Investors Look Past Strong Revenue
Bank of America's earnings surged by more than 300 percent, but that wasn't good enough! Per-share profit of $0.20 missed the consensus estimate of $0.22. Revenue beat expectations but investors are focusing on that bottom-line miss, sending BAC lower by almost 3 percent before the bell on my tradeMONSTER platform.
Cirrus Logic Takes Inventory Hit
Cirrus Logic preannounced first-quarter revenue of $206.9 million, missing the $210 million average analyst forecast. Management also said it will take a reserve against inventory of older products. CRUS falls 11 percent in the premarket.
Textron Lowers Full-Year Guidance
Textron lowered its full-year earnings guidance to a range of $1.90 to $2.10 a share, down from its earlier estimate of $2.10 to $2.30. The company cited an expected decline in business-jet deliveries. TXT drops almost 9 percent in early trading.
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