Early Buzzers: Monsanto Rebounds, Hewlett-Packard Remains Volatile
Shares of Marriott International (NYSE:MAR) are up nearly 2 percent in pre-market trading after reporting financial results for the third quarter. Net income came in at $143 million (44 cents per share), compared to a net loss of $179 million a year earlier. Analysts expected the company to earn around 40 cents per share. Arne M. Sorenson, president and chief executive officer of Marriott International, said, “We were pleased with our third quarter performance. Pricing power continued to improve in the quarter as hotel occupancy levels approached prior peaks. Group revenue at comparable Marriott Hotels and Resorts in North America rose eight percent in the third quarter with room rates up three percent.”
Apple (NASDAQ:AAPL) shares closed 1.5 percent higher on Wednesday and continue to attract attention in early trading today. The tech giant has reportedly signed an agreement with Australian biometrics security firm Microlatch to use its fingerprint recognition technology in near-field communications applications. Microlatch’s lead investor, David Murray, told The Australian that his firm and Apple had signed a deal, though he did not offer any financial or technical details.
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Hewlett-Packard (NYSE:HPQ) are beginning to recover after dropping 13 percent on Wednesday. Meg Whitman, chief executive officer, expects the coming fiscal year to be another difficult one for the technology company, saying HP will experience a “broad-based profit decline.” The company projected revenue at its enterprise services to drop about 11 percent to 13 percent, and estimates earnings of $3.40 to $3.60 per share. Dell (NASDAQ:DELL) shares also closed lower on the comments.
Shares of Monsanto (NYSE:MON) are rebounding in early trading after closing more than 2 percent lower on Wednesday. The company reported a loss of $229 million (44 cents per share) for its fourth quarter, compared to a loss of $112 million (21 cents per share) a year earlier. Revenue also fell 6.1 percent to $2.11 billion.
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