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Boeing (NYSE:BA) has reported a 20% rise in quarterly profits, beating analyst expectations. The aerospace company also raised its annual earnings forecast.
Higher sales volumes of commercial aircraft and strong core performance across the company’s businesses led to a strong quarterly net profit of $941 million in the three months to June, up nearly 20% from the same period a year ago.
Boeing shares were the strongest performer in the Dow Jones Industrial Index on Wall Street, closing the day up 0.7% at $70.63.
Looking into the future, Boeing trimmed its overall aircraft delivery guidance and sales forecast for its defense business, but raised the margin outlook for both businesses.
Boeing delivered 118 commercial airplanes in the reporting quarter, up from 114 a year earlier. Most deliveries under its defense, space and security programs were F/A-18E/F and EA-18G fighter jets, followed by new builds of Chinook helicopters.
HP asked a court on Tuesday to block Hurd, HP’s former CEO, from joining Oracle, saying his hiring by the rival technology firm puts HP’s trade secrets “in peril.”
Oracle Corp CEO Larry Ellison fired back, calling the lawsuit “vindictive” and saying HP’s board is making it “virtually impossible” for the two companies to partner together.
Cathie Lesjak, who became HP’s interim CEO after Hurd was forced out on Aug. 6 over expense account irregularities, said on Wednesday at the Citigroup Global Technology Conference that Ellison’s comments “strained” the relationship a bit.
But she added: “At the end of the day, business will prevail and, ultimately, we will go back to being good partners, and competitors where we’ve been competitors.
“I believe that HP is important to Oracle and Oracle is an important partner of ours.”
HP shares fell 3.6 percent to $38.48 in afternoon trading on the New York Stock Exchange, while Oracle shares fell 1 percent to $24.01 on the Nasdaq.
Business social networking site LinkedIn staged its IPO on Thursday and saw its shares surged ahead in a debut rally not seen since the dotcom bubble in the 1990s.
Floated at $45 a share, LinkedIn’s stocks raced ahead following the opening bell to hit $122 at one point during NYSE trading, and closed at $94.25.
LinkedIn was created eight years ago and now currently has more than 102 million members worldwide, growing by about one member per second. LinkedIn separates itself from Facebook, which has a projected 600 million regular users, by marketing itself as a social network for professionals.
The company, which employs 1,300 people, generated $15.4 million in net income in 2010.
Some analysts commented the strong debut is a reflection of investors’ over-enthusiasm for social media stocks.
LinkedIn Chief Executive Officer Jeff Weiner said Thursday the company was “very comfortable” with how its stock was priced.