Consumer sentiment falls less than expected
Consumer sentiment in the U.S. fell in July, according to a private poll to released today. The Reuters/University of Michigan final index of consumer sentiment slipped to 66 from 70.8 in June. It was expected to fall to 65, according to a median estimate of economists polled by Bloomberg.
Stocks to watch:
Shares of Dover Corp (DOV) fell 5.3 percent in early trading on Friday after the industrial manufacturer lowered its guidance, expecting revenue to fall between 24 percent and 26 percent in fiscal 2009. Excluding charges, the firm earned 54 cents per share, beating estimates of 46 cents, according to Reuters Estimates. Net revenue was down 31 percent to $1.4 billion compared to the year ago period.
Shares of Exelon Corp. (EXC) were down nearly 1 percent in early trading after the nuclear power company reported a 12 percent drop in second quarter profit which still beat analysts' expectations. Net income fell 14 percent to $657 million, or 99 cents per share. Adjusted earnings were $1.03, beating expectations of 97 cents per share. The company maintained its full year earnings adjusted expectation for earnings between $4.00 and $4.30 per share.
Shares of Black & Decker Corp (BDK) rose 9.5 percent in early trading Friday after the tool maker reported a second quarter profit which beat expectations and raised its earnings outlook. Net income was down 61 percent to $38.3 million, or 63 cents per share. Net revenue was down 27 percent to $1.19 billion. Adjusted earnings were 37 cents per share