3M posts flat earnings, lowers full year forecast (StarTribune)
3M Co (NYSE:MMM) reported nearly flat earnings growth for the first quarter and cut its 2013 guidance in the wake of slowing demand, officials said Thursday. The Maplewood-based conglomerate reported a 2 percent rise in sales to $7.6 billion for the quarter and earnings of $1.147 billion, up barely from $1.141 billion for the same period one year ago. 3M’s health care and consumer goods posted the largest gains for the quarter, rising at 4 percent and 3.7 percent, respectively. CEO Inge Thulin said “We achieved record first quarter sales and solid operating margins in the face of a low growth economic environment and the strong U.S. dollar. At the same time, we further strengthened the company through investments in innovation, commercialization and manufacturing.”
Akamai results beat on increased online traffic (BaltimoreSun)
Internet content delivery company Akamai Technologies, Inc. (NASDAQ:AKAM) posted stronger-than-expected first-quarter results due to increased traffic by its media clients. Akamai shares, which have fallen about 12 percent in the last three months, were up 11 percent in extended trading. “Traffic levels in our media division were higher than expected towards the end of the quarter, primarily in large social media accounts and electronic gaming and software download accounts,” Chief Executive Tom Leighton told Reuters. Akamai’s 132,442 servers across the world carry content for clients ranging from Facebook Inc (NASDAQ:FB) to Netflix, Inc. (NASDAQ:NFLX).
Akamai Technologies Stock Rating Upgraded by JPMorgan Chase (AKAM) (Zolmax)
Akamai Technologies, Inc. (NASDAQ:AKAM) was upgraded by investment analysts at JPMorgan Chase & Co. (NYSE:JPM) from a “neutral” rating to an “overweight” rating in a note issued to investors on Thursday, StocKRatingsNetwork.com reports. Akamai Technologies, Inc. (NASDAQ:AKAM) opened at 36.091 on Thursday. Akamai Technologies has a 52-week low of $25.90 and a 52-week high of $42.53. The stock’s 50-day moving average is currently $35.08. The company has a market cap of $6.420 billion and a price-to-earnings ratio of 32.22.
U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH (Nasdaq)
Among the companies with shares expected to actively trade in Thursday’s session are 3M Co (NYSE:MMM). Akamai Technologies, Inc. (NASDAQ:AKAM) and Zynga Inc (NASDAQ:ZNGA). 3M Co (NYSE:MMM) posted a notable miss in first-quarter profit and revenue and cut its profit outlook for the year. Chief Executive Inge Thulin cited the stronger U.S. dollar and “softer demand in some end markets” for the outlook cut. Shares fell 3.6% to $104.40, a decline that if persists would knick about 30 points of the Dow Jones Industrial Average. Akamai Technologies, Inc. (NASDAQ:AKAM) first-quarter earnings rose 65% as the company logged a strong performance in its media delivery service business. The Internet technology company also offered a bright outlook for the current quarter. Shares jumped 19% to $42.81 premarket.
Qualcomm Revenue Rises 24% (WSJ)
Chip maker QUALCOMM, Inc. (NASDAQ:QCOM) -4.62% continued to benefit from strong demand for mobile devices in its latest quarter, though profit fell 16% due to a large one-time gain in the year-earlier period. The San Diego-based company said revenue jumped 24%, and projected a range for revenue growth in the current quarter with a midpoint of nearly 31%. Qualcomm’s results for its fiscal second quarter, which ended March 31, are the latest evidence of the health of the markets for smartphones and tablets compared with personal computers. Intel Corporation (NASDAQ:INTC) +0.21% the leader in PC chips, last week said revenue slid 2.5% as consumers shifted dollars from laptop computers to newer mobile devices.
Qualcomm raises revenue forecast, EPS outlook falls short (ET)
Leading cellphonechipmaker QUALCOMM, Inc. (NASDAQ:QCOM) raised its full-year revenue forecast as demand for smartphones continues to grow, but its estimate for full-year earnings was shy of expectations and its shares fell sharply. San Diego-based Qualcomm is benefiting from strong demand for smartphones and a shift by network operators worldwide to a high-speed wireless technology known as long-term evolution (LTE), where the chipmaker is ahead of rivals. Qualcomm said it expects full-year revenue of $24.0 billion to $25 billion, up from its prior forecast of between $23.4 billion and $24.4 billion.
A Boost for Cornell’s Tech Campus on Roosevelt Island (WSJ)
Two Cornell University alumni—QUALCOMM, Inc. (NASDAQ:QCOM) -4.68% co-founder Irwin Jacobs and his wife, Joan—have provided a critical boost to the upstate school’s fledgling technology campus on Roosevelt Island with a $133 million donation. The gift allows the school to move forward with a new interdisciplinary center, which will offer dual degrees from Cornell and Technion-Israel Institute of Technology in the sciences with exposure to New York’s major industries: media, urban planning and health. City and school officials announced the creation of the Joan and Irwin Jacobs Technion-Cornell Innovation Institute at a news conference Monday. The institute will offer its first classes beginning in fall 2014.
