Microsoft Drops $32 B in Value
Apr 28, 5:37 PM EDT |
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| On 590 million shares of trading volume, historic high for any single stock, Microsoft dropped 11.4% at close. |
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| Microsoft stock dropped 11.4% as the company missed earnings forecast and guided lower earnings for the fiscal year. The company plans to spend close to $2 billion in chasing Yahoo and Google to energize its search and AdCenter business and gaming console business. The company has bought back $5 billion of its own shares in the reported quarter and plans to spend another $6.5 billion in the current quarter to purchase its own stock. |
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Robust GDP at 4.8%
Apr 28, 11:51 AM EDT |
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| Citigroup advanced 3% on upgrade by Piper Jaffray from market perform to outperform. Shares of J.P.Morgan also rose 3%. |
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| Stocks traded mixed Friday morning, reflecting upbeat data on GDP for the first quarter and disappointing earnings and guidance released by Microsoft. The Commerce Department said the nation''''s GDP bounced back to grow 4.8% compared with estimates of 4.9% increase. Wall Street also weighed a decline in consumer confidence as soaring gasoline prices threatened discretionary spending. |
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Indian Market Rebounds in Intra-day
Apr 28, 10:36 AM EDT |
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| Sensex in India closed up a fraction on Friday and ended the volatile week up 1.5%. SEBI banned twenty four institutions from trading. |
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| The Indian market recovered in the last half hour of trading, immediately after the news that SEBI had suspended its interim order barring Indiabulls Securities from trading. That happened amidst high volatility, with the Sensex moving up and down during the session. Positive results from Reliance also helped boost the market. |
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Microsoft Drops 11%
Apr 28, 10:09 AM EDT |
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| The Commerce Department released a report on Q1 GDP which showed 4.8% growth in Gross Domestic Product, slightly below the expected 4.9% increase. |
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| Stocks opened in the negative with the major averages posting losses. The Nasdaq sharply dropped as Microsoft weighed on sentiment. Shares of Microsoft dropped 11% after the company reported weaker-than-expected Q3 results and provided disappointing guidance for the Q4. Chevron Corp. reported Q1 profit jump by 49% to $4 billion, or$1.80 per share on 31% revenue increase, beating the average estimate. |
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Chevron Profit Jumps 49%
Apr 28, 9:20 AM EDT |
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| Crude oil prices declined to $70.64 on easing supply concerns, though tensions over Iran's nuclear program still weighed. |
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| U.S. stock futures indicated a weak start, following a positive close Thursday after rate concerns eased down on hopes that the Fed Reserve will halt interest rates hikes. The Commerce Department released a report on Q1 GDP which showed 4.8% growth in Gross Domestic Product, slightly below the expected 4.9% increase. Chevron Corp. reported Q1 profit jump by 49% to $4 billion, or$1.80 per share on 31% revenue increase, beating the average estimate. |
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Rates Upset Asia
Apr 28, 7:43 AM EDT |
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| In Tokyo at close, Sony dropped 5.1% after the electronics maker reported wider quarterly net income loss. Tokyo Electron finished lower by 3.1% |
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| The Nikkei closed down 1.2% to 16,906.23 as investors were concerned about the decline of the U.S. dollar versus the yen. The Kospi finished down 2.3% on government data, reflecting second month in a row of current-account deficit and Hyundai Motors legal problems. Hong Kong’ Hang Seng also followed suit to end 0.5% lower, making it 1.5% for the week. |
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Microsoft, Altera and Dolby
Apr 27, 4:59 PM EDT |
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| Microsoft reported earnings rise of 16% and revenue growth of 13% on rising sales of server software and Xbox. Altera profit falls. Dolby net triples. |
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| Market averages traded with the rate sentiment and bounced back in the afternoon trading led by a rise in tech stocks. HMO stocks declined on the earnings news from Aetna and WellPoint. Pulte Homes guided lower second quarter earnings. NCR missed revenue target. Rockwell delivered better than expected earnings. Exxon Mobil reported $8.4 billion earnings. Office Max jumped up 5% on 77 cents earnings vs. 17 cents a year ago. Altera report lower Q1 profit of 18% to 16 cents. |
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HMOs Decline on Aetna and WellPoint
Apr 27, 3:01 PM EDT |
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| In the last two years HMO stocks have added between 50% and 70%. Aetna had risen 50% in one year before correcting 22% today. |
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| Market averages bounced back in the afternoon trading led by a rise in tech stocks. HMO stocks declined on the earnings news from Aetna and WellPoint. Pulte Homes guided lower second quarter earnings. NCR missed revenue target. Rockwell delivered better than expected earnings. Exxon Mobil reported $8.4 billion earnings. Office Max jumped up 5% on 77 cents earnings vs. 17 cents a year ago. |
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NCR and Navteq Decline 12%
Apr 27, 12:02 PM EDT |
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| Revenue miss from NCR, lower earnings guidance from Pulte Homes and flat eearnins from Navteq lower stocks. |
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| Market averages declined and then rose on the Fed Chairman comments. Market refocused on earnings as Exxon Mobil, OfficeMax, Marathon Oil, Harrahs, NCR and Pulte Homes and Rockwell Automation released earnings. Pulte Homes guided lower second quarter earnings. NCR missed revenue target. Rockwell delivered better than expected earnings. Exxon Mobil reported $8.4 billion earnings. OfficeMax up 5% on 77 cents earnings vs. 17 cents a year ago. |
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China Lifts Rates
Apr 27, 10:04 AM EDT |
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| The Labor Department said that initial jobless claims rose 315,000 last week, an increase of 11,000 from the previous week. |
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| U.S. stocks opened in the negative on disappointing earnings news and China''''s decision to raise interest rates. The Chinese central bank lifted its key base rate to 5.85%, the first rise since October 2004. Exxon Mobil dropped 2% after reporting quarterly earnings rise which failed to meet estimates. Alcatel also reported net income drop. Dow component Honeywell was downgraded to underweight from neutral by J.P. Morgan on concerns over environmental liabilities. |
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