Some participants who were previously expecting prices to fall in this quarter changed their view after the news.
"The scrutiny that was attributed to other companies' results is not being attributed to Wyeth's quarter in our view, " says Robert Hazlett of SunTrust Robertson Humphrey.
He wrote in a note on Wednesday, "We view this quarter as one of significant peer underperformance, in complete contrast to the company's outperformance in 1Q08, leaving one to wonder: "Which is the real Morgan Stanley?
Wall Street analysts are split on their view of the quarter with Goldman Sachs downgrading the stock to a Sell due to pricing.
We continue to view the September quarter iPhone number as largely irrelevant given iPhone 5 will likely have been released before Apple reports September results.
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For the February quarter, he cuts his view to 70 cents from 87 cents, while cutting his unit forecast to 9.6 million from 11.5 million, well below guidance in the 11-12 million unit range.
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At Ockham, our view of the quarter is mixed as trading revenues and fees from investment banking were rather anemic, yet credit concerns are easing to the point that they can take funds out of their reserves.
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Japan's economy expanded at a faster-than-expected annual pace of 3.5 percent in the last quarter, a development many supporters view as a vindication of Abe's approach.
Fossil did offer a downbeat view on the current quarter, predicting 84 to 94 cents a share in earnings, the result of shipments pulled ahead to March from April.
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The company posted a net loss of 32 cents a share in the quarter, two pennies better than the Street consensus view, which called for a loss of 34 cents.
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Its 42 ships control a quarter of the world cruise market, and in my view it is the best managed of the bunch.
Earnings season may prove to be tough sledding this quarter for the banking industry in general, according to the view from Citi analyst Keith Horowitz, who cut his expectations on JPMorgan, Bank of America, Goldman Sachs and Morgan Stanley.
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And, Meir added, of companies providing guidance for the fourth quarter, 37 were negative and only four offered a more upbeat view.
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He also lifted his iPhone unit estimate for the March quarter to 15 million unit from 13.1 million, reflecting his view that the Verizon iPhone will start shipping in early February.
Elsewhere in the market, Coca-Cola was up 0.8% after fourth-quarter profits dropped by more than 70% but still topped the consensus view, while Coinstar shares rallied 13.8% after results crushed expectations.
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In my view, a deep or long-felt correction in the second quarter appears unlikely.
On a per-share basis, earnings of 68 cents were four cents ahead of the consensus analyst view and up from 50 cents a year ago (when the quarter had one less selling week).
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The NACD index offers a view of the state of the economy from inside the corporate boardroom each quarter.
The Dell case illustrates the perverse short-term view prevalent on Wall Street that dictates that growth must occur continuously, smoothly and linearly every quarter.
Requests to view or listen to BBC output via such portable hand-held devices now make up more than a quarter of total iPlayer requests.
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