Before the bell: Stocks lower; DELL, MRVL, FNM, MSFT …
Posted by: in Employment opportunitiesFiled under: Before the bell, Analyst reports, Google (GOOG), Microsoft (MSFT), Apple Inc (AAPL), Dell (DELL), Market matters, Viacom (VIA), Federal Natl Mtge (FNM), Economic data, Marvell Technology Group (MRVL), Oil
Stock futures were lower Friday morning after Dell reported disappointing results after the close Thursday. Rising oil prices due to Gustav also weighed in on investors. This morning, some economic data on personal income and spending among others will be released. Perhaps it could give the market some positive news ahead of the three-day weekend.
Dell Inc. (NASDAQ: DELL) shares are dropping about 10% in pre-market trading after the computer maker reported a 17% drop in profit to $616 million, or 31 cents per share as margins were hurt by slashing PC prices as Dell tried to fend off competition in overseas markets. Sales rose 11% to $16.4 billion, ahead of Wall Street’s view for $15.9 billion in sales.
Staying with earnings, Marvell Technology (NASDAQ: MRVL) shares are also down — over 3% in after-hours — after it reported its results after the close Thursday. The chipmaker that supplies Apple’s iPhone and Research In Motion’s BlackBerry beat expectations but gave a conservative outlook, forecasting current quarter sales below analyst expectations.
Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) which stocks have been shooting upward the past few days. The climb in share prices follows a period of downward spiral. BusinessWeek is trying to estimate how much investors have lost in its damage report.
Google Inc. (NASDAQ: GOOG) must be feeling pretty happy about now. A U.S. district judge ruled Wednesday that “closely-held Veoh isn’t liable for copyright infringement after videos were posted to its site without permission.” Viacom (NYSE: VIA) filed a $1 billion suit against Google, claiming its video sharing site YouTube should be held accountable for copyright infringement. Following Veoh’s victory, Google might also be found not liable for hosting content posted by users to YouTube.
The Economic Times is trying to find out what is it about Apple Inc. (NASDAQ: AAPL) that even when it does mediocre or even bad things, it emerges / remains untarnished. Specifically, of course, it mentions the recent 3G iPhone problems that even critics give a pass.
Analyst calls:
- Marvell saw its target price lowered by Deutsche Securities and Kaufman Bros from $22 to $20 and from $17 to $16 respectively.
- Friedman Billings lowered its target price on Dell from $30 to $27. Deutsche Bank cut Dell’s price target to $28 from $32, but retained a buy rating.
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