[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]
|
Status: Not Logged In; Sign In
United States News Title: U.S. Stocks Advance on Optimism About Earnings; Microsoft Rises U.S. stocks rose, rebounding from the market’s biggest drop this month, as optimism about earnings from technology and energy companies overshadowed a drop in financial shares. Microsoft Corp. climbed 1.4 percent after UBS AG raised its earnings estimate, citing signs of stronger demand. Halliburton Co. jumped 6 percent after topping analysts’ earnings and revenue estimates. Bank of America Corp. slumped 2.7 percent as Goldman Sachs Group Inc. took the shares off its “conviction buy” list, saying low rates may hurt interest income. The S&P 500 rose 0.6 percent to 1,071.25 as of 4 p.m. in New York. The Dow Jones Industrial Average advanced 56.53 points, or 0.6 percent, to 10,154.43 today. “The market is focusing on revenue growth this earnings season and, outside of financials, companies seem to be delivering that,” said Mark Freeman, a money manager at Westwood Management Corp. in Dallas, which oversees $10.5 billion. “It’s really a question of whether the earnings reports can come in strong enough now to support investor confidence.” The S&P 500 gained 4.8 percent since July 2 on optimism that corporate earnings would signal the economic recovery is sustainable. Of the 24 companies in the S&P 500 that reported from July 12 through the beginning of regular trading this morning, all but three topped earnings-per-share forecasts, according to Bloomberg data. Stocks Declined U.S. stocks declined last week following lower-than- estimated revenue at Bank of America, Citigroup Inc. and General Electric Co. and a drop in consumer confidence to the lowest level in a year. Microsoft Corp., which is scheduled to report fourth- quarter results on July 22, gained 1.4 percent to $25.23 as UBS AG raised its earnings estimate for the software maker to 47 cents a share from 45 cents for the fiscal fourth quarter. Analysts cited “early signs of enterprise demand returning.” Halliburton rose the most in the S&P 500, rallying 6 percent to $29.17 after the company reported an 83 percent increase in second-quarter profit to $480 million, or 53 cents a share, as gains in onshore drilling made up for a halt to new wells in the Gulf of Mexico. Earnings from continuing operations were 52 cents a share, topping the average analyst estimate of 37 cents. Revenue was $4.39 billion, beating the average projection of $4.09 billion in a Bloomberg survey. Education Stocks Surge For-profit education stocks surged amid speculation President Barack Obama’s proposed industry regulations won’t reduce profit as much as had been projected. Education Management Corp. jumped 17 percent to $18.49. Corinthian Colleges Inc. rose 9.1 percent to $10.40. Bridgepoint Education Inc. advanced 10 percent to $17.31. Apollo Group Inc., owner of the biggest for-profit university in the U.S. by enrollment, climbed 5.4 percent to $48.03. International Business Machines Corp. rose 1.4 percent to $129.79 in the regular session. Shares fell 3.7 percent to $124.96 in trading after the official close of markets after the world’s largest computer- services provider reported second- quarter sales that missed analysts’ estimates as the falling euro weighed on revenue. Texas Instruments Inc., the second-biggest U.S. chipmaker, and Zions Bancorp also fell in after-market trading after reporting earnings results that missed estimates. Apple Falls Apple Inc., the maker of iPods and Macintosh computers, declined 1.7 percent to 245.58. The Cupertino, California-based company may report worse-than-expected results when it posts quarterly earnings tomorrow, said Stifel Nicolaus & Co., which cited “evidence of ongoing component shortages.” Stocks turned lower earlier as the National Association of Home Builders/Wells Fargo confidence index dropped to 14 this month, the lowest level since April 2009, from 16 in June. Readings lower than 50 mean more respondents said conditions were poor. The index was forecast to fall to 16 from a previously reported 17 in June, according to the median estimate in the survey. “While we can easily blame the expiration of the tax credit for the dropoff” in builder confidence, Peter Boockvar, equity strategist at Miller Tabak & Co. in New York, said in an e-mailed note, “according to the NAHB, ‘builders are reporting continuing consumer hesitancy regarding home purchases due to uncertainty in the overall economy and job markets.’” Toll Brothers Toll Brothers Inc. dropped 1.2 percent to $16.23. An index of homebuilders across S&P indexes fell 1.3 percent. Airlines declined after Delta Air Lines Inc., the world’s largest carrier, forecast a third-quarter operating margin of no more than 12 percent, missing analyst estimates. Delta sank 2.9 percent to $11.38. UAL Corp. lost 0.8 percent to $21.18. Continental Airlines Inc. dropped 0.4 percent to $22.78. AMR Corp. lost 1.9 percent to $6.74. Bank of America dropped 2.7 percent to $13.61. The largest U.S. bank by assets was removed from Goldman Sachs’s “conviction buy” list and downgraded to “hold” from “buy” at ISI Group. Anadarko Petroleum Corp. fell the most in the S&P 500, losing 4.1 percent to $45.52 as Kenneth Feinberg, who is overseeing a $20 billion fund to pay damage claims from the Gulf of Mexico oil spill, said the BP Plc partner could still be sued by victims even if they had been paid from BP’s fund. The London-based oil company’s U.S. traded shares fell 3.6 percent to $35.75.
Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 3.
#1. To: war, fred mertz, skip intro, brian s, lucysmom (#0)
Obama's fault.
Well, Badeye's business is still failing so you bet it is.
There are no replies to Comment # 3. End Trace Mode for Comment # 3.
Top • Page Up • Full Thread • Page Down • Bottom/Latest |
|
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]
|