Second-Quarter Earnings Announcements: IBM Exceeds Estimates by 6 Cents a Share, and More

Author:: TSC Staff
Publish date:: Jul 20, 2000 1:09 PM EDT

TheStreet.com

is compiling all of its earnings news and analyses in one convenient location to make it easier for our readers to see where earnings are headed. We will update this section as soon as earnings reports arrive. To keep track of what's coming, we have a daily earnings preview as well as a weekly earnings

calendar.

Earnings/Revenue Reports and Previews

Apple

(AAPL) - Get Report

shed 4 9/16, or 7.9%, to 52 11/16 after it reported a profit of 45 cents a share, topping the 19-analyst estimate by 1 cent and exceeding the year-ago earnings of 35 cents. Apple is the maker of the edgy iMac computer, but apparently not the seller of quite enough of them: Disappointing iMac revenue led the stock to sell off in

after-hours trading.

TheStreet.com/NYTimes.com

joint newsroom covered the Apple news in a

story Tuesday.

Bank One

(ONE) - Get Report

popped 2 5/8, or 8.7%, to 32 5/8 after it reported second-quarter earnings of 55 cents a share, missing the 20-analyst estimate of 64 cents and down from the year-ago 83 cents.

Chase Manhattan

(CMB)

declined 1/4 to 50 11/16 after it listed second-quarter results of 85 cents a share, beating the 17-analyst 83-cent estimate but below the year-ago $1.03 profit.

Citigroup

jumped 1 5/16 to 68 after it posted second-quarter earnings of 87 cents a share, topping the 16-analyst 83-cent prediction and the year-ago 71-cent result. Additionally, the financial services giant announced that it plans to split its stock four-for-three, raise its quarterly cash dividend by 17% and repurchase another $5 billion worth of common stock.

Coca-Cola

(KO) - Get Report

edged up 2 5/16 to 60 1/2 after it posted second-quarter earnings of 37 cents a share, topping the 16-analyst estimate of 41 cents a share and up from the year-ago 38-cent profit.

Commerce One

(CMRC)

fell 11 1/4, or 16.9%, to 55 5/16 after it reported a second-quarter loss of 10 cents a share, 3 cents narrower than the 22-analyst forecast but wider than the year-ago 9-cent loss. For more on this, check out

TheStreet.com/NYTimes.com

joint newsroom

story.

Donaldson Lufkin & Jenrette

(DLJ)

skidded 13/16 to 47 3/8 after it posted second-quarter earnings of $1.15 a share, topping the six-analyst estimate of 96 cents and up from the year-ago $1.14 profit. The company said that the slumping stock market and rising interest caused a 2.1% decline in profits.

Satellite telecommunications company

GlobalStar Telecommunications

(GSTRF)

declined 1/4 to 9 1/4 after it posted a second-quarter loss of 98 cents a share, but added that billable minutes of use on its network more than doubled since the first quarter. Analyst consensus estimates pegged the loss at 80 cents a share. Spending on operations and interest expenses was $97 million, below expectations of $125 million. Revenue was $483,000, compared to last year's $177,000. GlobalStar is a mobile satellite telecommunications service.

Hubbell

(HUBB) - Get Report

slipped 13/16 to 26 1/2 after it reported results for the second quarter with sales of $356.6 million vs. $368.6 million last year. Earnings per share were 67 cents, while analyst consensus estimates had called for 60 cents. Sales increased by 2%, driven by gains in the sale of its Wave Pacer DSL assets. Hubbell engineers, manufactures and sells electrical and electronic products for a broad range of commercial, industrial, telecommunications and utility applications.

The world's largest chip maker,

Intel

(INTC) - Get Report

, stumbled 4 7/8 to 138 1/8 after it listed earnings of 50 cents a share, beating the 21-analyst estimate by a penny and almost doubling the year-ago 26-cent result.

TheStreet.com/NYTimes.com

joint newsroom covered the semiconductor giant's

earnings.

UBS Warburg upped its price target on the shares to 190 from 180.

Minimed

(MNMD)

slid 4 5/16 to 113 after it reported second-quarter earnings of 26 cents a share, edging out the 10-analyst estimate and up from the year-ago 16-cent profit. Minimed also set a 2-for-1 stock split.

Proxim

(PROX)

lost 10 1/2, or 10.2%, to 91 1/2 after it posted second-quarter earnings of 23 cents a share, a penny better than the 10-analyst estimate and up from the year-ago 17-cent profit. The networking products maker also said it set a 2-for-1 stock split.

Travelocity.com

(TVLY)

added 15/16 to 20 after it posted second-quarter losses of 26 cents a share, beating the eight-analyst estimate of a 34-cent loss per share. Additionally, the company said that it expects to have positive earnings by the end of 2001.

Univision

(UVN)

bounced 3 15/16 to 113 1/4 it posted second-quarter earnings of 28 cents a share, topping the eight-analyst estimate of a 24-cent profit and up from the year-ago 17-cent profit. The company also set a 2-for-1 stock split.