1:15 PM New York – Stocks on Wall Street rebounded after latest batch of earnings were ahead of expectations. Existing home sales increased to an 8-month high. Chipotle Mexican Grill same store sales surged. McDonald’s quarterly net declined 1%. Comcast profit increased on Internet subscriber growth.
Stocks on Wall Street advanced and consumer price index in June increased 0.3% and existing home sales in the month increased to an eight-month high.
Existing home sales increased in June 2.6% after rising at 5.4% in May, the National Association of Realtors reported today.
Sales increased to 5.04 million annual rate and price increase was slowest since March 2012 and inventories rose to a two-month high.
Tollbooth Index, the portfolio of stocks that tracks companies with rising bargaining power, slipped 0.6% or 58.01 to 9,443.17.
S&P 500 index increased 0.6% or 11.64 to 1,984.88 and the Nasdaq Composite Index added 34.88 to 4,459.54.
Chipotle Mexican Grill, Inc
) surged 11.7% or $68.92 to $658.85 after the quick service restaurants operator said revenue in the second-quarter ending in June soared 28.6% to $1.05 billion from a year ago period. Comparable restaurant sales in the quarter climbed 17.3%.
Net income in the quarter jumped 25.5% to $110.3 million or $3.50 a diluted share compared to $87.8 million or $2.82 from a year earlier. Higher sales of burrito contributed to quarterly growth.
The company said price increased contributed 2.5 percentage point contributed to the same store sales increase of 17.3%. Average menu prices increased 6.5%. Average check increased 5% and catering business increased to 1.6% of quarterly revenues from 0.3% in the period a year ago.
The Coca-Cola Company
) declined 3% or $1.26 to $41.14 after the beverage maker reported net revenue in the second-quarter ending in June slid 1% to $12.57 billion a year earlier.
Net income in the quarter fell 3% to $2.60 billion or 58 cents a diluted share compared to $2.68 billion or 59 cents from a year earlier.
) slipped 1.2% or $1.22 to $96.32 after the quick service restaurants operator reported revenue in the second-quarter ending in June grew 1% to $7.18 billion in the same quarter a year ago.
U.S. comparable sales in the quarter fell 1.5% and from Europe comparable sales fell 1% while global comparable sales were relatively flat. Asia/Pacific, Middle East and Africa comparable sales increased 1.1%.
Net income in the quarter dropped 1% to $1.39 billion or $1.40 a diluted share compared to $1.40 billion or $1.38 from a year earlier.
) plunged 4.6% or $20.93 to $431.12 after the television network service provider stated revenue in the second-quarter ending in June surged 25.2% to $1.34 billion a year ago.
Net income in the quarter climbed 141% to $71.02 million or $1.15 a diluted share compared to $29.47 million or 86 cents from a year earlier.
Verizon Communications Inc
) rose 14 to $50.84 after the wireless network services provider reported revenue in the second-quarter ending in June jumped 5.7% to $31.48 billion a year ago period.
Net income in the quarter plunged 16.8% to $4.32 billion or $1.01 a diluted share compared to $5.20 billion or 78 cents from a year earlier.