Market Preview: Placing Bets on QE3
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Other companies reporting Friday include Advanced Semiconductor(ASX) , Arch Coal(ACI) , Barclays Bank(BCS) , Belo(BLC) , Calpine(CPN) , Celestica(CLS) , KKR & Co.(KKR) , Legg Mason(LM) , McClatchy(MNI) , Newell Rubbermaid(NWL) , Newmont Mining(NEM) , Pilgrim's Pride(PPC) and Weyerhaeuser(WY) .
Friday's economic calendar brings second-quarter gross domestic product at 8:30 a.m. ET and the final University of Michigan read on consumer sentiment for July at 9:55 a.m. ET.
The consensus estimate is for GDP growth of 1.2% in the second quarter, down from 1.9% in the first quarter. Jim Sullivan, chief U.S. economist at High Frequency Economics, sees the number coming in at 1.5% and is looking for a revision of the first-quarter growth higher.
And finally, Starbucks(SBUX) took a hit in late trades as well after the coffee company missed Wall Street expectations with its fiscal third-quarter results and gave weak guidance.
The company reported a profit of $333.1 million, or 43 cents a share, in the three months ended in June on revenue of $3.30 billion, falling short of the average estimate of analysts polled by Thomson Reuters for earnings of 45 cents a share on revenue of $3.33 billion.
Seattle-based Starbucks also forecast fourth-quarter earnings of 44 to 45 cents a share and said it expects earnings of $2.04 to $2.14 a share in fiscal 2013. Both those ranges are below the respective consensus estimates for per-share earnings of 48 cents and $2.28. The stock was last quoted at $47.19, down 10%, on extended volume of 3.4 million.
Surprisingly, Amazon.com(AMZN) was holding its own after a ho-hum quarter where the online retailing behemoth scratched out a profit of $7 million, or a penny per share, on revenue of $12.83 billion. The latest results included a net loss of $65 million related to the acquisition and integration of Kiva Systems.
That performance compares to the average estimate of analysts polled by Thomson Reuters for a profit of 2 cents a share in the June-ended quarter on revenue of $12.88 billion and earnings of $191 million, or 41 cents a share, in the same period a year earlier.