Stock Market Wrapup Dec. 4th
Stocks slid for the second-straight session as investors remain cautious prior to next week's Federal Reserve meeting. The Dow was off -66 points on the day to close at 13,249. Meanwhile, the Nasdaq and S&P both closed lower to end at 2,620 and 1,463, respectively. Oil prices were down in trading with light, sweet crude settling at $88.32 per barrel. Treasury prices dipped on the day, while gold prices rose to settle at $807.60 an ounce for February delivery. The dollar declined against the euro and the yen.
On the earnings front, auto parts marker Autozone (NYSE: AZO - News) posted first-quarter net income of $132.5 million, or $2.02 per share, up 7% from $123.9 million, or $1.73 per share, last year. Quarterly revenue climbed to $1.46 billion, up 5% from $1.39 billion a year earlier. On average, analysts were looking for a profit of $1.91 per share on $1.44 billion in revenue. Autozone's stock was up 19.4% at the bell.
In corporate news, juice maker Jamba (Nasdaq: JMBA - News) announced today that it is partnering with the U.S. division of Nestle S.A. to develop and distribute a line of ready-to-drink beverages under the Jamba brand name. The company, which produces the Jamba Juice fruit drink, said the new line will include both smoothies and juices and will launch in the U.S. during the second-quarter of next year. Shares of Jamba surged 9.1% on the day.
Elsewhere, shares of Nokia (NYSE: NOK - News) were off -3.3% at the bell after the company's financial outlook for the next two years failed to inspire analysts. Nokia said it sees "very slight growth" in the network sector overall and predicted operating margins would reach 16%-17% within the next two years versus its previous forecast of 15% last November.
Meanwhile, shares of Delta (NYSE: DAL - News) fell -4.9% on the day after the airline said it would freeze hiring in certain areas in an effort to cut costs. The company said the move is aimed at combating higher fuel prices that will likely lead to weaker fourth-quarter results.
By the BullMarket.com Staff
On the earnings front, auto parts marker Autozone (NYSE: AZO - News) posted first-quarter net income of $132.5 million, or $2.02 per share, up 7% from $123.9 million, or $1.73 per share, last year. Quarterly revenue climbed to $1.46 billion, up 5% from $1.39 billion a year earlier. On average, analysts were looking for a profit of $1.91 per share on $1.44 billion in revenue. Autozone's stock was up 19.4% at the bell.
In corporate news, juice maker Jamba (Nasdaq: JMBA - News) announced today that it is partnering with the U.S. division of Nestle S.A. to develop and distribute a line of ready-to-drink beverages under the Jamba brand name. The company, which produces the Jamba Juice fruit drink, said the new line will include both smoothies and juices and will launch in the U.S. during the second-quarter of next year. Shares of Jamba surged 9.1% on the day.
Elsewhere, shares of Nokia (NYSE: NOK - News) were off -3.3% at the bell after the company's financial outlook for the next two years failed to inspire analysts. Nokia said it sees "very slight growth" in the network sector overall and predicted operating margins would reach 16%-17% within the next two years versus its previous forecast of 15% last November.
Meanwhile, shares of Delta (NYSE: DAL - News) fell -4.9% on the day after the airline said it would freeze hiring in certain areas in an effort to cut costs. The company said the move is aimed at combating higher fuel prices that will likely lead to weaker fourth-quarter results.
By the BullMarket.com Staff
posted by Stock Administrator @ 6:46 PM
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