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Market Update

Wall Street in Holding Pattern as European Indexes Extend Gains

Author: Nichole Harper
Last Update: 1:14 PM ET June 23 2015

1:10 PM Market indexes on Wall Street hugged flat lines and investors reacted to corporate earnings. BlackBerry said phone unit sales continued to decline in the latest quarter and the maker of smartphone is allocating more resources to software. European markets traded higher.

Stocks on Wall Street hugged flat line and market indexes generally retained a mild negative bias after durable goods orders declined in three of the last four months and new home sales increased.

Durable goods orders in May dropped 1.8% to $228.9 billion, followed by 1.5% decrease in April. Orders declined in three of the last four months.

Orders excluding transportation increased 0.5% and defense slipped 2.1%, the Department of Commerce said.

In a separate report the department reported seasonally adjusted new home sales in May increased 2.2% to 546,000 from the revised April rate of 534,000 and surged 19.5% from a year ago month to 457,000.

On Wall Street, Tollbooth Strategy Index edged up 2.30 to 10,861.96.

S&P 500 index slid 0.65 to 2,122.19 and the Nasdaq Composite Index fell 5.18 to 5,148.95.

Crude oil in New York gained 56 cents to $60.94 a barrel and gold slipped $6.90 to $1,177.20 an ounce.

U.S. Movers

BlackBerry Ltd (BBRY) slipped 1.7% or 16 cents to $9.04 after the Canada-based mobile devices maker said revenues in the first-quarter ending in May plunged 31.9% to $658 million from a year ago period.

GAAP-based net income in the quarter soared 195.7% to $68 million compared to $23 million and diluted loss per share narrowed to 10 cents from 37 cents from the same quarter last year.

The company said software and technology licensing revenue surged 150% to $137 million while hardware revenue declined 30.6% to $263 million and service revenue tumbled 51.4% to $252 million from a year ago period.

BlackBerry added smart-phone revenue in the quarter dropped 30.6% to $263 million with an average selling price of $240.

On a conference call, CEO John Chen said he is allocating more capital to software side of the business. The company said it sold 1.1 million phones in the quarter, 500,000 less than in the previous quarter.

Darden Restaurants, Inc (DRI) increased 4.6% or $3.16 to $72.53 after the full-service restaurant operator reported total sales in the fourth-quarter ending in May soared 13.9% to $1.88 billion from a year ago period.

Same-restaurant sales in the quarter jumped 3.8%.

Net income in the quarter surged 79.5% to $129.7 million or $1.01 per diluted share compared to $72.3 million or 54 cents from the same quarter last year.

The company forecasted diluted earnings per share for the year between $3.05 and $3.20 and same-restaurant sales in the range of 2% to 2.5%.

Separately the company plans to separate a portion of its real estate assets to a new real estate investment trust and transfer about 430 owned restaurants.

The company expects to complete the REIT transaction by the end of this year.

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