Stocks Finish With Mild Gains
Symantec (SYMC) skipped past Wall Street's second-quarter estimates, posting revenue of $1.7 billion, an increase of 1% from a year earlier, or a 5% hike adjusted for the effects of currency. Analysts were looking for sales of $1.66 billion.
Excluding items, Symantec, the security software specialist, earned 45 cents a share, up from 39 cents a share in the year-earlier quarter, and comfortably above analysts' forecast of 38 cents a share. Shares finished up 6.7%.
Sprint Nextel (S) shares fell 1.8% after the company posted a narrower-than-expected third-quarter loss of 26 cents a share, amid a loss of customers from the iDen network that it is winding down and heavy investments on a network upgrade. Revenue came in at $8.76 billion. Analysts, on average, were expecting loss of 43 cents a share on revenue of $8.81 billion.
McKesson ( MCK) shares gained 4.1% after the no. 1 U.S. drug distributor said it has agreed to acquire all outstanding shares of PSS World Medical (PSSI) for $29 a share in cash, with the total transaction valued at about $2.1 billion, to increase the company's strength in providing medical supplies, services and technology to physician and extended care customers. PSS World shares soared 32.3%.McKesson also raised its full-year guidance to earnings per share of $7.15 to $7.35 from prior projection of $7.05 to $7.35 per share after posting better-than-expected fiscal second-quarter earnings.
2012 Stock Predictions and Outlook
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