quarter and full year due to weak U.S. consumer spending that led to a drop in sales at established stores. The company, which has been trying to revive business in the United States, said it expects first-quarter earnings per share of 15 cents.
I give up, says Jeff Macke. I’ve been wrong on this stock. Get out.
If you want to trade Starbucks you have to trade it with a firm stop at $16.75, adds Guy Adami.
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AFTER HOURS ACTION: AMAZON.COM
The headline: Shares Of Amazon Fall 5% Despite Earnings Beat.
Amazon [AMZN
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] said on Wednesday that first-quarter net profit rose, helped by robust sales growth and benefits from a weak U.S. dollar, explains Erin Burnett. Despite the strong showing AMZN stock traded lower in the extended hours.
I think the valuation is catching up to this stock, counsels Guy Adami. Maybe they can’t keep growing at their current rate.
I think it’s an opportunity to sell, adds Pete Najarian.
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BOND, LAME BOND
The headline: Ambac Shares Shed 43% On Massive Quarterly Loss.
The cost to insure the securities guaranteed by Ambac’s [ABK
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] top rated bond insurance arm surged to a record on Wednesday after the company reported a wider-than-expected first-quarter loss, explains Erin Burnett.
Ambac, which struggled to raise capital earlier this year, posted a surprisingly wide loss after setting aside $1 billion to cover future payouts on mortgage bonds.
It’s interesting to me that the Street doesn’t seem to care, observes Karen Finerman. There might be too much complacency.
I think you might see a relief rally in this stock, adds Guy Adami.
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FLIGHT TO QUALITY
The headline: Boeing Posts Largest Gain Among Dow Industrials On Better-Than-Expected Profit.
Boeing [BA
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], the world's second biggest commercial airplane manufacturer, said Wednesday that it earned a better-than-expected $1.2 billion in the first quarter, a 38% increase from a year ago as its backlog of orders grew to a new record high.
But while the earnings beat Wall Street estimates, its sales missed expectations.
I think Boeing on a valuation basis looks cheap, says Guy Adami.
I like BE Aerospace [BEAV
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] instead, says Pete Najarian. The options action suggests to me this stock could go higher.
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PHILIP MORRIS SMOKES ESTIMATES
The headline: Philip Morris International Shares Surge On Better-Than-Expected Profit, Higher Forecast.
Marlboro cigarette maker Philip Morris International [PM
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] on Wednesday posted better-than-expected quarterly profit, helped by the weak dollar and better pricing in Poland, Russia and Turkey. The company, which was spun off from Altria [MO
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] at the end of March, also raised its full-year earnings forecast, citing favorable foreign exchange rates and other factors.
I’m very comfortable owning this stock, says Karen Finerman.
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AILING ALE
The headline: Anheuser-Busch Profit Misses Estimates On Rising Grain Costs
Anheuser-Busch[BUD
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] reported lower quarterly profit on Wednesday, hurt by falling U.S. demand for beers like Budweiser and Michelob and slimmer profits from its stake in Mexican brewer Grupo Modelo.
At these prices BUD looks fairly priced, observes Guy Adami.
If you want to get long the beers I like Molson Coors [TAP
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], says Jeff Macke.
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PEDAL TO THE METALS
The headline: Freeport-McMoRan Profit Doubles On Surging Copper And Gold Prices.
Freeport-McMoRan [FCX
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] said Wednesday it increased the copper and gold price assumptions it used to project 2008 operating cash flows. It now assumes average prices of $3.75 per lb for copper and $900 an ounce for gold, compared with fourth-quarter assumptions of a $3 average copper price and an $800 average gold price.
I think FCX is a buy on the next dip, says Guy Adami.
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Trader disclosure: On Apr. 23, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (DIS), (INTC), (MSFT), (YHOO); Najarian Owns (AAPL), (CSCO), (XLF), (YHOO), (BEAV); Najarian Owns (CHK) Calls, (MSFT) Calls, (POT) Calls; Finerman Owns (GS); Finerman's Firm Owns (MO), (MSFT), (PM), (SUN), (TSO), (VLO), (WMT), (YHOO); Finerman's Firm Owns (FNM) Calls; GE Is The Parent Company Of CNBC; Charles Schwab Is A Sponsor Of "Fast Money"
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