The largest day of earnings thus far this season was today, so here comes a review and quick summary of some of the most notable earnings reports of the day.
Notable Earnings
- Bank of America Corporation (NYSE:BAC) Bank of America shocked investors this morning with just how bad their report was. BAC missed estimates by 22 cents per share. Corporate and investment banking profits plunged an unheard of 93 percent.
- Bank of New York Mellon (NYSE:BK) On the other side of the banking results, BK beat on the bottom line and revenue numbers. Securities servicing and asset management both did very well for the company.
- UnitedHealth Group (NYSE:UNH) Profit rose 15% in the third quarter and the company raised their estimates for both fiscal 2007 and 2008.
- SanDisk Corporation (Nasdaq:SNDK) Profit declined 18% on higher expenses and the company sees some more moderate declines in the pricing for their memory chips.
- Google Inc. (Nasdaq:GOOG) Profits jumped by 46% and bested analysts estimates by 13 cents per share. Revenue also blew away analyst estimates.
- Textron Inc. (NYSE:TXT) The company reported that weakness in the dollar is boosting demand for business jets, which is contributing to terrific results at Textron. The company reported 95 cents a share, far higher than the estimates of 78 cents per share. The company also raised its guidance.
- Intuitive Surgical (Nasdaq:ISRG) This company completely knocked the ball out of the park today. The company beat expectations by 24 cents per share and also raised revenue guidance.
Tommorrow we will have several more important earnings numbers, and next week is full of more companies reporting so we have plenty more readings of the economy in the form of corporate earnings reports coming up soon.
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