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Market Update

S&P 500 Drops on Another Dive in Crude Oil


Author: Nichole Harper
ticker.com
Last Update: 7:41 AM ET October 21 2015

[6:10 PM New York City, New York Stocks on Wall Street struggled after mixed earnings report and energy complex drifted lower after a weak weekly inventory report. Crude oil plunged to a three-week low. The $30 billion worth of two deals in technology hardware brought KLA and Lam Research and Western Digital and SanDisk together.

Stocks on Wall Street eased as investors digested latest batch of earnings and crude oil prices declined for the second day in a row.

U.S. crude inventory report released by the government suggested a continued increase in supply of new crude oil. The latest weekly inventory report knocked the price of U.S. crude oil by 2% to $45.20 a barrel and dropped to a three-week low of $44.86 in trading.

On Wall Street, Tollbooth Strategy Index slipped 66.45 or 0.4% to 10,597.30.

S&P 500 index fell 7.04 or 0.3% to 2,023.49 and the Nasdaq Composite Index slid 25.07 or 0.5% to 4,855.71.

Crude oil in New York slipped $1 to $45.29 a barrel and gold dropped $7.97 to $1,168.07 an ounce.

U.S. Movers

Boeing Co (BA) jumped 2% or $2.80 to $141.68 after the aerospace company reported revenues in the third-quarter ending in September advanced 7% from a year ago to $25.85 billion.

Net income in the quarter surged 25% to $1.70 billion or $2.47 per diluted share compared to $1.36 billion or $1.86 from the same quarter last year.

General Motors Company (GM) surged 6.3% or $2.11 to $35.59 after the car maker reported total revenues in the third-quarter ending in September fell 1.3% from a year ago to $38.8 billion.

Net income in the quarter was flat at $1.4 billion from a year ago period and diluted earnings per share rose to 84 cents from 81 cents from the same quarter last year.

The Coca-Cola Co (KO) rose 13 cents to $42.45 after the non-alcoholic beverages maker reported total revenues in the third-quarter ending in September dropped 5% from a year ago to $11.43 billion.

Net income in the quarter declined 31% to $1.45 billion or 33 cents per diluted share compared to $2.11 billion or 48 cents from the same quarter last year.

KLA-Tencor Corp (KLAC) surged 22.5% or $12.11 to $65.97 after the integrated circuit equipment supplier agreed to be acquired by Lam Research Corporation for $67.02 per share or $10.6 billion.

Lam Research Corporation stock jumped 6.1% to $74.29.

Separately, the company said revenues in the first-quarter ending in September were nearly flat from a year ago to $642.64 million.

Net income in the quarter soared 45.2% to $104.9 million or 66 cents per diluted share compared to $72.2 million or 43 cents from the same quarter last year.

SanDisk Corporation (SNDK) jumped 2.8% or $2.13 to $77.32 after the flash storage solutions provider said revenues in the third-quarter ending on September 27 plunged 17% from a year ago to $1.45 billion.

Net income in the quarter tumbled 49.4% to $133 million or 65 cents per diluted share compared to $263 million or $1.09 from the same quarter last year.

Western Digital Corp (WDC) slumped 3.7% or $2.74 to $72.12 after the hard drives maker stated preliminary revenues information for the first-quarter ending on October 2 of about $3.4 billion from a year ago and net income of $283 million, or $1.21 per share.

Separately, the company today agreed to acquire SanDisk Corporation for about $19 billion in a cash-and-stock deal.

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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