United Technologies (UTX) reported earnings before the bell that beat Wall Street estimates. Excluding one-time items, fourth quarter earnings per share came in at $1.58 versus estimates of $0.05. Revenue missed estimates, coming in at $16.76 billion versus estimates of $17.09 billion and up from last year's $16.44 billion.
Coach (COH), reported profits today of $1.06 a share which missed estimates by $0.05. Revenue fell 6% to $1.42 billion and missed estimates of $1.48 billion. The luxury retailer blamed the miss on poor holiday sales in North America, specifically its women's bag and accessories business. Total North American sales for the quarter fell 9% from last year.
IBM (IBM) reported earnings yesterday of $6.13 per share which beat estimates of $5.99. Revenue came in at $27.7 billion versus estimates of $28.25 billion, and down from last year's posting of $29.3 billion. The company also saw its hardware revenue plunge 26%. IBM also said it will cut thousands more jobs this year which is expected to cost the company about $1 billion in charges.
Advanced Micro Devices (AMD), reported adjusted earnings of $0.06 a share, which was in line with estimates. Revenue rose 37% to $1.59 billion, which also beat estimates of $1.54 billion. But the company said it expects revenue to fall about 16% in the first quarter. Shares were down more than 10% in early trading.