NEW YORK ( TheStreet) -- Industrial and commercial products company Ingersoll-Rand (IR) lowered its third-quarter earnings projection to 77 cents to 80 cents a share, down from a prior forecast of 85 cents to 95 cents a share.
Shares were falling 8.5% to $29.26 in premarket trading Friday.
Boise, Idaho.-based chipmaker Micron Technology (MU) posted a surprise quarterly loss on flat sales and declining margins.
The company said it lost $135 million, or 14 cents a share, for the fourth quarter on revenue totaling $2.14 billion, down from a year-ago profit of $342 million, or 32 cents a share, on revenue of $2.49 billion. The average estimate of analysts polled by Thomson Reuters was for a profit of a penny per share in the latest quarter on revenue of $2.11 billion.Micron also gave a word of warning to investors about the coming jury decision in its antitrust case with Rambus (RMBS), saying it can't "reasonably" estimate the range of possible losses from the suit. Micron shares were plunging 5.6% to $5.54.
Financial services firm Morgan Stanley (MS) is being priced in the credit- default swaps market as less creditworthy than most U.S., U.K. and French banks and as risky as Italy's biggest lenders, according to Bloomberg . Shares were falling 3.4% to $14.58.
Bank of America (BAC) plans to charge a $5 monthly fee for debit card purchases starting early next year. Shares were down 1.4% to $6.26.
Former Hewlett-Packard (HPQ) CEO Leo Apotheker, who was ousted from the company after just 11 months on the job, will be walking away with more than $13 million in cash and stock, according to reports. Shares were down 1.4% to $23.46.
International Business Machines' (IBM) market value exceeded that of Microsoft's (MSFT) on Thursday for the first time based on closing prices since 1996, according to Bloomberg data. IBM's market value rose to $214 billion Thursday, while Microsoft's fell to $213.20 billion, rendering it the world's second-most valuable technology company. Bloomberg reported this is indicative of industry changes, such as the shift away from the personal computer. Shares of both tech companies were falling amid disappointing economic data that exacerbated worries about global economic growth. IBM shares were down 1.1% to $177.17 and Microsoft shares were down 0.8% to $25.25.
McGraw-Hill (MHP) is in advanced talks with CME Group (CME) to form a stock-market indexes venture, The Wall Street Journal reported, citing people familiar with the situation.
Tech support software and services company Support.com (SPRT) forecast a wider-than-anticipated loss for its third quarter. The company said it now sees a non-GAAP loss of 10 cents to 12 cents a share on revenue of between $12.3 million and $12.6 million for the three months ended Sept. 30. The average estimate of two analysts polled by Thomson Reuters was for a loss of 6 cents a share in the quarter on revenue of $15.7 million. Support.com attributed the shortfall to weak retail demand and also said it has amended its deal with Comcast (CMCSA) to provide "incremental sales revenue" for Support.com while extending the dates on warrants held by Comcast on Support.com common shares.
Wireless applications company CalAmp (CAMP) beat Wall Street expectations with its second-quarter adjusted profit of $3 million, or 11 cents a share, on revenue of $33.8 million and gave an above-consensus outlook. -- Written by Andrea Tse in New York.
>To contact the writer of this article, click here: Andrea Tse.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV