NEW YORK (CNNfn) - Exceptional earnings results weren't enough to keep one tech company's stock from dipping in before-hours trading, while another moved ahead in anticipation of its results Tuesday.
Texas Instruments (TXN: Research, Estimates) slid 12-1/2 to 144, according to Reuters, despite releasing earnings results after the bell Monday that blew past analysts' expectations. The stock lost some ground in after-hours trading Monday from closing higher in regular hours in a run-up anticipating the earnings release.
TI's first-quarter net income rose 69 percent to $470 million from $278 million in the year-ago period. On a per share basis, net income rose 62 percent to 55 cents from 34 cents. The mean analyst expectation for the quarter was 53 cents, according to earnings tracker First Call.
"We expect the market to be slightly lower at the opening, but the expectation of good first-quarter earnings might underpin the market," a trader at Madoff said.
Intel Corp. (INTC: Research, Estimates) added 2-5/8 to 124-1/2 on the Island electronic trading network. The chipmaker is expected to report earnings after the bell Tuesday.
International Fibercom Inc. (IFCI: Research, Estimates), which develops and maintains services to support voice data and video communications, advanced 3/4 to 13-3/4 on Island.
The firm, based in Phoenix, announced Tuesday that its Development and Services Group has received more than $26 million in new and additional contracts from customers -- which include Fluor Global Services, Adelphia Communications and Cox Communications, as well as other telecommunications providers.
At Bernard L. Madoff Securities in London, Coca-Cola (KO: Research, Estimates) was up 1-3/8 to 49-7/8 according to an Instinet trader in London.
The world's largest soft drink company, on Tuesday reported unexpectedly better first-quarter results as conditions in its businesses strengthened during the last part of March.
Before a writedown and other nonrecurring items, Coca-Cola earned 22 cents a share in the first quarter. Wall Street analysts had predicted the company would earn 21 cents a share, according to First Call/Thomson Financial, which tracks consensus forecasts.
After taking a $405-million writedown on the carrying value of its assets in India and after other nonrecurring items, Atlanta-based Coca-Cola said it lost $58 million, or 2 cents a diluted share, in the three months ended March 31. This compared with net income of $747 million, or 30 cents a share, in the same 1999 period.
Phillip Morris (MO: Research, Estimates), whose principal subsidiaries manufacture cigarettes, packaged and processed foods, and beverages, advanced 1/2 to 21-5/8, based on its Monday regular hours close.
Philip Morris and R.J. Reynolds asked a judge Monday to throw out a jury's $21.7 million damage award to a dying ex-smoker, arguing that she should have paid attention to the warning labels on cigarette packages. 
-- Compiled by Antoinette Coulton with wire reports
|