S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

Comcast and Time Warner Terminate Deal, New 15-Year High in Nasdaq


Author: Manish Shah
ticker.com
Last Update: 3:37 PM ET April 24 2015

1:55 PM – Nasdaq index extended gains for the second day and reached a new intra-day 15-year high on strong quarterly results from Amazon, Google and Microsoft. Comcast abandoned its proposed $45 billion merger with Time Warner Cable after regulators blocked the deal.

Market indexes on Wall Street traded higher after Amazon, Google and Microsoft reported better than expected results and durable goods orders jumped.

Durable goods orders in March climbed 4% to $240.2 billion and orders increased in two of the last three months, followed by 1.4% decrease in February.

Orders excluding transportation decreased 0.2% and defense jumped 2.6%., the Department of Commerce said.

On Wall Street, Tollbooth Strategy Index jumped 1% or 104.45 to 10,927.37.

S&P 500 index rose 6.02 or 0.3% to 2,118.95 and the Nasdaq Composite Index increased 38.38 or 0.8% to 5,094.44.

Crude oil in New York fell 52 to $57.22 a barrel and gold plunged $18.10 to $1,176.20 an ounce.

U.S. Movers

Amazon.com, Inc (AMZN) surged 14.7% or $57.58 to $447.41 after the online market place reported net sales in the first-quarter ending in March soared 15% to $22.72 billion from a year ago period.

Net in the quarter swung to a loss of $57 million or 12 cents per diluted share compared to profit of $108 million or 23 cents from the same quarter last year.

Amazon forecasted net sales for the second-quarter between $20.6 billion and $22.8 billion, or to climb between 7% and 18%.

Comcast Corporation (CMCSA) rose 1 cent to $59.24 after the cable TV and internet services provider and Time Warner Cable Inc have mutually agreed to terminate its $45.2 billion deal after concluding merger may be rejected by the regulators.

U.S. Justice Department and Federal Communications Commission said that the combined company will have an unfair advantage in the Internet services.

Google Inc (GOOG) climbed 3.4% or $18.79 to $565.76 after the Internet search services provider reported revenues in the first-quarter ending in March climbed 11.9% to $17.26 billion from a year ago period.

Net income in the quarter jumped 4.1% to $3.59 billion or $5.20 per diluted share compared to $3.45 billion or $5.04 from the same quarter last year.

Microsoft Corporation (MSFT) soared 9.1% or $3.94 to $47.27 after the operating systems and software developer reported revenues in the third-quarter ending in March jumped 6% to $21.73 billion from a year ago period.

Net income in the quarter plummeted 11.8% to $4.99 billion or 61 cents per diluted share compared to $5.66 billion or 68 cents from the same quarter last year.

Starbucks Corporation (SBUX) jumped 4.6% or $2 to $51.70 after the specialty coffee retailer said revenues in the second-quarter ending in March soared 17.8% to $4.56 billion from a year ago period.

Net income in the quarter climbed 15.9% to $494.9 million or 33 cents per diluted share compared to $427 million or 28 cents from the same quarter last year.

European Markets

Market indexes across the Euro zone closed higher as finance ministers meet once again to discuss the loan conditions for Greece.

Ministers concluded the meeting with no reported progress and Dutch Finance Minister Jeroen Dijsselbloem, head of the Eurogroup finance ministers, said Greece is running out of cash.

Economists in Greece and in London are estimating that Greece can survive till the end of July without any new fund infusion from international lenders but the Greek government has begun taking steps in bolstering its cash from local municipal offices.

In London trading, FTSE 100 index added 0.1% or 8.64 to 7,062.31 and in Frankfurt the DAX index gained 0.5% or 35.31 to 11,758.89.

In Paris, CAC 40 index edged up 0.05% or 2.50 to 5,181.41.

For the week, FTSE 100 index increased 1.1% and in Frankfurt the DAX index rose 0.9%.

In Paris, CAC 40 index jumped 1.1%.

HSBC Holdings Plc climbed 3% to 630.90 pence after the U.K.-based plans to shift its headquarters out of the U.K. because of “tough regulations” and “uncertainty over the country''s future in Europe” and may relocate to its previous headquarter Hong Kong from where the bank shifted in 1993.

At the bank''s annual general meeting in London Flint criticized “the regulatory and structural reforms which have been put in place post crisis"""""""" and added """"""""the question is a complex one and it is too soon to say how long this will take or what the conclusion will be.""""""""

Renault SA climbed 3.4% to €96.82 after the France-based automaker reported group revenues in the first-quarter ending in March soared 13.7% to €9.39 billion from €8.26 billion in a year ago period.

Renault group said registrations in the quarter increased 0.8% to 641,588 vehicles in Europe and revised its 2015 guidance for the European automotive market to grow 5%.

  1  2
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc