SAN FRANCISCO (MarketWatch) — Here are some of Thursday’s most notable stock moves in U.S. trade:
Top tickers trending
GOOG : Shares of Google Inc. /zigman2/quotes/205453964/composite GOOG +0.84% skidded 9% and then were halted after its third-quarter earnings were released ahead of schedule. The results failed to live up to expectations with the Internet company reporting that its quarterly profit fell to $2.18 billion, or $6.53 a share, compared with a profit of $2.73 billion, or $8.33 a share, for the year-earlier period. Adjusted profit was $9.03 a share. Revenue minus traffic acquisition costs was $11.33 billion, up from $7.51 billion in the year-earlier period. Analysts had expected an adjusted profit of $10.63 a share, on revenue of $11.39 billion.
The disappointing results along with the release misstep made Google an easy target on Twitter and among bloggers. See MarketWatch’s Storify on reaction to Google’s earnings goof
AAPL : Apple Inc. /zigman2/quotes/202934861/composite AAPL -0.08% shares slipped 1.6%. An analyst for BMO Capital lowered his iPhone shipment targets for Apple Inc.’s December quarter, citing “supply constraints.” In a note to clients on Thursday, BMO analyst Keith Bachman lowered his iPhone shipment target by 4 million units to 46 million. He said he expects Apple to offer a “very conservative” forecast for the quarter when it reports its results for the September period next Thursday, because of tight supply of the iPhone 5.
PRU : Shares of Prudential Financial Inc. /zigman2/quotes/203750923/composite PRU -0.29% climbed 1.5%. Verizon Communications Inc. plans to transfer about $7.5 billion in management pension plan obligations to Prudential. Under the agreement, Verizon will purchase a group annuity contract from Prudential Insurance Co. of America, which will then assume responsibility for making payments to certain Verizon management retirees. Read about Verizon moving its pension plan obligations to Prudential
10 lessons from the market crash of 1987
The more things change, the more they stay they same, except they happen a lot faster now. Here’s some wisdom from investors who were in the trenches 25 years ago when the stock market saw its biggest one-day percent drop.
See: More tips for market downturns:
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• The 10 greatest market crashes
• 'Black Monday,' from those who were there
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• Take our poll: Do you expect another crash?
IBM : International Business Machines Corp. /zigman2/quotes/203856914/composite IBM -2.32% shares remain under pressure, shedding 2.7%, after the company reported disappointing third-quarter earnings on Tuesday. Investors, in part, paid a premium for IBM’s predictability and its ability to deliver earnings-per-share growth in excess of 10%, wrote Rolfe Winkler at The Wall Street Journal. Whether it can continue to deliver going forward is debatable. Read IBM’s limited margin for error
AXP : American Express Corp. /zigman2/quotes/203805826/composite AXP -0.65% shares slid 2.4%. The financial service company late Wednesday posted a profit rise but missed analysts’ forecasts on revenue. Read American Express profit rises, revenue misses mark
EBay: EBay Inc. /zigman2/quotes/204653455/composite EBAY +0.36% gained 4%. The online retailer late Wednesday forecast fourth-quarter earnings, excluding one-time items, of 66 cents to 69 cents a share, on sales of $3.85 billion to $4 billion. Analysts surveyed by FactSet had been forecasting earnings of 68 cents a share on $3.94 billion in sales. Read eBay profit up; PayPal in for streamlining.
MS : Morgan Stanley /zigman2/quotes/209104354/composite MS -1.50% slid 1.3% after reporting that it swung to a third-quarter loss as it was hit by a huge mark-to-market loss related to the value of its debt. But results still beat Wall Street expectations. Read Morgan Stanley swings to third-quarter loss.
VZ: Verizon Communications Inc. /zigman2/quotes/204980236/composite VZ -0.95% stock advanced 2.6%. The telecom company posted third-quarter net income rose 16%, with adjusted profit meeting analysts’ expectations. Verizon posted revenue of $29.01 billion, which also met forecasts. Read: Verizon profit rises 16% on strong wireless growth.
Dean Foods Co. added 5%, extending gains from Wednesday’s 13% rally, in the wake of the news that it will hold an initial public offering for its WhiteWave Foods unit. The spinoff will consist of Dean’s existing WhiteWave-Alpro operations.
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Wesco International Inc. /zigman2/quotes/210248105/composite WCC -0.77% shares jumped 12% after the company reported third-quarter earnings of $1.25 a share, up from $1.11 a share in the same quarter a year earlier. Analysts had projected the company to report quarterly earnings of $1.24 a share.
Align Technology Inc. /zigman2/quotes/200300692/composite ALGN -1.22% dropped 25% after its quarterly revenue forecast missed Wall Street’s expectations. Read: Align first-quarter net income rises 32%
Shares of Reinsurance Group of America Inc. /zigman2/quotes/205081890/composite RGA -0.94% sank 9.4%. The life reinsurance company late Wednesday said its third-quarter operating income fell to $1.35 a share from $1.87 a share a year earlier. Analysts had expected RGA to report an average of $1.84 a share.
Select Comfort Corp. shares declined 7.8%. The maker of Sleep Number beds on Wednesday reported third-quarter earnings rose to 46 cents a share from 31 cents a share in the same period a year earlier. The company forecast fourth-quarter sales growth of “at least 20%” compared with 22% projected by analysts in a FactSet survey.