Earnings Galore

posted by Jared Fruland
copied from http://money.cnn.com

Among other stocks moving on quarterly results, Corning (up $2.13 to $20.97, Charts) surged 10 percent in active trading after reporting higher fourth-quarter sales and earnings that topped estimates. Corning also warned that first-quarter profit won't meet expectations.

Cell phone chip maker RF Micro Devices (up $0.92 to $7.80, Charts) reported better than expected earnings late Tuesday and issued a current-quarter forecast that is above analysts' projections. Shares gained 11 percent Wednesday.

Dow component AT&T (up $1.51 to $36.87, Charts) rallied on news that subsidiary Cingular Wireless posted sharply higher fourth-quarter profit.

On the down side, Advanced Micro Devices (down $1.49 to $16.02, Charts) reported a quarterly loss late Tuesday versus a profit a year earlier. The results were worse than analysts were expecting. The chip maker also issued first-quarter profit guidance that is short of forecasts.

On Wednesday morning, Dow component McDonald's (down $0.70 to $44.15, Charts) reported fourth-quarter results that surged from a year earlier and met analysts' per share earnings forecast. However, market participants took a "sell the news" reaction and sent shares lower.

Market breadth was positive. On the New York Stock Exchange, winners topped losers 11 to 5 on volume of almost 1.33 billion shares. On the NASDAQ, advancers beat decliners 2 to 1 on volume of 1.94 billion shares.