Earnings are strong, but subscriber growth and guidance are less robust than expected. But shares make a comeback after hours.
Updated: 7:40 p.m. ET.
But investors apparently changed their minds, and the stock came charging back.
The BlackBerry maker said it earned 98 cents per share in the quarter that ended in May after one-time items. That was up from 86 cents a share a year ago and ahead of the Reuters consensus analyst estimate of 94 cents.
Net income was up 33% to $643 million.
Revenue was $3.42 billion, up 53% from a year ago but off slightly from the Reuters estimate of $3.43 billion.
Poll indicates focus should turn even at the cost of a slower recovery.
President Barack Obama's approval rating is still pretty high, but his numbers are starting to fall slightly, as Americans grow concerned about the government's massive deficit and its intervention into the economy, according to a Wall Street Journal/NBC News poll.
A majority of people polled, 58%, said Obama and Congress should work to keep the federal budget deficit under control, even if it takes longer for the economy to recover as a result. Nearly seven in 10 people said they had worries about federal interventions into the economy.
10 banks are repaying $68 billion.
The banks that got the green light to pay back their Troubled Asset Relief Program funds aren't wasting time returning money to the government.
Capital One Financial (COF, news, msgs) late Wednesday confirmed that it paid back the $3.75 billion it received last fall amid the financial market turmoil. JPMorgan Chase (JPM, news, msgs) repaid $25 billion, and Goldman Sachs (GS, news, msgs) and Morgan Stanley (MS, news, msgs) each paid back $10 billion.
While health and tech stocks are strong, worries about Obama's regulation proposals pull financial stocks lower.
Updated: 8:40 p.m. ET.
Stocks faded today -- but not by much – as gains in health care and tech stocks were offset by weakness in energy and financial stocks.
The Dow and the S&P 500 suffered their third straight losses. The gains for the Nasdaq and the Nasdaq-100 was their first after two days of declines.
A decline in U.S. supplies provides market support. The U.S. average pump price rises for a 50th straight day
Crude oil, which had fallen to as low as $69 a barrel this morning in New York, rallied late in the day and closed up 56 cents to $71.03, its first gain in four days.
The rally came as the government reported a larger-than-expected decline in domestic supplies.
But energy shares were mostly lower.
But its outlook is downbeat, pulling shares lower and weighing on the market all day.
FedEx (FDX) this morning reported a loss for its fiscal-fourth quarter, and company officials said signals of a recovery are faint.
But they also believe the worst of the economic slump may be done.
Applications hit their lowest level since November, but a rise in mortgage rates is easing.
Rising mortgage rates have been weighing on the housing market, and last week fewer people applied for mortgages as a result.
The number of mortgage applications fell 16% last week to the lowest level since November, the Mortgage Bankers Association said in its weekly report this morning.
The report helps interest rates fall and reduces inflation fears.
Consumer prices rose 0.1% in May, the first increase in three months, the Labor Department reported this morning.
But last month's gain was smaller than the 0.3% rise economists had forecast.
On a year-over-year basis, the Consumer Price Index has fallen 1.3%, the biggest decline since April 1950.
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[BRIEFING.COM] The major averages ended higher across the board as the S&P 500 advanced 0.8%.
Equities climbed steadily since the opening bell as investors prepared for tomorrow's policy decision from the Federal Reserve. Although chatter in recent weeks has included speculation the Fed would look to taper its asset purchases, today's broad gains suggest investors expect mostly reassuring words from Chairman Bernanke at tomorrow's press conference.
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