Heavy Hitters: Dell Beats Estimates, Apple Hangs Near $500
Shares of Applied Materials (NASDAQ:AMAT) fell nearly 2 percent in late afternoon hours. The semiconductor manufacturer reported quarterly earnings of 18 cents per share, slightly below estimates. Revenue of $1.98 billion was also weaker than expected, as analysts expected $2.06 billion.
Nordstrom (NYSE:JWN) shares fell 2.4 percent in late afternoon trading. The retailer reported quarterly earnings of 93 cents per share on revenue of $3.20 billion. It was a beat on the bottom line, but analysts expected revenue of $3.29 billion. Nordstrom explained, “Sales trends throughout the second quarter showed moderate improvement relative to the first two months of the year but remained softer than anticipated. The impact of this was mitigated by disciplined execution of inventory and expenses, including a reduction in variable expenses associated with company performance.”
Shares of Dell (NASDAQ:DELL) held relatively unchanged after reporting its quarterly results. Earnings of 25 cents per share beat expectations by 1 cent. Revenue of $14.51 billion was also better than expected. “In a challenging environment, we remain committed to our strategy and our customers, and we’re encouraged by increasing customer interest in our end-to-end solutions offerings and continued growth in our Enterprise Solutions, Services and Software businesses,” said Brian Gladden, chief financial officer. Shares of competitor Hewlett-Packard (NYSE:HPQ) edged slightly higher in late afternoon trading.
Despite a broad decline in stocks on Thursday, Apple (NASDAQ:AAPL) shares remained near $500. The tech giant recently posted its best three-day winning streak, as billionaire investor Carl Icahn announced via Twitter that his fund holds a “large position” in the world’s largest publicly traded company. He believes Apple is “extremely undervalued,” and had a “nice conversation” with chief executive officer Tim Cook about launching a larger buyback immediately.
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