NEW YORK, NY -- (Marketwire) -- 07/30/12 -- Stock markets rallied Thursday after comments from the European Central Bank chief Mario Draghi signaled the ECB was ready to take action. "Within our mandate, the ECB is ready to do whatever it takes to preserve the euro," Mario Draghi said at a recent conference. "And believe me, it will be enough." The S&P 500 Index and the Down Jones both rallied roughly 1.7 percent on Thursday. The Paragon Report examines investing opportunities in the S&P 500 Index and provides equity research on Sprint Nextel Corporation (NYSE: S) and Western Digital Corp. (NASDAQ: WDC).
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Recent data compiled by Bloomberg shows that out of the 263 S&P 500 companies who have reported quarterly results, approximately 72 percent of them have exceeded analyst projections. Data showed that analysts had projected second-quarter profits to decline by 2.1 percent.
"The theme coming out in earnings is companies are coming in short in revenue but still beat on earnings. Analysts have moved their targets (lower) and companies still are lean and mean and are able to generate profit," said Kim Forrest, senior equity research analyst at Fort Pitt Capital.
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Sprint posted a net loss of $1.4 billion for the second quarter of 2012 as compared to a net loss of $847 million in the second quarter of 2011. Despite the loss, shares of the company soared over 20 percent as sales increased 6.4 percent to $8.84 billion, beating analysts' estimates of $8.73 billion. Shares of the company are now up 73 percent this year.
Shares of Western Digital also surged over 20 percent, their biggest gain in 10 years, after reporting results that topped analysts' estimates last Thursday. The company reported revenue of $12.5 billion and net income of $1.6 billion, or $6.58 per share for fiscal year 2012, compared to fiscal 2011 revenue of $9.5 billion and net income of $726 million, or $3.09 per share.
The Paragon Report has not been compensated by any of the above-mentioned publicly traded companies. Paragon Report is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at:
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