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Market Update

Mixed Trading on Wall Street, Mylan Soars 8% on Teva Takeover Offer


Author: Nichole Harper
ticker.com
Last Update: 3:03 PM ET April 21 2015

3:00 PM On Wall Street market indexes struggled to rise and investors remained cautious on the earnings front. The rise of dollar against the euro and collapse in oil and commodities prices are expected to offer a strong headwinds to earnings. Mylan soared on a takeover approach by Teva.

Stocks on Wall Street struggled and investors reacted to individual company earnings news but the broader tone of the market is still cautious with a downward bias.

Market indexes have been hostage to stretched valuation, collapse in oil price and corporations struggling with earnings on the surge in dollar in the last six months.

On Wall Street, Tollbooth Strategy Index rose 0.1% or 14.34 to 10,636.38.

S&P 500 index slid 0.92 or 0.04% to 2,099.47 and the Nasdaq Composite Index rose 25.11 or 0.5% to 5,019.87.

Crude oil in New York gained 12 cents to $56.50 a barrel and gold jumped $8.50 to $1,202.20 an ounce.

U.S. Movers

Mylan soared more than 8% after Teva Pharmaceutical Industries offered to acquire the generic pharmaceuticals to create a combination with annual sales of $27 billion.

E I Du Pont De Nemours And Co (DD) dropped 2.9% or $2.14 to $70.70 after the industrial conglomerate reported net sales in the first-quarter ending in March declined 7.7% to $9.37 billion from a year ago period.

Net income in the quarter plunged 28.5% to $1.03 billion or $1.13 per diluted share compared to $1.44 million or $1.54 from the same quarter last year.

International Business Machines Corp (IBM) slipped $1.52 to $164.64 after the computer system maker and services provider reported total revenues in the first-quarter ending in March plunged 11.9% to $19.59 billion from a year ago period.

Net income in the quarter dropped 2.4% to $2.33 billion or $2.35 per diluted share compared to $2.38 billion or $2.29 from the same quarter last year.

Lockheed Martin Corporation (LMT) fell 95 cents to $195.85 after the security and aerospace company said net sales in the first-quarter ending in March dropped 5.1% to $10.11 billion from a year ago period.

Net income in the quarter declined 5.9% to $878 million or $2.74 per diluted share compared to $933 million or $2.87 from the same quarter last year.

European Markets

In London trading, FTSE 100 index rose 0.2% or 15.82 to 7,067.95 and in Frankfurt the DAX index increased 0.6% or 67.47 to 11,959.38.

In Paris, CAC 40 index gained 0.2% or 10.74 to 5,198.33.

Associated British Foods Plc declined 4.9% to 2,723 pence after the U.K.-based diversified food processing company said group revenues in the first-quarter ending in February rose 1% to 6.25 billion from 2.21 billion in a year ago period.

Net profit in the quarter tumbled 62.9% from a year ago period to 124 million compared to 334 million and diluted earnings per share fell to 10 pence from 9.7 pence.

SAP SE climbed 3.2% to 69.51 after the Germany-based enterprise application developer reported total revenue in the first-quarter ending in March surged 22% to 4.50 billion from 3.70 billion in a year ago period.

Net profit in the quarter plunged 23% from a year ago to 414 million compared to 534 million and diluted earnings per share rose to 0.35 from 0.45.

The company said revenues from cloud subscriptions and support in the quarter more than doubled to 503 million and software support revenues soared 17% to 2.45 billion. Software licenses and support revenues jumped 16% to 3.15 billion.

Asian Markets

Tokyo market indexes closed higher following a rebound in New York and European markets.

Daiichi Sankyo said it plans to exit from its investment in India-based generic pharmaceuticals maker Sun Pharma. Yamada Denki said latest fiscal year declined 1.7%.

Aeon Co Ltd gained 1.9% to 1,552 yen after the supermarkets and convenience stores operator reported net sales in the first-quarter ending in February soared 10.7% to 7.08 trillion yen from 6.40 trillion yen in a year ago period.

Net income in the period declined 7.7% to 42.07 billion yen compared to 45.60 billion yen and diluted earnings per share jumped to 49.56 yen from 50.13 yen in the same period a year ago.

The retailer forecasted net sales in the first-half ending in August to climb 13% to 8 trillion yen and net income to increase 1% to 42.50 billion yen.

The company forecasted net sales for the year to jump 5.4% to 45 billion yen and net income to climb 35.3% to 9.15 billion yen.

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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