8-14-13 10:01 PM EDT | Email Article
 

By MarketWatch

 

Hong Kong stocks choppy; Lenovo up, Tencent down

 

Hong Kong stocks were choppy early Thursday after a storm led to the cancellation of trade the previous day. A slew of blue-chips were in focus after reporting results, with Lenovo Group Ltd. and Li & Fung Ltd. gaining, while Tencent Holdings Ltd. tumbled after its earnings disappointed. The Hang Seng Indexrose 0.1% and the Hang Seng China Enterprises Index added 0.3%. Shares of personal-computer maker Lenovo(LNVGY)rose 2.3% following a 23% profit increase in the fiscal first quarter, while logistics firm Li & Fung(LFUGY)soared 8.2% as investors cheered its outlook despite a sharp drop in quarterly profits. Internet major Tencent(TCEHY)fell 4.1% and Cathay Pacific Airways Ltd.(CPCAY)lost 1.8% after profits at both firms fell short of estimates. China's Shanghai Compositegained 0.1% to 2,103.46.

 

Cisco profit rises; revenue in line

 

Cisco Systems Inc.(CSCO)on Wednesday reported a fiscal fourth-quarter profit of $2.27 billion, or 42 cents a share, compared with a profit of $1.92 billion, or 36 cents a share. Revenue rose to $12.42 billion from $11.69 billion. Adjusted profit was 52 cents a share. Analysts polled by FactSet on average were expecting the networking giant to report an adjusted profit of 51 cents a share, on revenue of $12.41 billion. Cisco shares were down more 2% in after-hours trading.

 

NetApp earnings rise 28% to $82 million

 

NetApp Inc.(NTAP)on Wednesday reported a fiscal first-quarter profit of $82 million, or 23 cents a share, on revenue of $1.52 billion, compared with earnings of $64 million, or 17 cents a share, on $1.44 billion in sales in the same period a year ago. Excluding one-time items, NetApp would have earned 53 cents a share. Analysts surveyed by FactSet had forecast the data-storage technology company to earn 49 cents a share on $1.53 billion in revenue. NetApp shares fell 4% in after-hours trading as the company forecast second-quarter earnings, excluding one-time items, of 60 cents to 65 cents a share, on revenue between $1.56 billion and $1.66 billion. Analysts had previously estimated NetApp would earn 63 cents a share on $1.62 billion in sales for the quarter.

 

Apple, Brocade rise; Cree slumps in early trading

 

Tech stocks were mixed in early trading Wednesday, with Apple Inc.(AAPL)and Brocade Communications Systems Inc.(BRCD)gaining ground, and Cree Inc.(CREE)a notable decliner. Apple was up as much as 2% a day after investor Carl Icahn said he had acquired a significant stake in the company, and Brocade shares rallied more than 15% after the networking-technology company reported upbeat quarterly results late Tuesday. Cree shares, however, fell more than 18% after the LED lighting technology maker gave a disappointing quarterly outlook. The Nasdaq Composite Index(RIXF)fell 4 points to 3,680.

 

ExOne slides premarket on lowered revenue outlook

 

Shares of ExOne Co.(XONE)fell 14% premarket on Wednesday after the 3-D printing company said it expects full-year revenue to be at the lower end of its previous guidance. The company had projected sales of $48 million to $52 million. The firm's second-quarter losses shrank when it, but ExOne said the weakening Japanese yen is hurting revenue expectations.

 

Brocade stock jumps premarket after earnings

 

Shares in Brocade Communications Systems Inc.(BRCD)jumped 16.5% to $8.04 after the group reported. The technology company reported earnings more than doubled versus the previous year to $118.7 million, or 26 cents per share. Though revenue fell, higher margins and a recorded a settlement gain helped Brocade beat expectations.

 

Cree off 15% in premarket as outlook falls short

 

Shares of Cree Inc.(CREE)fell 15% in premarket trading on Wednesday on the heels of an outlook that fell short of Wall Street hopes. Late Tuesday, the LED-light makerfirst-quarter adjusted earnings of 36 cents to 41 cents a share on revenue of $380 million to $400 million. Analysts surveyed by FactSet expected 43 cents a share on revenue of $399.2 million.

 

Deere & Co. shares rise on sales, profit jump

 

Deere & Co.(DE)reported its third-quarter profit rose to $997 million, or $2.56 a share, from $788 million, or $1.98 a share, a year earlier. Revenue rose to $10.0 billion, from $9.6 billion a year earlier, the farming-equipment manufacturer said Wednesday. Analysts had expected earnings of $2.17 a share on revenue of $9.18 billion, according to FactSet. Deere attributed its jump in sales and earnings to a strong farm sector in North and South America. The company raised its full-year profit projection to $3.45 billion. Shares in Deere were up 3.1% in premarket trading.

-MarketWatch; 415-439-6400; AskNewswires@dowjones.com

 

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08-14-13 2201ET

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Morningstar - 2013/8/14 - UPDATE: Updates, advisories and surprises
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