Remember the LORD for it is he who gives you the ability to produce wealth and so confirms his covenant... Deut. 8:18

Thursday, July 16, 2009

Earnings: Nokia, Marriott, Harley, Baxter. Lender CIT

The world's top cell phone maker, Nokia Corp., on Thursday said second-quarter earnings fell 66 percent as the global recession sapped demand. The company scrapped its target to gain market share this year and its stock sagged.

Marriott International posts 76 percent slide in 2nd-quarter net income on lower revenue and hefty restructuring charges. The hotel operator also gave an outlook for the third quarter and full year that fell far short of Wall Street's expectations. Marriott and others in the industry have suffered in the recession as both business and leisure travel wane.

Harley-Davidson Inc. said Thursday it is cutting 1,000 more employees and lowering its motorcycle shipment guidance as quarterly earnings continued to fall due to weaker sales

Specialty drug and medical device maker Baxter International Inc. said Thursday its profit rose 8 percent in the second quarter on better margins, more than offsetting a decline in sales....

Stock futures are trading in a narrow range Thursday after excitement that JPMorgan Chase & Co.'s earnings easily beat estimates was tempered by concern that a top lender to small businesses could collapse. Overseas markets were modestly higher. The market had been surging throughout the week on upbeat earnings reports and forecasts, restarting a rally that stalled last month. After three days of gains, caution has returned as small and midsize business lender CIT Group Inc. said negotiations with regulators about a possible rescue broke off after days of talks. That raised expectations that the New York-based financial firm could file for bankruptcy protection

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