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Earnings In View
Jul 17, 4:58 PM EDT |
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| Earnings season and falling oil held market from falling further. Oil dropped 2% and gold lost 3%. Citigroup and McDonald's report earnings rise. |
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| After falling for three days with a nearly 3% decline in popular averages last week, market managed to stabilize. Earnings brought a sharp focus to Citigroup, McDonalds, Commerce Bancorp, Eaton Corp. and Harley Davidson. The companies are reporting healthy gains in earnings on more than 5% to 10% rise in sales. Citigroup reported second-quarter earnings of $1.05 per share. Asian and European markets closed lower. Gold fell $16 and oil dropped $1.73 to $75.30 per barrel. |
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Philips Helps Limit European Losses
Jul 17, 12:44 PM EDT |
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| U.K. gaming stocks slumped after the CEO of BetOnSports was detained by U.S. federal authorities. BetOnSports dropped 17%, PartyGaming also fell. |
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| European markets closed below the flat line on continuing worries over the escalating conflict in the Mideast. However, positive opening on Wall Street due to strong same-store sales for MacDonald’s and a decline in oil prices helped limit losses. Technology stocks also provided help, supported by 2.9% gain for Philips Electronics after the company announced a $1.9 billion share buyback. The German DAX 30 edged down 0.1%, the French CAC 40 dropped 0.6%, and London FTSE 100 fell 0.1%. |
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Oil and Banking Stocks Decline
Jul 17, 11:47 AM EDT |
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| Dow component McDonald's Inc. rose $1.28 to $34.32 after posting a 5.9% increase in June same-store sales. |
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| Stock averages reversed from an earlier strength as a notable decline for Citigroup dragged banking stocks lower and lower crude oil prices pressured major oil companies. Student Loan, educational lender majority owned by Citigroup Inc., reported a 26% increase in its Q2 profit to $101.8 million, or $5.09 per share, from $80.9 million, or $4.05 per share last year. |
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India Down 3% Despite Rising Earnings
Jul 17, 10:30 AM EDT |
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| Indian stocks traded mostly on the earnings news. Rising oil price and general weakness in Asian trading kept buyers away. |
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| General market weakness on the rising oil price and Israel military incursion in the Middle-East kept international investors from buying in Indian stocks. However, domestic investors bought shares on earnings news. With the earnings season in full swing, consumer and industrial companies reported strong rise in earnings. Pharmaceuticals and select tech companies missed expectations. |
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Stocks Gain on Upbeat Economic Data
Jul 17, 10:02 AM EDT |
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| The Fed Reserve reported that industrial production rose 0.8% in June, far better than the 0.4% growth economists had expected. |
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| Stocks opened modestly higher as strong manufacturing data helped offset market jitters about the escalating fighting in the Mideast and a series of bland earnings reports. Mattel, the world''s No.1 toymaker, swung to a Q2 profit with earnings of 10 cents per share versus a loss of 23 cents per share a year ago. Eaton, industrial products manufacturer, reported a 21% increase in its Q2 profit to $1.64 per share, up from $1.37 a year ago. |
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Citigroup Meets Estimates
Jul 17, 9:01 AM EDT |
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| Apple rose 1.6% before the bell on reports that the stock could rebound over the next year as interest in the company's Macintosh computers picks up. |
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| U.S. stock futures pointed to a lower market opening, as investors grew worried over the conflict in the Middle East, and earnings failed to lift the market sentiment. Citigroup''s profit came in line with the analyst estimates. The financial services institution posted Q2 profit growth of 4% to $1.05 per share, up from 97 cents a share a year ago. Motorcycle maker Harley-Davidson reported a 3% rise in quarterly earnings to 91 cents per share versus 84 cents last year. |
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Oil Climbs on Mideast Conflict
Jul 17, 8:08 AM EDT |
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| Light, sweet crude for August delivery gained 55 cents to $77.58 a barrel in Asian electronic trading on the Nymex. |
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| Crude oil prices further advanced on Monday, reflecting more geopolitical uncertainty in the market on escalating fighting between Israel and militants in Lebanon. British Prime Minister Tony Blair and U.N. Secretary-General Kofi Annan called Monday for the deployment of international forces to stop the bombardment of Israel from southern Lebanon. |
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