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Futures are trading up as Europe is up on an oversold rally.
Elsewhere:
1) Hewlett-Packard [HPQ
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] reports earnings in line with expectations, but revenues of $28.80 billion are on the light side.
Hewlett has two problems: demand is way down, and prices are under pressure.
Revenues were down across the board: Personal Systems (30 percent of revenues) down 19 percent, Printers (25 percent of revenues) down 19 percent, and Enterprise Servers (15 percent of revenues) down 18 percent.
Services (25 percent of revenues) was the exception: up 116 percent (remember, they now own EDS).
Second quarter guidance of $0.84-$0.86 is light vs. analyst expectations of $0.90. Full year guidance is $3.76-3.88 from from $3.88-$4.03 previous guidance. Revenue is now expected to be down 2-5%, which is also below expectations.
Dell [DELL
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] down in sympathy.
2) More aggressive on energy? ExxonMobil [XOM
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] downgraded at Bernstein, but other energy names upgraded.
Exxon has been a monster outperformer since the September colllapse, down only 10 percent vs. declines of 30 percent for the Amex Oil Index and 35 percent for the S&P 500.
That's because Exxon is a classic defensive stock in a declining stock and commodity environment.
So what's the problem? Paul Cheng, who is a respected oil analyst at Bernstein, wants to get into companies that have a greater commodity exposure--he implies there is limited upside to continuing being defensive, and with the outlook as grim as it can be for energy there is limited downside to getting more aggressive.
UPDATE/Correction: Mr. Cheng works at Barclays, not Berstein
He upgrades: Transocean, Chesapeake Energy, Noble, Rowan, and Ensco.
3) Sprint Nextel [S
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] reported a loss of $0.01, slightly better than expectations of a loss of $0.03, but revenues were down 14 percent. They lost 1.3 million subscribers, but that was not as bad as some feared, so stock is up almost 10 percent pre-open. Like many companies, they are declining to provide guidance.
4) CVS Caremark [CVS
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] up 4 percent, earnings at $0.65 in line with expectations, revenues above expectations. Pharmacy same store sales up 4.5 percent, a good number.
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- Stocks Lurking Near New Highs Again
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- Corporate Issuance Continues at Torrid Pace
- The Bernanke Dollar Bounce & Gross Says Forget About Rate Hike
- Colgate Really Sparkles After Hours
- Light Volume Has Traders Complaining
- Gold Shatters Another Record
- Have Retailers Reached Their Limits?
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