Earnings, Revenue Miss by a Mile
Caterpillar earned just $1.45 a share on revenue of $13.42 billion. Those results are well below the $1.70 of profit expected by the Street and the $14.32 billion top-line estimate. The earth-moving company also cut its sales guidance as orders remain weak. CAT drops more than 4 percent before the opening bell on my tradeMONSTER platform.
Weak Guidance Dims Sentiment for Cree
Cree's earnings of $0.39 a share matched expectations, but revenue of $391 million missed the $392 consensus forecast. The lighting company's guidance looking forward was also poor and CREE is down 15 percent in early trading.
Apollo Surges on Blowout Profit
Apollo Group earned $0.55 a share, crushing the $0.25 average analyst estimate. Revenue of $945 million also beat consensus of $923.6 million. APOL rips 18 percent to the upside in early trading.