Updates, advisories and surprises
SanDisk shares jump as results beat estimates
(11:18 AM ET) SAN FRANCISCO (MarketWatch) -- Shares of
Microsoft, Google gain, but most techs lose ground
(9:56 AM ET) SAN FRANCISCO (MarketWatch) --
AMD shares slide on results, downgrades
(9:50 AM ET) SAN FRANCISCO (MarketWatch) -- Advanced Micro Devices(AMD) saw its shares slide nearly 10% to $4.38 on Friday morning after the chip-maker reported weak second-quarter results and projected lower-than-expected revenues for the current period. The company cited the slumping PC market as well as sales issues in China for the shortfall. At least two brokers -- Canaccord Genuity and Wedbush Securities -- cut their ratings to hold on the stock following the results. "Putting aside the macro challenges that the entire semiconductor group is facing, we believe AMD has some considerable company-specific headwinds," wrote Betsy Van Hess of Wedbush, citing share loss in the laptop segment, growing inventories and "slower than expected uptake" of the company's Bulldozer processors in the IT market.
Xerox 2nd-quarter net off 3.1%; revenue fell 1.3%
(7:13 AM ET) NEW YORK (MarketWatch) --
GE posts lower profit, affirms outlook
(6:40 AM ET) LONDON (MarketWatch) -- General Electric(GE) on Friday reported a second-quarter profit of $3.1 billion, or 29 cents a share, down from $3.8 billion, or 35 cents a share, a year earlier. Earnings from continuing operations came in at 34 cents a share. Operating profit reached 38 cents. Revenue rose 2% to $36.5 billion. Analysts polled by FactSet Research were looking for a profit of 37 cents a share in the second quarter, on revenue of $36.77 billion. The industrial conglomerate affirmed its target of delivering double-digit-earnings growth in 2012. "Today's results demonstrate that we are executing on our growth strategy in the midst of a still volatile global economy," Chairman and CEO Jeff Immelt said in a statement.
Baker Hughes 2nd-quarter net rose 30%; revenue up
(6:32 AM ET) NEW YORK (MarketWatch) --
Schlumberger 2nd-quarter net up 4.8%; revenue up
(6:19 AM ET) NEW YORK (MarketWatch) -- Schlumberger Ltd.,(SLB) the Paris oil-services firm, reported on Friday that second-quarter net income rose 4.8% on 16% higher revenue. Profit reached $1.4 billion, or $1.05 a share, from $1.34 billion, or 98 cents, in the year-earlier quarter. Earnings from continuing operations were $1.05 a share versus 86 cents. Revenue rose to $10.49 billion from $8.99 billion. A survey of analysts by FactSet Research produced consensus estimates of $1 a share of profit on $10.47 billion of revenue.
European shares move lower in early trades
(3:13 AM ET) LONDON (MarketWatch) -- The Stoxx Europe 600 index(XX:SXXP) declined 0.2% to 261.23 in early trading on Friday. Germany's DAX 30 index(DX:DAX) fell 0.1% to 6,753.27. France's CAC-40 index(FR:PX1) lost 0.2% at 3,257.69. In London, the benchmark FTSE 100 index(UK:UKX) shed 0.3% at 5,699.57. On Thursday, bourses across the region received a lift from corporate earnings reports. In Asia on Friday, markets moved lower as financials shares and utilities stocks came under pressure in Japan. In deal news, brewer Heineken NV(NL:HEIA) bid around $4 billion for Singapore beverage maker Fraser & Neave Ltd.'s stake in Asia Pacific Breweries Ltd.