Earnings alert: eBay warns of weaker 2008 results
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Plus: Motorola profit shrinks, phone forecast dims...Apple posts good Q1, despite slow iPod sales...Microsoft expected to post healthy profits...Seagate turns in mixed report.
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EBay Inc. EBAY.O on Wednesday  missed Wall Street's earnings expectations for the first time  in at least three years, sending its shares down nearly 12  percent and taking other Internet stocks lower.
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EBay CEO Meg Whitman is planning to step down from the company she has led for the past 10 years, The Wall Street Journal said Tuesday.Whitman has been delegating more tasks to deputies over the last few months and is expected to decide on her retirement in the coming weeks, the newspaper said quoting &quot;people familiar with the matter.&quot; John Donahue, who leads the company&#39;s auction business, is the leading candidate to succeed her, according to the newspaper.EBay, which also operates the PayPal payment system and Skype Internet telephony service, is due to report earnings for the fourth quarter Wednesday. The quarter includes the traditionally strong year-end holiday period and estimates see eBay reporting earnings per share of $0.38.The company reported a net profit of $1.1 billion in 2006 on the back of $6 billion in revenue. For 2007 eBay expects revenue to jump to $7.6 billion.
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Investor's Business Daily - Market News' retail trade index bounced 3.7 points to a still-weak 41.5 in the Oct. 27 week. Readings below 50 signal more chains are reporting slowing conditions. Same-store year-on-year sales growth is very weak at 0.7%, with total sales growth at 4.1%. Income is also weak, with 43% of the sample reporting declines vs. 40% reporting gains. Retailers blamed housing woes.
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Internet auction firm eBay (nasdaq: EBAY - news - people ) reported third-quarter earnings a penny above Wall Street estimates. The company said third-quarter earnings came in at 28 cents per diluted share
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Shares of eBay Inc. posted their  biggest one-day drop since November 2000 on Thursday after its  quarterly profit missed Wall Street expectations for the first  time and raised "red flags" about growth prospects at the  online marketplace.
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Business & money: Weakening house prices and soft consumer spending set to make 2008 worst year since early 1990s
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U.S. stocks sank on Thursday to fresh  closing lows for 2005 after earnings reports from eBay Inc.  EBAY.O and Qualcomm Inc. QCOM.O disappointed investors.
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Hurricanes, weak back-to-school sales, and weak European business bring an earnings warning.
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Big Internet stocks have fallen  25 percent to 40 percent in the last quarter and haven't looked  cheaper in years. But despite expected strong year-end results,  many investors are likely to shy away in the short run.
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Plus: Alcatel outlook weak...Cisco profit climbs...Time Warner lowers earnings target...Electronic Arts lowers outlook, shares fall.
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EBay Inc.  on Wednesday  posted a 50 percent rise in net profit on strength in its  auction and PayPal units but left its 2007 outlook little  changed, even though investors had hoped for more.
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U.S. blue-chip stocks slid lower on  Thursday, pulled down by industrial bellwether Caterpillar Inc.  CAT.N, but technology shares remained higher after eBay Inc.  EBAY.O posted strong earnings.
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Plus: SAP revenues solid, outlook moderate...Phone sales boost Nokia profits past forecasts...eBay posts large quarterly loss on Skype write-down...IBM services buoy earnings...Yahoo net profit falls.
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Investors hammer eBay shares after the firm's latest profits fall short of market expectations.
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The company has signalled profits of between Â£285 million and Â£295 million, down on Â£311 million a year ago, following a poor run of sales.
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U.S. stock futures fell throughout the  morning  on Thursday, pointing to a lower market open, as  disappointing earnings from eBay Inc. EBAY.O and a  lower-than-expected profit forecast from Qualcomm Inc. QCOM.O  weighed on Wall Street.