Stocks to Watch: AMR, US Airways, GM, Cisco
NEW YORK -- The merger of American Airlines and US Airways(LCC) will be formally announced Thursday, according to reports.
The boards of American parent AMR(AAMRQ.PK) and US Airways approved the deal late Wednesday, according to four people close to the situation, The Associated Press said.
The merger would create the world's biggest airline.
Cisco(CSCO) beat Wall Street's second-quarter earnings and revenue estimates.
The networking company reported revenue Wednesday of $12.1 billion, up from $11.5 billion a year earlier and just above analysts' estimates of $12.06 billion. Excluding items, Cisco earned 51 cents a share, compared with 47 cents a year earlier. Analysts were looking for profit of 48 cents.
The company's non-GAAP earnings included a tax benefit of about 1 cent a share.
"Cisco delivered record earnings per share this quarter and record revenue for the eighth quarter in a row in a challenging economic environment," CEO John Chambers said in a statement released after the market close.
For the third quarter, Cisco predicted revenue between $12.06 billion and $12.3 billion and earnings, excluding items, between 48 cents a share and 50 cents a share. Analysts are looking for sales of $12.22 billion and earnings of 49 cents a share.
Cisco's second-quarter gross margin came in at 60.7%, down from 61% in the first quarter. In the prior year's quarter, Cisco's gross margin was 61.3%.
Automaker General Motors(GM) is expected by analysts Thursday to report fourth-quarter earnings of 51 cents a share on revenue of $39.14 billion.
Whole Foods(WFMI) , the natural and organic grocery chain, said Wednesday that fiscal first-quarter profit rose 24% as revenue jumped almost 14%.
Whole Foods narrowed its revenue forecast and said its earnings growth may slow through the remainder of the fiscal year.