Marvell (MRVL) this afternoon told investors on a post-earnings conference call that it expects to report revenue for its fiscal fourth quarter ending in January of $690 million to $730 million, short of the Street consensus of $736.7 million. That is down 14%-18% versus a year earlier, and off 8%-13% sequentially. The company expects non-GAAP profits for the quarter of 14-20 cents a share. The...
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Options traders have descended on the smart phone sector Tuesday, with heavy activity in Research in Motion, Nokia and Palm, following poor earnings by the latter, and news of an introduction of Nokia’s entrée into this market. Research in Motion’s options were the most actively traded. The stock was getting hit, down 7.5% after Palm reported less-than-stellar results for its most r...
UnitedHealth Group Inc. (NYSE: UNH) has made some rather bold predictions for 2009. What is interesting here is that these projections are not the projections of old showing continued growth nor showing continued goals total dominance. But the possible surprise here is that this depends upon the state of just how bad things get in the economy and also upon several factors which might now be ou...
Filed under: General Electric (GE)Remember how admired General Electric (NYSE: GE) used to be? After its stock has tumbled 71% from its all-time high in 2000 of $58.13, I don't think people admire it much anymore. You may have missed that GE got $139 billion in loan guarantees from the FDIC a few weeks ago but nobody blinked an eyelash. Meanwhile today, GE is reporting more disappointing earnin...
Ford Motor Co. (NYSE: F) just released its November auto sales, and it is pretty hard to get excited about the data. The company sold 118,818 units in November, below the 119,000 Edmunds.com predicted. That would represent a drop of 30.6% from November 2007. This is still only about 63% of what Edmunds expects from General Motors (NYSE: GM) where it estimates sales of 188,000 units.November ma...
Multinational corporations, for several quarters, saw their earnings grow as a result of the weakness of the U.S. dollar. Since the dollar reversed course and began to strengthen in the mid-summer, this advantage has eroded. After reporting third-quarter earnings, the guidance issued by many multinational companies was based on certain assumptions of the dollar’s strength. Some of those c...
Cell Phones: Oppenheimer Sees Q4 Units Flat Vs. Q3; Cuts ‘09 View; Trims Ests On MOT, NOK, RIMM, RFMD, CELL
Tue, Dec 2, 11:28 AM ET
Conditions in the global handset market continue to deteriorate, according to Oppenheimer analyst Ittai Kidron. Kidron now sees global handset sell-in for Q4 of 315 million units, flat with Q3, and below the recent Nokia forecast of 330 million units. He says that checks find production cuts by OEMs, inventory reduction by carriers and weaker sell through in most regions, especially in November...
Goldman Sees ‘09 GDP Down 1.6%, IT Spend Down 4%; Cuts Targets, Estimates On A Zillion Software Stocks
Tue, Dec 2, 10:48 AM ET
Goldman Sachs has sliced its estimates and price targets on most of the enterprise software companies it covers to reflect a more dire outlook for the U.S. economy and IT spending. In a research note, Goldman’s Sarah Friar notes that the firm’s economics team now sees real GDP shrinking 5% in Q4 and 1.6% in 2009, worse than their previous forecast of down 3.5% and down 0.8%. Goldman...
The market action yesterday was pathetic. I am usually not so blunt, but there is no other way to sugar coat it. Most people want to know "what happened"? But there was no real smoking gun. It was a pure buyers strike.Stocks plummeted on relatively low volume. And if you don't believe me about the buyers strike, take a look at the ARMS Index (a measure of buying vs. selling pressure), which hit...
While the Yahoo (YHOO) board attempts to find a new CEO and debates whether or not to revive talks with Microsoft (MSFT) - at least, I assume that’s what they’re doing - the fundamentals of the company’s business continue to deteriorate. Jefferies analyst Youssef Squali today cut his EPS estimates for the company for both this year and next year. For 2008, he now sees EPS of 6...