McDonald's (MCD) said Tuesday that global same-store sales in April rose 3.3%. Last month, the fast food chain said it expected sales to rise about 4%. Shares of Mickey D's fell 2%.
Neiman, who holds the stock in his fund, said, "I think that [McDonald's April sales] painted a picture that things aren't as rosy as they seemed in the first quarter. A company like McDonald's will have their ups and downs, but it paints picture on a global scale."
Rackspace Hosting (RAX), the cloud hosting company, reported first-quarter earnings of $23.2 million, or 17 cents a share, up from year-earlier earnings of $13.8 million, or 10 cents a share. Analysts, on average, expected earnings of 18 cents a share. The stock fell nearly 9%.
Fossil (FOSL), which earns a third of its revenues from Europe, reduced its 2012 earnings forecast. Shares of the specialty-retailer fell 37%.So far, 85% of S&P 500 companies have reported, with 67% of those beating estimates, 9% matching them, and 24% falling short, according to data from Thomson Reuters. Yahoo! (YHOO) board member Patti Hart is expected to step down later this year, according to press reports. The board recently initiated probe that will examine Hart's role in hiring CEO Scott Thompson, whose academic record has come under scrutiny. Shares finished flat at $15.36.
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