Busy, busy earnings day.
The DJIA is +74 points or .67% today. While most Dow companies are up, the "news-related" ones are not.
Procter & Gamble (PG) beat on the bottom line (net income), but the top line (revenues) came in light. Guidance going forward is a little lighter than people were expecting, and the shares are down 2%.
HP is down 1% after announcing they would purchase PALM last night for about $1.2billion. I really don't "get" the stock reaction, as they're paying (net of cash on PALM's balance sheet) 1/13th of their own cash for this deal. As Kaufman put it today, HP is spending one month's cash flow to get 1,000 PALM employees, of which over a quarter are ex-Apple smarties working on PALM's WebOS system. Among the acquired employees is CEO Jon Rubinstein, a man instrumental in making Apple what it is today.
ExxonMobil (XOM) is off half a percent today after earnings came in 4 cents below expectations and revenue missed by a cool $6billion.
Among AlphaNinja names today, Viacom is +2% on strong advertising trends despite continuing weakness in the film segment, and Safeway is down 1.5% as a weaker than expected gross margin led to a 4cent per share earnings miss. I'll be back with more info on those two names later...
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