Morning Stocks: Qualcomm Surges Higher, Whole Foods Disappoints
Shares of Qualcomm (NASDAQ:QCOM) surged more than 7.7 percent in pre-market trading. The Apple (NASDAQ:AAPL) supplier reported financial results for the fourth quarter. Net income increased 20.4 percent to $1.27 billion (73 cents per share), compared to $1.06 billion (62 cents per share) a year earlier. Revenue also jumped 18.3 percent to $4.87 billion.
CBS (NYSE:CBS) shares increased 1.47 percent after reporting that net income rose 15.7 percent to $391 million (60 cents per share), compared to $338 million (50 cents per share) a year earlier. “CBS has continued its remarkable run with yet another record quarter,” said Sumner Redstone, executive chairman. “Our world-class content and multi-platform distribution strategy remain at the center of our success. I am very proud of all that Leslie and his team have accomplished, and I know we are in position for continued growth for many years to come.”
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Activision Blizzard (NASDAQ:ATVI) shares popped 2.7 percent today in pre-market trading. The company said third quarter net income rose to $226 million (20 cents per share), compared to $148 million (13 cents per share) a year earlier. Adjusted net income of 15 cents per share easily beat the mean estimate of 7 cents per share. Robert Kotick, chief executive officer, explains, “Our unyielding commitment to excellence, the strength of our employees around the globe and our focus on creating great entertainment experiences have enabled us to once again deliver better-than-expected financial results. We have, for the third straight year, generated over $1 billion of operating cash flow for the trailing twelve month period ending September 30.”
Shares of Whole Foods Market (NASDAQ:WFM) fell 2.85 percent today. For the fourth quarter, the company earned an adjusted 56 cents per share, falling short of the mean estimate of 60 cents per share. However, revenue gained 23.6 percent to $2.91 billion.“We ended the year with strong sales growth and record fourth quarter results, delivering the best year in our Company’s 32-year history,” said John Mackey, co-founder and co-chief executive officer of Whole Foods Market. “The pace of new store openings and lease signings continues to increase, and our accelerated growth plans are on track. We expect healthy comparable store sales growth and continuing operating margin improvement in fiscal year 2013.”
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