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Market Update

U.S. Market Indexes Trade Sideways, Berkshire Hathaway Net Jumps


Author: Nichole Harper
ticker.com
Last Update: 12:33 PM ET August 04 2014

12:30 New York U.S. market indexes traded sideways after the largest weekly losses in two years. Berkshire Hathaway Inc said second quarter net income soared 41% to $6.4 billion. CNA Financial said quarterly sales declined 4% and Loews Corp sales fell 0.5%.

U.S. stocks traded sideways after broader indexes suffered biggest weekly losses in two years and investors digested more earnings announcements.

S&P 500 index increased 0.81 to 1,925.95 and the Nasdaq Composite Index added 9.88 to 4,362.49.

U.S. Movers

Berkshire Hathaway Inc ((BRK.A)) jumped 1.9% or $3,670 to $192,949 after the insurance company said total revenue in the second-quarter ending in June climbed 11.3% to $49.76 billion from a year ago period.

Net income in the quarter surged 40.9% to $3.89 million compared to $2.76 million from a same quarter last year.

CNA Financial Corp (CNA) decreased 25 cents to $37.81 after the insurance company said revenue in the second-quarter ending in June slumped 4% to $1.65 billion from a year ago period.

Net income in the quarter soared 37.6% to $267 million or 98 cents a diluted share compared to $194 million or 72 cents from a same quarter last year.

Loews Corporation (L) fell 22 cents to $42.03 after the property and insurance conglomerate reported total revenue in the second-quarter ending in June slid 0.5% to $3.59 billion from a year ago period.

Net income in the quarter tumbled 56.9% to $116 million or 30 cents a diluted share compared to $269 million or 69 cents from a same quarter last year.

European Markets

Euro zone developments were in focus after Portugal was forced to bailout Banco Espirito Santo SA for 4.9 billion euros or $6.6 billion in a deal that will protect depositors but junior bond holders will face losses.

In London trading, FTSE 100 index rose 0.2% or 14.33 to 6,693.51 and in Frankfurt the DAX index fell 0.2% or 21.25 to 9,188.83.

In Paris, CAC 40 index increased 0.6% or 25.27 to 4,228.05.

On the corporate front, Co-operative Group agreed to sell its farms business to Wellcome Trust for 249 million. HSBC profit declined 11% to 1.5 billion.

Immofinanz net surged 63% to 180 million. Keller Group net swung to a loss 5.1 million while revenue soared 22% to 788 million.

Asian Markets

Stocks in Tokyo declined for a third day and financial and banking stocks led the decline and Softbank was in focus after a competing bid emerged for its proposed merger of U.S. wireless carriers Sprint and T Mobile.

The Nikkei 225 Stock Average slipped 48.61 or 0.3% to 15,474.50 and the broader Topix index slid 5.11 to 1,276.19.

The yen closed at 102.65 against one U.S. dollar.

In Mumbai trading, the Sensex Index climbed 242.32 or 0.9% to close at 25,723.16 The CNX Nifty jumped 81.05 to 7,683.65.

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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