| Microsoft missed earnings estimates by a penny after the close on Thursday, but better than expected revenues and guidance sent the company's stock modestly higher after hours.
Earnings of 23 cents a share missed estimates of 24 cents, but $8.07 billion revenues beat the $7.87 billion consensus, and the company boosted September quarter and full-year guidance above analyst estimates.
Microsoft stock edged 1% higher after hours, capping a day in which tech stocks fell sharply on IBM's mixed earnings report.
The Nasdaq plunged 49 to 1698, the S&P 500 fell 12 to 981, and the Dow lost 43 to 9050 despite several better than expected blue chip earnings reports. Volume declined to 1.65 billion shares on the NYSE, and 1.92 billion on the Nasdaq. Decliners led 25-7 on the NYSE, and 25-6 on the Nasdaq. Downside volume was 78% on the NYSE, and 90% on the Nasdaq. New highs-new lows were 45-25 on the NYSE, and 117-10 on the Nasdaq.
After the close, Scientific Atlanta, PMC-Sierra, UTStarcom, Avid, Netflix and WebEx beat estimates. Xilinx missed.
During the day, Nokia plunged 20% on a warning.
Apple and SanDisk surged after beating estimates.
AMD, QLogic, Internet Security and E*Trade fell on their earnings reports.
Oracle, off 2.6%, pledged to support PeopleSoft customers. PeopleSoft edged higher on the day.
reportonbusiness.com: globeinvestor.com - Microsoft results disappoint::
The real expectation was that they would beat both the revenue and profit number, but the top line was kind of weak, said Sid Parakh, analyst at McAdams Wright Ragen.
http://www.globeinvestor.com/servlet/story/ROC.20080424.20SS-MICROSOFT-COL/GIStory/HOME |
InterVideo chose the wrong day for an IPO, finishing down slightly from its $19 open.
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