NEW YORK (CNN/Money) -
All eyes will be on earnings this week as a slew of Fortune 500 and midcaps post their quarterly results.
Novellus Systems Inc. said after the bell its first quarter profit rose to 16.7 million, or 11 cents a share, from $11.9 million, or 8 cents per share, a year earlier thanks to higher demand for its next-generation tools.
Net sales rose 10 percent to $262.9 million from $238.4 million a year earlier.
Excluding charges, Novellus earned $18.5 million, or 12 cents a share, to beat consensus forecasts. Analysts surveyed by Reuters Research expected Novellus to earn 10 cents per share, excluding charges, on revenue of $251.97 million
Shares of Novellus (NVLS: Research, Estimates), which makes machines that produce computer chips, rose a percent higher to $35.07 on the INET electronic brokerage system from its $34.64 Nasdaq closing price.
Novatel Wireless Inc. (NVTL: Research, Estimates) raised its first quarter revenue forecast on stronger sales in the United States and Europe, boosting its shares 5.3 percent higher to $28.61 on INET from its $27.18 Nasdaq closing price.
The San Diego-based wireless data technology company expects to earn $14.8 million to $15.1 million during the quarter, up from a prior outlook of $12 million to $13 million. Second quarter revenue is expected to come in between $17 million to $18 million.
Analysts were looking for revenue of $12 million in the first quarter and $15 million in the second quarter, according to Reuters Research.
Independent refiner Tesoro Petroleum Corp. (TSO: Research, Estimates) forecast higher-than-expected earnings for the first quarter, sending its shares soaring 9.5 percent to $21.60 on INET. The stock closed at $19.77 on the New York Stock Exchange.
The San Antonio, Texas-based company said it expected to report a profit of about 70 cents a share in the first quarter.
Analysts' estimates ranged from a loss of 5 cents a share to a profit of 58 cents a share, according to Reuters Research.
|
YOUR E-MAIL ALERTS
|
Follow the news that matters to you. Create your own alert to be notified on topics you're interested in.
Or, visit Popular Alerts for suggestions.
|
|
|
Universal Forest Products Inc. said its first quarter profit jumped to $5.6 million, or 30 cents a share, from $4.5 million, or 25 cents, a year earlier.
Revenues leapt 31 percent to $465.7 million from $355.6 million in the year-earlier period.
The Grand Rapids, Mich.-based lumber company also affirmed its targets for both unit sales and earnings per share growth of 10 percent to 14 percent for the year.
Universal Forest Products (UFPI: Research, Estimates) shares closed at $29.53 on the Nasdaq.
Earning seasons cranks up Tuesday with quarterly results from Dow Jones (DJ: Research, Estimates), Johnson & Johnson (JNJ: Research, Estimates) and Merrill Lynch (MER: Research, Estimates), due in the morning, and Intel (INTC: Research, Estimates), which reports after the markets close.
Looking ahead, Bank of America (BAC: Research, Estimates), Apple Computer (AAPL: Research, Estimates) and Texas Instruments (TXN: Research, Estimates) are set to report Wednesday while Citigroup (C: Research, Estimates), IBM (IBM: Research, Estimates) and Sun Microsystems (SUNW: Research, Estimates) will present their quarterly figures Thursday.
Friday brings early morning reports from E*Trade (ET: Research, Estimates) and Nokia (NOK: Research, Estimates).
--from staff and wire reports
|