Multiple disappointing earnings reports send stocks down in early trading with McDonald’s and General Electric trading lower on poor earnings. McDonald’s missed on earnings, but did beat on revenue while General Electric reported earnings that met Street estimates, but revenue that fell below estimates. Existing home sales piled onto the already negative market with sales dropping 1.7% in September.
Google shares are trading slightly higher this morning after yesterday’s 8% drop on its early earnings release. Google reported earnings per share of $9.03, well below analyst estimates of $10.65.
The major stock averages are all down more than 0.5% this morning with the Dow down 103 points, the Nasdaq down 25 points and the S&P 500 down 9 points.
Riverbed Technology, Inc. (NASDAQ:RVBD) is up 12.80% today at $23.32. RVBD has traded 7.3 million shares so far today, well above its daily average of 3.8 million shares. Riverbed Technology reported good results late yesterday. Adjusted EPS came in at $0.28 per share with revenue of 218.6 million. Analysts were expecting $0.25 per share on revenue of $217.1 million. The company has a market cap of 3.59 billion.
Forward Air Corp. (NASDAQ:FWRD) is up 10.26% this morning at $33.75. Volume is heavy on FWRD this morning with nearly 300 thousand shares traded already. Forward Air reported an EPS beat by $0.01 with revenue and guidance at in-line with estimates. The company’s market cap of is 979.44 million.
ManpowerGroup (NYSE:MAN) is up 8.81% today at $39.15. MAN has traded 1.04 million shares so far today, 200 thousand shares more than its daily average. MAN shares are up this morning on a third quarter beat and good guidance for the fourth quarter. ManpowerGroup beat EPS estimates by $0.11 and said fourth quarter EPS should be above consensus. The company has a market cap of 3.07 billion.
Robert Half International Inc. (NYSE:RHI) is up 7.52% today at $27.88. RHI has traded 1.8 million shares so far today, 400 thousand shares more than its daily average. RHI shares are higher today on good earnings. Robert Half beat EPS estimates by $0.02 per share. The company has a market cap of 3.81 billion.
SanDisk Corp. (NASDAQ:SNDK) is up 5.60% today at $45.26. SNDK is trading big volume this morning with 11.04 million shares traded, more than double its daily average. SNDK shares are rallying today after posting better than expected third quarter earnings. Piper Jaffray analyst raised its rating on the stock to overweight from neutral and raised its price target to $53. The company has a market cap of 10.91 billion.
James River Coal Co. (NASDAQ:JRCC) is up 3.51% this morning at $5.00. JRCC has traded 2.7 million shares so far today, well above its daily average of 1.7 million shares. JRCC shares are up 31% over the past five days. The company has a market cap of 179.66 million.