Stock Market News for July 31, 2013 - Market News
31 Julio 2013 - 9:40AM
Zacks
Mixed results from major companies
pushed the Dow Jones marginally into the red. Investors also took a
cautious stance ahead of the two-day FOMC meeting. The S&P 500
and the Nasdaq finished in the green, but only just. This was due
to positive investor sentiment towards the technology sector. On
the domestic front, Conference Board Consumer Confidence Index and
S&P/Case-Schiller home prices were released. On the
international front, economic sentiment index for July of the Euro
Zone region reached its highest level in 15 months. Of the top ten
S&P 500 industry groups, technology stocks gained the most.
For a look at the issues currently
facing the markets, make sure to read today’s Ahead of Wall Street
article.
The Dow Jones Industrial Average
(DJI) lost 0.01% to close the day at 15,520.59. The S&P 500
increased 0.04% to finish yesterday’s trading session at 1,685.96.
The tech-laden Nasdaq Composite Index rose 0.5% to end at 3,616.47.
The fear-gauge CBOE Volatility Index (VIX) remained unchanged at
13.39. Consolidated volumes on the New York Stock Exchange,
American Stock Exchange and Nasdaq were roughly 5.9 billion shares,
below 2013’s average of 6.4 billion shares. Declining stocks
outnumbered the advancers. For the 49% that declined, only 47%
advanced.
About 60% of the S&P 500
companies have declared their results, out of which earnings of
nearly 67.4% have beaten the Streets estimates. Benchmarks
oscillated between small gains and losses during Tuesday’s trading
session. Pfizer disclosed results which marginally beat the
Street’s estimates, while Merck missed expectations. Results from
Coach Inc also dampened investor sentiment. Investors were also
cautious regarding the outcome of the two-day FOMC meeting. The
focus is now on the fate of the bond purchase program which helped
benchmarks reach their highest level several times in the first
quarter.
Pfizer Inc. (NYSE:PFE) disclosed
its second quarter results which marginally beat estimates.
Adjusted income of the company declined 10% to $4 billion or 56
cents a share. Sales of the company came in at $12.97 billion, down
7%. Low sales are attributable to declining sale of its off-patent
cholesterol fighter product named Lipitor. Another drug company,
Merck & Co., Inc. (NYSE:MRK) reported profits of $906 million
or 30 cents per share, 50% down year over year. Revenues of the
company declined 11% to $11.01 billion. Revenues of the company
were negatively affected by the foreign currency headwinds to the
extent of 3%. Low revenues of the company are attributable to
declining sales of allergy and asthma drug Singulair.
Shares of Sprint Nextel Corporation
(NYSE:S) surged nearly 7.3% despite posting operating loss of $874
million. However, revenues of the company came in at $7.2 billion,
an increase of 8% year over year. The company was also successful
in gaining back the 4 million subscribers it lost when the
connection was discontinued.
Shares of Coach, Inc. (NYSE:COH)
dropped 7.9% after it reported disappointing results. Net income of
the company declined to $221.3 million or 78 cents a share,
compared to year-ago figures of $251.4 million or 86 cents per
share. Excluding one-time items, Coach garnered profits of 89 cents
a share, in line with the Street’s estimates.
On the domestic front, the Consumer
Board Confidence Index for July dropped marginally to 80.3 compared
to 82.1 in June. The index was also below the consensus estimate of
80.9. Additionally, the Expectations Index dropped to 84.7 from
91.1 recorded in the previous month. However, the Present Situation
Index improved to 73.6 from 68.7 recorded during last
month.
The S&P/Case-Schiller Home
Prices Indices for 10- and 20- City composites for May increased
month over month to 2.5% and 2.4%, respectively. Annually, the 10-
and 20- City Composites increased 11.8% and 12.2%, respectively.
These were the highest year over year gains posted since March
2006. Among all the cities, home prices at Dallas and Denver broke
the record levels which were set during the housing bubble.
On the international front, the
economic sentiment index of the Euro Zone region in July touched a
15- month high. Economic sentiment came in at 92.5 in July ahead of
June 2013’s figure of 91.3. However, it fell marginally short of
estimates of 92.6. The barometer measuring Euro Zone’s business
climate index increased significantly to -0.53 from previous
month’s figure of -0.67. Of the five largest economies in Euro Zone
region, confidence in Netherlands dropped. Confidence in Germany,
France and Spain grew 0.7, 1.2 and 1.2 points, respectively.
The technology sector was the
biggest gainer among the S&P 500 industry groups. The
Technology SPDR (XLK) gained 0.5%. Shares of Apple Inc.
(NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT), Intel
Corporation (NASDAQ:INTC), Google Inc. (NASDAQ:GOOG) and Yahoo!
Inc. (NASDAQ:YHOO) gained 1.2%, 1.0%, 0.6%, 1.0% and 0.4%,
respectively.
APPLE INC (AAPL): Free Stock Analysis Report
COACH INC (COH): Free Stock Analysis Report
GOOGLE INC-CL A (GOOG): Free Stock Analysis Report
INTEL CORP (INTC): Free Stock Analysis Report
MICROSOFT CORP (MSFT): Free Stock Analysis Report
PFIZER INC (PFE): Free Stock Analysis Report
SPRINT CORP (S): Free Stock Analysis Report
YAHOO! INC (YHOO): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
Tapestry (NYSE:TPR)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
Tapestry (NYSE:TPR)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024