QCOM, ESLR, ONNN, CSCO, RIMM, TM Stk Futures Up Before the Bell
U.S. stock futures weakened Thursday as the Federal Reserve’s explanation of why rates need to be low for an extended period continued to dampen sentiment.
S&P 500 futures fell four-tenths of a point to 1046.60 and Nasdaq 100 futures fell 4 points to 1682.70. Futures on the Dow Jones Industrial Average slipped 3 points.
U.S. stocks finished relatively unmoved Wednesday but well off the high levels of the day, with the Dow Jones Industrial Average rising 30 points and the S&P 500 adding 1 point while the Nasdaq Composite slipped 2 points.
Qualcomm Inc.’s (QCOM) fiscal fourth-quarter profit dropped 8.5% as charges, lower revenue and drooping margins weighed on results. Even as the cellphone-chip maker provided a downbeat forecast for the current quarter. QUALCOMM, Inc. (NASDAQ:QCOM, $41.60, -$0.62, -1.47%) rose 4.04 percent to $43.28 on Thursday morning pre-market trading session, while on Wednesday, shares of Qualcomm fell 1.47 percent, and closed on $41.60.
Evergreen Solar Inc.’s (ESLR) third-quarter loss widened as the maker of solar-power products reported a steep write-down that offset surging revenue and improved margins, results beat analysts’ expectations. Evergreen Solar, Inc. (NASDAQ:ESLR, $1.42, -$0.06, -4.05%) jumped 4.23 percent to $1.48 on Thursday morning pre-market trading session, while on Wednesday, Evergreen Solar shares were down 4.05 percent and closed on $1.42.
ON Semiconductor Corp.’s (ONNN) third-quarter profit fell 41% on lower revenue and margins as results beat expectations and the company forecast fourth-quarter revenue above analysts’ views. ON Semiconductor Corp. (NASDAQ:ONNN, $6.83, +$0.30, 4.59%) rose 6.88 percent to $7.30 on Thursday morning pre-market trading session, even on Wednesday, shares of ON Semiconductor climbed 4.59 percent, and closed on $7.55.
Cisco’s fiscal first-quarter profit dropped 19% as lower sales offset improved margins. The company noted strong sequential trends, saying the economic outlook has improved. Cisco Systems, Inc. (NASDAQ:CSCO, $23.29, +$0.38, 1.66%) jumped 3.86 percent to $24.19 on Thursday morning pre-market trading session, even on Wednesday, Cisco shares were up 1.66 percent and closed on $23.29.
Research In Motion Ltd., maker of the BlackBerry phone, will repurchase as much as $1.2 billion in shares to compensate investors as its growth slows. The company will buy as many as 21 million shares, or about 3.6 percent of its stock outstanding. Research In Motion Limited (NASDAQ:RIMM, $57.61, -$2.00, -3.36%) rose 2.74 percent to $59.19 on Thursday morning pre-market trading session, while on Wednesday, shares of RIMM closed on $57.61, 3.36 percent down.
Toyota Motor Corp. (TM) grew more confident about its fiscal year, lifting its sales outlook and slicing its loss estimate after reporting a $242 million fiscal second-quarter profit, though that was 84% lower than the same period last year. Toyota Motor Corp. (NYSE:TM, $79.46, +$0.39, 0.49%) jumped 2.01 percent to $81.06 on Thursday morning pre-market trading session, even on Wednesday, Toyota Motor shares closed on $79.46, 0.49 percent up.
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