This morning we are seeing futures rise on the news from DJIA components being solid on the earnings front. There are some mixed reactions, but we saw solid earnings in a tough environment out of Coca-Cola Co. (NYSE: KO), JPMorgan Chase (NYSE: JPM), and United Technologies Corp. (NYSE: UTX).
Coca-Cola Co. (NYSE: KO) managed to beat EPS targets by $0.05 with $1.01 per share on a 17% revenue jump to $9.05 Billion; First Call estimates were $0.96 EPS and $8.93 Billion in revenues. The company said that its worldwide unit case volume rose by 3% in the quarter, with the breakdown being a 5% gain in International and essentially a "maintaining unit case volume" in North America. The company called it a difficult operating environment. Because of currency adjustments and because of the difficult environment, shares are indicated down 2% at $51.20 before the open. Its 52-week trading range is $49.52 to $65.59.
JPMorgan Chase (NYSE: JPM) posted a more than 50% drop in net income to about $2 Billion or $0.54 EPS but that is above the $0.44 estimate from First Call. The banking giant also took a $3.46 billion provision for credit losses, which included a $1.3 Billion gain for loss reserves. Jamie Dimon is not raising the dividend but shares are indicated up over 4% at $37.65 before the open. Its 52-week range $29.24 to $49.95.
United Technologies Corp. (NYSE: UTX) also beat its earnings targets with $1.38 EPS on a 12.5% gain to $15.67 Billion in revenues. First Call had estimates at $1.30 and $15.33 Billion in revenues. The company issued mixed guidance for Fiscal-2008 as it sees $4.80 to $4.98 EPS, above prior target of $4.65-4.85 and above $4.89 estimates from First Call. It also sees Fiscal-2008 revenues north of $60 Billion ($59.78 Billion consensus). United Tech’s shares are trading up over 5% at $64.50 in pre-market trading. Its 52-week trading range is $58.87 to $82.50.
Dow futures are up roughly 84 points at 11,290 in pre-market levels right before the open.
Jon C. Ogg
July 17, 2008
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