Bob is off today, this post was written by CNBC producer Robert Hum
Stocks are essentially flat this morning after a huge earnings morningin which 3 Dow components and 12 percent of the S&P reported.
After snapping its 7-day winning streak yesterday, the Dow will look to regain momentum in its current 9 percent rally, while the Nasdaq will look to extend its impressive current 11-day winning streak.
Here’s a quick look at some of the highlights from the earnings-palooza this morning:
Ford up 9 percent after turning in a narrower-than-expected Q2 loss (21 cent loss vs. 50 cent loss est.). The automaker burned through $1 billion in the quarter, but that was down significantly from the $3.7 billion it went through in the first quarter and $7 billion it burned in the last quarter of 2008.
AT&T up 1 percent as it beat estimates as strong wireless sales offset struggles in its landline business. Sales of Apple’s iPhone helped overall sales in the wireless division which saw revenues grow 10 percent with its subscriber base rising by 1.4 million to 79.6 million. Additionally, the telecom’s churn was a record low, down 1.1 percent from a year ago.
3M up 3 percent after strongly beating estimates ($1.20 vs. $0.94 est.). Revenues declined 15 percent, but still managed to come in ahead of Wall Street forecasts.
Looking ahead, 3M issued an improved forecast, saying its full-year organic sales volumes will decline just 10-13 percent vs. prior expectations of an 11-15 percent decline. The company also boosted the low-end of its 2009 earnings outlook, with the entire range ($4.10-$4.30) now resting well above the Street’s estimate of $3.97.
McDonald’s down 3 percent after it reported earnings inline with estimates. Revenues, however, fell slightly short of expectations ($5.6b vs. $5.7b est.). Same-store sales in the U.S. rose 3.5 percent while global comp. store sales rose 4.8 percent.
Kimberly-Clark up 2 percent as earnings beat estimates, but revenues fell nearly 6 percent from a year ago. Higher prices helped offset declining volumes and effects of the stronger dollar.
The consumer goods company now expects a smaller sales decline for the year and raises full-year guidance. CEO Thomas Falk noted, “earnings in the back half of the year should be up nicely compared to performance in the first half of the year and the second half of 2008."
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