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Market Update

IBM and Apple Hike Dividend, Stocks Volatile on Wall Street


Author: Nichole Harper
ticker.com
Last Update: 10:34 AM ET April 28 2015

1:15 PM Stocks on Wall Street in volatile trading reversed earlier losses after IBM and Apple hiked dividend and a private survey showed home prices increase more than expected in February. European markets dropped more than 1.3%. Crude oil jumped to a new 2015-high.

Stocks on Wall Street reversed earlier losses in volatile trading as investors digested latest batch of earnings and IBM and Apple hiked dividend.

On Wall Street, Tollbooth Strategy Index rose 0.2% or 16.27 to 10,867.25.

S&P 500 index rose 4.06 or 0.2% to 2,112.87 and the Nasdaq Composite Index added 6.86 or 0.1% to 5,067.17.

Crude oil in New York gained 17 to $57.16 a barrel and gold jumped $9.20 to $1,212.40 an ounce.

Federal Reserve rate setting committee is scheduled to start its 2-day meeting Tuesday and investors are expecting rates to be on hold at least till September meeting.

U.S. Movers

Apple Inc (AAPL) slipped 1.2% or $1.63 to $131.22 after the mobile, media devices and personal computers maker reported revenues in the second-quarter ending on March 28 soared 27.1% to $58.01 billion from a year ago period.

Net income in the quarter surged 32.8% to $13.57 billion or $2.33 per diluted share compared to $10.22 billion or $1.66 from the same quarter last year.

During the quarter, iPhones sales climbed 40% to 61.2 million, including 72% increase in China but iPad unit sales declined 23% to 12.6 million units. Macs sales in the quarter jumped 10% to 4.56 million.

Apple said revenues in America climbed 19% to $21.3 billion and revenues in Europe jumped 12% to $12.2 billion. Revenues in China surged 71% to $16.8 billion while revenues from Japan plunged 15%.

The company added revenues from Asia-Pacific regions soared 48% from a year earlier.

Ford Motor Company (F) slid 7 cents to $15.82 after the automaker reported total revenues in the first-quarter ending in March declined 5.5% to $33.90 billion from a year ago period.

Net income in the quarter dropped 6.6% to $924 million or 23 cents per diluted share compared to $989 million or 24 cents from the same quarter last year.

Merck & Co., Inc (MRK) soared 5.2% or $2.96 to $60.06 after the health care company reported sales in the first-quarter ending in March dropped 8% to $9.43 billion from a year ago period.

Net income in the quarter plunged 45% to $958 million or 33 cents per diluted share compared to $1.73 billion or 57 cents from the same quarter last year.

Pfizer Inc (PFE) slipped 15 cents to $34.44 after the biopharmaceutical company reported revenues in the first-quarter ending in March slumped 4% to $10.86 billion from a year ago period.

Net income in the quarter rose 2% to $2.38 billion or 38 cents per diluted share compared to $2.33 billion or 36 cents from the same quarter last year.

European Markets

Stocks across Europe were under pressure and the U.K. gross domestic product was lower than expected in the first quarter to March.

U.K. GDP expanded 0.3% in the quarter and in the one year to March growth slowed to 2.4% from 2.8% in the year to December 2014, according to the data released by the Office for National Statistics.

European markets trended lower after weaker than expected corporate results and worries of stretched valuations and falling confidence index in the U.S.

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