Raytheon Company(NYSE:RTN) trades lower Thursday as unchanged full-year guidance disappointed a Street already exposed to a bullish set of reports from the defense contractor space. RTN did beat with Q1 results.
The company reported net profit of $600 million for the quarter to March 31 compared with $494 million a year earlier, with per-share earnings rising to $1.89 from $1.49. The consensus estimate on Capital IQ was for $1.76. Sales dropped at all four of its divisions, slipping to $5.5 billion from $5.68 billion a year earlier. Revenue matched Street expectations.
Raytheon’s operating margin rose to 14.3% from 12% a year earlier, hitting the top end of the company’s full-year guidance provided in January.
RTN is down 4.7% near midday and traded as low as $94.55. It moves in the upper end of its 52-week range of $58.10 to $102.33.
Autohome Inc (ADR)(NYSE:ATHM) led declines among American depositary receipts of Asian companies Thursday as the region’s markets were mixed after U.S. stocks declined the day before. The Bank of New York Mellon Asia ADR Index slipped 0.5%, compared with a flat reading on the S&P 500 Stock Index. Autohome fell 6.9% to $33.84 per ADR as Chinese Internet companies declined. The online car dealer reached an all-time high of $51.98 on March 6.
YY Inc. (YY), a Chinese social media company, fell 5.7% to $64.69 per ADR. Analysts at Maxim Group began publishing research on YY with a Buy rating and a price target of $90 per ADR.
58.com Inc. (WUBA), an Internet marketplace, fell 3.6% to $43.97, web travel company Ctrip.com (CTRP) declined 1.9% to $49.28, real estate portal Soufun Holdings Ltd. (SFUN) dropped 2.4% to $13.15.
China’s mobile app companies also fell, with Sungy Mobile Ltd. (GOMO) sliding 6.6% to $18.79, Sky-Mobi Ltd. (MOBI) down 5.5% to $7.39 and China Mobile Games (CMGE) off 5.3% to $18.65.
Semiconductor Manufacturing International Corp. (SMI) led gainers with a 6.8% climb to $4.25 per ADR, while JA Solar Holdings (JASO) rose 6.5% to $11.54.
Suggested Reading: Most Suicidal Countries
