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Microsoft, Altera and Dolby
Apr 27, 4:59 PM EDT |
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| Microsoft reported earnings rise of 16% and revenue growth of 13% on rising sales of server software and Xbox. Altera profit falls. Dolby net triples. |
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| Market averages traded with the rate sentiment and bounced back in the afternoon trading led by a rise in tech stocks. HMO stocks declined on the earnings news from Aetna and WellPoint. Pulte Homes guided lower second quarter earnings. NCR missed revenue target. Rockwell delivered better than expected earnings. Exxon Mobil reported $8.4 billion earnings. Office Max jumped up 5% on 77 cents earnings vs. 17 cents a year ago. Altera report lower Q1 profit of 18% to 16 cents. |
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HMOs Decline on Aetna and WellPoint
Apr 27, 3:01 PM EDT |
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| In the last two years HMO stocks have added between 50% and 70%. Aetna had risen 50% in one year before correcting 22% today. |
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| Market averages bounced back in the afternoon trading led by a rise in tech stocks. HMO stocks declined on the earnings news from Aetna and WellPoint. Pulte Homes guided lower second quarter earnings. NCR missed revenue target. Rockwell delivered better than expected earnings. Exxon Mobil reported $8.4 billion earnings. Office Max jumped up 5% on 77 cents earnings vs. 17 cents a year ago. |
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Commodities Weigh in Europe
Apr 27, 2:33 PM EDT |
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| Car maker DaimlerChrysler dropped 3.9% after its Q1 profit rose just 4% on charges and disappointing results at its Mercedes division. |
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| European markets finished down on weaker commodity stocks, mixed earnings reports and deal talk involving companies like Siemens, DaimlerChrysler and GlaxoSmithKline. Major mining companies like Rio Tinto and BHP Billiton sent the resource sector down 3%. The German DAX 30 dropped 0.6%, the French CAC 40 lost 0.7%, and London FTSE 100 declined 0.7%. |
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NCR and Navteq Decline 12%
Apr 27, 12:02 PM EDT |
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| Revenue miss from NCR, lower earnings guidance from Pulte Homes and flat eearnins from Navteq lower stocks. |
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| Market averages declined and then rose on the Fed Chairman comments. Market refocused on earnings as Exxon Mobil, OfficeMax, Marathon Oil, Harrahs, NCR and Pulte Homes and Rockwell Automation released earnings. Pulte Homes guided lower second quarter earnings. NCR missed revenue target. Rockwell delivered better than expected earnings. Exxon Mobil reported $8.4 billion earnings. OfficeMax up 5% on 77 cents earnings vs. 17 cents a year ago. |
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Volatile Sensex in India Gyrates 3%
Apr 27, 10:12 AM EDT |
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| Led by strong Asian markets and a drop in crude oil, the Indian market had rose in mid-day trading. At peak Sensex rose 1.3% before closing 1% lower. |
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| Sensex volatility has increased as market braced for earnings, higher margin requirement and general worries on lofty stock prices. Market has been riding on strong liquidity from domestic and international investors. Reliance Industries earnings rose 9%. Arvind Mills fell close to 4%. |
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China Lifts Rates
Apr 27, 10:04 AM EDT |
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| The Labor Department said that initial jobless claims rose 315,000 last week, an increase of 11,000 from the previous week. |
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| U.S. stocks opened in the negative on disappointing earnings news and China''''s decision to raise interest rates. The Chinese central bank lifted its key base rate to 5.85%, the first rise since October 2004. Exxon Mobil dropped 2% after reporting quarterly earnings rise which failed to meet estimates. Alcatel also reported net income drop. Dow component Honeywell was downgraded to underweight from neutral by J.P. Morgan on concerns over environmental liabilities. |
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Exxon Mobil Profit Misses Estimate
Apr 27, 9:10 AM EDT |
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| Crude oil furtures lost 65 cents to $71.28 a barrel. Gold sharply dropped after China raised interest rates. The dollar fell vs. the yen. |
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| Exxon Mobil, oil company, reported quarterly profit rose 7%, or $1.37 a share to $8.4 billion, up from $1.22 a share last year. The income increase was attributable to surging crude oil prices. Although it was the biggest profit ever posted in the first quarter, it failed to meet forecasts. Exxon Mobil shares fell 2.2% to $61.70 in pre-market trading. |
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Autos Boost Nikkei
Apr 27, 8:40 AM EDT |
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| In Tokyo at close, Sony advanced 0.2%, Honda Motor rose 5.3%, Nissan Motor climbed 2.9%, and Toyota Motor was up 0.5%. |
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| Asian markets closed mixed. The Nikkei advanced on strong quarterly results from Japanese companies and continuously falling oil prices. The index rose 0.3% to 17,114.54, supported by blue-chip automakers. Taiwan Weighted index reversed from earlier gains to close down 0.5% on profit taking in tech stocks. Hong Hong Hang Seng closed higher by 0.4% on property stocks. |
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Metals, Oil Drag Europe
Apr 27, 7:58 AM EDT |
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| Siemens dropped 3.1% after it announced that it agreed to buy Diagnostics Products Corp. for $1.86 billion. |
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| European stocks sharply declined at mid-day, reflecting weaker commodity and energy stocks. Major mining companies like Rio Tinto and BHP Billiton sent the resource sector down 4%, while oil and gas giants Royal Dutch Shell and BP helped the energy sector down 2%. The German DAX 30 dropped 0.7%, the French CAC 40 lost 0.9%, and London FTSE 100 declined 0.8%. |
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