Boeing, PepsiCo Drop; Dollar Up, Oil Down
Jul 23, 10:08 AM ET |
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| U.S. stocks drifted in the morning but financials rose, energy stocks fell. Asian markets closed higher with India surging 6%. |
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| Crude oil continues its slide from the record high and dropped 1.6% to below $126 a barrel. The U.S. dollar edged higher after lawmakers passed a resolution to inject funds in Fannie Mae and Freddie Mac. In the earnings news, Boeing earnings fell 14% to $1.16 per share on flat revenues. AT&T second quarter revenue rose 4.7% and net income increased 23% to $3.8 billion or 63 cents per share. Pfizer revenue increased 9% and net income surged 54% to $2.8 billion or 41 cents per share. |
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Late Rally Lifts U.S. Stocks
Jul 22, 6:29 PM ET |
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| Of the S&P 500 index stocks, 156 gained more than 3% and 20 urged more than 10% with 366 closing higher. |
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| Early struggle in U.S. market indexes turned into a late rally with financials and airlines closing higher and crude oil futures losing another 2%. Investors set aside recent losses at banks and other financial companies and bid up stocks. Tech stocks closed higher despite disappointment to some investors on 31% increase in earnings at Apple Inc. SanDisk plunged after it reported 1% decline in sales and a quarterly loss. Yahoo after the close reported lower earnings. |
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Assured Guaranty and SanDisk Plunge
Jul 22, 6:17 PM ET |
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| SanDisk plunged 25% after it reported 1% decline in sales and a quarterly loss. Assured Guarantee plunged 47% on credit review. |
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| U.S. stocks struggled in the early afternoon as investors digest a barrage of earnings. American Express second quarter earnings fell 38% on 8% rise in sales. SanDisk plunged 25% after it reported second quarter revenue decline and a loss in the quarter. The company will also delay start of new fabrication facility to lower the supply of storage products in the market. Assured Guaranty plunged 47% after Moodys may review its credit rating. |
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Wachovia, Amex, Apple Drag Indexes Lower
Jul 22, 9:23 AM ET |
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| U.S. market averages traded lower after a large loss at Wachovia Bank and surprise drop in earnings at American Express. |
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| U.S. stock futures edged lower in the pre-market trading after a large loss at Wachovia Bank, surprise fall in earnings at American Express and 31% earnings rise at Apple Inc. the troubled bank also cut its dividend by 87% and proposed to eliminate nearly 6,400 jobs. In addition, American Express, the credit card lender reported 8% rise in sales and 38% fall in earnings. Canadian National Railway second quarter revenue rose 4% but net income declined 11%. |
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Financials Gyrate, Crude Rebounds
Jul 21, 5:42 PM ET |
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| Financial stocks rose after better than expected earnings from Bank of America. After the close American Express and Apple fell. |
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| Stocks in New York and Europe closed higher on rising crude oil prices, strength in financial stocks and an offer to acquire Genentech at a premium. Bank of America reported 41% decline in earnings but higher than what most analysts had estimated, lifting stocks in the sector. Fannie Mae and Freddie Mac rose after investors put faith in comments from Treasury Secretary. Merck and Schering Plough fell on Vytorin research study. Crude oil rebounded on impending storm in the Gulf of Mexico. |
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Genentech Trades Above Roche Offer
Jul 21, 10:41 PM ET |
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| Investors bid up Genentech stock above the offer price of $89 per share in the hope of higher offer from Roche. |
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| Roche offered to acquire 44% of Genentech that it does not own at $89 per share, nearly 9% above Friday closing price. Roche will raise cash through debt offering and from internal resources to pay for Genentech and keep the company as independent research operation. Roche, struggling with new product development has acquires several smaller research companies in the past to keep its pipeline of new drug offering active. Roche fell 4% and Genentech closed up 15% near $94. |
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Genentech Bid, Financials Rally
Jul 21, 1:32 PM ET |
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| Roche offered to pay $89 per share for Genentech. Roche controls 56% of the genetic science company. Investors expect higher bid. |
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| U.S. stocks trended lower after rallying at the opening. Swiss pharmaceutical company Roche offered $89 per share to Genentech stock holders for 44% of the company that it does not own. The stock rallied in the hope that Roche may raise its offer above $100 per share. Separately, financials rallied in the morning after Bank of America reported 41% drop in earnings and estimated Countrywide merger will add earnings faster than earlier expected. |
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Bank of America Earnings Lift Stocks
Jul 21, 9:24 AM ET |
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| U.S. stocks edged higher after better than expected earning from Bank of America lifted financial stocks. Fannie Mae rose on optimism. |
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| U.S. stocks edged higher in the morning trading on better than expected earnings from Bank of America. Crude oil futures edged higher as Tropical Storm Dolly brewed in the Gulf of Mexico. European markets at mid-day edged upwards. In Asia, Australia and Hong Kong added more than 3%. |
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Turbulent Week, Gloomy Outlook
Jul 18, 6:18 PM ET |
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| Tech stocks fell after Google and Microsoft reported lower than expected earnings gains. Gloomier outlook in the financial sector dragged banks lower. |
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| Tech benchmarks fell after investors sold Google, Microsoft and AMD stocks. Google dropped 8% after earnings and click through rates declined. AMD reported wider than expected loss. Citigroup rose it reported a loss of $2.5 billion, smaller than estimated and wrote down $12 billion in assets. Merrill Lynch traded weak on higher than expected loss. European markets edged higher on interest in financial stocks. |
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Google, Microsoft Fall, Citi Rises
Jul 18, 5:17 PM ET |
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| Citigroup reported loss of $2.5 billion on $12 billion asset write down. Merrill Lynch fell after it reported higher than expected loss. |
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| U.S. stocks traded mixed with tech stocks trending lower and select financials rising. Google fell 8% after it reported 39% rise in sales and 35% increase in earnings. Microsoft fell 7% after it reported sales rise of 18% and earnings gain of 40% to $17.7 billion from a year ago. For the fiscal year earnings rose 26% to $17.7 billion or $1.87 per share. European markets closed up 1.5%. |
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