NEW YORK, NY / ACCESSWIRE / May 3, 2017 / U.S. markets were relatively quiet Tuesday on mixed corporate earnings. The Dow Jones Industrial Average gained 0.17 percent to close at 20,949.89, while the S&P 500 Index rose 0.12 percent to close at 2,391.17. A strong performance from the tech sector helped lift the Nasdaq to an intraday record of 6,102.72, before settling to close at 6,095.37, an increase of 0.06 percent. Based on updated data, profits for the S&P 500 Index are expected to increase by 13.9 percent in the first quarter, marking the largest rise since 2011, according to Thomson Reuters I/B/E/S. The S&P 500 Index has risen approximately 11.8 percent since President Trump's election on November 8th.
"The earnings recession is over," said Phil Orlando, Chief Equity Market Strategist at Federated Investors. "Earnings season has been terrific, the best in four or five years, and if we can get anything out of D.C. in getting tax reforms in place, the market will go vertical."
RDI Initiates Coverage on:
First Solar, Inc.
FireEye's shares declined 2.16 percent to close at $12.21 a share on Tuesday. The stock traded between $12.04 and $12.47 on volume of 13.30 million shares traded. The company reported revenue of $173.7 million for the first quarter of 2017, 3 percent increase year-over-year and above guidance of $160 to $166 million. GAAP net loss per share was $0.48 for the first quarter of 2017, compared to a GAAP net loss per share of $0.98 in the first quarter of 2016. FireEye forecasts revenues to be in the range of $173 million to $179 million for the second quarter of 2017. Shares of FireEye have gained approximately 2.61 percent year-to-date.
"We demonstrated significant improvement in efficiency in the first quarter by reducing our non-GAAP operating loss by $60 million, compared to the first quarter of 2016," said Frank Verdecanna, FireEye Executive Vice President and Chief Financial Officer. "Our first quarter results give us confidence in our ability to achieve non-GAAP operating income in the fourth quarter of 2017 and positive operating cash flow for the year," added Verdecanna.
Access RDI's FireEye Research Report at:
First Solar's shares increased 2.61 percent to close at $30.32 a share on Tuesday. The stock traded between $29.41 and $30.71 on volume of 5.72 million shares traded. The company reported earnings of $0.09 per share for the first quarter of 2017, compared to a loss of $7.22 per share in the prior quarter. Net sales were $892 million for the first quarter, increase of 1.8 percent year-over-year. First Solar forecasts revenues to be in the range of $2.85 billion to $2.95 billion in the second quarter of 2017, up from previous guidance of $2.8 billion to $2.9 billion. Shares of First Solar have fallen approximately 5.52 percent year-to-date.
"Our first quarter results and the sale of our Moapa project are a solid start to 2017," said Mark Widmar, CEO of First Solar. "The transition to our Series 6 product continues to progress from both a technology and commercial standpoint. We are excited about the competitive position of Series 6 and the long-term opportunities it enables."
Access RDI's First Solar Research Report at:
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