Business

<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Wednesday, November 19, 2008 Analyst's remarks help push Boeing shares down 4 percent Boeing Co. shares traded sharply lower Tuesday after a Cowen and Co. analyst suggested that the aerospace giant is unlikely to meet Wall Street's estimates for profit in 2009 and 2010. In midafternoon trading, Boeing's stock hit a five-year low of $38.05 but recovered slightly to close at $39.56, down nearly 4 percent for the day. In a note to investors, the analyst acknowledged that Boeing may have avoided a second strike, this time with its engineers union. But Boeing's earnings will suffer because of delays on its 787, 747-8, 777 Freighter and 737 single-aisle aircraft, the analyst wrote. HP shares soar after solid outlook Hewlett-Packard Co. surprised Wall Street on Tuesday by saying its earnings will be slightly above analysts' expectations, going against the grain as other technology bellwethers have slashed forecasts and posted weak results in the sagging economy. The Palo Alto, Calif.-based computer and printer maker expects earnings of 84 cents per share and adjusted earnings of $1.03 per share for the three months ended in October. HP forecast revenue of $33.6 million, just ahead of analysts' expectations of $33.09 billion. UPS: Dec. 18 to be peak shipping day UPS Inc. expects its busiest day overall for shipping packages this year will be Dec. 18. For the first time since it went public in 1999, the Atlanta-based company is not forecasting how many packages it will ship that day. United Parcel Service also will not project how many seasonal employees it will hire this year to help it through the holiday shipping season that runs from Thanksgiving until Christmas. The decision was prompted by weak October retail sales and the uncertainty of the upcoming holiday season amid the worst financial crisis to hit the U.S. in decades. Home Depot's earnings fall 31% Home Depot Inc. posted a better-than-expected third-quarter profit Tuesday. But the 31 percent drop in earnings still shows just how badly the chain has been pummeled by the economic meltdown. Same-store sales fell 8.3 percent during the period. Home Depot's profit tumbled to $756 million, or 45 cents per share, for the three months ending Nov. 2, down from $1.09 billion, or 60 cents per share, in the same period last year. Revenue sank 6 percent to $17.78 billion. Analysts expected revenue of $17.74 billion. Home Depot shares climbed 71 cents, or 3.6 percent, to $20.71 on Tuesday. Pace of online sales growth slows Online spending for October grew at the slowest pace since at least 2001, an Internet research company said Tuesday -- the latest evidence that Web shopping is being dragged down by the deteriorating economy. According to the ComScore Inc. report, online spending increased a meager 1 percent last month from the year-ago period, marking the slowest sales pace for any month since the Chicago-based company began tracking the data seven years ago. The ComScore results confirm other reports from online retailers such as Amazon.com and Bluenile.com that Internet retailers are also feeling the pain of the financial meltdown, which intensified in September. From Herald staff and news services READER COMMENTS Be the first to comment. You must be a registered user and verify your e-mail address to post comments to blogs or articles on HeraldNet. To register, click here. To read other terms and conditions, click here. Log out

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