BOSTON (TheStreet) -- Here are the top stock market headlines for the morning of Thursday, August 5, 2010.
Thursday's Early Headlines
- Jobless Claims Rise Unexpectedly -- The Labor Department said initial jobless claims rose to 479,000 last week from a revised 460,000 the week prior. Economists forecasted a slight drop in first-time claims to 455,000, according to a Briefing.com consensus. The four-week moving average rose 5,250 to 458,000. "This is disappointing but not a disaster," Ian Shepherdson, chief economist with High Frequency Economics, wrote in an email. "Claims are still subject to seasonal adjustment distortion following the auto retooling shutdowns."
- July Same-Store Retail Sales Disappoint -- Out of the 28 retailers to report July comparable store sales data, 61% missed estimates, according to Thomson Reuters. Overall, same-store sales rose 2.9%, better than the year-ago slide of 5.1% but worse than expectations for a 3.1% rise. Zumiez (ZUMZ) - Get Report, Limited (LTD) and Nordstrom (JWN) - Get Report had the best reported comp sales. Hot Topic( HOTT) and was among the worst with a 9% decline, and The Buckle (BKE) - Get Report disappointed with a 9.3% drop.
- Apple Investigating iPhone Security Issue -- Apple (AAPL) - Get Report says that it is looking into a reported iPhone security breach after a slew of media reports suggested that the smartphone could be vulnerable to malicious code unwittingly downloaded via a PDF. Gizmodo reports that users visiting a tampered-with Web site and loading a PDF could unknowingly open their devices up to hackers. "We're aware of the reports, and we're investigating," an Apple spokeswoman told TheStreet Thursday, but declined to provide any additional details.
- IMF Critiques Greek Economic Overhaul -- The Greek government has made a strong start to its economic overhaul of the debt-ridden country, although risks still remain, according to the European Union, the European Central Bank and the International Monetary Fund. "Our overall assessment is that the programme has made a strong start," said EU, ECB and IMF officials, in a joint statement released on Thursday. Reforms are ahead of schedule, they explained, but added that "important challenges and risks" remain.
- Google Kills the Wave -- Google (GOOG) - Get Report has pulled the plug on its 'Wave' online collaboration project, citing lack of user interest. Key features of Wave, which was once touted as a potential challenger to email, included character-by-character live typing, and the ability to drag-and-drop files from the desktop. Google said it will maintain the site at least through the end of the year and extend the technology for use in other Google projects.
Thursday's Earnings Roundup
- Cardinal Health (CAH) - Get Report said it had fiscal fourth-quarter adjusted earnings of 50 cents a share on revenue of $24.46 billion, compared with the Thomson Reuters average estimate for earnings of 49 cents a share on revenue of $24.68 billion. Cardinal Health raised its full-year earnings guidance to a range of $2.38 to $2.48 a share, in line with the consensus estimate.
- Cigna (CI) - Get Report posted second-quarter adjusted earnings of $1.38 a share on revenue of $5.35 billion, above the average analyst estimate for earnings of $1.01 a share on revenue of $5.26 billion. For the full year, Cigna is forecasting earnings of $4.10 to $4.40 a share, compared with the Thomson Reuters average estimate of $4.38 a share.
- DirecTV (DTV) notched a second-quarter adjusted profit of 60 cents a share on revenue of $5.85 billion, compared with estimates for earnings of 60 cents a share on revenue of $5.73 billion.
- Huntsman (HUN) - Get Report said it had second-quarter earnings of 29 cents a share on sales of $2.34 billion, topping the average analyst forecast for earnings of 8 cents a share on revenue of $2.19 billion.
- Time Warner Cable (TWC) reported a second-quarter adjusted profit of 97 cents a share on revenue of $4.73 a share, above the consensus target for earnings of 93 cents a share and revenue of $4.68 billion.
- Viacom( VIA-B) posted second-quarter earnings of 68 cents a share on revenue of $3.3 billion, compared with estimates for earnings of 66 cents a share on revenue of $3.43 billion.
-- Written by Robert Holmes in Boston
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