GM beats earnings forecast but drops
Jon "DRJ" Najarian | firstname.lastname@example.org
Cites Economic Weakness in Europe
General Motors beat consensus estimates in its quarterly report today but said it will not meet its goal of breaking even in Europe because of the growing debt crisis there. The automaker said that third-quarter earnings came in at $1.7 billion, or $1.03 per share, compared with $2 billion a year ago and that revenues totaled $36.7 billion. The consensus forecast was $0.94 EPS on revenue of $35.9 billion. GM is down more than 7 percent on tradeMONSTER's extended-hours platform.
Silver Wheaton Profit Falls Short
The Canadian silver reseller reported third-quarter earnings of $0.38 per share, a fivefold increase over the same period last year, but missed the analyst target of $0.50 EPS. Sales also fell short of expectations, totaling $185.2 million versus the $225.78 million forecast. SLW is down more than 2 percent this morning.
Adobe Plunges on Surprise Layoffs
The software maker said last night that it would cut more than 7 percent of its workforce as it restructures its businesses. The company is standing by its fourth-quarter ourlook issued in September, but the layoff news took analysts and traders by surprise. ADBE is down more than 9.5 percent in the pre.