Late Selloff Slams Stocks
07/31/07 - 05:02 PM EDT
Robert Holmes
On the technology side, Sun Microsystems (SUNW Quote - Cramer on SUNW - Stock Picks) also had strong results, saying after the last close that it had a profit for the third quarter in a row. Shares of Sun added 21 cents, or 4.3%, to $5.10.
For Alcatel-Lucent (ALU Quote - Cramer on ALU - Stock Picks), the news wasn't nearly as good, as it reported an unexpected quarterly loss that sent its stock sliding $1.66, or 12.5%, to $11.60. Among others reporting, Coach (COH Quote - Cramer on COH - Stock Picks) topped fourth-quarter estimates and bumped up its fiscal 2008 guidance. Sirius (SIRI Quote - Cramer on SIRI - Stock Picks) surpassed expectations on the profit line but was light on revenue. Coach dropped 5% to finish at $45.46, while Sirius rose 1.4% to $3.01. Elsewhere, Entergy (ETR Quote - Cramer on ETR - Stock Picks) said second-quarter earnings fell 5% from a year ago and missed targets. American Electric Power (AEP Quote - Cramer on AEP - Stock Picks) came in above estimates when special items were stripped out. Entergy climbed 1.6% to $99.96, and AEP ended down 1.3% at $43.49. Marathon Oil (MRO Quote - Cramer on MRO - Stock Picks) said that second-quarter earnings fell from a year ago but still handily beat forecasts. Valero's (VLO Quote - Cramer on VLO - Stock Picks) second-quarter profit also came in above the average estimate. Marathon Oil lost 3.2% to $55.20, and Valero declined 3% to $67.01. There were several M&A headlines also influencing trading. Shares of Dow Jones (DJ Quote - Cramer on DJ - Stock Picks) soared 11.3% on word that News Corp. (NWS Quote - Cramer on NWS - Stock Picks) is close to finalizing an agreement for a $5 billion acquisition of the company.
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