Late Market Roundup (PETS, AAPL, GE)
Shares of PetMed Express Inc (NASDAQ: PETS) dipped about 7% after the company reported an 11% drop in its FQ1 profit and a 3.6% fall in sales. The company posted its profit at $0.32 per share, short of the Street view of $0.38 per share. According to Menderes Akdag, PETS’ President and Chief Executive, the company reduced on advertising as reasonably-priced TV-ad space was in limited supply.
Shares of Apple Inc (NASDAQ: AAPL) fell more than 3%. The company is scheduled to report its Q3 earnings tomorrow. Some analysts are expecting the company to report lower-than-forecasted profit margin as iPhone 4 is facing supply constraints.
GE (NYSE: GE) has entered into a long-term agreement with Korea’s Doosan Heavy Industries & Construction Co for developing advanced large steam turbines and generators. While GE has not disclosed the financial terms of the deal, the company mentioned, "The immediate focus of the GE-Doosan agreement will be the development of a larger output steam turbine-generator for the next-generation nuclear reactors in South Korea."
Oil prices moved up today as the latest earnings reports by several US companies reflect further recovery in the economy. A rise in oil prices was capped after US equities slipped following the release of the National Association of Home Builders/Wells Fargo housing market index. Benchmark crude for August delivery was up 0.7% to $76.52 per barrel, after touching $77.73. Patricia Mohr, economic and commodity market specialist at Scotiabank Group in Toronto mentioned, "Oil prices recently have been trading alongside equity markets, and of course equity markets are a barometer of business sentiment for earnings in the United States."
Read more from Benzinga's Markets.
