Daily Market Commentary for April 24, 2013
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.
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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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