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Market Update

U.S. Market Indexes Near Records on Earnings and Rising Oil


Author: Nichole Harper
ticker.com
Last Update: 1:34 PM ET April 22 2015

1:30 PM – Stocks traded mixed on Wall Street and crude oil rebounded to a new high in the year. Existing home sales in March increased 6.3% to 5.2 million units. McDonald’s and Yum Brands were the latest two fast food providers to report weak quarterly results.

Stocks were mixed on Wall Street as earnings parade picked up steam, oil stayed near the high of the year and European markets extended gains.

Market indexes are struggling in New York as valuations remain stretched and investors are focused on individual companies like Coca Cola Co, Visa Inc and Chipotle Mexican Grill Inc.

Visa soared more than 6% after Chinese officials are closer to permitting the electronic payment processor in entering the second largest economy.

On the economic front, existing home sales in March rose the highest level since September 2013 as expanding job market and affordable interest rate help uneven recovery in the housing market.

Seasonally adjusted annual rate for existing home sales in March climbed 6.3% to 5.19 million from 4.89 million in February but surged 10.4% from a year ago month, the National Association of Realtor said in a report.

On Wall Street, Tollbooth Strategy Index gained 0.5% or 54.92 to 10,696.94.

S&P 500 index rose 6.84 or 0.3% to 2,104.13 and the Nasdaq Composite Index increased 9.65 or 0.2% to 5,023.77.

Crude oil in New York fell 21 cents to $56.40 a barrel and gold tumbled $13.60 to $1,189.50 an ounce.

U.S. Movers

The Boeing Company (BA) dropped 1.8% or $2.69 to $150.64 after the aerospace company reported total revenues in the first-quarter ending in March jumped 8.2% to $22.15 billion from a year ago period.

Net income in the quarter climbed 38.9% to $1.34 billion or $1.87 per diluted share compared to $965 million or $1.28 from the same quarter last year.

McDonald''s Corporation (MCD) climbed 3.9% or $3.73 to $98.59 after the quick service restaurants operator reported revenues in the first-quarter ending in March plunged 11% to $5.96 billion from a year ago period.

Comparable store sales across all markets in the quarter dropped 2.6% and comparable sales in Europe decreased 0.6%.

Comparable store sales from Asia Pacific, Middle East and Asia declined 8.3% mainly due to broad-based consumer perception issues in Japan along with negative but improving performance in China.

Net income in the quarter tumbled 33% to $811.5 million or 84 cents per diluted share compared to $1.20 million or $1.21 from the same quarter last year.

The Coca-Cola Co (KO) gained 1% or 41 cents to $41.19 after the nonalcoholic beverages maker said net revenues in the first-quarter ending in March rose 1% to $10.71 billion from a year ago period.

Net income in the quarter dropped 4% to $1.56 billion or 35 cents per diluted share compared to $1.62 billion or 36 cents from the same quarter last year.

European Markets

Across the Atlantic, European Central Bank’s Governing Council lifted the Emergency Liquidity Assistance limit for banks in Greece by €1.5 billion to €75.5 billion.

OAO Gazprom, Russia-based natural gas explorer declined more than 2% after the European Union regulators said that the company is imposing unfair pricing structure by preventing or redirecting the flow of energy from certain central European countries.

In addition, lira declined 0.9% against the dollar after the central bank in Turkey left its key rate on hold and Australia dollar gained after the latest annual inflation to March dropped the most since record keeping began from the previous quarter.

In London trading, FTSE 100 index slipped 0.8% or 60.68 to 7,002.25 and in Frankfurt the DAX index dropped 0.8% or 94.09 to 11,845.49.

In Paris, CAC 40 index fell 0.1% or 5.61 to 5,187.03.

Credit Suisse Group AG slid 0.1% to 26.22 Swiss francs after the diversified financial services provider reported net revenues in the first-quarter ending in March dropped 3% to 6.65 billion francs from 6.83 billion francs in a year ago period.

Net profit in the quarter surged 23% from a year ago to 1.05 billion francs compared to 859 million francs and diluted earnings per share jumped to 0.62 francs from 0.48 francs.

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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