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Gold Index
Take-Two Soars Past Estimates
Price level versus 4 pm ET: The tone during Thursday trade was pessimistic from the start. Losses were wide and deep, worsening as the session progressed. The major indices closed near session lows, each shedding around 3%. In turn, stocks marked the largest single session drop since late June.
All ten of the economic sectors posted a loss. Financials tumbled 4.7% and materials declined 3.8%. Defensive stocks outperformed on a relative basis, with consumer staples shedding 1.1% and utilities falling 1.2%.
Crude prices fell 1.3% to $107.88 per barrel. Commodities as a whole fell 0.6%.
Futures are modestly higher in after-hours trading. S&P 500 futures, at 1238.61, are ahead of fair value by about two points, and Nasdaq 100 futures, at 1779.07, are ahead fair value by about three points.
| Company | Stock Move | Reason for Move |
| Take-Two (TTWO) |
23.23
+0.40 |
TTWO earned $0.93 per share, excluding non-recurring items, in its fiscal third quarter, which is $0.39 better than the First Call consensus of $0.54. Revenues rose 110.2% year-over-year to $433.8 million versus the $381.3 million consensus. The company issued downside guidance for its fourth quarter, forecasting earnings per share of $0.01 to $0.05, excluding non-recurring items, versus the $0.19 consensus. Fourth quarter is expected to come in between $285 to $335 million versus the $350.25 million consensus. TTWO's lowered fourth quarter guidance is primarily due to the significantly better-than-expected third quarter results and shifts in the timing of certain product releases. |
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Quiksilver
(ZQK)
|
8.10
+0.91 |
ZQK reports third quarter (July) earnings of $0.25 per share, which is $0.04 better than the First Call consensus of $0.21. Revenues rose 6.9% year-over-year to $564.9 million versus the $543.9 million consensus. The retailer forecast earnings per share slightly below $0.90 versus the $0.86 consensus. ZQK states, "...Our gross margins benefited from a higher proportion of our revenues coming from Europe and from our retail stores than in the same quarter a year ago and we again achieved some improvements in sourcing margins. At the same time, this business mix drove our expense ratio higher, and a weaker performance at retail, together with conservative ordering by our wholesale customers, led to some deleveraging of expenses." |
| ADC Telecom(ADCT)
|
9.55
+0.38 |
ADCT reported third quarter (July) earnings of $0.27 per share, excluding non-recurring items, which is $0.01 better than the First Call consensus of $0.26. Revenues rose 12.7% year-over-year to $390.2 million versus the $388.6 million consensus. The company issued in-line guidance for fiscal year 2008, seeing earnings per share of $1.12 to $1.20, excluding $1.02 in non-recurring items, versus the $1.17 consensus. |
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Cooper Cos (COO)
|
36.00
-0.17
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COO reports third quarter (July) earnings of $0.67 per share, excluding non-recurring items, which is $0.02 better than the First Call consensus of $0.65. Revenues rose 13.5% year-over-year to $285.9 million versus the $285.2 million consensus. CCO expects to earn between $0.58 and $0.64 per share in the fiscal fourth quarter, which may not be comparable to $0.70 consensus. |
The main focus tomorrow will be the August employment report at 8:30 AM ET. Nonfarm payrolls are expected to decline 75,000, marking the 8th consecutive month of negative job growth. The unemployment rate is expected to hold steady at 5.7%.
Only two companies are set to report earnings Friday -- National Semiconductors (NSM) and Sycamore (SCMR).
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