Greek Default? Investors Just Ready to Move On (EMC, COH, HOG, DGX, BTX, EFOI)
Despite mixed earnings news, stocks traded modestly lower on the day, although the Nasdaq did manage to squeeze out a small gain. Worries of a Greek default took some steam out of the market after talks with the country’s private bondholders broke down, but at this point it appears stock investors think a default is inevitable and are just ready to move on. The market remains in bull mode for now.
The Stem Cell Stocks Index was the top performing tickerspy Index on the day, led by BioTime (BTX) with a 14% gain. The LED Stocks Index was the day’s worst performing tickerspy Index, with Energy Focus (EFOI) down -11%.
Stocks ended the day mixed. The Dow fell -33 points to 12,676, while the S&P lost -1 point to 1,315. The Nasdaq, meanwhile, rose 2 points to 2,787. Oil slipped -63 cents to $98.95 a barrel, while gold dipped -$13.80 to $1,664.50 an ounce.
In earnings news, shares of data storage giant EMC (EMC) surged 7.3% after the company said its fourth-quarter profit rose to $832 million, or 38 cents a share, from $628.6 million, or 29 cents, a year earlier. On an adjusted basis, the company earned 49 cents a share, beating the 46 cents analysts had expected. Revenue rose 14% to $5.57 billion, coming in above the $5.49 billion consensus. The company said it expects a 2012 profit of $1.70 a share on revenue of $22 billion. Analysts were expecting a profit of $1.71 on revenue of $22 billion.
Shares of luxury handbag maker Coach (COH) soared 5.8% after the company said its fiscal second-quarter profit climbed to $347.5 million, or $1.18 per share, compared with $303.4 million, or $1.00 per share, a year earlier. Revenue increased nearly 15% to $1.45 billion. Analysts had expected a profit of $1.15 per share on sales of $1.43 billion. Same-store sales at North American stores increased 8.8%.
Motorcycle maker Harley-Davidson (HOG) reported a fourth-quarter profit of $105.7 million, or 46 cents per share, compared with a net loss of -$46.8 million, or -20 cents per share, a year earlier. Revenue climbed to $1.03 billion from $917.1 million a year earlier. EPS from continuing operations was 24 cents. Analysts had expected a profit of 23 cents on sales of $1.01 billion. Harley-Davidson forecast shipments of 240,000 to 245,000 motorcycles in 2012. The shares rose 3.5%. Twelve pros counted Harley-Davidson among their top holdings at the end of Q3 and nearly 350 tickerspy members own the stock in their portfolios.
Shares of Quest Diagnostics (DGX) jumped 7.5% after the company said its fourth-quarter profit rose 14% to $189.5 million, or $1.19 per share, from $165.7 million, or 96 cents per share, a year earlier. Excluding items, adjusted EPS was $1.23. Revenue inched up 3% to $1.88 billion. Analysts had expected a profit of $1.06 per share on $1.86 billion in revenue. Quest expects a 2012 profit of $4.40-$4.55 a share on revenue of $7.66-$7.7 billion. Analysts were expecting net income of $4.67 per share on $7.67 billion in revenue. Nine pros counted Quest Diagnostics among their top holdings at the end of Q3 and nearly 140 tickerspy members own the stock in their portfolios.
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