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Market Update

Stocks on Wall Street Rise on Earnings and Home Sales Data


Author: Nichole Harper
ticker.com
Last Update: 1:19 PM ET July 22 2014

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.

U.S. Movers

Chipotle Mexican Grill, Inc (CMG) 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 (KO) 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.

McDonald''s Corporation (MCD) 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.

Netflix, Inc (NFLX) 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 (VZ) 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.

European Markets

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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