Opening Bell Buzz: Yahoo! Jumps 4%, Apple’s iPad Mini Allure and Others
Shares of Yahoo! (NASDAQ:YHOO) are up almost 4 percent in the pre-market. The company said net income increased to $3.16 billion ($2.64 per share), compared to $293.3 million (23 cents per share) a year earlier. Adjusted earnings came in at 35 cents per share, easily beating the mean analyst estimate of 25 cents per share. “Yahoo! had a solid third quarter, and we are encouraged by the stabilization in search and display revenue,” said Marissa Mayer, Yahoo! CEO. “We’re taking important steps to position Yahoo! for long-term success, and we’re confident that our focus on quality and improving the user experience will drive increased value for our advertisers, partners and shareholders.” Google (NASDAQ:GOOG) shares edged slightly higher in late trading.
Apple (NASDAQ:AAPL) shares closed nearly 4 percent higher and continues to attract attention in early morning trading. Deutsche Bank analyst Chris Whitmore believes the rumored iPad Mini will be successful in the low-priced tablet segment. “The next wave of growth in tablets will be characterized by lower price points and mass adoption,” Whitmore wrote in a note to clients on Monday, according to CNN Money. “If Apple is able to price the iPad Mini at ~$250, the product will be a barnburner; especially during this holiday season.”
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Shares of Texas Instruments (NYSE:TXN) are down over 2% after reporting financial results for the third quarter. Net income for the company increased to $784 million (67 cents per share), compared to net income of $601 million (51 cents per share) a year earlier. However, revenue dipped 2 percent to $3.39 billion.
Caterpillar (NYSE:CAT) shares closed 1.45 percent in the green, yet is trading lower in pre-market trading Tuesday. The world’s largest maker of construction and mining equipment said net income came in at $1.7 billion ($2.54 per share) for the third quarter, compared to $1.14 billion ($1.71 per share) a year earlier. Revenue for the three month period increased 4.6 percent to $16.45 billion, compared to $15.72 billion in the same quarter last year.
Investor Insight: Caterpillar Downgrades Global Economy